Barrick grows and improves reserve and resource base in a year of change
PRESS RELEASE
NYSE : GOLD TSX : ABX
Barrick grows and improves reserve and resource
base in a year of change
All amounts expressed in U.S. dollars
TORONTO — February 12, 2020 — Barrick’s annual reserve and resource declaration, published today as
part of its fourth quarter 2019 results, shows an attributable gold mineral reserve increase of approximately
14.5% in ounces at a 7.7% higher grade after depletion from mining, reflecting a busy year which included
the incorporation of Randgold Resources, the formation of the Nevada Gold Mines joint venture with Newmont
and the disposal of KCGM. Attributable reserves now stand at 1,300 million tonnes at 1.68 g/t for 71 million
ounces of gold.1 This has been achieved through reserve additions greater than mining depletion at a number
of the principal assets including Kibali, Loulo-Gounkoto, Veladero, Porgera, Goldstrike underground mine, the
Leeville/Portal underground mines, Mega Pit, Turquoise Ridge underground mine and Phoenix. This was
achieved through the refocus on geology as a core discipline within the business and cost improvements at
the Nevada JV, which allowed for the lowering of cut-off grades and the increase in reserves.
Global attributable mineral resources also increased net of depletion with significant inferred mineral resource
additions at Robertson and Fourmile in the Cortez district of Nevada, moving these new projects up the
resource triangle. Goldrush, Robertson and Pueblo Viejo contain significant indicated and inferred mineral
resources not currently in reserves and are the three growth projects from which further reserve growth can
be expected in the near future upon completion of feasibility studies. Total attribu table measured and
indicated mineral resources, now reported inclusive of reserves and at a $1,500/oz gold price stand at 3,400
million tonnes at 1.55 g/t for 170 million ounces, with a further 940 million tonnes at 1.30 g/t for 39 million
ounces in the inferred category, highlighting the potential for growth in a higher gold price environment.1 All
underground mineral resources are now reported within $1,500/oz stope optimizer shells and as such have
shown significant growth in ounces albeit at a lower grade, but which better reflects the opportunity at higher
gold prices.
All assets are optimi zed on the full value of the deposit and as such copper and silver are reported as
dedicated mineral resources and reserves for all assets where copper or silver is produced and sold as a
primary product or by-product. Total attributable copper mineral reserves now stand at 1,600 million tonnes
at 0.38% for 13 billion pounds of contained copper.1 The growth of copper mineral reserves was primarily
driven by Lumwana due to the reclassification and remodeling of the Chimiwungo pit and cost improvements,
with a small additional contribution from Zaldivar.
Total attributable silver mineral reserves are 900 million tonnes at 5.03 g/t for 150 million ounces of contained
silver.1
BARRICK GOLD CORPORATION PRESS RELEASE
Enquiries
President and chief executive
Mark Bristow
+1 647 205 7694
+44 788 071 1386
Senior executive vice-president
and chief financial officer
Graham Shuttleworth
+1 647 262 2095
+44 1534 735 333
+44 779 771 1338
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.Barrick.com
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Craig
Fiddes, North America Resource Modeling Manager; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin
America and Australia Pacific; Simon Bottoms, CGeol, MGeol, FGS, MAusIMM, Mineral Resources Manager: Africa
and Middle East; and Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive –
each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Endnote
1 Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory
authorities. Estimates are as of December 31, 2019, unless otherwise noted. Proven reserves of 280 million tonnes
grading 2.42 g/t, representing 22 million ounces of gold; 420 million tonnes grading 0.4%, representing 3,700 million
pounds of copper; and 150 million tonnes grading 4.31 g/t, representing 21 million ounces of silver. Probable
reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold; 1,200 million tonnes grading
0.38%, representing 9,800 million pounds of copper; and 750 million tonnes grading 5.18 g/t, representing 120 million
ounces of silver. Measured resources of 530 million tonnes grading 2.21 g/t, representing 37 million ounces of gold;
660 million tonnes grading 0.38%, representing 5,500 million pounds of copper; and 350 million tonnes grading 12.52
g/t, representing 140 million ounces of silver. Indicated resources of 2,800 million tonnes grading 1.43 g/t,
representing 130 million ounces of gold; 2,400 million tonnes grading 0.38%, representing 21,000 million pounds of
copper; and 2,000 million tonnes grading 13.44 g/t, representing 870 million ounces of silver. Inferred resources of
940 million tonnes grading 1.3 g/t, representing 39 million ounces of gold; 430 million tonnes grading 0.2%,
representing 2,200 million pounds of copper; and 460 million tonnes grading 3.20 g/t, representing 47 million ounces
of silver. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the
assumptions on which the mineral reserves for Barrick are reported (on an attributable basis), are set out in Barrick’s
Q4 2019 Report issued on February 12, 2020.
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our
strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are forward-looking statements. The words “growth”, “further”,
“expected”, “future”, “potential”, “can” and similar expressions identify forward-looking statements. In particular, this
press release contains forward-looking statements including, without limitation, with respect to Barrick’s potential
mineralization and metal or mineral recoveries; our future reserve growth potential, including potential in a higher gold
price environment; and our projects and expected completion of feasibility studies at Goldrush, Robertson and Pueblo
Viejo.
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; risks associated
with projects in the early stages of evaluation and for which additional engineering and other analysis is required;
BARRICK GOLD CORPORATION PRESS RELEASE
diminishing quantities or grades of reserves; 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; 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 systems; timing of receipt of, or failure to comply with, necessary permits and approvals;
failure to comply with environmental and health and safety laws and regulations; uncertainty whether some or
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; adverse changes in our credit ratings; the impact of inflation; fluctuations in the
currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; 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; litigation; 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. 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. We disclaim 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.