Nevada Joint Venture Creates the World’s Largest Gold Mining Operation

PRESS RELEASE

NYSE : GOLD TSX : ABX

Nevada Joint Venture Creates the World’s Largest

Gold Mining Operation

All amounts expressed in U.S. dollars

BALTIMORE, March 14, 2019 — On March 11, 2019, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX)

(“Barrick”) and Newmont Mining Corporation (NYSE:NEM) (“Newmont”) signed an implementation

agreement to create the world’s single largest gold producer at the Nevada complex, on completion of the

joint venture (“JV”). The JV operations produced approximately 4.1 million ounces in 2018, more than three

times the next largest gold operation.1

On a roadshow with Barrick Executive Chairman John L. Thornton to update shareholders on the

company’s operations, Barrick President and CEO Mark Bristow said:

“We are very excited about the prospects of the new Barrick . The merger with Randgold Resources has

created significant value for shareholders , and the JV with Newmont is yet another catalyst which we

believe will create further value for our shareholders and stakeholders. We are engage d in reviewing the

impact of the new JV on our guidance for both 2019 and the five -year outlook, and expect to provide an

update during the year . Our current 2019 gold production guidance is 5.1 -5.6 million ounces , at cost of

sales2 of $880-$940 per ounce, cash costs3 of $650-$700 per ounce, and all-in sustaining costs3 of $870-

$920 per ounce4. We currently expect our five-year gold production and cost outlook to be within that range,

albeit that cash costs and all-in sustaining costs are expected to decline over that period to below the bottom

of these ranges.”

The roadshow presentation is available on Barrick’s website at www.barrick.com.

Enquiries:

President and

Chief Executive Officer

Mark Bristow

+1 647 205 7694

+44 788 071 1386

Senior Executive Vice-President

and Chief Financial Officer

Graham Shuttleworth

+44 1534 735 333

+44 779 771 1338

Investor and

Media Relations

Kathy du Plessis

+44 20 7557 7738

Email: [email protected]

BARRICK GOLD CORPORATION PRESS RELEASE

Endnotes

1. Based on 2018 reported actuals. Includes mines owned by publicly listed companies for which data

is available.

2. Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on

an attributable basis (removing the non -controlling interest of 40% Pueblo Vie jo, 36.1% Acacia,

40% South Arturo, 20% Loulo -Gounkoto, and 10.3% of Tongon from cost of sales), divided by

attributable gold ounces sold.

3. “Cash costs” per ounce and “All -in sustaining costs” per ounce are non -GAAP financial

performance measures. “Cash costs” per ounce starts with cost of sales applicable to gold

production, but excludes the impact of depreciation, the non -controlling interest of cost of sales,

and includes by -product credits. “All -in sustaining costs” per ounce begin with “Cash co sts” per

ounce and add further costs which reflect the additional costs of operating a mine, primarily

sustaining capital expenditures, general & administrative costs, minesite exploration and evaluation

costs, and reclamation cost accretion and amortization. Barrick believes that the use of “cash costs”

per ounce and “all -in sustaining costs” per ounce will assist investors, analysts and other

stakeholders in understanding the costs associated with producing gold, understanding the

economics of gold mining , assessing our operating performance and also our ability to generate

free cash flow from current operations and to generate free cash flow on an overall Company basis.

“Cash costs” per ounce and “All -in sustaining costs” per ounce are intended to provide additional

information only and do not have any standardized meaning under IFRS. Although a standardized

definition of all -in sustaining costs was published in 2013 by the World Gold Council (a market

development organization for the gold industry compris ed of and funded by 26 gold mining

companies from around the world, including Barrick), it is not a regulatory organization, and other

companies may calculate this measure differently. These measures should not be considered in

isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these

non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed

from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

4. On an attributable basis. The 2019 outlook is based on a gold price assumption of $1,250/oz. For

economic sensitivity analysis of these assumptions, please refer to page 32 of Barrick’s 2018 Full

Year and Fourth Quarter Results. The 2019 outlook does not include the impact of the Randgold

purchase price allocation.

Cautionary Statement on Forward-Looking Information

Certain information contained 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 “believe”, “expect”, “will”,

“can”, “should”, “could”, “would”, and similar expressions identify forward-looking statements. In particular,

this press release contains forward -looking statements including, without limitation, with respect to:

Barrick’s forward-looking production guidance and five -year outlook; estimates of future cost of sales per

ounce, cash costs per ounce, and all-in-sustaining costs per ounce; the proposed Nevada joint venture; the

expected impact of such a transaction, including the creation of the world’s single largest gold producer and

estimates of annual gold production; and other statements other than historical facts.

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

BARRICK GOLD CORPORATION PRESS RELEASE

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 unk nown 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; the benefits expected from recent

transactions being realized, including the Randgold merger and the Nevada JV (including estimated

synergies and financial benefits) or implementing the business plan for the proposed Nevada JV, including

as a result of a delay in its completion or difficulty in integrating the Nevada assets of the companies

involved; the risk that the conditions to formation of the proposed Nevada JV will not be satisfied; the risk

that required regulatory approvals necessary to form the proposed Nevada JV will not be obtained, or that

conditions will be imposed in connection with such approvals that will increase the costs associated with

the transaction or have other negative implications for Barrick following the t ransaction; the risk that the

focus of management's time and attention on the JV transaction may detract from other aspects of the

business of Barrick; the duration of the Tanzanian ban on mineral concentrate exports; the ultimate terms

of any definitive agreement between Acacia and the Government of Tanzania to resolve a dispute relating

to the imposition of the concentrate export ban and allegations by the Government of Tanzania that Acacia

under-declared the metal content of concentrate exports from Tanz ania; the status of certain tax re -

assessments by the Tanzanian government; the manner in which amendments to the 2010 Mining Act

(Tanzania) and the new Mining Regulations announced by Government of Tanzania in January 2018 will

be implemented and the impa ct of these and other legislative changes on Acacia; whether Barrick will

successfully negotiate an agreement with respect to the dispute between Acacia and the Government of

Tanzania and whether Acacia will approve the terms of any such final agreement; 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; timing of receipt of, or failure to comply with, necessary permits and approvals;

uncertainty whether some or all of our initiatives, targeted investments and projects will meet Barrick’s

capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availa bility on

the timing of cash flows and the values of assets and liabilities based on projected future cash flows;

adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets; changes

in U.S. dollar interest rates; risks arising from holding derivative instruments; 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, and other jurisdictions in which the Company or its affiliates do or may carry

on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors

that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived

occurrence of any number of events, including negative publicity with respect to the Company’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 the Company’s expectations; risks that exploration data may

be incomplete and considerable additional work may be required to complete fur ther 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 and legal and administrative proceedings;

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;

our ability to successfully integrate acquisitions or complete divestitures; 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 c limate change;

BARRICK GOLD CORPORATION PRESS RELEASE

availability and increased costs associated with mining inputs and labor; and the organization of our

previously held African gold operations and properties under a separate listed Company. 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 cautio nary

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.

The Company 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.