Barrick Signs Definitive Agreement on Eskay Creek

PRESS RELEASE

NYSE : GOLD TSX : ABX

Barrick Signs Definitive Agreement on Eskay Creek

Toronto, August 4, 2020 – Barrick Gold Corporation (“Barrick”) (NYSE:GOLD)(TSX:ABX ) today

announced that Barrick Gold Inc, a wholly -owned subsidiary of Barrick, has entered into a definitive

agreement with Skeena Resources Limited (“Skeena”) pursuant to which Skeena will exercise its option

to acquire the Eskay Creek project and Barrick will waive its back-in right on the Eskay Creek project, all

upon the terms and conditions set out in an amended and restated option agreement (the “Option

Agreement”).

As previously announced by Skeena, consideration for the transaction consists of: (i) the issuance by

Skeena of 22,500,000 units (the “Units”), with each Unit comprising one common share of Skeena and

one half of a warrant, with each whole warrant entitling Barrick to purchase one additional common share

of Skeena at an exercise price of C $2.70 each until the second anniversary of the closing date; (ii) the

grant of a 1% NSR royalty on the entire Eskay Creek land package; and (iii) a contingent payment of

C$15 million payable during a 24-month period after closing.

Prior to entering into t he Option Agreement, Barrick directly and indirectly held 1,575,000 Common

Shares, representing approximately 0.8% of Skeena’s then -issued and outstanding Common Shares

(calculated on a non-diluted basis).

On the closing of the transaction, on a pro-forma basis, (i) Barrick will hold 24,075,000 Skeena common

shares, representing approximately 12.4% of Skeena’s issued and outstanding common shares on

closing (calculated on a non- diluted basis); and (ii) assuming the exercise in full of all of the warrants

issuable pursuant to the transaction, Barrick will hold 35,325,000 Common Shares, representing

approximately 17.2% of Skeena’s issued and outstanding Common Shares.

The transaction is expected to close in the fourth quarter of 2020, subject to customary conditions,

including certain government approvals and the approval of the TSX Venture Exchange.

Barrick is acquiring the Units for investment purposes. Other than the transactions contemplated by the

Option Agreement, Barrick currently has no other plans or intentions that relate to or would result in any

of the actions listed in paragraphs (a) through (k) of Item 5 of the early warning report. Depending on

market conditions and other factors, including Skeena’s business and financial condition, Barrick may ,

subject to the terms of the investor rights agreement to be entered into in connection with the Option

Agreement Transaction, acquire additional common shares or other securities of Skeena or dispose of

some or all of the common shares or other securities of Skeena that it owns at such time.

An early warning report will be filed by Barrick in accordance with applicable securities laws. To obtain a

copy of the early warning report, please contact Kathy du Plessis, whose contact details are included

below.

Barrick is a senior gold mining company organized under the laws of the Province of British Columbia.

Barrick’s corporate office is l ocated at Brookfield Place, TD Canada Trust Tower, Suite 3700, 161 Bay

Street, PO Box 212, Toronto, Ontario. Skeena’s head office is located at 650 -1021 West Hastings Street,

Vancouver, British Columbia V6E 0C3.

Enquiries:

Kathy du Plessis

Investor and Media Relations

+44 20 7557 7738

Email: [email protected]

Website: www.barrick.com

BARRICK GOLD CORPORATION PRESS RELEASE

Cautionary Statement on Forward-Looking Information

Certain information contained in this press release, including any information as to Barrick’s strategy, plans, or

future financial or operating performance, constitutes “forward- looking statements”. All statements, other than

statements of historical fact, are forward- looking s tatements. The words “will”, “expect”, “plan,” “intend” and

similar expressions identify forward- looking statements. In particular, this press release contains forward -

looking statements including, without limitation, with respect to: timing for completion of the transaction with

Skeena; the value of the consideration to be received by Barrick at the closing date including the warrants

entitling Barrick to purchase common shares of Skeena; Barrick’s rights to acquire or dispose of additional

common shares or other securities of Skeena; and Barrick’s plans or intentions that relate to or would result in

any of the actions listed in paragraphs (a) through (k) of Item 5 of the early warning report.

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

Barrick as at the date of this press release in light of management’s experience and perception of curr ent

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; 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 systems; 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 or jurisdictions in which we operate; risk

of loss due to acts of war, terrorism, sabotage and civil disturbances; 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; litigation and legal and administrative proceedings; damage to Barrick’s reputation due to the

actual or perceived occurrence of any number of ev ents, including negative publicity with respect to the

Barrick’s handling of environmental matters or dealings with community groups, whether true or not; contests

over title to properties, particularly title to undeveloped properties, or over access to water, power and other

required infrastructure; employee relations including loss of key employees; business opportunities that may be

presented to, or pursued by, Barrick; 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.

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.