Gold production for the quarter was higher than Q1 at 1.04 million ounces — driven mainly by Carlin and Turquoise Ridge in Nevada, Veladero in Argentina, and Bulyanhulu and North Mara in Tanzania — and is expected to grow further in the
TORONTO, August 8, 2022 — A stronger Q2 performance
across the portfolio has kept Barrick on course to
achieve its annual gold and copper production
guidance while continuing to progress its key
growth projects.
Gold production for the quarter was higher than
Q1 at 1.04 million ounces — driven mainly by
Carlin and Turquoise Ridge in Nevada, Veladero
in Argentina, and Bulyanhulu and North Mara in
Tanzania — and is expected to grow further in the
second half of the year. Copper production came
to 120 million pounds.
Operating cash flow was $924 million and free
cash flow 1 was $169 million for the quarter. Net
earnings per share were $0.27 and adjusted net
earnings per share 2 were $0.24. A dividend of
$0.20 per share was declared for the quarter on
the back of the strong operating performance
and net cash of $636 million. 3 During the quarter,
Barrick repurchased $182 million in shares under
the $1 billion share buyback scheme introduced
earlier this year. It also repatriated the balance of
Kibali’s surplus cash from the Democratic Republic
of Congo.
Q22022
5 6 7
GLOBAL
EXPLORATION
REACH
TRANSFORMED
TANZANIAN
ASSETS
REKO DIQ
ALLIANCE
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS
NGM GROWTH
OPPORTUNITIES
4
SUSTAINABILITY FOCUS DRIVES
BARRICK’S PERFORMANCE
Q2 OPERATING CASH FLOW
$924 MILLION
Q2 NET EPS
Q2 ADJUSTED NET EPS2
$0.27
$0.24
Results
Release
CONTINUED ON PAGE 3
ON TRACK TO ACHIEVE
2022 PRODUCTION TARGETS
Q2 FREE CASH FLOW1
$169 MILLION
COPPER PORTFOLIO DELIVERS
WITH GROWING PROSPECTIVITY
Q2 NET CASH3
$636 MILLION
$0.20 PER SHARE
DIVIDEND FOR Q2
~$182 MILLION
OF SHARES REPURCHASED UNDER
$1 BILLION BUYBACK PROGRAM11
Key Performance Indicators
Financial and Operating Highlights
Financial Results Q2 2022 Q1 2022 Q2 2021
Realized gold price4,5
($ per ounce) 1,861 1,876 1,820
Net earnings
($ millions) 488 438 411
Adjusted net earnings2
($ millions) 419 463 513
Net cash provided by operating
activities ($ millions) 924 1,004 639
Free cash flow1
($ millions) 169 393 (19)
Net earnings per share
($) 0.27 0.25 0.23
Adjusted net earnings
per share2 ($) 0.24 0.26 0.29
Attributable capital
expenditures6,7 ($ millions) 587 478 518
Operating Results Q2 2022 Q1 2022 Q2 2021
Gold
Production5
(000s of ounces) 1,043 990 1,041
Cost of sales (Barrick's share)5,8
($ per ounce) 1,216 1,190 1,107
Total cash costs5,9
($ per ounce) 855 832 729
All-in sustaining costs5,9
($ per ounce) 1,212 1,164 1,087
Copper
Production5
(millions of pounds) 120 101 96
Cost of sales (Barrick's share)5,8
($ per pound) 2.11 2.21 2.43
C1 cash costs5,10
($ per pound) 1.70 1.81 1.83
All-in sustaining costs5,10
($ per pound) 2.87 2.85 2.74
Q2 2022 Results Presentation
Webinar and Conference Call
President and CEO Mark Bristow will host a virtual
presentation on the results today at 11:00 EDT, 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 Q2 2022 presentation materials will be available on
Barrick’s website at www.barrick.com and the webinar will
remain on the website for later viewing.
Best Assets
▪ Stronger Q2 performance across the portfolio
keeps Barrick on track to achieve 2022
production targets
▪ Goldrush Notice of Availability published
in Federal Register starting the public
comment period
▪ Significant progress made with the Pueblo
Viejo expansion project and additional
tailings storage facility
▪ Copper portfolio delivers with growing
prospectivity
▪ Continued focus on brownfields and
greenfields exploration, driven by energized
new leadership, delivers results
Leader in Sustainability
▪ Launched sustainability-linked credit
facility
▪ Progress made with newly developed Scope
3 emissions reduction roadmap
▪ North Mara received award for the best
community health outreach program in
Tanzania
▪ Public hearings completed for Pueblo
Viejo’s new tailings storage facility
▪ Year-on-year improvement in water reuse
and recycling
▪ Seamless leadership succession underpins
Barrick’s management bench strength
Delivering Value
▪ Operating cash flow of $924 million and free
cash flow1 of $169 million for the quarter
▪ Net earnings per share of $0.27 and adjusted
net earnings per share2 of $0.24 for the
quarter
▪ Remaining surplus cash balance
repatriated from Kibali
▪ Net cash of $636 million3 supports a $0.20
per share dividend for Q2 2022
▪ ~$182 million of shares repurchased under
our $1 billion buy-back program11
BARRICK SECOND QUARTER 2022 2 PRESS RELEASE
CONTINUED FROM PAGE 1
In the Dominican Republic, the Pueblo Viejo expansion
project advanced with the commencement of the public
consultation process and the selection of a preferred site for
the new tailings storage facility, subject to the completion of
an environmental and social impact assessment. The
massive project has the potential to extend the mine’s life to
2040 and beyond with an estimated minimum average annual
production of 800,000 ounces.12
In Nevada, the public review period of the Goldrush project
has started with the record of decision expected in the first
half of 2023, when the production timetable will be confirmed.
The definitive agreements underlying the framework
agreement between Barrick and the governments of Pakistan
and Balochistan on the Reko Diq project are being finalized.
Once this process has been completed and the necessary
legalization steps have been taken, Barrick will update its
feasibility study on what is one of world’s largest undeveloped
copper-gold deposits, with first production expected in
2027/2028.
Barrick is continuing to expand its global exploration footprint
with a strengthened team. In North America the search has
extended from Nevada to active projects in Canada. The
intensified exploration drive in Latin America led to an entry
into the Guiana Shield, and in Africa & the Middle East, new
projects have been initiated in Zambia, Tanzania and Egypt. A
new Asia Pacific team is making progress at Reko Diq, as
well as Japan, while also looking for fresh opportunities
elsewhere in this region.
Reviewing the quarter, president and chief executive Mark
Bristow said the critical scrutiny of ESG and sustainability
disclosures was intensifying in a climate of skepticism about
so-called greenwashing. Against this background, Barrick’s
annual Sustainability Scorecard, an industry first, continues to
report the group’s performance transparently and objectively
against a wide range of standard metrics.
“We’ve taken the leadership in integrating the various aspects
of ESG and managing these complex issues in a measured
and holistic manner,” he said.
“There are challenging times ahead, but Barrick faces them
with strong and agile leadership, a robust balance sheet,
solid Life of Mine plans, a reliable cash flow and a strategy
focused on sustainability and value creation.”
QUARTERLY DIVIDEND OF $0.20 PER SHARE MAINTAINED
Barrick today announced the declaration of a dividend of $0.20 per share in respect of
performance for the second quarter of 2022.
The dividend, which is unchanged from Q1, is consistent with
the Company’s Performance Dividend Policy announced at
the start of the year.
The Q2 2022 dividend will be paid on September 15, 2022 to
shareholders of record at the close of business on August 31,
2022.13
“On t he b ack o f o ur str ong oper ating per formance, we ar e
once a gain a ble to pr ovide a l eading dividend yield t o ou r
shareholders, whilst still maintaining a strong balance sheet,”
says s enior exe cutive v ice-president a nd c hief financial
officer Grah am Sh uttleworth. “ We b elieve t his co ntinues to
show the benefit of the dividend policy that we a nnounced in
February 2 022, includ ing the g uidance it p rovides t o our
shareholders on future dividend streams.”
B
ARRICK SECOND QUARTER 2022 3 PRESS RELEASE
NGM BUILDING NEW GROWTH OPPORTUNITIES
Three years after establishing the joint venture that created the world’s largest gold mining
complex, Nevada Gold Mines (“NGM”) is stepping out on its next phase by identifying new
opportunities for discoveries and additions.
In one of the largest and most complex mergers in the history
of the industry, assets, operations, systems, people and
cultures were combined successfully to build a business that
will unlock the full potential of the region and create value for
all stakeholders, deliver real jobs and be a key partner to
Nevada. Its workforce of more than 7,000 already makes it
one of the state’s largest employers.
In its short life, NGM has produced 10 million ounces of
gold15 and generated significant free cash. Greatly improved
knowledge of the orebodies support robust 10-year plans and
increased the pre-merger life of mine substantially. At the
existing operations, brownfields exploration is replacing
reserves depleted by mining and identifying new targets while
the greenfields team is hunting further afield for a new Tier
One14 discovery in North America to further augment the
existing NGM portfolio.
NGM’s journey to its next growth phase is being guided by a
strengthened management team, led by Christine Keener,
who joined Barrick earlier this year as chief operating officer
of its North America region. Peter Richardson has been
appointed incoming executive managing director of NGM,
replacing Greg Walker who retires at the end of the year.
A new North America organizational structure, incorporating
NGM, has been designed to integrate and strengthen mineral
resource management, operational and project leadership to
drive continued performance improvements and support
regional growth.
NGM continues to invest in people, both current and future
employees, through education partnerships and training
programs. It supports the College of Southern Nevada and
the Clark County School District, where high school students
can get certificates in industrial maintenance or diesel
technology, and has renewed its partnership with Discovery
Education® for the Nevada Department of Education’s
outreach program. It is also working with the University of
Nevada and the Great Basin College in Elko to develop
mining-centered programs. Internally, NGM has established
training mines and facilities for underground and surface
mining, and process operations.
During the first half of the year, NGM posted and improved
operational performance at all of its sites apart from Cortez,
which is transitioning from Pipeline to Cortez Pits and the
next phase of Crossroads. Going forward, the Goldrush
project will drive further improvements at Cortez.
BARRICK SECOND QUARTER 2022 4 PRESS RELEASE
BARRICK EXTENDS GLOBAL EXPLORATION REACH
Barrick continues to expand its global exploration footprint as a renewed and re-energized team
hunts down opportunities across an expanding global footprint.
In North America, the search has expanded from Nevada to
active projects in Canada. The intensified exploration drive in
Latin America led to an entry into the Guiana Shield, and in
Africa & the Middle East, new projects have been initiated in
Zambia, Tanzania and Egypt. A new Asia Pacific team is
making progress towards the reconstitution and restart of
Reko Diq in Pakistan, as well as Japan, while also looking for
other fresh opportunities.
President and chief executive Mark Bristow said in pursuit of
Barrick’s global growth strategy, significant changes have
been made in the senior management of the exploration
team, led by Joel Holliday.
Three of the four regional exploration teams – Latin America,
Africa & Middle East and Asia Pacific – are now being
managed by new vice-presidents, two of whom were internal
appointments. In Canada, the recently created positions of
exploration manager and new opportunities manager were
filled and a dedicated growth manager for the Latin America
and Asia Pacific regions has been appointed.
“Our geological teams now have strength in depth and we’re
building a pipeline of high-potential managers and technical
specialists. The highly experienced new appointees are
already driving significant change and this renewed energy
and focus is already delivering robust results,” Bristow said.
The exploration strategy is designed to:
• deliver short to medium term projects that will support
improvements in mine plans;
• make new discoveries for Barrick’s Tier One gold and
copper portfolio;
• optimize the value of major undeveloped projects; and
• identify and secure emerging opportunities early in their
value curve.
PUEBLO VIEJO EXPANSION PROJECT
CONTINUES TO ADVANCE
Pueblo Viejo’s conversion into a long-life mine is progressing after discussions with the
Dominican Republic’s government identified a site for the new tailings storage facility and the
terms of reference for the environmental and social impact assessment were published.
The mine was heading for closure because its vast resources
could not be converted to reserves due to limitations on its
current tailings storage facility. The massive integrated
expansion has the potential to extend the mine's life to 2040
and beyond with an estimated minimum average annual
production of 800,000 ounces.12
This means that Pueblo Viejo, long the country’s largest
corporate taxpayer, will be able to continue delivering value to
its Dominican stakeholders for generations to come. In line
with Barrick’s partnership philosophy, it is engaging with the
local communities and authorities to keep them informed
about the project.
In spite of a contractor workforce of 3,500 being added to the
mine’s 2,700 permanent employees, Pueblo Viejo is
maintaining an exemplary safety record. At the end of this
year’s second quarter, the project had been injury free for 5
million hours or 10 months.
BARRICK SECOND QUARTER 2022 5 PRESS RELEASE
BARRICK BUILDS ON
TRANSFORMED TANZANIAN ASSETS
Barrick has been recognized as the largest contributor to Tanzanian government revenue in 2021,
confirming its position as a key partner in the socio-economic development of the country.
Since the company took control of North Mara and
Bulyanhulu in September 2019, its total in-country investment
has totaled $1.995 billion. 15 In the first half of this year, it has
paid $158 million in taxes, royalties and levies, $42 million in
distributions to the Government of Tanzania in the form of
dividends and shareholder loans as well as $210 million to
local suppliers. It has also now paid $140 million of its $300
million settlement with the government.
Barrick has committed $6 for every ounce of gold sold by the
two mines to improving healthcare, education, infrastructure
and access to potable water in their communities. A further
$70 million has been allocated to investment in value-adding
national projects, including mining related training and
scientific facilities at Tanzanian universities.
“When we took over these mines they were a moribund
burden on the government and their investors. In a very short
time, we redesigned and re-engineered them, creating what
are in effect two new mines. They are well placed to deliver
their annual production guidance and have the potential to
achieve a combined Tier One status in Barrick’s portfolio,
meaning that they are capable of producing at least 500,000
ounces of gold annually for more than 10 years at the lower
end of the cost spectrum as a combined complex,” president
and chief executive Mark Bristow says.
“We are continuing to replace resources depleted by mining
and we are targeting new opportunities as well, increasing
our footprint around Bulyanhulu through the acquisition of six
highly prospective licences. We’re also updating the
geological models in the North Mara region and identifying
potential targets elsewhere in Tanzania.”
Bulyanhulu now has a life of more than 20 years and
continues to deliver a significant growth in reserves over and
above depletion. Development of its new Deep West
extension is scheduled to start this quarter. North Mara’s
open pit has been successfully ramped up and the new Gena
pushback is planned for the second half of the year. An
investment of $65 million in water treatment and
management has reduced the volume in North Mara’s tailings
dam from 7 million m 3 to less than 800,000 m 3, returning it to
its designed and legislated capacity.
In July, Bristow met with the elected Chairmen of the 11
villages around North Mara, as well as elders, officials, the
District Commissioner and the local Member of Parliament,
following a similar meeting in March. The Chairmen made
constructive suggestions on solidifying the relationship and
reaffirmed their satisfaction with Barrick’s sustainability and
partnership policies and practices.
During the past quarter, Bulyanhulu was named the overall
winner of the Tanzanian OSHA (Occupational Safety and
Health Authority) award for 2022 while North Mara received
the award for the best community health outreach program.
An investment in a landmark potable water project, scheduled
for completion in October, will benefit more than 30,000
people in four villages around North Mara.
In line with Barrick’s policy of local employment, Tanzanian
nationals now account for 96% of the two mines’ workforces
and 64% of their senior management are Tanzanians. The
mines are also driving the increased employment of women
in a traditionally male-dominated industry through targeted
recruitment and development programs.
AFTER 25 YEARS OF DELIVERING VALUE TO MALI
BARRICK CONTINUES TO INVEST IN THE FUTURE
Barrick continues to invest in creating value for all stakeholders and in supporting the
communities that host its mines, through among other things, the commissioning of the
Gounkoto underground mine and the Gara West open pit, the continuing replacement of reserves,
the extension of the solar power plant and the further strengthening of local partnerships as
instances of the company’s long-term commitment to the country.
“In the first half of the year we’ve contributed $337 million to
the Malian economy in the form of taxes, royalties, dividends,
salaries and payments to local suppliers, taking the lifetime
contribution of Barrick, previously Randgold, to $8.5 billion.
We’re particularly proud of the fact the Gara West pit is being
mined for us by two Malian contractors we have mentored,”
says Barrick president and chief executive Mark Bristow.
At the halfway mark of the year, the complex is on track to
meet its production guidance for 2022, replace annual
reserve depletion to further extend its mine life, and maintain
its exemplary safety record, with no lost time injuries or major
environmental events during the past quarter.
It continues to invest in sustainable economic community
projects, establishing a motel, a farm for Kenieba women and
BARRICK SECOND QUARTER 2022 6 PRESS RELEASE
three water supply systems during the quarter. The Loulo
agricultural college, designed as the foundation of a
sustainable regional agribusiness, has already trained 21
women and 143 men and created 30 farms.
Since the opening of the mine, Loulo-Gounkoto has built 20
schools in its neighboring villages, taking student enrollment
from 500 to more than 5,000. Seventy-eight of them are
currently benefiting from the complex’s bursary program and
Loulo-Gounkoto is also supporting teachers’ salaries.
“First as Randgold and now as Barrick, we’ve been operating
in M ali for 25 y ears a nd w e pla n to b e her e fo r a t l east a s
long again . The s trong a nd m utually rewa rding p artnerships
we have forged with the government, local business partners
and our host communities are the key to our success and an
example to Africa’s other mining countries,” Bristow says.
R
EKO DIQ ALLIANCE BETWEEN PAKISTAN AND BARRICK
SET TO CREATE LONG-TERM VALUE
Pakistan’s finance minister Miftah Ismail and Barrick president and chief executive Mark Bristow
said after their meeting in Islamabad that they shared a clear vision of the national strategic
importance of the Reko Diq copper-gold project and were committed to developing it as a world-
class mine that would create value for the country and its people through multiple generations.
Reko Diq is one of the world’s largest undeveloped copper-
gold deposits. An agreement in principle reached between
the government of Pakistan, the provincial government of
Balochistan and Barrick earlier this year provides for the
reconstitution and restart of the project, which has been on
hold since 2011. It will be operated by Barrick and owned
50% by Barrick, 25% by the Balochistan Provincial
Government and 25% by Pakistani state-owned enterprises.
The definitive agreements underlying the framework
agreement between Barrick and the governments of Pakistan
and Balochistan are being finalized. Once this has been
completed and the necessary legalization steps have been
taken, Barrick will update the original feasibility study, a
process expected to take two years. Construction of the first
phase will follow that, with first production of copper and gold
expected in 2027/2028.
“During the negotiations the federal government and Barrick
confirmed that Balochistan and its people should receive their
fair share of the benefits as part of the Pakistan ownership
group,” Bristow said.
“At Barrick, we know that our long-term success depends on
sharing the benefits we create equitably with our host
governments and communities. At Reko Diq, Balochistan’s
shareholding will be fully funded by the project and the
Federal Government, allowing the province to reap the
dividends, royalties and other benefits of its 25% ownership
without having to contribute financially to the project’s
construction or operation. It’s equally important that
Balochistan and its people should see these benefits from
day one. Even before construction starts, when the
legalization process has been completed we will implement a
range of social development programs, supported by an
upfront commitment to the improvement of healthcare,
education, food security and the provision of potable water in
a region where the groundwater has a high saline content.”
Finance minister Ismail said the development of Reko Diq
represented the largest direct foreign investment in
Balochistan and one of the largest in Pakistan.
“Like Barrick, we believe that the future of mining lies in
mutually beneficial partnerships between host countries and
world-class mining companies. The Reko Diq agreement
exemplifies this philosophy and also signals to the
international community that Pakistan is open for business,”
he said.
Subject to the updated feasibility study, Reko Diq is
envisaged as a conventional open pit and milling operation,
producing a high-quality copper-gold concentrate. It will be
constructed in two phases, starting with a plant that will be
able to process approximately 40 million tonnes of ore per
annum which could be doubled in five years following first
production from phase one. With its unique combination of
large scale, low strip and good grade, Reko Diq will be a
multi-generational mine with a life of at least 40 years. During
peak construction the project is expected to employ 7,500
people and once in production it will create 4,000 long-term
jobs. Barrick’s policy of prioritizing local employment and
suppliers will have a positive impact on the downstream
economy.
BARRICK SECOND QUARTER 2022 7 PRESS RELEASE
KIBALI DRIVES SUSTAINABLE VALUE CREATION
The Kibali gold mine’s investment in the Democratic Republic of Congo now exceeds $4 billion
and it has created a thriving regional economy in a remote part of the country through partnering
with and mentoring local entrepreneurs, uplifting host communities and upgrading essential
infrastructure.
Kibali is not only Africa’s largest gold mine, it is also a global
leader in automation, sustainability initiatives, clean energy
and skills training.
“Thanks to Barrick’s policy of local employment and
advancement, 94% of Kibali’s workforce, including its
management, are Congolese nationals. It is now also driving
the employment of women in the traditionally male-dominated
mining industry through targeted recruitment campaigns and
development programs designed to equip them for rewarding
careers at all levels of the organization,” says Barrick
president and chief executive Mark Bristow.
Kibali is on track to meet its full-year production guidance and
has again posted an injury-free quarter. Its three world-class
hydropower stations are mitigating the impact of higher fuel
prices and significantly reducing the mine’s carbon footprint.
Bristow said the stations were built well before climate
change became a priority issue, demonstrating Barrick’s long-
standing commitment to sustainability in all its activities.
Kibali’s gold reserves have grown net of depletion for three
successive years, and ongoing conversion drilling is expected
to continue this trend, despite producing in excess of 5.7Moz
of gold to date. 15 Ongoing exploration is delivering new
growth opportunities with the potential to grow the mineral
resource base beyond the original feasibility study.
Local sustainability projects include the construction of a
world-class aquaponics farm and the erection of a vocational
and technical training center to promote capacity building in
the community. Implementation of the cahier des charges
mechanism has started, following its approval by the
government. This will add to the current commitment of
investing 0.3% of revenue in community projects identified in
consultation with the mine’s community development
committees.
Kibali also continues to invest in the future of Africa’s
biodiversity through its support for the Garamba National
Park which has seen a substantial increase in the giraffe
population and the near-elimination of elephant poaching. It is
also sponsoring a project for the re-introduction of white rhino
into the park, critical in the long-term campaign to protect this
endangered species.
“Kibali’s journey has created enormous value for all its
stakeholders and it’s a standout example of what mutually
beneficial partnerships can achieve. Its great gold
endowment means that it has a long future ahead as an
engine for economic growth and community development,”
Bristow says.
BARRICK EXTENDS REVOLVING CREDIT FACILITY
AND ESTABLISHES SUSTAINABILITY-LINKED METRICS
Barrick has completed an amendment and restatement of the company’s undrawn $3.0 billion
revolving credit facility, including an extension of the termination date by one year to May 2027,
replacement of LIBOR with SOFR as the floating rate mechanism related to the interest rate for
any US dollar funds drawn down, and the establishment of sustainability-linked metrics.
The sustainability-linked metrics incorporated into the
revolving credit facility are made up of annual environmental
and social performance targets directly influenced by
Barrick’s actions, rather than based on external ratings. The
performance targets include Scope 1 and Scope 2
greenhouse gas emissions intensity, water use efficiency
(reuse and recycling rates), and Total Recordable Injury
Frequency Rate (TRIFR). 16 Barrick may incur positive or
negative pricing adjustments on drawn credit spreads and
standby fees based on its sustainability performance versus
the targets that have been set.
Senior executive vice-president and chief financial officer
Graham Shuttleworth said, “The extension of the termination
date of our undrawn credit facility, combined with our strong
balance sheet, highlights the current strength of Barrick’s
liquidity, while the establishment of sustainability-linked
metrics, along with Barrick’s recently released 2021
Sustainability Report , continues to show Barrick’s
commitment to ESG.”
Barrick’s long-term credit is currently rated BBB+ and Baa1
by S&P Global Ratings and Moody’s Investors Service,
respectively.
BARRICK SECOND QUARTER 2022 8 PRESS RELEASE