Bristow said the Q3 performance was an improvement on the previous quarter’s and Q4 is expected to be better. Despite the projected second half improvement, gold production is forecast to be marginally below the low end of

LONDON, November 2, 2023 — Barrick Gold Corporation

(NYSE:GOLD)(TSX:ABX) — Barrick’s Q3 results showed

improved production at lower costs and confirmed its long

term growth forecast. President and chief executive Mark

Bristow said the Q3 performance was an improvement on

the previous quarter’s and Q4 is expected to be better.

Despite the projected second half improvement, gold

production is forecast to be marginally below the low end of

our annual guidance range. Copper is comfortably on track

to meet its guidance for production and costs.

Gold production in Q3 was higher than Q2 driven by

improved performances at Cortez, Turquoise Ridge and

Kibali. As previously disclosed, the ramp up at Pueblo Viejo

is slower than planned. Barrick is engaged with original

equipment suppliers to develop permanent solutions for

their equipment failures. The 2024 Pueblo Viejo production

forecast still exceeds 800,000 ounces (100% basis). 1 The

company also confirmed that the Notice of Availability for

the Final Environmental Impact Statement for Goldrush was

published on October 27.

“Mining is a long game and we don’t manage Barrick by the

quarter—our projection for a 30% increase in the production

of gold-equivalent ounces by the end of this decade remains

intact,” he said.2

Q32023

5 6 8

REKO DIQ

DEVELOPMENT

PORGERA

RESTART

GROWTH

PROJECTS

DRIVE VALUE

ALL AMOUNTS EXPRESSED IN U.S. DOLLARS

SCOPE 3

EMISSION

TARGETS

4

BARRICK KEEPS KEY PROJECTS ON TRACK

AND DELIVERS ANOTHER QUARTER OF

IMPROVED PRODUCTION AND COSTS

Results

Release

CONTINUED ON PAGE 3

$0.10 PER SHARE DIVIDND

DECLARED FOR Q3 2023

FREE CASH FLOW3 INCREASED

BY $296 MILLION* TO $359 MILLION

* COMPARED TO Q2 2023

Q3 GOLD PRODUCTION HIGHER

AND COSTS LOWER THAN Q2

35% INCREASE* IN OPERATING CASH

FLOW TO OVER $1.1 BILLION

* COMPARED TO Q2 2023

STRONG Q3 FOR COPPER PRODUCTION

POSITIONS BARRICK TO DELIVER

ON ANNUAL GUIDANCE

Key Performance Indicators

Financial and Operating Highlights

Financial Results Q3 2023 Q2 2023 Q3 2022

Realized gold price4,5

($ per ounce) 1,928 1,972 1,722

Net earnings

($ millions) 368 305 241

Adjusted net earnings6

($ millions) 418 336 224

Net cash provided by operating

activities ($ millions) 1,127 832 758

Free cash flow3

($ millions) 359 63 (34)

Net earnings per share

($) 0.21 0.17 0.14

Adjusted net earnings

per share6 ($) 0.24 0.19 0.13

Attributable capital

expenditures7 ($ millions) 589 588 609

Operating Results Q3 2023 Q2 2023 Q3 2022

Gold

Production4

(000s of ounces) 1,039 1,009 988

Cost of sales4,8

($ per ounce) 1,277 1,323 1,226

Total cash costs4,9

($ per ounce) 912 963 891

All-in sustaining costs4,9

($ per ounce) 1,255 1,355 1,269

Copper

Production4

(millions of pounds) 112 107 123

Cost of sales4,8

($ per pound) 2.68 2.84 2.30

C1 cash costs4,10

($ per pound) 2.05 2.28 1.86

All-in sustaining costs4,10

($ per pound) 3.23 3.13 3.13

Financial Position As at

9/30/23

As at

6/30/23

As at

9/30/22

Debt (current and long-term)

($ millions) 4,775 4,774 5,095

Cash and equivalents

($ millions) 4,261 4,157 5,240

Debt, net of cash

($ millions) 514 617 (145)

Best Assets

▪ Q3 gold production higher and costs lower than Q2;

increased production from Cortez, Turquoise Ridge and

Kibali

▪ Stronger Q4 expected with 2023 gold production marginally

below the low end of guidance

▪ Pueblo Viejo equipment issues impact plant expansion

project commissioning and ramp-up

▪ Strong Q3 for copper production positions Barrick to deliver

on annual guidance

▪ Lumwana feasibility study on track for completion by end

2024, paving the way for near doubling of capacity

▪ Signing of Special Mining Lease and Mining Development

Contract keeps Porgera on track for year end restart11

▪ Veladero Phase 7B leach pad expansion scheduled for

completion in 2024

▪ Reko Diq feasibility study update on track for completion by

end of 2024

▪ Strong brownfields drilling results at AME & LATAM Asia

Pacific Tier One12 mines support expected replacement of

2023 reserve depletion

▪ Mineral resource definition at NGM support future three

year reserve/resource replacement strategy

▪ Expanded exploration portfolio across South, Central and

North America

Leader in Sustainability

▪ Scope 3 emissions reduction and engagement targets set

▪ Barrick complies with GISTM requirements for Extreme and

Very High Consequence facilities in line with guidance

▪ Barrick continues to exceed its water re-use and recycling

targets

▪ Malaria Incidence Rate13 26% below the comparable period

from 2022

▪ Barrick pioneers mining industry in Pakistan hosting first-

ever Minerals Summit

▪ Barrick establishes schools, clinics and water plants in

Balochistan

▪ Winnemucca Child Care and Early Learning Centre opened

Delivering Value

▪ 35% quarter on quarter increase in operating cash flow to

over $1.1 billion

▪ Free cash flow3 increased by $296 million over Q2 to

$359 million

▪ Debt, net of cash decreased to $514 million; net leverage

near zero

▪ 24% increase in net earnings per share and 26% increase

in adjusted net earnings per share6 to $0.24 for the quarter

▪ $0.10 per share dividend declared

BARRICK THIRD QUARTER 2023 2 PRESS RELEASE

CONTINUED FROM PAGE 1

Barrick’s other key growth projects—the development of the

Reko Diq copper and gold mine in Pakistan, and the

expansion of the Lumwana copper mine in Zambia—are

making steady progress. Construction of Reko Diq is

scheduled to start in 2025 targeting first production in 2028,

and Lumwana’s expansion is scheduled on the same

timetable. Reko Diq will rank among the world’s top 10

copper producers when it reaches full production, while the

expanded Lumwana mine is forecast to produce at an annual

production rate of 240,000 tonnes of contained copper.14,15

“Growing the copper portfolio is one of our strategic priorities,

and when these two mines are in full production, they will

promote Barrick to the premier league of copper producers

alongside its peerless gold portfolio. In the meantime, we’re

using our very successful Jabal Sayid copper mine in Saudi

Arabia as a springboard for the discovery of new

opportunities within the Kingdom and around the Red Sea to

Egypt, where we believe the Arabian-Nubian Shield is poised

to become a major new mining destination,” Bristow said.

Barrick has aggressive exploration across its global portfolio,

aiming both to sustain the company’s peerless record of

reserves replacement, and to find its next million-ounce

discovery. Since the merger with Randgold Resources in

2019, Barrick has replaced 125% of its depleted reserves

(exclusive of divestments and acquisitions on a gold

equivalent basis).16

Strong drill results at Nevada Gold Mines support its three-

year resource and replacement plan and, brownfields

exploration is highlighting the potential in the Africa and

Middle East region, and the exploration portfolios of South,

Central and North America are being expanded.

Bristow described Barrick’s financial performance for the

quarter as strong, noting that operating cash flows grew by

35% to more than $1 billion, free cash flow 3 was up

significantly to $359 million, net earnings per share increased

24% to $0.21 per share and adjusted net earnings per share 6

rose 26% to $0.24 per share. The quarterly dividend was

maintained at 10 cents per share.

“Our robust balance sheet secures Barrick’s capacity to

continue to invest in growth projects, both new and existing.

These projects are not required to maintain our existing

production profile; they’re exceptional opportunities to drive

real long-term value creation, and our team has shown that

they’re more than capable of fully delivering on them,”

Bristow said.

Q3 2023 Results Presentation

Webinar and Conference Call

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 and Canada (toll-free), 1 800 319 4610

UK (toll-free), 0808 101 2791

International (toll), +1 416 915 3239

The Q3 2023 presentation materials will be available on

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

remain on the website for later viewing.

BARRICK DECLARES Q3 DIVIDEND

Barrick today announced the declaration of a dividend of $0.10 per share for the third quarter of 2023. The

dividend is consistent with the company’s Performance Dividend Policy announced at the start of 2022.

The Q3 2023 dividend will be paid on December 15, 2023 to

shareholders of record at the close of business on November

30, 2023.

“The continuing strength of our business and our balance

sheet allows us to maintain the distribution of a robust

dividend to our shareholders, whilst still ensuring adequate

liquidity to invest in our significant growth projects,” said

senior executive vice-president and chief financial officer

Graham Shuttleworth.

BARRICK THIRD QUARTER 2023 3 PRESS RELEASE

BARRICK SETS SCOPE 3 EMISSIONS TARGETS

IN LINE WITH SUSTAINABILITY STRATEGY

Barrick has set Scope 3 emissions reduction targets to advance its responsible energy transitioning

program in line with its integrated and holistic approach to sustainability management.

Scope 3 emissions are those generated outside the

company’s operational control, associated with upstream and

downstream activities. Barrick has already established a

Scope 1 and 2 reduction target of 30% by 2030 against a

2018 baseline for its own operations while maintaining a

steady production profile, with the ultimate vision of achieving

net zero by 2050.

Group sustainability executive Grant Beringer says effective

Scope 3 action requires the combined efforts of producers,

suppliers and customers and must be backed by short-,

medium- and long-term implementation plans.

“As with Scope 1 and 2, we’ve set a clear Scope 3 roadmap,

with targets that are achievable, measurable and based on

science rather than wishful thinking. After extensive supplier

engagement and data collection, we’ve developed category-

level targets for emissions hotspots that have the greatest

potential for action. These targets are both quantitative and

qualitative. Qualitative targets, and the engagement that goes

with them, are fundamental to progressing collective action

and the evolution of data quality. As we improve our data

quality, we will review and refine our targets and the actions

being taken to achieve them. In line with our partnership

model, we are also helping suppliers to build the necessary

management capacity,” he says.

Barrick president and chief executive Mark Bristow says the

company’s climate strategy was a key component of its

sustainability strategy, which is linked to the objectives of the

United Nations Sustainable Development Goals (SDGs).

“Mining is integral to the achievement of the SDGs and

Barrick has long shown the way by making sustainability

foundational to all our activities. This has included the early

creation of detailed and demonstrable emissions reduction

roadmaps, with allocated capital, designed to deliver tangible

progress towards our targets,” he says.

These targets are both quantitative and qualitative and are

focused on high emission areas in our value chain as outlined

below:

Goods and Suppliers (Category 1):17

• Quantitative Target: 30% emissions reduction of “Tier 1”

suppliers (those suppliers that collectively account for

5% of Barrick’s total spend in this category) by 2030

against a 2022 Scope 3 base year;

• Qualitative Target: Incorporate 130 of our largest

suppliers by spend into our annual outreach (this

includes our Tier 1 suppliers as well as chemical and

metal fabricator suppliers) and engagement;

• 2025 Target: Collect high-quality data for 50% of Tier 1

and chemical and metal fabricator suppliers through

engagement, and refine emissions reduction targets by

2025.

Fuels and Energy (Category 3):17

• Quantitative Target: 20% reduction against a 2022 Scope

3 base year by 2030;

• Qualitative Targets:

◦ Collaborate towards new technologies to reduce

fleet emissions; and

◦ Engage with host governments where we consume

power from national grids for continued renewable

energy incorporation.

Downstream Copper Processing (Category 10):17

• Qualitative Target: Outreach and engagement of all

downstream customers and smelters;

• 2025 Target: Set emissions reduction target, covering

75% of copper processing, by 2025.

BARRICK THIRD QUARTER 2023 4 PRESS RELEASE

TURQUOISE RIDGE TURNAROUND

DELIVERS 14% PRODUCTION INCREASE

Turquoise Ridge, one of Nevada Gold Mines’ Tier One 12 mines, has increased production by 14% year on

year against the same period in 2022, despite a planned shutdown, on the back of improved throughput and

recovery at the Sage autoclave and a better underground performance. The mine is now well on track to

achieve its annual guidance.

Nevada Gold Mines (NGM) managing director Peter

Richardson says a new and rejuvenated leadership team had

implemented a move from reactive to planned maintenance,

achieving a substantial improvement in maintenance

compliance. The stabilization of the carbon-in-leach circuit

has delivered a 6% improvement in the recovery rate year on

year.

“The now fully operational third shaft has increased the

mine’s hoisting capacity, shortened hauling distances and

provided additional ventilation. These improvements will

increase production and significantly reduce mining unit

costs.”

Richardson says the lessons learned from the Turquoise

Ridge performance achievements will be applied across the

Nevada mines. A similar maintenance intervention is already

under way at Carlin’s process facilities, with the first focus on

the Goldstrike autoclave.

REKO DIQ DEVELOPMENT CONTINUES TO

PREPARE FOR EARLY WORK START

The feasibility study update for the Reko Diq project, which hosts the giant copper-gold deposit in

Pakistan’s Balochistan province, continues to make good progress towards its scheduled completion by

the end of next year.

During the past quarter there was a strong focus on

delineating water supply for the mine from surrounding

aquifers. A seismic survey of aquifers in the surrounding area

has indicated significant potential for aquifer water to meet

the immediate water supply needs of the mine. Drilling has

commenced to confirm the potential of these aquifers to meet

the long-term water supply needs of the mine. Reko Diq also

is working with Fleet Space Technologies, whose passive

seismic geodes are purpose-built to perform in extreme

conditions, to map the basin geometry of the groundwater

systems.

An investigation of the region’s existing rail network has

shown there are no capacity problems on the rail lines

planned to be used by the mine during operation. The rail

option is an efficient, environmentally friendly, and cost-

effective way to transport copper concentrate from the mine

to the port in Qasim and consumables and equipment back to

the mine. Port Gwadar, in Balochistan, is being studied in

parallel with Qasim and is expected to be used in the future

once required infrastructure is developed by the Government

of Pakistan to connect this port and the Government

completes necessary port improvements.

Last quarter Barrick launched its International Graduate

Program in Pakistan, designed to cultivate a cadre of future

experts and leaders for the country’s fledgling mining

industry. Nine young graduates—four of them women—have

been selected through a merit-driven process in Balochistan.

Their disciplines are electrical engineering, civil engineering,

renewable energy and geology. Barrick is also working with

other partners to develop vocational and technical training

centres to ensure that as the project ramps up, people from

the surrounding area will be equipped to participate. Reko

Diq’s workforce, which will number more than 4,500 when the

mine is fully operational, will be assembled, with priority given

to Balochistan locals and Pakistan nationals. Currently the

project workforce comprises 120 people with 70% from

Balochistan.

In line with its commitment to sharing Reko Diq’s benefits with

the people of Balochistan from an early stage, Barrick has

already commissioned three primary schools and supplied

them with qualified teachers and educational material. The

schools have introduced young people, about half of them

girls, to formal education. Similarly, it has partnered with the

Indus Hospital and Healthcare Network (IHHN) to establish a

community health centre in Reko Diq’s nearest neighbouring

village. IHHN has donated a state-of-the-art mobile clinic,

operationally funded by Reko Diq, to serve the community

while the Reko Diq funded Indus hospital is being set up.

In the meantime, Barrick is progressing project financing

discussions with potential lenders, with positive responses.

The financing process is expected to be formally launched

before the end of the year and will run in tandem with the

updated feasibility study, which will form the basis of the

funding.

BARRICK THIRD QUARTER 2023 5 PRESS RELEASE

SPECIAL MINING LEASE SIGNALS PORGERA RESTART

Governor General Sir Bob Dabae has granted a special mining lease to New Porgera Limited (NPL), clearing

the way f or Barrick to r estart production at the gold m ine, which has been on c are and maintenance for

three years.11

This follows the signing of a mining development contract and

the conclusion of a fiscal stability agreement for New Porgera

between t he gove rnment and N PL. NP L h as com menced

engagement w ith th e m ine p roperty’s l andowners to s ettle

compensation agreements.

Barrick p resident a nd ch ief e xecutive Mar k B ristow said

subject t o a greement o n c ompensation, t he m ine wa s

positioned to restart before the end of this year. Recruitment

was b eing a ccelerated to em ploy th e fu ll wor kforce t hat will

be required when the mine starts ramping up operations as

soon as the compensation agreements are in place.

“It’s been a long road, but the end is now in sight.

Negotiations between Barrick, the government and the other

stakeholders required patience and persistence but the spirit

of partnership in which they were conducted eventually led to

an outcome acceptable to all. Barrick’s commitment to

partnership with its host countries is also reflected in NPL’s

ownership structure, which ensures the equitable sharing of

the value created by Porgera with all stakeholders,” he said.

AS LOULO-GOUNKOTO SUSTAINS A STRONG PERFORMANCE,

BARRICK HUNTS FOR NEW DISCOVERIES IN THE REGION

The Loulo-Gounkoto complex is set to m aintain its status as one of the wor ld’s top 10 gold producers as it

stays on track to meet this year’s guidance and continues to grow reserves above annual mining depletion,

says Barrick president and chief executive Mark Bristow.

Briefing loca l sta keholders i ncluding jour nalists r ecently, h e

noted that in the 26 years Barrick had been in t he country, it

had worked tirelessly with successive governments and local

partners to grow Mali’s mining industry and to promote it as a

global investment destination, in the face of ma ny social and

political challenges.

Over this time, B arrick has cont ributed a lmost $10 bil lion to

the Malian econ omy i n th e for m o f ta xes, r oyalties, sa laries

and payments to local sup pliers. Some 70% of the economic

benefit currently generated by the complex goes to its Malian

stakeholders. Loulo- Gounkoto h as contr ibuted b etween 5%

and 10% to the Malian GDP over the past 10 years.

Barrick has also developed a p reviously non-existent mining

skills b ase i n t he regio n a nd Loulo -Gounkoto’s entire

management t eam ar e c itizens o f Mali. “M ali w as t he

birthplace o f B arrick’s p hilosophy o f g enuine part nerships

with its h ost governments. Close re lationships can over time

be s tressed b y mi sconceptions b ut i n t he past we have

always b een able to find solutio ns t hrough o pen a nd

transparent d ialogue. Mut ually a cceptable solut ions c an be

achieved if there is a genuine commitment to seek outcomes

that deliver real and long-term value for Mali and its people,”

he said.

Meanwhile, e xploration t eams contin ue t o f ind new gr owth

opportunities in the very pro spective Loulo-Gounkoto region.

Updated geological models have already identified new high-

priority t argets w ith t he p otential o f d elivering the n ext

generation of major discoveries.

“We r emain co mmitted t o Ma li a nd, as we invest i n f uture

growth h ere, we loo k f orward to m aintaining a m utually

beneficial partnership with the authorities and our in-country

stakeholders,” Bristow said.

B

ARRICK THIRD QUARTER 2023 6 PRESS RELEASE

KIBALI DRIVES SUSTAINABLE VALUE CREATION

THROUGH PARTNERSHIPS

The planned third-quarter ramp-up at Kibali, Africa’s largest gold mine, has positioned it strongly to achieve

its production guidance for the year, maintaining Barrick’s track record of delivery in the Democratic

Republic of Congo.

Speaking to journalists and local stakeholders in Kinshasa,

president and chief executive Mark Bristow said Kibali was

also well on its way to again replace the ounces mined during

the year, with positive results from both KCD underground

and Mengu Hill cut-back and good progress with the

development of the KCD 11000 lode decline expected to yield

further resource to reserve conversions.

Kibali derives most of its energy needs from its three

hydropower stations with plans for a 16MW solar farm with a

battery energy storage system to augment the hydropower

supply during the dry season well under way. Following

completion of this project, the mine will run entirely on

renewable energy for six months of the year reducing its

greenhouse gas emissions by 19.7kt CO2e annually.

Part of the World Gold Council’s new documentary, GOLD: A

Journey with Idris Elba, released on YouTube, was filmed at

Kibali. B ristow s aid the min e w as dr iving sustain able value

creation t hrough l ocal p artnerships, spe nding o ver $180

million w ith Congo lese s uppliers i n the ye ar to d ate and

continuing to invest in community development programs.

“As Barrick has shown, responsible mining has the unique

ability to make a transformative impact on the economies of

developing and underdeveloped countries. It is a force for

good for all its stakeholders, especially host countries and

communities, and that force is amplified when there is a

genuine partnership between miners and governments,” he

said.

These include Cahier des Charge, part of our social

development program aligned with the Mining Code, which

has launched eleven projects this year with seven nearing

completion. Barrick’s investment in this program will total $8.9

million over five years. Additionally, the mine’s community

development fund, which contributes 0.3% of revenue to

projects, now has 44 projects under its wing.

Kibali also continues to lead the way in biodiversity, with an

assessment under way for the transfer of a further 30 white

rhinos to the Garamba National Park, where 16 were re-

introduced earlier this year by a Barrick-led initiative.

TWIGA PARTNERSHIP SHOWS THE

TRANSFORMATIVE IMPACT OF MINING

Barrick and the Tanzanian government are demonstrating how mining c an be an enormous force for good

when m iners and their hos t gov ernments work toge ther t o cre ate s ustainable value for a ll s takeholders,

says president and chief executive Mark Bristow.

Speaking to media and other local stakeholders at Loulo Gold

mine r ecently, Br istow s aid Bar rick’s p ioneering Twiga

partnership w ith t he g overnment, wh ich e qually s hares t he

economic be nefits ge nerated by t he Nor th M ara a nd

Bulyanhulu mi nes, should b e a m odel for s uccessful

cooperation, not ably in d eveloping coun tries. N ot only i s

Barrick now the largest contributor to the Tanzanian economy

through t axes, s alaries, dividen ds, p ayments t o l ocal

suppliers, and investment in community projects, but it is also

proving the country’s investability to other international mining

companies.

Since taking over the t wo mo ribund m ines in 2 019, Bar rick

has transformed them into a world-class gold mining complex

making a subst antial c ontribution to the c ompany’s b ottom

line. In that time, it has contributed more than $3 billion to the

Tanzanian economy, with Twiga this year recognized as the

largest d ividend paye r o f a ll t he com panies in w hich the

government h as a n int erest. T he m ines s pent 8 4% of their

procurement bud gets wi th loca l com panies, a nd Tanzanian

citizens account for 96% of their workforce.

In the same spirit of partnership, work has begun on the $30

million investment by Barrick in improving the country’s

education facilities, and we are finalizing the details for a

further $40 million roadbuilding program.

Both mines are well on track to achieve their production

guidance for 2023 as well as to replace reserves depleted by

mining. In the meantime, exploration across Barrick’s licence

areas has highlighted new development opportunities across

these areas, including a potential new underground mine at

North Mara.

“Our Twiga partnership is not only adding value to the

Tanzanian economy but to the quality of the lives of the

communities around its mines as they continue to grow. Our

continued engagement with these communities and their

village leaders, local NGOs and human rights organizations

demonstrates Barrick’s partnership philosophy and our

commitment to upholding human rights standards in the

regions in which we operate,” Bristow said.

BARRICK THIRD QUARTER 2023 7 PRESS RELEASE

BARRICK STRENGTHENS ZAMBIA PARTNERSHIP,

INVESTS IN MAJOR EXPANSION OF LUMWANA MINE

Barrick’s transformation of its Lumwana mine into a world-class producer will pr ovide strong impetus for

the government’s thrust to revive the country’s copper industry, president and chief executive Mark Bristow

said in Lusaka after a recent meeting with Zambian President Hakainde Hichilema.

Barrick is investing almost $2 billion in an exp ansion project

designed to i ncrease L umwana’s a nnual p roduction t o a n

estimated 240,000 tonnes of c opper from a 5 0 million t onne

per a nnum pr ocess plant o ver a 3 6-year li fe of m ine,

elevating this once-unprofitable operation into the front rank

of copper producers. The project’s accelerated work program

is targeting completion of the full fea sibility study by the en d

of 2 024, br inging expect ed expan ded pr ocess plant

production forward to 2028.

Since the merger of Barrick and Randgold in 2019, Lumwana

has contributed almost $3 billion t o the Zambian economy in

the form of ta xes, royalties, salaries and the p rocurement of

goods a nd s ervices. In ad dition to its local p rocurement

policy, the company is also committed to local em ployment,

and 9 9.3% of L umwana’s cur rent wor kforce a re Zam bian

nationals.

“Barrick believe s that i ts host c ountries a re i ts key

stakeholders a nd t hat p artnering w ith t hem cre ates

sustainable value for both of us. I n Zambia as elsewhere in

our global network, we seek to share the econ omic benefits

generated by our mines with the countries’ governments and

people, notably our neighbouring communities,” Bristow said.

Last year Barrick launched a Business Accelerator Program

aimed at building business capacity for the Zambian

contractors in Lumwana’s supply chain and to support them

in effecting their own growth plans. It is also partnering with

the country’s Ministry of Small and Medium Enterprises to

support the development of these businesses.

Looking at Lumwana’s current performance, Bristow said it

was on track to deliver its production guidance for 2023 and

was ramping up mining with both the reopening of the

Malundwe pit as well as delivery of the new owner mining

pre-stripping fleet.

President Hakainde Hichilema said he was elated by the

news of the planned expansion. “This is a show of confidence

in our New Dawn government by one of the world’s leading

mining companies. Our laser focus is on establishing Zambia

as a global mining destination. We have also set ourselves

the target of producing 3 million tonnes of copper by 2030.

Barrick is a key strategic partner on this journey.”

BARRICK’S EMBEDDED GROWTH PROJECTS TO DRIVE

VALUE WITH 30% RISE IN PRODUCTION

With the potential embedded in it s growth project portfolio, Barrick plans t o double it s copper production

by the end of the decade and continue to increase it to an estimated 1 billion pounds or 450,000 tonnes of

copper per annum by 2031, says president and chief executive Mark Bristow.2

Speaking to inve stors o n a n u pdate c all, B ristow said t his

substantial g rowth i n copp er p roduction c ombined with t he

output f rom Bar rick’s s ector-leading gold por tfolio was

expected to incr ease th e g roup’s attr ibutable p roduction b y

some 30% to 6.8 million gold-equivalent ounces by 2031.2,18

“The v alue o f t hese p rojects, a nd i n p articular o f o ur

substantial and gr owing c opper b usiness, is cur rently

underestimated by the market. If it was properly appreciated,

Barrick would be c ommanding a p remium t o o ur p eers,” h e

said.

Mineral resou rce m anagement a nd evaluatio n e xecutive

Simon Bottom s s aid “Reko D iq i n P akistan i s p ositioned t o

rank as one the world’s top 10 copper mines when it reaches

full production, and the pre-feasibility study on the Lum wana

Super P it Expa nsion i s p rojected to de liver a p otential o f

240,000 ton nes of c opper p roduction pe r a nnum f rom a 5 0

million tonne process plant expansion over a 36- year life of

mine.14,15 A s a re sult o f the p rogress t he a ccelerated

Lumwana w ork p rogram i s now t argeting t o c omplete a fu ll

feasibility study by the end of 2024, which br ings forward our

expected p roduction f rom t he S uper Pit t o 2 028. T he Reko

Diq p roject a lso r emains on t rack to deliver a n u pdated

feasibility study by the end of 2024. Together, the Reko Diq

and Lu mwana Supe r P it feasib ility s tudies will u nderpin

potential 2024 rese rve u pdates as a n in dicator of t he

transition to construction”.

“Within our gold gr owth portfolio, the wholly-owned Fourmile

project is a b est-in-class development project located in the

world’s most pr olific go ld distr ict ad jacent to existing

infrastructure, wi th o ngoing d rilling d emonstrating si gnificant

potential t o i ncrease in gr ade a nd size. Acco rdingly, w e ar e

assessing options for independent exploration decline access

in support of a pre -feasibility study, which would later be re-

utilised f or d evelopment a nd prod uction c omplementing the

current Goldrush development. The results of our preliminary

B

ARRICK THIRD QUARTER 2023 8 PRESS RELEASE