Barrick Gold Corporation today reported increased earnings and production for its second quarter, in line with guidance, and said the Company was on track for a strong second half of the year. Net earnings 1 were up 25% and the attributable EBITDA
Q2 Results Release
KEY PROJECTS ADVANCE AS BARRICK KEEPS TIGHT FOCUS ON VALUE CREATION AND GROWTH
TORONTO – AUGUST 12, 2024 NYSE: GOLD POSITIONED TO DELIVER ON
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS TSX: ABX
GOLD PRODUCTION GUIDANCE FOR '24 Barrick Gold Corporation today reported increased earnings and production for its second quarter, in line with guidance, and said the Company was on track for a strong second half of the year.
HIGHER PRODUCTION AND LOWER Net earnings1 were up 25% and the attributable EBITDA margin2 was up 17% quarter on quarter to 48% with strong COSTS EXPECTED IN H2 operating cash flows of $1.16 billion and a material increase in free cash flow3 to $340 million. Net earnings per share were up 24% to $0.21, adjusted net earnings per share4 increased by 68% to $0.32, and the quarterly dividend was
Q2 NET EPS $0.21
maintained at $0.10 per share.
President and chief executive Mark Bristow said while Q2 ADJUSTED NET EPS4 $0.32 steering the Company towards the achievement of its 2024 guidance, management was also maintaining its focus on value creation and growth.
Key projects designed to boost production and expand the
SHARE BUYBACK
asset base include the recently permitted Goldrush mine in
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Nevada which is ramping up to annual production in excess of 400,000 ounces by 20285 while the adjacent Fourmile project, 100% owned by Barrick, is shaping up as a new Tier One6 mine with a potential gold production in excess of 500,000 ounces per annum over more than two decades.7
QUARTERLY DIVIDEND DECLARED In the Dominican Republic, Pueblo Viejo is completing an
$0.10 PER SHARE
expansion project designed to increase gold production to more than 800,000 ounces beyond 2040.8
CONTINUED ON PAGE 3 4 6 8 10 NEVADA NEW KIBALI PORGERA PROSPECTS BIODIVERSITY EXPLORATION RESPONDS TO TOOL SUCCESS MULITAKA LANDSLIDE
Key Performance Indicators
Financial and Operating Highlights Best Assets
- In line Q2 performance positions Barrick to deliver on
| Financial Results | Q2 2024 | Q1 2024 Q2 2023 |
|---|---|---|
| Realized gold price9,10 ($ per ounce) Realized copper price9,10 ($ per pound) Net earnings1 ($ millions) Adjusted net earnings4 ($ millions) Attributable EBITDA2 ($ millions) Net cash provided by operating activities ($ millions) Free cash flow3 ($ millions) Net earnings per share ($) Adjusted net earnings per share4 ($) Attributable capital expenditures11,12 ($ millions) | 2,344 | 2,075 1,972 3.86 3.70 295 305 333 336 907 988 760 832 32 63 0.17 0.17 0.19 0.19 572 588 |
| 4.53 | ||
| 370 557 | ||
| 1,289 | ||
| 1,159 340 | ||
| 0.21 | ||
| 0.32 | ||
| 694 | ||
| Operating Results | Q2 2024 | Q1 2024 Q2 2023 |
| Gold Production9 (thousands of ounces) Cost of sales (Barrick’s share)9,13 ($ per ounce) Total cash costs9,14 ($ per ounce) All-in sustaining costs9,14 ($ per ounce) | 948 1,441 1,059 1,498 | 940 1,009 1,425 1,323 1,051 963 1,474 1,355 |
| Copper Production9,15 (thousands of tonnes) Cost of sales (Barrick’s share)9,16 ($ per pound) C1 cash costs9,17 ($ per pound) All-in sustaining costs9,17 ($ per pound) | 43 3.05 2.18 3.67 | 40 48 3.20 2.84 2.40 2.28 3.59 3.13 |
| Financial Position | As at 6/30/24 | As at As at 3/31/24 6/30/23 |
| Debt (current and long-term) ($ millions) Cash and equivalents ($ millions) Debt, net of cash ($ millions) | 4,724 4,036 688 | 4,725 4,774 3,942 4,157 783 617 |
gold production guidance for 2024
- Net earnings1 up 25% on Q1 and attributable EBITDA margin2 up 17% to 48%
- Higher production and lower costs expected in H2
- Pueblo Viejo production growth and cost improvement expected in H2 driven by recovery optimization
- Porgera delivers successful plant completion test; ramp-up to capacity remains on track for 2024
- Lower costs at Lumwana combined with higher prices drive 124% increase in group’s quarterly copper margins18
- Stronger H2 at Lumwana to drive delivery on group copper production guidance for 2024
- Reko Diq and Lumwana feasibility studies on track for completion by year-end
- Ten rigs now drilling extensive definition program at Fourmile; initial results confirm modelled extensions to mineralization, validating the geological model
- Results from disciplined brownfields exploration on track to replace annual depletion and identify further upside opportunities around Barrick’s operations in North America, Latin America and Africa & Middle East
Leader in Sustainability
- 33% decrease in total recordable injuries from Q1
- Lost Time Injury-free month for the group in June
- Finalization of Barrick’s Biodiversity tool to measure No Net Loss and Net Gain
- Lumwana Environmental and Social Impact Assessment (ESIA) completed and submitted to authorities for review
- Reko Diq ESIA on track to be submitted in Q3
- Porgera provides humanitarian and logistical support to communities affected by the Mulitaka landslide
Delivering Value
- Q2 operating cash flow of $1.16 billion — up 53% on Q1 — and free cash flow3 of $340 million
- 24% increase in net earnings per share quarter on quarter to $0.21 and 68% increase in adjusted net earnings4 per share to $0.32
- Share buyback recommences capturing embedded value in business and growth pipeline
- Debt, net of cash reduced by 12% quarter on quarter
- $0.10 per share dividend declared
BARRICK SECOND QUARTER 2024 2 PRESS RELEASE
“We are using this tool at all our sites which allows us to
CONTINUED FROM PAGE 1
quantify both positive and negative impacts on “On the copper side of the business, two world-class biodiversity across our operations worldwide. This projects are set to deliver into a rising price and demand informed approach will guide targeted actions to take market. In Zambia, the Lumwana super pit expansion our already established rehabilitation and key will increase the mine’s production from 130,000 tonnes biodiversity conservation initiatives to another level,” to 240,000 tonnes per annum19 while the Reko Diq Bristow said.
project in Pakistan is targeting 400,000 tonnes of copper and 500,000 ounces of gold per annum20,”
Bristow said. Q2 2024 Results Presentation
Webinar and Conference Call
“The strong cash flows from our operations will fund these and other developments while our robust balance Mark Bristow will host a live presentation of the results sheet will support the forecast growth and dividends. In today at 11:00 AM ET, with an interactive webinar linked the meantime, Barrick’s unparalleled ability to replace to a conference call. Participants will be able to ask reserve depletion organically will continue to enhance questions.
the scope and quality of our existing asset base.”
Go to the webinar During the past quarter Barrick launched what is US/Canada (toll-free), 1 844 763 8274 believed to be the industry’s first comprehensive UK (toll), +44 20 3795 9972 biodiversity assessment tool. It was produced in International (toll), +1 647 484 8814 collaboration with external experts and incorporates The Q2 presentation materials will be available on local knowledge and priorities to establish baselines and Barrick’s website at www.barrick.com and the webinar identify residual impacts. The development of the tool is will remain on the website for later viewing.
another milestone in achieving Barrick’s differentiated sustainability strategy aimed at making a tangible difference on the ground, where it matters most.
BARRICK DECLARES Q2 DIVIDEND AND BUYS BACK SHARES
Barrick today announced the declaration of a dividend of $0.10 per share for the second quarter of 2024. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022.
The Q2 2024 dividend will be paid on September 16, “The continued strength of our balance sheet and our 2024 to shareholders of record at the close of business world-class gold and copper asset base allow us to on August 30, 2024. distribute a robust quarterly dividend whilst maintaining ample liquidity to invest in growing our business. In addition to the dividend, Barrick repurchased 2.95 Additionally, we took the opportunity to buy back stock million shares during the second quarter under the $1 at a compelling valuation,” said senior executive vicebillion share buyback program that was announced in president and chief financial officer Graham February 2024.
Shuttleworth.
BARRICK SECOND QUARTER 2024 3 PRESS RELEASE
BARRICK’S STRATEGIC FOCUS ON TIER ONE ASSETS DELIVERS TWO HIGH-POTENTIAL PROSPECTS IN NEVADA
Barrick’s sector-leading portfolio of Tier One6 gold mines is set to be expanded significantly as it advances the development of the recently permitted Goldrush mine, part of Nevada Gold Mines, and the adjacent Fourmile project, which is 100% owned by Barrick.
Goldrush is successfully ramping up underground updated mineral resource statement at the end of the production, aiming for a more than 35% increase next year. Prefeasibility options are being assessed for a year, heading to an annual output in excess of 400,000 year-end decision on an asset that is demonstrating the ounces by 2028 (100% basis).5 The mine’s potential for annual production in excess of 500,000 development plan incorporates drill platform access to ounces over more than two decades.7 Fourmile’s support future growth through conversion of the mineral proximity to the permitted Goldrush mine will facilitate its resource base, currently standing at 9.8 million ounces advancement.
at 5.88g/t within indicated with a further 4.2 million “This is a unique two-in-one opportunity to expand ounces at 5.4g/t in the inferred category (100% basis).21 Barrick’s value foundation in Nevada,” says Mark At Fourmile, drilling has confirmed a grade which is Bristow. “It highlights the great growth opportunities consistently double that of Goldrush’s along the 2.5- embedded in our asset base and our ability to identify kilometer strike length of mineralization. Ten diamond and extract the enormous value they represent.”
core rigs are currently on-site drilling in support of an
BARRICK SECOND QUARTER 2024 4 PRESS RELEASE
GIANT COPPER PROJECT STARTS TAKING SHAPE IN PAKISTAN
At a time when new copper opportunities are rare to non-existent, Barrick is demonstrating the value of its long-term growth strategy and its early decision to expand its copper portfolio by rapidly advancing the Reko Diq project in Pakistan.
Scheduled to deliver its first concentrate before the end the end of next year it will be employing an estimated of 2028, Reko Diq is one of the world’s largest 2,500 people — a skills-based technical training center undeveloped copper-gold deposit. With an estimated life has been established for young people from the area. of mine of 40 years, and with exploration targets The first group of 60 men and 80 women has been supporting the potential to double that, Reko Diq will not enrolled as trainees. At Barrick’s Veladero mine in only elevate Barrick into the front rank of copper Argentina, nine young Pakistani graduates are being producers, but is destined to economically transform the trained for leadership roles at Reko Diq.
Balochistan province as well as to be a major growth Central to the success of the project is the engine for Pakistan.20 establishment and maintenance of a strong social The Reko Diq feasibility study remains on track for license to operate and Reko Diq is delivering significant completion by the end of this year and, in the meantime, social advancement programs shaped by the the construction of key enabling infrastructure is community development committees it established. underway. Long lead items are being ordered so that These include the establishment of two local healthcare work on the processing facility construction can start centers, in partnership with a leading healthcare immediately once the final investment approval is given. network, which provide free medical services to the community. All four local villages now have access to The workforce on site is growing, and in line with potable water and five primary schools have been Barrick’s global policy of local recruitment, 77% of direct opened.
employees are from Balochistan and 94% are Pakistani nationals. To build capacity as the project grows — by
BARRICK SECOND QUARTER 2024 5 PRESS RELEASE
In the Dominican Republic, the Margajita River has been restored to its natural state, bringing back fishing activity to the area.
BARRICK’S LEADERSHIP IN SUSTAINABLE MINING CONFIRMED BY NEW BIODIVERSITY TOOL
In a pioneering development for sustainable mining, Barrick has put into practice a tool designed to transform how the Company assesses its impact on biodiversity.
This innovative step marks a significant departure from some of its external conservation initiatives such as the traditional methods of qualifying impacts, empowering support it provides to the Garamba National Park in the Barrick to measure its biodiversity impacts, both DRC.
negative and positive, with greater accuracy and clarity.
The tool has already been trialed at two of its The tool, named the Biodiversity Residual Impact operations, Carlin and Pueblo Viejo, and has quantified Assessment tool (BRIA), is the product of years of the positive impacts Barrick has had in terms of its research and collaboration with third-party experts. efforts on riparian habitat restoration and conservation Driven by a commitment to align corporate goals with in both regions. The tool will elevate the Biodiversity rigorous scientific standards, BRIA goes beyond mere Action Plans (BAPs), developed by each site and part of estimations and guesswork, offering tangible metrics Barrick’s Sustainability Scorecard, by helping the sites that inform actionable conservation strategies and, in focus their actions on those areas that are the most time to come, targets to measure against. important from a habitat perspective. The tool also unlocks an opportunity to direct its reclamation actions “At Barrick, we recognize the importance of setting at its closed mines to ensure that maximum biodiversity goals that are not only ambitious but also grounded in values at these sites are achieved.
scientific evidence,” says Grant Beringer, Barrick’s sustainability executive. “This tool allows us to quantify “Our commitment to biodiversity conservation is not just both positive and negative impacts on biodiversity a component of our sustainability strategy; it's a across our operations worldwide. This capability is an fundamental part of how we do business,” says Mark important step in our journey towards sustainable Bristow. “With BRIA we are able to measure, monitor mining.” and mitigate our impact on biodiversity with greater certainty, empowering us to take proactive steps Central to Barrick's approach is the integration of Key towards preserving natural ecosystems, while Biodiversity Features (KBFs) into its Biodiversity enhancing the resilience of species and habitats.”
Standard. These features, identified through comprehensive ecological assessments and baselines, The deployment of BRIA underscores Barrick's represent critical habitats and species that are leadership in sustainable mining and sets a new prioritized for conservation or rehabilitation efforts. BRIA standard for the industry. By embracing data-driven facilitates the development of Measurable Conservation insights and fostering partnerships with local Actions (MCAs), making sure that every initiative is communities and conservation experts, Barrick aims to tailored to maximize positive outcomes for biodiversity. achieve meaningful and lasting impacts on biodiversity It’s a tool that was designed largely for Barrick’s conservation.
operations but will also be used to quantify impacts on
BARRICK SECOND QUARTER 2024 6 PRESS RELEASE
PIONEERING PROCESS CONTROL IMPROVEMENTS
Harnessing the latest technology to improve process controls has enabled Barrick to increase throughput and advance plans to reduce cyanide consumption.
Nevada Gold Mines’ Gold Quarry roaster — the older of reactor technology, which recycles the cyanide instead of the complex’s two roasters — is being extensively destroying it. The plant is achieving its cyanide reduction upgraded in a $67 million project (on a 100% basis) design performance, maintaining cyanide in the tailings to designed to increase its total throughput rate by 20%, below the 50ppm target, while delivering an aboveimproving cost efficiency and gold production. The final expectation additional gold recovery of 0.85%.
phase of the upgrade started late in Q2 and includes In the hunt for alternative leaching agents, testwork at additional quench and solution cooling capacity and other Bulyanhulu in Tanzania has shown that a glycine-assisted major components. The project also includes the leach in the cyanide-in-leach circuit significantly reduces replacement of the sulphur dioxide converter supporting cyanide consumption and reduces detoxification our emission controls.
requirements. Glycine amenability bulk and pilot tests are At Kibali in the Democratic Republic of Congo, a cyanide also being conducted at Kibali and Loulo in Africa, as well recovery plant has been commissioned in what is the as Nevada Gold Mines and at Veladero in Argentina, mining industry’s first full-scale application of an upflow alongside evaluation of other lixiviant products.
SHAPING THE NEXT GENERATION OF LEADERS
Reko Diq, Barrick’s mega-project in Pakistan, is still at the infrastructure pre-construction stage but the Company is already investing in the creation of a local skills pool from which the future mine will draw its managers and operators.
This has started at the very beginning of the educational years. Both the North America and Latin America regions process, with the establishment of five junior schools are developing similar programs as the Barrick Academy where none had previously existed in this remote and concept is rolled out across the group.
underdeveloped part of Balochistan and extends all the In Nevada, a specialized training mine was established in way to the Veladero mine in Argentina, where Barrick has 2022 to equip operational new hires, particularly those with sent a cohort of promising young Pakistani graduates to no mining experience, to work safely and efficiently. It has learn firsthand how a successful mine is run.
since graduated more than 600 operators and is expanding “Here and throughout the global Barrick Group our goal is its curriculum to cater to supervisors.
to cultivate a new generation of employees by equipping Pueblo Viejo in the Dominican Republic has inaugurated a them with the tools required to address the technical, Leadership School with a first intake of 32 employees in operational and managerial challenges presented by a partnership with the country’s National Institute of dynamic mining industry in a rapidly evolving world,” says Education for Technical Professionals. Management Mark Bristow.
experts will lead a broad range of courses designed to “Barrick has the industry’s best assets and we need the guide the development of future leaders within the best people to extract their full value. Our policy is to workforce. At Veladero in Argentina, where there is a employ our host countries’ nationals and then to empower strong focus on increasing the proportion of female them through a combination of theoretical and practical employees, 24 women from the local community have training, hands-on field experience and personalized been enrolled in a new Truck Operators Training Program mentoring to run our world-class mines. We demonstrated which combines theoretical knowledge with hands-on the success of this approach decades ago in Africa where practice in the field.
we elected to create our own skills pool rather than to rely “The cornerstone of Barrick’s global leadership on expatriates, and where our Tier One mines have long development framework is our executive and management been run almost entirely by local workforces and programs, reserved for high-potential performers. Since its management teams.”
inception in 2019, 22 employees have graduated from the The Africa & Middle East region continues to be a leading executive program and 155 from the management force in talent development. The recently established program. We are well placed to ensure that Barrick will be Barrick Academy at the former Buzwagi mine in Tanzania a forward-facing, modern mining business far into the has already produced 582 graduates and is aiming to train future,” says Bristow.
a further 2,000 foremen and supervisors over the next two
BARRICK SECOND QUARTER 2024 7 PRESS RELEASE
Mark Bristow (center) visits Kibali in May.
EXPLORATION SUCCESS, CAPITAL INVESTMENT AND RESERVE GROWTH TO SUSTAIN KIBALI’S PRODUCTION PROFILE
Africa’s largest gold mine, Kibali, continues to deliver growth as its strong record of replenishing reserves and resources, and further investment in technology and capacity, position it to sustain its annual production of more than 700,000 ounces (on 100% basis) past the current 10-year horizon to 15 years and beyond.22
Speaking to local media and other stakeholders, Mark “In addition, Kibali has written a new chapter in Barrick’s Bristow said Kibali was not only Africa’s largest gold long support for Africa’s biodiversity by partnering with mine but also its most automated and, thanks to its African Parks and the DRC Government to re-introduce three hydropower stations, a leader in renewable a sustainable population of white rhino to the DRC’s energy. When its back-up solar power plant and battery Garamba National Park, which the mine also supports storage system are commissioned next year, the in other ways. This means that, together with the Barrick renewable component of its energy mix will increase to coffee project in the Haut-Uele region aimed at 85%. revitalizing the once vibrant Robusta coffee industry which Isiro was previously renowned for, we are not “When we started building Kibali 14 years ago, this was only looking after our host countries in the present but one of the DRC’s most underdeveloped regions. The also to their national heritage in the future.”
value we created and the infrastructure we built here have since transformed it into a new economic frontier Bristow said Kibali was built on partnerships with its and a flourishing commercial hub, with a community that stakeholders, notably the government and its host has grown from 30,000 to over 500,000 people. We’ve communities. Based on its success, Barrick was ready promoted this growth through investment in community to invest in new gold and copper opportunities in the development and partnering with local businesses we DRC, provided the government continued to build have mentored. Our Azambi power station, for example, alongside it.
was built by an all-Congolese team. Since 2010, Kibali’s payments to local contractors and suppliers have amounted to almost $2.7 billion,” Bristow said.
BARRICK SECOND QUARTER 2024 8 PRESS RELEASE
BARRICK’S SUSTAINABILITY STRATEGY DELIVERS REAL VALUE TO STAKEHOLDERS
Almost $12 billion of economic value generated by Barrick’s mines last year remained in the countries in which it operates, according to the Company’s 2023 Sustainability Report.
Mark Bristow says real, tangible sustainability can only Also in 2023, Barrick achieved the target it set for itself be achieved through a holistic approach aligned to the for 2025 of reducing its greenhouse gas emissions by United Nation’s Sustainable Development Goals. 15%. Its Scope 1 and 2 greenhouse gas emissions Barrick’s conformance with ESG standards is a natural have now been reduced by 16% against its 2018 by-product of its sustainable business philosophy and baseline. Barrick will continue to reduce these not its driver. emissions, with the long-term goal to be Net Zero by 2050. At the same time, it remains on track to achieve “Barrick’s distinctive approach to sustainability has its Scope 3 emissions reduction targets which were set evolved over many years, guided by the operational in consultation with its suppliers and service providers. experience gained at its worldwide operations, the Barrick also re-used or recycled 84% of the water it partnership philosophy at the heart of its business and used in its operations, with an 85% recycle rate the Company’s belief that all stakeholders should achieved at its water-stressed sites. Further benefit from the value it creates,” he says. In 2023, 97% sustainability metrics, detailed by site, region and at a of its employees were host country nationals and $43 company level, can be found in the GRI sheet.
million has been invested by the Company’s pioneering Community Development Committees (CDCs) in Barrick is also targeting no net loss on any Key education, healthcare, food security, the environment, Biodiversity Features (KBFs) identified at its sites and is infrastructure and local economic development. Further contributing positively to the conservation of high-risk details of Barrick’s economic value contribution, biodiversity features. “This is best illustrated by the including taxes paid, is included in its standalone Tax successful, and ongoing, reintroduction of white rhinos Contribution Report for 2023. to the Garamba National Park in the Democratic Republic of Congo. Today, these rhinos are safely On the safety front, there was a 21% year-on-year roaming a park previously considered lost to poachers improvement in Barrick’s Lost Time Injury Frequency and nomad herders. Its restoration means that the Rate23 with total injuries reducing from 2022. The surrounding communities can look forward to a secure Company also recorded its lowest malaria incidence future and one that holds the promise of eco-tourism’s rate, a 33% year-on-year decrease from 17.86% in economic awards,” says Bristow.
2022 to 11.35% in 2023. “Our safety performance has been given additional focused attention with the Barrick’s fourth annual Sustainability Update webinar establishment of new group-wide safety protocols to was held earlier this month. Visit our website to drive fatal risks down and achieve the zero target we download the presentation and replay the event.
have set ourselves,” Bristow says.
BARRICK SECOND QUARTER 2024 9 PRESS RELEASE
Porgera employees are embedded at the Enga Provincial Government’s disaster relief center Temporary shelter is provided for the affected families and communities.
in Wabag to assist with all aspects of the rehabilitation effort.
PORGERA REMAINS ON TRACK DESPITE MULITAKA LANDSLIDE CHALLENGES
Despite the operational challenges presented by the recent Mulitaka landslide, Porgera Gold Mine has met or exceeded its targets since resuming mining in December last year, with gold production and performance on all-in sustaining costs14 for the first half of the year setting the mine up to achieve full year guidance.
Mark Bristow, who was in the country to review New Mulitaka recovery, the New Porgera Community Porgera Limited’s (NPL) second quarter results, said Development Agreement (CDA) negotiations, and other keeping Porgera open in the wake of the landslide issues of common interest. It was agreed that the CDA allowed for a swift response by the mine to the must be consistent with the New Porgera project collective recovery effort while sustaining the mine’s agreements and ensure that fair and equitable benefits contribution to the provincial and national economies. reach all eligible landowners and the wider Porgeran community, as well as provincial and national “Reacting rapidly to the disaster, our teams put into stakeholders.
operation an air bridge and a temporary pipe across the slip to be able to supply fuel and essential goods not “NPL stands ready to pay benefits directly to landowner only to the mine but to local businesses serving the tens households, without going through middlemen, once the of thousands of residents of the Porgera valley. The CDA is executed. The mine would make additional cooperation of the Mulitaka community is essential to infrastructure contributions to the project footprint area keeping these lifelines open until the permanent bypass through effective use of the tax credit scheme in road can be completed,” Bristow said, expressing his collaboration with local and provincial authorities,” deepest sympathies to the families and friends of Bristow said.
victims of the landslide and reaffirming NPL’s NPL currently employs 2,500 people, of whom 57% are commitment to impacted communities.
from Porgera and Enga, 40% from the rest of Papua “Porgera employees have been on the ground in New Guinea and 3% expatriates. First gold, following Mulitaka daily and are embedded at the Enga Provincial the resumption of operations at the mine, was poured in Government’s disaster relief center in Wabag to assist January, electricity from the Hides power plant in Hela with all aspects of the rehabilitation effort. These include Province was restored in April and a throughput the delivery of essential goods and fuel while performance test agreed to with Papua New Guinea contributing geotechnical expertise to assist with ground was achieved in June, four months ahead of schedule. stabilization and the design of the new bypass road.
Bristow singled out the lack of law and order as the Barrick and JV-partner Zijin also jointly contributed $1 greatest threat to the continued operation and million towards relief efforts, approximately half of which profitability of the mine, requiring the active support of has already been deployed.”
all stakeholders to ensure that Porgera could continue During his visit, Bristow met with Prime Minister James to deliver benefits in line with its potential as a Tier One Marape, Enga Governor Sir Peter Ipatas and Provincial asset.
Administrator Sandis Tsaka to exchange views on the
BARRICK SECOND QUARTER 2024 10 PRESS RELEASE
2024 Operating and Capital Expenditure Guidance
GOLD PRODUCTION AND COSTS
2024 forecast 2024 forecast all-in 2024 forecast cost 2024 forecast total attributable production sustaining costs14 ($/ of sales13 ($/oz) cash costs14 ($/oz)
(000s oz) oz)
Carlin (61.5%) 800 - 880 1,270 - 1,370 1,030 - 1,110 1,430 - 1,530 Cortez (61.5%)24 380 - 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%) 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 (24.5%)25 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 & Middle East 1,400 - 1,550 1,250 - 1,350 880 - 960 1,180 - 1,280
Total Attributable to Barrick26,27,28 3,900 - 4,300 1,320 - 1,420 940 - 1,020 1,320 - 1,420
COPPER PRODUCTION AND COSTS
2024 forecast 2024 forecast cost 2024 forecast C1 2024 forecast all-in attributable production of sales16 ($/lb) cash costs17 ($/lb) sustaining costs17 ($/lb) (000s tonnes)15 Lumwana 120 - 140 2.50 - 2.80 1.85 - 2.15 3.30 - 3.60
Zaldívar (50%) 35 - 40 3.70 - 4.00 2.80 - 3.10 3.40 - 3.70
Jabal Sayid (50%) 25 - 30 1.75 - 2.05 1.40 - 1.70 1.70 - 2.00 Total Attributable to Barrick28 180 - 210 2.65 - 2.95 2.00 - 2.30 3.10 - 3.40
ATTRIBUTABLE CAPITAL EXPENDITURES12
($ millions)
Attributable minesite sustaining11,12 1,550 - 1,750 Attributable project11,12 950 - 1,150 Total attributable capital expenditures12 2,500 - 2,900
2024 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS
2024 guidance Impact on EBITDA2 Impact on TCC and Hypothetical change assumption (millions) AISC14,17 Gold price sensitivity $1,900/oz +/- $100/oz +/- $550 +/- $5/oz
Copper price sensitivity $3.50/lb +/- $0.25/lb +/- $110 +/- $0.01/lb
BARRICK SECOND QUARTER 2024 11 PRESS RELEASE
Production and Cost Summary - Gold
For the three months ended
6/30/24 3/31/24 % Change 6/30/23 % Change
Nevada Gold Mines LLC (61.5%)a
| Gold produced (000s oz attributable basis) | 401 | 420 | (5) % | 458 | (12) % |
| Gold produced (000s oz 100% basis) | 653 | 683 | (5) % | 744 | (12) % |
| Cost of sales ($/oz) | 1,464 | 1,431 | 2 % | 1,357 | 8 % |
| Total cash costs ($/oz)b | 1,104 | 1,081 | 2 % | 1,009 | 9 % |
| All-in sustaining costs ($/oz)b | 1,636 | 1,536 | 7 % | 1,388 | 18 % |
Carlin (61.5%)
| Gold produced (000s oz attributable basis) | 202 | 205 | (1) % | 248 | (19) % |
| Gold produced (000s oz 100% basis) | 327 | 334 | (1) % | 403 | (19) % |
| Cost of sales ($/oz) | 1,390 | 1,371 | 1 % | 1,240 | 12 % |
| Total cash costs ($/oz)b | 1,145 | 1,127 | 2 % | 1,013 | 13 % |
| All-in sustaining costs ($/oz)b | 1,805 | 1,687 | 7 % | 1,407 | 28 % |
Cortez (61.5%)c
| Gold produced (000s oz attributable basis) | 102 | 119 | (14) % | 110 | (7) % |
| Gold produced (000s oz 100% basis) | 166 | 194 | (14) % | 178 | (7) % |
| Cost of sales ($/oz) | 1,366 | 1,329 | 3 % | 1,346 | 1 % |
| Total cash costs ($/oz)b | 1,013 | 946 | 7 % | 972 | 4 % |
| All-in sustaining costs ($/oz)b | 1,447 | 1,341 | 8 % | 1,453 | 0 % |
Turquoise Ridge (61.5%)
| Gold produced (000s oz attributable basis) | 72 | 62 | 16 % | 68 | 6 % |
| Gold produced (000s oz 100% basis) | 118 | 101 | 16 % | 112 | 6 % |
| Cost of sales ($/oz) | 1,603 | 1,733 | (8) % | 1,466 | 9 % |
| Total cash costs ($/oz)b | 1,235 | 1,359 | (9) % | 1,088 | 14 % |
| All-in sustaining costs ($/oz)b | 1,505 | 1,655 | (9) % | 1,302 | 16 % |
Phoenix (61.5%)
| Gold produced (000s oz attributable basis) | 25 | 34 | (26) % | 29 | (14) % |
| Gold produced (000s oz 100% basis) | 42 | 54 | (26) % | 46 | (14) % |
| Cost of sales ($/oz) | 2,018 | 1,595 | 27 % | 2,075 | (3) % |
| Total cash costs ($/oz)b | 781 | 767 | 2 % | 948 | (18) % |
| All-in sustaining costs ($/oz)b | 1,167 | 944 | 24 % | 1,132 | 3 % |
Long Canyon (61.5%)d
| Gold produced (000s oz attributable basis) | — | — | — % | 3 | (100) % |
| Gold produced (000s oz 100% basis) | — | — | — % | 5 | (100) % |
| Cost of sales ($/oz) | — | — | — % | 1,640 | (100) % |
| Total cash costs ($/oz)b | — | — | — % | 637 | (100) % |
| All-in sustaining costs ($/oz)b | — | — | — % | 677 | (100) % |
Pueblo Viejo (60%)
| Gold produced (000s oz attributable basis) | 80 | 81 | (1) % | 77 | 4 % |
| Gold produced (000s oz 100% basis) | 133 | 134 | (1) % | 128 | 4 % |
| Cost of sales ($/oz) | 1,630 | 1,527 | 7 % | 1,344 | 21 % |
| Total cash costs ($/oz)b | 1,024 | 1,013 | 1 % | 840 | 22 % |
| All-in sustaining costs ($/oz)b | 1,433 | 1,334 | 7 % | 1,219 | 18 % |
| BARRICK SECOND QUARTER 2024 | 12 | PRESS RELEASE |