Barrick Set to Achieve 2021 Production Targets
PRESS RELEASE
NYSE : GOLD TSX : ABX
All amounts expressed in US dollars
Barrick Set to Achieve 2021 Production Targets
TORONTO, October 14, 2021 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”
or the “Company”) today reported preliminary Q3 sales of 1.07 million ounces of gold and
101 million pounds of copper, as well as preliminary Q3 production of 1.09 million ounces of gold
and 100 million pounds of copper. It remains on track to achieve 2021 guidance 1, with both the
Africa & Middle East and Latin America & Asia Pacific regions continuing to trend to the higher
end of their regional gold guidance and North America at the lower end.
As previously guided, Barrick’s Q4 gold production is expected to be the strongest of 2021
following the repair of the mill at Carlin’s Goldstrike roaster late in Q3. Consequently, for Nevada
Gold Mines (NGM) both Carlin and Cortez are expected to be at the low end of their annual
guidance ranges, whereas Phoenix and Long C anyon are expected to be at the top end of their
guidance ranges. Furthermore, production at Turquoise Ridge is expected to be below its annual
guidance range, although full year production is still expected to be higher than the prior year.
Production at Hemlo is also expected to be below its annual guidance range following a slower
ramp-up of underground development due to Covid-19 movement restrictions.
The average market price for gold in Q3 was $1,790 per ounce, while the average market price
for copper in Q3 was $4.25 per pound. The Company’s Q3 realized copper price2 is expected to
be 5 to 7% below the average Q3 market price for copper, primarily as a result of provisional
pricing adjustments3 that reflect the downward trend in copper prices during the quarter.
Preliminary Q3 gold production was higher than Q2, with improved performance at NGM following
planned maintenance shutdowns in the previous quarter, the continuing ramp-up of operations at
Bulyanhulu and improved performance at Veladero following the commissioning of the Phase 6
leach pad expansion in Q2. Q3 gold cost of sales per ounce4 and total cash costs per ounce5 are
both expected to be flat to 2% higher and all-in sustaining costs per ounce5 are expected to be 4
to 6% lower than Q2.
Preliminary Q3 copper production was higher than Q2, and Q4 is expected to be the strongest
quarter of the year, mainly driven by higher grades from Lumwana. Q3 copper cost of sales per
pound4 is expected to be 5 to 7% higher, C1 cash costs per pound5 are expected to be flat to 2%
higher and copper all-in sustaining costs per pound5 are expected to be 4 to 6% lower than Q2.
Barrick will provide additional discussion and analysis regarding its third quarter production and
sales when the Company reports its quarterly results before North American markets open on
November 4, 2021.
BARRICK GOLD CORPORATION PRESS RELEASE
The following table includes preliminary gold and copper production and sales results from
Barrick's operations:
Three months ended Nine months ended
September 30, 2021 September 30, 2021
Production Sales Production Sales
Gold (equity ounces (000))
Carlin6 (61.5%) 209 202 628 625
Cortez (61.5%) 130 126 340 338
Turquoise Ridge (61.5%) 82 82 252 253
Long Canyon (61.5%) 43 42 128 127
Phoenix (61.5%) 31 33 84 85
Nevada Gold Mines (61.5%) 495 485 1,432 1,428
Loulo-Gounkoto (80%) 137 134 434 430
Pueblo Viejo (60%) 127 125 381 384
Kibali (45%) 95 93 272 272
North Mara (84%) 66 65 191 187
Bulyanhulu (84%) 53 49 121 113
Veladero (50%) 48 44 111 123
Tongon (89.7%) 41 41 137 138
Hemlo 26 29 115 118
Buzwagi (84%) 4 6 40 41
Total Gold 1,092 1,071 3,234 3,234
Copper (equity pounds (millions))
Lumwana 57 64 164 191
Zaldívar (50%) 24 25 70 72
Jabal Sayid (50%) 19 12 55 47
Total Copper 100 101 289 310
Third Quarter 2021 Results
Barrick will release its Q3 2021 results before market open on November 4, 2021. President and
CEO Mark Bristow will host a live presentation on the results that day in London, UK, at 11:00
EDT / 15:00 GMT, 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 Q3 2021 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 7781.
BARRICK GOLD CORPORATION PRESS RELEASE
Enquiries:
Claudia Pitre Kathy du Plessis
Manager, Investor Relations and Corporate Access Investor and Media Relations
+1 416 307 5105 +44 20 7557 7738
[email protected] [email protected]
Website: www.barrick.com
Technical Information
The scientific and technical information contained in this news release has been reviewed and approved
by: Steven Yopps, MMSA, Manager of Growth Projects, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral
Resource Manager, Latin America and Asia Pacific; and Simon Bottoms, CGeol, MGeol, FGS, 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 was placed on temporary care and maintenance in April 2020 and is not currently included in our
full year 2021 guidance. On April 9, 2021, the Government of Papua New Guinea and Barrick Niugini
Limited, 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. We expect to update our guidance to include
Porgera following both the execution of definitive agreements to implement the framework agreement and
the finalization of a timeline for the resumption of full mine operations.
Endnote 2
Copper realized price is a non-GAAP financial measure which excludes from sales: (i) unrealized gains and
losses on non-hedge derivative contracts; (ii) unrealized mark -to-market gains and losses on provisional
pricing from copper sales contracts; (iii) sales attributable to ore purchase arrangements; and (iv) treatment
and refining charges.
This measure is intended to enable management to better understand the price realized in each reporting
period for copper sales because unrealized mark -to-market values of non -hedge copper derivatives are
subject to change each period due to changes in market factors such as market and forward copper prices,
so that prices ultimately realized may differ from those recorded. The exclusion of such unrealized mark -
to-market gains and losses from the presentation of this performance measure enables investors to
understand performance based on the realized proceeds of selling copper production.
The gains and losses on non- hedge derivatives and receivable balances relate to instruments/balances
that mature in future periods, at which time the gains and losses will become realized. The amounts of
these gains and losses reflect fair values based on market valuation assumptions at the end of each period
and do not necessarily represent the amounts that will become realized on maturity. For those reasons,
management believes that this measure provides a more accurate reflection of our Company’s past
performance and is a better indicator of its expected performance in future periods.
The realized price measure is intended to provide additional information, and does not have any
standardized definition under IFRS and should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as
determined under IFRS. Other companies may calculate this measure differently.
Barrick will provide a full reconciliation of this non-GAAP financial measure when the Company reports its
quarterly results on November 4, 2021.
BARRICK GOLD CORPORATION PRESS RELEASE
Endnote 3
The sales price for Barrick’s copper production is determined provisionally at the date of sale with the final
price determined based on market copper prices at a future date set by the customer, generally one to
three months after the initial date of sale. Market prices for copper may fluctuate during this extended
settlement period. The prices of Barrick’s copper sales are marked -to-market at the balance sheet date
based on the forward copper price for the relevant quotational period. All such mark-to-market adjustments
are recorded in copper sale revenues. If the market price for copper declines, the final sale price realized
by the Company at settlement may be lower than the provisional sale price initially recognized by the
Company, requiring negative adjustments to Barrick’s average realized copper price for the relevant period.
Endnote 4
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, Bulyanhulu and Buzwagi, 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 5
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 definit ion 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,
investors 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 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 ar e not representative of all of our cash 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 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. These
measures are not equivalent to net income or cash flow from operations as determined under IFRS.
Although the WGC has published a standardized definition, other companies may calculate these measures
differently.
BARRICK GOLD CORPORATION PRESS RELEASE
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 November 4, 2021.
Endnote 6
Includes Nevada Gold Mines' 60% equity share of South Arturo.
Cautionary Statements Regarding Preliminary Third Quarter Production, Sales and Costs
for 2021, and Forward-Looking Information
Barrick cautions that, whether or not expressly stated, all third quarter figures contained in this press release
including, without limitation, production levels, sales and associated costs are preliminary, and reflect our
expected third quarter results as of the date of this press release. Actual reported third 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 third quarter production levels , sales and associated
costs when it reports actual results on November 4, 2021. For a complete picture of the Company’s financial
performance, it will be necessary to review all of the information in the Company’s third quarter financial
report and related MD&A. Accordingly, readers are cautioned not to rely solely on the information contained
herein.
Finally, Barrick cautions that this press release contains forward- looking statements with respect to: (i)
Barrick’s production; (ii) costs per ounce for gold and per pound for copper; and (iii) realized price for copper.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including
material estimates and assumptions related to the factors set forth below that, while considered reasonable
by the Company as at the date of this press release in light of management’s experience and perception of
current conditions and expected developments, are inherently subject to significant business, economic,
and competitive uncertainties and contingencies. Known and unknown factors could cause actual results
to differ materially from those projected in the forward -looking statements, and undue reliance should not
be placed on such statements and information. 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
framework agreement, form a new joint venture, 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 activities at
Barrick’s more remote properties; whether benefits expected from recent transactions are realized;
diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges
associated with the construction of capital projects; operating or technical difficulties in connection with
BARRICK GOLD CORPORATION PRESS RELEASE
mining or development activities, including geotechnical challenges and disruptions in the maintenance or
provision of required infrastructure and information technology systems; failure to comply wit h
environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with,
necessary permits and approvals; non -renewal of key licenses by governmental authorities including
Porgera’s Special Mining Lease; 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 global liquidity and
credit availability on the timing of cash flows and the values of assets and liabilities based on projected
future cash flows; the impact of inflation; 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 Compan y’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; risks that exploration data may
be incomplete and considerable additional work may be required to complete further evaluation, including
but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts
of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks
associated with new diseases, epidemics and pandemics, including the 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; increased costs and physical risks, including extreme
weather events and resource shortages, related to climate change; and availability and increased costs
associated with mining inputs and labor. Barrick also cautions that its 2021 guidance may be impacted by
the unprecedented 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 caut ionary
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.