Barrick Reports Solid Q1 Results and Progress on Strategic Growth Objectives 2025 RESULTSQ1 First Quarter 2025 Results
| Q1 | |
|---|---|
| 2025 RESULTS |
Barrick Reports Solid Q1 Results and Progress on Strategic Growth Objectives
First Quarter 2025 Results
All amounts expressed in U.S. dollars unless otherwise indicated
Full year gold and copper Toronto, May 7, 2025 – Barrick Mining Corporation
guidance maintained
(NYSE:GOLD1)(TSX:ABX) (“Barrick” or the “Company”) today reported a solid start to the financial year, making significant headway on its long-term strategy and advancing its global portfolio of Tier One2 gold and copper assets.
Net earnings per share increased 59% year-on-year to $0.27 with adjusted net earnings per share3 growing by 84% year-on-
Costs per ounce expected to year to $0.35. Operating cash flow of $1.2 billion was also up 59% while free cash flow4 of $375 million improved materially
trend lower during the year compared to Q1 2024, driving net debt reduction of 5% over the quarter. The Board again approved a quarterly dividend of $0.10 per share while the Company repurchased $143 million of its shares, consistent with its commitment to shareholder returns.
Gold production of 758,000 ounces5 was at the top end of
59% increase in operating guidance with copper production increasing to 44,000 tonnes5 year-over-year on improved costs. The average realized gold cash flow to $1.2 billion price5,6 for the quarter of $2,898 per ounce, up 40% from the compared to Q1 2024 prior year, supported stronger margins despite ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines—initiatives that will position both mines for a stronger output next quarter and the rest of the year. Fullyear guidance for both gold and copper remains unchanged.
President and CEO Mark Bristow said that during the quarter, Q1 net EPS $0.27
Q1 adjusted net EPS3 $0.35 Barrick significantly advanced several key growth projects. “At Reko Diq and Lumwana, owner teams have been mobilized, long-lead items secured, and Fluor and Hatch appointed as engineering partners, respectively. These projects will materially grow Barrick’s copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30% by the end of the decade.7 We also progressed with the Pueblo Viejo ramp up and tailings expansion—critical
$143 million in share buybacks; to unlocking its full value—and transitioned Fourmile to prefeasibility with 16 rigs now active, targeting high-confidence $0.10 per share dividend substantial resource additions,” he said.
Continued on page 3
Key Performance Indicators
Best Assets…
- Q1 gold production at the top end of 700-750koz guidance range with full year gold and copper production targets on track
- Costs per ounce expected to trend lower over rest of year driven by higher production
- Ongoing improvements at Nevada Gold Mines, including open pit unit costs for Carlin lowest in three years
- Canadian exploration teams advance a pipeline of opportunities with drilling in progress on most prospective target
- New discovery emerges within Reko Diq mining license
Key Growth Projects…
- Pueblo Viejo throughput improvement projects completed successfully; ramp up remains on track to deliver on guidance
- Fourmile ramping up to 16 rigs running to define substantial extensions to mineral resources, in support of Bullion Hill decline development
- Reko Diq and Lumwana transition to execution with the appointment of Fluor and Hatch as engineering partners, respectively
- Exploration MoU signed with the Government of Zambia to further support investment in Lumwana and ground beyond its footprint
- Design and construction engineer appointed for new tailings storage facility at Pueblo Viejo and early works commenced
Leader in Sustainability…
- 57% and 44% decrease in LTIFR8 and TRIFR8 respectively when compared to same quarter last year
- Over 31,000 Critical Control Verification on our Fatal Risks completed globally
- All National Environmental Permits received for Reko Diq and the IFC disclosed completion of their independent review of the Environmental and Social Impact Assessment
- First new houses successfully handed over to families at host site for the Pueblo Viejo tailings storage facility resettlement project
Delivering Value…
- $1 billion value unlocked in sale of stake in Donlin Gold Project
- Operating cash flow of $1.2 billion for the quarter—59% higher than Q1 2024
- Free cash flow4 of $375 million for the quarter driving net debt reduction of 5% over the quarter
- Net earnings per share of $0.27 and adjusted net earnings per share3 of $0.35 cents for the quarter
- $0.10 per share quarterly dividend declared and another $143 million in share buybacks
BARRICK FIRST QUARTER 2025 2 PRESS RELEASE
Financial and Operating Highlights Continued from page 1
Barrick’s global exploration teams continued to expand and advance our pipeline of projects and opportunities,
| Q1 2025 | Q4 2024 Q1 2024 | |
|---|---|---|
| Financial Results ($ millions) | ||
| Net earnings9 | 474 | 996 295 |
| Adjusted net earnings3 | 603 | 794 333 |
| Attributable EBITDA10 | 1,361 | 1,697 907 |
| Net cash provided by operating activities | 1,212 | 1,392 760 |
| Free cash flow4 | 375 | 501 32 |
| Net earnings per share | 0.27 | 0.57 0.17 |
| Adjusted net earnings per share3 | 0.35 | 0.46 0.19 |
| Total attributable capital expenditures11,12 | 631 | 758 572 |
| Operating Results | ||
| Gold | ||
| Production5 (thousands of ounces) | 758 | 1,080 940 |
| Realized gold price5,6 ($/oz) | 2,898 | 2,657 2,075 |
| Gold COS5,13 (Barrick’s share) ($/oz) | 1,629 | 1,428 1,425 |
| Gold TCC5,14 ($/oz) | 1,220 | 1,046 1,051 |
| Gold AISC5,14 ($/oz) | 1,775 | 1,451 1,474 |
| Copper | ||
| Production5 (thousands of tonnes) | 44 | 64 40 |
| Realized copper price5,6 ($/lb) | 4.51 | 3.96 3.86 |
| Copper COS5,13 (Barrick’s share) ($/lb) | 2.92 | 2.62 3.20 |
| Copper C1 cash costs5,15 ($/lb) | 2.25 | 2.04 2.40 |
| Copper AISC5,15 ($/lb) | 3.06 | 3.07 3.59 |
| Financial Position ($ millions) | As at 3/31/25 | As at As at 12/31/24 3/31/24 |
| Debt (current and long term) | 4,727 | 4,729 4,725 |
| Cash and equivalents | 4,104 | 4,074 3,942 |
| Debt, net of cash | 623 | 655 783 |
with drilling underway across high-potential targets in the Americas, Africa and Asia. A new discovery has emerged within the Reko Diq mining license, further confirming the potential and world-class mineral endowment of the district. In Canada, a key destination for the group, focused exploration is advancing multiple opportunities.
At the same time, Barrick’s $1 billion sale of its 50% interest in Donlin realizes immediate value and ensures we maintain a sharp focus on developing a future pipeline of the best Tier One2 assets, such as Fourmile. Similarly, the Company also continues to progress the planned divestments of Tongon and Hemlo, in line with its strategy.
Bristow said the first quarter highlighted Barrick’s distinct approach to growth—one that avoids the pitfalls of industry short-termism in favor of long-term, internally funded value creation. “We’ve built a global mining company with the financial strength, technical capacity and operational depth to grow organically. Our performance this quarter reflects delivery across all our strategic pillars: from reserve replacement and portfolio optimization, to the ramp-up of world-class projects and reinvestment in exploration.”
“While others pursue shortcuts through M&A, we continue to invest in our own future—by building and not just buying—thereby creating real value for our shareholders. With no need to raise new equity or increase debt to fund our growth, Barrick remains uniquely well positioned to maintain a strong balance sheet while delivering sustainable returns and long-term value for shareholders,” Bristow said.
Along with its world-class portfolio of six Tier One2 gold mines, Barrick is building a substantial copper business, which will be a meaningful contributor to growing production volumes in the coming years and beyond. Hence the decision to change the Company’s name to Barrick Mining Corporation and its ticker symbol to ‘B’ on the New York Stock Exchange.1
Q1 2025 Results Presentation
Mark Bristow will host a live presentation of the results today at 11:00 AM ET, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
The Q1 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.
BARRICK FIRST QUARTER 2025 3 PRESS RELEASE
Barrick Reports Share Repurchases and Declares Q1 Dividend
Barrick today announced the declaration of a “Our operating performance and growing margins have dividend of $0.10 per share for the first quarter of allowed us to provide significant returns to 2025. The dividend is consistent with the shareholders during the quarter through the Company’s Performance Dividend Policy combination of dividends and share buybacks at a announced at the start of 2022. compelling valuation. At the same time, Barrick’s balance sheet continues to be one of the strongest in The Q1 2025 dividend will be paid on June 16, 2025 to the industry, ensuring we have the liquidity to invest in shareholders of record at the close of business on May our significant growth projects,” said senior executive 30, 2025.
vice-president and chief financial officer Graham In addition to the quarterly dividend, Barrick Shuttleworth.
repurchased approximately 7.69 million shares during Q1 under the share buyback program that was announced in February 2025.
Board Strengthened With Two New Directors
Barrick’s shareholders have elected Ben van corporate simplification efforts that enhanced efficiency Beurden and Pekka Vauramo to its board as and shareholder value. He currently serves as Senior Independent Directors at the Annual and Special Advisor on energy transition investments at KKR and is Meeting of Shareholders on May 6. the incoming chairman of Clariant.
Chairman John Thornton said the election of these two Pekka Vauramo, former CEO of Metso and previously experienced business leaders reflected Barrick’s of Finnair, brings a strong track record in operational ongoing commitment to board renewal and diversity, leadership and strategic transformation across the aimed at ensuring the Company has the leadership mining, logistics, and services sectors. At Metso, he led required to navigate evolving industry dynamics. the merger with Outotec, forming a global leader in sustainable mineral and metal processing technologies. “The addition of van Beurden, with his extensive His background also includes senior roles at Sandvik, international experience in the extractive industry and Cargotec, and Outokumpu, as well as extensive board Vauramo who has significant global mining engineering experience.
experience will strengthen the board’s operational depth and strategic oversight as Barrick advances its Thornton added that the 10 board directors comprised plan to increase gold equivalent production by 30% by an experienced team with a mosaic of skills, whose 2030.7 Both bring exceptional leadership, a global diversity of backgrounds, experiences and viewpoints perspective and deep industry knowledge, with effectively represented Barrick’s stakeholders globally. expertise in sustainable business practices that will support our commitment to delivering long-term value to shareholders while maintaining our leadership in responsible mining,” Thornton said.
In 2024, Barrick's ESG & Nominating Committee undertook a comprehensive review of the Board's composition, identifying opportunities to enhance extractive industry and mining expertise along with global leadership experience to better align with the Company’s strategic objectives.
Ben van Beurden, former CEO of Shell, offers four decades of global experience in the energy sector. He is credited with leading Shell’s transition toward a more diversified and sustainable energy portfolio, alongside Ben van Beurden Pekka Vauramo
BARRICK FIRST QUARTER 2025 4 PRESS RELEASE
Barrick Name Change Signals Intent to Lead In Gold and Copper
The proposed name change from Barrick Gold He said that following the merger with Randgold Corporation to Barrick Mining Corporation was Resources five years ago, management had set out a approved at the Company’s Annual and Special new strategy to reposition the Company as the world’s Meeting of Shareholders, held on May 6, 2025. most valued miner by owning long-life, sustainable Tier One2 gold and copper assets, operated by the best In conjunction with this change, Barrick’s common people and delivering sector-leading returns.
shares listed on the New York Stock Exchange will now trade under the ticker symbol ‘B’ instead of ‘GOLD’, “After the merger, Barrick quickly created its value effective May 9, while the ticker symbol ‘ABX’ for its foundation by combining its Nevada assets with common shares listed on the Toronto Stock Exchange Newmont’s, creating Nevada Gold Mines—the world’s will remain unchanged. largest gold mining complex. Barrick also focused its attention on re-energizing and consolidating its Mark Bristow says Barrick’s vision is to be the world’s Tanzanian gold mines, invested in expanding Pueblo most valued gold and copper exploration, development Viejo to reach its full potential and turned Kibali into and mining business. “Along with our world-class one of the world’s greenest and most automated portfolio of six Tier One2 gold mines, we are building a mines,” says Bristow.
substantial copper business which will be a meaningful contributor to growing our production volumes in the At the same time, Barrick recognized the growing coming years and beyond.” strategic importance of copper and is looking to turn the Lumwana mine into one of largest producers of the “Our new name and our new stock symbol, ‘B’, better metal which, along with the undeveloped Reko Diq reflect Barrick’s current business and our mission to copper-gold deposit, will support a planned 30% growth achieve sustainable and profitable gold and copper in gold equivalent ounces by the end of the decade.7 growth. Gold remains core to our foundation, and we will continue to explore for and develop new gold “Our strong balance sheet and cashflows from existing mines, including the expansion of Pueblo Viejo, the operations position us to confidently invest in our own exciting Fourmile gold project in Nevada and future as well as navigate most commodity price exemplified by the Reko Diq project with its world class scenarios. At the same time, they enable us to increase mix of both copper and gold,” Bristow said. shareholder returns through enhanced share buybacks and dividends,” he said.
BARRICK FIRST QUARTER 2025 5 PRESS RELEASE
Successful Barrick Academy Scales Up Across All Regions
Barrick is scaling up the successful Barrick Human resources executive Darian Rich said, “The Leadership Academy across all its regions, Barrick Academy is more than a leadership program, marking a major milestone in the Company’s it’s a cornerstone of our strategy to build a highcommitment to cultivating world-class frontline performance culture across our operations. By leadership. investing in the development of our people and delivering consistent training across our global sites, Following its successful launch in the Africa & Middle we’re empowering our frontline leaders to drive results, East region at the now closed Buzwagi mine in innovation, and long-term success.”
Tanzania, where it has already trained more than 2,000 supervisors, the program is being expanded across the Meanwhile, at its Reko Diq project, Barrick launched group with frontline leaders in every region—including the International Graduate Development Program for Latin America and Asia Pacific—expected to have Reko Diq in July 2023. Selected from thousands of access to the Academy’s tailored development applicants, Balochistan graduates are undertaking curriculum by the end of the year. intensive on-the-job training at Barrick sites around the world, including Veladero in Argentina and Lumwana in Representatives from Latin America and Asia Pacific Zambia. Nine graduates have successfully completed attended sessions at the Buzwagi training center earlier the first year, with 18 more recently selected to join the this year, ahead of the regional launch planned for program.
October 2025.
This hands-on global exposure equips young The program is being extended to Nevada Gold Mines professionals from Balochistan with practical skills and with the first cohort launched in April 2025. Ultimately, insights into world-class mining operations. Upon 700 frontline leaders—including supervisors, general completion, participants will return to the Reko Diq supervisors, and superintendents—will complete the project, where they are expected to play key roles in its training. Delivered through immersive, in-person development, support community upliftment, and help workshops and follow-up coaching, the program is ensure that the mine’s leadership structure reflects the providing practical tools for people management and region it serves.
business optimization, including a Lean Management project component. Graduates present their final “From top executives to frontline supervisors, we projects to members of NGM’s Senior Leadership believe great leadership drives great performance. Team. That’s why we’ve made significant investments not only in developing technical capabilities but also in The Barrick Academy provides a consistent leadership strengthening leadership at every level of the business. framework rooted in the Company’s DNA, equipping Through initiatives like the Barrick Academy and other frontline leaders with practical tools to manage teams global training programs, we are building a flat, agile effectively, drive operational excellence, and align with organization equipped to respond to changing market key performance indicators. The training emphasizes dynamics, accelerate innovation, and create long-term adaptability, helping leaders respond to dynamic value for all our stakeholders,” said Rich.
industry challenges and foster continuous improvement.
BARRICK FIRST QUARTER 2025 6 PRESS RELEASE
The Phoenix mine in Nevada.
Recovering Value From Tailings
As part of a broader strategy to recover value from Similarly in the pressure oxidation process, it also legacy tailings while improving environmental lowers the need for boilers to produce steam (to heat outcomes, Nevada Gold Mines is recovering slurry) in the autoclaves. This cuts both energy use and sulphide concentrate from the copper and gold processing costs, delivering operational efficiencies tailings at the Phoenix mine in Nevada, providing a across the network explains the General Manager of valuable energy input for the roasters and Phoenix mine, Robert Tucker.
autoclaves at NGM’s Carlin and Turquoise Ridge
By producing sulphide concentrate on site, Barrick is
operations.
avoiding the need to haul in sulphur from external By removing sulphide from the tailings, the initiative sources, further reducing the project’s carbon footprint reduces acid-generating water potential and enhances and associated logistics costs, says metallurgy, the long-term environmental profile of the Phoenix site engineering and capital projects executive John Steele. when it comes to designing its closure—aligning with “We are currently producing approximately 400 tonnes Barrick’s commitment to responsible mine closure and of sulphide concentrate daily from Phoenix, with a sustainable development.
target of reaching 1,000 tonnes per day by year-end. Although Phoenix is still producing both gold and The program complements similar recovery efforts at copper the repurposed flotation circuit and new filtration Golden Sunlight in Montana—a closed site— plant is designed to scavenge sulphide, along with highlighting Barrick’s strategy to maximize value from residual gold concentrations from the final process its closed operations by turning legacy materials into tailings. At the same time, the sulphide concentrate productive inputs,” Steele says.
being produced onsite helps reduce the need for Barrick’s approach to mine closure was integrated from imported sulphur prill—a key “fuel” component in the the outset, aiming to deliver lasting, positive, and roasting process which leads to more efficient roaster sustainable legacies for local communities while still performance.
getting value from the asset, he said.
BARRICK FIRST QUARTER 2025 7 PRESS RELEASE
The Nuevos Horizontes (New Horizons) community.
Pueblo Viejo Resettlement Reaches Milestone
In a development undertaken to ‘best in class livelihoods. A total of 220 houses have been standards’, 18 Dominican families have been constructed at the new site, with more than 500 successfully resettled to a new model community expected to be completed by year-end. To date, 128 called Nuevos Horizontes (New Horizons), paving families have accepted their resettlement packages the way for several hundred more. and have been assigned homes for relocation in 2025,” Beringer said.
This marks a critical milestone in the broader resettlement program to enable the development of the Replacement of community assets—including schools, El Naranjo Tailings Storage Facility (“TSF”), essential to churches, and public facilities—is being carried out on the continued expansion of Barrick’s Pueblo Viejo a like-for-like basis, with guaranteed access to mine. municipal services. Additional community improvements include a potable water treatment plant, Pueblo Viejo is one of the world’s top 10 gold mines sewage infrastructure, paved roads and dedicated and a cornerstone of Barrick’s global gold portfolio.
spaces for business and recreation.
Since 2019, Barrick has been repositioning the asset to realize its full potential of producing 800,000 ounces of Beringer said, “The expansion project and associated gold a year (100% basis) over a 20-year mine life16 and resettlement program reflect Barrick’s long-term unlocking approximately 13.9 million ounces of gold commitment to responsible development. The creation reserves with the Expansion Project based on a gold of the El Naranjo TSF is a key step in unlocking Pueblo price of $1,400 per ounce.17 Viejo’s full value, and we are doing so in a way that places people at the center of our approach. This isn’t Group sustainability executive Grant Beringer said the just a resettlement—it’s a transformation, and it’s being selection of El Naranjo as the site for the new TSF delivered to world-class standards.”
followed an extensive technical and stakeholder engagement process that began in 2021 and involved Pueblo Viejo remained a significant economic engine more than 3,000 community engagements. The for the Dominican Republic, contributing approximately resettlement itself was progressing in accordance with $1.3 million per day in taxes and accounting for 38% of both Dominican law and the International Finance national goods exported (on a 100% basis). In 2024, Corporation’s Performance Standards 5. the mine spent $574 million nationally and $48 million locally (on a 100% basis) on procurement, and “The goal is to ensure that all resettled households are employs nearly 3,000 Dominicans, excluding demonstrably better off, with improved access to contractors, Beringer said.
infrastructure, services and importantly sustainable
BARRICK FIRST QUARTER 2025 8 PRESS RELEASE
Canada possesses the endowment, geological prospectivity and recent discovery record that supports the potential for the discovery of new world-class deposits.
Canadian Exploration Barrick’s Strategic Approach to a Tier One Discovery in Canada
Barrick is a geologically focused organization with Barrick is evaluating opportunities across Canada, a long track record of value creation through focusing our own generative efforts within the highly exploration and organic growth. productive Precambrian Superior Region, recognized as one of the world's most gold-endowed geological This is demonstrated by its industry-leading depletion regions. Through this ongoing generative program, the replacement record, where the Company continues to exploration team secured access to numerous grow reserves net of depletion without sacrificing the properties that are being evaluated using Barrick’s quality of its orebodies. A long-term exploration strategy exploration expertise. Barrick’s active exploration is essential to support this delivery, and Barrick portfolio in Canada presently covers approximately 730 continues to invest in exploration across the globe, with square kilometers.
Canada as a core part of this approach.
As an example of ongoing work, at a recently Canada possesses the endowment, geological established project in the Abitibi Region, we are in the prospectivity and recent discovery record that supports process of completing deep framework drilling through the potential for the discovery of new world-class thick cover in an under-explored portion of the belt. In deposits. Following the merger with Randgold, Barrick western Ontario, in the Wabigoon greenstone belt, immediately strengthened the Canadian exploration Barrick’s Sturgeon Lake project has progressed from team, bringing together subject matter experts, regional land consolidation to the identification of several largespecialists and field geologists that are highly scale geochemical anomalies characteristic of alkalic motivated to discover the next world-class gold deposit magmatic-hydrothermal and orogenic gold systems in Canadian territory.
which are associated with altered and deformed Barrick’s exploration strategy is based around structures mapped at surface. Aggressive testing of simultaneously using innovative exploration these targets will continue through 2025 and beyond. technologies and techniques combined with a profound As the evaluation of this portfolio advances, geological understanding to identify the most fertile maintaining a substantial pipeline of projects is critical geologic domains and consolidate dominant land in supporting a long-term strategy into the future. The positions to evaluate and build a high-quality project latest generative work using recently collected data has pipeline. Over the past three years the exploration identified 18 new areas of interest in Quebec and team has systematically evaluated 22 advanced Ontario that are being prioritized and secured for opportunities and more than 40 early-stage projects assessment this season. These priority areas and and has separately consolidated and explored four additional projects to emerge from Barrick’s ongoing separate project areas through multi-season field generative work along with the continual assessment of campaigns—and the work continues.
third party opportunities form the foundation of Barrick’s long-term commitment to discovering new, world classdeposits in Canada.
BARRICK FIRST QUARTER 2025 9 PRESS RELEASE
Reko Diq one of the world’s largest undeveloped copper-gold projects.
Reko Diq JV Shareholders Approve Project, Select Fluor as EPCM
The Reko Diq Joint Venture shareholders have “We look forward to working closely with Fluor to approved the project’s updated Feasibility Study ensure that Reko Diq delivers lasting value to all our and conditionally approved the associated Phase 1 stakeholders, particularly the people of Balochistan and development capital subject to the closing of up to Pakistan.”
$3 billion limited recourse project financing,
Fluor will be supported by a range of expert
allowing the project to advance with major works in
engineering consultants including Knight Piesold,
2025, while maintaining the target for first
PRDW and Vecturis, who have worked with the Barrick
production by the end of 2028.
Owner’s Team throughout the Feasibility Study. At the same time, the shareholders have selected Fluor Bristow said the selection of Fluor reflected a shared Corporation as the lead Engineering, Procurement and commitment to delivering large-scale mining projects Construction Management (“EPCM”) partner to work safely, responsibly and efficiently, while maximizing alongside the Barrick Owner’s Team in the detailed local content and community development. Metso, Weir design and construction of the project.
and Komatsu have also been selected as key partners At the recent Pakistan Minerals Investment Forum in to the project, providing the majority of the processing Islamabad, Mark Bristow said this important milestone and mining equipment.
reflected the support of the governments of Balochistan “These engineering and supply partnerships bring and Pakistan, in partnership with Barrick, to develop extensive global experience in delivering large copper one of the world’s largest undeveloped copper-gold concentrate projects in challenging jurisdictions, projects. The project is located in the province of including high-altitude, remote and logistically complex Balochistan, Pakistan, and operated by Barrick.
environments. This expertise aligns strongly with “The selection of Fluor as our EPCM partner Barrick’s own track record of successfully developing strengthens our ability to execute the Reko Diq project and operating major projects in challenging jurisdictions with the technical rigor, operational discipline and around the world,” he said.
socio-environmental responsibility that are hallmarks of both companies,” said Bristow.
BARRICK FIRST QUARTER 2025 10 PRESS RELEASE
The cover image of Barrick's annual report for 2024 shows the 3D geological model of the Cortez district, Nevada, cut out to reveal the Fourmile-Goldrush orebody wireframes as modelled by the Fourmile-Goldrush geological team.
Barrick Focuses On Future Growth and Sustainable Value Creation
Barrick reinforced its commitment to growth, In Nevada, Goldrush progressed its ramp up as reporting significant progress of its key growth planned, while the adjacent Fourmile project has projects while achieving its production guidance advanced to prefeasibility stage. The 2024 preliminary and setting the stage for continued sustainable economic assessment highlighted Fourmile’s worldvalue creation, said Mark Bristow in the Company’s class potential with a significantly larger orebody annual report published recently. endowment at nearly double the grade of Goldrush.21
During 2024, Barrick completed feasibility studies for “Barrick maintains one of the strongest balance sheets the Lumwana Super Pit Expansion in Zambia and the in the industry. This financial strength positions us to Reko Diq project in Pakistan. Both projects confirmed invest in our future as well as fund both the Lumwana their Tier One2 potential, with Lumwana contributing 8.3 and Reko Diq development projects, without the need million tonnes of copper reserves18 and Reko Diq to issue new shares or take on unnecessary debt,” said adding 13 million ounces of gold reserves and 7.3 Bristow. “At the same time, our share buyback program million tonnes of copper reserves on an attributable not only returns capital to investors but also enhances basis.19 The Company also successfully replaced all per-share value, underscoring our disciplined approach the gold and copper it mined during the year, more than to capital allocation.”
replenishing the 4.6 million ounces of attributable gold Bristow added that sustainability remained at the core mineral reserve depletion at better grades.20 of Barrick’s operations, guiding its decisions and long- “Barrick stands alone in the industry as no other term strategy. “Local partnerships continue to be crucial company matches our ability to replace the gold and to advancing our sustainability efforts and ensuring our copper we mine while simultaneously adding to our host nations receive their fair share of economic value reserves through exploration and development. Our along with delivering tangible benefits to local integrated resource and exploration strategy has communities.”
allowed us to build a foundation that supports a Also in the annual report, chairman John Thornton projected 30% growth in gold equivalent ounces out to highlighted Barrick’s ongoing efforts to diversify its the end of the decade,” Bristow said.7 board. “While we are pleased that two of our three The expansion at Pueblo Viejo in the Dominican committees are now chaired by women, we believe we Republic continued to make progress towards the are never finished with the work of adding to our mine’s target of becoming a plus 800,000 ounce per Board’s diversity in every sense and dimension of the year, long-life, low-cost gold producer.16 word. Many different kinds of people make for more and better ideas, livelier debate and stronger outcomes,” Thornton said.
BARRICK FIRST QUARTER 2025 11 PRESS RELEASE
APPENDIX
2025 Operating and Capital Expenditure Guidance
GOLD PRODUCTION AND COSTS
2025 forecast 2025 forecast COS 2025 forecast TCC 2025 forecast AISC attributable production ($/oz)13 ($/oz)14 ($/oz)14 (koz)
Carlin (61.5%) 705 - 785 1,470 - 1,570 1,140 - 1,220 1,630 - 1,730 Cortez (61.5%)22 420 - 470 1,420 - 1,520 1,050 - 1,130 1,370 - 1,470
Turquoise Ridge (61.5%) 310 - 345 1,370 - 1,470 1,000 - 1,080 1,260 - 1,360
Phoenix (61.5%) 85 - 105 2,070 - 2,170 890 - 970 1,240 - 1,340
Nevada Gold Mines (61.5%) 1,540 - 1,700 1,470 - 1,570 1,070 - 1,150 1,460 - 1,560
Hemlo 140 - 160 1,500 - 1,600 1,200 - 1,280 1,600 - 1,700
North America 1,680 - 1,860 1,470 - 1,570 1,080 - 1,160 1,480 - 1,580
Pueblo Viejo (60%) 370 - 410 1,540 - 1,640 910 - 990 1,280 - 1,380
Veladero (50%) 190 - 220 1,390 - 1,490 890 - 970 1,570 - 1,670
Porgera (24.5%) 70 - 95 1,510 - 1,610 1,210 - 1,290 1,770 - 1,870
Latin America & Asia Pacific 630 - 730 1,490 - 1,590 940 - 1,020 1,430 - 1,530 Loulo-Gounkoto (80%)23 — — — —
Kibali (45%) 310 - 340 1,280 - 1,380 940 - 1,020 1,130 - 1,230
North Mara (84%) 230 - 260 1,370 - 1,470 1,020 - 1,100 1,400 - 1,500
Bulyanhulu (84%) 150 - 180 1,470 - 1,570 1,010 - 1,090 1,540 - 1,640
Tongon (89.7%) 110 - 140 1,790 - 1,890 1,570 - 1,650 1,660 - 1,760
Africa & Middle East 820 - 910 1,420 - 1,520 1,060 - 1,140 1,360 - 1,460
Total Attributable to Barrick24,25,26 3,150 - 3,500 1,460 - 1,560 1,050 - 1,130 1,460 - 1,560
COPPER PRODUCTION AND COSTS
2025 forecast 2025 forecast COS 2025 forecast C1 2025 forecast AISC attributable production ($/lb)13 cash costs ($/lb)15 ($/lb)15 (kt)
Lumwana 125 - 155 2.30 - 2.60 1.60 - 1.90 2.80 - 3.10
Zaldívar (50%) 40 - 45 3.60 - 3.90 2.70 - 3.00 3.50 - 3.80
Jabal Sayid (50%) 25 - 35 2.00 - 2.30 1.60 - 1.90 1.80 - 2.10 Total Attributable to Barrick26 200 - 230 2.50 - 2.80 1.80 - 2.10 2.80 - 3.10
ATTRIBUTABLE CAPITAL EXPENDITURES11
($ millions)
Attributable minesite sustaining11,12 1,400 - 1,650 Attributable project11,12 1,700 - 1,950 Total attributable capital expenditures11 3,100 - 3,600
OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS
2025 guidance Consolidated impact Attributable impact on Attributable impact on Hypothetical change assumption on EBITDA10 (millions) EBITDA10 (millions) TCC and AISC14,15 Gold price sensitivity $2,400/oz +/- $100/oz ‘+/-$450 ‘+/-$320 ‘+/-$5/oz
Copper price sensitivity $4.00/lb ‘+/-$0.25/lb ‘+/- $120 ‘+/- $120 ‘+/-$0.01/lb
BARRICK FIRST QUARTER 2025 12 PRESS RELEASE