Fourmile Ranks Among the Largest Gold Ore Discoveries in Nearly 20 Years

According to overseas media reports, Barrick's latest study further concludes that the Fourmile project in Nevada is one of the largest gold discoveries of this century.

Based on the ongoing 2025 evaluation results and the 2024 resource estimate, a new preliminary economic assessment indicates the project is large-scale, high-grade, and has significant exploration potential, confirming that the orebody has the potential to rank among the world's largest gold deposits.

"Fourmile is evolving into a multi-generational project," said Mark Bristow, President and Chief Executive Officer of Barrick.

"Based on ongoing exploration results, we expect to double the resource estimate by the end of 2024. Even more exciting, we are delineating larger extensions of high-grade ore zones, laying the foundation for expanding the current resource of 32-34 million mt at a grade of 15-16 grams per mt."

As a result, the Fourmile deposit is rapidly emerging as one of the largest and highest-grade gold discoveries of this century.

Speaking at the US Mining Forum in Colorado Springs, Bristow stated that the new preliminary economic assessment results show the Fourmile deposit has the potential to be among the world's top 10 gold mines, with industry-leading cash flow.

"There are very few projects globally with such a combination of massive scale, exceptionally high grade, and strong cash flow. Fourmile is one of the rare discoveries capable of altering the industry's cost curve."

Barrick's study is progressing smoothly and continues to confirm its advantages of high grade, large ore tonnage, and ease of mining, all indicating the project will become a tier-one gold operation with low costs and a long life.

One characteristic that makes the Fourmile orebody even more attractive is its metallurgical performance. Preliminary tests indicate that, unlike Goldrush which requires a two-stage roast, Fourmile ore needs only one. This means it can be processed at lower cost using existing facilities at Nevada Gold Mines.

Coupled with Fourmile's location within the larger Carlin-Cortez complex, enabling low capital intensity and strong cash flow, such a combination is rare globally.

Bristow said, "Finding a gold deposit of this grade anywhere is extraordinary; having one of this scale near multiple existing processing facilities is truly remarkable."

Simon Bottoms, Executive Director of Mineral Resource Management and Evaluation, stated that Barrick has updated its previously disclosed pre-feasibility study report based on ongoing assessment results, supporting the view that the value of the Fourmile gold deposit increases with each additional drill hole and study advancement.

Despite using highly conservative parameters, the pre-feasibility study results fully demonstrate that even with an annual ore mining rate of only 1.8 million mt, the mine is capable of producing 600,000-750,000 ounces of gold per year.

"The geological feature that enhances the value of the Fourmile gold deposit is the steeply dipping, structurally controlled breccia. It differs from classic Carlin-type gold deposits due to its intense silicification, which forms a hard rock mass capable of supporting multiple large-scale stopes. Additionally, there are indications that this portion of the ore body does not contain refractory carbon, resulting in a straightforward metallurgical process," said Bodes.

"Importantly, the steeply dipping, structurally controlled breccia portion also represents the high-grade section of the ore body. Based on current modeling results, this portion accounts for 80% of the 2.4-kilometer mineralized extent. Therefore, we believe that as confidence in the ore body and geotechnical modeling continues to improve, there remains significant potential to expand the scope of the Fourmile-type ore body, possibly even exceeding these figures," Bodes stated.

To fully assess the asset's potential, Barrick plans to increase the number of drills from the current 16 to over 20, with 120 kilometers of directional surface drilling scheduled for 2026. The planned drill hole spacing is 30-35 meters for indicated resources and 80-90 meters for inferred resources, which means that 370 kilometers of surface drilling and 80 kilometers of underground drilling must be completed by the end of 2028.

Meanwhile, Barrick is also accelerating the permitting process for the Bullion Hill exploration decline, with portal construction and underground development expected to begin in 2026. Currently, the Goldrush multi-purpose development is still advancing toward the boundary of the Fourmile deposit. This underground development will enhance deep exploration capabilities after 2027.

By 2029, Barrick plans to drive 34 kilometers of development to connect Bullion Hill with Goldrush, followed shortly by initial stoping. As Fourmile gradually reaches full production, the company will blend inventory of low-grade ore at 1.8 grams per mt with the planned feed from the Carlin-Cortez processing facilities, expanding Nevada Gold Mines' low-grade production record.

"We believe Barrick is one of the enterprises with the most cost advantages for copper-gold investment. Fourmile and other growth projects demonstrate how our tier-one asset strategy sets Barrick apart and highlights significant future growth potential," said Bristol.