Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) dealt with ongoing challenges and made significant progress on many fronts in the third quarter of the year to keep its annual production and cost guidance within reach on the back of the strong performance

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX)

dealt with ongoing challenges and made significant

progress on many fronts in the third quarter of the

year to keep its annual production and cost guidance

within reach on the back of the strong performance

anticipated in Q4.

Gold production was in line with that of the previous

quarter while copper production was up 12% quarter

on quarter. The Company said it was on track for

a materially improved Q4, driven by the continuing

ramp-up of the Pueblo Viejo plant expansion,

increased throughput at Nevada Gold Mines and

higher grades at Kibali.

Improved margins across the gold operations

reflected the higher gold price and cost discipline.

Net earnings per share rose by 33% year on year,

operating cash flow totaled $1.18 billion and free

cash flow 1 of $444 million was up 31% quarter on

quarter. Debt net of cash was reduced by 27%

quarter on quarter. An unchanged quarterly dividend

of 10 cents per share was declared and shareholder

returns were enhanced by a further share buyback of

$95 million in Q3.

Q32024

5 6 7

EXCITING

DRILLING

RESULTS

BARRICK

ACADEMY

EXPANDS

KEEPING

CLOSURE

COSTS LOW

TORONTO – NOVEMBER 7, 2024

ALL AMOUNTS EXPRESSED IN U.S. DOLLARS

PV EXPANSION

STARTS

DELIVERING

4

BARRICK MINES SET TO DELIVER

STRONG FINISH TO THE YEAR

Results

Release

CONTINUED ON PAGE 3

2024 COPPER PRODUCTION ON TRACK

FOR MIDPOINT OF GUIDANCE RANGE

HIGHER MARGINS14

ACROSS GOLD OPERATIONS

Q3 NET EPS $0.28

Q3 ADJUSTED NET EPS5 $0.30

SHARE BUYBACKS CONTINUE

QUARTERLY DIVIDEND DECLARED

$0.10 PER SHARE

NYSE: GOLD

TSX: ABX

Key Performance Indicators

Financial and Operating Highlights

Financial Results Q3 2024 Q2 2024 Q3 2023

Realized gold price2,3

($ per ounce) 2,494 2,344 1,928

Realized copper price2,3

($ per pound) 4.27 4.53 3.78

Net earnings4

($ millions) 483 370 368

Adjusted net earnings5

($ millions) 529 557 418

Attributable EBITDA6

($ millions) 1,292 1,289 1,071

Net cash provided by operating

activities ($ millions) 1,180 1,159 1,127

Free cash flow1

($ millions) 444 340 359

Net earnings per share

($) 0.28 0.21 0.21

Adjusted net earnings

per share5 ($) 0.30 0.32 0.24

Attributable capital

expenditures7,8 ($ millions) 583 694 589

Operating Results Q3 2024 Q2 2024 Q3 2023

Gold

Production2

(thousands of ounces) 943 948 1,039

Cost of sales

(Barrick’s share)9,2 ($ per ounce) 1,472 1,441 1,277

Total cash costs2,10

($ per ounce) 1,104 1,059 912

All-in sustaining costs2,10

($ per ounce) 1,507 1,498 1,255

Copper

Production2,11

(thousands of tonnes) 48 43 51

Cost of sales

(Barrick’s share)12,2 ($ per pound) 3.23 3.05 2.68

C1 cash costs2,13

($ per pound) 2.49 2.18 2.05

All-in sustaining costs2,13

($ per pound) 3.57 3.67 3.23

Financial Position As at

9/30/24

As at

6/30/24

As at

9/30/23

Debt (current and long-term)

($ millions) 4,725 4,724 4,775

Cash and equivalents

($ millions) 4,225 4,036 4,261

Debt, net of cash

($ millions) 500 688 514

Best Assets

▪ Higher margins14 across gold operations on back of

higher gold price and stable unit costs

▪ Pueblo Viejo increases quarterly production and

lowers unit costs as part of ongoing plant ramp-up

and stabilization

▪ Another strong quarter from Loulo-Gounkoto with full-

year production expected to be at the top end of

guidance

▪ Successful completion and commissioning of Phase

2 of Gold Quarry roaster expansion sets Carlin and

Cortez up for strong delivery in Q4

▪ Turquoise Ridge continues to progress underground

mining ramp-up

▪ 2024 copper production on track for midpoint of

guidance range

▪ Reko Diq and Lumwana feasibility studies on track

for year end completion; ordering of long-lead items

commenced

▪ Drilling at Fourmile completes 24 holes with

additional 11 underway, continuing to support

substantial growth in Fourmile orebody

▪ Renewed discipline and focus on quality confirms

exciting exploration targets with Tier One15 potential

around existing operations and on early-stage

projects

Leader in Sustainability

▪ Year-on-year improvement in the TRIFR16 and

LTIFR16, regrettably marred by a fatality at Kibali

▪ Concurrent rehabilitation ahead of plan across the

group, with five TSFs to be recommended for Safe

Closure by year-end

▪ Reko Diq and Lumwana ESIAs completed and

submitted to relevant authorities

▪ Barrick Academy on track to have trained over 2,700

managers in Africa & Middle East region by 2025

▪ In Balochistan, new vocational programs launched to

support the development of local employees

Delivering Value

▪ Q3 operating cash flow of $1.18 billion and free cash

flow1 up 31% quarter-on-quarter to $444 million

▪ Net earnings per share of $0.28 and adjusted net

earnings per share5 of $0.30 for the quarter

▪ Debt, net of cash reduced by 27% quarter-on-quarter

▪ Continuation of share buybacks deliver enhanced

returns to shareholders

▪ $0.10 per share dividend declared

BARRICK THIRD QUARTER 2024 2 PRESS RELEASE

CONTINUED FROM PAGE 1

President and chief executive Mark Bristow said the

Company was again planning to replace mineral

reserves net of depletion in 2024 by a significant

margin, driven by the contributions from the Reko Diq

copper-gold project and the Lumwana Super Pit

expansion project. The feasibility studies for both

projects are on track for completion by the year-end.

Long lead items are being ordered and key project team

members are being recruited.

“The Fourmile project in Nevada continues to show

exciting value potential, and significant new satellite

orebody opportunities have been highlighted at Loulo

and Kibali. In addition, our exploration teams are

working on very promising new prospects across our

portfolio,” he said.

Barrick is continuing to invest in its leadership and

employee skills development, expanding its bench

strength across all three regions.

Bristow noted that over the last five years the Company

had reduced its closure liabilities by more than $1 billion

through the continuous review and optimization of

closure projects. In addition, in 2023 two Tailings

Storage Facilities (“TSF”) conformed to the Safe

Closure requirements as per the Global Industry

Standard on Tailings Management (“GISTM”) with a

further five expected to conform by the end of this year.

Q3 2024 Results Presentation

Mark Bristow will host a live presentation of the results

today at 11:00 AM ET, with an interactive webinar linked

to a conference call. Participants will be able to ask

questions.

Go to the webinar

US/Canada (toll-free), 1 844 763 8274

UK (toll), +44 20 3795 9972

International (toll), +1 647 484 8814

The Q3 presentation materials will be available on

Barrick’s website at www.barrick.com and the webinar

will remain on the website for later viewing.

Investor Day 2024

Please join us for Barrick’s Investor Day on Friday,

November 22, 2024. The event begins at 9:00 AM ET

and will include presentations by members of the

Barrick Executive Team covering Exploration, Mineral

Resource Management, Operations, Growth Projects,

Finance & Supply Chain and Sustainability. Register

now for the webinar.

BARRICK DECLARES Q3 DIVIDEND

AND BUYS BACK ADDITIONAL SHARES

Barrick today announced the declaration of a dividend of $0.10 per share for the third quarter

of 2024. The dividend is consistent with the Company’s Performance Dividend Policy

announced at the start of 2022.

The Q3 2024 dividend will be paid on December 16,

2024 to shareholders of record at the close of business

on November 29, 2024.

Barrick also repurchased an additional 4.725 million

shares during the third quarter under the $1 billion share

buyback program that was announced in February

2024, bringing the total repurchases during the year to

7.675 million shares.

“The continued strength of our balance sheet, bolstered

by record high gold prices and our world class gold and

copper asset base, allows us to distribute a robust

quarterly dividend whilst maintaining ample liquidity to

invest in the growth of our business and to repurchase

additional stock at a compelling valuation,” said senior

executive vice-president and chief financial officer

Graham Shuttleworth.

BARRICK THIRD QUARTER 2024 3 PRESS RELEASE

AFTER CHALLENGING START, PUEBLO VIEJO

EXPANSION STARTS DELIVERING THE GOODS

Pueblo Viejo’s ambitious expansion and upgrade project — designed to extend the Barrick-

operated Tier One mine’s life to beyond 2040 with an average annual gold production of

800,000 ounces 17 (100% basis) — is getting up to speed with a 23% quarter-on-quarter

increase in production in Q3. It also improved its throughput for the fourth consecutive

quarter.

This performance is a tribute to the management team

who, with executive support, had to overcome a series

of major equipment failures during the commissioning

and ramp-up phases. These included the collapse of the

new stockpile feed conveyor structure, which

necessitated its re-engineering and re-establishment in

a complex operating environment, as well as the

redesign and replacement of the flotation circuit

gearboxes.

The mine expects to achieve an 80% recovery rate by

year-end, rising to 85% in 2025, and is targeting a 90%

recovery rate by 2027. This will be supported by

installation and commissioning of a new closed circuit

classification step and grinding thickener-capacity

increase. Also on the short-term to-do list are bringing

the deslime cyclones and staged reagent dosing to full

operation which will increase the efficiency of the

flotation operations by reducing the fines and increasing

capacity of the carbon in leach launders to improve

carbon containment at higher throughput.

In the meantime, work on the new tailings facility is

progressing with the completion of the environmental

study. Resettlement work is also advancing with several

hundred of the 700 all-amenity new homes required

already built or under construction. The full relocation is

expected to be completed by 2025.

BARRICK THIRD QUARTER 2024 4 PRESS RELEASE

EXPLORATION SET TO DELIVER ANOTHER YEAR

OF RESERVE REPLACEMENT AS WELL AS

NEW HIGH-POTENTIAL TARGETS

Barrick’s brownfields and greenfields exploration teams are having a good year with exciting

drilling results from around its orebodies pointing to the company retaining its record of

reserve replacement and new targets, with Tier One potential, emerging elsewhere within its

global portfolio.

Nevada continues to develop orebody and greenfields

opportunities, with a strong focus on the Cortez

complex, with drilling at the Swift target, and at the

Fourmile project, where an exciting hole two kilometers

north of Dorothy has intersected a broad zone of Carlin-

style alteration. Framework drilling of a large

anomalous altered target along strike from the Gold

Quarry mine in the Carlin Trend will be completed this

year. Elsewhere in the western USA, targets are being

developed throughout consolidated positions in multiple

prospective terrains, while in Canada, fieldwork on three

separate projects has identified multiple targets with

anomalous alteration and geochemistry for follow-up

work.

The Latin America & Asia Pacific region has made

enormous progress in rationalizing its legacy portfolio

and the focus is now on target delineation, moving

prospects up the resource triangle. Several drill-ready

targets have been identified in the Pueblo Viejo and

Veladero districts as well as in Barrick’s portfolio in

Peru. In Pakistan, the exploration team on-site at Reko

Diq is raking in opportunities for an updated resource

triangle by the end of this year. Early indications are that

the mining lease area holds a resource potential far

beyond what is currently envisaged.

In the Africa & Middle East region, the Baboto complex

system within the Loulo Lease is showing the potential

for a major discovery with the mineralization expanding

in multiple directions and exhibiting similarities in style

and control to Yalea. A detailed model update will drive

an aggressive assessment of the potential in Q1 next

year. A full Loulo district geological model — including

Bambadji/Dalema across the river in Senegal — will

also be updated by the end of the year to produce a

new resource triangle for the next generation of major

discoveries. At Kibali, the ARK corridor is showing the

potential to deliver a high-grade, multi-million-ounce

satellite complex less than four kilometres from the

processing plant. At the same time, new large-scale

grassroots targets are emerging within the Kibali basin,

complementing early-stage potential along the KZ trend.

In Tanzania, the update of the Gokona-Gena model is

being applied across the entire 20-kilometer corridor to

generate and prioritize high-impact targets, while

geochemical drilling on the Bulyanhulu Inlier has

intersected multiple gold and copper anomalies. Follow-

up drilling to rank these for aggressive testing is

underway.

BARRICK THIRD QUARTER 2024 5 PRESS RELEASE

NEVADA GOLD MINES FOCUSED ON

FLEXIBILITY, RELIABILITY AND EFFICIENCY

New rolling plans and investment in contractors to enhance underground development

inventory at Nevada Gold Mines (“NGM”) are keeping development faces ahead of operational

stopes, increasing the flexibility the mines need to increase the overall processed grade and

subsequently ounce production.

Over the past 12 months, this new approach, known as

Stope Line Ready – Developed Reserves, has

increased the amount of accessible ore developed and

ready for production by 19% for longhole stopes and

33% for drift and fill areas. This is equivalent to raising

developed capacity from three to four months at current

mining volumes. It has the added benefit of maximizing

consistency of plan execution, reducing the need to

replan the mine to cover shortfalls.

NGM is also making substantial investments in

replacing and upgrading equipment and infrastructure

which, while in the short term will be reflected in its

costs, will effectively recapitalize the complex for the

next 10 to 15 years. This follows years of

underinvestment prior to the formation of the joint

venture. Since its formation, the joint venture has

extended the life of mine for the complex by more than

ten years and this reinvestment period will ensure the

equipment and infrastructure deliver world-class

performance for this extended life.

Investments in the open pits include 63 new Komatsu

trucks, of which 47 have been purchased and delivered

to increase the average payload per truck by

approximately 15% and availability by 7%-25%, while

significantly lowering maintenance spend. During the

quarter at Carlin, open pit optimization work was also

conducted, and several pieces of equipment are being

parked with the impacted workforce being offered new

assignments throughout NGM where the need exists

and to reduce higher-cost contractors supplementing

our workforce.

Investment continued in our process facilities with the

completion of the Gold Quarry roaster expansion project

to increase throughput by 20% combined with process

improvements at the Goldstrike roaster. These facilities

are now back to industry-leading reliability and

operational performance. At the Turquoise Ridge Sage

autoclave, significant process equipment upgrades were

completed during the quarter, increasing its reliability

and performance. We expect to continue these

investments over the next couple of years with planned

investments in underground equipment and

infrastructure, process infrastructure, and notably,

automation technology. As these investments pay

dividends and we return to our natural sustaining capital

run rate, unit costs are projected to taper off and

margins will significantly improve.

THE BARRICK ACADEMY ROLLS OUT TO NEVADA

Based on the success of the Barrick Academy at the now closed and repurposed Buzwagi mine in

Tanzania, the Academy concept will be rolled out to NGM and incorporated into its existing training

mine, which was established in 2022 to equip new hires to work safely and efficiently.

Based on the success of the Barrick Academy at the now

closed and repurposed Buzwagi mine in Tanzania, the

Academy concept will be rolled out to NGM and

incorporated into its existing training mine, which was

established in 2022 to equip new hires to work safely and

efficiently. The launch date is set for 2025 and more than

700 frontline supervisors, general supervisors and

superintendents are expected to complete the training that

year.

Opened in March, the Buzwagi Barrick Academy offers a

program called the Foundations for Leadership and

Management. Aimed at frontline staff, this four-day, 40-hour

program features 16 interactive modules and is designed

to enhance leadership skills, team collaboration and

productivity improvement. So far 1,137 participants have

completed the course with more than double that number

expected to be trained over the next 24 months.

Courses at the enlarged Academy will be extended to

include Barrick’s contractors and the curriculum expanded

to cover more disciplines, such as financial leadership,

advanced computer literacy and safety. This is being done

to ensure a uniform standard of training quality across the

group.

“Barrick has the industry’s best assets and the best people

that we need to fully develop to maximize their value. The

expansion of the Barrick Academy underlines our

dedication to investing in the professional growth of our

workplace,” says Mark Bristow.

BARRICK THIRD QUARTER 2024 6 PRESS RELEASE

REALIZING LONG-TERM VALUE THROUGH

SUSTAINABLE MINE CLOSURE

As reclamation costs and liabilities are projected to grow significantly across the mining

industry, Barrick’s efforts to proactively understand and mitigate closure risk are helping to

keep its closure costs and liabilities low.

Group sustainability executive Grant Beringer says the

sustainable closure of Barrick’s mines plays a key part

in its endeavors to create long-lasting value. “We

believe that how we close our mines is as important as

how we build and operate them, and that is why we plan

their closure before we even start designing them,” he

says.

Beringer says sustainable mine closure creates value

for Barrick through the realization of cost efficiencies by

executing concurrent rehabilitation while mines are still

operating; the repurposing of mining infrastructure to

create new economic opportunities for communities;

and the creation of post-closure conditions to facilitate

divestiture. “Responsible mine closure also maintains

stakeholder trust and improves our license to operate,”

Beringer says.

Relative to 2018 and inclusive of the acquired

properties, Barrick has reduced its closure liabilities

across the group by more than $1 billion (36%) through

the continuous review, optimization and completion of

closure projects. This year alone more than $20 million

of closure project savings were identified and realized.

According to Beringer, substantial opportunities for

value creation lie in Barrick’s North American legacy

portfolio. Over the past five years Barrick has optimized

the portfolio, making adjustments to post-closure

management plans as well as working with local

communities and other stakeholders to identify

alternative development opportunities.

“Since 2019, we have invested $280 million in our North

American legacy portfolio with the ambitious goal of

reducing liabilities by approximately 80% over the next

10 years. In 2024, we will spend approximately $65

million on risk mitigation and eliminating active water

treatment as a long-term closure strategy at our legacy

sites in New Mexico, California, Colorado, South Dakota

and British Columbia,” he says.

“This quarter we also successfully completed the

Buzwagi TSF closure project in Tanzania which began

in 2022 and, at Pierina in Peru, good progress was

made on the closure of the heap leach and waste rock

facilities, with the remaining rehabilitation on track for

completion in 2025,” says Beringer. “Owning,

understanding and actively working to address long-

term risks create resilient post-closure conditions that

will allow value to be realized long after a mine stops

operating.”

BARRICK THIRD QUARTER 2024 7 PRESS RELEASE

Storm water management infrastructure ensures significant precipitation events can be safely managed at our Giant Nickel closure site in British Columbia, Canada.

NGM COMPLETES CONSTRUCTION

OF 200MW SOLAR POWER PLANT

The Barrick-operated Nevada Gold Mines has completed the construction of the second and

final phase of a 200-megawatt solar power plant, which will have the capability of producing

17% of NGM’s annual power demand while realizing a reduction of 234kt of carbon dioxide

equivalent emissions per year.

Mark Bristow says the solar facility would reduce NGM’s

total annual greenhouse gas emissions by 8% against a

2018 baseline.

“The solar facility is one of many initiatives to reduce our

reliance on carbon-based electricity sources. We are

also taking steps to modify the TS Power Plant to use

cleaner-burning natural gas as a future fuel source.

Additionally, in 2023, we began introducing electric

vehicles to our light vehicle fleet which included the

required charging infrastructure in Elko and at the main

mines Carlin, Cortez, Turquoise Ridge and Phoenix, as

well as the TS Power Plant,” Bristow said.

With the second 100-megawatt phase of the TS Solar

Power plant now online and performance testing fully

completed, NGM is shifting its focus to installation of

solar and battery energy storage (“BESS”) at the

operations. NGM was recently awarded $95 million in

funding from the US Department of Energy to develop

additional solar facilities with BESS at the Turquoise

Ridge and Cortez mine sites. These will serve as a

secondary power source, mitigating the impacts of

power grid disruption and enhancing renewable energy

consumption during off-peak hours.

In addition to the TS Power Plant conversion to co-fire

capability, we are furthering studies into geothermal

energy sources.

BARRICK THIRD QUARTER 2024 8 PRESS RELEASE

Nevada Senator Jacky Rosen and Mark Bristow (center) celebrate the completion of the 200-megawatt solar power plant at Nevada Gold Mines.