Barrick Targets 2028 FOR First Production from Reko Diq

Press Release

NYSE : GOLD TSX : ABX

BARRICK TARGETS 2028

FOR FIRST PRODUCTION FROM REKO DIQ

Islamabad, Pakistan, August 1, 2023 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) president

and chief executive Mark Bristow says with the updated feasibility study on the giant Reko Diq copper-

gold project making rapid progress, the company is aiming to start production in 2028.

Speaking at the inaugural session of Pakistan’s first Minerals Summit, Bristow said the signing of the

New Reko Diq agreement last year was a landmark event in the development of a mining industry in

Pakistan, a process which will be accelerated by the Minerals Summit.

“I hope the momentum created by this event will be sustained by successive efforts to unlock this sector’s

full potential and build its capacity by attracting other foreign investors to follow Barrick, to the lasting

benefit of Pakistan and its people,” he said.

“There is a growing demand for metals and minerals, especially copper, and the challenge for mining

companies and their host governments is to ensure that these resources are extracted in a responsible

and equitable manner. Barrick believes in the principle of mutual advantage and shares the value its

operations create with all stakeholders, including its host countries and communities.”

Bristow noted that Reko Diq was the latest manifestation of Barrick’s partnership model, already

successfully applied elsewhere in its global portfolio. Barrick owns 50% of Reko Diq and is developing

and will operate the mine. The Balochistan province, which hosts the deposit, has a 25% share and the

federal government holds the other 25% through state-owned entities.

Barrick Enquiries

Investor and media relations

Kathy du Plessis

+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 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 “target”, “progress”, “aim”, “process”, “hope”, “potential”,

“grow”, “ensure”, “believe”, “create”, “will”, “would” and similar expressions identify forward-looking statements. In particular, this

press release contains forward-looking statements including, without limitation, with respect to: the planned updating of the

historical Reko Diq feasibility study; the future construction, development and operation of the Reko Diq project, including the

anticipated timeline for construction and first production; the contemplated life of mine of the Reko Diq project; the anticipated

sharing of the benefits from the Reko Diq project with Barrick’s host governments and communities in line with Barrick’s

partnership model; future demand for metals and minerals, particularly copper, and expectations regarding financial

performance and other outlook or guidance.

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 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 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 development and for which additional technical, engineering and

other analysis is required; disruption of supply routes which may cause delays in development, construction and mining

activities; 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; failure to comply with environmental and health and safety laws and regulations; the failure to

obtain key licenses by governmental authorities; 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 the Islamic Republic of Pakistan or the Province of Balochistan; timing of receipt of, or

failure to comply with, necessary permits and approvals; lack of certainty with respect to foreign legal systems, corruption and

other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with

new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; damage

to Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with

respect to the Barrick’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 Barrick’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; 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, Barrick; 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.