Increased prices for fossil fuels have shifted the conversation, potentially benefitting oil and gas projects in Africa as importers scramble to diversify supply chains away from Russia.

"We are in uncharted territory here," says CEO.

Barrick Gold has nearly doubled its inventory of some key supplies at mines, CEO Mark Bristow says.

Bullion has been under pressure as the Federal Reserve tightened monetary policy to fight accelerating consumer-price gains.

The 2022 resource, according to Maritime, demonstrates an "extensive gold resource" suited for potential underground mining.

The miner aims to reach an annual output of between 120,000 and 150,000 ounces of gold in three or four years.

Early development of the Umwelt underground could add over 80,000 oz. a year of gold production to the Back River project.