Bristow said the Q3 performance was an improvement on the previous quarter’s and Q4 is expected to be better. Despite the projected second half improvement, gold production is forecast to be marginally below the low end of
Q3 Results Release
BARRICK KEEPS KEY PROJECTS ON TRACK AND DELIVERS ANOTHER QUARTER OF IMPROVED PRODUCTION AND COSTS
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS
LONDON, November 2, 2023 — Barrick Gold Corporation Q3 GOLD PRODUCTION HIGHER (NYSE:GOLD)(TSX:ABX) — Barrick’s Q3 results showed AND COSTS LOWER THAN Q2 improved production at lower costs and confirmed its long term growth forecast. President and chief executive Mark Bristow said the Q3 performance was an improvement on the previous quarter’s and Q4 is expected to be better. STRONG Q3 FOR COPPER PRODUCTION Despite the projected second half improvement, gold POSITIONS BARRICK TO DELIVER production is forecast to be marginally below the low end of ON ANNUAL GUIDANCE our annual guidance range. Copper is comfortably on track to meet its guidance for production and costs.
Gold production in Q3 was higher than Q2 driven by
35% INCREASE* IN OPERATING CASH improved performances at Cortez, Turquoise Ridge and
FLOW TO OVER $1.1 BILLION Kibali. As previously disclosed, the ramp up at Pueblo Viejo is slower than planned. Barrick is engaged with original
- COMPARED TO Q2 2023
equipment suppliers to develop permanent solutions for their equipment failures. The 2024 Pueblo Viejo production forecast still exceeds 800,000 ounces (100% basis).1 The
FREE CASH FLOW3 INCREASED company also confirmed that the Notice of Availability for
BY $296 MILLION* TO $359 MILLION the Final Environmental Impact Statement for Goldrush was published on October 27.
- COMPARED TO Q2 2023
“Mining is a long game and we don’t manage Barrick by the quarter—our projection for a 30% increase in the production of gold-equivalent ounces by the end of this decade remains $0.10 PER SHARE DIVIDND intact,” he said.2 DECLARED FOR Q3 2023
CONTINUED ON PAGE 3
| 4 | 5 | 6 | 8 |
| SCOPE 3 | REKO DIQ | PORGERA | GROWTH |
| EMISSION | DEVELOPMENT | RESTART | PROJECTS |
TARGETS DRIVE VALUE
Key Performance Indicators
Financial and Operating Highlights Best Assets
- Q3 gold production higher and costs lower than Q2;
| Financial Results | Q3 2023 | Q2 2023 Q3 2022 |
|---|---|---|
| Realized gold price4,5 ($ per ounce) Net earnings ($ millions) Adjusted net earnings6 ($ millions) Net cash provided by operating activities ($ millions) Free cash flow3 ($ millions) Net earnings per share ($) Adjusted net earnings per share6 ($) Attributable capital expenditures7 ($ millions) | 1,928 368 418 1,127 359 | 1,972 1,722 305 241 336 224 832 758 63 (34) 0.17 0.14 0.19 0.13 588 609 |
| 0.21 | ||
| 0.24 | ||
| 589 | ||
| Operating Results | Q3 2023 | Q2 2023 Q3 2022 |
| Gold Production4 (000s of ounces) Cost of sales4,8 ($ per ounce) Total cash costs4,9 ($ per ounce) All-in sustaining costs4,9 ($ per ounce) | 1,039 1,277 912 1,255 | 1,009 988 1,323 1,226 963 891 1,355 1,269 |
| Copper Production4 (millions of pounds) Cost of sales4,8 ($ per pound) C1 cash costs4,10 ($ per pound) All-in sustaining costs4,10 ($ per pound) | 112 2.68 2.05 3.23 | 107 123 2.84 2.30 2.28 1.86 3.13 3.13 |
| Financial Position | As at 9/30/23 | As at As at 6/30/23 9/30/22 |
| Debt (current and long-term) ($ millions) Cash and equivalents ($ millions) Debt, net of cash ($ millions) | 4,775 4,261 514 | 4,774 5,095 4,157 5,240 617 (145) |
increased production from Cortez, Turquoise Ridge and Kibali
- Stronger Q4 expected with 2023 gold production marginally below the low end of guidance
- Pueblo Viejo equipment issues impact plant expansion project commissioning and ramp-up
- Strong Q3 for copper production positions Barrick to deliver on annual guidance
- Lumwana feasibility study on track for completion by end 2024, paving the way for near doubling of capacity
- Signing of Special Mining Lease and Mining Development Contract keeps Porgera on track for year end restart11
- Veladero Phase 7B leach pad expansion scheduled for completion in 2024
- Reko Diq feasibility study update on track for completion by end of 2024
- Strong brownfields drilling results at AME & LATAM Asia Pacific Tier One12 mines support expected replacement of 2023 reserve depletion
- Mineral resource definition at NGM support future three year reserve/resource replacement strategy
- Expanded exploration portfolio across South, Central and North America
Leader in Sustainability
- Scope 3 emissions reduction and engagement targets set
- Barrick complies with GISTM requirements for Extreme and Very High Consequence facilities in line with guidance
- Barrick continues to exceed its water re-use and recycling targets
- Malaria Incidence Rate13 26% below the comparable period from 2022
- Barrick pioneers mining industry in Pakistan hosting firstever Minerals Summit
- Barrick establishes schools, clinics and water plants in Balochistan
- Winnemucca Child Care and Early Learning Centre opened
Delivering Value
- 35% quarter on quarter increase in operating cash flow to over $1.1 billion
- Free cash flow3 increased by $296 million over Q2 to $359 million
- Debt, net of cash decreased to $514 million; net leverage near zero
- 24% increase in net earnings per share and 26% increase in adjusted net earnings per share6 to $0.24 for the quarter
- $0.10 per share dividend declared
BARRICK THIRD QUARTER 2023 2 PRESS RELEASE
CONTINUED FROM PAGE 1
Bristow described Barrick’s financial performance for the Barrick’s other key growth projects—the development of the quarter as strong, noting that operating cash flows grew by Reko Diq copper and gold mine in Pakistan, and the 35% to more than $1 billion, free cash flow3 was up expansion of the Lumwana copper mine in Zambia—are significantly to $359 million, net earnings per share increased making steady progress. Construction of Reko Diq is 24% to $0.21 per share and adjusted net earnings per share6 scheduled to start in 2025 targeting first production in 2028, rose 26% to $0.24 per share. The quarterly dividend was and Lumwana’s expansion is scheduled on the same maintained at 10 cents per share.
timetable. Reko Diq will rank among the world’s top 10 copper producers when it reaches full production, while the “Our robust balance sheet secures Barrick’s capacity to expanded Lumwana mine is forecast to produce at an annual continue to invest in growth projects, both new and existing. production rate of 240,000 tonnes of contained copper.14,15 These projects are not required to maintain our existing production profile; they’re exceptional opportunities to drive “Growing the copper portfolio is one of our strategic priorities, real long-term value creation, and our team has shown that and when these two mines are in full production, they will they’re more than capable of fully delivering on them,” promote Barrick to the premier league of copper producers Bristow said.
alongside its peerless gold portfolio. In the meantime, we’re using our very successful Jabal Sayid copper mine in Saudi Arabia as a springboard for the discovery of new
Q3 2023 Results Presentation
opportunities within the Kingdom and around the Red Sea to Egypt, where we believe the Arabian-Nubian Shield is poised Webinar and Conference Call to become a major new mining destination,” Bristow said.
Mark Bristow will host a live presentation of the results today at 11:00 AM ET, with an interactive webinar linked to a Barrick has aggressive exploration across its global portfolio, conference call. Participants will be able to ask questions. aiming both to sustain the company’s peerless record of reserves replacement, and to find its next million-ounce Go to the webinar discovery. Since the merger with Randgold Resources in US and Canada (toll-free), 1 800 319 4610 2019, Barrick has replaced 125% of its depleted reserves UK (toll-free), 0808 101 2791 (exclusive of divestments and acquisitions on a gold International (toll), +1 416 915 3239 equivalent basis).16
The Q3 2023 presentation materials will be available on Strong drill results at Nevada Gold Mines support its three- Barrick’s website at www.barrick.com and the webinar will year resource and replacement plan and, brownfields remain on the website for later viewing.
exploration is highlighting the potential in the Africa and Middle East region, and the exploration portfolios of South, Central and North America are being expanded.
BARRICK DECLARES Q3 DIVIDEND
Barrick today announced the declaration of a dividend of $0.10 per share for the third quarter of 2023. The dividend is consistent with the company’s Performance Dividend Policy announced at the start of 2022.
The Q3 2023 dividend will be paid on December 15, 2023 to dividend to our shareholders, whilst still ensuring adequate shareholders of record at the close of business on November liquidity to invest in our significant growth projects,” said 30, 2023. senior executive vice-president and chief financial officer Graham Shuttleworth.
“The continuing strength of our business and our balance sheet allows us to maintain the distribution of a robust
BARRICK THIRD QUARTER 2023 3 PRESS RELEASE
BARRICK SETS SCOPE 3 EMISSIONS TARGETS IN LINE WITH SUSTAINABILITY STRATEGY
Barrick has set Scope 3 emissions reduction targets to advance its responsible energy transitioning program in line with its integrated and holistic approach to sustainability management.
Scope 3 emissions are those generated outside the These targets are both quantitative and qualitative and are company’s operational control, associated with upstream and focused on high emission areas in our value chain as outlined downstream activities. Barrick has already established a below:
Scope 1 and 2 reduction target of 30% by 2030 against a 2018 baseline for its own operations while maintaining a Goods and Suppliers (Category 1):17 steady production profile, with the ultimate vision of achieving
- Quantitative Target: 30% emissions reduction of “Tier 1”
net zero by 2050.
suppliers (those suppliers that collectively account for 5% of Barrick’s total spend in this category) by 2030 Group sustainability executive Grant Beringer says effective against a 2022 Scope 3 base year;
Scope 3 action requires the combined efforts of producers,
- Qualitative Target: Incorporate 130 of our largest
suppliers and customers and must be backed by short-, suppliers by spend into our annual outreach (this medium- and long-term implementation plans.
includes our Tier 1 suppliers as well as chemical and metal fabricator suppliers) and engagement;
“As with Scope 1 and 2, we’ve set a clear Scope 3 roadmap, with targets that are achievable, measurable and based on • 2025 Target: Collect high-quality data for 50% of Tier 1 and chemical and metal fabricator suppliers through science rather than wishful thinking. After extensive supplier engagement, and refine emissions reduction targets by engagement and data collection, we’ve developed categorylevel targets for emissions hotspots that have the greatest 2025.
potential for action. These targets are both quantitative and Fuels and Energy (Category 3):17 qualitative. Qualitative targets, and the engagement that goes with them, are fundamental to progressing collective action • Quantitative Target: 20% reduction against a 2022 Scope and the evolution of data quality. As we improve our data 3 base year by 2030;
quality, we will review and refine our targets and the actions
- Qualitative Targets:
being taken to achieve them. In line with our partnership
- Collaborate towards new technologies to reduce
model, we are also helping suppliers to build the necessary fleet emissions; and management capacity,” he says.
- Engage with host governments where we consume power from national grids for continued renewable
Barrick president and chief executive Mark Bristow says the company’s climate strategy was a key component of its energy incorporation.
sustainability strategy, which is linked to the objectives of the Downstream Copper Processing (Category 10):17 United Nations Sustainable Development Goals (SDGs).
- Qualitative Target: Outreach and engagement of all
“Mining is integral to the achievement of the SDGs and downstream customers and smelters;
Barrick has long shown the way by making sustainability
- 2025 Target: Set emissions reduction target, covering
foundational to all our activities. This has included the early 75% of copper processing, by 2025.
creation of detailed and demonstrable emissions reduction roadmaps, with allocated capital, designed to deliver tangible progress towards our targets,” he says.
BARRICK THIRD QUARTER 2023 4 PRESS RELEASE
TURQUOISE RIDGE TURNAROUND DELIVERS 14% PRODUCTION INCREASE
Turquoise Ridge, one of Nevada Gold Mines’ Tier One12 mines, has increased production by 14% year on year against the same period in 2022, despite a planned shutdown, on the back of improved throughput and recovery at the Sage autoclave and a better underground performance. The mine is now well on track to achieve its annual guidance.
Nevada Gold Mines (NGM) managing director Peter provided additional ventilation. These improvements will Richardson says a new and rejuvenated leadership team had increase production and significantly reduce mining unit implemented a move from reactive to planned maintenance, costs.”
achieving a substantial improvement in maintenance compliance. The stabilization of the carbon-in-leach circuit Richardson says the lessons learned from the Turquoise has delivered a 6% improvement in the recovery rate year on Ridge performance achievements will be applied across the year. Nevada mines. A similar maintenance intervention is already under way at Carlin’s process facilities, with the first focus on “The now fully operational third shaft has increased the the Goldstrike autoclave.
mine’s hoisting capacity, shortened hauling distances and
REKO DIQ DEVELOPMENT CONTINUES TO PREPARE FOR EARLY WORK START
The feasibility study update for the Reko Diq project, which hosts the giant copper-gold deposit in Pakistan’s Balochistan province, continues to make good progress towards its scheduled completion by the end of next year.
During the past quarter there was a strong focus on Their disciplines are electrical engineering, civil engineering, delineating water supply for the mine from surrounding renewable energy and geology. Barrick is also working with aquifers. A seismic survey of aquifers in the surrounding area other partners to develop vocational and technical training has indicated significant potential for aquifer water to meet centres to ensure that as the project ramps up, people from the immediate water supply needs of the mine. Drilling has the surrounding area will be equipped to participate. Reko commenced to confirm the potential of these aquifers to meet Diq’s workforce, which will number more than 4,500 when the the long-term water supply needs of the mine. Reko Diq also mine is fully operational, will be assembled, with priority given is working with Fleet Space Technologies, whose passive to Balochistan locals and Pakistan nationals. Currently the seismic geodes are purpose-built to perform in extreme project workforce comprises 120 people with 70% from conditions, to map the basin geometry of the groundwater Balochistan.
systems.
In line with its commitment to sharing Reko Diq’s benefits with An investigation of the region’s existing rail network has the people of Balochistan from an early stage, Barrick has shown there are no capacity problems on the rail lines already commissioned three primary schools and supplied planned to be used by the mine during operation. The rail them with qualified teachers and educational material. The option is an efficient, environmentally friendly, and cost- schools have introduced young people, about half of them effective way to transport copper concentrate from the mine girls, to formal education. Similarly, it has partnered with the to the port in Qasim and consumables and equipment back to Indus Hospital and Healthcare Network (IHHN) to establish a the mine. Port Gwadar, in Balochistan, is being studied in community health centre in Reko Diq’s nearest neighbouring parallel with Qasim and is expected to be used in the future village. IHHN has donated a state-of-the-art mobile clinic, once required infrastructure is developed by the Government operationally funded by Reko Diq, to serve the community of Pakistan to connect this port and the Government while the Reko Diq funded Indus hospital is being set up. completes necessary port improvements.
In the meantime, Barrick is progressing project financing Last quarter Barrick launched its International Graduate discussions with potential lenders, with positive responses. Program in Pakistan, designed to cultivate a cadre of future The financing process is expected to be formally launched experts and leaders for the country’s fledgling mining before the end of the year and will run in tandem with the industry. Nine young graduates—four of them women—have updated feasibility study, which will form the basis of the been selected through a merit-driven process in Balochistan. funding.
BARRICK THIRD QUARTER 2023 5 PRESS RELEASE
SPECIAL MINING LEASE SIGNALS PORGERA RESTART
Governor General Sir Bob Dabae has granted a special mining lease to New Porgera Limited (NPL), clearing the way for Barrick to restart production at the gold mine, which has been on care and maintenance for three years.11
“It’s been a long road, but the end is now in sight. This follows the signing of a mining development contract and the conclusion of a fiscal stability agreement for New Porgera Negotiations between Barrick, the government and the other between the government and NPL. NPL has commenced stakeholders required patience and persistence but the spirit of partnership in which they were conducted eventually led to engagement with the mine property’s landowners to settle compensation agreements. an outcome acceptable to all. Barrick’s commitment to partnership with its host countries is also reflected in NPL’s ownership structure, which ensures the equitable sharing of Barrick president and chief executive Mark Bristow said subject to agreement on compensation, the mine was the value created by Porgera with all stakeholders,” he said. positioned to restart before the end of this year. Recruitment was being accelerated to employ the full workforce that will be required when the mine starts ramping up operations as soon as the compensation agreements are in place.
AS LOULO-GOUNKOTO SUSTAINS A STRONG PERFORMANCE, BARRICK HUNTS FOR NEW DISCOVERIES IN THE REGION
The Loulo-Gounkoto complex is set to maintain its status as one of the world’s top 10 gold producers as it stays on track to meet this year’s guidance and continues to grow reserves above annual mining depletion, says Barrick president and chief executive Mark Bristow.
Briefing local stakeholders including journalists recently, he with its host governments. Close relationships can over time noted that in the 26 years Barrick had been in the country, it be stressed by misconceptions but in the past we have had worked tirelessly with successive governments and local always been able to find solutions through open and partners to grow Mali’s mining industry and to promote it as a transparent dialogue. Mutually acceptable solutions can be global investment destination, in the face of many social and achieved if there is a genuine commitment to seek outcomes political challenges. that deliver real and long-term value for Mali and its people,” he said.
Over this time, Barrick has contributed almost $10 billion to the Malian economy in the form of taxes, royalties, salaries Meanwhile, exploration teams continue to find new growth and payments to local suppliers. Some 70% of the economic opportunities in the very prospective Loulo-Gounkoto region. benefit currently generated by the complex goes to its Malian Updated geological models have already identified new highstakeholders. Loulo-Gounkoto has contributed between 5% priority targets with the potential of delivering the next and 10% to the Malian GDP over the past 10 years. generation of major discoveries.
Barrick has also developed a previously non-existent mining “We remain committed to Mali and, as we invest in future skills base in the region and Loulo-Gounkoto’s entire growth here, we look forward to maintaining a mutually management team are citizens of Mali. “Mali was the beneficial partnership with the authorities and our in-country birthplace of Barrick’s philosophy of genuine partnerships stakeholders,” Bristow said.
BARRICK THIRD QUARTER 2023 6 PRESS RELEASE
KIBALI DRIVES SUSTAINABLE VALUE CREATION THROUGH PARTNERSHIPS
The planned third-quarter ramp-up at Kibali, Africa’s largest gold mine, has positioned it strongly to achieve its production guidance for the year, maintaining Barrick’s track record of delivery in the Democratic Republic of Congo.
Speaking to journalists and local stakeholders in Kinshasa, “As Barrick has shown, responsible mining has the unique ability to make a transformative impact on the economies of president and chief executive Mark Bristow said Kibali was also well on its way to again replace the ounces mined during developing and underdeveloped countries. It is a force for the year, with positive results from both KCD underground good for all its stakeholders, especially host countries and communities, and that force is amplified when there is a and Mengu Hill cut-back and good progress with the development of the KCD 11000 lode decline expected to yield genuine partnership between miners and governments,” he further resource to reserve conversions. said.
Kibali derives most of its energy needs from its three These include Cahier des Charge, part of our social hydropower stations with plans for a 16MW solar farm with a development program aligned with the Mining Code, which battery energy storage system to augment the hydropower has launched eleven projects this year with seven nearing supply during the dry season well under way. Following completion. Barrick’s investment in this program will total $8.9 completion of this project, the mine will run entirely on million over five years. Additionally, the mine’s community renewable energy for six months of the year reducing its development fund, which contributes 0.3% of revenue to greenhouse gas emissions by 19.7kt CO2e annually. projects, now has 44 projects under its wing.
Part of the World Gold Council’s new documentary, GOLD: A Kibali also continues to lead the way in biodiversity, with an Journey with Idris Elba, released on YouTube, was filmed at assessment under way for the transfer of a further 30 white Kibali. Bristow said the mine was driving sustainable value rhinos to the Garamba National Park, where 16 were recreation through local partnerships, spending over $180 introduced earlier this year by a Barrick-led initiative.
million with Congolese suppliers in the year to date and continuing to invest in community development programs.
TWIGA PARTNERSHIP SHOWS THE TRANSFORMATIVE IMPACT OF MINING
Barrick and the Tanzanian government are demonstrating how mining can be an enormous force for good when miners and their host governments work together to create sustainable value for all stakeholders, says president and chief executive Mark Bristow.
Speaking to media and other local stakeholders at Loulo Gold In the same spirit of partnership, work has begun on the $30 million investment by Barrick in improving the country’s mine recently, Bristow said Barrick’s pioneering Twiga partnership with the government, which equally shares the education facilities, and we are finalizing the details for a economic benefits generated by the North Mara and further $40 million roadbuilding program.
Bulyanhulu mines, should be a model for successful cooperation, notably in developing countries. Not only is Both mines are well on track to achieve their production Barrick now the largest contributor to the Tanzanian economy guidance for 2023 as well as to replace reserves depleted by through taxes, salaries, dividends, payments to local mining. In the meantime, exploration across Barrick’s licence suppliers, and investment in community projects, but it is also areas has highlighted new development opportunities across proving the country’s investability to other international mining these areas, including a potential new underground mine at companies. North Mara.
Since taking over the two moribund mines in 2019, Barrick “Our Twiga partnership is not only adding value to the has transformed them into a world-class gold mining complex Tanzanian economy but to the quality of the lives of the making a substantial contribution to the company’s bottom communities around its mines as they continue to grow. Our line. In that time, it has contributed more than $3 billion to the continued engagement with these communities and their Tanzanian economy, with Twiga this year recognized as the village leaders, local NGOs and human rights organizations largest dividend payer of all the companies in which the demonstrates Barrick’s partnership philosophy and our government has an interest. The mines spent 84% of their commitment to upholding human rights standards in the procurement budgets with local companies, and Tanzanian regions in which we operate,” Bristow said.
citizens account for 96% of their workforce.
BARRICK THIRD QUARTER 2023 7 PRESS RELEASE
BARRICK STRENGTHENS ZAMBIA PARTNERSHIP, INVESTS IN MAJOR EXPANSION OF LUMWANA MINE
Barrick’s transformation of its Lumwana mine into a world-class producer will provide strong impetus for the government’s thrust to revive the country’s copper industry, president and chief executive Mark Bristow said in Lusaka after a recent meeting with Zambian President Hakainde Hichilema.
Barrick is investing almost $2 billion in an expansion project Last year Barrick launched a Business Accelerator Program aimed at building business capacity for the Zambian designed to increase Lumwana’s annual production to an estimated 240,000 tonnes of copper from a 50 million tonne contractors in Lumwana’s supply chain and to support them per annum process plant over a 36-year life of mine, in effecting their own growth plans. It is also partnering with the country’s Ministry of Small and Medium Enterprises to elevating this once-unprofitable operation into the front rank of copper producers. The project’s accelerated work program support the development of these businesses.
is targeting completion of the full feasibility study by the end Looking at Lumwana’s current performance, Bristow said it of 2024, bringing expected expanded process plant production forward to 2028. was on track to deliver its production guidance for 2023 and was ramping up mining with both the reopening of the Since the merger of Barrick and Randgold in 2019, Lumwana Malundwe pit as well as delivery of the new owner mining has contributed almost $3 billion to the Zambian economy in pre-stripping fleet.
the form of taxes, royalties, salaries and the procurement of goods and services. In addition to its local procurement President Hakainde Hichilema said he was elated by the policy, the company is also committed to local employment, news of the planned expansion. “This is a show of confidence and 99.3% of Lumwana’s current workforce are Zambian in our New Dawn government by one of the world’s leading nationals. mining companies. Our laser focus is on establishing Zambia as a global mining destination. We have also set ourselves “Barrick believes that its host countries are its key the target of producing 3 million tonnes of copper by 2030. stakeholders and that partnering with them creates Barrick is a key strategic partner on this journey.”
sustainable value for both of us. In Zambia as elsewhere in our global network, we seek to share the economic benefits generated by our mines with the countries’ governments and people, notably our neighbouring communities,” Bristow said.
BARRICK’S EMBEDDED GROWTH PROJECTS TO DRIVE VALUE WITH 30% RISE IN PRODUCTION
With the potential embedded in its growth project portfolio, Barrick plans to double its copper production by the end of the decade and continue to increase it to an estimated 1 billion pounds or 450,000 tonnes of copper per annum by 2031, says president and chief executive Mark Bristow.2
Speaking to investors on an update call, Bristow said this mine.14,15 As a result of the progress the accelerated substantial growth in copper production combined with the Lumwana work program is now targeting to complete a full output from Barrick’s sector-leading gold portfolio was feasibility study by the end of 2024, which brings forward our expected to increase the group’s attributable production by expected production from the Super Pit to 2028. The Reko some 30% to 6.8 million gold-equivalent ounces by 2031.2,18 Diq project also remains on track to deliver an updated feasibility study by the end of 2024. Together, the Reko Diq “The value of these projects, and in particular of our and Lumwana Super Pit feasibility studies will underpin substantial and growing copper business, is currently potential 2024 reserve updates as an indicator of the underestimated by the market. If it was properly appreciated, transition to construction”.
Barrick would be commanding a premium to our peers,” he said. “Within our gold growth portfolio, the wholly-owned Fourmile project is a best-in-class development project located in the Mineral resource management and evaluation executive world’s most prolific gold district adjacent to existing Simon Bottoms said “Reko Diq in Pakistan is positioned to infrastructure, with ongoing drilling demonstrating significant rank as one the world’s top 10 copper mines when it reaches potential to increase in grade and size. Accordingly, we are full production, and the pre-feasibility study on the Lumwana assessing options for independent exploration decline access Super Pit Expansion is projected to deliver a potential of in support of a pre-feasibility study, which would later be re- 240,000 tonnes of copper production per annum from a 50 utilised for development and production complementing the million tonne process plant expansion over a 36-year life of current Goldrush development. The results of our preliminary
BARRICK THIRD QUARTER 2023 8 PRESS RELEASE
economic assessment indicate that this could support a million ounce potential growth opportunities at Cricket potential production profile of 300,000-400,000 ounces per Corridor to the east, BBT Corridor to the south, and Getchell annum, over and above the existing Cortez profile of 0.95-1.1 Fault zone to the west. This will potentially further add to the million ounces per year (100% basis) over 10 years,” says existing 10-year production profile of 550,000-750,000 Bottoms.2,19 ounces per year (100% basis).2
Bristow said Nevada Gold Mines, the world’s largest gold In Latin America, the Pueblo Viejo expansion project is mining complex, was expected to grow its annual production transforming a Tier One mine headed for closure into a longto 3.7 million ounces (100% basis) towards the end of the life, low-cost producer.20 While in Papua New Guinea, we are decade driven by our three Tier One assets and near-mine working towards the restart of Porgera by the end of this year, exploration pointed to the extension of that horizon to 15 and restarted drilling will target the resource definition of the years and beyond.2,12 Wangima Pit, with similar geology to the existing underground and open pit, which has the potential to underpin an In the Carlin District, the current 10-year production profile is approximately 20 year mine life.21 expected to be between 1.4-1.6 million ounces per year (100% basis), and we have identified an exciting potential “The Africa and Middle East region, our most consistent high-grade opportunity at Horsham, on the northeast side of production and reserve replacement performer, now also the known high-grade controlling structures in the Leeville presents us with the exciting growth opportunities as we Complex, that we will advance over the next few years, and is leverage our partnership model in Tanzania and Saudi expected to extend this profile well past the 10-year window.2 Arabia,” Bristow said.
Similarly at Turquoise Ridge, we expect to build on the already significant reserves and resources base with multi-
BARRICK THIRD QUARTER 2023 9 PRESS RELEASE
2023 Operating and Capital Expenditure Guidance
GOLD PRODUCTION AND COSTS
2023 forecast 2023 forecast cost 2023 forecast total 2023 forecast all-in attributable production of sales8 ($/oz) cash costs9 ($/oz) sustaining costs9 ($/oz) (000s oz)
Carlin (61.5%) 910 - 1,000 1,030 - 1,110 820 - 880 1,250 - 1,330 Cortez (61.5%)22 580 - 650 1,080 - 1,160 680 - 740 930 - 1,010
Turquoise Ridge (61.5%) 300 - 340 1,290 - 1,370 900 - 960 1,170 - 1,250
Phoenix (61.5%) 100 - 120 1,860 - 1,940 880 - 940 1,110 - 1,190
Long Canyon (61.5%) 0 - 10 2,120 - 2,200 730 - 790 1,080 - 1,160
Nevada Gold Mines (61.5%) 1,900 - 2,100 1,140 - 1,220 790 - 850 1,140 - 1,220
Hemlo 150 - 170 1,400 - 1,480 1,210 - 1,270 1,590 - 1,670
North America 2,100 - 2,300 1,160 - 1,240 820 - 880 1,170 - 1,250
Pueblo Viejo (60%) 470 - 520 1,130 - 1,210 710 - 770 960 - 1,040
Veladero (50%) 160 - 180 1,630 - 1,710 1,060 - 1,120 1,550 - 1,630 Porgera (47.5%)11 — — — —
Latin America & Asia Pacific 630 - 700 1,260 - 1,340 800 - 860 1,110 - 1,190
Loulo-Gounkoto (80%) 510 - 560 1,100 - 1,180 750 - 810 1,070 - 1,150
Kibali (45%) 320 - 360 1,080 - 1,160 710 - 770 880 - 960
North Mara (84%) 230 - 260 1,120 - 1,200 900 - 960 1,240 - 1,320
Bulyanhulu (84%) 160 - 190 1,230 - 1,310 880 - 940 1,160 - 1,240
Tongon (89.7%) 180 - 210 1,260 - 1,340 1,070 - 1,130 1,240 - 1,320
Africa & Middle East 1,450 - 1,600 1,130 - 1,210 820 - 880 1,080 - 1,160
Total Attributable to Barrick23,24,25 4,200 - 4,600 1,170 - 1,250 820 - 880 1,170 - 1,250
COPPER PRODUCTION AND COSTS
2023 forecast 2023 forecast cost 2023 forecast C1 2023 forecast all-in attributable production of sales8 ($/lb) cash costs10 ($/lb) sustaining costs10 ($/lb) (Mlbs)
Lumwana 260 - 290 2.45 - 2.75 2.00 - 2.20 3.20 - 3.50
Zaldívar (50%) 100 - 110 3.40 - 3.70 2.60 - 2.80 2.90 - 3.20
Jabal Sayid (50%) 65 - 75 1.80 - 2.10 1.50 - 1.70 1.60 - 1.90 Total Attributable to Barrick25 420 - 470 2.60 - 2.90 2.05 - 2.25 2.95 - 3.25
ATTRIBUTABLE CAPITAL EXPENDITURES
($ millions)
Attributable minesite sustaining7 1,450 - 1,700 Attributable project7 750 - 900 Total attributable capital expenditures7 2,200 - 2,600
2023 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS
2023 Guidance Impact on EBITDA26 Impact on TCC and Hypothetical Change Assumption (millions) AISC9,10 Gold price sensitivity $1,650/oz +/- $100/oz ‘+/-$590 ‘+/-$5/oz
Copper price sensitivity $3.50/lb +/- $0.25/lb ‘+/- $110 ‘+/-$0.01/lb
Refer to page 13 of Barrick’s Q3 2023 MD&A for the latest full year 2023 outlook.
BARRICK THIRD QUARTER 2023 10 PRESS RELEASE
Production and Cost Summary - Gold
Nevada Gold Mines LLC (61.5%)a
| Gold produced (000s oz attributable basis) | 478 | 458 | 4 % | 425 | 12 % |
| Gold produced (000s oz 100% basis) | 777 | 744 | 4 % | 691 | 12 % |
| Cost of sales ($/oz) | 1,273 | 1,357 | (6) % | 1,242 | 2 % |
| Total cash costs ($/oz)b | 921 | 1,009 | (9) % | 924 | 0 % |
| All-in sustaining costs ($/oz)b | 1,286 | 1,388 | (7) % | 1,333 | (4) % |
Carlin (61.5%)c
| Gold produced (000s oz attributable basis) | 230 | 248 | (7) % | 229 | 0 % |
| Gold produced (000s oz 100% basis) | 374 | 403 | (7) % | 372 | 0 % |
| Cost of sales ($/oz) | 1,166 | 1,240 | (6) % | 1,137 | 3 % |
| Total cash costs ($/oz)b | 953 | 1,013 | (6) % | 943 | 1 % |
| All-in sustaining costs ($/oz)b | 1,409 | 1,407 | 0 % | 1,304 | 8 % |
Cortez (61.5%)c
| Gold produced (000s oz attributable basis) | 137 | 110 | 25 % | 98 | 40 % |
| Gold produced (000s oz 100% basis) | 224 | 178 | 25 % | 160 | 40 % |
| Cost of sales ($/oz) | 1,246 | 1,346 | (7) % | 1,056 | 18 % |
| Total cash costs ($/oz)b | 840 | 972 | (14) % | 770 | 9 % |
| All-in sustaining costs ($/oz)b | 1,156 | 1,453 | (20) % | 1,426 | (19) % |
Turquoise Ridge (61.5%)
| Gold produced (000s oz attributable basis) | 83 | 68 | 22 % | 62 | 34 % |
| Gold produced (000s oz 100% basis) | 134 | 112 | 22 % | 102 | 34 % |
| Cost of sales ($/oz) | 1,300 | 1,466 | (11) % | 1,509 | (14) % |
| Total cash costs ($/oz)b | 938 | 1,088 | (14) % | 1,105 | (15) % |
| All-in sustaining costs ($/oz)b | 1,106 | 1,302 | (15) % | 1,423 | (22) % |
Phoenix (61.5%)
| Gold produced (000s oz attributable basis) | 26 | 29 | (10) % | 30 | (13) % |
| Gold produced (000s oz 100% basis) | 42 | 46 | (10) % | 47 | (13) % |
| Cost of sales ($/oz) | 2,235 | 2,075 | 8 % | 1,964 | 14 % |
| Total cash costs ($/oz)b | 1,003 | 948 | 6 % | 953 | 5 % |
| All-in sustaining costs ($/oz)b | 1,264 | 1,132 | 12 % | 1,084 | 17 % |
Long Canyon (61.5%)
| Gold produced (000s oz attributable basis) | 2 | 3 | (33) % | 6 | (67) % |
| Gold produced (000s oz 100% basis) | 3 | 5 | (33) % | 10 | (67) % |
| Cost of sales ($/oz) | 1,832 | 1,640 | 12 % | 1,769 | 4 % |
| Total cash costs ($/oz)b | 778 | 637 | 22 % | 662 | 18 % |
| All-in sustaining costs ($/oz)b | 831 | 677 | 23 % | 684 | 21 % |
Pueblo Viejo (60%)
| Gold produced (000s oz attributable basis) | 79 | 77 | 3 % | 121 | (35) % |
| Gold produced (000s oz 100% basis) | 131 | 128 | 3 % | 202 | (35) % |
| Cost of sales ($/oz) | 1,501 | 1,344 | 12 % | 1,097 | 37 % |
| Total cash costs ($/oz)b | 935 | 840 | 11 % | 733 | 28 % |
| All-in sustaining costs ($/oz)b | 1,280 | 1,219 | 5 % | 1,063 | 20 % |
| BARRICK THIRD QUARTER 2023 | 11 | PRESS RELEASE |
Production and Cost Summary - Gold (continued)
Loulo-Gounkoto (80%)
| Gold produced (000s oz attributable basis) | 142 | 141 | 1 % | 130 | 9 % |
| Gold produced (000s oz 100% basis) | 176 | 176 | 1 % | 162 | 9 % |
| Cost of sales ($/oz) | 1,087 | 1,150 | (5) % | 1,220 | (11) % |
| Total cash costs ($/oz)b | 773 | 801 | (3) % | 845 | (9) % |
| All-in sustaining costs ($/oz)b | 1,068 | 1,245 | (14) % | 1,216 | (12) % |
Kibali (45%)
| Gold produced (000s oz attributable basis) | 99 | 87 | 14 % | 83 | 19 % |
| Gold produced (000s oz 100% basis) | 221 | 195 | 14 % | 184 | 19 % |
| Cost of sales ($/oz) | 1,152 | 1,269 | (9) % | 1,047 | 10 % |
| Total cash costs ($/oz)b | 694 | 797 | (13) % | 731 | (5) % |
| All-in sustaining costs ($/oz)b | 801 | 955 | (16) % | 876 | (9) % |
Veladero (50%)
| Gold produced (000s oz attributable basis) | 55 | 54 | 2 % | 41 | 34 % |
| Gold produced (000s oz 100% basis) | 111 | 108 | 2 % | 83 | 34 % |
| Cost of sales ($/oz) | 1,376 | 1,424 | (3) % | 1,430 | (4) % |
| Total cash costs ($/oz)b | 988 | 999 | (1) % | 893 | 11 % |
| All-in sustaining costs ($/oz)b | 1,314 | 1,599 | (18) % | 1,570 | (16) % |
Porgera (47.5%)d
| Gold produced (000s oz attributable basis) | — | — | — % | — | — % |
| Gold produced (000s oz 100% basis) | — | — | — % | — | — % |
| Cost of sales ($/oz) | — | — | — % | — | — % |
| Total cash costs ($/oz)b | — | — | — % | — | — % |
| All-in sustaining costs ($/oz)b | — | — | — % | — | — % |
Tongon (89.7%)
| Gold produced (000s oz attributable basis) | 47 | 44 | 7 % | 41 | 15 % |
| Gold produced (000s oz 100% basis) | 53 | 49 | 7 % | 46 | 15 % |
| Cost of sales ($/oz) | 1,423 | 1,514 | (6) % | 1,744 | (18) % |
| Total cash costs ($/oz)b | 1,217 | 1,380 | (12) % | 1,462 | (17) % |
| All-in sustaining costs ($/oz)b | 1,331 | 1,465 | (9) % | 1,607 | (17) % |
Hemlo
| Gold produced (000s oz) | 31 | 35 | (11) % | 28 | 11 % |
| Cost of sales ($/oz) | 1,721 | 1,562 | 10 % | 1,670 | 3 % |
| Total cash costs ($/oz)b | 1,502 | 1,356 | 11 % | 1,446 | 4 % |
| All-in sustaining costs ($/oz)b | 1,799 | 1,634 | 10 % | 1,865 | (4) % |
North Mara (84%)
| Gold produced (000s oz attributable basis) | 62 | 64 | (3) % | 71 | (13) % |
| Gold produced (000s oz 100% basis) | 73 | 77 | (3) % | 84 | (13) % |
| Cost of sales ($/oz) | 1,244 | 1,208 | 3 % | 956 | 30 % |
| Total cash costs ($/oz)b | 999 | 942 | 6 % | 737 | 36 % |
| All-in sustaining costs ($/oz)b | 1,429 | 1,355 | 5 % | 951 | 50 % |
| BARRICK THIRD QUARTER 2023 | 12 | PRESS RELEASE |