America regions, Barrick’s production in 2021 was in line with guidance for the third successive year. The Company also more than replaced its gold reserves net of depletion at a better grade. Announcing the annual results, the Company said its
Q4 Results Release
BARRICK DELIVERS ON GUIDANCE, OPENS NEW EXPLORATION FRONTIERS
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS PRODUCTION GUIDANCE DELIVERED Toronto, February 16, 2022 — Driven by strong performances from its Africa & Middle East and Latin FOR THIRD CONSECUTIVE YEAR America regions, Barrick’s production in 2021 was in line with guidance for the third successive year. The Company also more than replaced its gold reserves net of depletion at a better grade.
2021 OPERATING CASH FLOW 2021 FREE CASH FLOW2 Announcing the annual results, the Company said its $4.4 BILLION $1.9 BILLION reserve replenishment was attributable to continued brownfields exploration success and it was extending its drive for fresh discoveries into new prospective territories. Among other initiatives, it has set up a h QUARTERLY BASE %* specialist Asia-Pacific team to identify and evaluate TO 10 CENTS opportunities in that region. DIVIDEND PER SHARE
Free cash flow from the operations remained robust and at the year’s end, net cash stood at $130 million after the record cash distribution of $1.4 billion to shareholders.
The fourth quarter dividend was increased by 11% to $1 BILLION SHARE BUYBACK 10 cents per share. Under the Company’s new dividend PROGRAM ANNOUNCED policy, a base dividend will in future be coupled to a performance dividend linked to the net cash on the balance sheet.1 The Board also approved a share buyback program of up to $1 billion, given our belief that the shares are trading in a price range that does not PERFORMANCE DIVIDEND
POLICY INTRODUCED
reflect the value of the Company’s mining and financial assets and future business prospects.
CONTINUED ON PAGE 3 * QUARTER ON QUARTER
5 6 8 9 LEADING CANADA CARLIN TREND HUMAN RIGHTS BIODIVERSITY EXPLORATION GROWTH REPORT CONSERVATION DRIVE POTENTIAL
Key Performance Indicators
Financial and Operating Highlights Best Assets
| Financial Results | Q4 2021 | Q3 2021 | 2021 | 2020 |
| Realized gold price3 ($ per ounce) Net earnings ($ millions) Adjusted net earnings4 ($ millions) Net cash provided by operating activities ($ millions) Free cash flow2 ($ millions) Net earnings per share ($) Adjusted net earnings per share4 ($) Attributable capital expenditures5 ($ millions) | 1,793 | 1,771 347 419 1,050 481 0.20 0.24 456 | 1,790 | 1,778 2,324 2,042 5,417 3,363 1.31 1.15 1,651 |
| 726 | 2,022 | |||
| 626 | 2,065 | |||
| 1,387 718 | 4,378 | |||
| 1,943 | ||||
| 0.41 | 1.14 | |||
| 0.35 | 1.16 | |||
| 552 | 1,951 | |||
| Operating Results | Q4 2021 | Q3 2021 | 2021 | 2020 |
| Gold Production6 (thousands of ounces) Cost of sales6,7 ($ per ounce) Total cash costs6,8 ($ per ounce) All-in sustaining costs6,8 ($ per ounce) | 1,092 1,122 739 1,034 | 4,760 1,056 699 967 | ||
| 1,203 | 4,437 | |||
| 1,075 | 1,093 | |||
| 715 | 725 | |||
| 971 | 1,026 | |||
| Copper Production6 (millions of pounds) Cost of sales6,7 ($ per pound) C1 cash costs6,9 ($ per pound) All-in sustaining costs6,9 ($ per pound) | 100 2.57 1.85 2.60 | 457 2.02 1.54 2.23 | ||
| 126 | 415 | |||
| 2.21 1.63 2.92 | 2.32 | |||
| 1.72 | ||||
| 2.62 |
- Barrick delivers production in line with
guidance for third consecutive year
- Nevada Gold Mines achieves highest quarterly production since its formation
- Strong Q4 for Lumwana with Jabal Sayid at top end of production guidance range
- Attributable group reserves more than replaced depletion at better grade
- Reserve replacement and 10 year plan reinforced by a robust pipeline
- Generative work drives a newly invigorated exploration team
Leader in Sustainability
- TRIFR10 reduced by over 10% year on year
- All operational sites now certified to ISO
45001 and ISO 14001
- Water recycling and reuse target beat with an efficiency of 83%
- Human Rights Report published in Q4
- Barrick continues to set the standard in
Biodiversity Management
Delivering Value
- Operating cash flow of $1.4 billion and free cash flow2 of $0.7 billion for the quarter
Q4 and Full Year 2021 Results Presentation
- Net cash of $130 million after record $1.4
Webinar and Conference Call billion distribution to shareholders in President and CEO Mark Bristow will host a virtual
2021
presentation today at 11:00 EST / 16:00 GMT, with an interactive webinar linked to a conference call. Participants
- 2021 net earnings of $1.14 per share and
will be able to ask questions.
adjusted net earnings of $1.16 per Go to the webinar share4 US and Canada (toll-free), 1 800 319 4610
- New performance dividend policy
UK (toll-free), 0808 101 2791 International (toll), +1 416 915 3239 supported by increased base dividend
of $0.10 per share
The presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on
- Share buyback announced for up to $1
the website for later viewing.
billion
BARRICK YEAR-END 2021 2 PRESS RELEASE
CONTINUED FROM PAGE 1
Speaking at the results presentation, president and chief Company is advancing its pipeline of large growth projects, executive Mark Bristow said three years after the Randgold including Donlin Gold, Pascua-Lama and Norte Abierto, while merger, Barrick was clearly achieving its goal of industry- at the same time working on the resumption of operations at leading value creation and sustainable profitability. Porgera, currently penciled in for July this year.
“By any measure, Barrick is clearly the stand-out in its sector. “All Barrick’s mines have earned their social license to We have what is undoubtedly the best asset base, with six operate, and we work hard to maintain them. Sustainability is Tier One11 mines, and more waiting in the wings. We have a at the heart of our business, and it’s not a virtue-signaling long record of exploration success and a high-quality target exercise. Caring about the people and the environments pipeline. In an industry running out of raw material, we keep impacted by our operations is a moral imperative, but it also expanding our reserves. Our strong balance sheet will fund makes good commercial sense, as Barrick’s partnership our investment in growth projects. All our mines have 10-year philosophy has proved time and again. This year we’ll again business plans, based not on wishful thinking but on be publishing a detailed Sustainability Report which, among geological understanding, engineering and commercial reality,” other things, objectively rates our performance against all he said. critical ESG metrics. We’re in the 95th percentile of the Dow Jones Sustainability World Index and in the top 5% for Bristow said Barrick’s 10-year production forecast was based environmental policy and management, mineral waste solely on its existing mines and did not take into account the management, closure and social impact,” he said.
many real growth opportunities that were within its reach. In addition to the potential for further exploration success, the
DIVIDEND INCREASED AND PERFORMANCE DIVIDEND POLICY ESTABLISHED
Barrick today announced the declaration of a dividend in respect of performance for the fourth quarter of 2021 and announced a new performance dividend policy to begin in 2022.
The Barrick Board of Directors declared a dividend of $0.10 The amount of the performance dividend on a quarterly basis per share for the fourth quarter of 2021 that will be paid on will be based on the amount of net cash on Barrick’s March 15, 2022 to shareholders of record at the close of Consolidated Balance Sheet as per the following schedule: business on February 28, 2022.1 This represents an increase of 11% on the previous base quarterly dividend of $0.09 per
Performance Quarterly Quarterly Quarterly share. Dividend Threshold Base Performance Total
Level Level Dividend Dividend Dividend
Net cash $0.10 $0.00 $0.10 Barrick has now established a performance dividend policy Level I <$0 per share per share per share that will enhance the return to shareholders when the Net cash
| $0.10 | $0.05 | $0.15 |
| Company’s liquidity is strong. Level II >$0 and | ||
| per share | per share | per share |
<$0.5B Net cash “Our strong operating performance and financial strength has $0.10 $0.10 $0.20 Level III >$0.5B per share per share per share allowed us to further increase our base quarterly dividend and and <$1B provide our shareholders with guidance on additional Net cash $0.10 $0.15 $0.25 Level IV performance dividends going forward” said senior executive >$1B per share per share per share vice-president and chief financial officer Graham Shuttleworth.
“In addition to the enhanced dividend, the announcement of a share repurchase program highlights that Barrick continues to be committed to returning value to our shareholders.”
BARRICK ANNOUNCES SHARE BUYBACK PROGRAM
The Company plans to undertake a share repurchase “We believe that the shares are trading in a price range that does not reflect the value of the Company’s mining and
program to allow for the buy back of some of its
financial assets and future business prospects,” said Mark
common shares.
Bristow, President and Chief Executive Officer. “We have the financial strength to undertake this program.”
Barrick’s Board of Directors has authorized a share repurchase program for the repurchase of up to $1.0 billion of Under the program, repurchases can be made from time to the Company’s outstanding common shares over the next 12 time through published markets in the United States such as months at prevailing market prices in accordance with the New York Stock Exchange using a variety of methods, applicable law.
including open market purchases, as well as by any other
BARRICK YEAR-END 2021 3 PRESS RELEASE
means permitted under the rules of the U.S. Securities and performance, prevailing market prices of the common shares, Exchange Commission and other applicable legal the availability of cash flows, and the consideration of other requirements. uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.
Barrick believes that, from time to time, the market price of its common shares trade at prices that may not adequately The repurchase program does not obligate the Company to reflect their underlying value. The actual number of common acquire any particular number of common shares, and the shares that may be purchased, if any, and the timing of any repurchase program may be suspended or discontinued at such purchases, will be determined by Barrick based on a any time at the Company’s discretion.
number of factors, including the Company’s financial
RESERVES GROW NET OF DEPLETION AS FOCUS ON QUALITY OREBODIES DELIVERS RESULTS
Barrick replaced its depletion of gold mineral reserves by 150%, before acquisition and equity changes at South Arturo and Porgera, and improved the quality of its group reserve grade by 3% in 2021.
Reported at $1,200/oz12, attributable proven and probable replacement of depletion. Mineral resources are reported mineral reserves now stand at 69 million ounces13 at 1.71g/t, inclusive of reserves and at a gold price of $1,500/oz.12 increasing from 68 million ounces14 at 1.66 g/t in 2020. Attributable measured and indicated gold resources for 2021 stood at 160 million ounces13 at 1.50g/t, with a further 42 million ounces13 at 1.3g/t of inferred resources.
President and chief executive Mark Bristow said in a sector feeling the pinch of dwindling reserves and resources, The significant increase in attributable mineral resources was successful exploration continued to replenish the Company’s led by the Carlin complex in Nevada where a total of 0.91 asset base and target pipeline, securing its business plans well into the future. million ounces13 of measured and indicated resources and 3.0 million13 ounces of inferred resources were added year-onyear. This was driven by two maiden inferred resource “While we look closely at all new business opportunities, we believe finding our ounces is always better than buying them. additions, with North Leeville delivering 0.43 million ounces13 That’s why we’re still discovering real value at the end of our at 11.5g/t and Ren contributing 0.76 million ounces13 at 7.3g/t on an attributable basis. Both projects represent future growth drill bits,” he said.
for the Carlin complex and drilling continues on both targets, The growth was led by the North America and Africa & Middle with mineralization open in all directions. The remaining year- East regions, which contributed over 8.4 million ounces13 of on-year growth in attributable mineral resources at the Carlin attributable proven and probable reserve gains before complex mainly came from the open-pits at Gold Quarry and depletion. South Arturo as well as the underground at Leeville and Rita K. Staying in Nevada, the Turquoise Ridge complex also In North America, significant gains were driven by the increased year-over-year attributable measured and indicated completion of the updated feasibility study of the Goldrush resources by 1.5 million ounces13 mainly off the back of a revised geological model at Turquoise Ridge Underground. underground project, which increased Goldrush’s attributable proven and probable mineral reserves by 3.6 million ounces13 to 4.8 million ounces13 at 7.29g/t. At the Turquoise Ridge Copper mineral reserves for 2021 are estimated using a copper price of $2.75 per pound and mineral resources are complex, attributable proven and probable reserves increased by 1.4 million ounces13 before depletion, principally off the estimated at $3.50 per pound, both unchanged from 2020. back of a revised geological model at Turquoise Ridge Attributable proven and probable copper reserves were 12 Underground.
billion pounds13 at an average grade of 0.38% in 2021. In Africa, Bulyanhulu completed an updated underground Attributable measured and indicated copper resources were 24 billion pounds13 at an average grade of 0.35%, and feasibility study on the Deep West portion of the orebody, inferred copper resources were 2.1 billion pounds13 at an allowing us to increase attributable proven and probable reserves by 0.77 million ounces13 before depletion through the average grade of 0.2% in 2021. Mineral resources are reported inclusive of reserves.
conversion of inferred mineral resources. Staying in Tanzania, a fully optimized integrated mine plan at North Mara has increased attributable proven and probable reserves by Mineral resource management executive Rodney Quick said, 1.1 million ounces13 before depletion. Our two Tier One mines “The geological improvements and remodeling are now starting to make a real impact. The incorporation and in Africa also delivered strong results, with Kibali able to more than replace depletion of reserves and Loulo-Gounkoto integration of mine design optimizations are also driving many replenishing 98% of depletion for the year. of the mineral resource additions. A sound understanding of the geological orebody has been integrated with a better Total attributable group gold resources, excluding the impact understanding of local variations in the geotechnical and of disposition and equity changes mainly related to Lagunas metallurgical disciplines to produce integrated and optimized mine designs.”
Norte and Porgera, grew net of depletion, resulting in a 126%
BARRICK YEAR-END 2021 4 PRESS RELEASE
SETTING THE PACE IN BIODIVERSITY MANAGEMENT
Through industry-first innovations such as the publication of an annual sustainability scorecard and its science-based roadmap to zero carbon emissions, Barrick continues to demonstrate the integration of ESG principles into every aspect of its business.
It is also a leader in biodiversity conservation, the importance of which, says group sustainability executive Grant Beringer, needs more global recognition.
“We believe biodiversity management is critical not only in the way we adapt to climate change but also in the fight against poverty. That’s why we are partnering with governments, conservation bodies and communities to conserve important habitats in our host countries in Africa, North America and Latin America,” he says.
Garamba National Park, DRC Pueblo Viejo, Dominican Republic
Since 2014, Kibali has worked with the Garamba National This mine is located in a biodiversity hotspot which is home to Park to promote conservation and combat poaching. more than 5,600 plant and 200 bird species. In 2018, a small Garamba is one of Africa’s oldest national parks and a species of diurnal gecko, classed as critically endangered by UNESCO World Heritage Site. It is home to the DRC’s largest the Dominican Republic and the International Union for the elephant herd as well the critically endangered Kordofan Conservation of Nature (IUCN), was detected on the site. giraffe. Kibali has funded the purchase of elephant tracking Pueblo Viejo commissioned extensive fieldwork as well as collars and their GPS fees and made improvements to roads genetic and morphological studies to confirm this identification and bridges to improve the rangers’ access to all parts of the and map the gecko’s distribution. These showed that the size park. Thanks to this combined effort, poaching has been of the population and the extent of its habitat were greater radically reduced, with the last instance recorded in 2019. Our than previously understood, and that Sphaerodactylus support will also fund a risk-benefit analysis for the re- Samanensis could be removed from the red list. The research introduction of white rhinos into the park. data has been shared with the IUCN.
FINA Reserve, Mali
Barrick has partnered with the government, BIOS and African Parks to restore FINA, which has been impacted by poaching, illegal wood cutting, grazing and farming, to its former glory. They are working together to demarcate and secure the park, curb illegal activities through recruiting rangers and starting aerial patrols, rehabilitate the fauna and flora, establish a proper database and install the infrastructure needed for the proper management of the park. Longer term the aim is to develop eco-tourism, with its potential for local job creation, around the rehabilitated park.
Nevada Gold Mines, USA
Across much of the Great Nevada Basin, the Greater Sage Lumwana Offset Project, Zambia Grouse habitat is in decline due to fires, invasive plant Barrick has completed an eligibility study on a potential UN species and human impact. To mitigate the impact of mining REDD+ project to protect forests and woodlands around the on the sagebrush ecosystem, Nevada Gold Mines Lumwana copper mine, which is situated within the Acres collaborates with a wide range of partners, including the US National Forest Reserve. The mine has already implemented Fish and Wildlife Service, the Bureau of Land Management beekeeping, horticulture and nursery establishment initiatives and the Nevada Sagebrush Ecosystem Technical Team. To as well as a program to curb illegal timber cutting and date, this team effort has rehabilitated more than 11,500 charcoal production. Any credits Barrick receives from the hectares of habitat and the partners are now embarking on project will be used to offset hard-to-abate emissions. research to better understand the birds’ breeding habits.
BARRICK YEAR-END 2021 5 PRESS RELEASE
INTEGRATED PLATFORM DELIVERS GROUP-WIDE, REAL-TIME DATA
The Barrick/Randgold merger and the subsequent Nevada joint venture with Newmont left the new group with more than 20 separate financial planning, transacting and reporting systems.
Drastically simplifying the global end-to-end solution, with one we now have the ability to benchmark our operational single model and source of truth for all financial data and performance. OneStream has also been successfully operating KPIs, was consequently a critical priority in the implemented globally and the roll-out of Xeras will be quest to make Barrick the world’s leading mining company. completed in the second quarter of this year.”
Towards the end of last year, Barrick passed another Vice-president for group integration Nico Hoffman says a important milestone in its digital transformation journey with single integrated knowledge platform will give Barrick the four more sites moving over to the single SAP solution which ability to convert updated mine plans into financial models and is now in place across all the Company’s North America, Latin roll them up into a consolidated group view, all in a matter of America and Africa assets. minutes. It can also quickly compare the financial viability of multiple mine planning scenarios and perform what-if The platform will ultimately consist of three, layered analyses to select the best. Measuring key cost drivers in real applications: SAP (transactions), OneStream (financial time enables us to flag issues which require immediate planning, reporting and consolidation) and Xeras (operating attention.
cost modelling). Each has been configured to use a standardized language. “The new platform has cut the processes involved from weeks to hours – monthly operating KPIs and financial results are “The SAP roll-out was done at an unprecedented pace for an now available within five days instead of weeks – and has organization with Barrick’s scale,” says senior executive vice- significantly improved not only the availability but also the president and chief financial officer Graham Shuttleworth. accuracy of our information. It has also provided a robust foundation for our continuing investment in new projects “This was achieved by keeping the design consistent and related to data and analytics, benchmarking and efficiency aligning business practices to a standard model. With management,” Shuttleworth added.
common data and business processes across all our mines,
BIG EXPLORATION DRIVE TARGETS NEW CANADIAN OPPORTUNITIES
Barrick has established a high-powered exploration team dedicated to discovering new potential Tier One and Tier Two11 opportunities in prospective Canadian belts.
President and chief executive Mark Bristow says the Octavia Bath, the mineral resource manager for Barrick North perception that Canada is a mature gold producer is being America, says the team is using a rigorous due diligence challenged by new discoveries of deposits with different process to determine the intrinsic value of new opportunities model styles hosted in unconventional rocks. based on their economically extractable reserves and resource upside.
To re-evaluate the paradigms and re-set the maturity clock, Barrick has assembled a team of geoscientists with a wide Bristow says Barrick continues to evaluate all promising range of specializations, from geophysics through business opportunities and last year looked closely at a geochemistry to structural geology. To ensure that each number of projects and operations in Canada, none of which opportunity is viewed holistically, the team also includes met its investment hurdles. Transactions done by others members with multi-disciplinary skill sets. during this time typically involved substantial premiums which we believe would not deliver value to shareholders.
Janet Mackie, head of business development and evaluations for Barrick North America, says this cross-functional “We’ve consequently decided to follow our traditional valuecollaboration enables the team to harness operational creation route through discovery and development. In the experience in determining how best to extract value from short time the team has been in place, we’ve already orebodies. consolidated an exploration property portfolio of 124,000 hectares and we’re now building on that,” Bristow said.
“We believe there is significant potential still to be uncovered and the new team has already defined and prioritized “I’ve said before that Barrick is under-invested in Canada, our geological districts capable of delivering high-quality deposits home country, and we mean to correct that. The fact that it is that meet Barrick’s stringent investment criteria,” says one of the world’s most mining-friendly jurisdictions is also an principal geologist David Holder. incentive.”
BARRICK YEAR-END 2021 6 PRESS RELEASE
TANZANIA MINES ADVANCING TO TIER ONE STATUS
North Mara and Bulyanhulu, which were moribund gold mines when Barrick took over their management two years ago, delivered a combined production of more than 500,000 ounces15 in 2021, meeting a key criterion for membership of the Company’s elite Tier One portfolio.
The within-guidance performance was achieved with both Covid-19 protocols and the roll-out of vaccines to its mines retaining their ISO 45001 safety and ISO 14001 workforce, 26.45% of whom have already been partially environmental accreditations, in common with Barrick’s other vaccinated and 20.25% fully vaccinated. Barrick is working operations. closely with the country’s health authorities to supply four PCR machines to hospitals around the mines.
North Mara is on track to become a fully integrated mine with the planned commissioning of the Nyabirama pit during the The mines also continued to recruit and upskill local people. current quarter and the scheduled commencement of the Tanzanian nationals now account for 96% of their workforce, Nyabigena pit in the third quarter of 2022. This is expected to with 41% drawn from the surrounding villages. They are also add substantial resources and increased flexibility to its plan. strengthening their partnerships with local suppliers. Since Barrick re-entered Tanzania in 2019, it has spent more than Bulyanhulu has been re-established as a world-class, low- $1.8 billion in taxes, salaries and payments to local cost, long-life underground mine as it achieved steady state businesses. It has also invested $6.7 million in community production on the successful ramp-up of its mining and education, health and infrastructure projects.
metallurgical operations in December 2021.
Referring to Barrick’s recently published Human Rights Both mines reported a significant growth of their mineral Report, Bristow said the environmental and other issues it had reserves, net of depletion, for 2021. inherited from the mines’ previous operators had been or were being settled.
Barrick has increased its footprint around Bulyanhulu through the acquisition of six highly prospective licenses bordering the The Company’s significant progress on this front was mine, and its exploration teams are also looking elsewhere in exemplified by last month’s landmark completion of the Tanzania for new opportunities. restoration of North Mara’s tailings facility pond to within its permitted design capacity, Bristow said. The rehabilitated Barrick president and chief executive Mark Bristow said the facility has been complemented by a new high recovery water mines’ performance had been supported by reinforced treatment plant.
KIBALI DELIVERS ANOTHER STELLAR PERFORMANCE
The Kibali gold mine produced a total of 812,152 ounces15, well within guidance for 2021, and increased its mineral reserves net of depletion for the third successive year, maintaining its plus 10- year life as one of Barrick’s Tier One assets.
Barrick president and chief executive Mark Bristow noted that permits, infrastructure, salaries and payments to local this performance, which grew steadily stronger during the partners.”
year, was achieved with no lost time injuries during the last quarter. Like all Barrick’s mines worldwide, Kibali retained its During the fourth quarter Kibali paid a dividend of $170 million ISO 45001 safety and ISO 14001 environmental to shareholders of Barrick, AngloGold Ashanti and accreditations. government parastatal, SOKIMO, bringing the total distribution for the year to $200 million. Bristow said Barrick At the same time, Kibali continued to lead the group’s clean and the Congolese authorities were working together on a energy drive with power sourced from its three continuously program to release cash for the repayment of offshore loans. upgraded hydropower stations supported by new back-up battery technology. During the quarter Kibali launched the Garamba Alliance, a biodiversity partnership with the US Agency for International “Kibali’s performance was supported by reinforced Covid-19 Development (USAID) designed to preserve this World protocols to deal with the fourth wave of the virus. The mine Heritage park through anti-poaching actions and other worked closely with the DRC’s health authorities and the conservation initiatives. This partnership is also designed to provincial government to source vaccines and to date has secure a sustainable economic future for the local community partially vaccinated 60% of its workforce, with 43% of the surrounding the park.
workforce fully vaccinated,” Bristow said.
Looking ahead, Bristow said underground drilling at the KCD “It also strengthened its local business partnerships to build a orebody was defining a new high-grade lode above the base sustainable economy in the region. During Q4 it spent $40.6 of the shaft infrastructure. This was an exciting discovery million with local contractors and suppliers, bringing the total which could add an entirely new orebody to the existing KCD since the start of Kibali to $2.1 billion. To date, Kibali has series of orebodies.
invested some $3.7 billion in the DRC in the form of taxes,
BARRICK YEAR-END 2021 7 PRESS RELEASE
NEW HIGH-GRADE RESOURCE POINTS TO SIGNIFICANT UPSIDE IN CARLIN TREND
North Leeville’s maiden resource confirms that this target is rapidly becoming a new high-grade orebody with significant growth potential within Nevada Gold Mines’ Carlin Trend, already one of the world’s most prolific gold districts.
The Trend hosts eight major gold deposits within the 12- over the past three years has led to a net increase in reserves kilometre Post-Genesis Fault and three more, including of 0.3 million ounces13,15 and in measured and indicated Leeville, in the 6-kilometre Leeville Fault acting as feeders of resources of 1.7 million ounces13,15,17 after depletion of ~1.3 a giant hydrothermal system. Past production exceeds 95 million ounces through mining.
million ounces, with current measured and indicated resources standing at 32 million ounces15,16,17 and inferred As a result, two new drives are currently advancing to the resources at 7.5 million ounces.15,16 north to support underground conversion drilling while surface drilling continues to expand the North Leeville resource. The When Barrick and Newmont merged their Nevada assets, two drives are expected to reach the southern margin of North there were strong indications of significant potential between Leeville later this year.
North and Greater Leeville, based on drill intercepts at North Leeville that could not be explained by the existing geological “Most importantly, new geological models have opened model. significant high-grade potential in multiple directions at both North Leeville and in the Greater Leeville area. The presence “We implemented a strategy focused on understanding the of fertile high-angle structural conduits intersecting a premineralization controls which validated the historic intercepts, mineral intrusive stock is a mirror image of the Deep Post and upgraded our knowledge of the controls and identified two Deep Star orebodies, two of the richest ever discoveries on high-grade priority areas,” says MRM growth manager Adrian the Carlin Trend,” says district exploration geologist Kendle Williams. Fraley.
“Detailed logging led to a step change in our understanding of Barrick president and chief executive Mark Bristow says the the mineralization and formed the basis of a new model which creation of the Nevada Gold Mines joint venture was driven by was successfully tested last year with a nine-hole drilling the opportunity to unlock value through the combination of the program that also delivered one of the best intercepts in the two companies’ assets in the state.
Carlin Trend’s history: 56.7m at 28.39g/t.”18 “The Carlin Trend is one of the world’s geological marvels, This led to a declaration of a maiden high-grade inferred comparable to the Witwatersrand in its heyday. The resource of 0.7 million ounces at 11.6 g/t13,15, representing strategies and skills we’ve been able to bring to bear on this what is predicted to be the beginning of long-term growth at unique endowment are ensuring that it’s the gift that will keep North Leeville specifically and the Greater Leeville area on giving,” he says.
generally. At the same time, continued exploration at Leeville
CHRISTINE KEENER APPOINTED CHIEF OPERATING OFFICER FOR BARRICK NORTH AMERICA
Christine Keener has been appointed chief operating officer of Barrick’s North American region with effect from February this year.
Christine Keener has been appointed chief operating officer of Announcing the appointment, president and chief executive Barrick’s North American region with effect from February this Mark Bristow said Ms Keener had a 21-year record of year. improving results in each of her roles at Alcoa.
Christine brings a diversified background having worked in “She has a deep commitment to business outcomes and is finance, strategy, a number of commercial roles and more highly focused on delivery. Ms Keener is able to find recently in operations. She was formerly vice president, opportunities for improvement and then to implement them Europe and North America, for Alcoa and before that worked with great determination. She will be a very valuable addition as a certified public accountant for PricewaterhouseCoopers. to our executive team,” he said.
She holds an MBA from Carnegie Mellon University and a Bachelor in Science in Accounting from Grove City College.
BARRICK YEAR-END 2021 8 PRESS RELEASE
NEVADA GOLD MINES AND EMPLOYEES CONTRIBUTE OVER $780,000 TO 580 NON- PROFIT ORGANIZATIONS IN PAST YEAR
Nevada Gold Mines’ (NGM) Workplace Giving program, the Heritage Fund, contributed over $780,000 to 580 non-profit organizations in its inaugural year. The program was launched in December 2020 with an initial $25 gift from the company to all employees to kick off their giving. NGM also matches all donations made by employees to qualified non-profits at 120%. The mission of the Heritage Fund is to support local communities.
“The Heritage Fund is just one of the many ways we are working to support Nevada,” says Greg Walker, NGM executive managing director. “It’s a convenient avenue for our 1,900 registered employees to give to non-profits they are passionate about while also addressing the important needs of our communities. The causes often assist critical health and human services, important educational and environmental initiatives, community development, and even wildlife and habitat improvement.”
BRISTOW KEY SPEAKER AT SAUDI ARABIA FUTURE MINERALS FORUM
Barrick president and CEO Mark Bristow gave a keynote presentation and joined government and international mining leaders on two keynote panel discussions during the Future Minerals Forum in Riyadh.
“Saudi Arabia is saying it is going to help in unlocking its mineral endowment. I think that’s the future of mining and it’s going to change this part of the world,” Mark Bristow told the conference. “This is probably the first time I’ve seen a country reaching out to the mining industry to start and encourage a partnership. It’s a great first step.”
On the panel on Positioning the Industry as Leaders on Sustainability and Development Partnerships, Bristow said: “Shareholders are important of course. They are the owners of our companies. But there are other stakeholders that are equally important like our host countries, like the communities, like all other interest groups in society, and as miners it is our responsibility to embrace all of them.” He added: “In this modern world, if you want to be acceptable to society and younger generations you need to embrace sustainability. If you’re going to be sustainable you need to be accountable. If you’re accountable, you need to be responsible.”
In the discussion of Investing in the Region Bristow said: “The point of partnerships is that if you want to be a world-class mining business that’s going to be acceptable to future generations, that partnership has to include host country leadership.”
HUMAN RIGHTS REPORT
To coincide with the United Nations’ Human Rights Day in December 2021, Barrick published its report on Human Rights, outlining the Company’s updated policies and standards and their implementation since the merger with Randgold Resources.
In the report, president and chief executive Mark Bristow said that recognizing and respecting human rights was a core value for Barrick, and its Human Rights Policy was one of the first the group updated following the merger. It is codified in Barrick’s standalone Human Rights Policy and informed by the expectations of the UN Guiding Principles on Business and Human Rights (UNGPs), the Voluntary Principles on Security and Human Rights (VPs) and the OECD Guidelines for Multinational Enterprises.
“Our policy, simply put, is to respect the human rights of all individuals impacted by our operations, including employees, contractors and external stakeholders. The policy is guided by our philosophy of building mutually beneficial relationships with our local communities,” Bristow said.
The report also provides an insight into Barrick’s key human rights focuses such as non-discrimination in the workplace, health and safety, working conditions, resettlement, security, water and the rights of indigenous people.
BARRICK YEAR-END 2021 9 PRESS RELEASE
Appendix 1 2022 Operating and Capital Expenditure Guidance
GOLD PRODUCTION AND COSTS
2022 forecast 2022 forecast cost of 2022 forecast total cash 2022 forecast all-in attributable production sales7 ($/oz) costs8 ($/oz) sustaining costs8 ($/oz) (000s ozs)
Carlin (61.5%)19 950 - 1,030 900 - 980 730 - 790 1,020 - 1,100 Cortez (61.5%)20 480 - 530 970 - 1,050 650 - 710 1,010 - 1,090
Turquoise Ridge (61.5%) 330 - 370 1,110 - 1,190 770 - 830 930 - 1,010
Phoenix (61.5%) 90 - 120 2,000 - 2,080 720 - 780 890 - 970
Long Canyon (61.5%) 40 - 50 1,420 - 1,500 540 - 600 540 - 620
Nevada Gold Mines (61.5%) 1,900 - 2,100 1,020 - 1,100 710 - 770 990 - 1,070
Hemlo 160 - 180 1,340 - 1,420 1,140 - 1,200 1,510 - 1,590
North America 2,100 - 2,300 1,050 - 1,130 740 - 800 1,040 - 1,120
Pueblo Viejo (60%) 400 - 440 1,070 - 1,150 670 - 730 910 - 990
Veladero (50%) 220 - 240 1,210 - 1,290 740 - 800 1,270 - 1,350 Porgera (47.5%)21 — — — —
Latin America & Asia Pacific 620 - 680 1,140 - 1,220 700 - 760 1,040 - 1,120
Loulo-Gounkoto (80%) 510 - 560 1,070 - 1,150 680 - 740 940 - 1,020
Kibali (45%) 340 - 380 990 - 1,070 600 - 660 800 - 880
North Mara (84%) 230 - 260 820 - 900 670 - 730 930 - 1,010
Bulyanhulu (84%) 180 - 210 950 - 1,030 630 - 690 850 - 930
Tongon (89.7%) 170 - 200 1,700 - 1,780 1,220 - 1,280 1,400 - 1,480
Africa & Middle East 1,450 - 1,600 1,070 - 1,150 720 - 780 950 - 1,030
Total attributable to Barrick22,23,24 4,200 - 4,600 1,070 - 1,150 730 - 790 1,040 - 1,120
COPPER PRODUCTION AND COSTS
2022 forecast 2022 forecast cost of 2022 forecast C1 cash 2022 forecast all-in attributable production sales7 ($/lb) costs8 ($/lb) sustaining costs8 ($/lb) (M lbs)
Lumwana 250 - 280 2.20 - 2.50 1.60 - 1.80 3.10 - 3.40
Zaldívar (50%) 100 - 120 2.70 - 3.00 2.00 - 2.20 2.50 - 2.80
Jabal Sayid (50%) 70 - 80 1.40 - 1.70 1.30 - 1.50 1.30 - 1.60
Total Copper23 420 - 470 2.20 - 2.50 1.70 - 1.90 2.70 - 3.00
ATTRIBUTABLE CAPITAL EXPENDITURES5
(millions)
Attributable minesite sustaining5, 25 1,350 - 1,550 Attributable project5, 25 550 - 650
Total attributable capital expenditures5 1,900 - 2,200
2022 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS
2022 guidance Impact on EBITDA26 Impact on TCC and Hypothetical change assumption (millions) AISC8,9 Gold price sensitivity $1,700/oz +/- $100/oz ‘+/-$580 ‘+/-$5/oz Copper price sensitivity $4.00/lb ‘+/-$0.25/lb ‘+/- $60 ‘+/-$0.01/lb
BARRICK YEAR-END 2021 10 PRESS RELEASE
Appendix 2 Production and Cost Summary - Gold
For the three months ended For the years ended
12/31/21 9/30/21 Change 12/31/21 12/31/20 Change
Nevada Gold Mines (61.5%)a
| Gold produced (000s oz attributable basis) | 604 | 495 | 22% | 2,036 | 2,131 | (4%) |
| Gold produced (000s oz 100% basis) | 981 | 805 | 22% | 3,311 | 3,467 | (4%) |
| Cost of sales ($/oz) | 1,023 | 1,123 | (9%) | 1,072 | 1,029 | 4% |
| Total cash costs ($/oz)b | 687 | 734 | (6%) | 705 | 702 | 0% |
| All-in sustaining costs ($/oz)b | 893 | 975 | (8%) | 949 | 941 | 1% |
Carlin (61.5%)c
| Gold produced (000s oz attributable basis) | 295 | 209 | 41% | 923 | 1,024 | (10%) |
| Gold produced (000s oz 100% basis) | 479 | 340 | 41% | 1,501 | 1,665 | (10%) |
| Cost of sales ($/oz) | 899 | 1,017 | (12%) | 968 | 976 | (1%) |
| Total cash costs ($/oz)b | 728 | 814 | (11%) | 782 | 790 | (1%) |
| All-in sustaining costs ($/oz)b | 950 | 1,124 | (15%) | 1,087 | 1,041 | 4% |
Cortez (61.5%)d
| Gold produced (000s oz attributable basis) | 169 | 130 | 30% | 509 | 491 | 4% |
| Gold produced (000s oz 100% basis) | 275 | 212 | 30% | 828 | 799 | 4% |
| Cost of sales ($/oz) | 984 | 1,164 | (15%) | 1,122 | 958 | 17% |
| Total cash costs ($/oz)b | 657 | 800 | (18%) | 763 | 678 | 13% |
| All-in sustaining costs ($/oz)b | 853 | 1,065 | (20%) | 1,013 | 998 | 2% |
Turquoise Ridge (61.5%)
| Gold produced (000s oz attributable basis) | 82 | 82 | 0% | 334 | 330 | 1% |
| Gold produced (000s oz 100% basis) | 133 | 134 | 0% | 543 | 537 | 1% |
| Cost of sales ($/oz) | 1,194 | 1,169 | 2% | 1,122 | 1,064 | 5% |
| Total cash costs ($/oz)b | 819 | 788 | 4% | 749 | 711 | 5% |
| All-in sustaining costs ($/oz)b | 996 | 943 | 6% | 892 | 798 | 12% |
Phoenix (61.5%)
| Gold produced (000s oz attributable basis) | 25 | 31 | (19%) | 109 | 126 | (13%) |
| Gold produced (000s oz 100% basis) | 41 | 50 | (19%) | 178 | 205 | (13%) |
| Cost of sales ($/oz) | 2,047 | 1,777 | 15% | 1,922 | 1,772 | 8% |
| Total cash costs ($/oz)b | 443 | 499 | (11%) | 398 | 649 | (39%) |
| All-in sustaining costs ($/oz)b | 614 | 582 | 5% | 533 | 814 | (35%) |
Long Canyon (61.5%)
| Gold produced (000s oz attributable basis) | 33 | 43 | (23%) | 161 | 160 | 1% |
| Gold produced (000s oz 100% basis) | 53 | 69 | (23%) | 261 | 261 | 1% |
| Cost of sales ($/oz) | 999 | 796 | 26% | 739 | 869 | (15%) |
| Total cash costs ($/oz)b | 325 | 201 | 62% | 188 | 236 | (20%) |
| All-in sustaining costs ($/oz)b | 384 | 251 | 53% | 238 | 405 | (41%) |
Pueblo Viejo (60%)
| Gold produced (000s oz attributable basis) | 107 | 127 | (16%) | 488 | 542 | (10%) |
| Gold produced (000s oz 100% basis) | 178 | 212 | (16%) | 814 | 903 | (10%) |
| Cost of sales ($/oz) | 987 | 895 | 10% | 896 | 819 | 9% |
| Total cash costs ($/oz)b | 612 | 521 | 17% | 541 | 504 | 7% |
| All-in sustaining costs ($/oz)b | 858 | 728 | 18% | 745 | 660 | 13% |
| BARRICK YEAR-END 2021 | 11 | PRESS RELEASE |
Production and Cost Summary - Gold (continued)
For the three months ended For the years ended
12/31/21 09/30/21 Change 12/31/21 12/31/20 Change
Loulo-Gounkoto (80%)
| Gold produced (000s oz attributable basis) | 126 | 137 | (8%) | 560 | 544 | 3% |
| Gold produced (000s oz 100% basis) | 158 | 171 | (8%) | 700 | 680 | 3% |
| Gold produced (000s oz 100% basis) | 209 | 209 | (1%) | 812 | 808 | 1% |
| Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b | 1,139 | 1,109 3% 1,049 1,060 (1%) 708 (3%) 650 666 (2%) 1,056 (22%) 970 1,006 (4%) |
| 685 822 | ||
| Kibali (45%) Gold produced (000s oz attributable basis) | 95 (1%) 366 364 1% | |
| 94 |
| Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b | 979 | 987 (1%) 1,016 1,091 (7%) 597 (3%) 627 608 3% 751 3% 818 778 5% |
| 582 776 |
Veladero (50%)
| Gold produced (000s oz attributable basis) | 61 | 48 | 27% | 172 | 226 | (24%) |
| Gold produced (000s oz 100% basis) | 122 | 96 | 27% | 344 | 452 | (24%) |
| Cost of sales ($/oz) | 1,279 | 1,315 | (3%) | 1,256 | 1,151 | 9% |
| Total cash costs ($/oz)b | 834 | 882 | (5%) | 816 | 748 | 9% |
| All-in sustaining costs ($/oz)b | 1,113 | 1,571 | (29%) | 1,493 | 1,308 | 14% |
Porgera (47.5%)e
| Gold produced (000s oz attributable basis) | — | — | — | — | 86 | (100%) |
| Gold produced (000s oz 100% basis) | — | — | — | — | 181 | (100%) |
| Cost of sales ($/oz) | — | — | — | — | 1,225 | (100%) |
| Total cash costs ($/oz)b | — | — | — | — | 928 | (100%) |
| All-in sustaining costs ($/oz)b | — | — | — | — | 1,115 | (100%) |
Tongon (89.7%)
| Gold produced (000s oz attributable basis) | 50 | 41 | 22% | 187 | 255 | (27%) |
| Gold produced (000s oz 100% basis) | 56 | 45 | 22% | 209 | 284 | (27%) |
| Cost of sales ($/oz) | 1,494 | 1,579 | (5%) | 1,504 | 1,334 | 13% |
| Total cash costs ($/oz)b | 1,205 | 1,139 | 6% | 1,093 | 747 | 46% |
| All-in sustaining costs ($/oz)b | 1,301 | 1,329 | (2%) | 1,208 | 791 | 53% |
Hemlo
| Gold produced (000s oz) | 35 | 26 | 35% | 150 | 223 | (33%) |
| Cost of sales ($/oz) | 1,770 | 1,870 | (5%) | 1,693 | 1,256 | 35% |
| Total cash costs ($/oz)b | 1,481 | 1,493 | (1%) | 1,388 | 1,056 | 31% |
| All-in sustaining costs ($/oz)b | 1,938 | 2,276 | (15%) | 1,970 | 1,423 | 38% |
North Mara
| Gold produced (000s oz attributable basis) | 69 | 66 | 5% | 260 | 261 | 0% |
| Gold produced (000s oz 100% basis) | 82 | 79 | 5% | 309 | 311 | 0% |
| Cost of sales ($/oz) | 858 | 993 | (14%) | 966 | 992 | (3%) |
| Total cash costs ($/oz)b | 679 | 796 | (15%) | 777 | 702 | 11% |
| All-in sustaining costs ($/oz)b | 1,033 | 985 | 5% | 1,001 | 929 | 8% |
| BARRICK YEAR-END 2021 | 12 | PRESS RELEASE |