Strong year-to-date copper performance and higher
PRESS RELEASE
NYSE : GOLD TSX : ABX
All amounts expressed in US dollars
Strong year-to-date copper performance and higher
gold grades in Q4 expected to drive delivery of 2022
production guidance
TORONTO, October 13, 2022 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) ('Barrick'
or the 'Company') today reported preliminary Q3 sales of 1.00 million ounces of gold and 120
million pounds of copper, as well as preliminary Q3 production of 0.99 million ounces of gold and
123 million pounds of copper. Access to high grade ore that was previously expected in late Q3
at Nevada Gold Mines is now scheduled for Q4, which should drive a strong finish to the year.
Barrick remains on track to achieve 2022 production guidance 1, with gold expected to be at the
low end of the range and copper expected to be at the midpoint.
The average market price for gold in Q3 was $1,729 per ounce and the closing price at the end
of the quarter was $1,672 per ounce. The average market price for copper in Q3 was $3.51 per
pound. The Company’s third quarter realized copper price2 is expected to be 7 to 9% below the
third quarter average market price for copper, primarily as a result of provisional pricing
adjustments3 that reflect the decrease in the copper price near the end of Q3.
Preliminary Q3 gold production was lower than Q2 as a strong performance from Pueblo Viejo
was offset by lower production at Veladero, Carlin and Turquoise Ridge. In addition, production
at Long Canyon was lower than Q2 fol lowing the completion of Phase 1 mining in May 2022, as
previously disclosed. Compared to Q2, Q3 gold cost of sales per ounce4 is expected to be in line
with the prior quarter, while total cash costs per ounce5 and all-in sustaining costs per ounce5 are
both expected to be 3% to 5% higher.
Preliminary Q3 copper production was higher than Q2, driven by strong performance from
Lumwana. Compared to Q2, Q3 copper cost of sales per pound4, C1 cash costs per pound5 and
all-in sustaining costs per pound 5 are all expected to be 8 to 10% higher, mainly due to slightly
lower grade and a higher strip ratio at Lumwana, as well as higher input costs at Zaldívar.
Barrick will provide additional discussion and analysis regarding its third quarter 2022 production
and sales when the Company reports its quarterly results before North American markets open
on November 3, 2022.
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, 2022 September 30, 2022
Production Sales Production Sales
Gold (attributable ounces (000))
Carlin (61.5%) 229 226 701 702
Cortez (61.5%) 98 99 310 312
Turquoise Ridge (61.5%) 62 64 204 204
Long Canyon (61.5%) 6 6 52 52
Phoenix (61.5%) 30 29 79 75
Nevada Gold Mines (61.5%) 425 424 1,346 1,345
Loulo-Gounkoto (80%) 130 129 408 407
Pueblo Viejo (60%) 121 124 330 330
Kibali (45%) 83 88 240 238
North Mara (84%) 71 70 193 195
Bulyanhulu (84%) 48 50 147 156
Veladero (50%) 41 44 145 146
Tongon (89.7%) 41 41 117 119
Hemlo 28 27 95 94
Total Gold 988 997 3,021 3,030
Copper (attributable pounds (millions))
Lumwana 82 79 214 220
Zaldívar (50%) 23 24 73 74
Jabal Sayid (50%) 18 17 57 52
Total Copper 123 120 344 346
Third Quarter 2022 Results
Barrick will release its Q3 2022 results before market open on November 3, 2022. President and
CEO Mark Bristow will host a live presentation of 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 2022 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 9047.
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, Manager – Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo,
Mineral Resource Manager, Latin America and Asia Pacific; and Simon Bottoms, CGeol, MGeol, FGS,
FAusIMM, Mineral Resource Management and Evaluation Executive (Mr. Bottoms held the title of Mineral
Resources Manager: Africa & Middle East until September 30, 2022, and was promoted to Mineral
Resource Management and Evaluation Executive effective October 1, 2022) — 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 2022 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. On February 3, 2022, the Framework
Agreement was replaced by the more detailed Porgera Project Commencement Agreement (the
“Commencement Agreement”). We expect to update our guidance to include Porgera following both the
execution of definitive agreements to implement the binding Commencement 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) sales attributable to ore purchase arrangements; and (iii)
treatment and refining charges.
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 3, 2022.
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 th e 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 s ettlement 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 al l-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,
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 are not representative of all of our cash expenditures as they do not include income tax
payments, interest costs or dividend payments. Thes e 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 consider ed in
isolation or as a substitute for measures of performance prepared in accordance with IFRS. These
BARRICK GOLD CORPORATION PRESS RELEASE
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.
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 3, 2022.
Cautionary Statements Regarding Preliminary Third Quarter Production, Sales and Costs for 2022,
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. Act ual 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 it s third quarter production levels, sales and associated
costs when it reports actual results on November 3, 2022. 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 and full year gold and copper guidance; (ii) anticipated higher gold grades at Nevada
Gold Mines for Q4 2022 and (iii) 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 s tages 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 tr ansactions 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 mining or development activities, including geotechnical challenges
and disruptions in the maintenance or provision of required infrastructure and information technology
BARRICK GOLD CORPORATION PRESS RELEASE
systems; failure to comply with 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; 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 gl obal 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 aff iliates 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; 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; ou r 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 2022 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 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 authorit ies 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.