Exhibit 99.1

NI 43-101 Technical Report on the

Lumwana Expansion Project, Republic of

Zambia

 

February 19, 2025

Effective Date: December 31, 2024

Qualified Persons:

Simon P. Bottoms, CGeol, FAusIMM

Richard Peattie, FAusIMM

Derek Holm, FAusIMM

Marius Swanepoel, Pr.Eng.

Graham E. Trusler, Pr.Eng.

		NI 43-101 Technical Report on the Lumwana Expansion Project

 

Cautionary Statement on Forward-Looking Information: This Technical Report contains forward-looking statements. All statements, other than statements of historical fact regarding Lumwana Mining Company Limited (“LMC”), Barrick Gold Corporation (“Barrick”) or the Lumwana Mine, 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 Lumwana Expansion 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; LMC’s and Barrick’s strategy, plans, targets and goals in respect of environmental and social issues and sustainability matters; stakeholder engagement; 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 LMC’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 capital projects, including the Lumwana Expansion Project, will meet 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 Zambia; the possibility of political instability in Zambia; 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 LMC’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, LMC. All of the forward-looking statements made in this Technical Report are qualified by these cautionary statements. LMC, 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. Many of these uncertainties and contingencies can affect LMC’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, LMC. All of the forward-looking statements made in this Technical Report are qualified by these cautionary statements. LMC, 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					1
		1.1		Description, Location, and Ownership			1
		1.2		Geology and Mineralisation			2
		1.3		Exploration Status			3
		1.4		Mineral Resource Estimate			3
		1.5		Mineral Reserve Estimate			6
		1.6		Mining Methods			9
		1.7		Mineral Processing			11
		1.8		Project Infrastructure			12
		1.9		Market Studies and Contracts			13
		1.10		Environmental, Permitting and Social Considerations			13
		1.11		Capital and Operating Costs			15
		1.12		Economic Analysis			15
		1.13		Interpretations and Conclusions			16
		1.14		Recommendations			24
2		Introduction					26
		2.1		Effective Date			27
		2.2		Qualified Persons			27
		2.3		Site Visits of Qualified Persons			27
		2.4		Information Sources			28
		2.5		Abbreviations and Acronyms			29
3		Reliance on Other Experts					30
4		Property Description and Location					31
		4.1		Project Location			31
		4.2		Mineral Rights			32
		4.3		Surface Rights			34
		4.4		Royalties, Payments, and Other Obligations			35
		4.5		Permits			35
		4.6		Environmental Liabilities			36
		4.7		Other Significant Factors and Risks			36
5		Accessibility, Climate, Local Resources, Infrastructure and Physiography					38
		5.1		Accessibility			38

 

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		5.2		Climate and Physiography			38
		5.3		Local Resources and Infrastructure			40
		5.4		Sufficiency of Surface Rights			40
6		History					42
		6.1		Ownership			42
		6.2		Development and Operations			42
		6.3		Historical Mineral Resources and Mineral Reserves			43
		6.4		Past Production			43
7		Geological Setting and Mineralisation					45
		7.1		Regional Geology			45
		7.2		Local Geology			47
		7.3		Property Geology			48
		7.4		QP Comment on Geological Setting and Mineralisation			54
8		Deposit Types					55
		8.1		Deposit Type			55
9		Exploration					56
		9.1		Previous Exploration			56
		9.2		Current Exploration			57
		9.3		Planned Exploration			64
		9.4		QP Comment on Exploration			64
10		Drilling					65
		10.1		Drilling Summary			65
		10.2		Drilling Methods			74
		10.3		QP Comments on Drilling			76
11		Sample Preparation, Analyses, and Security					77
		11.1		Sample Preparation			77
		11.2		Sample Analysis			78
		11.3		Sample Security			78
		11.4		Quality Assurance and Quality Control			79
		11.5		QP Comments on Sample Preparation, Analyses, and Security			87
12		Data Verification					88
		12.1		Historical Data			88
		12.2		Current Data			88
		12.3		Internal Reviews and Audits			88

 

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		12.4		External Reviews and Audits			89
		12.5		QP Comments on Data Verification			90
13		Mineral Processing and Metallurgical Testing					91
		13.1		Recent Metallurgical Test Work			91
		13.2		Existing Processing Plant Performance			102
		13.3		Recovery Estimates			107
		13.4		Deleterious Elements			109
		13.5		QP Comments on Mineral Processing and Metallurgical Testing			109
14		Mineral Resource Estimates					110
		14.1		Resource Database			113
		14.2		Geological Modelling			115
		14.3		Bulk Density			117
		14.4		Compositing			119
		14.5		Capping and Outliers			121
		14.6		Block Model			121
		14.7		Variography			125
		14.8		Resource Estimation			128
		14.9		Block Model Validation			132
		14.10		Resource Classification			136
		14.11		Stockpiles			141
		14.12		Cut-off Grade			141
		14.13		Mineral Resource Statement			142
		14.14		2024 Versus 2023 End of Year Comparison			144
		14.15		External Review			145
		14.16		QP Comments on Mineral Resource Estimates			146
15		Mineral Reserve Estimate					147
		15.1		Mineral Reserve Estimation Process			149
		15.2		Open Pit Optimisation			149
		15.3		Sensitivities			160
		15.4		Mine Design and Pit Shell Comparison			165
		15.5		Mineral Reserve Statement			165
		15.6		2024 Versus 2023 End of Year Comparison			168
		15.7		External Reviews			169
		15.8		QP Comments on Mineral Reserve Estimates			170

 

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16		Mining Methods					171
		16.1		Mining Methods			171
		16.2		Geotechnical and Hydrogeological Considerations			173
		16.3		Mine Design			181
		16.4		Mining Equipment			196
		16.5		LOM Production Schedule			197
		16.6		External Reviews			202
		16.7		QP Comments on Mining Methods			203
17		Recovery Methods					204
		17.1		Process Plant Description			204
		17.2		Metallurgical Accounting			215
		17.3		Power, Water, and Process Reagents Requirements			216
		17.4		QP Comments on Recovery Methods			217
18		Project Infrastructure					219
		18.1		Access and Roads			221
		18.2		Power Supply			221
		18.3		Water Management			223
		18.4		Supply Chain			227
		18.5		Site Common Purpose Infrastructure			228
		18.6		Tailings Storage Facilities			234
		18.7		QP Comments on Infrastructure			239
19		Market Studies and Contracts					240
		19.1		Markets			240
		19.2		Lumwana Concentrates			241
		19.3		Commodity Price Assumptions			241
		19.4		Contracts			241
		19.5		QP Comment on Market Studies and Contracts			242
20		Environmental Studies, Permitting, and Social or Community Impact					243
		20.1		Permitting			244
		20.2		Environmental Assessment and Studies			245
		20.3		Environmental Considerations			251
		20.4		Water Management			252
		20.5		Costs			254
		20.6		Social and Community Requirements			255

 

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		20.7		Mine Closure and Reclamation			258
		20.8		QP Comments on Environmental and Social			260
21		Capital and Operating Costs					261
		21.1		Basis and Sources of Cost Estimates			261
		21.2		Capital Costs			262
		21.3		Operating Costs			265
		21.4		QP Comments on Capital and Operating Costs			267
22		Economic Analysis					269
		22.1		Assumptions and Inputs			269
		22.2		Taxes and Royalties			270
		22.3		Financial Model Summary			271
		22.4		Sensitivity			280
		22.5		QP Comments on Economic Analysis			282
23		Adjacent Properties					283
24		Other Relevant Data and Information					284
25		Interpretation and Conclusions					285
		25.1		Mineral Tenure, Rights, Royalties and Agreements			285
		25.2		Geology and Mineral Resources			285
		25.3		Mineral Reserves			286
		25.4		Mining			286
		25.5		Mineral Processing			287
		25.6		Infrastructure			287
		25.7		Environment and Social Aspects			288
		25.8		Capital and Operating Costs			289
		25.9		Project Economics			289
		25.10		Risks			290
26		Recommendations					293
		26.1		Mineral Tenure, Rights, Royalties and Agreements			293
		26.2		Geology and Mineral Resources			293
		26.3		Mining and Mineral Reserves			293
		26.4		Mineral Processing			294
		26.5		Infrastructure			294
		26.6		Environmental, Permitting and Social Aspects			294
		26.7		Capital and Operating Costs			294

 

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		26.8		Risks			294
27		References					295
28		Date and Signature Page					297
29		Certificates of Qualified Persons					298
		29.1		Simon P. Bottoms			298
		29.2		Richard Peattie			300
		29.3		Derek Holm			302
		29.4		Marius Swanepoel			303
		29.5		Graham E. Trusler			305

List of Tables

 

Table 1-1		Lumwana Mineral Resource Estimate as of December 31, 2024			5
Table 1-2		Summary of Lumwana Mineral Reserve Estimate as of December 31, 2024			8
Table 1-3		After-Tax Copper Price Sensitivity Analysis Results			15
Table 1-4		Expansion Project Risk Summary			22
Table 2-1		QP Responsibilities			27
Table 2-2		Table of Abbreviations			29
Table 4-1		Summary of Lumwana Mining Licences			32
Table 4-2		Royalty Charge Relation to Copper Price			35
Table 4-3		Summary of major required permitting			36
Table 5-1		Annual Average Climatic Conditions in North-Western Province, Zambia			39
Table 6-1		Summary of Lumwana Ownership			42
Table 6-2		Summary of Lumwana Project Development			42
Table 6-3		Past Production Records for Lumwana			43
Table 10-1		Lumwana Drilling Summary to June 2024			65
Table 11-1		Summary of Laboratories and Analytical Methods			77
Table 11-2		QA/QC Sample Insertion Rates for DD Samples Submitted between January 2022 and June 2024			79
Table 13-1		Metallurgical Test Work Samples			92
Table 13-2		Summary of Phase 1 Comminution Test Work Results			97
Table 13-3		Summary of Phase 2 Comminution Test Work Results			97
Table 13-4		Locked Cycle Test Work Results (Phase 2)			100
Table 14-1		Lumwana Mineral Resource Estimate as of December 31, 2024			112
Table 14-2		Summary of Mineral Resource Drilling and Model Dates			113
Table 14-3		Drilling in the Mineral Resource Database			114
Table 14-4		Modelled Geological Domains			116
Table 14-5		Ratios Used to Define Oxidation Zones			117
Table 14-6		Dry Bulk Density Assignment			118
Table 14-7		Chimiwungo Mineralised Domain Assay and Composite Comparison			120
Table 14-8		Malundwe Mineralised Domain Assay and Composite Comparison			120
Table 14-9		Kamisengo Fresh Mineralised Domain Assay and Composite Comparison			120
Table 14-10		Kababisa Mineralised Domain Assay and Composite Comparison			120
Table 14-11		Chimiwungo Copper Top-cut and High-grade Yield Summary			122
Table 14-12		Kababisa Copper Top-cut and High-grade Yield Summary			122

 

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Table 14-13		Malundwe Copper Top-cut and High-grade Yield Summary			123
Table 14-14		Kamisengo Copper Top-cut and High-grade Yield Summary			123
Table 14-15		Block Model Parameters			124
Table 14-16		Chimiwungo ‘Geol = 21’ Fresh Copper Estimation Parameters			129
Table 14-17		Malundwe ‘Geol = 3’ Fresh Copper Estimation Parameters			129
Table 14-18		Kamisengo ‘Geol = 10 and 20’ Mineralised Fresh Copper Estimation Parameters			130
Table 14-19		Kababisa Mineralised Fresh Copper Estimation Parameters			130
Table 14-20		Comparison of Sample and Estimated Grades in the Chimiwungo Main Mineralisation Domains (RC Area)			132
Table 14-21		Comparison of Sample and Estimated Grades in the Malundwe Main Mineralisation Domains (RC Area)			133
Table 14-22		Comparison of Sample and Estimated Grades in the Kamisengo Mineralisation Domains (Inferred Area)			133
Table 14-23		Comparison of Sample and Estimated Grades in the Kababisa Mineralisation Domains (Inferred Area)			133
Table 14-24		Lumwana Mineral Resource Classification Criteria			136
Table 14-25		Resource Cut-off Grade Calculations			141
Table 14-26		Lumwana Mineral Resource Estimate as of December 31, 2024			143
Table 14-27		Chimiwungo 2024 vs. 2023 Mineral Resource Comparison			144
Table 14-28		Malundwe 2024 vs. 2023 Mineral Resource Comparison			144
Table 14-29		Kamisengo 2024 vs 2023 Mineral Resource Comparison			145
Table 15-1		Summary of Lumwana Mineral Reserve Estimate as of December 31, 2024			148
Table 15-2		Summary of Lumwana Pit Optimisation Parameters			151
Table 15-3		Minimum Block Size			152
Table 15-4		GCO Dilution and Recovery Summary			152
Table 15-5		Lumwana 2024 Year-End Reconciliation Performance			153
Table 15-6		Historic Reconciliation Performance			154
Table 15-7		Overall Slope Angles for Pit Optimisation			155
Table 15-8		Chimiwungo Pit Optimisation Results			157
Table 15-9		Malundwe Pit Optimisation Results			158
Table 15-10		Kamisengo Pit Optimisation Results			159
Table 15-11		Kababisa Pit Optimisation Results			159
Table 15-12		Comparison of Optimised Pit Shells and Final Pit Designs			165
Table 15-13		Summary of Lumwana Mineral Reserve Estimate as of December 31, 2024			167
Table 15-14		Comparison to 2023 Mineral Reserve Statement			169
Table 16-1		Length of Geotechnical Logged Core			173
Table 16-2		Chimiwungo Slope Design Parameters			176
Table 16-3		Malundwe Slope Design Parameters			178
Table 16-4		Kamisengo Slope Design Parameters			179
Table 16-5		Kababisa Slope Design Domains			179
Table 16-6		Dump Design Parameters			180
Table 16-7		In-Pit Dump Design Parameters			180
Table 16-8		Waste Dump Design Summary			190
Table 16-9		Long-term Stockpile Summary			195
Table 16-10		Life of Mine Equipment Requirement Summary			196
Table 16-11		Equipment Availability and Utilisation Inputs			197
Table 16-12		Equipment Productivity Assumptions			197
Table 16-13		Summary of LOM Production Schedule			200
Table 17-1		Estimated Annual Power Consumption of Major Process Equipment Following the Completion of the Expansion Project			216

 

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Table 17-2		Summary of Annual Reagents for the Process Plant Following the Expansion Project			217
Table 17-3		Summary of Annual Consumables for the Process Plant Following the Expansion Project			217
Table 20-1		Key E&S Impact Summary			248
Table 20-2		Annual Costs Included in G&A Costing for Environmental Management			254
Table 21-1		Exchange Rates and Exposure			261
Table 21-2		Capital Cost Estimate Summary – Including Non-Expansion Capital Items			262
Table 21-3		Construction Capital Expenditure Summary by Area (2025 to 2028)			263
Table 21-4		Growth Capital Expenditure Summary			263
Table 21-5		Sustaining Capital Expenditure Summary			264
Table 21-6		LOM Average Unit Operating Costs Summary			265
Table 22-1		Sliding Scale of the Applicable Royalty Rates			270
Table 22-2		Lumwana Expansion Before and After-Tax Annual Cash Flow Summary at Barrick Reserve Case Price (3.00$/lb Cu)			273
Table 22-3		Lumwana Expansion Before and After-Tax Annual Cash Flow Summary at 3-year trailing average Cu price ($4.03/lb Cu)			276
Table 22-4		Lumwana Expansion Case Financial Model Summary at Barrick Reserve Price ($3.00/lb Cu), and 3 year trailing average Cu price ($4.03/lb)			279
Table 22-5		After-Tax Copper Price Sensitivity Analysis Results			280
Table 25-1		Expansion Project Risk Summary			291

List of Figures

 

Figure 1-1		Layout of Expansion Project Planned Infrastructure			14
Figure 4-1		Lumwana Location Map			31
Figure 4-2		Lumwana Mining Licences and Surface Rights			33
Figure 5-1		Monthly Average Temperature and Precipitation for North-Western Province, Zambia			39
Figure 5-2		Lumwana Mine Existing Infrastructure			41
Figure 7-1		Geological Map of the Central African Copperbelt highlighting Key Geological Features and Lithological Boundaries			46
Figure 7-2		Local Geology of the Kabompo and Mwombezhi Domes Area			47
Figure 7-3		Lumwana Property Geology			49
Figure 7-4		Chimiwungo Geological Cross-section 378600mE (Looking East)			50
Figure 7-5		Malundwe Geological Cross-section 8644975mN (Looking South)			51
Figure 7-6		Kamisengo Geological Cross-section 8656100mN (Looking North)			52
Figure 7-7		Kababisa Geological Cross-section 8652500mN (Looking North)			54
Figure 9-1		Lumwana Main Deposits and Exploration Prospects			58
Figure 9-2		Lumwana Regolith Map: Residual Soils (Rp), Erosional (Eo & Ep), Ferruginous (Fp), Possible Thin Duricrust, Depositional (Da & Dc)			60
Figure 9-3		Kamisengo Soil Samples and Regolith Map: Residual Soils (Rp), Erosional (Eo & Ep), Ferruginous (Fp), Possible Thin Duricrust, Depositional (Da & Dc)			62
Figure 10-1		Plan View Map of Drilling at Chimiwungo			67
Figure 10-2		Representative Cross-section Chimiwungo 378600 mE (Looking East)			68
Figure 10-3		Plan View Map of Drilling at Malundwe			69
Figure 10-4		Representative Cross-section at Malundwe 8645300mN (Looking North)			70
Figure 10-5		Plan View Map of Drilling at Kamisengo			71
Figure 10-6		Representative Cross-section at Kamisengo 8656100 mN (Looking North)			72
Figure 10-7		Plan View Map of Drilling at Kababisa			73

 

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Figure 10-8		Representative Cross-section at Kababisa 8652500 m N (Looking North)			74
Figure 11-1		Copper (%) for CRMs at SGS Kalulushi			80
Figure 11-2		Copper (%) for CRMs at SGS Lumwana Laboratory			80
Figure 11-3		Copper (%) for CRMs at Bureau Veritas Laboratory			81
Figure 11-4		Copper (%) for CRMs at ALS Johannesburg Laboratory			81
Figure 11-5		Copper (%) for Blanks Submitted at SGS Kalulushi			82
Figure 11-6		Copper (%) for Blanks Submitted at SGS Lumwana			83
Figure 11-7		Copper (%) for Blanks Submitted at BV Laboratory			83
Figure 11-8		Copper (%) for Blanks Submitted at ALS Laboratory			84
Figure 11-9		HARD Plot of DD Field Duplicates Assayed by SGS Kalulushi			85
Figure 11-10		HARD Plot of Pulp Duplicates Assayed by SGS Lumwana			86
Figure 11-11		Log Scatter Plot of Samples Analysed at SGS Laboratories and ALS Chemex Umpire Laboratory			87
Figure 13-1		Chimiwungo Metallurgical Test Work Sample Locations			92
Figure 13-2		Malundwe Metallurgical Test Work Sample Locations			93
Figure 13-3		Kamisengo Metallurgical Test Work Sample Locations			94
Figure 13-4		Kababisa Metallurgical Test Work Sample Locations			95
Figure 13-5		Open Circuit Flotation Test Work Flowsheet			98
Figure 13-6		Summary of Phase 1 Open Circuit Flotation Test Work Results			99
Figure 13-7		Summary of Existing Processing Plant Throughput, Head Grade and Tails Grade			102
Figure 13-8		Summary of Existing Processing Plant Copper Recovery and Concentrate Grades			103
Figure 13-9		Relationship between Concentrate Grades and Head Grades			104
Figure 13-10		Relationship between Recovery and Head Grades			104
Figure 13-11		Relationship between Grade and Recovery for 2019 to 2022			105
Figure 13-12		Variation of Mill Throughput from August 2023 to July 2024			105
Figure 13-13		Variation of Copper Recovery from August 2023 to July 2024			106
Figure 13-14		Variation of Copper Concentrate Grade from August 2023 to July 2024			106
Figure 13-15		Variation of Head Grade from August 2023 to July 2024			107
Figure 13-16		FS Test Work Recovery and Actual Plant Recoveries for Chimiwungo and Malundwe			108
Figure 14-1		QQ Plot for DD-RC Pairs within 2 m			115
Figure 14-2		3D Model of MS Domains and Faults at Chimiwungo (Looking North East)			116
Figure 14-3		Chimiwungo Fresh Density for Copper Grade Bins			118
Figure 14-4		Malundwe Fresh Density for Copper Grade Bins			119
Figure 14-5		Experimental Semi-variograms and Semi-variogram Models for Chimiwungo Main MS			125
Figure 14-6		Experimental Semi-variograms and Semi-variogram Models for Malundwe Main MS			126
Figure 14-7		Experimental Normal Scores Semi-variograms and Semi-variogram Model for Kamisengo Combined MS Domains 30, 40, 50, 60 and 70			127
Figure 14-8		Experimental Normal Scores Semi-variograms and Semi-variogram Models for Kababisa Combined MS			128
Figure 14-9		Chimiwungo Block Model within the Mineral Resource Pit Shell (Looking North East)			131
Figure 14-10		Contact Profile Plot between Oxide, Transitional, and Fresh MS at Chimiwungo			131
Figure 14-11		Contact Profile Plot between Mineralised and Waste Domains at Chimiwungo			132
Figure 14-12		Chimiwungo Visual Validation of Assay and Estimated Copper Grades – Long Section 378600E (Looking East)			134

 

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Figure 14-13		Chimiwungo Main Domain 11 and 89 Example Swath Plots within GC Drill Campaign			135
Figure 14-14		Chimiwungo Mineral Resource Classification Plan View			137
Figure 14-15		Malundwe Mineral Resource Classification Plan View			138
Figure 14-16		Kamisengo Mineral Resource Classification Plan View			139
Figure 14-17		Kababisa Mineral Resource Classification Plan View			140
Figure 15-1		Chimiwungo Pit Optimisation Tonnage Grade Curve			160
Figure 15-2		Malundwe Pit Optimisation Tonnage Grade Curve			161
Figure 15-3		Kamisengo Pit Optimisation Tonnage Grade Curve			161
Figure 15-4		Chimiwungo Pit Optimisation Mining Cost Sensitivity			163
Figure 15-5		Malundwe Pit Optimisation Mining Cost Sensitivity			163
Figure 15-6		Kamisengo Pit Optimisation Mining Cost Sensitivity			164
Figure 15-7		Chimiwungo Super-Pit Design with Existing Open Pits and Estimated Copper Grades			168
Figure 16-1		Slope Stability Section Locations in the Chimiwungo Pit			175
Figure 16-2		Chimiwungo Fresh Rock Design Domains			177
Figure 16-3		Kamisengo Fresh Rock Design Domains			178
Figure 16-4		Final Pit Design for Chimiwungo			182
Figure 16-5		Final Pit Design for Malundwe			183
Figure 16-6		Final Pit Design for Kamisengo			184
Figure 16-7		Final Pit Design for Kababisa			185
Figure 16-8		Basic Mining Layout of Chimiwungo and the Super-Pit			187
Figure 16-9		Basic Mining Layout of Malundwe			188
Figure 16-10		Basic Mining Layout of Kamisengo			189
Figure 16-11		Chimiwungo Planned Waste Dumps			191
Figure 16-12		Malundwe Planned Waste Dumps			192
Figure 16-13		Kamisengo Planned Waste Dumps			193
Figure 16-14		Kababisa Planned Waste Dumps			194
Figure 16-15		Production Schedule for the LOM			201
Figure 17-1		Process Flow Diagram of the Existing Processing Plant			205
Figure 17-2		Process Flow Diagram for the Expansion Project			206
Figure 18-1		Layout of Expansion Project Planned Infrastructure			220
Figure 18-2		Layout of Existing and Planned TSF and Water Management Infrastructure			224
Figure 20-1		Environmental and Social Impact Assessment Process Followed			247
Figure 20-2		Hydrological Setting of the Expansion Project Development Area			254
Figure 20-3		Communities and Social Infrastructure			255
Figure 22-1		Cumulative After-Tax Net Cash Flow			271
Figure 22-2		After-Tax Sensitivity Analysis Results to NPV8%			281
Figure 22-3		After-Tax Sensitivity Analysis Results to IRR			281

 

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1

Summary

This Technical Report on the Lumwana Open Pit Copper Mine (Lumwana, Lumwana Mine, or the Mine), located in the North-Western Province of the Republic of Zambia has been prepared by Barrick Gold Corporation (Barrick). The purpose of this Technical Report is to support public disclosure of the Feasibility Study (FS) completed on the Lumwana Expansion Project (the Expansion Project) and updated Mineral Resource and Mineral Reserve estimates as of December 31, 2024. This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

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 is the 100% shareholder in Zambian registered Lumwana Mining Company Limited (LMC), an exploration and mining company, and the owner of the Mine.

Lumwana is an operating mine with two open pits, Chimiwungo and Malundwe, a conventional sulphide flotation processing plant, and associated infrastructure. In 2024, Barrick completed an FS for the Expansion Project (Barrick, 2024b), which entails an expansion of the current mining operations at Chimiwungo and Malundwe, the opening of two new open pits at Kamisengo and Kababisa, the expansion of the current processing plant, tailings and water supply infrastructure, and an upgrade of existing site infrastructure. As of December 31, 2024, the total Proven and Probable Mineral Reserves are estimated to be 1,600 million tonnes (Mt) at 0.52% Cu for 8.3 Mt Cu. Proven and Probable Mineral Reserves have increased from 510 Mt in 2023 to 1,600 Mt. The increase in Mineral Reserves, presented in the FS, represents a 180% increase in contained copper since 2023. The expansion will substantially increase the mine’s production capacity, extending its operational life by 17 years to 2057, and doubling the capacity of the processing plant from 27 million tonnes per annum (Mtpa) to a peak design of 54 Mtpa, with 52 Mtpa feed targeted for the production schedule. Annual copper output will increase from the current range of 120 thousand tonnes (kt) to 140 kt, to an average of 240 kt annually over life of mine, and will bring Lumwana to the top 25 copper producers globally (CIBC, 2024).

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 Mine is located in the North-Western Province of Zambia approximately 60 km west from the provincial capital of Solwezi and 400 km northwest of the national capital, Lusaka. The Mine is

 

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covered by six large scale mining licences (the Mining Licences) with a total area of 1,192 km2. The Mining Licences are held by LMC.

The Mine is situated within a degazetted area of the Acres National Forest 105 (National Forest), where LMC owns the surface rights. Some of the planned Expansion Project infrastructure, including the Kamisengo Inflow Control Dam (KICD) and the Kamisengo open pit, are situated in an 8,800 ha area of the National Forest, which has not been degazetted, and will require obtaining permission and a licence to operate within the National Forest. LMC is in the process of submitting an application to obtain permission and licence to operate in a National Forest, as well as acquiring surface rights, with approval expected before the end of 2025.

 

1.1.2

Ownership

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.

LMC is 100% owned by Barrick.

 

1.1.3

History

Copper mineralisation was initially discovered in the 1930s with exploration and mining studies completed between the 1950s and 1990s by previous owners including Roan Selection Trust Limited (RST), Azienda General Italiana Petroli (AGIP), and Phelps Dodge Corporation (Phelps Dodge). The Mine was brought into production in 2008 by Equinox Copper Ventures (Equinox) which was acquired by Barrick in 2011.

The first commercial copper production was achieved in 2009 and total production to 2024 is 352.13 Mt milled at a 0.57% Cu head grade for 1,845 thousand tonnes (kt) Cu (91.84% recovery).

 

1.2	Geology and Mineralisation

The copper deposits at Lumwana are large, tabular bodies of disseminated mineralisation, which are often referred to as basement hosted copper deposits. They are hosted within the Mwombezhi Dome, which is part of the Domes Region of the Lufilian Arc. The Domes Region is part of the Central African Copperbelt, which is a metallogenic province in the border region of Zambia and the Democratic Republic of the Congo. The deposits are characterised by pyrite, chalcopyrite, and occasional bornite, which is typically associated with higher copper grades. The mineralisation is hosted within either biotite or muscovite dominant schists.

 

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There are four main deposits at Lumwana. The principal deposit is Chimiwungo, with additional deposits Malundwe (6 km northwest of Chimiwungo), Kamisengo (14 km NNE of Chimiwungo), and Kababisa (10 km NNW of Chimiwungo). The deposits generally comprise a hanging wall gneiss, a mineralised schist containing barren gneiss, and a footwall gneiss, with Kamisengo being more geometrically complex than the other three deposits. All have relatively shallow dips between 5° and 25° and extend from surface to maximum depths of between 250 m and 950 m.

 

1.3	Exploration Status

Significant exploration has been undertaken over the life of the Mine. This exploration has included geological mapping, soil geochemistry, ground and airborne geophysics, and exploration drilling targeting near surface mineralisation, and has led to the discovery of the four main deposits, as well as other exploration prospects.

Exploration completed since 2022 has focused on delineating mineralisation in areas where significant infrastructure is planned for the Expansion Project. Sufficient exploration has now been completed to ensure that potential mineralisation will not be impacted by planned infrastructure.

Further exploration will focus on understanding the geology and structural controls at the Greater Odile prospect located approximately 3 km west of Malundwe.

 

1.4	Mineral Resource Estimate

The Mineral Resource estimates have been prepared according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) 2014 Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) Standards) as incorporated with NI 43-101. Mineral Resource estimates were 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).

Significant drilling, including 290,908 m of diamond drilling (DD) and 448,541 m reverse circulation (RC) drilling, has been completed to further define the extent, continuity, and structural controls on mineralisation at each of the four main deposits. Information gained from drilling, and supported by operational knowledge, has been used to produce geological models for Mineral Resource estimation.

The current Mineral Resource estimate consists of surface stockpiles and in-situ open pit material from four deposits; Chimiwungo, Malundwe, Kamisengo, and Kababisa. The open pit Mineral Resources are those that demonstrate reasonable prospects for eventual economic extraction

 

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(RPEEE). These are defined as those above the in-situ marginal cut-off grade within a pit shell using a copper price of US$4.00/lb Cu.

Since 2023 there have been changes to the Mineral Resource through exploration and drilling, including extensions to the existing Chimiwungo, Malundwe and Kamisengo deposits, and the reporting of new Mineral Resource estimates for Kababisa. There has also been depletion of the previously estimated Mineral Resources through mining at the Chimiwungo and Malundwe open pits and processing of stockpiled ore.

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

The Measured and Indicated Mineral Resources have increased by 41% (2.9 Mt Cu) and the Inferred Mineral Resources have decreased by 77% (3.1 Mt Cu) since 2023.

The estimate was reviewed internally as well as externally and approved by the Qualified Person (QP) and Barrick prior to release. The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, metallurgical, fiscal, or other relevant factors that are not discussed in this Technical Report, that could materially affect the Mineral Resource estimate.

 

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Table 1-1   Lumwana Mineral Resource Estimate as of December 31, 2024

 

		Measured						Indicated						Measured + Indicated						Inferred
		Tonnes  (Mt)		Grade  (% Cu)		Contained  Metal  (Mt Cu)		Tonnes  (Mt)		Grade  (% Cu)		Contained  Metal  (Mt Cu)		Tonnes  (Mt)		Grade  (% Cu)		Contained  Metal  (Mt Cu)		Tonnes  (Mt)		Grade  (% Cu)		Contained  Metal  (Mt Cu)
Stockpiles		20		0.32		0.064		-		-		-		20		0.32		0.064		-		-		-
Chimiwungo		130		0.43		0.56		1,300		0.55		7.1		1,400		0.53		7.6		180		0.4		0.74
Kababisa		-		-		-		7.2		0.39		0.028		7.2		0.39		0.028		0.14		0.4		0.00056
Kamisengo		-		-		-		350		0.32		1.1		350		0.32		1.1		40		0.3		0.13
Malundwe		24		0.64		0.15		180		0.57		1.0		200		0.58		1.2		11		0.4		0.046
Open Pit Subtotal		150		0.46		0.71		1,800		0.50		9.2		2,000		0.50		9.9		230		0.4		0.91
Total		170		0.45		0.77		1,800		0.50		9.2		2,000		0.50		10.0		230		0.4		0.91

Notes:

 

●

Mineral Resources are reported on a 100% basis.

●

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

●

All Mineral Resource tabulations are reported inclusive of that material which is then modified to form Mineral Reserves.

●

Open pit Mineral Resources are those within a US$4.00/lb pit shell at a cut-off grade of 0.13% Cu for both transitional and fresh mineralisation.

●

The Mineral Resource has been depleted with mined surfaces up to December 31, 2024.

●

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

●

Mineral Resources were reviewed by Richard Peattie, FAusIMM, an employee of Barrick and QP.

●

Numbers may not add due to rounding. Tonnes and contained copper are rounded to 2 significant figures. All Measured and Indicated grades are reported to 2 decimal places whilst Inferred Mineral Resource grades are reported to 1 decimal place.

 

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1.5	Mineral Reserve Estimate

The Mineral Reserve estimates have 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 estimates were 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 Measured and Indicated Mineral Resources and do not include any Inferred Mineral Resources.

Mineral Reserves were estimated following pit optimisation, pit design, and the development of a Life of Mine (LOM) schedule. The optimisation was based on the 2024 Mineral Resource models and the geotechnical and cost outputs from FS updates of the prior Pre-feasibility Study (PFS), (Barrick, 2024a). For optimisation, the Mineral Resource block model was converted into selective mining units using software that performed an economic evaluation of various combinations of resource blocks, and flagged material as ore or waste. That output allowed planned dilution and waste to be included and was used for optimisation and scheduling work. Metallurgical recoveries were based on the last five years of processing plant data and additional PFS and FS test work. Validations were performed to ensure that the difference between the final FS outputs and the early study inputs did not materially change the optimisation work.

The Mineral Reserve estimate, as of December 31, 2024 consists of surface stockpiles and in-situ open pit material from four deposits: Chimiwungo, Malundwe, Kababisa, and Kamisengo. Open pit Mineral Reserves are reported at a copper price of $3.00/lb Cu.

2024 Mineral Reserves have increased substantially from 2023. The increase was driven by the inclusion of additional Indicated Mineral Resources due to infill and resource definition drilling and changes to the pit optimisation and design at Chimiwungo and Malundwe made as part of the FS. The addition of Kamisengo and Kababisa to the Mineral Reserves also contributed to the increase.

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

The total Proven and Probable Mineral Reserves are estimated to be 1,600 Mt at 0.52% Cu for 8.3 Mt Cu. Proven and Probable Mineral Reserves have increased from 510 Mt in 2023 to 1,600 Mt. This results in an increase in contained copper of 180% since 2023. Chimiwungo contains approximately 78% of the total copper processed, followed by Malundwe with 12% and Kamisengo with 10%. Kababisa contains 0.3% of the total and is considered a satellite deposit.

 

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The estimate was reviewed internally as well as externally and approved by the QP and Barrick prior to release. The QP is not aware of any mining, metallurgical, infrastructure, permitting, or other relevant factors which could materially affect the Mineral Reserve estimates.

 

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Table 1-2   Summary of Lumwana Mineral Reserve Estimate as of December 31, 2024

 

Source				Proven						Probable						Total
				Tonnes  (Mt)		Grade  (% Cu)		Contained  Metal  (Mt Cu)		Tonnes  (Mt)		Grade  % Cu)		Contained  Metal  (Mt Cu)		Tonnes  (Mt)		Grade  (% Cu)		Contained  Metal  (Mt Cu)
Stockpiles		ROM Pad Chimiwungo		18		0.32		0.057		-		-		-		18		0.32		0.057
		ROM Pad Malundwe		1.6		0.34		0.0056		-		-		-		1.6		0.34		0.0056
		COS		0.18		0.85		0.0015		-		-		-		0.18		0.85		0.0015
		Stockpile Subtotal		20		0.32		0.064		-		-		-		20		0.32		0.064
Open Pit		Malundwe		18		0.72		0.13		140		0.60		0.83		160		0.61		0.96
		Chimiwungo		100		0.48		0.48		1,100		0.56		6		1,200		0.55		6.5
		Kamisengo								240		0.34		0.82		240		0.34		0.82
		Kababisa								5.3		0.43		0.023		2.3		0.43		0.023
		Open Pit Subtotal		118		0.52		0.62		1,500		0.53		7.6		1,600		0.53		8.3
Total				140		0.49		0.67		1,500		0.53		7.6		1,600		0.52		8.3

Notes:

 

●

Mineral Reserves are reported on a 100% basis.

 

●

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

 

●

Open Pit Mineral Reserves are reported at a copper price of $3.00/lb, and at a pit rim cut-off grade of 0.14% Cu

 

●

Dilution and losses were applied through the Grade Control Optimiser (GCO) process.

 

●

The Mineral Reserve estimate was reviewed by Derek Holm, FAusIMM, an employee of Barrick and QP.

 

●

Numbers may not add due to rounding. Tonnes and contained metal are rounded to 2 significant figures, whilst Proven and Probable grades are reported to 2 decimal places.

 

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1.6	Mining Methods

Current operations involve open pit mining of two deposits, Chimiwungo, which comprises three individual open pits; Chimiwungo West, Chimiwungo East, and Chimiwungo South, and Malundwe. Total mine production in 2024 was 141 Mt, of which 26.0 Mt was ore at a grade of 0.55% Cu.

As part of the Expansion Project, both Chimiwungo and Malundwe will be expanded, resulting in the three open pits at Chimiwungo being merged into a single large ‘Super-Pit’. Additionally, two new satellite open pits, Kababisa and Kamisengo, will be developed from 2035 and 2036 respectively.

The ramp-up from the current mining capacity of 157 million tonnes per annum (Mtpa) takes an initial step to over 200 Mtpa in 2026, then a later step to approximately 300 Mtpa in 2030. A further step up takes place in 2039, when production attains the peak rate of approximately 354 Mtpa.

The LOM, based on the FS and Mineral Reserve estimate, increases from the current 16 years to 33 years, ending in 2057, with the final two years allocated only to stockpile processing.

Open pit mining is carried out using conventional drill, blast, load, and haul surface mining methods, with extensive grade control drilling completed prior to mining. There will be no major changes to this method for the Expansion Project.

Mining is undertaken with two fleets, the pre-strip fleet (120 t to 200 t shovels, 91 t trucks) that mines oxide material and the smaller pits, and main ultra class fleet (700 t to 800 t shovels, 290 t trucks) that mines fresh waste and ore in the larger pits. Ore is fresh sulphide material (oxide material is sent to waste) which is currently hauled to two run-of-mine (ROM) pads.

For the Expansion Project, a new pit rim crusher is planned to the north of Chimiwungo in 2027, with a later in-pit crusher also planned in 2031 on completion of CE-4 pushback. These will allow increased volumes to be crushed and also reduce ore haulage distances and subsequent mining costs. A new crusher is also planned to be constructed at Kamisengo in 2035, and Kababisa ore will be trucked to the existing Malundwe crusher.

LMC owns and operates the pre-strip and production load and haul equipment. Explosives and blasting services are supplied through a down-the-hole contract with an explosive provider, Maxam.

 

1.6.1

Geotechnical

The open pits are primarily composed of fresh, stable rock, with a transitional layer above, and a soft saprolite cap at the surface. The saprolite requires dewatering to support steeper slope angles, whereas the fresh rock below is robust and generally allows for relatively steep pit walls.

 

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Comprehensive geotechnical assessments, including detailed testing and stability analysis, have been conducted across all deposits. Due to the rock’s competency, slope design is primarily constrained by catch berm requirements to manage rockfall risk. However, in saprolite areas, slope angles are further constrained by the rock’s inherent low strength. Double-benching, where feasible, has been recommended and significantly increases slope angles. A programme is underway to improve blasting and therefore enable double benching, which will be increasingly required from 2027. Three-dimensional (3D) modelling work confirmed the viability of the proposed Chimiwungo ‘Super-Pit’ and waste dump designs, with only small changes required.

 

1.6.2

Hydrogeology

The groundwater table in the saprolite is generally shallow, with pre-mining levels averaging 2 m to 10 m below the surface. Effective depressurisation in the saprolite zones is essential for slope stability and safe mining at steeper angles. Active pumping from strategically placed perimeter wells along the pit crest has proven effective in drawing down groundwater to the targeted levels. Most water inflows are attributed to surface water infiltration from rainfall, but certain natural fractures also allow water inflow through the fresh rock.

A monitoring network with groundwater observation points has been established around the Chimiwungo open pits. Piezometers are being installed at Malundwe and the two new open pit locations, Kamisengo and Kababisa. Robust hydrogeological models are in place for Chimiwungo, and development of a similar model that will encompass Malundwe, Kamisengo, and Kababisa is underway.

 

1.6.3

Design and Schedule

Pit designs were based on the selected optimised pit shells. Pushbacks were kept large enough to support effective production, but small enough to produce a reasonable ore delivery profile that does not require overly large long-term stockpiles.

Waste dumps were placed as close to the pits as possible without sterilising future pushbacks, with 25% of the planned waste placed into in-pit dumps in areas where the mineralisation is completely mined out. Dumping was sequenced to follow the mining faces as closely as possible.

The expanded process plant has a peak design capacity of 54 Mtpa, with 52 Mtpa targeted for the production schedule. In 2028, the first year the expanded plant will operate, 48 Mt will be processed due to commissioning of the expanded processing plant. These ore targets are supported by a ramp-up in mining starting in 2026.

Chimiwungo is the mainstay of production and is mined for the LOM. It contains 1,164 Mt of ore at a head grade of 0.55% Cu and strip ratio of 5.0. Malundwe will continue to be mined until 2048 and

 

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Kamisengo will start in 2036. Malundwe contains 157 Mt of ore at 0.61% Cu and a strip ratio of 7.0, while Kamisengo contains 244 Mt of ore at a grade of 0.34% Cu and a strip ratio of 1.7. Annual copper output will increase from the current range of 120 kt to 140 kt, to between 200 kt to 300 kt at an average of 240 kt.

Overall, 1.57 Bt of ore will be mined over the LOM at 0.53% Cu, with 7.33 Bt of waste, for an overall strip ratio of 4.7.

 

1.6.4

Mining Equipment

The current ultra class fleet and the split of a pre-strip and main production fleet will be retained for the Expansion Project. At peak capacity, in 2045, the plan requires 91 x 300 t trucks, 15 x 700 t shovels, and 38 x blast hole rigs, increasing from the current fleet size of 49 x 300 t trucks, 6 x 700 t shovels, and 28 x blast hole rigs. The ratio of support equipment to production equipment will be increased to sustain high volumes of production and the geographical spread of mining. Primary fleet was based on modelled cycle times and the production schedule, while support fleet was based on simpler cycle times or empirical ratios.

Future availability, utilisation, and production rates are based on benchmarked values, with a programme underway to reach those values with the existing equipment. These rates have been achieved during 2024 and will be made more consistent during a two-year transition period.

 

1.7	Mineral Processing

The Lumwana processing plant has been operating since 2009 and has consistently produced saleable copper concentrate. It was initially designed for a 20 Mtpa throughput but was expanded to process 27 Mtpa in 2020. The plant consists of two primary crushing facilities, one at Malundwe and one at Chimiwungo, each delivering crushed ore via overland conveyors to a single crushed ore stockpile (COS). Primary crushed ore is drawn from the stockpile and fed to a Semi-autogenous Grinding (SAG)-ball grinding circuit.

The product from the grinding circuit, following classification by cyclone clusters, is fed into two parallel rougher flotation banks. Rougher concentrate is subject to multiple cleaner flotation stages. The final cleaner flotation concentrate is dewatered using a thickener, filtered, and stockpiled to load onto road transport to off-site smelters. Rougher tailings are thickened and pumped to the Tailings Storage Facility (TSF).

To meet increased production, processing rates will be increased from the current 27 Mtpa to 52 Mtpa with peak design capacity of 54 Mtpa. This will be achieved through the construction of a parallel processing plant. The new processing plant will use a similar flowsheet to the current plant

 

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and will involve the installation of two new primary crushing and overland conveying systems in 2027, with a further in-pit crusher being installed in 2041.

For the FS, metallurgical test work was completed on samples that reflect the ore supply proportions. The test work determined plant parameters required to produce a saleable copper concentrate from the new Kamisengo and Kababisa open pits as well as the extensions to the existing Chimiwungo and Malundwe open pits. No material difference is expected in recovery and concentrate grades between currently processed mineralisation and expected mineralisation to be processed from the expansion.

The expected average recovery is 92.7% copper based on the current LOM plan and test work completed to date. Changes in the feed material characteristics may impact the actual achieved recovery.

 

1.8	Project Infrastructure

Lumwana is an established and mature operation that was commissioned in 2008. It has well-developed infrastructure supporting the current operations and detailed plans for additional infrastructure to support the Expansion Project.

The most significant changes to infrastructure are increases in power supply and power infrastructure, a significant increase in capacity of the TSF, and significant changes to the Water Storage Facility (WSF).

Power demand will increase from 60 MVA to 177 MVA. The current peak supply is 65 MVA and a Power Supply Agreement (PSA) with Zambia Electricity Supply Company (ZESCO) has been executed to increase the peak supply to 180 MVA.

In the short term, several upgrades to ZESCO’s network infrastructure will be completed by introducing a static synchronous compensators (STATCOM) at identified locations in close proximity to Lumwana, and constructing an additional 330 kV overhead line from Kalumbila to Lumwana. These measures will increase the available power to Lumwana, without increasing national power generation requirements. The additional available power will be sufficient for the Expansion Project requirements.

Expansion of the existing TSF capacity from 360 Mt to an ultimate capacity of 2 Bt will commence in 2025. The existing WSF will be dewatered and filled with tailings as part of the TSF expansion from 2029. A new WSF, KICD, will be constructed in 2026 upstream of Kamisengo which will divert outflow through a new diversion channel into the Malundwe Stream. The ultimate water storage capacity will be reduced from 65 Mm3 in the current WSF to 40 Mm3 in the new KICD, minimising the affected

 

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footprint, whilst maintaining the ability to supply water to the operations throughout LOM. Proposed infrastructure is shown in Figure 1-1.

 

1.9	Market Studies and Contracts

The Lumwana operations produce a readily saleable copper concentrate.

Zambia has several major copper smelters that process copper concentrates. Projections indicate that domestic smelting capacity will be sufficient to handle the additional concentrate expected from both the Lumwana Expansion Project and the overall increase in supply from the Zambian market.

Given the presence of multiple copper cathode and copper concentrate purchasers within the country, Barrick is not reliant on a single customer for copper sales. Additionally, the option to export concentrate remains available, with no identified barriers to export at this time outside of purely commercial factors being an export fee for which waivers can be applied for.

As of December 31, 2024, the Company had no copper derivative contracts in place. As a result, all of Barrick’s copper production is currently subject to market prices.

While there are numerous contracts in place at Lumwana, there are no contracts, apart from product sales, in place or planned which are considered to be material to Barrick.

 

1.10	Environmental, Permitting and Social Considerations

The Lumwana Mine has been operating successfully since 2008. All environmental permits are in place for the existing operations. The Environmental and Social Impact Assessment (ESIA) for the Expansion Project was approved in November 2024 with other permits on schedule for approval prior to commencement of construction.

The Expansion Project requires a significant increase in the footprint of the Mine. As a result, a Resettlement Action Plan (RAP) has been developed for the resettlement of 279 households in Kamisengo and has been submitted to Zambia Environmental Management Agency (ZEMA) with approval expected in Q1 2025. Household agreements for the affected households are more than 95% completed, with the remaining households expected to sign agreements in Q1 2025.

Ongoing management of Environmental and Social (E&S) impacts is completed through the environmental management system (EMS) including management plans, monitoring programmes, internal and external auditing, and implementation of the Reducing Emissions from Deforestation and Forest Degradation in Developing Countries (REDD+) Project.

 

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Source: Barrick, 2024

Figure 1-1   Layout of Expansion Project Planned Infrastructure

 

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1.11	Capital and Operating Costs

Lumwana is an operational project with an extensive basis to enable accurate estimation of future capital and operating costs. Cost estimates correspond with an accuracy of +/-15%.

The estimated total capital cost over the LOM is US$14,319 M. This includes construction capital of US$1,998 M to be spent from January 1, 2025 to December 31, 2028, growth capital of US$2,013 M which relates to Expansion Project capital expected to be incurred after December 2028, sustaining capital of US$1,652 M, and capitalised stripping of US$8,656 M.

The operating costs for the LOM were developed considering mining, operating, processing, general and administrative (G&A), downstream, and closure costs. The average LOM unit operating cost is estimated at $18.23/t of processed ore.

 

1.12	Economic Analysis

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

Financial analysis of the Lumwana Expansion Project results in after-tax net present value (NPV) at a discount rate of 8%, internal rate of return (IRR), and payback periods from 2028 as shown in Table 1-3. LMC is estimated to pay a total of $1,888 M in taxes across the LOM.

Table 1-3   After-Tax Copper Price Sensitivity Analysis Results

 

Copper Price		Cumulative After-Tax Net Cash Flow (US$ Bn)		After- Tax NPV8% (US$ Bn)		Project IRR (%)		Payback Period Post Ramp-up (years)
$3.00/lb (Base Case)		4.4		0.2		10%		8
$3.25/lb		7.0		1.1		17%		5
$3.50/lb		9.6		2.0		26%		3
$3.75/lb		12.3		2.9		36%		2
$4.00/lb		14.9		3.8		48%		2
$4.03/lb (3-year trailing average)		15.2		3.9		49%		2
$4.13/lb		16.2		4.3		55%		2
$4.20/lb (Consensus)		17.0		4.5		59%		2
$4.25/lb		17.5		4.7		63%		2
$4.50/lb		20.1		5.6		84%		1
$4.75/lb		22.7		6.5		120%		1

 

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Copper Price		Cumulative After-Tax Net Cash Flow (US$ Bn)		After- Tax NPV8% (US$ Bn)		Project IRR (%)		Payback Period Post Ramp-up (years)
$5.00/lb		25.3		7.4		219%		1

Notes:

 

1.

Consensus pricing is based on the Canadian Imperial Bank of Commerce (CIBC) consensus as at August 2024.

 

1.13	Interpretations and Conclusions

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

The Project as a whole has been designed to use industry standard practices and deploy conventional technology with many of the technologies already employed by Barrick at other mines they operate, reducing the implementation and 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 realised, may result in potential improvements in operational performance from that which is presented in this Technical Report.

 

1.13.1

Mineral Tenure, Rights, Royalties and Agreements

 

●

LMC owns the surface rights in the form of a 99 year lease covering the current operations and a majority of the planned infrastructure, including the proposed TSF and Process Plant expansions, and the Chimiwungo, Malundwe and Kababisa open pits.

 

●

The KICD and the Kamisengo open pit are situated in an area which is within the Acres National Forest 105 and will require either degazetting or obtaining permission and licence to operate in the 8,800 ha of the Acres National Forest 105. LMC’s current surface rights area includes 28,500 ha of Acres National Forest 105 previously degazetted by the President of Zambia in 2009, and as such, subject to obtaining the necessary permission and a licence, LMC does not anticipate that there are any barriers preventing the development of aforementioned infrastructure.

 

1.13.2

Geology and Mineral Resources

 

●

Significant exploration, drilling, and operational data provides a good understanding of the deposit geology as well as an understanding of the geometry, thickness, and grade continuity of the mineralisation at Chimiwungo, Malundwe, Kamisengo, and Kababisa.

 

●

Procedures for drilling, logging, sampling, analyses, and security are in place and meet industry standards. Data validation and data verification procedures indicate that the data within the database is suitable for Mineral Resource estimation.

 

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●

Extensive drilling has resulted in substantial increases in Indicated Mineral Resources at Chimiwungo, Malundwe, and Kamisengo, and the addition of new Mineral Resources at Kababisa. The extensive and closer spaced drilling has resulted in increased confidence in the controls on mineralisation which has increased confidence in the geological models used for Mineral Resource estimation. The geo-metallurgical understanding of the deposit has also improved and, as a result, oxidation zones are now better-defined using ratios of acid soluble copper, total copper, and sulphur.

 

●

In June 2024, RSC Consulting Limited (RSC) completed a site visit and external audit of the Mineral Resource and its informing data and processes. RSC concluded that the processes underlying the generation and declaration of the Mineral Resource reflected good practice.

 

1.13.3

Mineral Reserves

 

●

The Mineral Reserve estimate is based on a comprehensive process of evaluation, starting with the Mineral Resource block model that was optimised using geotechnical, technical and economic parameters, after which the various pits were designed and scheduled.

 

●

Final FS parameters for operating costs and recoveries differed slightly from the optimisation and scheduling input costs. These differences are considered usual during a project and do not materially affect the outcomes.

 

●

The Expansion Project schedule supports the doubling of the throughput of the processing plant and extension of the LOM to 33 years.

 

●

Dilution and loss estimates are applied to the expansion mine plan to provide realistic estimates of grade and tonnes supplied by the mining operation. Initial planned dilution is determined through software, while unplanned dilution and losses are accounted for in model adjustments following reconciliation work.

 

●

The highest undiscounted cash flow shells were selected from the optimisation results.

 

●

In December 2024, AMC Consultants (AMC) completed a site visit and external review of the mining portion of the FS and its informing data, modifying factors, mine planning, and scheduling processes. AMC concluded that these did not present any fatal flaws and that the requirements of an FS were met.

 

1.13.4

Mining

 

●

Mining envisaged for the Expansion Project uses the same mining methods and the same types of equipment as the current operation, substantially reducing risks to the Expansion Project.

 

●

Notable increases in output per machine are planned through changes to the equipment availability, utilisation, and productivity. The estimated operating cost and capital cost of the production fleet is based on this higher productivity rate, and in the lead up to the completion of the FS, the operations team demonstrated that the required FS output parameters could be achieved. An extensive improvement plan is underway, with a two-year transition period included in the FS.

 

●

Double benching has been proposed for the final Chimiwungo Super-Pit walls from 2027 onwards. A programme to improve current mining practices in order to implement double benching is underway.

 

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●

In November 2024, third party geotechnical reviews were completed by Itasca (Itasca, 2024) and PSM (PSM, 2024) to validate assumptions used in the mine planning and scheduling process. The reviews concluded that there were no fatal flaws and that the geotechnical data and analysis are reasonable and the slope design parameters are suitable for the FS.

 

1.13.5

Mineral Processing

 

●

The process flowsheet and process design criteria (PDC) have been developed based on a thorough test work programme, two years of operating processing plant data, and application of current industry best practices. They were developed and reviewed by both Barrick and Lycopodium Minerals Pty Ltd (Lycopodium) as part of the FS.

 

●

The overall criteria in developing the flowsheet and PDC was to reflect the physical and metallurgical properties of the ore and inclusion of flexibility to accommodate variability in ore that could result in a wide range of concentrate mass pulls.

 

●

Operational data compares well to the test work data, and there is a clear indication that there is no material difference in metallurgical characteristics between currently processed ore and expected ore from the Expansion Project.

 

●

When the PDC was being developed, not all new bench-top flotation tests were completed, and the rougher flotation concentrate mass pull was calculated based on the 85th percentile of the combined available operational data and new rougher flotation test results. Cleaner flotation flowsheet and mass pulls were based on analysis of the simulations developed by the high-intensity flotation vendors, which were based on locked cycle dilution flotation test work. Flotation retention time and reagents addition rates were based on the flotation conditions as per the baseline open cycle test conditions.

 

●

Flux rates for concentrate and tailings thickener sizing were based on Metso’s thickening test work results. Thickener test work by Vietti and FLSmidth yielded similar results

 

●

Concentrate filtration rate was based on historical filtration test work performed by LAROX.

 

1.13.6

Infrastructure

 

●

Necessary infrastructure for the current LOM is already in place.

 

●

As mining ramps up for the Expansion Project, additional site common purpose infrastructure is planned as well as expansions to existing infrastructure. This includes an expansion to the maintenance workshop, on-site and off-site accommodation, expansion of mining infrastructure, a new airstrip, and an upgrade to the existing road network.

 

●

The operation relies on a combination of state-supplied grid power and on-site diesel generation to meet its current electrical load of 60 MVA, with plans to expand capacity to accommodate future demands, which are expected to peak at 177 MVA. As part of this expansion, additional 33 kV infrastructure is being developed, and an agreement with ZESCO for a peak supply of 180 MVA has been executed.

 

●

To address power supply challenges, a grid study identified key constraints, prompting immediate plans to upgrade ZESCO’s infrastructure and enhance power stability through a new STATCOM and transmission lines. Barrick aims to secure a sustainable long-term power supply by collaborating with independent power producers and establishing alternative supply agreements.

 

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●

To meet the requirements of the Expansion Project, the TSF will be expanded to a capacity of 2 Bt. The expanded TSF design is based on the current TSF and has considered all necessary design requirements as stipulated by the Barrick Tailings Management Standard, Global Industry Standard on Tailings Management (GISTM), and Zambian Authorities.

 

●

A new WSF, the KICD, will be constructed upstream Kamisengo and will outflow through a new diversion channel into the Malundwe Stream. Water and salt balance modelling shows that the proposed site-wide water management infrastructure meets water demand requirements and Zambian quality standards, and will effectively separate clean groundwater and rainwater from water runoff into the mining area.

 

1.13.7

Environment and Social Aspects

 

●

An ESIA process was commissioned to identify and quantify the E&S impacts, which could arise from the Expansion Project. The ESIA process was undertaken as required by ZEMA and the Good International Industry Practices (GIIP), such as the International Finance Corporation (IFC) Performance Standards on Social Sustainability. Based on the outcomes of the impact assessment and effective implementation of identified mitigation and management measures by Lumwana, the Expansion Project is not expected to result in a significant irreversible environmental or social impact (or fatal flaw/s) that will outweigh the continuation of socio-economic and potential regional biodiversity benefits from extending the LOM at Lumwana.

 

●

The ESIA for the Expansion Project was approved by ZEMA in November 2024, and a decision letter has been issued.

 

●

Vegetation removal, topsoil stripping and infrastructure construction will impact soil through direct or indirect loss of soil resources, soil erosion, and degradation or soil competition and contamination. The infrastructure was positioned to avoid critical habitats where possible and to implement the Biodiversity Action Plan (BAP). Successful implementation of the BAP is expected to result in positive environmental impacts, as new habitats would be created.

 

●

Extensive water management, such as through the KICD and associated Malundwe Stream diversions, is required to manage water inflow. This prevents a loss of catchment yields as the vast majority of the diverted water is conserved within the same drainage network downstream of the Malundwe mining areas. The impacts on groundwater are expected to be negligible and manageable with the implementation of the Environmental and Social Management Plan (ESMP) measures. Continuous monitoring of the effectiveness of stormwater management infrastructure, periodic updates of the water balance and continuous monitoring (quality and quantity) downstream of the diversions is ongoing.

 

●

Subject to the mitigation and management measures prescribed in the ESMP being correctly implemented, the post-mitigation (residual) significance ratings are expected to be acceptable as the benefits of executing the Expansion Project will outweigh the negative impacts.

 

●

The Expansion Project involves acquiring approximately 14,000 ha of land within the Kamisengo Moratorium Area, affecting 279 households and 1,873 individuals. Physical resettlement of affected households and culturally significant sites will need to take place. Resettlement will include compensation for project-affected households (PAHs) based on specific eligibility criteria, along with transitional support. A livelihood restoration programme will be provided, and the RAP will be monitored and evaluated in accordance with IFC Performance Standards and Barrick’s internal guidelines.

 

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●

Household agreements signings for the Kamisengo RAP are well advanced, with more than 90% of agreements signed. Final agreements are expected to be signed in Q1 2025.

 

1.13.8

Capital and Operating Costs

 

●

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 considered current for the purpose of this Technical Report and the declaration of Mineral Reserves.

 

●

Capital cost estimates include initial capital, growth capital as well as sustaining capital costs. The planned Project requires an estimated LOM total capital cost of $5,663 M excluding capitalised stripping.

 

●

Operating cost estimates includes all operational activities required for the mining, processing, G&A costs, and offsite costs (including freight & refining and royalties) for all of the forecasted production.

 

●

The LOM operating cost for the Project is estimated to be $28,975 M with unit operating costs of $18.23/t.

 

●

Based on the cost analysis for the operating costs of the Expansion Project including the mining, processing, G&A costs as well as the treatment and refining costs, it can be concluded that the costs and effective per unit rates have been appropriately determined and disclosed.

 

●

The capital spend for the Expansion Project, including expansion and sustaining costs, has been appropriately determined based on underlying support and investigations conducted. The capital spend adequately reflects the spend necessary to proceed from the feasibility stage to the execution stage.

 

1.13.9

Project Economics

 

●

Both the capital spend and operating costs have been evaluated through a financial analysis including the consideration of various sensitivities across prominent assumptions. The outcome of the financial analysis confirms that the Expansion Project will generate a return that exceeds Barrick’s minimum investment requirement, as well as positively contributes to the local and national economy.

 

●

Based on the economic analysis presented in this document and a consensus price of $4.03/lb, the Project generates positive pre- and post-tax financial results with a post-tax free cash flow of $15,186 M, NPV8% of $3,926 M and IRR of 49%.

 

●

The Project’s NPV is most sensitive to changes in copper price and operating costs. Changes in these parameters from those listed in this Technical Report will impact the NPV.

 

1.13.10

Risks

The QPs have examined the various risks and uncertainties known or identified that could reasonably be expected to affect reliability or confidence in the exploration information, the Mineral Resources or Mineral Reserves of the Mine, or projected economic outcomes contained in this Technical Report. They have considered the controls that are in place or proposed to be implemented and have

 

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determined the residual risk post mitigation measures. The post mitigation risk rating is evaluated consistent with guidance provided by Barrick’s Formal Risk Assessment Procedure (FRA) and considers the likelihood and consequence of the risk’s occurrence and impact.

Table 1-4 details the significant risks and uncertainties as determined by the QPs for the Expansion Project.

 

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Table 1-4   Expansion Project Risk Summary

 

Area		Risk		Mitigation		Post Mitigation Risk Rating
Location, Accessibility, Climate, Local Resources and Infrastructure		Inability to execute project due to lack of power in the Zambian national grid		●   PSA signed with ZESCO to secure power requirements for LOM.   ●   STATCOM and transmission lines planned as part of Expansion Project to mitigate power instability and increase power availability.   ●   Wheeling agreements concluded with power suppliers to increase supply.   ●   Backup power increased as part of Expansion Project to mitigate outages.		High
Geology and Mineral Resources		Lower than predicted grades and tonnes relative to recovery model		●   Mineral Resource audit completed with no fatal flaws identified.   ●   Consistently well performing reconciliation results between modelled grades and plant results.   ●   Extensive drilling programme concluded to de-risk geological model.		Low - Medium
Mining and Mineral Reserves		Underperformance in ultra class fleet productivities relative to Mine plan assumptions		●   Operations demonstrated that FS Parameters can be achieved during the course of 2024.   ●   Improvement plans implemented, time frames built into FS mine plan to consistently reach expected levels of productivity.		High
Operating Costs		Higher than modelled operating costs		●   Improvement programmes in place and demonstrating capability of ultra class mining fleet to deliver planned levels of productivities.   ●   Infrastructure design for the expansion reduces operating costs: e.g., in-pit crushing and conveying, electrical shovels.   ●   Benchmarked planned costs against other similar operations.		High
Capital Costs		Capital Cost Overruns		●   FS engineering was completed to +/-15% accuracy.   ●   Contracts and vendor quotes obtained for key equipment.   ●   Cost control and package management during project execution.		Medium

 

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Area		Risk		Mitigation		Post Mitigation Risk Rating
				●   Long-lead items for processing and mining secured during 2024.
Mineral Processing		Underperformance of flowsheet to achieve required grades/recoveries		●   Flowsheet built from two years of existing processing plant data, and extensive metallurgical test work of future ore sources.   ●   Existing plant operating at 27 Mtpa capacity with similar flowsheet, processing similar ore types.   ●   Schedule requires 52 Mtpa out of 54 Mtpa peak design capacity.		Medium
Tailings		Tailings dam failure		●   Expanded tailings dam to follow existing design principles from existing tailings dam in place since 2008.   ●   Ongoing independent tailings review process.   ●   Design for expansion of tailings dam supported by detailed site investigation work and operating experience.		Medium
Environmental and Social		Environmental Impact of habitats and communities		●   Infrastructure placement designed to minimise impacts on critical habitats and undisturbed areas.   ●   ESMP to be updated for the Expansion Project.   ●   RAP to be approved and implemented in Kamisengo in order to minimise social impacts.   ●   ESIA for Expansion Project approved by ZEMA.		Medium

 

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