Barrick Reports Q3 Preliminary Production Results With Continued Improvement at Pueblo Viejo
PRESS RELEASE
NYSE : GOLD TSX : ABX
BARRICK GOLD CORPORATION PRESS RELEASE
All amounts expressed in US dollars
Barrick Reports Q3 Preliminary Production Results
With Continued Improvement at Pueblo Viejo
TORONTO, October 16, 2024 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”
or the “Company”) today reported preliminary Q3 production of 943 thousand ounces of gold and
48 thousand tonnes of copper, as well as preliminary Q3 sales of 967 thousand ounces of gold
and 42 thousand tonnes of copper. The Company continues to expect a materially stronger Q4 to
deliver 2024 production within the range of its full year gold and copper guidance.
The average market price for gold in Q3 was $2,474 per ounce while the average market price
for copper in Q3 was $4.18 per pound.
Preliminary Q3 gold production was in line with Q2. Pueblo Viejo delivered a 23% sequential
improvement on continued plant optimization, whilst North Mara had a stronger quarter driven by
higher grades. At Carlin, the Gold Quarry roaster expansion, completed during a Q3 shutdown, is
expected to underpin higher throughput and recoveries in Q4. Turquoise Ridge improved versus
Q2, with a stronger underground mining performance more than offsetting a planned shutdown
of the Sage autoclave in Q3. At Kibali, underground development during Q3 opened up access to
more high-grade underground headings, which are expected to be further supplemented by
higher open pit grades and volumes to drive a stronger performance in Q4. Compared to Q2, Q3
gold cost of sales per ounce 1 is expected to be 1% to 3% higher, total cash costs per ounce 2 is
expected to be 3% to 5% higher and all-in sustaining costs per ounce2 are expected to be 0% to
2% higher, in part reflecting higher royalties from the higher gold price received.
As expected, preliminary Q3 copper production was higher than Q2 , driven primarily by higher
grades and recoveries at Lumwana following improved ore access driven by the ramp up in
stripping activities in Q2, with further improvements expected in Q4. Compared to Q2, Q3 copper
cost of sales per pound 1 is expected to be 5 % to 7% higher, C1 cash costs per pound 2 are
expected to be 13% to 15% higher, while all -in sustaining costs per pound 2 are expected to be
2% to 4% lower, primarily due to a decrease in capitalized waste stripping at Lumwana.
Barrick will provide additional discussion and analysis regarding its third quarter 2024 production
and sales when the Company reports its quarterly results before North American markets open
on November 7, 2024.
BARRICK GOLD CORPORATION PRESS RELEASE
The following table includes preliminary gold and copper production and sales results from
Barrick's operations:
Three months ended
September 30, 2024
Nine months ended
September 30, 2024
Production Sales Production Sales
Gold (attributable ounces (000))
Carlin (61.5%) 182 183 589 592
Cortez (61.5%) 98 99 319 321
Turquoise Ridge (61.5%) 76 77 210 209
Phoenix (61.5%) 29 28 88 89
Nevada Gold Mines (61.5%) 385 387 1,206 1,211
Loulo-Gounkoto (80%) 144 135 422 412
Pueblo Viejo (60%) 98 96 259 257
North Mara (84%) 75 78 175 174
Kibali (45%) 71 77 229 230
Veladero (50%) 57 78 170 179
Bulyanhulu (84%) 37 37 124 121
Hemlo 30 28 104 105
Tongon (89.7%) 28 32 109 113
Porgera (24.5%) 18 19 33 31
Total Gold 943 967 2,831 2,833
Copper (attributable tonnes (000))
Lumwana 30 26 77 73
Zaldívar (50%) 10 10 29 28
Jabal Sayid (50%) 8 6 25 22
Total Copper 48 42 131 123
Third Quarter 2024 Results
Barrick will release its Q3 2024 results before market open on November 7, 2024. President and
CEO Mark Bristow will host a live presentation of the results that day in London, UK at 11:00
EST/16:00 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), 1 844 763 8274
UK (toll), +44 20 3795 9972
International (toll), +1 647 484 8814
The Q3 2024 presentation materials will be available on Barrick’s website at www.barrick.com.
BARRICK GOLD CORPORATION PRESS RELEASE
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 +1 412 317 0088
(international toll), replay access code 8607451.
Enquiries:
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; Simon
Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation
Executive (in this capacity, Mr. Bottoms is responsible on an interim basis for scientific and
technical information relating to the Latin America and Asia Pacific region); 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
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, our 24.5% share of Porgera and our 45% share of Kibali.
Endnote 2
“Total cash costs per ounce” and “all-in sustaining 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.
BARRICK GOLD CORPORATION PRESS RELEASE
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 and all-in sustaining 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. These measures do not include depreciation or amortization.
Total cash costs per ounce and all-in sustaining 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 of performanc e 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.
“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 7, 2024.
BARRICK GOLD CORPORATION PRESS RELEASE
Cautionary Statements Regarding Preliminary Third Quarter Production, Sales and Costs
for 2024, 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 7, 2024. 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 expected fourth quarter production and ability to deliver within the range of its full
year gold and copper guidance; and (ii) costs per ounce for gold and per pound 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 or 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 resumption of operations at the
Porgera mine and expected ramp up of mining and processing in 2024; 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, including disruptions in the supply of key mining inputs due to the invasion of Ukraine
by Russia and conflicts in the Middle East; 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 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
BARRICK GOLD CORPORATION PRESS RELEASE
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 invest ments 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, global energy cost increases
following the invasion of Ukraine by Russia and country-specific political and economic factors in
Argentina; 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; 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. 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.