company’s 10-year production forecast and its growth profile. Announcing Barrick’s results for the 2022 year and Q4, president and chief executive Mark Bristow said the company had always believed that discovering ounces was better than buying them
Q4 Results Release
SIGNIFICANT INCREASE IN RESERVES AND RESOURCES CONTINUES TO DRIVE BARRICK’S INDUSTRY-LEADING PRODUCTION GROWTH PROFILE
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS SIGNIFICANT GROWTH IN
TORONTO, February 15, 2023 — Barrick Gold Corporation’s
GOLD RESERVES AND RESOURCES strategy of investing in organic growth through exploration and mineral resource management more than replaced gold reserves for the second straight year and significantly increased copper resources year on year, providing further support for both the company’s 10-year production forecast and its growth profile.
Announcing Barrick’s results for the 2022 year and Q4, president COMPLETED RECONSTITUTION
OF REKO DIQ PROJECT
and chief executive Mark Bristow said the company had always believed that discovering ounces was better than buying them at a premium in a sector where reserves and resources were diminishing.
“Our continued success in not only replenishing but also unlocking significant value in our asset base shows the unmatched potential
COPPER RESOURCE GROWTH of our organic growth pipeline,” he said.
DRIVEN BY LUMWANA SUPER PIT AND REKO DIQ Barrick returned a record $1.6 billion to shareholders in 2022 through dividends and share buybacks and has announced a further share buyback program of up to $1 billion for the next twelve months.1 During the past quarter, Moody’s upgraded the company’s long-term corporate credit rating from Baa1 to A3, making Barrick the highest-rated company in the gold mining THIRD SHAFT COMMISSIONED
AT TURQUOISE RIDGE
sector.
A stronger Q4 operational performance, notably from Cortez and Carlin in Nevada, Pueblo Viejo in the Dominican Republic and Tongon in Côte d’Ivoire, contributed to annual gold production of more than 4.1 million ounces2 in a year impacted by infrastructural
RECORD RETURNS
issues at Turquoise Ridge in Nevada and the replacement of the rock winder at Kibali in the Democratic Republic of Congo.
Copper production from Lumwana in Zambia and Jabal Sayid in TO SHAREHOLDERS IN 2022 Saudi Arabia was well within guidance.
CONTINUED ON PAGE 3
| 4 | 6 | 7 | 8 |
| RESOURCES | AFRICA & | GREENING THE | ALL-TERRAIN |
| AND RESERVES | MIDDLE EAST | GRID IN NEVADA | WOMAN |
GROW REGION SHINES AGAIN
Key Performance Indicators
Financial and Operating Highlights Best Assets
| Financial Results | Q4 2022 | Q3 2022 | 2022 | 2021 |
| Realized gold price2,3 ($ per ounce) | 1,728 | 1,722 | 1,795 | 1,790 |
| Net earnings ($ millions) | (735) | 241 | 432 | 2,022 |
| Adjusted net earnings4 ($ millions) | 220 | 224 | 1,326 | 2,065 |
| Net cash provided by operating activities ($ millions) | 795 | 758 | 3,481 | 4,378 |
| Free cash flow5 ($ millions) | (96) | (34) | 432 | 1,943 |
| Net earnings per share ($) | (0.42) | 0.14 | 0.24 | 1.14 |
| Adjusted net earnings per share4 ($) | 0.13 | 0.13 | 0.75 | 1.16 |
| Attributable capital expenditures6,7 ($ millions) | 743 | 609 | 2,417 | 1,951 |
| Operating Results | Q4 2022 | Q3 2022 | 2022 | 2021 |
| Gold | ||||
| Production2 (thousands of ounces) | 1,120 | 988 | 4,141 | 4,437 |
| Cost of sales2,8 ($ per ounce) | 1,324 | 1,226 | 1,241 | 1,093 |
| Total cash costs2,9 ($ per ounce) | 868 | 891 | 862 | 725 |
| All-in sustaining costs2,9 ($ per ounce) | 1,242 | 1,269 | 1,222 | 1,026 |
| Copper | ||||
| Production2 (millions of pounds) | 96 | 123 | 440 | 415 |
| Cost of sales2,10 ($ per pound) | 3.19 | 2.30 | 2.43 | 2.32 |
| C1 cash costs2,11 ($ per pound) | 2.25 | 1.86 | 1.89 | 1.72 |
| All-in sustaining costs2,11 ($ per pound) | 3.98 | 3.13 | 3.18 | 2.62 |
- Tier One12 assets deliver significant growth in gold reserves and resources
- Completed the reconstitution of the Reko Diq project — one of the world’s largest undeveloped gold and copper deposits
- Copper resource growth driven by Lumwana Super Pit and Reko Diq
- Stronger Q4 performance from Cortez, Carlin and Tongon results in full year gold production of 4.14 million ounces2
- Record throughput at Pueblo Viejo; reserve growth delivers a 20+ year life of mine13
- Commissioning of Pueblo Viejo plant expansion has commenced
- Goldrush permitting moves forward another step with Notice of Availability briefing package submitted
- Turquoise Ridge Third Shaft commissioned
- Strong drilling intersections across brownfields portfolio confirms growth potential (Dorothy, Morro Escondido, Gara West, Jabal Sayid, North Mara, Greater Leeville), while greenfields work continues to develop a pipeline of exciting targets
Leader in Sustainability
- Group-wide safety review prioritises Journey to Zero roadmap
- Zero Class 114 or high significance environmental incidents
- Greenhouse gas emissions reduction roadmap on track
- Water management recycling targets achieved
Q4 and Full Year 2022 Results Presentation
- Rhino reintroduction project contributes another
Webinar and Conference Call
significant biodiversity component to the greater Garamba nature initiative President and CEO Mark Bristow will host a live presentation today at 11:00 EST / 16:00 UTC, with an interactive webinar linked to a conference call. Participants will be able to ask
Delivering Value
questions.
- Moody’s upgrades Barrick’s long-term credit
Go to the webinar rating from Baa1 to A3, making Barrick the US and Canada (toll-free), 1 800 319 4610 highest-rated company in the gold mining UK (toll-free), 0808 101 2791 industry International (toll), +1 416 915 3239
- Strategic repurchase of long-term debt at a
The presentation materials will be available on Barrick’s discount to par reduces future interest payments website at www.barrick.com and the webinar will remain on the website for later viewing. ▪ Record returns of $1.6 billion to shareholders in 2022
BARRICK YEAR-END 2022 2 PRESS RELEASE
CONTINUED FROM PAGE 1
In one of the most significant developments of the year, work and Greater Leeville in Nevada, Gara West in Mali, North has started on the development of the massive Reko Diq Mara in Tanzania, and Jabal Sayid in Saudi Arabia. copper-gold project in the Balochistan province of Pakistan. Greenfields exploration continues to deliver new opportunities Reko Diq is expected to double the size of the company’s across Barrick’s expanding global footprint.
copper production capacity when it is commissioned in 2028.
Barrick owns 50% of the project, and will operate it, with the “The past year has seen a further deterioration in geopolitics balance shared by the Government of Balochistan and three and the dawn of a new era of high inflation, high interest rates Pakistani state-owned enterprises. and high risk. In this period of global uncertainty, gold outperformed most asset classes. Barrick is the largest gold Another major project, the expansion of Pueblo Viejo’s miner in the United States and in Africa. If you factor in the process plant and the establishment of a new tailings storage ounces produced under our management,15 we’re the largest facility, also continued to advance. Bristow noted that despite in the world. We’ve been building our copper portfolio and the presence of over 4,500 additional construction workers on when Reko Diq comes on stream it will lift us into the premier the site, the mill achieved a record throughput for the fourth league of copper producers. Given these resources, our successive year, with production well within guidance. proven strategy and our global expertise, I believe the case for Reserve growth has added more than 20 years to the life of investment in Barrick is becoming increasingly compelling,” this Tier One mine. Bristow said.
On the exploration front, drilling across Barrick’s brownfields portfolio has confirmed significant growth potential at Dorothy
Q4 DIVIDEND DECLARED WITH RECORD ANNUAL RETURNS TO SHAREHOLDERS IN 2022
Barrick today declared of a dividend of $0.10 per share for the fourth quarter of 2022. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q4 2022 dividend will be paid on March 15, 2023 to shareholders of record at the close of business on February 28, 2023.
“On the back of the company’s continuing strong operating In addition to the dividends paid in 2022, Barrick repurchased 24.25 million shares under the share buyback program that performance, through the combination of the performance was announced in February 2022. As a result, $1.6 billion of dividend policy and share buyback program, we have once again provided shareholders with record annual returns,” said cash was returned to shareholders through dividends and share buybacks during the year, exceeding the record $1.4 senior executive vice-president and chief financial officer billion of distributions made in 2021. Graham Shuttleworth.
BARRICK ANNOUNCES NEW SHARE BUYBACK PROGRAM
Barrick plans to undertake a new share repurchase program to buy back additional common shares.
Barrick’s Board of Directors has authorized a new program for the New York Stock Exchange using a variety of methods, including open market purchases, as well as by any other the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months at means permitted under the rules of the U.S. Securities and prevailing market prices in accordance with applicable law. In Exchange Commission and other applicable legal connection with the new share repurchase program, Barrick requirements.
has terminated the share repurchase program announced by the Company on February 16, 2022. The Company Barrick believes that, from time to time, the market price of its repurchased $424 million in common shares under its 2022 common shares trade at prices that may not adequately share repurchase program. reflect their underlying value. The actual number of shares that may be purchased, if any, and the timing of such “After the success of last year’s buyback program, this new purchases, will be determined by Barrick based on a number program gives us a further opportunity to repurchase our of factors, including the Company’s financial performance, the shares when we believe that they are trading in a price range availability of cash flows, and the consideration of other uses that does not reflect the value of the Company’s mining and of cash, including capital investment opportunities, returns to financial assets and future business prospects,” said Mark shareholders, and debt reduction.
Bristow, President and Chief Executive. “We continue to have the financial strength to undertake this program.” The repurchase program does not obligate the Company to acquire any particular number of common shares, and the Under the program, repurchases can be made from time to program may be suspended or discontinued at any time at the time through published markets in the United States such as Company’s discretion.
BARRICK YEAR-END 2022 3 PRESS RELEASE
SIGNIFICANT INCREASE IN RESOURCES AND RESERVES UNDERPINS INDUSTRY-LEADING PRODUCTION PROFILE GROWTH
Barrick grew attributable proven and probable gold mineral reserves by 6.7 million ounces net of depletion in 2022, while maintaining grade despite an increase in the reserve price assumption.
Reported at $1,300/oz16, attributable proven and probable President and chief executive Mark Bristow said in a sector of mineral reserves now stand at 76 million ounces17 at 1.67g/t, diminishing reserves and resources, Barrick’s strategy of increasing from 69 million ounces18 at 1.71g/t reported at investing in organic growth through exploration and mineral $1,200/oz16 in 2021. Led by Pueblo Viejo and the Africa & resource management has replenished and delivered Middle East region, Barrick has now delivered a second significant value within the company’s asset base.
consecutive year of gold reserve growth over and above annual depletion, with nearly 12 million ounces17 of “While we continue to evaluate all new opportunities against attributable proven and probable reserve gains in 2022 before our strategic filters, we have always believed that finding our ounces is better than buying them, and this year’s resource depletion.
and reserve statement showcases the unmatched potential of Successful exploration at both the Lumwana and Jabal Sayid our organic growth pipeline,” said Bristow.
mines drove the growth of attributable proven and probable copper reserves by 640 million pounds17, notwithstanding an Mineral Resource Management and Evaluation Executive increase in the annual reserve price assumption to $3.00/lb.16 Simon Bottoms stated that basing the company’s reserve As a result, Barrick replaced 103% of annual global depletion calculations at a price of $1,300/oz for gold16 and $3.00/lb for copper16 underpins our focus on quality assets.
at consistent quality, effectively maintaining attributable proven and probable copper mineral reserves of 12 billion pounds17 at 0.38% in 2022. “The substantial growth in our mineral resources lays the long-term foundation to potentially grow our current Total attributable gold mineral resources grew by nearly 10% attributable production profile of approximately 5.5 million gold relative to 2021, and total attributable copper mineral equivalent ounces19 per year to approximately 6.5 million gold equivalent ounces19 per year by the end of this decade, which resources more than doubled, growing by 124% year over year, both net of annual depletion. This growth was driven by would include production from Reko Diq and the Lumwana the successful completion of a preliminary economic Super Pit,” said Bottoms.
assessment supporting the Lumwana Super Pit expansion, In Africa, the Tier One operations led the growth in 2022 and the incorporation of Reko Diq following the reconstitution of the project in December 2022. Attributable measured and reserves, where Kibali completed an updated underground feasibility study on the 11000 lode, delivering a 0.62 million indicated gold resources for 2022 stand at 180 million ounce17 increase in attributable proven and probable reserves ounces17 at 1.07g/t, with a further 42 million ounces17 at 0.8g/t of inferred resources. Attributable measured and indicated before depletion. Loulo-Gounkoto also delivered strong copper resources for 2022 stand at 44 billion pounds17 at results replacing reserve depletion, which further extended 0.39%, with a further 15 billion pounds17 at 0.4% of inferred the mine life by another year. Moving to Tanzania, the focus resources. Mineral resources are reported inclusive of on underground expansion at Gokona in North Mara has delivered a 0.44 million ounce17 increase in 2022 attributable reserves and for 2022, are based on a gold price of $1,700/ oz16 and a copper price of $3.75/lb.16 proven and probable reserves before depletion.
BARRICK YEAR-END 2022 4 PRESS RELEASE
The Lumwana copper mineral resource base grew by 89%, pushback in the Hemlo open pit were significant contributors net of depletion, relative to 2021. This follows the completion to reserve growth. As a result, Robertson’s maiden of the preliminary economic assessment on the Super Pit attributable proven and probable gold reserves are estimated expansion that demonstrates strong potential for a Tier One at 1.0 million ounces17 at 0.46g/t. This represents a milestone Copper Asset12 and provides the basis for the ongoing pre- for Cortez as a key source of oxide mill feed in the mine plan. feasibility study. Similarly, the new Hemlo open pit pushback is expected to commence in 2027 adding 0.86 million ounces17 of gold at Within the Latin America & Asia Pacific region, Pueblo Viejo 1.49g/t to probable reserves. Combined with other updates completed a pre-feasibility study for the new Naranjo tailings across the region, this results in the growth of North America storage facility (TSF), adding 6.5 million ounces of attributable attributable proven and probable reserves by 1.8 million proven and probable reserves13,17 net of depletion, and ounces17 before depletion, with proven and probable extending the minelife beyond 2040. As a result, 2022 attributable reserves for the region now estimated at 31 attributable proven and probable gold reserves for the region million ounces17 at 2.54g/t. At the same time, attributable gold have increased to 27 million ounces17 at 0.97g/t from 21 mineral resources also grew significantly, supporting future million ounces18 at 0.83g/t in 2021. potential reserve growth in line with our strategy to fully replace depletion for the region within a five-year period. The reconstitution of the Reko Diq project added an Measured and indicated attributable gold resources increased attributable 18 billion pounds of copper17 at 0.44% with 15 by 2.8 million ounces17 to 73 million ounces17 at 2.16 g/t, from million ounces gold17 at 0.26g/t to indicated resources, and an 70 million ounces18 at 2.22 g/t in 2021. Inferred attributable attributable 4.6 billion pounds of copper17 at 0.4% with 3.7 gold resources also increased to 17 million ounces17 at 1.8 g/ million ounces gold17 at 0.2g/t to inferred resources. These t, from 16 million ounces18 at 2.0 g/t in 2021. Underground mineral resources reflect only three porphyries (H13, H14, resource extension drilling at both Goldstrike and Leeville in H15) as well as the Tanjeel deposit within the cluster of Carlin were key drivers of this organic resource growth, as Western Porphyries. Alongside the ongoing feasibility study well as successful resource definition drilling at Goldrush and update, the team is also planning to evaluate further known Robertson in Cortez, all of which support the potential for porphyry occurrences within the mining lease area. future reserve growth in this region.
In North America, the completion of pre-feasibility studies for the Robertson open pit project at Cortez, as well as a new
REKO DIQ SET TO TRANSFORM BALOCHISTAN
Reko Diq, which upon completion is expected to be one of the largest copper mines in the world as well as a major gold producer, will have an enormously beneficial impact on the remote and neglected province of Balochistan, and serve as a catalyst for increased foreign investment throughout Pakistan.
“Reko Diq is a classic example of how mining can be at the The enormous mine, which will have a lifespan of multiple forefront of the achievement of the United Nations’ Social generations, is a partnership between Barrick, which owns 50% of the project and is the operator, the provincial Development Goals. It will transform the Chagai region by creating thousands of jobs and stimulating the development of government of Balochistan, which holds 25%, and three the local economy. We have already started establishing the Pakistani state-owned enterprises, which share the remaining 25%. The shareholding structure is in line with Barrick’s policy community development committees through which we’ll be identifying and investing in development projects, and have of benefit-sharing partnerships with its host countries.
initiated a social baseline study. We’ve also entered into an Barrick president and chief executive Mark Bristow says agreement with the provincial government for the disbursement of social development funds and advance expanding its copper portfolio is one of the company’s key royalties, which will ensure that the people of Balochistan start strategies and, in pursuing this, it considers the quality of potential assets in tandem with any risk factors in the reaping the rewards of Reko Diq even before it goes into jurisdictions that host them. production.”
“Barrick is highly experienced in developing and operating Completion of the feasibility study is scheduled for the end of profitable mines in some of the world’s frontier regions, which 2024 and first production is targeted for 2028. In line with Barrick’s local recruitment policy, a Balochistan native, Ali also happen to hold the greatest potential for new discoveries.
In Pakistan, we have been impressed by the support we have Ehsan Rind, was appointed as country manager and a project received from our partners and by the efficiency with which development team is being assembled, with preference given to people from the region.
the project agreements have been executed in a transparent process reviewed by the country’s Supreme Court,” he said.
BARRICK YEAR-END 2022 5 PRESS RELEASE
AFRICA & MIDDLE EAST REGION SHINES AGAIN
Barrick’s Africa & Middle East region (AME) delivered another stellar performance in 2022, meeting its gold and copper production guidance and continuing to grow its gold reserves over and above their annual depletion by mining.
The Tanzanian gold mines, North Mara and Bulyanhulu, Speaking to media at Kinshasa in the Democratic Republic of continued building on the complete turnaround effected by Congo (DRC), president and chief executive Mark Bristow said the latest reserve replacement underpinned AME’s ability Barrick when it took over their management in September to maintain an approximate 2.2 million ounce15,20 annual gold 2019, maintaining Tier One production levels with a combined output of 546,576 ounces15 in 2022. North Mara is now equivalent production run rate for the next 10 years, with the potential to extend this well beyond that horizon.19 Tanzania’s largest taxpayer and Barrick’s footprint in Tanzania has been expanded through the acquisition of the Tembo licence. Through successful exploration, the Tongon gold “At the time of the merger with Randgold, the AME region had two Tier One mines. The newly proposed expansion that mine in Côte d’Ivoire extended its life to 2026 and we continue forms the core component of the ongoing Lumwana Super Pit to pursue growth through exploration to extend this further. pre-feasibility study has the potential to create another Tier One asset within the region, significantly increasing the mine’s At the Kibali gold mine in the DRC, the mine’s three production and extending the life by 40 to 60 years. In the hydropower stations, supported by its battery storage system, kept energy costs at less than 5 cents per kWh during the wet meantime, the successful transition to owner mining is unlocking further value at Lumwana. In line with Barrick’s season despite higher fuel prices. Plans are underway to add strategy, we are further expanding our copper portfolio and solar power and additional battery storage to further increase renewable energy usage.
opening up exciting new frontiers through exploration and joint ventures in Saudi Arabia and Egypt on the back of our very successful Jabal Sayid partnership. AME’s estimated economic contribution to its host countries in 2022 exceeded $3.4 billion.15
BARRICK YEAR-END 2022 6 PRESS RELEASE
A celebratory groundbreaking ceremony marked the commencement of construction for a 200MW solar power plant near Dunphy, Nevada.
GREENING THE GRID IN NEVADA
Nevada Gold Mines (NGM) has committed itself to achieving a 20% reduction in carbon (CO2 equivalent) emissions by 2025. The reduction will be achieved through the construction of a 200MW solar power plant and the co-fire modification of the TS power plant which will enable it to use cleaner-burning natural gas as a fuel source.
The solar facility, which will cover 500 hectares with 544,908 domestically source over 90% of materials for the solar project. An engineering firm utilizing Nevada-based resources modules, is expected to go into commercial production in the provided support for the design and permitting for the TS second quarter of 2024 and will supply 17% of NGM’s annual power plant conversion project.
energy needs and reduce CO2 equivalent emissions by 254,000 tonnes per annum, an 8% reduction from NGM’s Both NGM and Barrick have a strong focus on environmental 2018 baseline. The TS power plant conversion project will cut management practices and are committed custodians of the an additional 526,000 tonnes of CO2 equivalent emissions per unique lands, waters, flora, and fauna within the state of year, a 16% reduction from NGM’s 2018 baseline.
Nevada. These projects are key to Barrick’s roadmap Consistent with Barrick’s global policy of employing, targeting a 30% reduction in global emissions by 2030, while partnering, and advancing host communities and countries, maintaining a steady production profile, with the goal of achieving net-zero by 2050.
NGM partnered with three Nevada-based contractors and will
LOULO-GOUNKOTO COMPLEX CONTINUES TO DELIVER VALUE TO STAKEHOLDERS
Seventeen years after it went into production, Barrick’s Loulo-Gounkoto mining complex in Mali continues to demonstrate its value as a key socio-economic partner to the country.
“We continue to promote and develop our local partnerships, In 2022 it maintained its historically consistent performance by meeting its production guidance, solidified its long-term creating and contracting an all-Malian joint venture to mine outlook and replaced its mined ounces for the fourth the new Gara West open pit and engaging a Malian contractor to work with an international mining company on the successive year. The initial development of a third underground mine at Gounkoto was commissioned and is on pushback of the new Yalea pit. It’s worth noting that our strong track to start ore production from stoping in the second partnership network has been a significant factor in enabling Loulo-Gounkoto to maintain an exemplary performance in the quarter of 2023. Key geological structures within the Loulo district have indicated the potential for further discoveries. face of the many challenges recently experienced by Mali,” Bristow said.
Speaking to media at the mine recently, Barrick president and chief executive Mark Bristow said last year the complex In line with Barrick’s GHG emissions reduction strategy, contributed $260 million directly to the Malian economy in the Loulo-Gounkoto is expanding its solar power plant by 40MW, targeting an annual CO2-e savings of more than 62kt. Since form of dividends, royalties and taxes. Indirect contributions, its commissioning in the third quarter of 2020, the solar power including payments of salaries and to suppliers, totalled $570 million. plant has cut emissions by 57,000 tonnes of CO2 equivalent emissions.
BARRICK YEAR-END 2022 7 PRESS RELEASE
ALL-TERRAIN WOMAN
Pueblo Viejo heavy equipment operator Kimin Chonjo has become the first female Dominican to operate a DI650 drill in Central America and the Caribbean. Chonjo’s achievement was confirmed by Sandvik, the manufacturer of the DI650, which is a self-contained, track-mounted, down-the-hole, diesel-powered drill rig, designed for demanding, highcapacity, large-scale production drilling applications in surface mining and quarries.
Born in the Dominican Republic, Kimin joined Pueblo Viejo in 2012 and is part of the Mine Operations team. When she started working for Pueblo Viejo, she enrolled in training programs, where she developed the skills and abilities to safely operate six different types of heavy machinery. “Being an operator and managing all this equipment fills me with great satisfaction and joy. I see myself as a warrior, showing other women that through Barrick I have the opportunity to be an all-terrain woman,” Chonjo says.
SPEAKING UP TO STOP
Open pit superintendent Heather Dahlman has been recognized by her colleagues at NGM for courageous leadership. Dahlman received the Zero Harm trophy, part of the DNA Awards program at NGM, for recognizing that safety could be improved on a particular task and stopping work — even though the task was a high priority — to improve safety around the procedure.
“For all of us at times, it can be intimidating to speak up,” says Dahlman. “But knowing it could save a life is what gives me the courage to do so, no matter what the job is. The Stop Unsafe Work Authority is the greatest tool that NGM can give us. I have the responsibility to progress safety and speak up when I see something happening — and I expect others to do the same and watch out for me. We are a team and we need each other in this journey.”
LADIES LEAD IN DEVELOPMENT
Fourteen women employed across Barrick’s mines in the Africa and Middle East region have completed the Professional Management Development course at the University of Cape Town’s Graduate School of Business.
These women were selected based on their value-adding contributions in their respective field as well as on their future leadership potential.
BARRICK YEAR-END 2022 8 PRESS RELEASE
APPENDIX
2023 Operating and Capital Expenditure Guidance
GOLD PRODUCTION AND COSTS
2023 forecast 2023 forecast cost of 2023 forecast total cash 2023 forecast all-in attributable production sales8 ($/oz) costs9 ($/oz) sustaining costs9 ($/oz) (000s ozs)
Carlin (61.5%)21 910 - 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%)23 — — — —
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 and Middle East 1,450 - 1,600 1,130 - 1,210 820 - 880 1,080 - 1,160
Total attributable to Barrick24,25,26 4,200 - 4,600 1,170 - 1,250 820 - 880 1,170 - 1,250
COPPER PRODUCTION AND COSTS
2023 forecast 2023 forecast cost of 2023 forecast C1 cash 2023 forecast all-in attributable production sales8 ($/lb) costs9 ($/lb) sustaining costs9 ($/lb) (M lbs)
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 EXPENDITURES7
(millions)
Attributable minesite sustaining6,7 1,450 - 1,700 Attributable project6,7 750 - 900
Total attributable capital expenditures7 2,200 - 2,600
2023 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS
2023 guidance Impact on EBITDA27 Impact on TCC and Hypothetical change assumption (millions) AISC9,11 Gold price sensitivity $1,650/oz +/- $100/oz ‘+/-$590 ‘+/-$5/oz Copper price sensitivity $3.50/lb ‘+/-$0.25/lb ‘+/- $110 ‘+/-$0.01/lb
BARRICK YEAR-END 2022 9 PRESS RELEASE
Mineral Reserves and Mineral Resources
Gold Mineral Reserves1,2,3
As at December 31, 2022 PROVEN PROBABLE TOTAL Contained Contained Contained Tonnes Grade ozs Tonnes Grade ozs Tonnes Grade ozs Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
| Bulyanhulu underground (84.00%) | 2.2 | 7.16 | 0.50 | 11 | 6.18 | 2.2 | 13 | 6.34 | 2.7 |
| Jabal Sayid surface | 0.069 | 0.34 | 0.00076 | — | — | — | 0.069 | 0.34 | 0.00076 |
| Jabal Sayid underground | 5.8 | 0.20 | 0.038 | 7.5 | 0.39 | 0.094 | 13 | 0.31 | 0.13 |
| Jabal Sayid (50.00%) total | 5.9 | 0.21 | 0.039 | 7.5 | 0.39 | 0.094 | 13 | 0.31 | 0.13 |
| Kibali surface | 5.4 | 2.07 | 0.36 | 15 | 2.19 | 1.0 | 20 | 2.16 | 1.4 |
| Kibali underground | 9.1 | 4.31 | 1.3 | 14 | 4.15 | 1.9 | 23 | 4.21 | 3.2 |
| Kibali (45.00%) total | 14 | 3.47 | 1.6 | 29 | 3.15 | 3.0 | 44 | 3.26 | 4.6 |
| Loulo-Gounkoto surface | 11 | 2.48 | 0.89 | 14 | 2.78 | 1.3 | 25 | 2.65 | 2.2 |
| Loulo-Gounkoto underground | 8.9 | 4.86 | 1.4 | 19 | 5.04 | 3.1 | 28 | 4.98 | 4.5 |
| Loulo-Gounkoto (80.00%) total | 20 | 3.54 | 2.3 | 34 | 4.08 | 4.4 | 54 | 3.87 | 6.7 |
| North Mara surface | 0.25 | 3.43 | 0.028 | 29 | 2.05 | 1.9 | 29 | 2.06 | 2.0 |
| North Mara underground | 0.21 | 3.68 | 0.025 | 9.3 | 3.42 | 1.0 | 9.5 | 3.43 | 1.0 |
| North Mara (84.00%) total | 0.46 | 3.55 | 0.053 | 39 | 2.38 | 2.9 | 39 | 2.40 | 3.0 |
| Tongon surface (89.70%) | 3.9 | 2.36 | 0.30 | 3.9 | 2.14 | 0.26 | 7.8 | 2.25 | 0.56 |
| AFRICA AND MIDDLE EAST TOTAL | 47 | 3.17 | 4.8 | 120 | 3.24 | 13 | 170 | 3.22 | 18 |
LATIN AMERICA AND ASIA PACIFIC
| Norte Abierto surface (50.00%) | 110 | 0.65 | 2.4 | 480 | 0.59 | 9.2 | 600 | 0.60 | 12 |
| Porgera surface4 | — | — | — | 5.0 | 3.55 | 0.57 | 5.0 | 3.55 | 0.57 |
| Porgera underground4 | 0.66 | 6.69 | 0.14 | 2.2 | 7.05 | 0.51 | 2.9 | 6.96 | 0.65 |
| Porgera (24.50%) total4 | 0.66 | 6.69 | 0.14 | 7.2 | 4.64 | 1.1 | 7.9 | 4.81 | 1.2 |
| Pueblo Viejo surface (60.00%) | 35 | 2.29 | 2.6 | 140 | 2.16 | 9.7 | 170 | 2.19 | 12 |
| Veladero surface (50.00%) | 8.0 | 0.41 | 0.11 | 77 | 0.74 | 1.8 | 85 | 0.71 | 1.9 |
| LATIN AMERICA AND ASIA PACIFIC TOTAL | 160 | 1.02 | 5.2 | 710 | 0.96 | 22 | 870 | 0.97 | 27 |
NORTH AMERICA
| Carlin surface | 9.8 | 2.48 | 0.79 | 63 | 2.24 | 4.6 | 73 | 2.27 | 5.4 |
| Carlin underground | 11 | 9.27 | 3.3 | 6.0 | 7.90 | 1.5 | 17 | 8.79 | 4.8 |
| Carlin (61.50%) total | 21 | 6.07 | 4.1 | 69 | 2.73 | 6.1 | 90 | 3.50 | 10 |
| Cortez surface | 0.76 | 2.65 | 0.065 | 110 | 0.88 | 3.0 | 110 | 0.90 | 3.1 |
| Cortez underground5 | 0.60 | 9.44 | 0.18 | 26 | 7.74 | 6.4 | 26 | 7.78 | 6.5 |
| Cortez (61.50%) total | 1.4 | 5.63 | 0.25 | 130 | 2.22 | 9.4 | 130 | 2.26 | 9.6 |
| Hemlo surface | — | — | — | 18 | 1.49 | 0.86 | 18 | 1.49 | 0.86 |
| Hemlo underground | 0.50 | 4.93 | 0.079 | 4.6 | 4.87 | 0.73 | 5.1 | 4.88 | 0.81 |
| Hemlo (100%) total | 0.50 | 4.93 | 0.079 | 23 | 2.19 | 1.6 | 23 | 2.25 | 1.7 |
| Phoenix surface (61.50%) | 8.5 | 0.71 | 0.19 | 96 | 0.58 | 1.8 | 100 | 0.59 | 2.0 |
| Turquoise Ridge surface | 10 | 2.29 | 0.75 | 0.28 | 1.38 | 0.013 | 11 | 2.27 | 0.77 |
| Turquoise Ridge underground | 10 | 10.20 | 3.4 | 12 | 9.51 | 3.8 | 23 | 9.82 | 7.2 |
| Turquoise Ridge (61.50%) total | 21 | 6.26 | 4.1 | 13 | 9.33 | 3.8 | 33 | 7.43 | 8.0 |
| NORTH AMERICA TOTAL | 52 | 5.24 | 8.7 | 330 | 2.12 | 23 | 380 | 2.54 | 31 |
| TOTAL | 260 | 2.26 | 19 | 1,200 | 1.53 | 57 | 1,400 | 1.67 | 76 |
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2022 10 PRESS RELEASE
Copper Mineral Reserves1,2,3,7
As at December 31, 2022 PROVEN PROBABLE TOTAL Cu Contained Cu Contained Cu Contained Tonnes Grade Cu Tonnes Grade Cu Tonnes Grade Cu Based on attributable pounds (Mt) (%) (Mlb) (Mt) (%) (Mlb) (Mt) (%) (Mlb)
AFRICA AND MIDDLE EAST
| Bulyanhulu underground (84.00%) | 2.2 | 0.33 | 16 | 11 | 0.34 | 84 | 13 | 0.34 | 100 |
| Jabal Sayid surface | 0.069 | 2.64 | 4.0 | — | — | — | 0.069 | 2.64 | 4.0 |
| Jabal Sayid underground | 5.8 | 2.25 | 290 | 7.5 | 2.28 | 380 | 13 | 2.26 | 670 |
| Jabal Sayid (50.00%) total | 5.9 | 2.25 | 290 | 7.5 | 2.28 | 380 | 13 | 2.27 | 670 |
| Lumwana surface (100%) | 89 | 0.51 | 1,000 | 390 | 0.59 | 5,200 | 480 | 0.58 | 6,200 |
| AFRICA AND MIDDLE EAST TOTAL | 97 | 0.61 | 1,300 | 410 | 0.62 | 5,600 | 510 | 0.62 | 7,000 |
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 110 0.19 480 480 0.23 2,400 600 0.22 2,900 Zaldívar surface (50.00%) 170 0.44 1,600 38 0.31 260 210 0.42 1,900
LATIN AMERICA AND ASIA PACIFIC
TOTAL 280 0.34 2,100 520 0.23 2,700 810 0.27 4,800
NORTH AMERICA
| Phoenix surface (61.50%) | 11 | 0.16 | 40 | 130 | 0.16 | 470 | 140 | 0.16 | 510 |
| NORTH AMERICA TOTAL | 11 | 0.16 | 40 | 130 | 0.16 | 470 | 140 | 0.16 | 510 |
| TOTAL | 390 | 0.40 | 3,500 | 1,100 | 0.37 | 8,800 | 1,500 | 0.38 | 12,000 |
See “Mineral Reserves and Resources Endnotes”.
Silver Mineral Reserves1,2,3,7
As at December 31, 2022 PROVEN PROBABLE TOTAL Ag Contained Ag Contained Ag Contained Tonnes Grade Ag Tonnes Grade Ag Tonnes Grade Ag Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu underground (84.00%) 2.2 6.90 0.48 11 5.91 2.1 13 6.07 2.6 AFRICA AND MIDDLE EAST TOTAL 2.2 6.90 0.48 11 5.91 2.1 13 6.07 2.6
LATIN AMERICA AND ASIA PACIFIC
| Norte Abierto surface (50.00%) | 110 | 1.91 | 7.0 | 480 | 1.43 | 22 | 600 | 1.52 | 29 |
| Pueblo Viejo surface (60.00%) | 35 | 12.94 | 15 | 140 | 13.76 | 62 | 170 | 13.60 | 76 |
| Veladero surface (50.00%) | 8.0 | 12.72 | 3.3 | 77 | 14.62 | 36 | 85 | 14.44 | 39 |
LATIN AMERICA AND ASIA PACIFIC
TOTAL 160 4.92 25 700 5.34 120 860 5.26 150
NORTH AMERICA
| Phoenix surface (61.50%) | 8.5 | 7.46 | 2.0 | 96 | 6.24 | 19 | 100 | 6.34 | 21 |
| NORTH AMERICA TOTAL | 8.5 | 7.46 | 2.0 | 96 | 6.24 | 19 | 100 | 6.34 | 21 |
| TOTAL | 170 | 5.07 | 28 | 810 | 5.45 | 140 | 980 | 5.39 | 170 |
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2022 11 PRESS RELEASE
Gold Mineral Resources1,3,8,9
As at December 31, 2022 MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11 Contained Contained Contained Contained Tonnes Grade ozs Tonnes Grade ozs ozs Tonnes Grade ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
| Bulyanhulu surface | 0.0029 6.70 0.00062 | — | — | — | 0.00062 | — | — | — | ||
| Bulyanhulu underground | 3.3 10.24 | 1.1 | 21 | 5.88 | 3.9 | 5.0 | 17 | 8.4 | 4.6 | |
| Bulyanhulu (84.00%) total | 3.3 10.24 | 1.1 | 21 | 5.88 | 3.9 | 5.0 | 17 | 8.4 | 4.6 | |
| Jabal Sayid surface | 0.069 | 0.34 | 0.00076 | — | — | — | 0.00076 | — | — | — |
| Jabal Sayid underground | 7.8 | 0.33 | 0.083 | 7.3 | 0.41 | 0.097 | 0.18 | 1.5 | 0.6 | 0.027 |
| Jabal Sayid (50.00%) total | 7.9 | 0.33 | 0.084 | 7.3 | 0.41 | 0.097 | 0.18 | 1.5 | 0.6 | 0.027 |
| Kibali surface | 7.4 | 2.19 | 0.52 | 26 | 2.06 | 1.7 | 2.2 | 4.8 | 2.1 | 0.32 |
| Kibali underground | 12 | 4.63 | 1.8 | 24 | 3.97 | 3.1 | 4.9 | 8.4 | 2.9 | 0.79 |
| Kibali (45.00%) total | 20 | 3.70 | 2.3 | 50 | 2.98 | 4.8 | 7.1 | 13 | 2.6 | 1.1 |
| Loulo-Gounkoto surface | 12 | 2.49 | 0.97 | 16 | 2.90 | 1.5 | 2.4 | 6.5 | 1.9 | 0.38 |
Loulo-Gounkoto 17 4.39 2.5 28 4.63 4.2 6.7 16 2.9 1.5 underground Loulo-Gounkoto (80.00%)
| total | 30 | 3.61 | 3.4 | 44 | 4.02 | 5.7 | 9.1 | 22 | 2.6 | 1.9 |
| North Mara surface | 18 | 2.25 | 1.3 | 23 | 1.79 | 1.3 | 2.6 | 4.1 | 1.4 | 0.19 |
| North Mara underground | 0.77 | 2.28 | 0.057 | 28 | 2.21 | 2.0 | 2.0 | 15 | 1.6 | 0.75 |
| North Mara (84.00%) total | 18 | 2.25 | 1.3 | 50 | 2.02 | 3.3 | 4.6 | 19 | 1.6 | 0.93 |
| Tongon surface (89.70%) | 4.5 | 2.57 | 0.37 | 5.3 | 2.32 | 0.40 | 0.77 | 0.82 | 2.5 | 0.064 |
AFRICA AND MIDDLE EAST
TOTAL 83 3.23 8.7 180 3.18 18 27 73 3.7 8.6
LATIN AMERICA AND ASIA PACIFIC
Alturas surface (100%) — — — — — — — 180 0.9 5.4 Norte Abierto surface (50.00%) 190 0.63 3.9 1,100 0.53 19 22 370 0.4 4.4 Pascua Lama surface 43 1.86 2.6 390 1.49 19 21 15 1.7 0.86 (100%)
| Porgera surface4 | 0.39 3.98 | 0.049 | 14 | 2.78 | 1.3 | 1.3 | 6.1 | 2.2 | 0.43 | |
| Porgera underground4 | 0.99 | 6.16 | 0.20 | 5.0 | 6.04 | 0.97 | 1.2 | 1.8 | 6.6 | 0.39 |
| Porgera (24.50%) total4 | 1.4 | 5.55 | 0.25 | 19 | 3.62 | 2.3 | 2.5 | 8.0 | 3.2 | 0.82 |
Pueblo Viejo surface 46 2.08 3.1 190 1.99 12 15 4.6 1.8 0.26 (60.00%)
Reko Diq surface (50.00%)6 — — — 1,800 0.26 15 15 570 0.2 3.7 Veladero surface (50.00%) 9.1 0.40 0.12 120 0.71 2.6 2.8 14 0.6 0.27
LATIN AMERICA AND ASIA
PACIFIC TOTAL 290 1.06 9.9 3,600 0.60 69 79 1,200 0.4 16
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2022 12 PRESS RELEASE