Exhibit 99.1

 

Technical Report on the Pueblo Viejo

Mine, Dominican Republic

 

March 17, 2023

Effective Date: 31 December 2022

Chad Yuhasz, B.Sc. (Geology), P.Geo. (BC)

Richard Quarmby, B.Sc. (Chem Eng), MIoMMM, CEng, MSAIChE, PrEng

Mike Saarelainen, B.Eng., FAusIMM

Neil Bar, B.Eng., M.Eng.Sc., M.Eng., RPEQ

Bill Burton, M.Eng., P.Eng. (BC)

		Pueblo Viejo Mine Technical Report

 

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This report contains forward-looking statements. All statements, other than statements of historical fact regarding Pueblo Viejo Dominicana Jersey 2 Limited (formerly Pueblo Viejo Dominicana Corporation), Barrick Gold Corporation, Newmont Corporation, or the Pueblo Viejo 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 report contains forward looking statements with respect to cash flow forecasts, projected capital, operating and exploration expenditure, targeted cost reductions, mine life and production rates, potential mineralization and metal or mineral recoveries and information pertaining to potential improvements to financial and operating performance and mine life at the Pueblo Viejo Mine, including the process plant extension and construction of the new Naranjo tailings storage facility. All forward-looking statements in this report 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 report, where applicable. In addition to such assumptions, the forward-looking statements are inherently subject to significant business, economic 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, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; 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 Pueblo Viejo Dominicana Jersey 2 Limited’s, Barrick Gold Corporation’s, Newmont Corporation’s, or Pueblo Viejo Mine 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; 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 including expropriation or nationalization of property and political or economic developments in the Dominican Republic; uncertainty whether the Pueblo Viejo Mine will meet Barrick Gold Corporation’s capital allocation objectives; the impact of inflation; 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; non-renewal of key licences by governmental authorities; litigation; contests over title to properties or over access to water, power and other required infrastructure; risks associated with artisanal and small-scale mining; increased costs and physical risks including extreme weather events and resource shortages, related to climate change; availability and increased costs associated with mining inputs and labour, and risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic. 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, pressures, cave-ins, flooding, and gold 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 Pueblo Viejo Mine’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, Pueblo Viejo Dominicana Jersey 2 Limited, Barrick Gold Corporation, or Newmont Corporation. All of the forward-looking statements made in this report are qualified by these cautionary statements. Pueblo Viejo Mine, Barrick Gold Corporation, Newmont Corporation, and the Qualified Persons who authored or contributed to this 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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		Pueblo Viejo Mine Technical Report

 

Table of Contents

 

1		Executive Summary					13
		1.1		Location			13
		1.2		Ownership			13
		1.3		History			13
		1.4		Geology and Mineralization			14
		1.5		Exploration Status			14
		1.6		Mineral Resource Estimate			14
		1.7		Mineral Reserve Estimate			15
		1.8		Mining Methods			15
		1.9		Mineral Processing			16
		1.10		Project Infrastructure			17
		1.11		Market Studies and Contracts			17
		1.12		Environmental, Permitting and Social Considerations			18
		1.13		Capital and Operating Costs			18
		1.14		Economic Analysis			18
		1.15		Interpretation and Conclusions			19
		1.16		Recommendations			25
2		Introduction					27
		2.1		Effective Date			27
		2.2		Qualified Persons			27
		2.3		Site Visit of Qualified Persons			29
		2.4		List of Abbreviations			30
3		Reliance on Other Experts					32
4		Property Description and Location					33
		4.1		Project Location			33
		4.2		Mineral Rights			35
		4.3		Surface Rights			35
		4.4		Permits			36
		4.5		Ownership, Royalties and Lease Obligations			37
5		Accessibility, Climate, Local Resources, Infrastructure and Physiography					39
		5.1		Accessibility			39
		5.2		Climate and Physiography			39
		5.3		Local Resources			40
		5.4		Infrastructure			40

 

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6		History					42
		6.1		Pre-1969			42
		6.2		Rosario / AMAX (1969 to 1992)			42
		6.3		Privatization (1996)			43
		6.4		GENEL JV			43
		6.5		Mount Isa Mines			44
		6.6		Newmont			44
		6.7		Placer Dome Inc.			44
		6.8		Barrick			44
		6.9		Past Production			45
7		Geological Setting and Mineralization					46
		7.1		Regional Geology			46
		7.2		Local Geology			47
		7.3		Property Geology			50
		7.4		Mineralization			52
8		Deposit Types					54
		8.1		Main Deposits			57
		8.2		Satellite Deposits			60
9		Exploration					61
		9.1		Discussion			62
10		Drilling					63
		10.1		Pre-PV Drilling			67
		10.2		Evaluation of Drilling Programs			69
		10.3		PV Drilling			70
11		Sample Preparation, Analysis and Security					72
		11.1		Sampling Collection and Preparation Methods			72
		11.2		Laboratory Security and Analyses			74
		11.3		Sample Preparation and Analysis			76
		11.4		Database			83
12		Data Verification					85
		12.1		Data Verification			85
		12.2		Comments on Data Verification			86
13		Mineral Processing and Metallurgical Testing					87
		13.1		Existing Operation			87
		13.2		Expansion Project			95
		13.3		Recovery Estimates			103

 

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		13.4		PV Historical Performance			107
14		Mineral Resources Estimate					109
		14.1		Summary			109
		14.2		Resource Database			110
		14.3		Geological Modelling			113
		14.4		Bulk Density			125
		14.5		Compositing			126
		14.6		Treatment of High-Grade Outliers (Top Capping)			129
		14.7		Gold and Silver			129
		14.8		Contact Analysis			136
		14.9		Variography			137
		14.10		Resource Estimation			141
		14.11		Total Sulfur and Sulfide Sulfur			148
		14.12		Resource Classification			153
		14.13		Block Model Validation			156
		14.14		Stockpile Resources			159
		14.15		Resource Cut-Off Grades			161
		14.16		Mineral Resource Statement			161
		14.17		2022 Versus 2020 End of Year Model Comparison			162
		14.18		Declared Resources Change 2021 to 2022			165
		14.19		Discussion			166
15		Mineral Reserve Estimate					168
		15.1		Mineral Reserves Statement			168
		15.2		Mineral Reserves Estimation Process			169
		15.3		Open Pit Optimisation			171
		15.4		Sensitivity			178
		15.5		Reconciliation			180
		15.6		Discussion			183
16		Mining Methods					184
		16.1		Summary			184
		16.2		Mine Design			185
		16.3		Geotechnical, Hydrogeological Parameters and Stability Analysis			188
		16.4		Production Schedule			192
		16.5		Mine Equipment			197
		16.6		Workforce			198
		16.7		Discussion			198

 

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17		Recovery Methods					199
		17.1		Existing Operation			199
		17.2		Expansion Project			202
		17.3		Power, Water, and Process Reagents Requirements			211
		17.4		Tailings and Water Balance			216
		17.5		Deleterious Elements			217
18		Project Infrastructure					220
		18.1		Site Access			220
		18.2		Mine Roads			220
		18.3		General Infrastructure			220
		18.4		Supply Chain			222
		18.5		Power Supply			222
		18.6		Communication and IT Facilities			223
		18.7		Workforce			223
		18.8		Fuel			225
		18.9		Water Supply			225
		18.10		Waste Management			226
		18.11		Fire Protection			226
		18.12		Dust Control			226
		18.13		Landfill			227
		18.14		Tailings Facilities			227
		18.15		PAG Transport Infrastructure			233
		18.16		Security			234
19		Market Studies and Contracts					235
		19.1		Markets			235
		19.2		Contracts			235
20		Environmental Studies, Permitting, and Social or Community Impact					236
		20.1		Environmental Studies			237
		20.2		Project Permitting			238
		20.3		Water and Waste Management			239
		20.4		Social and Community Requirements			245
		20.5		Mine Closure Requirements			250
21		Capital and Operating Costs					252
		21.1		Capital Costs			252
		21.2		Operating Costs			253
22		Economic Analysis					254

 

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		Pueblo Viejo Mine Technical Report

 

23		Adjacent Properties					255
24		Other Relevant Data and Information					256
25		Interpretation and Conclusions					257
		25.1		Geology and Mineral Resources			257
		25.2		Mining and Mineral Reserves			257
		25.3		Mineral Processing			258
		25.4		Infrastructure			258
		25.5		Environment, Permitting, and Social Aspects			259
		25.6		Risks			259
26		Recommendations					263
		26.1		Geology and Mineral Resources			263
		26.2		Mining and Mineral Reserves			263
		26.3		Mineral Processing			264
		26.4		Infrastructure			264
		26.5		Environment, Permitting, and Social and Community			264
27		References					265
28		Date and Signature Page					267
29		Certificate of Qualified Persons					268
		29.1		Mike Saarelainen			268
		29.2		Chad Yuhasz			270
		29.3		Richard Quarmby			272
		29.4		Neil Bar			274
		29.5		Bill Burton			276

 

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		Pueblo Viejo Mine Technical Report

 

List of Tables

 

Table 1-1 Summary of Mineral Resources (100% Basis) – 31 December 2022			14
Table 1-2 Summary of Pueblo Viejo Mineral Reserves (100% Basis) – 31 December 2022			15
Table 1-3 PV Risk Analysis			23
Table 2-1 QP Responsibilities			28
Table 6-1 Pueblo Viejo Past Production Summary			45
Table 10-1 Pueblo Viejo Drilling Summary			64
Table 10-2 Placer Dome Logging Criteria			69
Table 10-3 PV Drilling Campaign Summary (2006-2010)			70
Table 11-1 Sample Interval Data for Rosario, Genel JV and MIM drillholes			73
Table 11-2 Sample Length Average			73
Table 11-3 ALS Analytical Protocols for Placer Samples			75
Table 12-1 Validations and Action Items for Drillholes			86
Table 13-1 Metallurgical Ore Types			87
Table 13-2 Metallurgical Studies			88
Table 13-3 Modified BWi (kWh/t)			89
Table 13-4 2017 Bulk Sample Head Assays by Lab			97
Table 13-5 Referenced Metallurgical Studies, Expansion Pre-Feasibility and Feasibility Studies			101
Table 13-6 POX Recovery Formulas			105
Table 13-7 Mass pull and flotation recovery formulas			106
Table 13-8 Flotation & POX Silver Recoveries			107
Table 13-9 Historical Plant Performance			108
Table 14-1 Summary of Mineral Resources – 31 December 2022			110
Table 14-2 Lithologic Grouping			115
Table 14-3 Alteration Groupings			118
Table 14-4 Au, Ag, Cu and S(tot) Alteration Domain Grouping			122
Table 14-5 Lithology Grouping for C(tot) Domains			122
Table 14-6 Univariate Statistics Raw Assays by Domain			124
Table 14-7 Univariate Statistics 2m Composites by Domain			128
Table 14-8 Comparison of Capping Methods – Au			130
Table 14-9 Comparison of Capping Methods – Ag			130
Table 14-10 Univariate Statistics – Top 5% of Composites by Domain (Au)			132
Table 14-11 Univariate Statistics – Top 5% of Composites by Domain (Ag)			132
Table 14-12 Univariate Statistics – Capped Au by Domain			135
Table 14-13 Univariate Statistics – Capped Ag by Domain			135

 

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Table 14-14 Sage2001 Correlogram Calculation Parameters			137
Table 14-15 Modelled Correlograms – Au			138
Table 14-16 Modelled Correlograms – Ag			138
Table 14-17 Total Sulfur Domains Variogram Model Parameters			139
Table 14-18 Geometric Definition of the Block Model			142
Table 14-19 Faults and Lineaments Used to Guide the LVA Search Orientations			144
Table 14-20 First Pass Au Estimation Parameters			146
Table 14-21 Total and Sulfide Sulfur estimation plan			149
Table 14-22 Total Carbon Estimation plan			151
Table 14-23 Resource Classification Criteria			153
Table 14-24 Resource Classification Parameters			154
Table 14-25 Summary of Blocks Modified by Smoothing			154
Table 14-26 Global Comparison of OK, ID and NN Estimates - Au			157
Table 14-27 Global Comparison of OK, ID and NN Estimates - Ag			157
Table 14-28 Comparison of Capped and Uncapped Estimates - Au			159
Table 14-29 Comparison of Capped and Uncapped Estimates - Silver			159
Table 14-30 Summary of Mineral Resources (100% Basis) - 31 December 2022			162
Table 14-31 Comparison of 2020 and 2022 Models (inside LOM 1.0g/t Au COG)			163
Table 15-1 Pueblo Viejo Mineral Reserves as of 31 December 2022 (100% Basis)			168
Table 15-2 Pueblo Viejo Mineral Reserves Detail			171
Table 15-3 Mining Operating Costs			173
Table 15-4 Fixed Costs Applied to Ore Processing Tonnes			174
Table 15-5 Ore Variable Costs for Flotation and POX			174
Table 15-6 TSF Sustaining Capital Costs			175
Table 15-7 Other Sustaining Capital			175
Table 15-8 Total Mining Cost for Pit Optimization			176
Table 15-9 Total Ore Cost Example Flotation & POX			177
Table 15-10 Pueblo Viejo Pit Optimization Results			178
Table 15-11 2022 EOY Total Reconciliation			181
Table 15-12 Grade Control Model versus Resource Model - Gold			181
Table 15-13 Grade Control Model versus Resource Model - Silver			181
Table 15-14 Mill Production versus Resource Model – Gold			183
Table 15-15 Mill Production versus Resource Model - Silver			183
Table 16-1 Final Pit Design Versus Pit Shell Comparison			186
Table 16-2 Limestone Classification			187
Table 16-3 Geotechnical Slope Design Parameters			190

 

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Table 16-4 Mining and Processing LOM Schedule			195
Table 16-5 Primary Production Equipment			197
Table 16-6 Planned Equipment Availability and Utilization			197
Table 16-7 PV Direct Employees circa 31 December 2022			198
Table 16-8 PV Contractor Employees circa 31 December 2022			198
Table 17-1 Main Equipment			205
Table 17-2 Front-End Process Design Criteria			209
Table 17-3 Back-End Process Design Criteria			210
Table 17-4 Power Consumption in GWh			212
Table 17-5 Main Water Streams in the Plant			213
Table 17-6 Reagent Consumption			215
Table 17-7 Process Work Force circa 31 December 2022			216
Table 17-8 Effluent treatment clarifier			217
Table 18-1 PV Direct Employees circa 31 December 2022			224
Table 18-2 PV Contractor Employees circa 31 December 2022			225
Table 18-3 Storage Volume Design Basis			229
Table 18-4 PAG Handling System Design Factors			234
Table 21-1 Mining Capital Expenditure Summary			252
Table 21-2 Expansion Project Capital Expenditure Summary			253
Table 21-3 LOM Average Unit Operating Costs Summary			253
Table 25-1 PV Risk Analysis			261

 

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		Pueblo Viejo Mine Technical Report

 

List of Figures

 

Figure 4-1 Location Map			33
Figure 4-2 Montenegro Fiscal Reserve			34
Figure 7-1 Regional Geological Map for the Pueblo Viejo District			46
Figure 7-2 Geological Map of Mining Concession Area			48
Figure 7-4 Stratigraphy Column Interpreted and Modelled			51
Figure 7-5 Simplified Facies Architecture of the Pueblo Viejo Succession			51
Figure 7-6 Mineralization- Alteration Sequence.			53
Figure 7-7 Mineralization Controls of the Monte Negro (left) and Moore (Right) Ore Bodies			53
Figure 8-1 Depocenter Section into an Extensional Fault System			55
Figure 8-2 Surface and Section 3D Magnetic Inversion			56
Figure 8-3 Model Type Deposit for Pueblo Viejo			56
Figure 8-4 Overview Map Showing Main Ore Bodies and Satellites Deposits			59
Figure 10-1 Pueblo Viejo Drillhole Location Map			66
Figure 11-1 PV Assay Lab Sample Preparation Procedure			77
Figure 11-2 Placer CRM Gold Assay Performance.			80
Figure 11-3 Pueblo Viejo Field Duplicate Performance			81
Figure 11-4 Pueblo Viejo Gold Assay Coarse Blank Performance			81
Figure 11-5 Standard Quality Control Charts			82
Figure 13-1 MO-BSD CIL Gold Recovery vs. Degree of Sulfide Oxidation			90
Figure 13-2 MO-VCL CIL Gold Recovery vs. Degree of Sulfide Oxidation			91
Figure 13-3 Relationship Between Gold Recovery and Organic Carbon Content in Oxidised Solids			92
Figure 13-4 Effect of Gold Head Grade on Gold Recovery			92
Figure 13-5 CIL Gold Recovery vs Primary Grind Size			93
Figure 13-6 Iron Removal Efficiency, Wash Ratio and CCD#3 Underflow Solids Content (%)			94
Figure 13-7 Silver Liberation in Lime Boil with Temperature and Lime Ratio			94
Figure 13-8 2017 Low Grade Stockpile Bulk Sample Locations			97
Figure 13-9 2018 Low Grade Stockpile Bulk Sample			98
Figure 13-10 Distribution of Assay Population Versus Selected Intervals			99
Figure 13-11 2022 Gold Recovery – Modelled Versus Actual			103
Figure 13-12 Flotation Gold Recovery, Model versus Lab Results, Blue Coast (2020)			105
Figure 14-1 Plan View of Drilling			111
Figure 14-2 Summary of Drill Data included in Estimate			112
Figure 14-3 Breakdown of Drill Data by Year			112

 

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Figure 14-4 Drill Data Added			112
Figure 14-5 Contact Plot for Au Across Monte Oculto Fault			114
Figure 14-6 Boxplot – Grouped Lithologies			116
Figure 14-7 Boxplot – Grouped Alteration			119
Figure 14-8 Partition Analysis – Au			120
Figure 14-9 Partition Analysis – Total Sulfur			121
Figure 14-10 Grouped Lithologies for Total Carbon Domains			123
Figure 14-11 Acid Silica Over-Printing from Geochem Proxy			123
Figure 14-12 Scatterplot – Total Sulfur against Density			125
Figure 14-13 Comparison of Measured and Calculated Density by Sulfur Bin			126
Figure 14-14 Histogram – Raw Sample Length			127
Figure 14-15 Histogram Comparing Raw and Composited Data			127
Figure 14-16 Top 5% of Data by Domain – Au			133
Figure 14-17 Example Contact Plots by Domain			136
Figure 14-18 Summary of Contact Boundary Types			136
Figure 14-19 Example Correlogram - AU4			137
Figure 14-20 S3 Domain Variogram Maps and Model in the Three Main Directions			139
Figure 14-21 Plan View and Cross Sections of >15% Total Sulfur Composites and Anisotropy Model			140
Figure 14-22 C4 Domain Variogram Maps and Model in the Three Main Directions			141
Figure 14-23 Block Model Bounds and Exploration and Resource Definition Drilling			142
Figure 14-24 Faults and Lineaments Used to Guide the LVA Search Orientations			143
Figure 14-25 Percentage of Blocks Filled by Estimation Pass			147
Figure 14-27 Percent of Blocks Estimated by Estimation Pass - Sulfur			150
Figure 14-29 Example Resource Classification (290RL)			155
Figure 14-30 Spatial Location of Manually Modified Ore Blocks in Pit Design			156
Figure 14-32 Stockpile Location			160
Figure 14-33 Tonnage-Grade Curve within LOM			163
Figure 14-34 Boxplot comparing 2020 and 2022 Gold data within a 1g/t Grade Shell			164
Figure 14-35 Boxplot comparing 2020 and 2022 Silver data within a 1g/t Grade Shell			164
Figure 14-36 Section Comparing 2020 and 2022 models (2094550E)			165
Figure 14-37 Waterfall chart - Change in Contained Au oz in Declared Resources			166
Figure 15-1 Gold Price Sensitivity Within the Optimised Shell			179
Figure 15-2 Processing Cost Sensitivity Within the Optimised Shell			179
Figure 15-3 Mining Cost Sensitivity Within the Optimised Shell			180
Figure 15-4 2022 Monthly Grades and Tonnes Comparison			182
Figure 15-5 2022 Monthly Grades and Tonnes Comparison			182

 

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(Mine Call Grade versus Plant Check Out Silver Grade)			182
Figure 16-1 Final Pit Design Versus Whittle Shell Comparison			186
Figure 16-2 Geotechnical Domains and 2023 Ultimate Shell and Quarries			191
Figure 17-1 Pueblo Viejo Simplified Process Flow Diagram			202
Figure 17-2 Simplified Process Flow Diagram with the New Systems to be Installed and Systems Requiring Upgrades			206
Figure 17-3 Simplified Process Flow Diagram for the Modifications Needed for the Autoclave System			206
Figure 17-4 Simplified Process Flowsheet for the Expanded Plant			207
Figure 17-5 Water Balance of the Current Operation			219
Figure 18-1 Major Site Infrastructure Plan			221
Figure 18-2 Naranjo TSF Site Plan			228
Figure 18-3 Example Naranjo TSF Dam Cross-section			230
Figure 18-4 Naranjo TSF PAG Rock Proposed Placement Location			231
Figure 18-5 PAG Transport Infrastructure			234
Figure 20-1 Pueblo Viejo Watershed Diagram			241
Figure 20-2 Pueblo Viejo Water Flow Diagram			242
Figure 20-3 PV Resettlement Process Strategic Steps			247

 

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		Pueblo Viejo Mine Technical Report

 

1	Executive Summary

The Technical Report on the Pueblo Viejo Mine (the Mine, Pueblo Viejo, or PV) located in the Dominican Republic was prepared by Pueblo Viejo and regional Barrick Gold Corporation (Barrick) team members. The purpose of this report is to support the public disclosure of the Mineral Resources and Mineral Reserves estimates for the Mine as of 31 December 2022. Pueblo Viejo Dominicana Jersey 2 Limited (PVD; formerly Pueblo Viejo Dominica Corporation or PVDC) is the operating company for the joint venture (JV) partners Barrick and Newmont Corporation (Newmont). Barrick is the operator of the Mine and owner of a 60% interest in PVD, with Newmont owning the remaining 40%. This Technical Report conforms to NI 43-101 Standards of Disclosure for Mineral Projects.

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

 

1.1

Location

Pueblo Viejo, a precious metal deposit, is located in the central part of the Dominican Republic on the Caribbean island of Hispaniola in the province of Sanchez Ramirez. The Mine is 15 km west of the provincial capital of Cotui and approximately 100 km northwest of the national capital of Santo Domingo. PV holds 100% of the mineral rights to the Pueblo Viejo deposit.

 

1.2

Ownership

Barrick is the operator of the Mine and owner of a 60% interest in Pueblo Viejo, with Newmont owning the remaining 40%.

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.

Newmont is an American publicly traded mining company producing gold, copper, zinc, and lead with operations and projects in North America, South America, Australia, and Africa.

 

1.3

History

Pueblo Viejo is an open pit gold mine in the production phase. Commercial production was achieved in January 2013 and Pueblo Viejo completed its ramp-up to full design capacity in 2014.

 

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		Pueblo Viejo Mine Technical Report

 

1.4	Geology and Mineralization

The Pueblo Viejo deposit area is considered an example of a high-sulfidation epithermal gold-silver deposit. The deposit is hosted in a portion of a Lower Cretaceous intra-oceanic island arc with bimodal volcanism that forms the base of the Greater Antilles Caribbean islands. In the Project area, the arc is primarily represented by the Los Ranchos Formation. The Hatillo Formation, consisting of limestones, is overthrust onto the Los Ranchos Formation to the southwest of the Pueblo Viejo deposit area. The Lagunas Formation, a fore-arc basin assemblage, overlies the Hatillo Formation, and crops out to the south of the Project area. Mineralization is hosted in the Los Ranchos Formation, which in the Project area, is subdivided into three facies, consisting of sedimentary facies (carbonaceous sediments), quartz-bearing facies (epiclastic lithologies and volcanoclastic rocks), and andesitic facies (extrusive intermediate composition volcanic rocks). Mineralization events are strongly related to the alteration sequence with disseminated pyrite occurring in an early event and sulfide veinlets occurring in a later event. Pyrite is the primary sulfide. Minor constituents can include sphalerite, local enargite and minor amounts of barite, rutile, telluride, and Pb-sulfides. Sphalerite and enargite (with antimony replacing arsenic) are present with pyrite, primarily as veins or filling fractures.

 

1.5	Exploration Status

Ongoing near mine exploration is focused on quarry support to minimize costs and maximize use of locally available limestone and rock necessary for ore processing and tailings storage facility (TSF) construction.

 

1.6	Mineral Resource Estimate

Table 1-1 Summary of Mineral Resources (100% Basis) – 31 December 2022

 

Classification		Tonnage (Mt)		Grade				Contained Metal
				(g/t Au)		(g/t Ag)		(Moz Au)		(Moz Ag)
Measured		77.2		2.08		11.69		5.2		29.0
Indicated		315.8		1.99		12.32		20.2		125.1
Total M&I		393.0		2.01		12.19		25.4		154.1
Total Inferred		7.6		1.8		10.5		0.4		2.6

Notes:

 

1.

Mineral Resources are reported on a 100% basis and inclusive of Mineral Reserves.

 

2.

CIM (2014) Standards and CIM (2019) MRMR Best Practice Guidelines were followed for Mineral Resources

 

3.

Mineral Resources are estimated based on an economic cut-off value.

 

4.

Mineral Resources are estimated using a long-term price of US$1,700/oz Au and US$21/oz Ag.

 

5.

Resource block model dimensions of 10m x 10m x 10m were assumed to reflect mining selectivity.

 

6.

Numbers may not add due to rounding.

 

7.

The QP responsible for the Mineral Resource Estimate is Chad Yuhasz, P.Geo.

 

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1.7	Mineral Reserve Estimate

Table 1-2 Summary of Pueblo Viejo Mineral Reserves (100% Basis) – 31 December 2022

 

Type		Category		Tonnes (Mt)		Au Grade (g/t Au)		Contained Gold (Moz Au)		Ag Grade (g/t Ag)		Contained Silver (Moz Ag)
Stockpiles		Probable		95.4		2.17		6.7		15.10		46.3
Open Pits		Proven		58.8		2.29		4.3		12.94		24.5
		Probable		137.4		2.15		9.5		12.84		56.7
		Proven and Probable		196.1		2.19		13.8		12.87		81.1
Total Mineral Reserves		Proven		58.8		2.29		4.3		12.94		24.5
		Probable		232.8		2.16		16.2		13.76		103.0
		Proven and Probable		291.6		2.19		20.5		13.60		127.5

Notes

 

1.

Proven and Probable Mineral Reserves are reported on 100% basis. Barrick’s and Newmont’s attributable shares of the Mineral Reserves are 60% and 40%, respectively.

 

2.

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

 

3.

Open pit Mineral Reserves are reported at a gold price of US$1,300/oz Au and US$18.00/oz for silver.

 

4.

A cash-flow method for ore/waste categorisation was used applying appropriate costs and modifying factors.

 

5.

Block model dimensions are 10m x 10m x 10m to reflect mining selectivity. No additional mining recovery or dilution factors are applied.

 

6.

Stockpiles are classed as Probable to reflect metallurgical recovery uncertainties.

 

7.

All reported metal is contained before process recovery; metal recoveries are variable based on material type, sulfur grades, and sulfide grades.

 

8.

Contained metal is reported in millions of troy ounces.

 

9.

Numbers may not add due to rounding.

 

10.

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

 

1.8	Mining Methods

Pueblo Viejo is a mature mining operation with an extensive operating history. Mine development of the current operations by Barrick began in August 2010.

The Mine consists of two main open pits (Moore and Monte Negro) plus a smaller satellite pit (Cumba) and is mined by conventional truck and shovel methods.

The pit stages have been designed to optimize the early extraction of the higher-grade ore. Notwithstanding, the sulfur grade is an important consideration because the metallurgical aspects of the processing operation, the recoveries achieved, and the processing costs strongly depend on sulfur content in the plant feed, with benefits from consistency and low variability.

Mineral processing requires a significant amount of limestone slurry and lime derived from high quality limestone. Limestone quarries, located adjacent to the mine, have been in production since 2009 to supply material for TSF construction and the process plant.

 

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PAG waste rock from the pits is hauled to dedicated waste dump locations (currently the Hondo dump). From 2025 onwards, a crushing, conveying, and stacking system is planned to transport and place PAG waste mined from the pit directly into the planned Naranjo TSF. The PAG waste material deposited in Hondo is intended to be rehandled into completed pit void locations when available, and the remainder will be rehandled into the PAG handling system to the Naranjo TSF after pit mining is completed.

The remaining pit only Mineral Reserves are estimated at 196.1 Mt of ore with a strip ratio 2.6:1. Mineral Total Reserves (pit plus stockpiles) are estimated to be 291.6 Mt at a strip ratio of 1.8:1.

The remaining pit life, based on the Mineral Reserves estimate, is projected to be 19 years, until 2041, with the processing of low-grade ore stockpiles and limestone mining continuing until 2044. To maximize project economics, higher grade ore is processed in the early years, while lower grade ore is stockpiled for later processing. Stockpiled ore is mined with a reclamation sequence to maximize ore delivery and revenue. Life of Mine (LOM) planned total material movement, including limestone, will range from approximately 59 Mtpa to 98 Mtpa.

 

1.9	Mineral Processing

The processing plant design capacity is currently approximately 24,000 tpd, and the average processing rate was 25,886 tpd in 2022.

An expansion project (the Expansion Project) is in the late stages of completion to increase processing capacity from the current 8.6 Mtpa to approximately 14 Mtpa, as well as increase the tailings storage capacity of the asset, resulting in a forecast processing life of over 19 years.

The completion of the Expansion Project allows the operation to maintain a minimum average annual gold production of approximately 800,000 ounces after 2022 (on a 100% basis).

Due diligence has been applied in the gathering and the interpretation of data during the entire process of the development of this Expansion Project. This pertains to both the metallurgical sample sourcing along with selected appropriate test work, then the transference of these results into meaningful and relevant design parameters to support the indicated flowsheet and associated financials. This notion is manifested by the following principles seen adopted:

 

●

Several stages of increasingly detailed studies to feasibility level including a fully phased HAZOP program.

 

●

Broad range of metallurgical samples selected, sometimes blended, all based on spatial, lithological and geometallurgical grounds, ensuring an all-encompassing representation of ore in-pit and stockpile mining areas.

 

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●

Test work programs designed to support and drive the proposed flowsheet during its development.

 

●

Ongoing improvement of recovery and operating cost models based on testwork, both past and ongoing, but also long-term existing operational plant experience.

 

●

Plant design undertaken by reputable engineering resources using latest acceptable standard industrial practice coupled with parameters directly sourced from operational experience, subject from time to time and endorsed via third party review.

 

1.10	Project Infrastructure

The Pueblo Viejo operation is a mature project that has been operating since 2010. It has well developed infrastructure supporting the current operations and plans for additional infrastructure to support Mine growth.

The Expansion Project includes an expansion to the processing facilities, which is in the late stages of completion.

Also, as part of the Expansion Project, a pre-feasibility study (PFS) has been completed supporting the planned construction of a new TSF (Naranjo TSF) and waste crushing, conveying, and stacking system for the mined potentially acid generating (PAG) waste material.

 

1.11	Market Studies and Contracts

The principal commodity produced at Pueblo Viejo is gold and silver doré, which is freely traded at prices that are widely known, so that prospects for sale of any production are virtually assured.

Pueblo Viejo is a large modern operation, and Barrick and Newmont are major international firms with policies and procedures for the letting of contracts. The contracts for smelting and refining are considered routine contracts for a large producer and the terms of such contracts are within industry norms.

There are numerous contracts at the mine including project development contracts to provide services augmenting Barrick’s efforts.

There are no contracts related to Pueblo Viejo which, in and of themselves, are material to Barrick.

 

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1.12	Environmental, Permitting and Social Considerations

PV has submitted an Environmental and Social Impact Assessment (ESIA) for the construction of the new Naranjo TSF (Naranjo TSF). A decision on the ESIA is expected during the first half of 2023 and together with a separate permit from INDRHI, which is the hydraulic resources unit of the Ministry of Environment, expected to be granted in Q3 2023, will allow the commencement of construction of the Naranjo TSF.

The Expansion Project requires the construction and operation of the Naranjo TSF, which includes the construction of a conveyor. For this, the resettlement of seven communities are required. Land acquisition and involuntary resettlement, and livelihood restoration plans are in place and comply with national law and guided by international standards, especially the Performance Standard 5 from World Bank and International Finance Corporation (IFC).

Preliminary studies of the Naranjo TSF project have identified that approximately 3,500 ha are required for the Project, with the number of households affected to be determined through the assessment that is currently taking place.

 

1.13	Capital and Operating Costs

Pueblo Viejo is an operational project with an extensive historical basis enabling accurate estimation of future capital and operating costs.

The total LOM capital cost is estimated to be US$3,779.4M and includes sustaining costs for mining and processing, capitalised stripping, G&A, and the Expansion Project capital including the completion of the processing expansion, the Naranjo TSF, and the crushing, conveying, and stacking costs.

The operating costs for the LOM were developed considering the planned mine physicals, equipment hours, labor projections, consumables forecasts, and other expected incurred costs.

The average LOM total operating cost per tonne of ore processed is estimated to be US$53.89/t.

 

1.14	Economic Analysis

This section is not required as Barrick, the operator of Pueblo Viejo for both exploration and mining, is a producing issuer, the property is currently in production and the proposed expansion of current annual production of gold at Pueblo Viejo is not material.

 

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		Pueblo Viejo Mine Technical Report

 

The QP has reviewed an economic analysis of the Pueblo Viejo Mine using the Mineral Reserve estimates presented in this Report; results confirm that the outcome is a positive cash flow that supports the statement of Mineral Reserves.

 

1.15	Interpretation and Conclusions

Geology and Mineral Resources

QA/QC

Pueblo Viejo has documented standard operating procedures (SOP) for the drilling, logging, and sampling processes, which meet industry standards. The geological and mineralization modelling are based on visibly identifiable geological contacts, tested, and proven structural controls, and data supported geochemical signatures, which support a geologically robust interpretation and model.

Pueblo Viejo has a QA/QC program in place to ensure the accuracy and precision of the assay results from the analytical laboratory. Checks conducted on the quality control database indicated that the results are of acceptable precision and accuracy for use in Mineral Resource estimation.

Mineral Resources

Geological models and subsequent Mineral Resource estimates continue to evolve with each successive model update, incorporating additional knowledge and data from the operations of the open pit. Significant infill and conversion drilling, combined with grade control drill programs and pit mapping have been completed to increase the confidence in the resulting Mineral Resources and Mineral Reserves.

In the QP’s opinion, the Pueblo Viejo Mineral Resources outlier capping, domaining, and estimation approach are appropriate, and reflect industry best practice, and therefore considers the Mineral Resources at Pueblo Viejo to be appropriately estimated and classified.

The QP is not aware of any environmental, permitting, legal, title, taxation socioeconomic, marketing, political, metallurgical, fiscal, or other relevant factors, that could materially affect the Mineral Resource estimate.

Mining and Mineral Reserves

Pueblo Viejo is a mature mining operation with an extensive operating history. Mine development of the current operations by Barrick began in August 2010.

 

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The Mine consists of two main open pits (Moore and Monte Negro) plus a smaller satellite pit (Cumba) and is mined by conventional truck and shovel methods.

The remaining pit only Mineral Reserves are estimated at 196.1 Mt of ore with a strip ratio 2.6:1. Total Mineral Reserves (pit plus stockpiles) are estimated to be 291.6 Mt at a strip ratio of 1.8:1.

The remaining pit life, based on the Mineral Reserves estimate, is projected to be 19 years, until 2041, with the processing of low-grade ore stockpiles and limestone mining continuing until 2044. To maximize project economics, higher grade ore is processed in the early years, while lower grade ore is stockpiled for later processing. Stockpiled ore is mined with a reclamation sequence to maximize ore delivery and revenue. Life of Mine (LOM) planned total material movement, including limestone, will range from approximately 59 Mtpa to 98 Mtpa.

The QP responsible for the Mineral Reserves has directly supervised the estimation process, has performed an independent verification of the estimated tonnes and grade, and in their opinion, the process has been carried out to industry standards and uses appropriate modifying factors for the conversion of Mineral Resources to Mineral Reserves.

The QP is not aware of any environmental, legal, title, socioeconomic, marketing, mining, metallurgical, infrastructure, permitting, fiscal, or other relevant factors that could materially affect the Mineral Reserve estimate. As noted in Section 4, while the permitting process for the Expansion Project is not finalised, Barrick sees no impediment to obtaining all required permits in the normal course of business.

Mineral Processing

Significant testwork has already been undertaken on the various refractory ore types, including the major stockpile inventory. Based on testwork completed, the overall recoveries depicted for the Project are deemed realistic. The QP is satisfied that Pueblo Viejo can maintain production, gold recovery, and reagent consumptions as forecasted.

The QP considers the modelled recoveries for all ore sources and the processing plant and engineering unit costs to be acceptable.

Infrastructure

The Pueblo Viejo operation is a mature project that has been operating since 2010. It has well developed infrastructure supporting the current operations and plans for additional infrastructure to support the Project growth.

 

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The most significant infrastructure projects planned for PV’s growth include the Naranjo TSF and a crushing conveying, stacking system for PAG transport. Both infrastructure projects are supported by a minimum of PFS level studies and are being further developed to more detailed levels of study.

The QP’s responsible for the Infrastructure Section believe that the current infrastructure and planned infrastructure PFS’s support the estimation of Mineral Resources and Mineral Reserves.

Environment, Permitting, and Social Aspects

PV has acquired all the permits necessary for the current operations. There are certain permits related to the Naranjo TSF and other changes that are in the process of approval. One of which is an ESIA for the construction of the new Naranjo TSF which PV has submitted and expects a decision during the first half of 2023. Another key permit is from INDRHI, which is the hydraulic resources unit of the Ministry of Environment, expected to be granted in Q3 2023. Both of these permits will allow the commencement of construction of the Naranjo TSF.

The key environmental concerns are addressed in the EISA and PV have numerous management plans in place to manage these risks.

Community engagement and development (CED) is managed by a dedicated team supporting PV’s Social Management System, which includes the following Social Management Plans: Engagement and Disclosure; Land Acquisition and Involuntary Resettlement; Community Development (emphasizing education, capacity building, production, income generation and diversification, microenterprises, community water and preventive health); Local Content (local employment and development of local suppliers); Community Safety; Support for Environmental Management; and Monitoring and Evaluation.

The Expansion Project requires the construction and operation of the proposed Naranjo TSF and includes the construction of a conveyor. For this, the resettlement of seven communities is required. Land acquisition and involuntary resettlement, and livelihood restoration plans are in place and comply with national law and guided by international standards. This is being managed by the PV CED team.

Risks

Risk Analysis Definitions

The following definitions have been employed by the QP’s in assigning risk factors to the various aspects and components of the Project:

 

●

Low – Risks that are considered to be average or typical for a deposit of this nature and could have a relatively insignificant impact on the economics. These generally can be mitigated by

 

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normal management processes combined with minor cost adjustments or schedule allowances.

 

●

Minor – Risks that have a measurable impact on the quality of the estimate but not sufficient to have a significant impact on the economics. These generally can be mitigated by normal management processes combined with minor cost adjustments or schedule allowances.

 

●

Moderate – Risks that are considered to be average or typical for a deposit of this nature but could have a more significant impact on the economics. These risks are generally recognisable and, through good planning and technical practices, can be minimised so that the impact on the deposit or its economics is manageable.

 

●

Major – Risks that have a definite, significant, and measurable impact on the economics. This may include basic errors or substandard quality in the basis of estimate studies or project definition. These risks can be mitigated through further study and expenditure that may be significant. Included in this category may be environmental/social non-compliance, particularly regarding Equator Principles and IFC Performance Standards.

 

●

High – Risks that are largely uncontrollable, unpredictable, unusual, or are considered not to be typical for a deposit of a particular type. Good technical practices and quality planning are no guarantee of successful exploitation. These risks can have a major impact on the economics of the deposit including significant disruption of schedule, significant cost increases, and degradation of physical performance. These risks cannot likely be mitigated through further study or expenditure.

In addition to assigning risk factors, the QP’s provided opinion on the probability of the risk occurring during the LOM. The following definitions have been employed by the QP’s in assigning probability of the risk occurring:

 

●

Rare – The risk is very unlikely to occur during the Project life.

 

●

Unlikely – The risk is more likely not to occur than occur during the Project life.

 

●

Possible – There is an increased probability that the risk will occur during the Project life.

 

●

Likely – The risk is likely to occur during the Project life.

 

●

Almost Certain – The risk is expected to occur during the Project life.

Risk Analysis Table

Table 1-3 details the PV Risk Analysis as determined by the QP’s.

 

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Table 1-3 PV Risk Analysis

 

Issue		Likelihood		Consequence   Rating		Risk Rating		Mitigation
Geology and Mineral   Resources   - Confidence in Mineral   Resource Models		Unlikely		Minor		Low		Additional scheduled infill drilling maintaining two years of full grade control coverage ahead of mining. Resource model updated on a regular basis using production reconciliation results.
Mining and Mineral Reserves   - Open Pit Slope Stability		Unlikely		Moderate		Minor		Continued 24hr in-pit monitoring with Radar, geotechnical drilling well ahead in advance, instrumentation, and continued updating of geotechnical and hydrology models.
Processing   - Salts build-up in the process   water – leading to carbon   fouling in the CIL and elution   circuits		Possible		Moderate		Medium		A full salt and water balance has been completed and tracked in the plant to ensure that correct water dilution into the critical streams of elution is managed with minimum impact on carbon fouling and gold recovery.
Processing   - Reagent consumptions and   recoveries hence operating   costs and economics may be   affected by potential   uncharacteristic behaviours   given the possible blends		Possible		Minor		Low		Process operating costs and recoveries have been estimated based on specialist studies on the variable ore types however it has been recommended that ongoing testwork ensue, in particular with blends incorporating stockpile material, on account of the large component of the feed it represents, itself requiring standalone locale-based domaining, to further understand and optimize the process recoveries and costs.
Environmental   -Tailings failure		Rare		High		Medium		Engineering design and construction of TSF to international standards, proper water management at the TSF; emergency spillway; buttressing if required.
Environmental   - Hydrocarbon or ARD spillage		Possible		Moderate		Medium		Water and hydrocarbon monitoring and management processes employed on site.
Environmental   - Commercial and Reputational   Issues due to GHG Emissions		Possible		Moderate		Moderate		Continue transition to renewable energy sources. Continue identifying opportunities through the climate committee
Social   - Community unrest		Possible		Moderate		Moderate		Dedicated community engagement by company social and sustainability department. Accessible Grievance Mechanism. Community development project.
Country & Political   - Security   - Governmental		Possible		Major		Moderate		Dedicated government liaison team. Engagement with local authorities. Government participation/ownership.
Permitting delays		Possible		High		Moderate		Dedicated government liaison team/constant engagement with government authorities

 

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Expansion Project construction   delays   - Naranjo TSF   - PAG Transport System		Possible		Minor		Low		Several months buffer capacity available in Llagal TSF. Construction schedule can be accelerated with increased equipment and personnel numbers. Extra design capacity for PAG in Hondo dump.
Processing & Infrastructure   -Delay or unable to exploit   limestone resources located   outside of fiscal reserve   boundary, impacting the   availability of process and TSF   construction limestone		Possible		Minor		Minor		Sufficient limestone resources are available within the fiscal reserve boundary, but at a higher strip ratio and cost. Drilling, testing and modeling of diorite resources continue as a potentially cheaper, alternative source of TSF construction material
Mining & Infrastructure   -PAG transport and stacking   system does not operate at   design capacity		Unlikely		Moderate		Minor		Additional mobile fleet to supplement transport and deposition of PAG using conventional truck haulage. Increased operating and sustaining capital costs
Capital and Operating Costs		Possible		Moderate		Low		Continue to track actual costs and LOM forecast costs, including considerations for inflation and foreign exchange.
Fiscal Stability		Possible		Moderate		Moderate		Regularly communicate with government and other key stakeholders regarding taxes paid by PV and the direct and indirect impact of those tax payments. Re-enforce the importance of PV’s tax, customs and stability provisions during all government engagements. Continue to work closely with the tax authorities and engage with Congress

 

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1.16	Recommendations

The QP’s have made the following recommendations.

Geology and Mineral Resources

 

●

Continue to improve geology and estimation models with learnings acquired through continued mining development.

 

●

Continue to investigate and improve, geochemical signature modeling, as a geological reconciliation of visual alteration logging, to remove the 1.0g/t grade shell currently used to removal bimodal distributions.

 

●

Review grade capping strategy and metal at risk, as current approach is potentially aggressive (removing too much metal).

 

●

Incorporate additional data density variability samples into sample workflow and update current density estimation procedures.

 

●

Continue to collect additional Sulfide Sulfur, Total and Organic Carbon assay data to drive continuous improvement in models.

Mining and Mineral Reserves

 

●

Continue pit slope geotechnical investigations, analyses, dewatering and depressurisation activities to improve pit wall stability and the possibility of steepening the final pit slope angle.

 

●

Investigate options to minimise costs of the PAG waste transportation requirements.

 

●

Continue efforts to process higher grade ore earlier in the LOM schedule through either mining or stockpile rehandle optimisations.

 

●

Maintain efforts to improve the mining fleet productivities and utilisations to decrease operating costs and/or mining capital.

 

●

Develop process recovery and operating cost relationships for the combined direct POX and flotation-POX streams, instead of assuming only conservative flotation-POX parameters for mine planning activities.

Mineral Processing

 

●

Continue with laboratory assessment of blend behaviors with differing regimes of reagents to ensure validity of the recovery and operating cost predictions, as well as pre-empt potential anomalies.

 

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●

Monitor the TSF reclaim water including in-plant recovered process water to ensure no buildup of chemicals detrimental to the process. Whilst the water balance has been designed to prevent such an occurrence, prudence suggests confirmation by observation hence mitigation where necessary.

 

●

There are opportunities for further optimizing the water management via fast-tracking the replacement of fresh water to reclaim water, where several projects have already been identified. Plans, however, need to be implemented, being mindful of the larger picture or site-wide balance. Subsequent consideration will incorporate the needs of ecological flows, process requirements, precipitation and evaporation variations and finally, governmental regulation.

 

●

Process Control – The addition of control and instrumentation mechanisms with a view to optimize operability of processing circuits is not new, indeed Pueblo Viejo possesses a plethora of said paraphernalia, as well as implementing dedicated optimization software to its milling circuits. The opportunity and intention remains to roll this initiative out to encompass the autoclave operation as well, potentially using artificial intelligence to combine and optimize the operation of several successive circuits.

Infrastructure

 

●

Continue the study work for the Naranjo TSF and the PAG transport system.

 

●

Continue to investigate lower costs sources of TSF construction and limestone material.

Environment, Permitting, and Social and Community

 

●

Continue the permitting and land acquisition process required for the Naranjo TSF construction and operation.

 

●

Continued stakeholder engagement and public education of the Expansion Project.

 

●

Continue identifying and implementing initiatives of renewable energies to support Barrick global commitment on Climate Change (GHG reduction of 30% by 2030 while maintaining a steady production profile, and Net Zero by 2050).

 

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		Pueblo Viejo Mine Technical Report

 

2	Introduction

This Technical Report on the Pueblo Viejo Gold Mine, located in the Dominican Republic, has been prepared by Barrick on behalf of PV. The purpose of this Technical Report is to support public disclosure of updated Mineral Resource and Mineral Reserve estimates at the mine as of 31 December 2022.

The Mine is located in the central part of the Dominican Republic on the Caribbean island of Hispaniola in the province of Sanchez Ramirez. The Mine is 15 km west of the provincial capital of Cotuí and approximately 100 km northwest of the national capital of Santo Domingo. Construction of the Project started in 2008, and first production occurred in 2012. PV holds 100% of the mineral rights to the Pueblo Viejo deposit.

The Mineral Resource and Mineral Reserve estimates have been prepared according to the Canadian Institute of Mining, Metallurgy and Petroleum CIM (2014) Standards as incorporated by reference in NI 43-101. Mineral Resource and Mineral Reserve estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines).

Except for the purposes legislated under provincial securities laws, any use of this Technical Report by any third party is at that party’s sole risk.

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

 

2.1	Effective Date

The effective date of this Technical Report is 31 December 2022.

 

2.2	Qualified Persons

This Technical Report was prepared by Barrick on behalf of PV and incorporates the work of several third parties, including BGC Engineering Inc. and Gecko Geotechnics LLC.

The Qualified Persons (QP’s) and their responsibilities for this Technical Report are listed in Section 29 Certificates of Qualified Persons and summarised in Table 2-1. The QP’s and their respective companies are only responsible for the sections of this Technical Report attributed to them in Table 2-1. Neither the QP’s nor their respective companies express any opinion as to any parts or sections of this Technical Report that are not attributed to them in Table 2-1.

 

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Table 2-1 QP Responsibilities

 

Qualified Person		Company		Title/Position		Sections
Mike Saarelainen, B.Eng., FAusIMM		Barrick Gold Corporation		Chief Mining Engineer, LATAM & Australia Pacific		15, 16.1-16.2, 16.4-16.7, 18-1 to 18-13, 18-15 to 18-16, and 21
Neil Bar B.Eng., M.Eng.Sc., M.Eng., RPEQ		Gecko Geotechnics LLC.		Principal Geotechnical Engineer		16.3
Chad Yuhasz, P.Geo.		Barrick Gold Corporation		Head of Mineral Resource Management, LATAM & Australia Pacific		4 to 12, 14, and 19, 20, 22-24
Richard Quarmby BSc (Chem Eng), PrEng & CEng, MSAIChE & MIMMM		Barrick Gold Corporation		Group Metallurgist, Projects		13, 17
Bill Burton, M.Eng., P.Eng. (BC)		BGC Engineering Inc.		Principal Geotechnical Engineer		18.14
All						1 to 3, 25 to 27

 

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2.3	Site Visit of Qualified Persons

Below are the most recent site visits of the QP’s:

 

●

Mike Saarelainen was previously employed at PV for four years from 2015 to 2019, most recently as mining lead for the PV Expansion project. He visited the mine in August and November 2022, and has reviewed mining performance results, Mineral Reserve model updates, mine strategy, mine planning, and capital and operating costs.

 

●

Chad Yuhasz visited the Mine in May 2022 for the purpose of overseeing the technical start of geologic and resource modeling, with additional site visits completed in July, September, and November of 2022 to review project status, mining performance results and technical reviews.

 

●

Richard Quarmby, Barrick Group Metallurgist – Projects, was seconded to PV to lead the Plant Expansion Feasibility Study, spending a total of almost three years on site. He has reviewed the metallurgical testwork as well as the recovery methods for the integrity of the plant design as being fit for purpose. His secondment to PV ended (and consequently his last visit to the Mine was) on 27 March 2022.

 

●

Neil Bar was previously employed at PV as Head of Geotechnics and Hydrogeology. Mr. Bar has overseen or reviewed the recent geotechnical test work, modelling, and stability analysis conducted at and for PV. His last visit to the Mine ended on 30 June 2022.

 

●

Bill Burton visited the Mine three times in 2022 for the purpose of the Naranjo Tailings Storage Facility (Naranjo TSF) site investigation review and coordination, as well as discussion with PV regarding the Pre-Feasibility Study (PFS) design. His last visit to the Mine was 6 – 9 February 2023.

 

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2.4	List of Abbreviations

Units of measurement used in this Technical Report conform to the metric system. All currency in this Technical Report is in US dollars (US$ or $) unless otherwise noted.

 

Unit		Measure		Unit		Measure
°		degree		m3		cubic metre
°C		degree Celsius		m3/d		cubic metre per day
µm		micrometre		m3/h		cubic metres per hour
A		ampere		mg/L		milligrams per litre
BWi		Bond Ball Mill Work Index		min		minute
CCD		Counter current decantation		mm		millimetre
CIL		Carbon-in-Leach		Moz		million ounces
cm		centimetre		MPa		megapascal
D		Diameter		Mt		million metric tonnes
DDH		Diamond Drill Holes		Mtpa		million metric tonnes per annum
EIA		Environmental Impact Assessment		MVA		megavolt-amperes
EM		Electromagnetic		MW		megawatt
ETP		Effluent Treatment Plant		O/F		Overflow
EW		Electrowinning		oz		Troy ounce (31.10348 g)
FTCIL		Flotation tails CIL		P80		80% passing
G		giga (billion)		PAG		Potentially Acid Generating
g		gram		POX		Pressure Oxidization
g/t		grams per tonne		ppm		parts per million
GSI		Geological strength index		PSI		pounds per square inch
GWh		Gigawatt hour		PSIG		pounds per square inch gauge
ha		hectare		QP		Qualified Person
HDH		Horizontal drain hole		RAB		Rotary Air Blast
HDS		High density sludge		RC		reverse circulation drilling
HFO		Heavy Fuel Oil		RL		Relative Elevation
hrs		hours		RQD		Rock Quality Designation
hr		hour		RWi		Bond Rod Mill Work Index
in		inch		s		second
IP		Induced polarization		SABC		Semi-Autogenous Ball mill Crusher
k		kilo (thousand)		SAG		Semi-Autogenous grinding
kg		kilogram		SPI		Power Index
km		kilometre		SS-SAG		Single Stage SAG
km2		square kilometre		t		metric tonne
koz		thousand ounces		tpd		metric tonnes per day
kPa		kilopascal		tph		metric tonnes per hour
kt		thousand metric tonnes		t/m3		metric tonne per cubic metre
ktpa		kilo tone per annum		tpa		metric tonnes per annum
kV		kilovolt		TSF		Tailings Storage Facility
kW		kilowatt		U/F		Underflow
kWh		kilowatt-hour		UCS		Unconfined Compressive Strength

 

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		Pueblo Viejo Mine Technical Report

 

kWh/m3		kilowatt-hour per cubic metre		US$		United States dollar
kWh/t		kilowatt-hour per tonne		V		volt
L		litre		W		watt
L/s		litres per second		Wi		Work Index
M		mega (million)		wt %		content by weight
m		metre		yr		year
m2		square metre

 

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		Pueblo Viejo Mine Technical Report

 

3	Reliance on Other Experts

This report has been prepared by Barrick. The information, conclusions, opinions, and estimates contained herein are based on:

 

●

Information available at the time of preparation of this Technical Report,

 

●

Assumptions, conditions, and qualifications as set forth in this Technical Report.

For the purpose of this report, the QP’s have relied upon information provided by PV’s legal counsel regarding the validity of the permits and the fiscal regime applicable in according to Dominican laws as part of ongoing annual reviews. This opinion has been relied upon in Section 4 (Property Description and Location) and in the summary of this report.

Except for the purposes legislated under provincial securities laws, any use of this Technical Report by any third party is at that party’s sole risk.

 

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		Pueblo Viejo Mine Technical Report

 

4	Property Description and Location

 

4.1	Project Location

Pueblo Viejo is located in the central part of the Dominican Republic on the Caribbean island of Hispaniola in the province of Sanchez Ramirez (Figure 4-1). The Project is 15 km west of the provincial capital of Cotuí and approximately 100 km northwest of the national capital of Santo Domingo.

 

Figure 4-1 Location Map

The Pueblo Viejo property, situated on the Montenegro Fiscal Reserve (MFR), is centred at approximately 18°55’9.15“N, 70°10’20.35“W in an area of moderately hilly topography (Figure 4-2). The MFR covers an area of 7,995 ha and encompasses all the areas previously included in the Pueblo Viejo and Pueblo Viejo II concession areas, which were owned by Rosario Dominicana S.A. (Rosario) until March 7, 2002, as well as the El Llagal and Naranjo areas.

 

March 17, 2023				Page 33