Conversion of NGM’s TS Power Plant aligns with Nevada’s carbon reduction ambitions

PRESS RELEASE

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Conversion of NGM’s TS Power Plant aligns with

Nevada’s carbon reduction ambitions

ELKO, Nevada — February 24, 2020 — In support of Nevada’s carbon -reduction objectives and in

partnership with Governor Sisolak’s administration, Nevada Gold Mines (NGM) – a joint venture between

Barrick Gold Corporation (61.5%) as the operator and Newmont Corporation (38.5%) - is pleased to

announce that it has approved the conversion of its TS Coal Power Plant to a dual fuel proces s, allowing

the facility to generate power from natural gas. This conversion will enable the facility to reduce carbon

emissions by as much as 50 percent. NGM is currently working with the State of Nevada on final permitting

to allow construction to begi n near the end of 2020, with the goal of final commissioning in the second

quarter of 2022.

As part of its overall Energy Management Strategy, NGM is also reviewing the potential for a 200 MW solar

facility with battery storage. The intention is to phas e construction, initially installing 100 MW that could

produce power as early as 2022. A study is currently underway, and once the project is approved, NGM

will work with the State of Nevada and the Office of Energy on permitting.

“Nevada Gold Mines is c ommitted to providing its operations low -cost, secure power generation through

northeastern Nevada’s power grid now and into the future. The conversion of NGM’s TS Power Plant and

the potential for an additional solar power facility illustrates this commi tment while reducing the State’s

carbon emissions,” said Greg Walker, Executive Managing Director, NGM.

NGM has two power generation facilities in northern Nevada with the TS Power Plant in Dunphy and the

Western 102 Power Plant outside of Reno. The TS Power Plant commenced operation in 2008 and has a

capacity of 215 MW power generation from its original coal -fired process. The Western 102 Power Plant

has a capacity of 115 MW, supplying power from natural gas fired generators and a 1 MW Solar Facility.

Enquiries

President and chief executive

Mark Bristow

+1 647 205 7694

+44 788 071 1386

Chief operating officer,

North America

Catherine Raw

+1 416 307 5157

Investor and media relations

Kathy du Plessis

+44 20 7557 7738

Email: [email protected]

Website: www.Barrick.com

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 statements. The words “will”, “goal”, “intention”, “potential”, “strategy” and similar

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

including, without limitation, with respect to the anticipated benefits of the dual fuel conversion of the TS Coal Power

Plant and additional solar power facility, including lower power generation costs and carbon reductions.

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

BARRICK GOLD CORPORATION PRESS RELEASE

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); increased costs and physical risks, including

extreme weather events and resource shortages, related to climate change; 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 the United States; 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 the 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 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; the impact of inflation;

fluctuations in the currency markets; 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, the Company; our ability to successfully complete

divestitures; risks associated with working with partners in jointly controlled assets; 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.