Commenting on the annual results here today, president and chief executive Mark Bristow said despite picking up the pace in the latter half of the year, Barrick couldn’t quite make up for the challenges it faced in the first half, and gold production fell
Q4 Results Release
CLEAR STRATEGIES AND STRONG PARTNERSHIPS SET BARRICK UP TO OUTPERFORM, SAYS BRISTOW
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS
TORONTO, February 14, 2024 — A strong finish to 2023
GROUP 2023 RESERVE DEPLETION REPLACEMENT: boosted Barrick’s full-year gold production to 4.05 million ounces 109% GOLD, 124% COPPER, 112% GOLD EQUIVALENT OUNCES7 and its copper output to 420 million pounds1 while its Tier One2 gold mines capitalized on a record gold price to deliver a robust financial performance.
Commenting on the annual results here today, president and
MINING AND PROCESSING OPERATIONS chief executive Mark Bristow said despite picking up the pace in the latter half of the year, Barrick couldn’t quite make up for
RESUME AT PORGERA
the challenges it faced in the first half, and gold production fell slightly short of the annual guidance as flagged with the Q3 results. Nevada Gold Mines had a stronger fourth quarter on the back of higher grades and operational improvements, while Pueblo Viejo advanced the commissioning of the expansion plant, addressing most of the equipment failures.
7% INCREASE* IN OPERATING CASH FLOW TO $3.7 BILLION FOR 2023
“In true Barrick fashion, we kept our focus, dealt with the challenges, progressed our long-term strategic plans and delivered on some of our key objectives. Most significantly, we
- COMPARED TO 2022
have sustained our industry-leading organic growth outlook and are still projecting a 30% increase in gold equivalent3 production by the end of this decade,” he said.
50% INCREASE* IN FREE CASH FLOW4 The 2023 financial results again demonstrated the ability of
TO $646 MILLION FOR 2023
Barrick’s peerless asset portfolio to create value, Bristow said.
Operating cash flows increased year-on-year by 7% to $3.7
- COMPARED TO 2022
billion and free cash flow4 was up by 50% at $646 million. Net earnings increased by 200% to $0.72 per share, and adjusted net earnings5 increased by 12% to $0.84 per share, while the quarterly dividend was maintained at 10 cents per share. Barrick
$0.10 PER SHARE DIVIDEND
has one of the strongest balance sheets in the industry with
DECLARED FOR Q4 2023
almost no net debt.6
CONTINUED ON PAGE 3
| 5 | 6 | 7 | 8 |
| VELADERO | CORTEZ POISED | INVESTING IN | WORLD-CLASS |
| BACK FROM THE | FOR GROWTH | DIVERSITY | POTENTIAL AT |
BRINK LUMWANA
Key Performance Indicators
Financial and Operating Highlights Best Assets
- Group 2023 reserve depletion replacement: 109%
| Financial Results | Q4 2023 | Q3 2023 | 2023 | 2022 |
| Realized gold price1,8 ($ per ounce) Realized copper price1,8 ($ per pound) Net earnings9 ($ millions) Adjusted net earnings5 ($ millions) Net cash provided by operating activities ($ millions) Free cash flow4 ($ millions) Net earnings per share ($) Adjusted net earnings per share5 ($) Attributable capital expenditures10 ($ millions) | 1,986 | 1,928 3.78 368 418 1,127 359 0.21 0.24 589 | 1,948 | 1,795 3.85 432 1,326 3,481 432 0.24 0.75 2,417 |
| 3.78 | 3.85 | |||
| 479 466 | 1,272 | |||
| 1,467 | ||||
| 997 | 3,732 646 | |||
| 136 | ||||
| 0.27 | 0.72 | |||
| 0.27 | 0.84 | |||
| 660 | 2,363 | |||
| Operating Results | Q4 2023 | Q3 2023 | 2023 | 2022 |
| Gold | ||||
| Production1 (thousands of ounces) Cost of sales1,11 ($ per ounce) Total cash costs1,12 ($ per ounce) All-in sustaining costs1,12 ($ per ounce) | 1,054 | 1,039 1,277 912 1,255 | 4,054 | 4,141 1,241 862 1,222 |
| 1,359 982 1,364 | 1,334 | |||
| 960 | ||||
| 1,335 | ||||
| Copper | ||||
| Production1 (millions of pounds) Cost of sales1,11 ($ per pound) C1 cash costs1,13 ($ per pound) All-in sustaining costs1,13 ($ per pound) | 113 | 112 2.68 2.05 3.23 | 420 | 440 2.43 1.89 3.18 |
| 2.92 2.17 3.12 | 2.90 2.28 | |||
| 3.21 | ||||
| Financial Position | As at 12/31/23 | As at 9/30/23 | As at 12/31/23 | As at 12/31/22 |
| Debt (current and long- term) ($ millions) Cash and equivalents ($ millions) Debt, net of cash ($ millions) | 4,726 | 4,775 4,261 514 | 4,726 4,148 578 | 4,782 4,440 342 |
| 4,148 | ||||
| 578 |
gold, 124% copper, 112% gold equivalent ounces7
- Since 2019, Barrick has added almost 29 million ounces of attributable proven and probable gold reserves (44 million ounces on a 100% basis across Barrick managed assets)14
- Mining and processing operations resume at Porgera, with first gold production targeted in Q1 2024
- Higher Q4 gold production delivers full year gold production of 4.05 million ounces1
- Highest annual production for Cortez in last four years
- Annual production at Turquoise Ridge 12% higher versus 2022 on the back of improved underground and plant availability and recoveries
- Veladero delivers a strong full-year performance, beating production and cost guidance
- Another strong quarter for copper production results in full year copper production of 420 million pounds1
- Africa & Middle East region delivers on guidance for fifth consecutive year
Leader in Sustainability
- Year-on-year improvement in LTIFR (21%) and TRIFR (12%)15
- Exceeded water efficiency target (recycling and reuse) for the year
- Annual reclamation and rehabilitation targets exceeded
- Pueblo Viejo supports local communities following devastating 1-in-500-year tropical storm event
- Reko Diq delivers on its commitment to responsible development of the mega-project, hitting its firstyear Community Development targets
Delivering Value
- 7% increase in operating cash flow versus 2022 to $3.7 billion for the year
- Free cash flow4 higher by 50% to $646 million for 2023
- Increase in net earnings per share and adjusted net earnings per share5 to $0.27 for the quarter
- $0.10 per share dividend declared
BARRICK YEAR-END 2023 2 PRESS RELEASE
CONTINUED FROM PAGE 1
Barrick also maintained its record of substantial reserve largest copper mines, significantly advancing Barrick’s growth, replacing 109% of its gold reserve depletion and strategic objective of increasing the size and enhancing the 124% of copper depletion. Since 2019, the continuing success quality of its growing copper portfolio.
of its brownfields exploration programs has added almost 29 million ounces of attributable proven and probable gold “If you revisit the strategy we published at the time of the reserves. On a 100% basis across all Barrick-managed merger five years ago, it’s clear that we’ve met all the targets properties, this represents an addition of 44 million reserve we set ourselves under the three main headings of asset ounces.14 quality, operational excellence and sustainable profitability. The mining industry is now entering a new era dominated by And importantly, just before the end of the year, Nevada’s the demand for the so-called critical minerals and metals, Cortez received the U.S. government’s Record of Decision for often led by promoters rather than by responsible miners. To the Goldrush project and immediately started work on its survive and grow in this new dynamic will need clear surface infrastructure accesses. Goldrush is forecast to strategies and strong partnerships—both core to Barrick. That produce approximately 130,000 ounces of gold this year, is why I believe we’ll continue to demonstrate that our longrising to 400,000 by 2028.16 The adjoining Barrick-owned term vision differentiates us from our peers and sets us up to Fourmile project is also believed to have Tier One potential outperform them,” Bristow said.
with more work and drilling scheduled to advance this project
Q4 and Full Year 2023 Results Presentation to a PFS decision by the end of 2024.
Webinar and Conference Call
In the Dominican Republic, the commissioning of the Pueblo Viejo expansion project is on track to be ramped up in Q2 Mark Bristow will host a live presentation today at 11:00 AM 2024 after reconstruction of the feed conveyor. The project is ET, with an interactive webinar linked to a conference call. designed to transform Pueblo Viejo into a mine capable of Participants will be able to ask questions.
sustaining average annual gold production of more than 800,000 ounces beyond 2040.17 Feasibility work advanced on The webinar and presentation materials will be available on the giant Reko Diq copper-gold project in Pakistan and the Barrick’s website at www.barrick.com and the webinar will Lumwana Super Pit project in Zambia—both targeting remain on the website for later viewing.
production in 2028. These projects will rank among the world’s
Barrick Declares Q4 Dividend
Barrick today announced the declaration of a dividend of $0.10 per share for the fourth quarter of 2023.
The dividend is consistent with the Company’s Performance “The performance of our business and the continued strength of our balance sheet allowed us to maintain the distribution of Dividend Policy announced at the start of 2022.
a robust dividend to our shareholders in 2023, whilst still The Q4 2023 dividend will be paid on March 15, 2024 to ensuring Barrick has adequate liquidity to invest in our significant growth projects,” said senior executive viceshareholders of record at the close of business on February 29, 2024. president and chief financial officer Graham Shuttleworth.
Barrick Announces New Share Buyback Program
Barrick announced today that it plans to undertake a new share repurchase program for the buyback of its common shares.
Exchange Commission and other applicable legal Barrick’s Board of Directors has authorized a new program for the repurchase of up to $1.0 billion of the Company’s requirements.
outstanding common shares over the next 12 months at Barrick believes that, from time to time, the market price of its prevailing market prices in accordance with applicable law. In connection with the new share repurchase program, Barrick common shares trade at prices that may not adequately has terminated the share repurchase program announced by reflect their underlying value. The actual number of shares that may be purchased, if any, and the timing of such the Company on February 15, 2023. The Company did not repurchase any common shares under its 2023 share purchases, will be determined by Barrick based on a number repurchase program. Barrick repurchased $424 million in of factors, including the Company’s financial performance, the common shares under its 2022 share repurchase program. availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to Under the program, repurchases can be made from time to shareholders, and debt reduction.
time through published markets in the United States such as the New York Stock Exchange using a variety of methods, The repurchase program does not obligate the Company to including open market purchases, as well as by any other acquire any particular number of common shares, and the means permitted under the rules of the U.S. Securities and repurchase program may be suspended or discontinued at any time at the Company’s discretion.
BARRICK YEAR-END 2023 3 PRESS RELEASE
Kibali in the DRC derives most of its energy from its three hydropower stations and also At the closed Buzwagi mine in Tanzania, a new airport terminal at its Kahama airstrip, provides electricity for some of the most remote communities on the African continent. built by Barrick and the Tanzania Airport Authority, is leaving a lasting legacy.
Meeting Two Needs With One Deed
Barrick’s holistic and integrated approach to sustainability management is underpinned by the knowledge that sustainability aspects are interconnected and that the challenges of fighting poverty, climate change and biodiversity loss are deeply connected and we have no option but to tackle them together.
This approach is not only based on science, but links to the will be connected to the existing KUWASA line and will supply objectives of the United Nations’ Sustainable Development approximately 34 litres of water per second to approximately Goals (SDGs) and seeks to deliver outcomes which are 335,000 people living in the Buzwagi area.
achievable, demonstrable, and align with global sustainability priorities. Addressing the potable water needs for communities near North Mara is another example of how Barrick’s approach to Grant Beringer, group sustainability executive, points to sustainability can meet more than one need at once. Barrick Barrick’s ongoing work in Tanzania as proof of the invested $65 million in water treatment plants to ensure the effectiveness of this strategy where the now-closed Buzwagi mine’s tailings storage facility was managed within its mine is undergoing environmental rehabilitation while looking designed capacity. However, once it achieved that objective, a for a new lease on life as a Special Economic Zone that will portion of the water treatment plants are being used to continue to enhance the livelihoods of the surrounding provide potable water for over 35,000 residents in the area.
communities for years to come.
“Mining, if done well, is a powerful force for good in the global Beringer says that Barrick achieved and exceeded its drive for social and economic development. North Mara now reclamation target in 2023 with 985ha of disturbed land being has a total of 172 local and regional suppliers, representing a rehabilitated. “This achievement highlights the importance of 200% increase from 58 suppliers in 2019. This is in addition to developing 5-year reclamation plans for each site, focusing on our ongoing investment in schools and education in Tanzania rehabilitating mines while they are still operational and as well as our continued engagement with a number of NGOs reducing our closure liabilities,” he says. on longstanding legacy issues,” Beringer says.
At Buzwagi, a feasibility study commissioned in 2021 showed On the environmental front, Beringer says Barrick is that the creation of a Special Economic Zone had the developing a bespoke biodiversity impact measurement tool potential to replace the mine as the region’s economic driver that will standardize biodiversity metrics and track progress and could sustainably create 3,000 jobs annually, generate against each site’s stated biodiversity action plans (BAPs. more than $150,000 each year from service levies for the The tool is expected to be completed by Q2 and will be piloted local municipality and deliver approximately $4.5 million in at five sites before the end of the year. “Every BAP includes a employment taxes each year. social dimension to ensure communities also benefit from our biodiversity projects, such as the expected increase in eco- Additionally, Barrick has invested $1.3 million in the KUWASA tourism to the DRC’s Garamba National Park following the Water Supply Project where an additional 8.5km of pipeline reintroduction of white rhino there,” he says.
BARRICK YEAR-END 2023 4 PRESS RELEASE
2023 was the first full year of operation of the Libertadores powerline, supplying renewable power from neighboring Chile’s national grid, reducing GHG emissions and adding cost efficiencies.
Veladero: Back from the Brink and Going Strong
At the time of the merger in 2019 the Veladero gold mine in Argentina was seen as a liability rather than an asset: its performance was at best lackluster, it had a checkered environmental record, a shaky grip on its geology and difficult relationships with its stakeholders.
neighbouring Chile’s national grid, reducing GHG emissions Argentina’s continuing financial crisis compounded these problems, setting up 2023 as a very challenging year for the and adding cost efficiencies.
mine. Yet in the face of all these odds, Veladero comfortably The previously deferred Phase 7B of the leach pad will now exceeded its production guidance and beat its guidance on costs. What changed? be completed this year and planning has started for Phase 8. These will support the foundation for another year of delivery Following the merger, Barrick set out to revitalize Veladero by in 2024 and extend the mine’s life by two to 10 years at an reinterpreting its geology, comprehensively reviewing its annual average production rate of approximately 400,000 business plan and adopting the Barrick approach to ounces.
partnering with communities and authorities.
Mark Hill, chief operating officer of Barrick’s Latin America and Execution of the revival strategy required disciplined Asia Pacific region, says that recent changes to Argentina’s execution by the new leadership team, agile, business- government have also improved Veladero’s prospects.
orientated decision-making and tackling the in-country issues head-on. It also called for the rightsizing of the cost base, “We are optimistic that the new administration intends to which meant deferring some projects. promote mining investment with a stable regulatory and economic framework. We will continue to work closely with The consequent performance improvement in 2023 was both federal and local governments, employing the Barrick supported by the Libertadores powerline’s first full year of partnership model that has served us so well in other operation. The line supplies renewable power from jurisdictions,” he says.
BARRICK YEAR-END 2023 5 PRESS RELEASE
The permitting experience Nevada Gold Mines has gained through Cortez will help drive its next growth projects at Robertson (pictured) and Fourmile.
Goldrush ROD In Hand, Cortez is Poised for Growth
Cortez received the long-anticipated Record of Decision (ROD) for the Goldrush project on 8 December and immediately started work on the surface infrastructure accesses. The mine can now complete the construction of the first ventilation raise, alleviating current ventilation constraints and allowing the expansion of the mining and development areas.
The upgrade to power supply and surface infrastructure, and protections were implemented in addition to NGM’s work development and installation of the surface dewatering restoring habitat for the sage-grouse on more than 40,000 infrastructure can now also commence. acres degraded by wildfire and invasive plant species near the Cortez mining district and were included in the Final Goldrush Underground is forecast to produce approximately Environmental Impact Statement for the mine.
130,000 ounces of gold this year, reaching commercial production in 2026 and growing to approximately 400,000 “NGM is the largest economic driver in Northern Nevada. The ounces by 2028.16 The mine is anticipated to create 500 jobs governor and the federal legislative delegation all understand during the construction and 570 jobs during operations. the value we bring to Nevada through taxes paid, strong employment and meaningful socio-economic support for our Nevada Gold Mines’ (NGM) executive managing director local communities. When the Goldrush permitting was held up in Washington, the governor and a bi-partisan group of Peter Richardson said that NGM’s strong social license to operate and the many partnerships it has cultivated in Nevada regulators succeeded in progressing the process by stressing were instrumental in the government’s approval of the ROD. the project’s economic and employment benefits to the Department of the Interior and the BLM.”
“Our teams worked tirelessly to show the many benefits of the Goldrush project to all the stakeholders through numerous Richardson said the permitting experience NGM has gained through Cortez will help drive its next growth projects at community and government engagements, including several mine tours. We hosted two tours specifically for Native Robertson and Fourmile. Robertson already makes a major Americans and the project was ultimately unopposed by their contribution to Cortez’s reserve base and has the potential for tribal governments,” he said. NGM met with the state’s wildlife continued growth through near-mine extensions. The Barrickagency and the Bureau of Land Management (BLM) and owned Fourmile is the highest-grade undeveloped gold identified improvements to strengthen protections for sage- deposit in North America. The now-completed Goldrush grouse, a sensitive species in the Western U.S. These permits allow access to the Fourmile orebody, but the project team continues to assess the mining and access options.
BARRICK YEAR-END 2023 6 PRESS RELEASE
Investing in Diversity Pays Off for Barrick
Barrick continues to invest in the development of a multicultural and multigenerational workforce aligned to a changing world. Its diverse workforce is the product of Barrick’s strategy of local employment and stakeholder recognition in the countries in which it operates: 96% of its workforce are host country or community hires, as are 78% of its management.
This is achieved through a variety of career and development A year of accolades opportunities through promotions, secondments, employee Barrick’s commitment to gender equality and world-class exchange programs, on-the-job training and leadership employment practices was acknowledged globally in 2023 programs. through the following awards:
At the same time, it acknowledges and encourages the Dominican Republic important role women should be playing in this traditionally
- The prestigious Igualando Republica Dominicana Stamp
male-dominated business. “There’s a strong commercial as for Gender Equality Practices (Platinum Level) – for well as a moral motivation to make gender diversity part of our achieving the Gold Level for three consecutive years. This human resource strategy. The communities in which we award is organized by the National Ministry of Women and operate include large numbers of capable and committed the Development Program of the United Nations and women who just need an opportunity to show what they can recognizes the top Dominican companies that lead gender contribute,” says Darian Rich, Barrick’s human resource inclusion and promote social and economic autonomy for executive.
Dominican women. Pueblo Viejo was one of only five companies to receive this recognition and the first mining In the Dominican Republic, for example, 50% of new hires company to receive the Platinum Level award.
were women in the fourth quarter and the gender balance
- Soraya Madera, Pueblo Viejo mine superintendent was
there has increased to 25% of the total Dominican workforce.
recognized as Golden Woman by Women in Mining Central “Local employment at our Pueblo Viejo mine increased to America.
54% in the fourth quarter while our national employment remained steady at 98%,” says Rich.
Côte d’Ivoire
Additionally, Pueblo Viejo’s Apprentices and Job Ready • Tongon was recognized as the Best Local Job-creating Programs which provides training in diesel technology, Company in the Poro region by Agence Emploi Journes. electricity and instrumentation, industrial maintenance, mechanical maintenance and welding, saw 194 participants Tanzania graduate with 85% of these sourced from the local community
- North Mara received the Employer of the Year Award
and 76% were women. As a result of the program, 84% of the from the Association of Tanzania Employers for cultivating graduates were hired in permanent roles, of which 78% were a favourable work environment and advocating for women.
progressive, inclusive business practices and establishing decent work standards. At the same ceremony, North Mara In Tanzania Barrick launched a program to train 10 women as also scooped the Best Corporate Social Responsibility truck operators, all of whom successfully completed the
Award, Best Large Organization Employer of the Year course in November 2023 and received a Certificate of Award and Overall, Best in Private Sector Award. Competence. They are now undergoing on-the-job shadow Bulyanhulu, meanwhile picked up the Best at training.
Management During Crisis Award.
- Barrick Tanzania was named the Top Employer in
“We want to have the right skills in the right jobs, but we also Tanzania by the Top Employer Institute and was also want to make sure that we have an appropriately diverse recognized by the Gender Desk of the Tanzania Police workforce, and that by investing in the local community, in Force for its contribution to Fighting Gender-Based particular women, we are building a new generation workforce Violence and Violence Against Children.
to take Barrick into the future,” says Rich.
Saudi Arabia
- Ma’aden Barrick Copper Company received the Saudi Labour Award in the industrial, energy and mining sector from the Ministry of Human Resources and Social Development.
BARRICK YEAR-END 2023 7 PRESS RELEASE
The development of the Super Pit at Lumwana will transform it into one of the world’s major copper mines.
How Barrick Turned a Struggling Lumwana Into an Asset With World-Class Potential
Since Barrick refocused its strategy in 2019, the once struggling Lumwana mine has been restructured and re-engineered into a significant potential contributor to Barrick’s expanding copper portfolio.
For nearly a decade, Lumwana showed poor production +30-year life.18 It is a key component of the Zambian performance and efficiencies, with rising costs causing record government’s drive to revive the country’s copper industry losses and ultimately impairments. The mine was left over the next 10 years. The estimated cost of the project is financially unsustainable following years of high-grade mining almost $2 billion and construction is scheduled to start and lack of reinvestment. towards the end of this year.
Today, plant throughput has increased 23% to close to a Since 2019, Barrick has contributed almost $3 billion to the record 27 million tonnes per annum in 2023 while mining has Zambian economy in the form of royalties, taxes, salaries and increased by 53% and will continue to grow as the mine the procurement of goods and services from local businesses. ramps up in preparation for the Super Pit expansion that has now been accelerated with first production scheduled for Local procurement of $472 million in 2023 made up more than 2028. Additionally, mining costs have come down by 35% 81% of total spend for Lumwana. Barrick has also launched a following the reinvestment in an Ultra Fleet and the transition Business Accelerator Program designed to build the business to owner mining. General and administrative expenses have capacity of the Zambian contractors in its supply chain, been reduced by 24% despite the ramp up in certain equipping them to grow and diversify their enterprises and departments in anticipation of the expansion project. This has remain sustainable beyond Lumwana’s life of mine.
all been achieved by a 99%-Zambian labour force, which carried a significant expatriate contingent before 2019. In line with the Company’s partnership philosophy, Barrick’s REDD+ initiative will uplift communities through conservation The development of the Super Pit will transform Lumwana of the natural forest surrounding the mine. Resources have into one of the world’s major copper mines, with projected already been allocated and engagement with the communities annual production of around 240,000 tonnes per year over a is underway.
BARRICK YEAR-END 2023 8 PRESS RELEASE
Passing of Gustavo Cisneros
It was with great sadness that the Board announced the passing of Gustavo Cisneros on December 29, 2023. Mr Cisneros was an independent member of the Board from 2003, chairing its Environmental, Social, Governance and Nominating Committee, and serving as a member of the Compensation Committee.
He was also a member of Barrick’s International Advisory “Gustavo was an irreplaceable source of wisdom, judgment Board, which advises the Board on geopolitical and other and insight for decades. He had an uncanny ability to get right strategic issues. to the core of the matter, to see around corners and to give sound, practical, forward leaning advice when one most Barrick Chairman John Thornton paid tribute to Mr Cisneros needed it. His generous and entrepreneurial spirit and his as a business leader of international stature who had built his personal and professional integrity will be missed by all of us. family-owned Cisneros into a worldwide media, entertainment, Our deepest sympathies, thoughts and prayers are with his telecommunications and consumer products group. wife, Patricia Phelps de Cisneros, his children, Carolina, Guillermo and Adriana, and their families with whom the entire Barrick family shares this heartbreaking loss,” he said.
Recommissioning Starts as Porgera Prepares to Resume Operations in Q1 2024
Following the formal completion of the Porgera Project Commencement Agreement in December, work started on the recommissioning of the Porgera gold mine in Papua New Guinea, which has been in care and maintenance since April 2020.
Barrick president and chief executive Mark Bristow, who was Operated by Barrick through Barrick Niugini Limited (BNL, a closely involved in the negotiations that eventually delivered joint venture with Zijin Mining, Porgera joins the Company’s the restart agreement, said the mine’s new ownership sector-leading gold asset portfolio with the potential for a Tier structure was in line with the Company’s host country One production profile.
partnership business model.
BARRICK YEAR-END 2023 9 PRESS RELEASE
APPENDIX
2024 Operating and Capital Expenditure Guidance
GOLD PRODUCTION AND COSTS
2024 forecast 2024 forecast cost of 2024 forecast total cash 2024 forecast all-in attributable production sales11 ($/oz) costs12 ($/oz) sustaining costs12 ($/oz) (000s ozs)
Carlin (61.5%)19 800 - 880 1,270 - 1,370 1,030 - 1,110 1,430 - 1,530 Cortez (61.5%)20 380 - 420 1,460 - 1,560 1,040 - 1,120 1,390 - 1,490
Turquoise Ridge (61.5%) 330 - 360 1,230 - 1,330 850 - 930 1,090 - 1,190
Phoenix (61.5%) 120 - 140 1,640 - 1,740 810 - 890 1,100 - 1,200 Nevada Gold Mines (61.5%)21 1,650 - 1,800 1,340 - 1,440 980 - 1,060 1,350 - 1,450
Hemlo 140 - 160 1,470 - 1,570 1,210 - 1,290 1,600 - 1,700
North America 1,750 - 1,950 1,350 - 1,450 1,000 - 1,080 1,370 - 1,470
Pueblo Viejo (60%) 420 - 490 1,340 - 1,440 830 - 910 1,100 - 1,200
Veladero (50%) 210 - 240 1,340 - 1,440 1,010 - 1,090 1,490 - 1,590 Porgera (47.5%)22 50 - 70 1,670 - 1,770 1,220 - 1,300 1,900 - 2,000
Latin America & Asia Pacific 700 - 800 1,370 - 1,470 920 - 1,000 1,290 - 1,390
Loulo-Gounkoto (80%) 510 - 560 1,190 - 1,290 780 - 860 1,150 - 1,250
Kibali (45%) 320 - 360 1,140 - 1,240 740 - 820 950 - 1,050
North Mara (84%) 230 - 260 1,250 - 1,350 970 - 1,050 1,270 - 1,370
Bulyanhulu (84%) 160 - 190 1,370 - 1,470 990 - 1,070 1,380 - 1,480
Tongon (89.7%) 160 - 190 1,520 - 1,620 1,200 - 1,280 1,440 - 1,540
Africa and Middle East 1,400 - 1,550 1,250 - 1,350 880 - 960 1,180 - 1,280
Total attributable to Barrick23,24,25 3,900 - 4,300 1,320 - 1,420 940 - 1,020 1,320 - 1,420
COPPER PRODUCTION AND COSTS
2024 forecast 2024 forecast cost of 2024 forecast C1 cash 2024 forecast all-in attributable production sales11 ($/lb) costs13 ($/lb) sustaining costs13 ($/lb) (000s tonnes)26 Lumwana 120 - 140 2.50 - 2.80 1.85 - 2.15 3.30 - 3.60
Zaldívar (50%) 35 - 40 3.70 - 4.00 2.80 - 3.10 3.40 - 3.70
Jabal Sayid (50%) 25 - 30 1.75 - 2.05 1.40 - 1.70 1.70 - 2.00
Total attributable to Barrick24 180 - 210 2.65 - 2.95 2.00 - 2.30 3.10 - 3.40
| ATTRIBUTABLE CAPITAL EXPENDITURES27 (millions) | |
| Attributable minesite sustaining10,27 | 1,550 - 1,750 |
| Attributable project10,27 | 950 - 1,150 |
| Total attributable capital expenditures27 | 2,500 - 2,900 |
2024 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS
2024 guidance Impact on EBITDA28 Impact on TCC and Hypothetical change assumption (millions) AISC12,13
| Gold price sensitivity $1,900/oz | +/- $100/oz | ‘+/-$550 ‘+/-$5/oz |
| Copper price sensitivity $3.50/lb ‘+/-$0.25/lb ‘+/- $110 ‘+/-$0.01/lb |
BARRICK YEAR-END 2023 10 PRESS RELEASE
Production and Cost Summary - Gold
12/31/23 9/30/23 Change 12/31/23 12/31/22 Change
Nevada Gold Mines LLC (61.5%)a
| Gold produced (000s oz attributable basis) | 513 | 478 | 7% | 1,865 | 1,862 | 0% |
| Gold produced (000s oz 100% basis) | 833 | 777 | 7% | 3,032 | 3,028 | 0% |
| Cost of sales ($/oz) | 1,331 | 1,273 | 5% | 1,351 | 1,210 | 12% |
| Total cash costs ($/oz)b | 968 | 921 | 5% | 989 | 876 | 13% |
| All-in sustaining costs ($/oz)b | 1,366 | 1,286 | 6% | 1,366 | 1,214 | 13% |
Carlin (61.5%)
| Gold produced (000s oz attributable basis) | 224 | 230 | (3%) | 868 | 966 | (10%) |
| Gold produced (000s oz 100% basis) | 363 | 374 | (3%) | 1,411 | 1,571 | (10%) |
| Cost of sales ($/oz) | 1,219 | 1,166 | 5% | 1,254 | 1,069 | 17% |
| Total cash costs ($/oz)b | 1,006 | 953 | 6% | 1,033 | 877 | 18% |
| All-in sustaining costs ($/oz)b | 1,506 | 1,409 | 7% | 1,486 | 1,212 | 23% |
Cortez (61.5%)
| Gold produced (000s oz attributable basis) | 162 | 137 | 18% | 549 | 450 | 22% |
| Gold produced (000s oz 100% basis) | 263 | 224 | 18% | 892 | 731 | 22% |
| Cost of sales ($/oz) | 1,353 | 1,246 | 9% | 1,318 | 1,164 | 13% |
| Total cash costs ($/oz)b | 909 | 840 | 8% | 906 | 815 | 11% |
| All-in sustaining costs ($/oz)b | 1,309 | 1,156 | 13% | 1,282 | 1,258 | 2% |
Turquoise Ridge (61.5%)
| Gold produced (000s oz attributable basis) | 84 | 83 | 1% | 316 | 282 | 12% |
| Gold produced (000s oz 100% basis) | 137 | 134 | 1% | 514 | 459 | 12% |
| Cost of sales ($/oz) | 1,419 | 1,300 | 9% | 1,399 | 1,434 | (2%) |
| Total cash costs ($/oz)b | 1,046 | 938 | 12% | 1,026 | 1,035 | (1%) |
| All-in sustaining costs ($/oz)b | 1,257 | 1,106 | 14% | 1,234 | 1,296 | (5%) |
Phoenix (61.5%)
| Gold produced (000s oz attributable basis) 41 26 58% | 123 109 13% | |
|---|---|---|
| Gold produced (000s oz 100% basis) 67 42 | 58% | 200 177 13% |
| Cost of sales ($/oz) 1,576 2,235 (29%) | 2,011 2,039 (1%) |
Total cash costs ($/oz)b 787 1,003 (22%) 961 914 5% All-in sustaining costs ($/oz)b 981 1,264 (22%) 1,162 1,074 8%
Long Canyon (61.5%)
| Gold produced (000s oz attributable basis) | 2 | 2 | 0% | 9 | 55 | (84%) |
| Gold produced (000s oz 100% basis) | 3 | 3 | 0% | 15 | 90 | (84%) |
| Cost of sales ($/oz) | 2,193 | 1,832 | 20% | 1,789 | 1,282 | 40% |
| Total cash costs ($/oz)b | 990 | 778 | 27% | 724 | 435 | 66% |
| All-in sustaining costs ($/oz)b | 1,074 | 831 | 29% | 779 | 454 | 72% |
Pueblo Viejo (60%)
| Gold produced (000s oz attributable basis) | 90 | 79 | 14% | 335 | 428 | (22%) |
| Gold produced (000s oz 100% basis) | 151 | 131 | 14% | 559 | 713 | (22%) |
| BARRICK YEAR-END 2023 | 11 | PRESS RELEASE |
| Cost of sales ($/oz) 1,588 1,501 6% 1,418 | 1,132 | 25% | ||
| Total cash costs ($/oz)b | 1,070 | 935 14% 889 725 23% | ||
| All-in sustaining costs ($/oz)b 1,428 1,280 12% 1,249 | 1,026 | 22% |
Production and Cost Summary - Gold (continued)
12/31/23 09/30/23 Change 12/31/23 12/31/22 Change
Loulo-Gounkoto (80%)
| Gold produced (000s oz attributable basis) | 127 | 142 | (11%) | 547 | 547 | 0% |
| Gold produced (000s oz 100% basis) | 159 | 176 | (11%) | 683 | 684 | 0% |
| Gold produced (000s oz 100% basis) | 206 | 221 | (6%) | 763 | 750 | 2% |
| Cost of sales ($/oz) 1,296 1,087 19% 1,198 1,153 4% | |||
|---|---|---|---|
| Total cash costs ($/oz)b | 924 | 773 20% 835 778 7% | |
| All-in sustaining costs ($/oz)b 1,168 1,068 9% 1,166 1,076 8% | |||
| Kibali (45%) | |||
| Gold produced (000s oz attributable basis) 93 | 99 (6%) | 343 337 2% |
| Cost of sales ($/oz) 1,141 | 1,152 (1%) | 1,221 1,243 (2%) | |
|---|---|---|---|
| Total cash costs ($/oz)b | 737 | 694 6% 789 703 12% | |
| All-in sustaining costs ($/oz)b 819 | 801 2% | 918 948 (3%) |
Veladero (50%)
| Gold produced (000s oz attributable basis) | 55 | 55 | 0% | 207 | 195 | 6% |
| Gold produced (000s oz 100% basis) | 110 | 111 | 0% | 414 | 389 | 6% |
| Cost of sales ($/oz) | 1,378 | 1,376 | 0% | 1,440 | 1,628 | (12%) |
| Total cash costs ($/oz)b | 1,021 | 988 | 3% | 1,011 | 890 | 14% |
| All-in sustaining costs ($/oz)b | 1,403 | 1,314 | 7% | 1,516 | 1,528 | (1%) |
Porgera (47.5%)c
| Gold produced (000s oz attributable basis) | — | — | — | — | — | — |
| Gold produced (000s oz 100% basis) | — | — | — | — | — | — |
| Cost of sales ($/oz) | — | — | — | — | — | — |
| Total cash costs ($/oz)b | — | — | — | — | — | — |
| All-in sustaining costs ($/oz)b | — | — | — | — | — | — |
Tongon (89.7%)
| Gold produced (000s oz attributable basis) | 42 | 47 | (11%) | 183 | 180 | 2% |
| Gold produced (000s oz 100% basis) | 47 | 53 | (11%) | 204 | 201 | 2% |
| Cost of sales ($/oz) | 1,489 | 1,423 | 5% | 1,469 | 1,748 | (16%) |
| Total cash costs ($/oz)b | 1,184 | 1,217 | (3%) | 1,240 | 1,396 | (11%) |
| All-in sustaining costs ($/oz)b | 1,586 | 1,331 | 19% | 1,408 | 1,592 | (12%) |
Hemlo (100%)
| Gold produced (000s oz) | 34 | 31 | 10% | 141 | 133 | 6% |
| Cost of sales ($/oz) | 1,618 | 1,721 | (6%) | 1,589 | 1,628 | (2%) |
| Total cash costs ($/oz)b | 1,407 | 1,502 | (6%) | 1,382 | 1,409 | (2%) |
| All-in sustaining costs ($/oz)b | 1,671 | 1,799 | (7%) | 1,672 | 1,788 | (6%) |
North Mara (84%)
| Gold produced (000s oz attributable basis) | 59 | 62 | (5%) | 253 | 263 | (4%) |
| Gold produced (000s oz 100% basis) | 71 | 73 | (5%) | 302 | 313 | (4%) |
| Cost of sales ($/oz) | 1,420 | 1,244 | 14% | 1,206 | 979 | 23% |
| Total cash costs ($/oz)b | 1,103 | 999 | 10% | 944 | 741 | 27% |
| All-in sustaining costs ($/oz)b | 1,449 | 1,429 | 1% | 1,335 | 1,028 | 30% |
| BARRICK YEAR-END 2023 | 12 | PRESS RELEASE |