Exhibit 99.1

 

NI 43-101 Technical Report on the Reko

Diq Project, Balochistan, Pakistan

 

February 19, 2025

Effective Date: December 31, 2024

Simon Bottoms, CGeol, FGS, FAusIMM

Peter Jones, MAIG

Mike Saarelainen, FAusIMM

Daniel Nel, MIMMM

David Morgan, MIEAust, CPEng, IntPE(Aus)

Ashley Price, FAusIMM

		NI 43-101 Technical Report on the Reko Diq Project

 

Cautionary Statement on Forward-Looking Information

This Technical Report contains forward-looking statements. All statements, other than statements of historical fact regarding Reko Diq Mining Company (Private) Limited (“RDMC”), Barrick Gold Corporation (“Barrick”), or the Reko Diq Project, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “project”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”, “could” and similar expressions identify forward-looking statements. In particular, this Technical Report contains forward-looking statements with respect to: an economic analysis of the Reko Diq Project, including forecasted net present value, internal rate of return and cash flow forecasts; projected capital; operating and exploration expenditure; mine life and production rates; potential mineralization and metal or mineral recoveries; anticipated timelines and plans for project development, operation and closure; the ability and timeline to secure all relevant rights, licenses, permits and authorizations; RDMC’s strategy, plans, targets and goals in respect of environmental and social issues and sustainability matters; stakeholder engagement; the power strategy for the Reko Diq Project including renewable energy sources; sufficiency of infrastructure, systems and consultants and personnel; operating or technical challenges in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities, and the maintenance or provision of required infrastructure and information technology systems; and information pertaining to potential improvements to financial and operating performance and mine life are necessarily based on opinions and estimates made as of the date such statements are made and are subject to important risk factors and uncertainties, many of which cannot be controlled or predicted. Material assumptions regarding forward-looking statements are discussed in this Technical Report, where applicable. In addition to such assumptions, the forward-looking statements are inherently subject to significant business, economic, political, security and competitive uncertainties, and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of commodities (including gold, copper, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; risks associated with projects in the early stages of evaluation and development and for which additional technical, engineering and other analysis is required; disruption of supply routes which may cause delays in development, construction and mining activities; changes in mineral production performance, exploitation and exploration successes; diminishing quantities or grades of reserves; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including disruptions in the maintenance or provision of required infrastructure and information technology systems; damage to RDMC’s, or Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the handling of environmental matters or dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; uncertainty whether the Reko Diq Project will meet RDMC’s or Barrick’s capital allocation objectives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; changes in interest rates; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in the Islamic Republic of Pakistan or the Province of Balochistan; the possibility of political instability in the Islamic Republic of Pakistan or the Province of Balochistan; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; litigation; contests over title to properties or over access to water, power and other required infrastructure; increased costs and physical risks including extreme weather events and resource shortages, related to climate change; risks associated with working with partners in jointly controlled assets; and availability and increased costs associated with mining inputs and labour. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, ground conditions, pressures, cave-ins, flooding and gold and copper ore losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect RDMC’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, RDMC. All of the forward-looking statements made in this Technical Report are qualified by these cautionary statements. RDMC, Barrick, and the Qualified Persons who authored this Technical Report undertake no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

 

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Table of Contents

 

1		Summary					15
		1.1		Description, Location, and Ownership			15
		1.2		Geology and Mineralisation			16
		1.3		Exploration Status			17
		1.4		Mineral Resource Estimate			17
		1.5		Mineral Reserve Estimate			20
		1.6		Mining Methods			22
		1.7		Mineral Processing			22
		1.8		Project Infrastructure			23
		1.9		Market Studies and Contracts			24
		1.10		Environmental, Permitting and Social Considerations			24
		1.11		Capital and Operating Costs			25
		1.12		Economic Analysis			25
		1.13		Interpretations and Conclusions			26
		1.14		Recommendations			32
2		Introduction					34
		2.1		Effective Date			36
		2.2		Qualified Persons			36
		2.3		Site Visits of Qualified Persons			37
		2.4		Information Sources			37
		2.5		List of Abbreviations			38
3		Reliance on Other Experts					39
4		Property Description and Location					40
		4.1		Project Location			40
		4.2		Property Rights and Ownership			42
		4.3		Royalties, Payments, and Other Obligations			46
		4.4		Permits			48
		4.5		Environmental Liabilities			49
		4.6		QP Comment on Property Description and Location			49
5		Accessibility, Climate, Local Resources, Infrastructure and Physiography					51
		5.1		Accessibility			51
		5.2		Climate and Physiography			51

 

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		5.3		Seismicity			52
		5.4		Local Resources and Infrastructure			52
		5.5		Sufficiency of Surface Rights			52
6		History					53
		6.1		Project Development			53
		6.2		Previous Mineral Resources			55
		6.3		Production History			55
7		Geological Setting and Mineralization					56
		7.1		Regional Geology			56
		7.2		Structure			57
		7.3		Local Geology			58
		7.4		Property Geology			60
		7.5		QP Comment on Geological Setting and Mineralization			64
8		Deposit Types					65
9		Exploration					67
		9.1		Exploration Concept			67
		9.2		BHP 1996 – 1997			67
		9.3		TCC 2000 – 2006			69
		9.4		TCC 2006 -2010			69
		9.5		TCC 2010 – 2022			70
		9.6		RDMC Post 2022			70
		9.7		Exploration Potential			71
		9.8		QP Comment on Exploration			72
10		Drilling					73
		10.1		Drilling Summary			73
		10.2		Drill Methods			74
		10.3		Collar Surveys			81
		10.4		Down Hole Surveys			81
		10.5		Drill Planning			82
		10.6		Internal and External Audits			82
		10.7		QP Comments on Drilling			87
11		Sample Preparation, Analyses and Security					88
		11.1		Sample Analysis			90
		11.2		Sample Security			92

 

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		11.3		Quality Assurance and Quality Control			92
		11.4		QP Comments on Sample Preparation, Analyses, and Security			105
12		Data Verification					106
		12.1		Internal Reviews and Audits			106
		12.2		External Reviews and Audits			107
		12.3		QP Comments on Data Verification			108
13		Mineral Processing and Metallurgical Testing					109
		13.1		Metallurgical Testwork			109
		13.2		Metallurgical Projections			119
		13.3		Blending			124
		13.4		QP Comments on Mineral Processing and Metallurgical Testing			125
14		Mineral Resource Estimate					126
		14.1		Introduction			126
		14.2		Resource Database			126
		14.3		Area of Mineral Resources			127
		14.4		Western Porphyries			128
		14.5		Tanjeel			161
		14.6		Resource Classification			177
		14.7		Resource Reporting			180
		14.8		Mineral Resource Statement			183
		14.9		2024 Versus 2022 Model Comparison			185
		14.10		QP Comments on Mineral Resource Estimate			186
15		Mineral Reserve Estimate					187
		15.1		Summary			188
		15.2		Mineral Reserves Estimation Process			189
		15.3		Open Pit Optimization			189
		15.4		Sensitivities			200
		15.5		Reconciliation			201
		15.6		Mineral Reserve Statement			202
		15.7		QP Comments on Mineral Reserve Estimate			205
16		Mining Methods					206
		16.1		Mining Methods			206
		16.2		Geotechnical and Hydrogeological Considerations			207
		16.3		Mine Design			212

 

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		16.4		Mining Equipment			231
		16.5		Mining Workforce			232
		16.6		LOM Production Schedule			233
		16.7		QP Comments on Mining Methods			237
17		Recovery Methods					238
		17.1		Design Basis			238
		17.2		Process Plant Description			240
		17.3		Power, Water, and Process Reagents Requirements			246
		17.4		QP Comments on Recovery Methods			248
18		Project Infrastructure					249
		18.1		Overview			249
		18.2		Logistical Infrastructure			251
		18.3		Power Supply			254
		18.4		Water Supply			256
		18.5		Water Management			258
		18.6		Site Common Purpose Infrastructure			261
		18.7		Tailings Storage Facilities			268
		18.8		Waste Rock Storage			274
		18.9		Stockpiles			275
		18.10		QP Comments on Project Infrastructure			275
19		Market Studies and Contracts					276
		19.1		Market Studies			276
		19.2		Reko Diq Concentrates			277
		19.3		Commodity Price Assumptions			277
		19.4		Contracts			278
		19.5		QP Comment on Market Studies and Contracts			278
20		Environmental Studies, Permitting, and Social or Community Impact					279
		20.1		Summary			279
		20.2		Environmental Assessment and Studies			280
		20.3		Environmental Considerations			283
		20.4		Permitting			287
		20.5		Social and Community Requirements			288
		20.6		Mine Closure and Reclamation			292
		20.7		Environmental and Social Related Risks			294

 

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		20.8		QP Comments on Environmental and Social			295
21		Capital and Operating Costs					296
		21.1		Basis and Sources of Cost Estimates			296
		21.2		Capital Costs			296
		21.3		Operating Costs			299
		21.4		QP Comments on Capital and Operating Costs			300
22		Economic Analysis					301
		22.1		Assumptions and Inputs			301
		22.2		Taxes and Royalties			302
		22.3		Financial Model Summary			303
		22.4		Sensitivity			312
		22.5		QP Comments on Economic Analysis			314
23		Adjacent Properties					315
24		Other Relevant Data and Information					316
25		Interpretation and Conclusions					317
		25.1		Mineral Tenure, Rights, Royalties and Agreements			317
		25.2		Geology and Mineral Resources			317
		25.3		Mining and Mineral Reserves			318
		25.4		Mineral Processing			318
		25.5		Infrastructure			319
		25.6		Environment and Social Aspects			319
		25.7		Market Studies and Contracts			319
		25.8		Capital and Operating Costs			320
		25.9		Project Economics			320
		25.10		Risks			321
26		Recommendations					324
		26.1		Mineral Tenure, Rights, Royalties and Agreements			324
		26.2		Geology and Mineral Resources			324
		26.3		Mining and Mineral Reserves			324
		26.4		Mineral Processing			325
		26.5		Infrastructure			325
		26.6		Environmental, Permitting, and Social Aspects			325
		26.7		Market Studies and Contracts			325
		26.8		Capital and Operating Costs			326

 

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		26.9		Risks			326
27		References					327
28		Date and Signature Page					329
29		Certificates of Qualified Persons					331
		29.1		Simon Bottoms			331
		29.2		Peter Jones			333
		29.3		Mike Saarelainen			335
		29.4		Daniel Nel			337
		29.5		David Morgan			339
		29.6		Ashley Price			341

 

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List of Tables

 

Table 1-1		Reko Diq Mineral Resources Summary, 100% Basis, as of December 31, 2024			19
Table 1-2		Reko Diq Mineral Reserves Statement, December 31, 2024			21
Table 1-3		Copper Price Impact on Free Cash, NPV8, IRR and Payback Period			26
Table 1-4		Risk Analysis Summary			30
Table 2-1		QP Responsibilities			36
Table 2-2		Table of Abbreviations			38
Table 4-1		Mining Leases Details			43
Table 4-2		Mining Leases Coordinates			43
Table 4-3		Exportation License Coordinates			44
Table 4-4		Surface Lease Coordinates			46
Table 4-5		Summary of Taxes and Other Obligations			47
Table 6-1		Reko Diq Development History			53
Table 10-1		Tabulation of Drilling by Year and Area			73
Table 10-2		Downhole Survey Methods by Drilling Type			81
Table 10-3		Twin Hole Analysis - Copper, 15m Bench Composites			84
Table 10-4		Twin Hole Analysis - Gold, 15m Bench Composite			86
Table 11-1		Rotary Divider Set-up			90
Table 11-2		CRM’s Utilized in the 2003 to 2009 Exploration			94
Table 11-3		Summary of CRM, by Types by Assay Method and Laboratory			95
Table 11-4		In-House CRM Values and Parameters			96
Table 11-5		Summary Results of In-House CRM’s			98
Table 11-6		Statistics for Field Blanks Results Reported by ALS			99
Table 11-7		Drill campaigns 1996-1997 and 2003-2009: Field Duplicates Summary Results			101
Table 11-8		Summary of Umpire Sampling program (2003-2009)			105
Table 13-1		Metallurgical Testwork Samples			109
Table 13-2		Metallurgical Testwork Summary			110
Table 13-3		Ore Properties for Comminution Circuit Design			116
Table 13-4		Key Criteria Derived from Testwork			118
Table 13-5		Metso HSC Sim Metal Plan Simulation Results			122
Table 13-6		Expected Elemental and Chemical Grade of Final Concentrate			124
Table 14-1		Drill Summary by Company and Year at the Western Porphyries and Tanjeel			127
Table 14-2		Lithological Units and Grouping Applied			130
Table 14-3		Hydrothermal Alteration Assemblages, Mineralogy and Codes			131
Table 14-4		Univariate Statistics for Cu (%) by Lithology			133
Table 14-5		Univariate Statistics for Cu % Assays by Alteration Codes			134
Table 14-6		Univariate Statistics for Assay Au Grades (g/t) by Lithology			135
Table 14-7		Univariate Statistics for Au (g/t) Assays by Alteration Codes			136
Table 14-8		Metals Correlations			136
Table 14-9		Copper and Gold Domains by Lithology and Alteration Code			137
Table 14-10		Univariate Statistics - Density by Lithology			139
Table 14-11		Boundary Types for Copper			140
Table 14-12		Boundary Types for Gold			140
Table 14-13		Copper High-Grade Cut Per Domain			141
Table 14-14		Gold High-Grade Cut Per Domain			142
Table 14-15		Variogram Models for Copper Domains			143
Table 14-16		Modelled Correlograms			145
Table 14-17		Block Model Geometric Parameters			146
Table 14-18		Seach Ellipse Parameters Per Domain			148
Table 14-19		Gold Estimate - First Pass Estimation parameters			149

 

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Table 14-20		Comparison of OK. IDW and NN estimates - Copper			150
Table 14-21		Comparison of OK, IDW and NN Estimates - Gold			150
Table 14-22		Univariate Statistics - S and S2 Assays			156
Table 14-23		Partition Analysis - Total and Sulfide Sulfur			159
Table 14-24		Univariate Statistics - Total Sulfur by Domain			160
Table 14-25		Univariate Statistics - Sulfide Sulfur by Domain			160
Table 14-26		S/S2 Regression Formulas			160
Table 14-27		S Estimation Parameters			160
Table 14-28		Lithological Grouping for Tanjeel			162
Table 14-29		Hydrothermal Alteration Assemblages, Mineralogy and Codes			164
Table 14-30		Initial Mineral Zone Model			165
Table 14-31		Univariate Statistics for Cu %			166
Table 14-32		Univariate Statistics - S and S2 Assays			167
Table 14-33		Univariate Statistics by Lithology			168
Table 14-34		Boundary Types for Copper			169
Table 14-35		Copper High-Grade Cut Applied Per Domain			171
Table 14-36		Variogram Models for Copper Domains			172
Table 14-37		Block Model Parameters			173
Table 14-38		Seach Ellipse Parameters Per Domain			173
Table 14-39		Multipliers for CuCN Estimation in Un-estimated Blocks			174
Table 14-40		Estimation Parameters for Copper and Cyanide Soluble Copper			174
Table 14-41		Comparison of OK. IDW and NN estimates – Copper			175
Table 14-42		Estimation Parameters for Total Sulphur and Co-estimated Sulphide Sulphur			176
Table 14-43		Total and Sulphide Sulphur Assigned Values			177
Table 14-44		Mineral Resources Classification Criteria			177
Table 14-45		Pit Optimization and NSR Input Parameters			180
Table 14-46		Reko Diq Mineral Resources Statement, 100% Basis, as of December 31, 2024			184
Table 15-1		Pit Optimization and NSR Input Parameters			190
Table 15-2		Metal Prices for Pit Optimization			191
Table 15-3		Western Porphyries Metal Recoveries and Cu Concentrate Grade			193
Table 15-4		Tanjeel Metal Recoveries and Cu Concentrate Grade			194
Table 15-5		Open Pit Overall Slope Angles for Whittle			194
Table 15-6		Sustaining Capital			195
Table 15-7		Offsite Concentrate Costs			196
Table 15-8		Royalties			196
Table 15-9		Taxes on Operating Costs for Pit Optimization			196
Table 15-10		Mine Closure Cost			196
Table 15-11		Operating Costs for Pit Optimization			197
Table 15-12		Whittle Pit Shell Results – Western Porphyries			198
Table 15-13		Whittle Pit Shell Results – Tanjeel Porphyries			199
Table 15-14		Reko Diq Mineral Reserves Statement, December 31, 2024			204
Table 16-1		Summary of RMR89 Data for Western Porphyries Rock Mass Units			208
Table 16-2		Reko Diq Western Porphyries FS Slope Design Base Case			209
Table 16-3		Reko Diq Tanjeel FS Slope Design Base Case			210
Table 16-4		Estimated Groundwater Ingress into Western Porphyries and Tanjeel Pits			211
Table 16-5		WP Ultimate Pit Design and Whittle Shell Comparison			214
Table 16-6		Western Porphyries Phase Design Volumetrics			216
Table 16-7		Tanjeel Ultimate Pit Design and Whittle Shell Comparison			219
Table 16-8		Tanjeel Phase Design Volumetrics			219
Table 16-9		Waste Rock Classification			222
Table 16-10		Ultimate Pit by Waste Classification			223

 

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Table 16-11		Destinations for Waste Materials			223
Table 16-12		Waste Totals by Type and Destination			223
Table 16-13		Waste Dump & Stockpile Design Parameters			225
Table 16-14		Waste Dump Design Capacity			225
Table 16-15		North Waste Dump Design Volume			226
Table 16-16		South Waste Dump Design Volume			227
Table 16-17		Tanjeel Waste Dump Design Volume			228
Table 16-18		Stockpile Design Capacities			229
Table 16-19		Fleet Requirements for Reko Diq			232
Table 16-20		Peak Mining Workforce Numbers			233
Table 16-21		LOM Mine and Plant Feed Schedule			236
Table 17-1		Key Design Criteria			239
Table 17-2		Primary Equipment			242
Table 17-3		Phase 1 Reagent Requirements			248
Table 18-1		Rail Project Rolling Stock Key Requirements			252
Table 18-2		Reko Diq Power Demand Summary			255
Table 18-3		Raw Water Demand – Phase 1 Production			258
Table 21-1		Capital Cost Estimate Summary			296
Table 21-2		Initial and Expansion Project Capital Expenditure Summary			297
Table 21-3		Sustaining Capital Expenditure Summary			298
Table 21-4		Operating Costs Summary			299
Table 22-1		Estimated Tax Payable			302
Table 22-2		Reko Diq Project Case Financial Model Summary			305
Table 22-3		Annual Cashflow Summary - Feasibility Study Case			306
Table 22-4		Annual Cashflow Summary - Reserve Case			309
Table 22-5		Copper Price Impact on Free Cash, NPV8, IRR and Payback Period			312
Table 25-1		Risk Analysis Summary			322

 

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List of Figures

 

Figure 1-1		On-site Infrastructure			24
Figure 2-1		Holding Structure of the Reko Diq Project			35
Figure 4-1		Property Location			41
Figure 4-2		Reko Diq Mining Company Leases			45
Figure 6-1		Tabulation of Drilling by Year and Company			55
Figure 7-1		Regional Geology and Structure of Chagai Belt			57
Figure 7-2		Location of Porphyry Surface Expressions in the Reko Diq Area			58
Figure 7-3		Regional Chagai Stratigraphy			59
Figure 7-4		Local Geology Surface Map			60
Figure 7-5		Host Rocks to Chagai Belt Porphyry Cu Systems			62
Figure 8-1		Conceptual Porphyry Cu-Au Deposit Model			66
Figure 9-1		Satellite Image with Sediment Sampling Results for Gold and Copper			68
Figure 9-2		Plan view of the Reko Diq Velocity Model at N900 m depth,			71
Figure 10-1		Typical Drilling Cross Sections – Western Porphyries (Top), Tanjeel (Bottom)			74
Figure 10-2		Plan of Drilling Locations			75
Figure 10-3		Flow Chart Summary of RC Sample Preparation			79
Figure 10-4		Location of Twinned Holes within 10-year Mining Pit			83
Figure 10-5		Scatter Plot of Copper Grades			85
Figure 10-6		Scatter Plot of Gold Grades			87
Figure 11-1		Diamond Drill Core and Reverse Circulation Sample Flowchart			89
Figure 11-2		Example of Commercial CRM Graph			96
Figure 11-3		Example of In-House Standard Graph			99
Figure 11-4		Blank Assays Results			100
Figure 11-5		ANALABS Duplicate Plots 1996-1997 Au assays (Left), Cu Assay (Right)			101
Figure 11-6		2003 to 2010 ALS Duplicates Au (left), Cu (Right)			102
Figure 11-7		2003 to 2010 SGS-KAR Duplicates Au (left), Cu (Right)			102
Figure 11-8		Re-assayed Pulps Location and 10-year Mining Pit			103
Figure 11-9		Scatter Plots Cu (Top) Au (Bottom) of Grades in Historic and Re-assayed Pulps			104
Figure 13-1		Isometric View of the Zone 2 (Left) and Zone 3 (right) composite Holes			113
Figure 13-2		Isometric View H4 Composite Sample			113
Figure 13-3		Spatial Distribution of All of the Metallurgical Samples (Isometric View), Western Porphyries (Top) and Tanjeel (Bottom)			114
Figure 13-4		Rougher Mass Pull as a Function of Cu:S2- Ratio			119
Figure 13-5		Units of copper recovered as a function of copper head grade			120
Figure 13-6		Copper Concentrate Grade as a function of Cu:S2- Ratio			121
Figure 13-7		Simulation Results: Rougher Mass Pull Over LOM			122
Figure 13-8		Simulation Results: Metal Recovery Over LOM			123
Figure 13-9		Simulation Results: Final Cu Concentrate Grade and Mass Pull Over LOM			123
Figure 14-1		Location of the Resource Areas			128
Figure 14-2		General Plan- Interpreted Faults and Drilling Data			129
Figure 14-3		Lithology Model and Drilling Cross Section (+/-50m)			130
Figure 14-4		Alteration Model and Drilling Cross Section (+/-50m)			131
Figure 14-5		Oblique View Looking Northeast – Density Determinations			138
Figure 14-6		Histogram of Raw Density			138
Figure 14-7		Example Variogram Model (Domain: pfb1_scc_in)			144
Figure 14-8		Example Sage Output (Domain: volc_pot_in)			145
Figure 14-9		Example Planes through Ellipsoids (Domain: pfb_2_3_in)			146
Figure 14-10		Left: Plan View LVA Input Meshes. Right: Block Model Slice LVA at Block Scale			147
Figure 14-11		Copper Block Estimates			151

 

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Figure 14-12		Gold distribution in Block Model and composites			152
Figure 14-13		Example Copper Estimate Swath Plots			153
Figure 14-14		Example Gold Swath Plots			154
Figure 14-15		Tonnage-Grade and Change of Support Curves (Top Cu, Bottom Au)			155
Figure 14-16		Pass Percentage by Domain			156
Figure 14-17		Oblique View - Sulfur (Top) and Sulphide (Right) Assays			157
Figure 14-18		Plan View - Logged Pyrite (Top) and Chalcopyrite (Bottom)			158
Figure 14-19		Partition Analysis - Sulfide Sulfur (Left), Total Sulfur (Right)			159
Figure 14-20		Example Structural Plan View			162
Figure 14-21		Lithology Plan View			163
Figure 14-22		Lithology Model and Drilling Vertical Section (+/-50 m)			163
Figure 14-23		Typical Alteration Cross-Section			164
Figure 14-24		Tanjeel Min Zone Model Section			165
Figure 14-25		Top Left – TCu (%), Top Right – CSCu (%), Bottom – ASCu (%)			166
Figure 14-26		Plan View – Total Sulfur (%)			167
Figure 14-27		Oblique View Showing Density Determinations			168
Figure 14-28		Histogram of Raw Density			169
Figure 14-29		Example Contact Analysis Plot			170
Figure 14-30		Probability Plots for Supergene High Grade (left), Supergene Low Grade (middle)and Hypogene (right)			171
Figure 14-31		Example Variogram Model (Domain pfb1_scc_in as shown in purple)			172
Figure 14-32		Pass Percentage by Domain			174
Figure 14-33		Example Copper Estimates Swath Plots			176
Figure 14-34		Mineral Resource Classification – Western Porphyries			178
Figure 14-35		Mineral Classification - Tanjeel			179
Figure 14-36		Section Views through H14 of Resource Pit and Copper Distribution in WP			181
Figure 14-37		Section Views of Resource Pit and Copper Distribution in Tanjeel			182
Figure 14-38		Comparison of 2022 and 2024 Western Porphyries models			185
Figure 14-39		Comparison of 2022 and 2024 Tanjeel models			186
Figure 15-1		WP Pit Shell Contained Metal by Revenue Factor			198
Figure 15-2		Tanjeel Pit Shell Contained Metal by Revenue Factor			199
Figure 15-3		WP Pit Shell Sensitivity to Economic Inputs – Cu Mt (Left), Au Moz (Right)			201
Figure 15-4		Tanjeel Pit Shell Sensitivity to Economic Inputs – Cu Mt			201
Figure 16-1		Diversion Concept for the Pit (2032)			212
Figure 16-2		Typical Dual Haulage Ramp Cross-Section			213
Figure 16-3		WP Ultimate Pit Design			215
Figure 16-4		Western Porphyries Phase Designs			217
Figure 16-5		Tanjeel Ultimate Pit Design			218
Figure 16-6		Tanjeel Phase Designs			220
Figure 16-7		Site Waste Dump and Stockpile Layout			221
Figure 16-8		North Waste Dump Design			226
Figure 16-9		South Waste Dump Design			227
Figure 16-10		Tanjeel Waste Dump Design			228
Figure 16-11		Western Porphyries Stockpile Layout			230
Figure 16-12		Tanjeel Stockpile Layout			230
Figure 16-13		LOM Production Schedule – Mined Tonnes			235
Figure 16-14		LOM Production Schedule – Mill Feed Tonnes			235
Figure 17-1		Block Flow Diagram – Reko Diq Process Plant			241
Figure 18-1		Regional Logistical Infrastructure			249
Figure 18-2		On-Site Infrastructure			250
Figure 18-3		PIBT Option			254

 

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Figure 18-4		Water NOC Location Plan			257
Figure 18-5		Basic Flow Diagram Outlining Main Flows and Planned Water Infrastructure			260
Figure 18-6		Potential Tailings Storage Sites			269
Figure 18-7		TSF Stage 1 (Left) and TSF Stage Final (Right) General Arrangement			272
Figure 18-8		RF1 and RF2 - Typical Embankment Cross-Sections			272
Figure 18-9		Cleaner TSF Stage 1 and TSF Stage Final (Right) General Arrangement			273
Figure 18-10		Cleaner TSF Typical Embankment Cross-Sections			273
Figure 22-1		Copper Price Impact on Post Tax Cash Flow (Undiscounted)			304
Figure 22-2		Sensitivity Chart: NPV8			313
Figure 22-3		Sensitivity Chart: IRR			313

 

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		NI 43-101 Technical Report on the Reko Diq Project

 

1

Summary

This Technical Report on the Reko Diq Project (the Project), located in the Balochistan Province of Pakistan has been prepared by Barrick Gold Corporation (Barrick). The purpose of this Technical Report is to support public disclosure of Mineral Resource, maiden Mineral Reserve estimate and a Feasibility Study at the Project as of December 31, 2024.

Barrick is a Canadian publicly traded mining company with a portfolio of operating mines and advanced exploration and development projects. Barrick is the issuer of this Technical Report and indirectly owns 50% of the Project, and is the operator on behalf of Reko Diq Mining Company (Private) Limited (RDMC).

The recently completed Feasibility Study details two phases of project development:

 

●

Phase 1 – Initial throughput of 45 Mtpa of ore that commences production in 2028; and

 

●

Phase 2 – Expansion to a total throughput of 90 Mtpa that is planned to occur from 2034 onwards.

The Project will comprise of two open pit mines, the main open pit at Western Porphyries and a satellite pit at Tanjeel, and a processing plant, together with other associated mine operation and regional infrastructure. The Project will produce copper concentrate which includes gold for smelting by third-party operated smelters.

All costs presented in this document are in USD (US$ or $) unless otherwise noted.

 

1.1	Description, Location, and Ownership

 

1.1.1

Location

The Project is located in the north-western corner of the Balochistan Province of Pakistan (Figure 4-1). Balochistan borders Iran to the west, Afghanistan to the north, the Punjab and Sindh Provinces of Pakistan to the east, and the Arabian Sea to the south. The population of Balochistan is approximately 6.5 million people and the capital city is Quetta.

 

1.1.2

Ownership

RDMC is indirectly owned 50% by Barrick and 50% by Pakistani stakeholders.

 

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Barrick is a Canadian publicly traded gold and copper mining company with a portfolio of operating mines and projects across North America, Africa, South America, and Asia.

The 50% Pakistan stakeholder interests comprise a 10% free-carried, non-contributing share held directly by the Government of Balochistan (the GoB), an additional 15% held by the GoB indirectly through Balochistan Mineral Resources Limited (BMRL) a special purpose company wholly owned by the GoB and 25% indirectly owned by the Government of Pakistan (the GoP) through three Pakistani state-owned enterprises (the SOEs), Oil & Gas Development Company Limited (OGDCL), Government Holdings (Private) Ltd. (GHPL) and Pakistan Petroleum Ltd. (PPL). The SOEs hold their interests (in equal thirds) through Pakistan Minerals (Private) Ltd. (PMPL).

 

1.1.3

History

Several companies have held interests in the Project since 1996 with approximately 360 km of drilling being undertaken to date within the Exploration License. Exploration commenced in 1996 with several campaigns of drilling being completed, culminating with the latest drilling to support the Mineral Resources finishing in 2009. The project was put on hold in 2010 after disputes arose with the GoB and the GoP.

In November 2011, Tethyan Copper Company Pty. Limited (TCC, which is now known as RDMC) filed for arbitration against the Government of Pakistan and the Government of Balochistan in respect of contractual and treaty investment claims relating to the Reko Diq Project. By July 2019, arbitration tribunals ruled in favour of TCC and, among other things, rendered a multi-billion-dollar damages award against the GoP (the Award). Barrick, Antofagasta, the GoB, and the GoP subsequently engaged in discussions regarding alternatives for the resolution of the Award that maximally satisfied the objectives of each party and all related stakeholders. Ultimately, these negotiations resulted in the reconstitution of the Project. The Project was formally reconstituted in December 2022. The reconstitution was approved by the Government of Balochistan, the Government of Pakistan and the Supreme Court which issued a favourable opinion in respect of the legality of the agreements concluded as part of the reconstitution under Pakistan law. The agreements include the Project Joint Venture Agreement and Mineral Agreement which respectively form the basis for the governance of the Project and the applicable royalty and tax regime, including fiscal stabilisation.

The process above is referred to as the “Reconstitution”. The Agreements above are referred to in the Report collectively as “Project Agreements”.

 

1.2	Geology and Mineralisation

Copper and gold mineralization is associated with a regional-scale porphyry system primarily contained within a series of diorite to quartz-diorite bodies that have intruded the Dalbandin and

 

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Reko Diq formations. These intrusions are fine to medium-grained displaying porphyritic textures with alteration halos radiating outwards. Mineralization is primarily within the intrusives, however, also occurs in the adjacent altered wall rock. The intrusions occur as stocks, dykes, sills, and dyke swarms, with bodies typically ranging in size, but have diameters less than 3 km.

The Western Porphyries display a minor (<50 m) leach cap with primary mineralization occurring at surface. The limited leach cap formed when the system was uplifted quickly during deformation resulting in the minor development of a supergene system. Mineralization at the Western Porphyries is primary hypogene with chalcopyrite dominant near surface with bornite abundance increasing at depth. Extensive pyrite has been identified (generally less than 4%) with minimal oxide mineralization identified.

Tanjeel is a supergene system with mineralization occurring as a moderately well developed, sub-horizontal, copper enrichment blanket. The system is relatively small compared to Western Porphyries (representing approximately 6% of the total recovered copper for the life of the Project) and contains an upper pyrite-chalcocite system with a pyrite-chalcopyrite hypogene underlying system. Copper oxide is common and occurs as malachite, copper wad, as well as chalcanthite where exposed chalcocite has oxidized. The pyrite content can reach 12% accounting for the required generation of sulphur to mobilize copper in the supergene system.

 

1.3	Exploration Status

Significant exploration and resource drilling has been undertaken on the Project resulting in the Mineral Resources and Mineral Reserve reported in this Report. The Project is a development asset, with early construction works underway, as well as ongoing development, infill, and exploration drilling to support detailed design and initial operations.

 

1.4	Mineral Resource Estimate

The Mineral Resource estimate has been prepared according to the Canadian Institute of Mining, Metallurgy and Petroleum 2014 Definition Standards for Mineral Resources and Mineral Reserves dated 10 May 2014 (CIM (2014) Standards) as incorporated in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mineral Resource estimate was also prepared using the guidance outlined in CIM Estimation of Mineral Resources and Mineral Reserves (MRMR) Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines).

Since the Statement of Mineral Resources reported by Barrick as of December 31, 2022, there have been minor changes to the Resource estimate. The main drivers were changes in the operating costs

 

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and processing recoveries which underpin the cut off grade and pit shell determinations used for reporting. No additional drilling is included in the updated Mineral Resource estimate.

Mineral Resources considered amenable to open pit mining methods were constrained within a Lerchs-Grossmann pit shell that used a copper price of $4.00/lb, and a gold price of $1,900/oz. Value-based routing was used in generating the cost and cash value of each block to determine reasonable prospects for economic extraction. This is demonstrated in the results of the pit optimization process based on the processing recoveries, and mining costs outlined below. Within the pit optimization, the Mineral Resources were reported using an NSR approach based on the same parameters.

The estimate was reviewed internally as well as externally and approved by the Qualified Person and Barrick prior to release.

The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors which could materially affect the Mineral Resource estimate.

Table 1-1 summarises the Reko Diq Mineral Resources, inclusive of Mineral Reserves, as of December 31, 2024.

 

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Table 1-1  Reko Diq Mineral Resources Summary, 100% Basis, as of December 31, 2024

 

Location		Measured						Indicated						Measured + Indicated						Inferred
		Tonnes		Grade		Contained		Tonnes		Grade		Contained		Tonnes		Grade		Contained		Tonnes		Grade		Contained
		(Mt)		Cu  (%)		Cu  (M)t		(Mt)		Cu  (%)		Cu  (Mt)		(Mt)		Cu  (%)		Cu  (Mt)		(Mt)		Cu  (%)		Cu  (Mt)
Western Porphyries		-		-		-		3,653		0.42		15		3,653		0.42		15		1,276		0.3		4.2
Tanjeel		-		-		-		277		0.45		1.3		277		0.45		1.3		102		0.3		0.3
Reko Diq Total								3,930		0.43		17		3,930		0.43		17		1,378		0.3		4.5

 

Location		Measured						Indicated						Measured + Indicated						Inferred
		Tonnes		Grade		Contained		Tonnes		Grade		Contained		Tonnes		Grade		Contained		Tonnes		Grade		Contained
		(Mt)		Au  (g/t)		Au  (Moz)		(Mt)		Au  (g/t)		Au  (Moz)		(Mt)		Au  (g/t)		Au  (Moz)		(Mt)		Au  (g/t)		Au  (Mg/t)
Western Porphyries		-		-		-		3,653		0.25		29		3,653		0.25		29		1,276		0.2		7.8
Reko Diq Total								3,653		0.25		29		3,653		0.25		29		1,276		0.2		7.8

Notes:

 

●

Mineral Resources are reported on 100% basis. Barrick’s attributable share of the Mineral Resource is based on its 50% interest in Reko Diq.

●

The Mineral Resource estimate has been prepared according to CIM (2014) Standards and using CIM (2019) MRMR Best Practice Guidelines.

●

Mineral Resources are reported based on an economic pit shell.

●

Mineral Resources are reported using a long-term price of US$4.00/lb Cu and US$1,900/oz Au.

●

NSR calculation considers smelting, refining and treatment charges, and payment terms, concentrate transport, metallurgical recoveries and royalties.

●

Mineral Resources are inclusive of Mineral Reserves.

●

Contained metal is reported in millions of tonnes of copper and million troy ounces of gold.

●

Numbers may not add due to rounding.

●

The QP responsible for this Mineral Resource Estimate is Peter Jones (MAIG).

 

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1.5	Mineral Reserve Estimate

The Mineral Reserve estimate has been prepared according to the Canadian Institute of Mining, Metallurgy and Petroleum 2014 Definition Standards for Mineral Resources and Mineral Reserves dated 10 May 2014 (CIM (2014) Standards) as incorporated with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mineral Reserve estimate was also prepared using the guidance outlined in CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines).

The Mineral Reserves have been estimated from the Indicated Mineral Resources (as shown in Table 1-1 above, there are currently no Measured Mineral Resources) and do not include any Inferred Mineral Resources. Mineral Reserves include material that will be mined by open pit.

The estimate uses economic assumptions, the Mineral Resource and geological models (as described in Section 14), and modifying factors including geotechnical, and metallurgical recovery parameters. The Qualified Person responsible for estimating the Mineral Reserves has performed an independent verification of the block model tonnes and grade, and in their opinion the process has been carried out to industry standards.

The final pit limit selection and design process is outlined in Section 16. A site-specific financial model was populated and reviewed which demonstrates that the Mineral Reserves are economically viable.

A summary of the Mineral Reserves is shown in Table 1-2. Mineral Reserves are estimated:

 

●

As of December 31, 2024.

 

●

Using a copper price of $3.00/lb.

 

●

Using a gold price of $1,400/ oz.

 

●

As ROM grades and tonnage delivered to the primary crushing facility.

 

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Table 1-2  Reko Diq Mineral Reserves Statement, December 31, 2024

 

Location		Proven						Probable						Proven and Probable
		Tonnes		Grade		Contained		Tonnes		Grade		Contained		Tonnes		Grade		Contained
		(Mt)		Cu  (%)		Cu  (Mt)		(Mt)		Cu  (%)		Cu  (M)t		(Mt)		Cu  (%)		Cu  (Mt)
Western Porphyries		-		-		-		2,861		0.48		14		2,861		0.48		14
Tanjeel		-		-		-		147		0.62		1		147		0.62		1
Reko Diq Total								3,008		0.48		15		3,008		0.48		15

 

Location

Proven

Probable

Proven and Probable

Tonnes

Grade

Contained

Tonnes

Grade

Contained

Tonnes

Grade

Contained

(Mt)

Au  (g/t)

Au  (Moz)

(Mt)

Au  (g/t)

Au  (Moz)

(Mt)

Au  (g/t)

Au  (Moz)

Western Porphyries

-

-

-

2,861

0.28

26

2,861

0.28

26

Reko Diq Total

2,861

0.28

26

2,861

0.28

26

Notes:

 

●

Proven and Probable Mineral Reserves are reported on 100% basis. Barrick’s attributable share of the Mineral Resource is based on its 50% interest in Reko Diq.

●

The Mineral Reserve estimate has been prepared according to CIM (2014) Standards and using CIM (2019) MRMR Best Practice Guidelines.

●

Mineral Reserves are reported at a copper price of US$3.00/lb and a gold price of US$1,400/oz.

●

Pit optimizations were run at US$3.00/lb Cu and US$1,300/oz Au. The additional material as a result of US$1,400/oz Au represented no material change to the Mineral Reserve.

●

Mineral Reserves are estimated based on an economic pit design applying appropriate costs and modifying factors.

●

Mineral Reserves are based on a NSR cut-off considering smelting, refining and treatment charges, and payment terms, concentrate transport, metallurgical recoveries and royalties.

●

All reported metal is contained before process recovery; metal recoveries are variable based on material type

●

Contained metal is reported in millions of tonnes of copper and million troy ounces of gold.

●

Numbers may not add due to rounding.

●

The QP responsible for the Mineral Reserve Estimate is Mike Saarelainen, FAusIMM.

 

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1.6	Mining Methods

The Reko Diq mine has been designed as two large-scale open pit operations. The Western Porphyries will be mined with electric rope and hydraulic shovels while Tanjeel will utilize hydraulic shovels. Both operations will utilize 360-t haul trucks. Mining will be carried out year-round, 24 hours per day using conventional drill, blast, and load and haul methods. At peak production the Western Porphyries pit is forecast to reach a total material movement rate of 250 Mtpa while Tanjeel will achieve 40 Mtpa.

Haul trucks will deliver run-of-mine (ROM) ore from the open pits directly to the primary crushers or nearby ROM pad, or to temporary longer-term ore stockpiles. Waste rock will be placed in one of three onsite waste rock dumps or used for tailings storage facility construction.

Over the life-of-mine, an estimated 3,008 million tonnes of ore will be delivered to the plant at an average grade of 0.48% copper and 0.26 g/t gold. There is an estimated total of 3,205 million tonnes of waste rock mined, resulting in an average strip ratio of 1.07 waste to ore. The strip ratio in the first 10 years of production is 0.64 waste to ore. The total mine life is expected to be approximately 37 years from commissioning of the plant in 2028. Mining is forecast to finish in 2061 followed by three years of processing of stockpiles to 2064.

 

1.7	Mineral Processing

The process flowsheet was selected based on metallurgical testwork conducted from 2023 to 2024 which built upon previous work conducted between 2007 and 2009.

The 2007 to 2009 testwork program was undertaken in three phases and included flotation and comminution variability samples, bench testing and pilot plant testwork, and High Pressure Grinding Roll testwork.

The primary goal of the 2023 to 2024 testwork program was intended to ensure suitability of the process flowsheet and forecast recoveries to underpin the LOM plan and focused on the initial 10 years of production. The program included comminution testwork, conventional, high-shear and coarse particle flotation testwork, and ancillary vendor testwork in line with industry standards for the level of study.

The expected average recovery is 89.9% copper, and 69.9% gold based on the current life-of-mine plan and testwork completed to date. Copper recovery in the first 10 years is forecasted at 90.1%.

 

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The process flowsheet is based on industry standard proven technology that will comprise feed preparation using two-stage crushing and high-pressure grinding rolls followed by a closed-circuit ball milling circuit. Product from the comminution circuit will feed a bulk sulphide rougher flotation circuit with rougher concentrate reground and upgraded to final concentrate grade in a two stage cleaner circuit. The final concentrate handling circuit will consist of concentrate thickening and filtration, with filter cake stored on site before being transported to the port via rail.

 

1.8	Project Infrastructure

The Project proposes to utilize rail, road, and port infrastructure throughout the region, including an existing rail network route to Port Qasim for export to international markets (for which upgrades to meet Project requirements will be required). The Project is planned to be connected to the National Highway N40 via a purpose built 45 km road. Site roads will connect the various areas within the Project and allow for haulage of mined material and other vehicle movements.

Power will be supplied by an onsite hybrid microgrid power solution, comprising heavy fuel oil power generating sets, diesel generating sets, a solar photovoltaic array, and a battery energy storage system. The base case for the Feasibility Study assumes the power supply will be sourced from the national grid from Year 15 of mining with the heavy fuel oil generating sets remaining on standby.

Groundwater is planned as the primary water supply. Water will be supplied from boreholes located north of the mine and will be supplied via a pipeline of approximately 70 km. Water demand has been calculated and based on expected water usage for both construction and operations. Water distribution will be via dedicated service lines at the required pressures and flows, to all required facilities and buildings on site.

A conventional thickened tailings storage facility will be constructed and will be sized to accommodate the anticipated life-of-mine material. The facility will be located to the southwest of the process plant.

Site infrastructure includes security facilities, airstrip, roads, accommodation village, maintenance facilities, stockpiles, and other auxiliary buildings. The site common purpose infrastructure will be initially developed to support Phase 1 with allowance for expansion where appropriate to support Phase 2.

The on-site infrastructure is shown in Figure 1-1.

 

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Source: Barrick, 2024

Figure 1-1 On-site Infrastructure

 

1.9	Market Studies and Contracts

The planned product is a conventional copper concentrate with payable levels of gold. This product is not projected to contain deleterious elements at penalty levels and is expected to be readily marketable to smelters. As of December 31, 2024, there were no offtake contracts in place.

While there are numerous contracts in place at the Project, there are no currently executed contracts considered to be material to Barrick.

 

1.10	Environmental, Permitting and Social Considerations

An Early Works Environmental and Social Impact Assessment (ESIA) was produced in February 2024, which the regulators approved in May 2024. Subsequently, a Project ESIA aligned to the Feasibility Study was completed in late 2024. Approval from the regulators, the Balochistan and Sindh Environmental Protection Agencies, is expected in early 2025.

 

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These assessments were completed in line with the relevant National and Provincial Environment and Social legislative requirements, the Equator Principles 4, and the International Finance Corporation’s Environment and Social Performance Standards and Guidelines.

The work conducted for the Feasibility Study and Project ESIA identified potential environmental and social impacts. Corresponding mitigation and management measures were developed in an Environmental and Social Management and Monitoring Plan.

The Project ESIA summarises the proposed risk mitigation measures for the above identified environmental and social risks. These proposed risk mitigation measures comprise a combination of design, management, and stakeholder engagement.

 

1.11	Capital and Operating Costs

Cost estimates correspond with an accuracy of +/-15%. The Phase 1 project capital cost is estimated to be $5,566M in order to reach initial production of 45Mtpa. The Phase 2 project capital is estimated to be $3,264M to increase the production capacity to 90Mtpa. Sustaining capital costs are $3,825M over the life of the mine with an estimated closure cost of $72M.

Operating costs over the life-of-mine are $57,489M with unit operating costs of $25.42/t and $18.58/t for Phase 1 and Phase 2 respectively.

The portion of the Phase 1 Initial capital costs attributable to Barrick under the terms of the JVA are $3,092M on a 100% equity basis, assuming no debt.

 

1.12	Economic Analysis

A financial analysis was carried out using a discounted cash flow approach to support the declaration of Minerals Reserves. The model included yearly cash inflows, or revenues, and subtracted yearly cash outflows such as operating costs, capital costs, and taxes.

Financial analysis of the Project shows after-tax NPV (at a discount rate of 8%), internal rate of return (IRR), and payback periods from 2028 as shown in Table 1-3. Reko Diq Mining Company is estimated to pay a total of $7,076M in taxes across the life of the mine.

 

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Table 1-3   Copper Price Impact on Free Cash, NPV8, IRR and Payback Period

 

Copper Price   ($/lb)		Gold Price ($/oz)		Free Cash ($M)		After Tax NPV ($M)		Project IRR (%)		Payback Period (yrs)
3.001		1,4001		33,994		4,032		12.89%		8.46
3.25		2,045		50,376		8,073		17.01%		7.06
3.50		2,045		56,710		9,653		18.45%		6.70
3.75		2,045		63,044		11,234		19.83%		6.42
4.03		2,045		70,178		13,014		21.32%		6.16
4.13		2,045		72,672		13,636		21.82%		6.08
4.20		2,045		74,446		14,079		22.18%		6.02
4.50		2,045		82,046		15,975		23.66%		5.78
4.75		2,045		88,380		17,556		24.84%		5.57
5.00		2,045		94,714		19,136		26.00%		5.33

 Notes:

 

1.

Reserve Pricing Case

 

1.13	Interpretations and Conclusions

The QPs note the following interpretations and conclusions in their respective areas of expertise, based on the review of data available for this Report.

The Project as a whole has been designed to utilize industry standard practices and deploy conventional technology, with many of the technologies already employed at other mines Barrick operates, reducing the implementation operational risks. Where technologies are not employed by Barrick, benchmarked sites have been visited by the Project team to validate equipment selection and adopt best practices. Though new and emerging technologies are not included in the base case, the Project has been designed to allow for the adoption of technologies during the operational phase which, if realized, may result in potential improvements in operational performance from that which is presented in this Report.

 

1.13.1

Mineral Tenure, Rights, Royalties and Agreements

 

●

The Mineral Agreement, applicable Statutory Regulatory Orders and the Foreign Investment Promotion and Protection Act, 2022 (FDI Act), codified an agreed-to fiscal regime and 30-year stabilization period for the Project (i.e., until December 15, 2052) with automatic renewals for incremental periods of up to 30 years, at the request of RDMC. The JVA provides for the governance of the Project while the Mineral Agreement outlines the royalties and tax regime applicable to the Project, including tax holidays, among other things.

 

●

The various rights secured for the Project are considered sufficient to support the Mineral Resources, Mineral Reserves, and life-of-mine plan presented in this Report.

 

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		NI 43-101 Technical Report on the Reko Diq Project

 

1.13.2

Geology and Mineral Resources

 

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The understanding of the deposit settings, lithologies, and geologic, structural, and alteration controls on mineralization is sufficient to support the estimation of Mineral Resources and subsequent Mineral Reserves.

 

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Drilling, sample collection and QA/QC procedures that support the Mineral Resources have been conducted in accordance with industry standards at the relevant time and are supported by recent verification work. Therefore, are considered sufficient to support the declaration of the Mineral Resources and the classification presented in this Report.

 

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Snowden Optiro was engaged to complete an independent audit of the underlying data and the Mineral Resource estimation for Western Porphyries and Tanjeel. The audit concluded that the Mineral Resource estimate and the data collected to inform them do not present any fatal flaws and are logical and well considered.

 

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The estimated Mineral Resources currently in consideration for mining are defined by existing drilling, however, the Western Porphyries and Tanjeel remain open at depth and there is potential to expand the Minerals Resources with further drilling.

 

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The Project includes several exploration targets that have the potential to add to the existing Mineral Resource base and are considered substantial enough to warrant continued investment in parallel with the Project’s development.

 

1.13.3

Mining and Mineral Reserves

 

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The mine will employ conventional open pit truck and shovel mining methods. These methods are typical at Barrick operations as well as at mines operated by others in a variety of jurisdictions globally.

 

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Geotechnical recommendations were based on dedicated geotechnical drilling and testwork programs which were used in the mine design parameters and included the appropriate factors of safety. Recommendations were reviewed and verified by third parties.

 

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Mineral Reserves were estimated at copper and gold prices that are below current spot prices for both metals and are therefore considered resilient to changes in commodity prices. All other modifying factors used in the determination of the Mineral Reserves are appropriate for the Project and style of mineralization.

 

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There are Inferred Resources that sits within and below the currently designed open pits. Should this material be able to be converted to Indicated Resources, there is potential to increase the size of the Mineral Reserve.

 

1.13.4

Mineral Processing

 

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The process plant design is based on sufficient metallurgical testwork for this level of study to support the development of the flowsheet, forecast recoveries, and projected concentrate characteristics.

 

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The selected processing technology is conventional and includes comminution, floatation, thickening, and filtration. The design is at a scale comparable to other operations in the industry.

 

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		NI 43-101 Technical Report on the Reko Diq Project

 

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The expected average recovery is 89.9% copper, and 69.9% gold based on the current life-of-mine plan and testwork completed to date. Copper recovery in the first 10 years is forecasted at 90.1%. Changes in the feed material characteristics may impact the actual achieved recovery.

 

1.13.5

Infrastructure

 

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Regional road, rail, and port infrastructure will be used during the construction and operation of the Project. Some upgrades and increased maintenance are required to meet the needs of the Project, which have been studied, and costs are included as appropriate.

 

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Most of the planned site infrastructure (waste storage facilities, offices, workshops, etc.), requires construction, and once constructed, is considered sufficient to support the mining operation as planned. Some aspects of the infrastructure will require expansion during the Phase 2, for which sufficient space has been allowed, as well as potential for further expansion beyond the stated Phase 2 capacity.

 

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The tailings storage facility is designed using conventional tailings deposition method and will be operated in accordance with Barrick’s internal policies and industry standard practices (including GISTM). The initial construction and subsequent planned dam raises provide sufficient storage capacity to support the stated Mineral Reserves. The tailings storage facility is designed in such a way that it can handle capacity beyond the stated Mineral Reserve with additional capital investment.

 

1.13.6

Environment, Permitting and Social Considerations

 

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The Project has been scoped and is being conducted to meet the requirements of international standards (IFC Performance Standards and Equator Principals 4, which are considered benchmarks for the industry), as well as Barrick’s own policies and standards.

 

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The Project has been granted many of the permits to support ongoing early works. However, as of the date of this Technical Report, a number of permits and approvals are still in the process of being obtained necessary for construction and operation. The expected permitting timeline allows for the development of the Project inline with the schedule presented in this Report (detailed in item 20 of the Report).

 

1.13.7

Market Studies and Contracts

 

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Copper concentrate is freely and regularly traded by a large number of parties. Barrick is not dependent upon the sale of copper to any one customer and its product is sold to a variety of traders and smelters.

 

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The planned concentrate product is expected to be readily marketable to third-party smelters.

 

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While there are numerous contracts in place, there are no currently executed contracts considered to be material to Barrick.

 

1.13.8

Capital and Operating Costs

 

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Capital and operating costs estimates for the study were estimated at what is considered sufficient for a Feasibility Study (+/- 15%). The costs were estimated as of Q3 2024 and are

 

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