Barrick On Track to Achieve 2023 Targets
PRESS RELEASE
NYSE : GOLD TSX : ABX
All amounts expressed in US Dollars
Barrick On Track to Achieve 2023 Targets
Toronto, April 13, 2023 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the
“Company”) today reported preliminary Q1 sales of 0.95 million ounces of gold and 89 million
pounds of copper, as well as preliminary Q1 production of 0.95 million ounces of gold and 88 million
pounds of copper. As previously guided, Barrick’s gold production in 2023 is expected to increase
through the year with the first quarter being the lowest, while copper production is expected to be
higher in the second half of the year. We remain on track to achieve our full year gold and copper
guidance1.
The average market price for gold in Q1 was $1,890 per ounce while the average market price for
copper in Q1 was $4.05 per pound.
As previously guided, preliminary Q1 gold production was lower than Q4 2022 primarily as a result
of lower production at Carlin, mainly due to annual roaster maintenance resulting in lower
throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-i n-
leach process and a harsh winter in northern Nevada impacting operations. This was combined
with lower grades at Kibali due to mine sequenc in Compared to Q4 2022, Q1 gold cost of sales
per ounce2 is expected to be 3% to 5% higher, total cash costs per ounce3 are expected to be 13%
to 15% higher and all -in sustaining costs per ounce 3 are expected to be 9% to 11% higher. The
higher total cash costs per ounce3 reflects the lower ounces produced and sold relative to the prior
quarter, while the increase in all -in sustaining costs per ounce 3 was also driven by lower sales
volumes partially offset by lower sustaining capital expenditures.
Preliminary Q1 copper production was lower than Q4 2022, driven by lower production at Lumwana
and Zaldívar, as expected. Compared to Q4 2022, Q1 copper cost of sales per pound2 is expected
to be up to 2% higher and C1 cash costs per pound3 are expected to be 19% to 21% higher, mainly
due to lower mining rates as the new fleet at Lumwana continues to ramp up, as well as higher
labor costs at Zaldívar. All -in sustaining costs per pound 3 are expected to be 14% to 16% lower,
as lower sustaining capital expenditures more than offset the increase in C1 cash costs per pound3.
Barrick will provide additional discussion and analysis regarding its first quarter 2023 production
and sales when the Company reports its quarterly results before North American markets open on
May 3, 2023.
BARRICK GOLD CORPORATION PRESS RELEASE
The following table includes preliminary gold and copper production and sales results from
Barrick's operations:
Three months ended
March 31, 2023
Production Sales
Gold (attributable ounces (000))
Carlin (61.5%) 166 164
Cortez (61.5%) 140 137
Turquoise Ridge (61.5%) 81 82
Phoenix (61.5%) 27 26
Long Canyon (61.5%) 2 2
Nevada Gold Mines (61.5%) 416 411
Loulo-Gounkoto (80%) 137 134
Pueblo Viejo (60%) 89 90
North Mara (84%) 68 70
Kibali (45%) 64 67
Tongon (89.7%) 50 52
Bulyanhulu (84%) 44 46
Veladero (50%) 43 44
Hemlo 41 40
Total Gold 952 954
Copper (attributable pounds (millions))
Lumwana 48 49
Zaldívar (50%) 22 23
Jabal Sayid (50%) 18 17
Total Copper 88 89
First Quarter 2023 Results
Barrick will release its Q1 2023 results before market open on May 3, 2023. President and CEO
Mark Bristow will host a live presentation of the results that day at 11:00 EDT / 15:00 UTC, with an
interactive webinar linked to a conference call. Participants will be able to ask questions.
Go to the webinar
US and Canada (toll-free) 1 800 319 4610
UK (toll-free) 0808 101 2791
International (toll) +1 416 915 3239
The Q1 2023 presentation materials will be available on Barrick’s website at www.barrick.com.
The webinar will remain on the website for later viewing, and the conference call will be available
for replay by telephone at 1 855 669 9658 (US and Canada toll -free) and +1 604 674 8052
(international toll), access code 9942.
BARRICK GOLD CORPORATION PRESS RELEASE
Enquiries:
Claudia Pitre
Manager, Investor Relations and Corporate Access
+1 416 307 5105
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Website: www.barrick.com
Technical Information
The scientific and technical information contained in this news 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; and Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager, Africa
and Middle East — each a “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure
for Mineral Projects.
Endnote 1
Porgera has been on temporary care and maintenance since April 2020 and is not currently included in our full
year 2023 guidance. On April 9, 2021, the Government of Papua New Guinea (“PNG”) and Barrick Niugini Limited
(“BNL”), the operator of the Porgera joint venture, signed a Framework Agreement in which they agreed on a
partnership for Porgera’s future ownership and operation. On February 3, 2022, the Framework Agreement was
replaced by the more detailed Porgera Project Commencement Agreement (the “Commencement Agreement”).
On March 31, 2023, PNG, BNL, and New Porgera Limited, the new Porgera joint venture company, entered into
the New Porgera Progress Agreement, which confirmed that all parties are committed to reopening the mine, in
line with the terms of the Commencement Agreement and the Shareholders Agreement both concluded in 2022.
We expect to update our guidance to include Porgera following the execution of all of the definitive agreements to
implement the binding Commencement Agreement, the satisfaction of all other conditions precedent to reopening,
and the finalization of a timeline for the resumption of full mine operations.
Endnote 2
Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in care and
maintenance) divided by ounces sold (both on an attributable basis based on Barrick’s ownership share). Copper
cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both
on an attributable basis based on Barrick’s ownership share).
References to attributable basis means our 100% share of Hemlo and Lumwana, our 89.7% share of Tongon, our
84% share of North Mara and Bulyanhulu, our 80% share of Loulo- Gounkoto, our 61.5% share of Nevada Gold
Mines, our 60% share of Pueblo Viejo, our 50% share of Veladero, Zaldívar and Jabal Sayid and our 45% share
of Kibali.
Endnote 3
Total cash costs per ounce, all -in sustaining costs per ounce and all -in costs per ounce are non- GAAP financial
measures which are calculated based on the definition published by the World Gold Council ('WGC') (a market
development organization for the gold industry comprised of and funded by gold mining companies from around
the world, including Barrick). The WGC is not a regulatory organization. Management uses these measures to
monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an
individual site basis and an overall company basis.
Total cash costs start with our 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 start with total cash
costs and include sustaining capital expenditures, sustaining leases, general and administrative costs, minesite
exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect
the expenditures made to maintain current production levels.
We believe that our use of total cash costs, all -in sustaining costs and all -in costs will assist analysts, i nvestors
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. Due to the capital -intensive
BARRICK GOLD CORPORATION PRESS RELEASE
nature of the industry and the long useful lives over which these items are depreciated, there can be a significant
timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that
is being generated by a mine and therefore we believe these measures are useful non- GAAP operating metrics
and supplement our IFRS disclosures. These measures are not representative of all of our c ash expenditures as
they do not include income tax payments, interest costs or dividend payments. These measures do not include
depreciation or amortization.
Total cash costs per ounce, all -in sustaining costs and all -in costs are intended to provide addi tional 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. These measures are not equivalent to
net income or cash f low from operations as determined under IFRS. Although the WGC has published a
standardized definition, other companies may calculate these measures differently.
C1 cash costs per pound and all -in sustaining costs per pound are non- GAAP financial measures related to our
copper mine operations. We believe that C1 cash costs per pound enables investors to better understand the
performance of our copper operations in comparison to other copper producers who present results on a similar
basis. C1 cash costs per pound excludes royalties and production taxes and non- routine charges as they are not
direct production costs. All -in sustaining costs per pound is similar to the gold all -in sustaining costs metric and
management uses this to better evaluate the costs of copper production. We believe this measure enables
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. All -in sustaining costs per pound includes C1 cash
costs, sustaining capital expenditures, sustaining leases, general and administrative 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.
Barrick will provide a full reconciliation of these non- GAAP financial measures when the Company reports its
quarterly results on May 3, 2023.
Cautionary Statements Regarding Preliminary First Quarter Production, Sa les and Costs for 2023, and
Forward-Looking Information
Barrick cautions that, whether or not expressly stated, all first quarter figures contained in this press release
including, without limitation, production levels, sales and associated costs are preliminary, and reflect our expected
first quarter results as of the date of this press release. Actual reported first quarter production levels, sales and
associated costs are subject to management’s final review, as well as review by the Company’s independent
accounting firm, and may vary significantly from those expectations because of a number of factors, including,
without limitation, additional or revised information, and changes in accounting standards or policies, or in how
those standards are applied. Barrick will provide additional discussion and analysis and other important information
about its first quarter production levels, sales and associated costs when it reports actual results on May 3, 2023.
For a complete picture of the Company’s financial performance, it will be necessary to review all of the information
in the Company’s first quarter financial report and related MD&A. Accordingly, readers are cautioned not to rely
solely on the information contained herein.
Finally, Barrick cautions that t his press release contains forward- looking statements with respect to: (i) Barrick’s
production and full year gold and copper guidance; and (ii) costs per ounce for gold and per pound for copper.
Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain
other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral
exploration and development; changes in mineral production performance, exploitation, and exploration
successes; the duration of the temporary suspension of operations at Porgera [and the timeline for the execution
of definitive agreements to implement the Commencement Agreement, and recommence operations at Porgera];
risks associated with projects in the early stages of evaluation, and for which additional engineering and other
analysis is required; disruption of supply routes which may cause delays in construction and mining activ ities;
whether benefits expected from recent transactions are realized; quantities or grades of reserves will be
diminished, and that resources may not be converted to reserves; increased costs, delays, suspensions and
technical challenges associated with the construction of capital projects; operating or technical difficulties in
connection with mining or development activities, including geotechnical challenges, tailings dam and storage
facilities failures, and disruptions in the maintenance or provision of required infrastructure and information
technology systems; risks that exploration data may be incomplete and considerable additional work may be
BARRICK GOLD CORPORATION PRESS RELEASE
required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies
and investment; failure to comply with environmental and health and safety laws and regulations; increased costs
and physical risks, including extreme weather events and resource shortages, related to climate change; timing
of, receipt of, or failure to comply with, necessary permits and approvals; non -renewal of key licenses by
governmental authorities; uncertainty whether some or all of targeted investments and projects will meet the
Company’s capital allocation objectives and internal hurdle rate; the impact of inflation, including global inflationary
pressures driven by supply chain disruptions caused by the ongoing Covid- 19 pandemic and global energy cost
increases following the invasion of Ukraine by Russia; the impact of global liquidity and credit availability on the
timing of cash flows and the values of assets and liabilities based on projected future cash flows; fluctuations in
the currency markets; changes in national and local government legislation, taxation, controls or regulations and/or
changes in the administration of laws, policies and practices; expropriation or nationalization of property and
political or economic developments in Canada, the United States, and other jurisdictions in which the Company or
its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems,
corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to
the actual or perceived occurrence of any number of events, including negative publicity with respect to the
Company’s handling of environmental matters or dealings with community groups, whether true or not; the
possibility that future exploration results will not be consistent with the Company’s expectations; risk of loss due to
acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks
associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-
19 pandemic; litigation and legal and administrative proceedings; contests over title to properties, particularly title
to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities
that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete
divestitures; risks associated with working with partners in jointly controlled assets; employee relations including
loss of key employees; and availability and increased costs associated with mining inputs and labor. Barrick also
cautions that its 2023 guidance may be impacted by the ongoing business and social disruption caused by the
spread of Covid-19. In addition, there are risks and hazards associated with the business of mineral exploration,
development and mining, including environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses
(and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking
statements made in this press release are qualified by these cautionary statements. Specific reference is made to
the most recent Form 40 -F/Annual Information Form on file with the SEC and Canadian provincial securities
regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements
and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements
contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required by applicable law.