Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) delivered a strong performance in Q4, increasing gold production by 15% and copper production by 33% over Q3 to meet its annual guidance for the year. Additionally, gold cost of sales1 and total cash costs2 for the quarter
Q4 Results Release
Barrick Delivers Strong Year-End Performance While Advancing Key Growth Projects
TORONTO – FEBRUARY 12, 2025 NYSE: GOLD SIGNIFICANT GROWTH IN
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS TSX: ABX
GOLD AND COPPER RESERVES Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX)
delivered a strong performance in Q4, increasing gold production by 15% and copper production by 33% over Q3 to meet its annual guidance for the year. Additionally, FULL YEAR GOLD AND COPPER
PRODUCTION IN LINE WITH gold cost of sales1 and total cash costs2 for the quarter were reduced by 3% and 5%, respectively.
WITH ANNUAL GUIDANCE The results for the year, released today, report a 69% increase in net earnings to $2.14 billion, a 51% increase in adjusted net earnings3 to $2.21 billion and a 30% rise in attributable EBITDA4 to $5.19 billion for FEASIBILITY STUDIES ADD 73Moz NEW
ATTRIBUTABLE GEOs6,7,8
2024 — the highest in over a decade. Year-on-year operating cash flow increased 20% to $4.49 billion and free cash flow5 more than doubled to $1.32 billion, driven by the stronger earnings. A quarterly dividend of $0.10 per share was maintained, bringing the total annual dividend paid to shareholders to $696 million, Q4 NET EPS $0.57, UP 104% and a further $498 million was returned in buying back Q4 ADJUSTED NET EPS3 $0.46 shares.
“Barrick remains focused on sustainable value creation for all our stakeholders and as our results today clearly demonstrate, we have the asset quality, balance sheet
QUARTERLY DIVIDEND DECLARED strength and organic growth projects to deliver on our
$0.10 PER SHARE
vision well into the future,” said Barrick president and chief executive Mark Bristow.
CONTINUED ON PAGE 3
| 5 | 7 | 8 | 9 |
| RESERVES | TRANSFORMING | REKO DIQ'S | FOURMILE |
| GROW | LUMWANA | POTENTIAL | ADVANCES |
SIGNIFICANTLY
Key Performance Indicators
Best Assets…
- Replaced depleted gold reserves at existing mines and added 13 million ounces attributable proven and probable reserves from Reko Diq6
- Significant increases in production across all regions deliver higher Q4 gold production
- Full year attributable gold production of 3.91 million ounces, in line with annual guidance
- Quarter-on-quarter improvement at Pueblo Viejo across flotation, CIL2 circuit stability and recovery step up
- Veladero delivers best production in last five years and successfully commissions Phase 7B leach pad
- Increased Q4 copper production ensures delivery at midpoint of annual guidance
- Engineering partners appointed for Lumwana and Reko Diq and on track with early works design and long lead item fabrication
- Pueblo Viejo Naranjo TSF feasibility completed and drilling ongoing to validate design
- New decline development commences at Bulyanhulu to access new reserves and increase mining flexibility
- Significant drilling results at NGM, Reko Diq, Loulo, Tanzania and Kibali confirm quality pipeline of targets with progress on early-stage targets across Barrick’s expanding greenfields portfolio
Key Growth Projects…
- Reko Diq and Lumwana Feasibility Studies add 13Mt of new attributable copper reserves (73Moz of gold equivalent ounces)6,7,8
- Barrick’s Fourmile proceeds to prefeasibility study on back of successful drilling program
- Lumwana expansion permitted and Reko Diq ESIA progresses
Leader in Sustainability…
- 48% reduction in LTIFR9 and 20% reduction in TRIFR9 year-on-year
- Africa & Middle East region has again achieved its best Malaria Incident Rate (MIR) on record, lowering the MIR by a further 51% from 2023
- 824 hectares of concurrent rehabilitation completed in 2024 – exceeding target by 13%
Delivering Value…
- 20% increase in operating cash flow for 2024 to $4.5 billion
- Free cash flow5 for 2024 more than double 2023 at $1.3 billion
- Net earnings per share of $0.57 and adjusted net earnings per share3 of $0.46 for the quarter
- Q4 share buyback increased to $354 million – brings total to $498 million for the year
- $0.10 per share dividend declared with $1.2 billion in total shareholder returns in 2024
BARRICK YEAR-END 2024 2 PRESS RELEASE
Financial and Operating Highlights
| Financial Results | Q4 2024 | Q3 2024 | 2024 | 2023 |
| Realized gold price10,11 ($ per ounce) Realized copper price10,11 ($ per pound) Net earnings12 ($ millions) Adjusted net earnings3 ($ millions) Attributable EBITDA4 ($ millions) Net cash provided by operating activities ($ millions) Free cash flow5 ($ millions) Net earnings per share ($) Adjusted net earnings per share3 ($) Total attributable capital expenditures13,14 ($ millions) | 2,657 | 2,494 4.27 483 529 1,292 1,180 444 0.28 0.30 583 | 2,397 | 1,948 3.85 1,272 1,467 3,987 3,732 646 0.72 0.84 2,363 |
| 3.96 | 4.15 | |||
| 996 794 | 2,144 | |||
| 2,213 | ||||
| 1,697 | 5,185 | |||
| 1,392 | 4,491 1,317 | |||
| 501 | ||||
| 0.57 | 1.22 | |||
| 0.46 | 1.26 | |||
| 758 | 2,607 | |||
| Financial Position | As at 12/31/24 | As at 9/30/24 | As at 12/31/24 | As at 12/31/23 |
| Debt (current and long- term) ($ millions) Cash and equivalents ($ millions) Debt, net of cash ($ millions) | 4,729 | 4,725 4,225 500 | 4,729 | 4,726 4,148 578 |
| 4,074 | 4,074 | |||
| 655 | 655 |
| Operating Results | Q4 2024 | Q3 2024 | 2024 | 2023 |
| Gold | ||||
| Production10 (thousands of ounces) Cost of sales1,10 ($ per ounce) Total cash costs2,10 ($ per ounce) All-in sustaining costs2,10 ($ per ounce) | 1,080 | 943 1,472 1,104 1,507 | 3,911 | 4,054 1,334 960 1,335 |
| 1,428 1,046 1,451 | 1,442 | |||
| 1,065 | ||||
| 1,484 | ||||
| Copper | ||||
| Production10,15 (thousands of tonnes) Cost of sales10,16 ($ per pound) C1 cash costs10,17 ($ per pound) All-in sustaining costs10,17 ($ per pound) | 64 | 48 3.23 2.49 3.57 | 195 | 191 2.90 2.28 3.21 |
| 2.62 2.04 3.07 | 2.99 2.26 | |||
| 3.45 |
CONTINUED FROM PAGE 1
Barrick’s North America and Africa and Middle East operations attributable basis, at more than 13% higher grade, to 18 met their production guidance for the year, while in the Latin million tonnes of copper at 0.45%19, from 5.6 million tonnes of America and Asia Pacific region, a slower-than-expected ramp copper at 0.39% in 2023.20 This resulted from the completion up at Pueblo Viejo meant the region delivered slightly below of the Lumwana and Reko Diq feasibility studies — affirming guidance despite a stellar performance from Veladero. Pueblo both projects as potential Tier One21 copper assets. Viejo is planning further upgrades in 2025 to continue the Additionally, the wholly-owned Fourmile project is advancing to improvement in throughput and recovery, starting with a prefeasibility following a successful 2024 drilling program. planned 35-day shutdown in the first quarter of the year.
For 2025, attributable gold production is expected to be in the “During the fourth quarter, we made steady progress in range of 3.15–3.5 million ounces, excluding production from ramping up operations at Pueblo Viejo, improving recovery, Loulo-Gounkoto while it is temporarily suspended. Attributable despite lower production on the back of a slight decrease in copper production for 2025 is projected to increase from grade. At Veladero and Nevada Gold Mines, we boosted 195,000 tonnes in 2024 to 200,000–230,000 tonnes, driven by production and we closed the gaps at Kibali while increased production at Lumwana.
strengthening the management team there. Additionally, we Bristow said Barrick remains open to a constructive completed two major feasibility studies to advance the engagement with the Malian government and he continues to transformational Lumwana and Reko Diq projects, and also believe that a mutually beneficial solution can be found. significantly increased our reserves and resources,” said Bristow. “While ongoing issues in Mali remain an investor concern, which have overly weighed on the share price, Barrick’s Barrick continued its strong track record of reserve additions, fundamental value proposition has never been stronger. As growing attributable proven and probable gold mineral such, we have capitalized on the undervaluation of our shares reserves by 17.4 million ounces18 (23%) before 2024 by increasing our repurchases, and we have renewed our $1 depletion. Attributable proven and probable gold mineral billion share buyback program for the upcoming year,” said reserves now stand at 89 million ounces at 0.99g/t19, Bristow.
increasing from 77 million ounces at 1.65g/t20 in 2023. Copper mineral reserves grew by 224% year-on-year on an
BARRICK YEAR-END 2024 3 PRESS RELEASE
Q4 2024 Results Presentation
“Our ability to self-fund our growth pipeline is a major strength and, unlike many of our peers, we won't need costly mergers and acquisitions or to issue additional equity to grow Mark Bristow will host a live presentation of the results today production. Our focus on a quality Tier One21 asset portfolio, at 11:00 EST, with an interactive webinar linked to a conference call. Participants will be able to ask questions. continuous talent development, growth potential, robust balance sheet and unparalleled track record in replacing the Go to the webinar reserves we mine, are the key reasons why we should be the US/Canada (toll-free), 1 844 763 8274 go-to stock,” he said.
UK (toll), +44 20 3795 9972 International (toll), +1 647 484 8814
The Q4 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.
In San Juan, Argentina, a team from Veladero brought a CAT 785B truck to the National Sun Festival for the community to see up close.
Barrick Reports Share Repurchases and Declares Q4 Dividend
Barrick today announced the declaration of a dividend of $0.10 per share for the fourth quarter of 2024. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022.
The Q4 2024 dividend will be paid on March 17, 2025 to “The strong performance of our business has allowed us to shareholders of record at the close of business on February provide significant returns to shareholders in 2024 through the 28, 2025. combination of dividends and share buybacks, especially in the fourth quarter, at a compelling valuation. At the same time, In addition to the quarterly dividends, Barrick repurchased Barrick continues to maintain one of the strongest balance 28.675 million shares during the year under the share buyback sheets in the industry ensuring adequate liquidity to invest in program that was announced in February 2024, including 21 our significant growth projects,” said senior executive vicemillion shares during Q4 2024.
president and chief financial officer Graham Shuttleworth.
BARRICK YEAR-END 2024 4 PRESS RELEASE
Barrick Announces New Share Buyback Program
Barrick announced today that it plans to undertake a new share repurchase program for the buyback of its common shares.
Barrick’s Board of Directors has authorized a new program for Barrick believes that, from time to time, the market price of its the repurchase of up to $1.0 billion of the Company’s common shares trade at prices that may not adequately reflect outstanding common shares over the next 12 months at their underlying value. The actual number of shares that may prevailing market prices in accordance with applicable law. In be purchased, if any, and the timing of such purchases, will be connection with the new share repurchase program, Barrick determined by Barrick based on a number of factors, including has terminated the share repurchase program announced by the Company’s financial performance, the availability of cash the Company on February 14, 2024. The Company flows, and the consideration of other uses of cash, including repurchased $498 million in common shares under its 2024 capital investment opportunities, returns to shareholders, and share repurchase program. debt reduction.
Under the program, repurchases can be made from time to The repurchase program does not obligate the Company to time through published markets in the United States such as acquire any particular number of common shares, and the the New York Stock Exchange using a variety of methods, repurchase program may be suspended or discontinued at including open market purchases, as well as by any other any time at the Company’s discretion.
means permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements.
For 2025, Barrick's attributable gold production is expected to be in the range of 3.15–3.5 million ounces, excluding production from Loulo-Gounkoto while it is temporarily suspended. Attributable copper production for 2025 is projected to increase from 195,000 tonnes in 2024 to 200,000–230,000 tonnes, driven by increased production at Lumwana.
Barrick Grows Gold and Copper Reserves Significantly, Setting It Apart From Its Peers as It Positions for Growth
Barrick grew attributable proven and probable gold mineral reserves by 17.4 million ounces18 (23%) before 2024 depletion. Attributable proven and probable mineral reserves now stand at 89 million ounces at 0.99g/t19, increasing from 77 million ounces at 1.65g/t20 in 2023.
The year-on-year change was led by the conversion of Reko year of replacing annual depletion at a 4% higher grade, Diq resources to mineral reserves, adding 13 million ounces of continuing to demonstrate the results of an unremitting focus gold at 0.28g/t19 on an attributable basis, following the on asset quality and further extending the life of our existing completion of the feasibility study. Significantly, before the operations.
addition of Reko Diq, Barrick delivered a fourth consecutive
BARRICK YEAR-END 2024 5 PRESS RELEASE
Since the end of 2019, Barrick has replaced more than value from our geologically defined orebodies whilst delivering 180%18 of the company’s depleted gold reserves, adding the highest value, demonstrating the quality differentiation of almost 46 million ounces18 of attributable proven and probable our Tier One21 assets. This approach is complemented by our reserves (77 million ounces18 of proven and probable reserves reserve replacement strategy, where we aim to add value by on a 100% basis) across Barrick-managed assets. delineating ore body extensions and satellites at our long-term reserve prices rather than diluting the quality of our reserves Attributable measured and indicated gold resources for 2024 through lifting reserve prices beyond the relative levels of cost remain consistent, at 180 million ounces at 1.06g/t19, with a inflation,” said Bottoms.
further 41 million ounces at 0.9g/t19 of inferred resources, up 5% from 2023. Gold mineral reserves in the Africa & Middle East region, after annual depletion, grew to 19 million ounces at 3.35g/t19 in At the same time, copper mineral reserves grew by 224% 2024 from 18.8 million ounces at 3.24g/t20 in 2023. This was year-on-year on an attributable basis, at more than 13% predominantly driven by both Bulyanhulu and Loulo-Gounkoto, higher grade to 18 million tonnes of copper at 0.45%19, from with extensions of the high-grade Reef 2 and Yalea 5.6 million tonnes of copper at 0.39% in 2023.20 This resulted underground orebodies respectively, combined with growth of from the completion of the Lumwana and Reko Diq feasibility the Faraba open pit. Overall, this delivered a 2.3 million studies affirming both projects as Tier One21 Copper Assets.
ounce19 increase in attributable proven and probable reserves The Lumwana Super Pit Expansion feasibility study added across the region, before depletion. North Mara also 5.5Mt of Cu reserves to the project, resulting in proven and contributed to the strong results through the extension of the probable copper reserves of 8.3 million tonnes of copper at Gokona underground and Gena open pit. At Kibali, the 0.52%.19 The Reko Diq feasibility study added 7.3 million ongoing conversion drilling in the 9000 and 11000 lodes in tonnes of copper at 0.48%6 to attributable copper reserves.
KCD underground replaced 98% of depletion, with ongoing This represents an addition of more than 20 million tonnes19 of development to establish further underground drill platforms proven and probable copper reserves on a 100% basis since for 2025.
2023.
The Latin America & Asia Pacific region, led by Pueblo Viejo, Attributable measured and indicated copper resources for replaced 115% of the regional 2024 gold reserve depletion 2024 stand at 24 million tonnes19 of copper at 0.39%, with a before the addition of Reko Diq, which added 0.78 million further 3.9Mt19 of copper at 0.3% of inferred resources, ounces19 to attributable proven and probable reserves before reflecting the conversion and upgrade of copper mineral depletion as a result of additional pit design pushbacks resources at Lumwana.
unlocked by the additional TSF capacity in the new Naranjo facility. Porgera grew attributable gold reserves by 22% year- For 2024, mineral reserves are based on an updated gold price assumption of $1,400/oz22 and a consistent copper price on-year with the successful conversion of the open pit Link of $3.00/lb.22 Mineral resources are reported inclusive of cutback adjacent to the West Wall cutback.
reserves and for 2024 are based on an updated gold price of In North America, the ongoing growth programs at Turquoise $1,900/oz22 and a consistent copper price of $4.00/lb.22 Ridge, Leeville Underground in Carlin and the Reona cut-back in Phoenix, added 1.54 million ounces19 of gold to proven and President and chief executive Mark Bristow said Barrick’s strategy of investing in organic growth through exploration and probable reserves on an attributable basis before annual depletion, which were partially offset by reductions in Cortez mineral resource management has set the group apart from its driven by metallurgical model updates in Crossroads and peers within the industry, positioning Barrick as a champion for value creation as we continue to grow our production profile Robertson. This resulted in attributable proven and probable mineral reserves for the region of 30 million ounces at 2.71g/ organically.
t19, representing a more than 10% increase in the grade year- “In order for our industry to help build a better world, we have over-year (2.45g/t in 2023) as a result of the high-grade to invest in our own future, with transformational projects like growth additions and reductions of low-grade at Cortez. At the the Lumwana Super Pit and Pueblo Viejo expansions, Reko same time, attributable gold measured and indicated mineral Diq and Fourmile. Barrick’s vision for these projects extends resources for the region now stands at 66 million ounces at beyond mining, ensuring the benefits of these investments 2.18g/t19, due to the removal of Long Canyon mineral provide multi-generational benefits to our host countries and resources, as the site is planned to progress into full closure local communities through the development of local service during 2025. Meanwhile, attributable inferred gold mineral provider partnerships and investment in the sustainability of resources for the region grew to 21 million ounces at 3.3 g/t19, our operating environments,” said Bristow.
driven by Fourmile’s mineral resource24 growth in the southernmost portion of the orebody immediately adjacent to Mineral Resource Management and Evaluation Executive the existing Goldrush mine. Looking forward to 2025, Barrick Simon Bottoms said that since the end of 2019, Barrick has plans to commence prefeasibility-study drilling at the end of successfully added 111 million ounces18 of attributable gold the first quarter of 2025 which will target continued extension equivalent reserves at a cost of approximately $10 per of the mineral resource along strike to the north, while also ounce23, demonstrating the value proposition of our strategy.
completing the foundational studies for the planned Bullion Hill “The company's reserve prices of $1,400/oz for gold22 and northern access portal.
$3.00/lb for copper22 are designed to extract the optimum
BARRICK YEAR-END 2024 6 PRESS RELEASE
The expansion project at Lumwana in Zambia will substantially increase the mine’s production capacity, extending its operational life by 17 years to 2057.
Transforming Lumwana Into a Top 25 Copper Producer
Barrick has completed a comprehensive feasibility study for the Super Pit Expansion at Lumwana in Zambia25, transforming the mine into a long-life, high yielding, Top 25 copper producer and Tier One21 copper mine, capable of contending with the volatility of the copper demand cycles.
The expansion will substantially increase the mine’s process control systems. The parallel process circuit will production capacity, extending its operational life by 17 years enable substantial productivity improvements and reduced to 2057, and doubling the capacity of the processing plant operating costs. A new pit-rim crusher and conveyor system from 27 million tonnes per annum (Mtpa) to a peak design of will optimize hauling efficiency, cutting current ultra-class 54Mtpa — achieving an average copper output of 240,000 trucking haul cycles by at least 15%. The tailings storage tonnes annually over the life of the mine, from a planned facility will see a capacity increase from 360 million tonnes to 52Mtpa process feed. Based on the feasibility study, the total two billion tonnes.
project capital cost is estimated to be $2 billion.
The expansion capitalizes on copper fundamentals and Construction is set to begin in 2025, with the project promising delivers a financially robust low capital intensity mine, with a substantial improvements in operational efficiency. The projected cumulative operating cash flow of $36 billion and expansion has significantly grown Lumwana’s mineral free cash flow of $15.2 billion5 over the mine's life, based on a reserves, increasing proven and probable copper reserves three-year trailing copper price of $4.03 per pound.25 The from 510 million tonnes at 0.58% for 3.0 million tonnes of project will be self-funded by Barrick and current Lumwana contained copper as of year-end 2023 to 1,600 million tonnes operations, paying back the initial expansion capital in at 0.52% for 8.3 million tonnes of contained copper as of year- approximately two years after completion of the expansion at end 2024.7 Notably, this expansion will replace the total $4.03 per pound.
copper produced by Lumwana since 2009 by over 400%.25 Environmental and social responsibility are key considerations The project involves key infrastructure developments, of the project. Barrick has secured all necessary mining including the expansion of existing mining operations at licenses over the entire project area and completed an Chimiwungo and Malundwe, the opening of two new open pits Environmental and Social Impact Assessment, which was at Kamisengo and Kababisa, and a substantial increase in approved in November 2024. Additional permits are on mining capacity to 200Mtpa in 2026 and 300Mtpa in 2030. By schedule to be approved prior to construction. The Company 2039, the mine is projected to reach a maximum peak mining is also investing up to $2 million through a REDD+ Project to capacity of 350Mtpa, positioning Lumwana as the largest mine offset environmental impacts, partnering with local chiefdoms in Africa by total tonnes moved. and the Zambian government to conserve approximately 215,000 hectares of forest.
Technological advancements are central to the expansion, with plans to introduce high-level automation and modern
BARRICK YEAR-END 2024 7 PRESS RELEASE
Updated Feasibility Study Demonstrates Reko Diq’s Transformative Potential
Barrick has completed the updated feasibility study for the Reko Diq project26, marking a significant milestone in the development of one of the world's largest undeveloped copper-gold deposits. Reko Diq will be a major contributor to Pakistan’s economy which is expected to have a transformative impact on the Balochistan province.
Barrick’s share of the project represents 50%, with 25% held Probable mineral reserves, on a 100% basis, are 3,000 million by three Pakistani state-owned enterprises and 25% held by tonnes at 0.48% representing 15 million tonnes of copper and the Government of Balochistan, of which 15% is on a fully 2,900 million tonnes at 0.28g/t representing 26 million ounces funded basis and 10% is on a free carried basis. of gold.6 The mining operation will utilize electric rope shovels, diesel hydraulic excavators and 360-tonne ultra class haul The updated feasibility study outlines a 37-year mine life with trucks. The processing plant consists of a three-stage crushing a total estimated capital investment on a 100% basis of $8.83 circuit, ball milling and conventional flotation.
billion, to be divided into two phases, with Phase 1 having an estimated total capital cost of $5.6-$6.0 billion (100% basis, Saline groundwater, located approximately 300-750 meters exclusive of financing costs). On February 11, 2025, the Board below the surface, that is not suitable for drinking or irrigation of Directors conditionally approved the development of Phase is planned as the primary water supply sourced from a nearby 1 subject to the closing of up to $3 billion of limited recourse aquifer, with power produced through a combination of heavy project financing. Assuming $3 billion of project financing, fuel oil generators, solar systems and battery storage. Future Barrick’s share of the total partner equity contribution required integration into Pakistan’s national grid is planned for Phase 2. for the development of Phase 1 is expected to be $1.8-$2.0 An Environmental and Social Impact Assessment (ESIA) was billion.
completed in December 2024 and submitted to the relevant Early works construction commenced during the first quarter government authorities, with approval expected during Q1 of 2025, with first production anticipated by the end of 2028. 2025. Throughout the ESIA process, continuous engagement The project will leverage five of the fifteen identified porphyry with local communities and other key stakeholders was surface expressions within the current mining lease, undertaken to ensure that their concerns were considered. highlighting substantial future growth potential.
Based on a three-year trailing average copper price of $4.03 Under the updated feasibility study, Phase 1 is planned to see per pound and gold price of $2,045 per ounce, Barrick 45 million tonnes of mill feed processed annually (Mtpa), estimates the project will deliver an internal rate of return of ramping up to 240,000 tonnes of copper and 297,000 ounces 21.32%, generating $90 billion in operating cash flow and $70 of gold (on a 100% basis).26 By 2034, Phase 2 will expand billion in free cash flow5 (on a 100% basis) over the life of operations to 90Mtpa, increasing annual production to an mine and generating $54 billion of revenue within Pakistan. average of 460,000 tonnes of copper and 520,000 ounces of Reko Diq is the largest foreign direct investment project in gold for the first ten years (2034-2043).26 2044 will see the Balochistan and one of the largest in Pakistan.
peak mining rate of 250Mtpa and a life-of-mine strip ratio of 1.07.26
BARRICK YEAR-END 2024 8 PRESS RELEASE
Barrick Advances Fourmile Project in Nevada
The results of Barrick’s 2024 drilling program at the wholly owned Fourmile project in Nevada, have been incorporated into a preliminary economic assessment, highlighting an impressive resource base and promising economic indicators that position Fourmile as a world-class gold deposit.
The 2024 mineral resource update expanded the project's Barrick’s Mineral Resource Management and Evaluation mineral resources, across the southernmost portion of the Executive Simon Bottoms stated, “Geotechnical drilling and orebody, immediately adjacent to the existing Goldrush mine, ongoing hydrological measurements have confirmed more resulting in a 192% increase in indicated resources (to 1.4 favourable ground conditions with lower permeability than million ounces grading 11.76 g/t), a 137% increase in inferred other typical Carlin-style deposits. This has the potential to resources (to 6.4 million ounces at 14.1 g/t) and a 35% reduce the dewatering requirements during mine development increase in grade relative to Barrick’s 2023 year-end mineral and allows for stope heights to be increased up to 25m high resource estimate.24,27 compared to 15m within the neighboring Goldrush mine.”
President and chief executive Mark Bristow, stated that the “Metallurgical test work has demonstrated compatibility with Fourmile project is a truly world-class asset which can only existing facilities, offering processing flexibility through both really be compared to the original Goldstrike deposit that was autoclave and roaster facilities. The initial mine design the foundational asset of Barrick and is now part of Carlin incorporates three semi-independent production zones, within the Nevada Gold Mines joint venture. providing operational flexibility and potential for increased production rates,” said Bottoms.
“The current resource represents approximately one-third of the total orebody defined by drilling to date, supporting Looking ahead, Barrick plans to commence pre-feasibilitysubstantial growth potential, with increasing grades as drilling study drilling at the end of the first quarter of 2025, which will progresses northward,” said Bristow. provide the foundational study data to underpin the planned Bullion Hill northern access portal.
Economic projections for Fourmile are equally compelling, whereby the preliminary economic assessment demonstrates The upcoming studies will also explore materials handling Fourmile’s potential to become a Tier One mine21 at options and investigate the synergies Fourmile could bring to comparable annual mining rates and costs to the current both the existing Goldrush mine and associated processing Goldrush mine plan.24 These results have encouraged Barrick facilities.
to advance the project through a three-year pre-feasibilitystudy program.
Ma'aden Barrick Copper Company Advances Female Employment in Saudi Mining
In August 2020, the Kingdom of Saudi Arabia’s Cabinet approved landmark amendments to the Labor Law, repealing Articles 149 and 150, which previously restricted women from working in hazardous occupations or during night shifts.
A new clause was introduced to guarantee women equal actively contribute to the company’s operations, taking on access to job opportunities as men, provided the roles are not positions such as project coordinators and chemists in the hazardous to their health. process lab. Additionally, MBCC has trained 15 women across multiple disciplines, including as instrument and planning This progressive step aligns with Saudi Arabia’s Vision 2030, a engineers in the maintenance department, and as chemists in national initiative to empower women across all sectors, the process plant.
including mining. The Ma'aden Barrick Copper Company (MBCC), a 50/50 joint venture between Barrick and Ma'aden, Barrick’s efforts extend beyond hiring to developing future exemplifies this vision by opening doors for women in the talent. The Company collaborates with local universities and traditionally male-dominated mining industry. colleges to provide tailored training opportunities, empowering women to excel in roles critical to the mining sector.
Starting in 2022, MBCC began employing women in various roles, including accounting, human resources, procurement, This progress not only supports Saudi Arabia’s national goals geology, supply chain management, logistics and compliance. but also highlights Barrick’s dedication to creating a diverse, By the beginning of 2025, MBCC had more than doubled the equitable and forward-thinking workplace. By integrating number of female employees, rising from eight in 2022 to 17 talented women into their operations, MBCC and Barrick are
- a testament to Barrick’s commitment to fostering a diverse setting a new standard for the mining industry in Saudi Arabia
and inclusive workforce. and beyond.
MBCC became the first mine in Saudi Arabia to recruit women to work in remote areas for operational roles. Women now
BARRICK YEAR-END 2024 9 PRESS RELEASE
APPENDIX
2025 Operating and Capital Expenditure Guidance
GOLD PRODUCTION AND COSTS
2025 forecast 2025 forecast cost of 2025 forecast total cash 2025 forecast all-in attributable production sales1 ($/oz) costs2 ($/oz) sustaining costs2 ($/oz) (000s ozs)
Carlin (61.5%) 705 - 785 1,470 - 1,570 1,140 - 1,220 1,630 - 1,730 Cortez (61.5%)28 420 - 470 1,420 - 1,520 1,050 - 1,130 1,370 - 1,470
Turquoise Ridge (61.5%) 310 - 345 1,370 - 1,470 1,000 - 1,080 1,260 - 1,360
Phoenix (61.5%) 85 - 105 2,070 - 2,170 890 - 970 1,240 - 1,340
Nevada Gold Mines (61.5%) 1,540 - 1,700 1,470 - 1,570 1,070 - 1,150 1,460 - 1,560
Hemlo 140 - 160 1,500 - 1,600 1,200 - 1,280 1,600 - 1,700
North America 1,680 - 1,860 1,470 - 1,570 1,080 - 1,160 1,480 - 1,580
Pueblo Viejo (60%) 370 - 410 1,540 - 1,640 910 - 990 1,280 - 1,380
Veladero (50%) 190 - 220 1,390 - 1,490 890 - 970 1,570 - 1,670
Porgera (24.5%) 70 - 95 1,510 - 1,610 1,210 - 1,290 1,770 - 1,870
Latin America & Asia Pacific 630 - 730 1,490 - 1,590 940 - 1,020 1,430 - 1,530
Loulo-Gounkoto (80%)29 — — — —
Kibali (45%) 310 - 340 1,280 - 1,380 940 - 1,020 1,130 - 1,230
North Mara (84%) 230 - 260 1,370 - 1,470 1,020 - 1,100 1,400 - 1,500
Bulyanhulu (84%) 150 - 180 1,470 - 1,570 1,010 - 1,090 1,540 - 1,640
Tongon (89.7%) 110 - 140 1,790 - 1,890 1,570 - 1,650 1,660 - 1,760
Africa and Middle East 820 - 910 1,420 - 1,520 1,060 - 1,140 1,360 - 1,460
Total Attributable to Barrick30,31,32 3,150 - 3,500 1,460 - 1,560 1,050 - 1,130 1,460 - 1,560
COPPER PRODUCTION AND COSTS
2025 forecast 2025 forecast cost of 2025 forecast C1 cash 2025 forecast all-in attributable production sales16 ($/lb) costs17 ($/lb) sustaining costs17 ($/lb) (000s tonnes)
Lumwana 125 - 155 2.30 - 2.60 1.60 - 1.90 2.80 - 3.10
Zaldívar (50%) 40 - 45 3.60 - 3.90 2.70 - 3.00 3.50 - 3.80
Jabal Sayid (50%) 25 - 35 2.00 - 2.30 1.60 - 1.90 1.80 - 2.10
Total Copper30,31,32 200 - 230 2.50 - 2.80 1.80 - 2.10 2.80 - 3.10
| ATTRIBUTABLE CAPITAL EXPENDITURES13 | |
| (millions) | |
| Attributable minesite sustaining13,14 | 1,400 - 1,650 |
| Attributable project13,14 | 1,700 - 1,950 |
| Total attributable capital expenditures13 | 3,100 - 3,600 |
OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS
2025 guidance Consolidated impact Attributable impact on Attributable impact on Hypothetical change assumption on EBITDA4 (millions) EBITDA4 (millions) TCC and AISC2,17
Gold price sensitivity $2,400/oz +/- $100/oz ‘+/-$450 ‘+/-$320 ‘+/-$5/oz
Copper price sensitivity $4.00/lb ‘+/-$0.25/lb ‘+/- $120 ‘+/- $120 ‘+/-$0.01/lb
BARRICK YEAR-END 2024 10 PRESS RELEASE
Production and Cost Summary - Gold
12/31/24 9/30/24 Change 12/31/24 12/31/23 Change
Nevada Gold Mines LLC (61.5%)a
| Gold produced (000s oz attributable basis) | 444 | 385 | 15% | 1,650 | 1,865 | (12%) |
| Gold produced (000s oz 100% basis) | 721 | 625 | 15% | 2,684 | 3,032 | (12%) |
| Cost of sales ($/oz) | 1,468 | 1,553 | (5%) | 1,478 | 1,351 | 9% |
| Total cash costs ($/oz)b | 1,121 | 1,205 | (7%) | 1,126 | 989 | 14% |
| All-in sustaining costs ($/oz)b | 1,453 | 1,633 | (11%) | 1,561 | 1,366 | 14% |
Carlin (61.5%)
| Gold produced (000s oz attributable basis) | 186 | 182 | 2% | 775 | 868 | (11%) |
| Gold produced (000s oz 100% basis) | 301 | 296 | 2% | 1,261 | 1,411 | (11%) |
| Cost of sales ($/oz) | 1,489 | 1,478 | 1% | 1,429 | 1,254 | 14% |
| Total cash costs ($/oz)b | 1,240 | 1,249 | (1%) | 1,187 | 1,033 | 15% |
| All-in sustaining costs ($/oz)b | 1,657 | 1,771 | (6%) | 1,730 | 1,486 | 16% |
Cortez (61.5%)c
| Gold produced (000s oz attributable basis) | 125 | 98 | 28% | 444 | 549 | (19%) |
| Gold produced (000s oz 100% basis) | 203 | 160 | 28% | 722 | 892 | (19%) |
| Cost of sales ($/oz) | 1,405 | 1,526 | (8%) | 1,402 | 1,318 | 6% |
| Total cash costs ($/oz)b | 1,064 | 1,180 | (10%) | 1,046 | 906 | 15% |
| All-in sustaining costs ($/oz)b | 1,431 | 1,570 | (9%) | 1,441 | 1,282 | 12% |
Turquoise Ridge (61.5%)
| Gold produced (000s oz attributable basis) | 94 | 76 | 24% | 304 | 316 | (4%) |
| Gold produced (000s oz 100% basis) | 153 | 123 | 24% | 494 | 514 | (4%) |
| Cost of sales ($/oz) | 1,491 | 1,674 | (11%) | 1,615 | 1,399 | 15% |
| Total cash costs ($/oz)b | 1,107 | 1,295 | (15%) | 1,238 | 1,026 | 21% |
| All-in sustaining costs ($/oz)b | 1,260 | 1,516 | (17%) | 1,466 | 1,234 | 19% |
Phoenix (61.5%)
| Gold produced (000s oz attributable basis) 39 29 34% 127 123 3% | ||
|---|---|---|
| Gold produced (000s oz 100% basis) 64 46 | 34% | 207 200 3% |
| Cost of sales ($/oz) 1,474 1,789 (18%) 1,687 2,011 (16%) |
Total cash costs ($/oz)b 752 764 (2%) 765 961 (20%) All-in sustaining costs ($/oz)b 956 1,113 (14%) 1,031 1,162 (11%) Long Canyon (61.5%)d
| Gold produced (000s oz attributable basis) | — | — | —% | — | 9 | (100%) |
| Gold produced (000s oz 100% basis) | — | — | —% | — | 15 | (100%) |
| Cost of sales ($/oz) | — | — | —% | — | 1,789 | (100%) |
| Total cash costs ($/oz)b | — | — | —% | — | 724 | (100%) |
| All-in sustaining costs ($/oz)b | — | — | —% | — | 779 | (100%) |
Pueblo Viejo (60%)
| Gold produced (000s oz attributable basis) | 93 | 98 | (5%) | 352 | 335 | 5% |
| Gold produced (000s oz 100% basis) | 155 | 164 | (5%) | 586 | 559 | 5% |
| BARRICK YEAR-END 2024 | 11 | PRESS RELEASE |
| Cost of sales ($/oz) 1,679 1,470 14% 1,576 | 1,418 | 11% | |||
| Total cash costs ($/oz)b | 1,030 | 957 8% | 1,005 | 889 13% | |
| All-in sustaining costs ($/oz)b 1,325 1,221 9% 1,323 | 1,249 | 6% |
Production and Cost Summary - Gold (continued)
12/31/24 09/30/24 Change 12/31/24 12/31/23 Change
Loulo-Gounkoto (80%)
| Gold produced (000s oz attributable basis) | 156 | 144 | 8% | 578 | 547 | 6% |
| Gold produced (000s oz 100% basis) | 196 | 180 | 8% | 723 | 683 | 6% |
| Gold produced (000s oz 100% basis) | 177 | 159 | 13% | 686 | 763 | (10%) |
| Cost of sales ($/oz) 1,397 1,257 11% 1,218 1,198 2% | ||
|---|---|---|
| Total cash costs ($/oz)b | 923 | 865 7% 828 835 (1%) |
| All-in sustaining costs ($/oz)b 2,136 1,288 66% 1,304 1,166 12% | ||
| Kibali (45%) | ||
| Gold produced (000s oz attributable basis) 80 71 13% 309 343 (10%) |
| Cost of sales ($/oz) 1,413 1,441 (2%) 1,344 1,221 10% | ||||
|---|---|---|---|---|
| Total cash costs ($/oz)b | 966 | 978 (1%) 905 789 15% | ||
| All-in sustaining costs ($/oz)b 1,182 1,172 1% | 1,123 | 918 22% |
Veladero (50%)
| Gold produced (000s oz attributable basis) | 82 | 57 | 44% | 252 | 207 | 22% |
| Gold produced (000s oz 100% basis) | 165 | 113 | 44% | 505 | 414 | 22% |
| Cost of sales ($/oz) | 1,151 | 1,311 | (12%) | 1,254 | 1,440 | (13%) |
| Total cash costs ($/oz)b | 828 | 951 | (13%) | 905 | 1,011 | (10%) |
| All-in sustaining costs ($/oz)b | 1,191 | 1,385 | (14%) | 1,334 | 1,516 | (12%) |
Porgera (24.5%)e
| Gold produced (000s oz attributable basis) | 13 | 18 | (28%) | 46 | — | 100% |
| Gold produced (000s oz 100% basis) | 53 | 72 | (28%) | 188 | — | 100% |
| Cost of sales ($/oz) | 2,127 | 1,163 | 83% | 1,423 | — | 100% |
| Total cash costs ($/oz)b | 1,322 | 999 | 32% | 1,073 | — | 100% |
| All-in sustaining costs ($/oz)b | 2,967 | 1,214 | 144% | 1,666 | — | 100% |
Tongon (89.7%)
| Gold produced (000s oz attributable basis) | 39 | 28 | 39% | 148 | 183 | (19%) |
| Gold produced (000s oz 100% basis) | 43 | 32 | 39% | 165 | 204 | (19%) |
| Cost of sales ($/oz) | 1,405 | 2,403 | (42%) | 1,903 | 1,469 | 30% |
| Total cash costs ($/oz)b | 1,198 | 2,184 | (45%) | 1,670 | 1,240 | 35% |
| All-in sustaining costs ($/oz)b | 1,460 | 2,388 | (39%) | 1,867 | 1,408 | 33% |
Hemlo (100%)
| Gold produced (000s oz) | 39 | 30 | 30% | 143 | 141 | 1% |
| Cost of sales ($/oz) | 1,754 | 1,929 | (9%) | 1,754 | 1,589 | 10% |
| Total cash costs ($/oz)b | 1,475 | 1,623 | (9%) | 1,483 | 1,382 | 7% |
| All-in sustaining costs ($/oz)b | 1,689 | 2,044 | (17%) | 1,769 | 1,672 | 6% |
North Mara (84%)
| Gold produced (000s oz attributable basis) | 90 | 75 | 20% | 265 | 253 | 5% |
| Gold produced (000s oz 100% basis) | 107 | 89 | 20% | 315 | 302 | 5% |
| Cost of sales ($/oz) | 1,018 | 1,108 | (8%) | 1,266 | 1,206 | 5% |
| Total cash costs ($/oz)b | 771 | 850 | (9%) | 989 | 944 | 5% |
| All-in sustaining costs ($/oz)b | 1,098 | 1,052 | 4% | 1,274 | 1,335 | (5%) |
| BARRICK YEAR-END 2024 | 12 | PRESS RELEASE |