Geologically Driven Asset Management Delivers Third Successive Year of Reserve Growth at


All amounts expressed in US dollars

Toronto – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) grew attributable proven and probable gold mineral reserves by 5.0 million ounces before 2023 depletion, while continuing to maintain the quality of the mineral reserve base. Attributable proven and probable mineral reserves now stand at 77 million ounces2 at 1.65g/t, increasing from 76 million ounces3 at 1.67g/t in 2022. Led by the Africa & Middle East region, Barrick has delivered a third consecutive year of organic gold reserve growth over and above annual depletion. This unremitting focus on asset quality has successfully delivered replacement of over 140%4 of the company’s gold reserve depletion since end of year 2019, adding almost 29 million ounces4 of attributable proven and probable reserves or 44 million ounces4 of proven and probable reserves on a 100% basis (excluding acquisitions and divestments).

Successful drilling programs at Lumwana drove the growth of proven and probable copper reserves by 330 thousand tonnes2 of copper in 2023. As a result, Barrick replaced 124% of annual global copper depletion at a consistent quality, effectively maintaining attributable proven and probable copper mineral reserves of 5.6 million tonnes2 at 0.39% in 2023.

Attributable measured and indicated gold resources for 2023 stand at 180 million ounces2 at 1.06g/t, with a further 39 million ounces2 at 0.8g/t of inferred resources. Attributable measured and indicated copper resources for 2023 stand at 21 million tonnes2 of copper at 0.39%, with a further 7.1 million tonnes2 of copper at 0.4% of inferred resources. Mineral resources are reported inclusive of reserves and are based on a gold price of $1,700/oz1 and an updated copper price of $4.00/lb1 for 2023.

President and chief executive Mark Bristow said Barrick’s strategy of investing in organic growth through exploration and mineral resource management has set us apart within the industry, creating real value through discovery and development, rather than relying upon increases in commodity prices to provide value to high premium mergers and acquisitions.

“In order for our industry to help build a better world, we have to invest in our own future by creating value through exploration, leveraging our capital infrastructure base by replacing the ounces that we mine, which in turn enables us to provide multi-generational investment in our communities, developing local service provider partnerships, and investing in improving our operating environments” said Bristow.

Mineral Resource Management and Evaluation Executive Simon Bottoms stated that the company’s reserves at a price of $1,300/oz for gold1 and $3.00/lb for copper1 demonstrate the quality differentiation of our assets relative to our peers. “Barrick’s core focus on geologically driven asset management, not only underpins the company’s reserve replacement record, but is also key in unlocking the embedded organic growth portfolio to increase the production profile to approximately 6.5 million gold equivalent ounces5 per year by the end of this decade, as both the Reko Diq and Lumwana Super Pit expansion projects are on track to complete their respective feasibility studies by the end of 2024” said Bottoms.

The Africa & Middle East region, replaced 165% of the regional 2023 gold reserve depletion, led by Loulo-Gounkoto, with extensions of the high grade Yalea orebody, delivering a 1.1 million ounce2 increase in attributable proven and probable reserves before depletion. Bulyanhulu also delivered strong results through the extension of Reef 1 and Reef 2 near surface mineralization, with updated feasibility studies supporting an additional surface decline access portal for each Reef, adding 0.9 million ounces2 to attributable proven and probable reserves. At Kibali, the ongoing conversion drilling in the 11000 lode in KCD underground combined with the conversion of some satellite pit resources delivered a 0.47 million ounce2 increase in attributable proven and probable reserves before depletion.

The Lumwana copper mineral reserve base also grew by 6% year on year, net of depletion, as a result of ongoing conversion drilling in the Malundwe Pit. This also resulted in the updated 2023 measured and indicated copper resources for Lumwana, which stand at 7.1 million tonnes2 of copper at 0.52%, with a further 4 million tonnes2 of copper at 0.4% of inferred resources, which are expected to provide the foundation for a Tier One Copper Asset6 with the completion of the Super Pit Expansion feasibility study in 2024.

Within the Latin America & Asia Pacific region, a pre-feasibility study was completed on the expansion of the leach pad supporting an additional pushback in the open pit at Veladero, resulting in 2023 attributable proven and probable gold reserves for the region of 27 million ounces2 at 0.96g/t. Updates to the Reko Diq5 mineral resources reflect ongoing feasibility study updates, resulting in an attributable measured and indicated mineral resource of 8.3 million tonnes2 of copper at 0.43% with 14 million ounces2 of gold at 0.25g/t, and an attributable inferred mineral resource of 2.2 million tonnes2 of copper at 0.3% with 3.8 million ounces2 of gold at 0.2g/t.

In North America, ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and Robertson in Cortez added 1.9 million ounces2 of gold on an attributable basis before annual depletion, effectively replacing more than 80% of annual depletion. This resulted in sustaining attributable proven and probable mineral reserves for the region of 31 million ounces2 at 2.45g/t for 2023. At the same time, attributable gold measured and indicated mineral resources for the region stand at 68 million ounces2 at 2.10g/t, while updated inferred attributable gold resources grew to 18 million ounces2 at 2.1 g/t. Looking forward to 2024, the regional mineral resource base is forecast to be a key driver of future growth. As part of this, a comprehensive evaluation program and dedicated study team will evaluate the strike length of the 100% owned Fourmile deposit7, targeting an update to mineral resources at the end of 2024, which will inform Barrick’s decision on commencement of a pre-feasibility study.

Enquiries:

President and CEO
Mark Bristow
+1-647-205 7694
+44 788 071 1386

Senior EVP and CFO
Graham Shuttleworth
+1-647-262 2095
+44 779 771 1338

Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by: Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; Craig Fiddes, SME-RM, Lead – Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America and Asia Pacific; and Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa & Middle East — each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Endnote 1

Commodity
Proven and Probable Reserve Price AssumptionsMeasured, Indicated and Inferred Resource Price Assumptions2022202320222023Gold$1,300/oz$1,300/oz i$1,700/oz$1,700/ozCopperii$3.00/lb$3.00/lb$3.75/lb$4.00/lbSilver$18.00/oz$18.00/oz$21.00/oz$21.00/oz

i Except at Tongon where gold mineral reserves for 2023 are based upon a price assumption of $1,500/oz and Hemlo where gold mineral reserves are based on a price assumption of $1,400/oz.

ii Except at Zaldivar, where mineral reserves and resources are based on Antofagasta’s price assumptions. For mineral reserves, the copper price assumption used by Antofagasta is $3.50/lb for 2023 and was $3.30/lb for 2022. For mineral resources, the copper price assumption used by Antofagasta is $4.20/lb for 2023 and was $3.75/lb for 2022.

Endnote 2

Estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2023, unless otherwise noted. Proven mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper. Measured resources of 430 million tonnes grading 1.76g/t, representing 24 million ounces of gold, and 580 million tonnes grading 0.39%, representing 2.2 million tonnes of copper. Indicated resources of 4,800 million tonnes grading 1.00g/t, representing 150 million ounces of gold, and 4,900 million tonnes grading 0.39%, representing 19 million tonnes of copper. Inferred resources of 1,500 million tonnes grading 0.8g/t, representing 39 million ounces of gold, and 2,000 million tonnes grading 0.4%, representing 7.1 million tonnes of copper. Totals may not appear to sum correctly due to rounding. Complete mineral reserve and mineral resource data for all mines and projects referenced in this press release, including tonnes, grades, and ounces, can be found in the Mineral Reserves and Mineral Resources Tables included on the following pages of this press release.

Endnote 3

Estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold, and 390 million tonnes grading 0.40%, representing 3,500 million pounds of copper. Probable reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold, and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper. Measured resources of 480 million tonnes grading 2.13g/t, representing 33 million ounces of gold, and 700 million tonnes grading 0.39%, representing 6,000 million pounds of copper. Indicated resources of 4,700 million tonnes grading 0.96g/t, representing 150 million ounces of gold, and 4,500 million tonnes grading 0.39%, representing 38,000 million pounds of copper. Inferred resources of 1,500 million tonnes grading 0.8g/t, representing 42 million ounces of gold, and 1,800 million tonnes grading 0.4%, representing 15,000 million pounds of copper. Totals may not appear to sum correctly due to rounding. Complete mineral reserve and mineral resource data for all mines and projects referenced in this presentation as of December 31, 2022, including tonnes, grades, pounds, and ounces, can be found on pages 33-46 of Barrick’s 2022 Annual Information Form / Form 40-F on file with the Canadian provincial securities regulators on SEDAR+ at www.sedarplus.ca and the Securities and Exchange Commission on EDGAR at www.sec.gov.

Endnote 4

Proven and probable reserve gains calculated from cumulative net change in reserves from year end 2019 to 2023.

Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2023 divided by the cumulative depletion in reserves from year end 2019 to 2023 as shown in the table below:

YearAttributable P&P Gold
(Moz)Attributable Gold Acquisition & Divestments
(Moz)Attributable Gold Depletion
(Moz)Attributable Gold Net Change
(Moz)2019a71—2020b68(2.2)(5.5)4.22021c69(0.91)(5.4)8.12022d76-(4.8)122023e77-(4.6)52019 – 2023 TotalN/A(3.1)(20)29

Totals may not appear to sum correctly due to rounding.

Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick’s Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick’s ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own.

All estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.

Estimates as of December 31, 2019, unless otherwise noted,. Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold.
Estimates as of December 31, 2020, unless otherwise noted Proven reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold and Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold.
Estimates as of December 31, 2021, unless otherwise noted, Proven mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold and Probable reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold.
Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold and Probable reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold.
Estimates are as of December 31, 2023, unless otherwise noted. Proven mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold.

Endnote 5

Gold equivalent ounces calculated from our copper assets are calculated using a gold price of $1,300/oz and copper price of $3.00/lb. Barrick’s ten-year indicative production profile for gold equivalent ounces is based on the following assumptions:

Key Outlook Assumptions202320242025+Gold Price ($/oz)1,9481,9001,300Copper Price ($/lb)3.853.503.00Oil Price (WTI) ($/barrel)857575AUD Exchange Rate (AUD:USD)0.750.750.75ARS Exchange Rate (USD:ARS)800800800CAD Exchange Rate (USD:CAD) 1.301.301.30CLP Exchange Rate (USD:CLP)900900900EUR Exchange Rate (EUR:USD) 1.101.201.20

Barrick’s five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. This outlook is based on our current reserves and resources as disclosed in this press release and assumes that we will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the company’s gold and copper segments, and where applicable for a specific…



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