Barrick’s Embedded Growth Projects to Drive Value With 30% Rise in Production
PRESS RELEASE
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Barrick’s Embedded Growth Projects to Drive Value
With 30% Rise in Production
Toronto, September 12, 2023 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – With the
potential embedded in its growth project portfolio, Barrick plans to double its copper production
by the end of the decade and continue to increase it to an estimated 1 billion pounds or 450,000
tonnes of copper per annum by 2031, says president and chief executive Mark Bristow.1
Speaking to investors on an update call, Bristow said this substantial growth in copper production
combined with the output from Barrick’s sector -leading gold portfolio was expected to increase
the group’s attributable production by some 30% to 6.8 million gold-equivalent ounces by 2031.1,2
“The value of these projects, and in particular of our substantial and growing copper business, is
currently underestimated by the market. If it was properly appreciated, Barrick would be
commanding a premium to our peers,” he said.
Reko Diq in Pakistan is positioned to rank as one the world’s top 10 copper mines when it reaches
full production and the pre-feasibility study on the Lumwana Super Pit Expansion is projected to
deliver a potential of 240,000 tonnes of copper production per annum from a 50 million tonne
process plant expansion over a 36-year life of mine.3,5 The accelerated Lumwana work program
is now targeting to complete a full feasibility study by the end of 2024, which brings forward our
expected production from the Super Pit to 2028. The Reko Diq project also remains on track to
deliver an updated feasibility study by the end of 2024. Together, the Reko Diq and Lumwana
Super Pit feasibility studies will underpin potential reserve updates and the transition to
construction.
“Within our gold growth portfolio, the wholly -owned Fourmile project is a best-in -class
development project located in the world’s most prolific gold district adjacent to existing
infrastructure, with ongoing drilling demonstrating significant potential to increase in grade and
size. Accordingly, we are assessing options for independent exploration decline access in support
of a pre-feasibility study, which would later be re-utilised for development and production
complementing the current Goldrush development. The results of our preliminary economic
assessment indicate that this could support a potential production profile of 300,000– 400,000
ounces per annum, over and above the existing Cortez profile of 950,000–1.2 million ounces per
year (100% basis) over 10 years ,” says mineral resource management and evaluation
executive Simon Bottoms.1,6
Bristow said Nevada Gold Mines, the world’s largest gold mining complex, was expected to grow
its annual production to 3.7 million ounces (100% basis) towards the end of the decade driven by
our three Tier One assets and near-mine exploration pointed to the extension of that horizon to
15 years and beyond. 1,7
BARRICK GOLD CORPORATION PRESS RELEASE
In the Carlin District, the current 10 -year production profile is expected to be between 1.4– 1.6
million ounces per year (100% basis) and we have identified an exciting potential high-grade
opportunity at Horsham on the northeast side of the known high-grade controlling structures in
the Leeville Complex that we will advance over the next few years and is expected to extend this
profile well past the 10-year window.1
Similarly at Turquoise Ridge, we expect to build on the already significant reserves and resources
base with multi-million ounce potential growth opportunities at Cricket Corridor to the east, BBT
Corridor to the south, and Getchell Fault zone to the west. This will potentially further add to the
existing 10-year production profile of 550,000–700,000 ounces per year (100% basis).1
In Latin America, the Pueblo Viejo expansion project is transforming a Tier One mine headed for
closure into a long-life, low-cost producer.8 While in Papua New Guinea, we are working towards
the restart of Porgera by the end of this year , and restarted drilling will target the resource
definition of the Wangima Pit, with similar geology to the existing underground and open pit, which
has the potential to underpin an approximately twenty year mine life.9
“The Africa and Middle East region, our most consistent production and reserve replacement
performer, now also presents us with the exciting growth opportunities as we leverage our
partnership model in Tanzania and Saudi Arabia,” Bristow said.
See Appendix A for additional details on the growth studies underway for the Reko Diq project,
Lumwana Super Pit Expansion project, Fourmile project, and the Porgera mine.
Enquiries:
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
Senior EVP and CFO
Graham Shuttleworth
+1 647 262 2095
+44 779 771 1338
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION PRESS RELEASE
Appendix A
Reko Diq Study Snapshot (100%)3
Mine Life (yrs) 42
Mineral Resource
3
(100% basis)
M&I: 3.8Bt @ 0.44% Cu for 17Mt Cu
INF: 1.2Bt @ 0.4% Cu for 4.2Mt Cu
Phase 1 Phase 2
Throughput (Mtpa) 40 (2028 – 2033) 80 (2034 onwards)
Average Annual Production
Copper (kt)i 250ii 400ii
Gold (koz)i 300ii 500ii
Average Annual Total Tonnes Mined (TTM) (Mt) 100ii 200ii
Strip Ratio 0.4ii 1.0ii
Construction Capital ($bn)
12
Approx. 5.0 – 5.5 Approx. 3.2 – 3.5
Cost of Sales ($/lb)
4
Approx.1.2 – 1.3 Approx.1.1 – 1.2
AISC ($/lb)
4,11
Approx.1.2 – 1.3 Approx.1.1 – 1.2
C1 Costs ($/lb)
4,11
Approx. 0.8 – 0.9 Approx. 0.7 – 0.8
i. 96.5% of Annual Copper production and 94% of Annual Gold production from the concentrate is assumed to be payable
under industry standard smelting and refining terms.
ii. Indicative gold and copper recovered production profile from Reko Diq, which is conceptual in nature. Subject to change
following an updated feasibility study.
Lumwana Study Snapshot5
Mineral Resource
5
(100% attrib.)
M&I: 1.1Bt @ 0.54% Cu for 6.0Mt Cu
INF: 0.8Bt @ 0.5% Cu for 4.0Mt Cu
Current Super Pit
Mine Life (yrs) 19 36ii
Throughput (Mtpa) 26-28 50
Avg Annual Cu Produced (kt) 100% basis
i
150 240ii
Average Annual TTM (Mt) 110 250ii
Life of Mine Strip Ratio 3.4 4.3ii
Construction Capital ($bn)
12
N/A Approx. 1.6-1.9
(2024 – 2028)
Cost of Sales ($/lb) 2.2 Approx. 2.1 – 2.4
LOM AISC ($/lb)
11
2.3 Approx.1.9 – 2.2
LOM C1 Costs ($/lb)
11
1.9 Approx. 1.8 – 2.1
i. 96.5% of Annual Copper production from the concentrate is assumed to be payable under industry standard smelting and
refining terms.
ii. Indicative copper production profile from Lumwana, which is conceptual in nature. Subject to change following completion
of the pre-feasibility study.
BARRICK GOLD CORPORATION PRESS RELEASE
Fourmile Conceptual PEA Study Snapshot6
Mineral Resource6
(100% attrib.)
M&I: 0.49Moz @ 10g/t
INF: 2.7Moz @ 10.5g/t
Exploration Upsidei 13 – 20Mt @ 13.3 – 20.0g/t
Mine Life (yrs) +15
ii
Ore tonnes (ktpa) 600 – 1,500
ii
Average annual gold production (Koz) 300 – 400
ii
Construction Capital ($bn)12 Approx. 0.8 – 1.1
Cost of Sales ($/oz) Approx. 700 – 900
AISC ($/oz)10 Approx. 700 – 900
i. Potential quantities and grades in these preliminary results are conceptual in nature and there has been insufficient
exploration to define a mineral resource at this time and it is uncertain that further exploration will result in the target being
delineated as a mineral resource.
ii. Indicative gold production profile from Fourmile which is conceptual in nature. Subject to change following completion of the
pre-feasibility study.
Porgera Conceptual PEA Study Snapshot (100%)9
Mineral Resource9
(100% basis)
M&I: 10.2Moz Au @ 3.8g/t
INF: 3.4Moz Au @ 3.2g/t
Exploration Upsidei 30 – 50Mt @ 2.5 – 3.3g/t
Mine Life (yrs) 20
ii
Ore tonnes (ktpa) 5,650 – 6,200
ii
Average annual gold production (Koz) 650 – 750
ii
Expansion Capital ($bn)12 Approx. 0.9 – 1.1iii
Cost of Sales ($/oz) Approx. 800 – 1,000
AISC ($/oz)10 Approx. 700 – 900
i. Potential quantities and grades in these preliminary results are conceptual in nature and there has been insufficient
exploration to define a mineral resource at this time and it is uncertain that further exploration will result in the target being
delineated as a mineral resource.
ii. Indicative gold production profile from Porgera (100% basis) which is conceptual in nature and is subject to change following
completion of a pre-feasibility study.
iii. 65% of expansion capital is planned during 2024-2028 and 25% during 2029-2033.
BARRICK GOLD CORPORATION PRESS RELEASE
Appendix B – Outlook Assumptions
Key assumptions 2023 2024 2025+
Gold Price ($/oz) 1,900 1,300 1,300
Copper Price ($/lb) 3.50 3.00 3.00
Oil Price (WTI) ($/barrel) 90 70 70
AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75
ARS Exchange Rate (USD:ARS) 230 230 230
CAD Exchange Rate (USD:CAD) 1.30 1.30 1.30
CLP Exchange Rate (USD:CLP) 800 900 900
EUR Exchange Rate (EUR:USD) 1.10 1.20 1.20
• Barrick’s five-year indicative base case outlook is based on our current operating asset portfolio, sustaining projects
in progress and exploration/mineral resource management initiatives in execution. Our outlook is based on our
current reserves and resources as disclosed in our Q4 2022 report and assumes that we will continue to be able
to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives
and divestitures are not included. For the group gold and copper segments, and where applicable for a specific
region, our indicative outlook is subject to change and assumes the following:
o New open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three
years for permitting and two years for pre-stripping prior to first ore production in 2027.
o Production from the proposed Pueblo Viejo plant expansion and tailings facility project starting in 2023.
o Tongon will enter care and maintenance by 2026.
o Production attributable to Porgera is based on the assumption that the mine’s current care and
maintenance status will be temporary, and that the suspension of operations will not have a significant
impact on Barrick’s future production.
• Our five-year indicative base case outlook excludes:
o Production from Fourmile.
o Production from Pierina and Golden Sunlight, which are currently in care and maintenance.
o Production from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto or Alturas.
• Barrick’s ten-year base case production profile is subject to change and are based on the same assumptions as
the current five-year outlook detailed above, except that the next five years of the ten-year outlook assume
attributable production from exploration and mineral resource management projects in execution at Nevada Gold
Mines and Hemlo.
• Barrick’s five-year and ten-year production profile in this presentation also assumes the re-start of Porgera, as well
as an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the
Lumwana Super Pit expansion, both of which are conceptual in nature.
• Barrick's 15-year production profile for Nevada Gold Mines is based on the same assumptions as the ten-year
base case production profile detailed above.
BARRICK GOLD CORPORATION PRESS RELEASE
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Craig
Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager,
Latin America & Asia Pacific; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East;
Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; John
Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Joel Holliday, FAusIMM, Executive Vice -
President, Exploration — each a “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure
for Mineral Projects. All mineral reserve and mineral resource estimates are estimated in accordance with National
Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2022.
Endnotes
1. See Appendix B – Outlook Assumptions.
2. Gold Equivalent Ounces from copper assets are calculated using a gold price of $1, 300/oz and a copper price of
$3.00/lb.
3. Barrick holds a 50% ownership interest in the Reko Diq project following the completion of the transaction allowing
for the reconstitution of the project on December 15, 2022. This completed the process that began earlier in 2022
following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province,
Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted
structure. The remaining 50% of the reconstituted project is held by Pakistani stakeholders. Barrick is the operator
of the project.
Reko Diq mineral resources are estimated in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of
December 31, 2022, unless otherwise noted. Attributable Indicated resources of 1,800 tonnes grading 0.26 g/t,
representing 15 million ounces of gold, and 1,900 million tonnes grading 0.44%, representing 18,000 million
pounds of copper. Inferred resources of 570 tonnes grading 0.2 g/t, representing 3.7 million ounces of gold, and
590 million tonnes grading 0.4%, representing 4,600 million pounds of copper. Complete mineral reserve and
mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades, pounds,
and ounces, can be found on pages 33-46 of Barrick’s 2022 Annual Information Form / Form 40-F on file with the
Canadian provincial securities regulators on SEDAR at www.sedar.com and the Securities and Exchange
Commission on EDGAR at www.sec.gov.
4. Reko Diq “Cost of Sales” per pound Cu “C1 cash costs” per pound Cu and “All -in sustaining costs” per pound Cu
are reported inclusive of by -product credit for gold production based upon long term reserve prices of $1,300/oz
Au and $3.00/lb Cu.
5. Lumwana financial metrics and production metrics are based upon a preliminary economic assessment which is
preliminary in nature because it includes inferred mineral resources that are considered too speculative
geologically to have the economic considerat ions applied to them that would enable them to be categorized as
mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The
preliminary economic assessment for Lumwana Super Pit is based upon a $3.00/lb whitt le pit shell. The
assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing pre-
feasibility study and are made by the qualified person.
Lumwana mineral resources are estimated in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as
of December 31, 2022, unless otherwise noted. Attributable Measured resources of 140 million tonnes grading
0.48%, representing 1,500 million pounds of copper, Indicated resources of 960 million tonnes grading
0.55%, representing 12,000 million pounds of copper, and 1,100 million tonnes grading 0.44%,
representing 18,000 million pounds of copper. Inferred resources of 820 million tonnes grading 0.5 %, representing
8,700 million pounds of copper. Complete mineral reserve and mineral resource data for all mines and projects
BARRICK GOLD CORPORATION PRESS RELEASE
referenced in this presentation, including tonnes, grades, pounds, and ounces, can be found on pages 33-46 of
Barrick’s 2022 Annual Information Form / Form 40-F on file with the Canadian provincial securities regulators on
SEDAR at www.sedar.com and the Securities and Exchange Commission on EDGAR at www.sec.gov.
6. Fourmile financial metrics and production metrics are based upon preliminary economic assessment which
is preliminary in nature because it includes inferred mineral resources that are considered too
speculative geologically to have the economic considerati ons applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will
be realized. The preliminary economic assessment for Fourmile is based upon $1,300/oz mineable stope
optimizer. The assumptions outlined within the preliminary economic assessment have formed the basis for the
ongoing study and are made by the qualified person. Fourmile is currently 100% owned by Barrick. As previously
disclosed, Barrick anticipates Fourmile being contributed to the Nevada Gold Mines joint venture if certain criteria
are met following the completion of drilling and the requisite feasibility work.
Fourmile mineral resources are estimated in accordance with National Instrument 43-101 - Standards of Disclosure
for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December
31, 2022, unless otherwise noted. Indicated resources of 1.5 million tonnes grading 10.01 g/t, representing 0.49
million ounces of gold, and Inferred resources of 7.8 million tonnes grading 10.5 g/t, representing 2 .7 million
ounces of gold, Complete mineral reserve and mineral resource data for all mines and projects referenced in this
presentation, including tonnes, grades, pounds, and ounces, can be found on pages 33-46 of Barrick’s 2022
Annual Information Form / Form 40-F on file with the C anadian provincial securities regulators on SEDAR at
www.sedar.com and the Securities and Exchange Commission on EDGAR at www.sec.gov.
7. A Tier One Gold Asset is an asset with a $1,300/oz reserve potential to deliver a minimum 10-year life, annual
production of at least 500,000 ounces of gold and with all in sustaining costs per pound in the lower half of the
industry cost curve. A Tier One Copper Asset is an asset with a $3.00/lb reserve with potential for +5Mt contained
copper in support of at least 20 years life, annual production of at least 200ktpa, with all in sustaining costs per
pound in the lower half of the industry cost curve. A Tier Two Gold Asset is an asset with a reserve potential to
deliver a minimum 10-year life, annual production of at least 250,000 ounces of gold and total cash costs per ounce
over the mine life that are in the lower half of the industry cost curve. A Strategic Asset is an asset which in the
opinion of Barrick, has the potential to deliver significant unrealized value in the future.
8. Refer to the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on
SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 17, 2023.
9. Porgera financial metrics and production metrics are based upon a preliminary economic assessment which is
preliminary in nature because it includes inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be categorized as
mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The
preliminary economic assessment for Porgera is based upon a $1,300/oz Au whittle pit shell. The assumptions
outlined within the preliminary economic assessment have formed the basis for the ongoing pre-feasibility study
and are made by the qualified person.
Porgera mineral resources are estimated in accordance with National Instrument 43-101 - Standards of Disclosure
for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31,
2022, unless otherwise noted. Attributable Measured resources of 1.4 million tonnes grading 5.55g/t, representing
0.25 million ounces of gold, Indicated resources of 19 million tonnes grading 3.62g/t, representing 2.3 million
ounces of gold. Inferred resources of 8 million tonnes grading 3.2g/t, representing 0.82 million ounces of gold.
Complete mineral reserve and mineral resource data for all mines and projects referenced in this presentation,
including tonnes, grades, pounds, and ounces, can be found on pages 33-46 of Barrick’s 2022 Annual Information
Form / Form 40-F on file with the Canadian provincial securities regulators on SEDAR at www.sedar.com and the
Securities and Exchange Commission on EDGAR at www.sec.gov.
10. “Total cash costs” per ounce, “All -in sustaining costs” per ounce and "All -in costs" per ounce are non-GAAP
financial measures. “Total cash costs” per ounce starts with cost of sales related to gold production and removes
depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs”
per ounce start with “Total cash costs” per ounce and includes mine site sustaining capital expenditures, sustaining
leases, general and administrative costs, mine site exploration and evaluation costs, and reclamation cost
BARRICK GOLD CORPORATION PRESS RELEASE
accretion and amortization. These additional costs reflect the expenditures made to maintain current production
levels. "All-in costs" per ounce starts with "All-in sustaining costs" per ounce and adds additional costs that reflect
the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures and other
non-sustaining costs. Barrick believes that the use of “Total cash costs” per ounce, “All -in sustaining costs” per
ounce and "All-in costs" per ounce will assist investors, analysts and other stakeholders of Barrick in understanding
the costs associated with producing gold, understanding the economics of gold mining, assessing our operating
performance and also our ability to generate free cash flow from current operations and to generate free cash flow
on an overall company basis. “Total cash costs” per ounce, “All -in sustaining costs” per ounce and "All -in costs"
per ounce are intended to provide additional information only and do not have standardized definitions under IFRS
and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.
Although a standardized definition of all -in sustaining costs was published by the World Gold Council (a market
development organization for the gold industry comprised of and funded by gold mining companies from around
the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure
differently. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly
comparable GAAP measure are incorporated by reference and provided on pages 60-72 of the MD&A
accompanying Barrick’s second quarter 2023 financial statements filed on SEDAR at www.sedar.com and on
EDGAR at www.sec.gov.
11. “C1 cash costs” per pound and “All -in sustaining costs” per pound are non-GAAP financial measures. “C1 cash
costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and
production taxes and includes treatment and ref inement charges. “All-in sustaining costs” per pound begins with
“C1 cash costs” per pound and adds further costs which reflect the additional costs of operating a mine, primarily
sustaining capital expenditures, sustaining leases, general and administrati ve costs, minesite exploration and
evaluation costs, royalties and production taxes, reclamation cost accretion and amortization and write-downs
taken on inventory to net realizable value. Management believes that the use of “C1 cash costs” per pound and
“all-in sustaining costs” per pound will enable investors to better understand the operating performance of our
copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. “C1
cash costs” per pound and “All -in sustaining costs” per pound are intended to provide additional information only
and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures
differently. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly
comparable GAAP measure are incorporated by reference and provided on pages 72-73 of the MD&A
accompanying Barrick’s second quarter 2023 financial statements filed on SEDAR at www.sedar.com and on
EDGAR at www.sec.gov.
12. These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and
project capital expenditures are non-GAAP financial measures. Capital expenditures are classified
into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the
expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production
levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at
existing operations intended to increase net present value through higher production or longer mine life.
Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an
input into the calculation of all -in sustaining costs per ounce and all -in costs per ounce. Classifying capital
expenditures is intended to provide additional information only and does not have any standardized definition under
IFRS and should not be con sidered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. Other companies may calculate these measures differently. Further details including a
detailed reconciliation of this non-GAAP financial measure to its mo st directly comparable GAAP measure are
incorporated by reference and provided on page 59 of the MD&A accompanying Barrick’s second quarter 2023
financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.