Ridge and the steady ramp-up of throughput at Pueblo Viejo’s expanded plant will boost production in the second half of the year and keep Barrick on track to achieve its 2023 guidance, the company said today. Reporting on the results for the first quarter, president and
TORONTO, May 3, 2023 — The completion of major
processing plant maintenance at Nevada Gold Mines, the
conversion of the Goldstrike autoclave to a carbon-in-leach
process, a much-improved performance from Turquoise
Ridge and the steady ramp-up of throughput at Pueblo Viejo’s
expanded plant will boost production in the second half of the
year and keep Barrick on track to achieve its 2023 guidance,
the company said today.
Reporting on the results for the first quarter, president and
chief executive Mark Bristow said production, while lower
than Q4 2022, was on plan, and free cash flow 1 had still
increased, demonstrating the value of Barrick’s Tier One 2
asset portfolio. Net earnings per share for the quarter were
$0.07, while adjusted net earnings per share 3 were $0.14,
and the quarterly dividend was maintained at $0.10 per share.
“At NGM, we have introduced a flatter and more responsive
organizational structure and instilled the Barrick style of
leadership in what is still a relatively new management team.
Through this process, we have passed a major milestone in
our journey to unlock Nevada’s full potential and strengthen
its 15-year business plan,” he said.
“In the Dominican Republic, construction of Pueblo Viejo’s
expanded process plant was 93% complete at the end of Q1
and we’re ramping up to full capacity by July. Currently our
biggest growth project, it has been designed to extend the
mine’s Tier One life to beyond 2040 at an expected average
annual production rate of 800,000 ounces4 of gold.”
Q12023
6 7 11
NEW
SUSTAINABILITY
REPORT
PROTECTING
BIODIVERSITY
A FIRST
FOR WATER
TREATMENT
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS
UNLOCKING
NGM DISTRICT
4
FROM WORLD-CLASS ASSET BASE,
BARRICK HUNTS NEW OPPORTUNITIES
Results
Release
CONTINUED ON PAGE 3
Q1 PRODUCTION
IN LINE WITH PLAN
EXPLORATION TEAM
SECURES NEW PROJECTS
STRONG OPERATING CASH FLOW
AND HIGHER FREE CASH FLOW1
$0.10 PER SHARE DIVIDEND
DECLARED FOR Q1 2023
NEW GLOBAL SAFETY PROGRAM
'JOURNEY TO ZERO'
Key Performance Indicators
Financial and Operating Highlights
Financial Results Q1 2023 Q4 2022 Q1 2022
Realized gold price5,6
($ per ounce) 1,902 1,728 1,876
Net earnings
($ millions) 120 (735) 438
Adjusted net earnings3
($ millions) 247 220 463
Net cash provided by operating
activities ($ millions) 776 795 1,004
Free cash flow1
($ millions) 88 (96) 393
Net earnings per share
($) 0.07 (0.42) 0.25
Adjusted net earnings
per share3 ($) 0.14 0.13 0.26
Attributable capital
expenditures7,8 ($ millions) 526 743 478
Operating Results Q1 2023 Q4 2022 Q1 2022
Gold
Production5
(000s of ounces) 952 1,120 990
Cost of sales5,9
($ per ounce) 1,378 1,324 1,190
Total cash costs5,10
($ per ounce) 986 868 832
All-in sustaining costs5,10
($ per ounce) 1,370 1,242 1,164
Copper
Production5
(millions of pounds) 88 96 101
Cost of sales5,9
($ per pound) 3.22 3.19 2.21
C1 cash costs5,11
($ per pound) 2.71 2.25 1.81
All-in sustaining costs5,11
($ per pound) 3.40 3.98 2.85
Q1 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 Q1 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.
Best Assets
▪ Q1 production in line with plan after planned
maintenance at Nevada Gold Mines and start
of plant commissioning at Pueblo Viejo
▪ Pueblo Viejo and Nevada Gold Mines ramp
up to drive a stronger second half in line with
guidance
▪ Robust performance from Turquoise Ridge
driving year-on-year production increase
▪ Pueblo Viejo’s expansion project continues to
advance: SAG mill turning and first ore
through the crusher as ramp-up starts
▪ Gounkoto underground delivers first
production stopes ahead of schedule
▪ Resin-in-leach to carbon-in-leach conversion
at the Goldstrike autoclave completed on time
and on budget improving operational flexibility
▪ Exploration team secures new projects in
Canada, USA, Peru, Dominican Republic,
Saudi Arabia, Tanzania
Leader in Sustainability
▪ New global safety program ‘Journey to Zero’
launched
▪ 2022 Sustainability Report highlights
Barrick’s contribution to achievement of
United Nations Sustainable Development
Goals
▪ Reko Diq constitutes first Community
Development Committee and opens Humai
school
▪ Barrick leads nationwide education initiative in
Tanzania with $30 million commitment
▪ Pueblo Viejo receives highest gender equality
certification in Dominican Republic
Delivering Value
▪ Free cash flow1 increased despite a lower
production quarter
▪ Net earnings per share of $0.07 and adjusted
net earnings per share3 of $0.14 for the
quarter
▪ $0.10 per share dividend declared
BARRICK FIRST QUARTER 2023 2 PRESS RELEASE
CONTINUED FROM PAGE 1
The development of another major project, Reko Diq in
Pakistan, is also advancing steadily with continued progress
on the updating of the feasibility study and the establishment
of a Community Development Committee as well as a school.
Scheduled to go into production in 2028, Reko Diq hosts one
of the world’s largest undeveloped copper-gold deposits.
The Africa and Middle East region finished Q1 with gold
production ahead of plan, setting the foundation for another
year of delivery. At the Loulo-Gounkoto complex in Mali, the
first high-grade stope at the new Gounkoto underground mine
was successfully mined ahead of schedule. At North Mara in
Tanzania, mining has started at the new Gena open pit.
During the quarter, Barrick committed $30 million to a new
education initiative in partnership with the Tanzanian
government.
“While we continue to build our peerless asset base, we are
also casting our net wider and stepping up the hunt for fresh
opportunities. During the past quarter, we have opened up
new frontiers and secured multiple interesting prospects in
Canada, the USA, Peru, the Dominican Republic, Saudi
Arabia and Tanzania,” Bristow said.
“We’re also maintaining our carefully planned transition to
cleaner energy. In Nevada, work has started on the TS Power
Plant’s natural gas co-fire project as well as the TS Solar
project. At Loulo, work is under way on the expansion of its
solar plant and the addition of a battery storage system and
at Kibali in the Democratic Republic of Congo (“DRC”), a
battery back-up system for the three hydropower stations that
supply the bulk of its energy is being planned.”
Bristow said Barrick’s consistent reserve replacement and
resource growth has allowed it to underpin each operation
and project with a fully planned 10+ year production profile.
This secures the generation of a robust free cash flow that
consistently delivers strong returns to shareholders and
enables Barrick to drive organic growth by investing in the
development of its world-class assets.
BARRICK DECLARES Q1 DIVIDEND
Barrick today announced the declaration of a dividend of $0.10 per share for the first quarter of 2023.
The dividend is consistent with the Company’s Performance
Dividend Policy announced at the start of 2022 and will be
paid on June 15, 2023 to shareholders of record at the close
of business on May 31, 2023.
“Through the maintenance of a robust balance sheet, we are
able to continue to provide a strong base dividend to our
shareholders, with our Performance Dividend Policy providing
shareholders with the potential for additional upside going
forward,” said senior executive vice-president and chief
financial officer Graham Shuttleworth.
BARRICK FIRST QUARTER 2023 3 PRESS RELEASE
Mark Bristow and Tanzania president Samia Suluhu Hassan announce a $30 million pledge towards the expansion of education infrastructure
in the country. Read more on page 9.
UNLOCKING THE FULL POTENTIAL
OF THE NGM DISTRICT
Successful near- mine e xploration a t Ne vada Go ld M ines’ ( “NGM”) T ier On e o perations is add ing
significant gr owth pot ential to it s 15- year plan while NG M’s n ew ma nagement tea m is dr iving
innovation and optimization of the company’s asset suite.
The Goldrush, Robertson and Cortez Hills mining projects will
all bolste r t he C ortez c omplex, w ith fur ther gr owth to c ome
from Barrick’s wholly owned Fourmile project, which includes
the new Dor othy target, and from Hanson, below the Co rtez
Hills underground mine.
Carlin is also we ll-endowed w ith oppo rtunities, n otably
around t he Lee ville mine w ith e xpansion fr om F allon,
Miramar, Hor sham a nd Up per R ita K. O ther o pportunities
around the northern Carlin trend include upside from Ren and
Corona. Turquoise Ridg e is e xploring the B BT c orridor a nd
Getchell, w hile at P hoenix, NGM i s i nvestigating the
expansion of copper production at Copper Canyon.
The NGM t eam h as i dentified t hree k ey i nnovation a nd
optimization a ction a reas: d eveloping a p ipeline of f uture
leaders; focu sing o n f urther min ing e fficiencies; and
increasing process throughput.
The N GM com plex i s a long- life business w hich need s t o
attract t he best n ew-generation p eople f or its f uture
operations a nd le adership b y p roviding opp ortunities tha t
align with t heir career ambitions and their core values. Once
recruited, t hey a re d eveloped thr ough t ailored l eadership
programs as well as NGM’s training mine.
NGM is investing $320 million12 in a fleet of 62 new trucks, to
be delivered over the n ext three years, which is e xpected to
de-risk and accelerate open pit m ining. New portals at Pete
Bajo and Rita K as well as at R en will boost productivity and
mineralization de velopment, and a n ew past e plan t at
Goldstrike u nderground w ill i ncrease p aste capacity. At
Turquoise Ridge, the ramp-up of the r ecently commissioned
Third S haft continu es to im prove h oist capacity, m ine
production and ventilation.
The conversion from resin-in-leach to c arbon-in-leach at t he
Goldstrike auto clave w as c ompleted dur ing the f irst q uarter,
enabling the oper ation t o p rocess o pen p it m aterial s ooner
from Carlin South. The first phase of the Gold Quarry roaster
expansion p roject w as r ecently c ompleted w ith t he s econd
and fina l pha se sched uled for 202 4. T he over all pr oject is
expected to deliver around a 20% increase in throughput.
B
ARRICK FIRST QUARTER 2023 4 PRESS RELEASE
Mark Bristow (center in orange) visits Turquoise Ridge.
MASSIVE EXPANSION PROJECT WILL EXTEND
PUEBLO VIEJO’S TIER ONE LIFE BEYOND 2040
Barrick’s $ 2.1 bil lion i nvestment12 i n t he expa nsion o f t he Pueb lo V iejo go ld m ine i n t he Domini can
Republic — o f whi ch t he p rocess p lant p ortion is n ow largely c omplete — i s des igned t o del iver a
totally t ransformed ass et c apable of ram ping up produ ction to an a nnual 1 mi llion ou nces and
averaging 800,000 ounces per year over a life that is expected to extend to the 2040s.4
The r einvention o f Pueb lo Viejo is a ll t he m ore r emarkable
says M ark Br istow, because at t he tim e of t he m erger w ith
Randgold in January 2019, the mine was facing closure: its
vast resources could not be converted to reserves because it
did not have the necessary tailings storage capacity.
“We tackled the mine ’s cha llenges h ead-on. Chie f am ong
these w as s ecuring a s ite f or a new ta ilings s torage f acility,
which required lengthy consultation and negotiation with the
regulatory a uthorities a s well a s the affe cted com munities.
Once the s ite was selected, we completed a n Environmental
and Social Impact Assessment in line with the government’s
terms o f r eference, a nd we e xpect a d ecision t owards the
middle of this year,” Bristow said.
“Equally remarkable has b een Pueblo Viejo’s s teady upward
trajectory, i n t he midst o f t he expan sion p roject, i n a ll o ther
areas of its business. Despite having to manage multiple tie-
ins, t he team has ach ieved re cord t hroughput l evels fr om
2019 to 2022. At the same time, it has also been transitioning
to a local and more diverse workforce, in line with Barrick’s
global policy. It now has a 98% Dominican workforce with a
female representation of 23%, up from 11% in 2019.”
Pueblo Vie jo i s t he f irst D ominican m ining com pany to be
awarded the h ighest level of g ender equality certification by
the cou ntry’s M inistry o f Wom en an d the U nited Nation s
Development Programme, for three consecutive years.
Nor has its commitment to its host communities faltered, says
Bristow. Ei ght c ommunity developm ent comm ittees have
been for med i n l ine w ith B arrick’s s ustainability str ategy.
Notable p rojects includ e th e const ruction of t he Z ambrana
medical c linic and the Sa bana del R ey pota ble w ater
treatment plant, the electrification of 21 rural villages and the
establishment of an edu cational f und f or s cholars and
students from the communities.
Pueblo Viejo is also co ntinuing to reduce its greenhouse gas
emissions through the conversion of its power plant and lime
kiln to use liquid natural gas.
B
ARRICK FIRST QUARTER 2023 5 PRESS RELEASE
At Pueblo Viejo, the new crusher at the process plant expansion was recently commissioned. The milestone was celebrated by processing
superintendent Víctor Martínez, operations supervisor Yohan Méndez, general manager Megan Tibbals, heavy equipment operator Rudelania
Fabián and operations superintendent José Hawil Féliz.
BUILDING BARRICK’S NEXT LEADERSHIP GENERATION
Barrick continues to invest in the development of a
multicultural and multigenerational workforce aligned
to a changing world.
The Group sources and trains a vast majority of its
employees from its host countries in Africa, the Middle East,
South and Central America, as well as in Canada and the
United States.
Our diverse workforce is the product of Barrick’s strategy of
local employment and stakeholder recognition in the
countries in which we operate, says Mark Bristow: 96% of its
workforce are host country or community hires, as are 78% of
its management. The age profile is also trending younger,
with 54% of employees now under the age of 40 and 17%
younger than 30.
“Within each region, we have launched a comprehensive
frontline development program that focuses on building
appropriate business and leadership skills, ensuring
consistency of competencies and aligning values with the
Barrick DNA. We are also building relationships with partner
universities to provide us with a pipeline of talent well into the
future,” says human resources executive Darian Rich.
SUSTAINABLE DELIVERY CENTERED ON ACHIEVEMENT
OF UN SUSTAINABLE DEVELOPMENT GOALS
Barrick’s sustainability strategy is based on integrated and holistic management and aligned with the
objectives of the United Nations’ Sustainable Development Goals (SDGs), that seeks to deliver
outcomes that are achievable, demonstrable and align with global priorities, says Mark Bristow in the
company’s 2022 Sustainability Report.
Bristow says by using the SDGs as the central framework of
its sustainability reporting, Barrick is better able to link an
integrated approach to sustainability management, and to
avoid the siloed thinking and mere box-ticking approach that
can be a consequence of taking an ESG compliance-driven
approach. Barrick’s latest Sustainability Report, its fifth since
the merger with Randgold in 2019, still complies with
important key reporting frameworks, but its primary lens for
understanding and measuring its progress in sustainability
aligns with a focus on the SDGs — an often-forgotten global
commitment.
“Our sustainability approach allows us to tackle the
challenges of alleviating poverty, managing changes to the
climate and preserving biodiversity holistically and
concurrently — because they are inextricably connected,”
Bristow says.
For example, Barrick generated more than $10.7 billion 12 in
economic value and created 21,000 jobs in 2022 (SDG 8:
Decent Work and Economic Growth) . Additionally, 96% of its
employees and 78% of its senior site managers are host
country nationals, and $1.4 billion 12 worth of goods and
services were procured from suppliers in the communities
closest to its mines. In total, Barrick spent over $6.1 billion 12
on host country suppliers in 2022.
Barrick also invested more than $36 million 12 in community
development projects from education facilities in Nevada
(SDG 4: Quality Education) , to business incubators in the
Dominican Republic (SDG 9: Industry, Innovation and
Infrastructure) and gender-based violence awareness in
Tanzania (SDG 5: Gender Equality) . Barrick’s employees at
Pueblo Viejo are now 23% women, with a target of 50%
female representation for all new hires (SDG 5: Gender
Equality and SDG 10: Reduced Inequality) . Pueblo Viejo is
the first Dominican mining company to have been awarded
the highest level of gender equality certification by the
country’s Ministry of Women and the UN Development
Programme.
On the environmental front, Barrick has set itself a
greenhouse gas emissions reduction target that is both
demonstrable and achievable (SDG 13: Climate Action) . The
company’s total emissions in 2022 were 6,705kt CO 2e
(Scope 1 and 2: market-based), which is 6% lower compared
to the year before and an 11% reduction against its 2018
baseline.
“For us, sustainability is instrumental in our continued drive to
operate mines that are welcomed and respected as
development partners throughout the world,” Bristow says.
BARRICK FIRST QUARTER 2023 6 PRESS RELEASE
Rudelania Fabián was the first heavy equipment operator to
perform a dump into the new crusher at Pueblo Viejo’s process
plant expansion.
PROTECTING BIODIVERSITY: BARRICK LEADS THE WAY
Conserving biodiversity is fundamental to the survival of our world, essential to tackling climate
change and has an important part to play in the war on poverty, says Barrick group sustainability
executive Grant Beringer.
“We strive not only to protect and restore biodiversity within
our permits, but also to partner with NGOs such as African
Parks to make a positive contribution to nature in the
countries in which we operate, some of which host unique but
vulnerable ecosystems,” he says.
“To achieve this, we have committed Barrick, through our
Biodiversity Policy and Standard, to have a net neutral impact
on any key biodiversity features at our sites, as well as to
take measurable conservation actions to help conserve high-
value biodiversity sites in our host countries.”
Beringer cites Barrick’s partnership with the Garamba
National Park and African Parks in the DRC as a prime
example of its commitment to protecting nature as well as its
holistic approach to sustainability.
Since 2015, Barrick has provided financial and in-kind
support for a comprehensive conservation program designed
to restore the park’s former megaherbivore abundance. The
latest Barrick-sponsored initiative will see the return of white
rhinos, last spotted there in 2006, to the park.
“Our engagement with Garamba also includes livelihood
support for the communities that depend on it. In addition to
its 500 employees, we have helped the park to provide
economic opportunities for some 10,000 people through
agricultural projects, while the four hospitals it supports treat
more than 12,000 patients annually.”
In Nevada, Barrick has partnered with state and federal
agencies, NGOs and local stakeholders to identify and
implement projects to improve the ecosystem of the Great
Basin. Among these is the rehabilitation of some 10,000
hectares of critically important habitat for sage grouse on the
ranches owned by NGM.
In the Dominican Republic, Pueblo Viejo, in conjunction with
the government, has identified the nearby Aniana Vargas
National Park as a biodiversity offset site. The park shares
most of its fauna and flora, as well as unique animals such as
the Hutia rodent and the Samana least gecko, with the mine’s
site.
At the Lumwana copper mine in Zambia, Barrick’s
commitment to the implementation of the UN’s REDD+
project has advanced with the completion of an eligibility and
feasibility study, and the project’s broad acceptance by the
affected communities. The project aims to conserve 530,000
hectares of woodland around the mine, which will benefit
these communities through the creation of tourism,
horticulture and beekeeping opportunities. It will also have
the capacity to generate carbon credits aligned with Barrick’s
hard-to-abate emissions strategy that can be used to offset
hard-to-abate emissions, in line with Barrick’s Roadmap to
Net Zero.
BARRICK FIRST QUARTER 2023 7 PRESS RELEASE
CONTINUED RESERVE REPLACEMENT AND DISCIPLINED
STRATEGY SUPPORT 10-YEAR GROWTH PLAN
Barrick last year again more than replaced the gold reserves it mined and its proven ability to sustain
this achievement through exploration will support the execution of its 10-year rolling business plan,
says executive chairman John Thornton.
“Attuned to the cyclicality of markets, Barrick’s strategy of
building its future by continuing to invest in sustainably
profitable growth, organic as well as external, has equipped
us well to deal with challenging circumstances. In the current
climate of uncertainty, we are proving again that our people
are truly world class and are more than capable of making
Barrick the world’s most valued gold and copper company,”
he added.
“Our focus in 2023 will be on expanding Barrick’s value
foundation, already one of the industry’s best, within and
beyond our current borders. The Reko Diq project in Pakistan
will almost double our current copper production and will add
to our gold production when it is fully operational. We are also
extending our presence in North and South America and we
are particularly excited by new opportunities in North Africa
and the Middle East.”
Thornton says that at a time when environmental
management and human rights are coming under
increasingly critical scrutiny, Barrick’s sustainability strategy
has long been embedded in its business plans.
“The creation of long-term value for all stakeholders
contributes meaningfully to the social and economic
development of our host countries and communities, protects
the safety and health of our people, respects human rights
and manages the impact of our operations on the
environment. Sustainability performance accounts for 25% of
the long-term incentive awards for our senior leaders,
demonstrating the importance Barrick attaches to our
sustainability commitments,” he says.
Barrick lead director Brett Harvey says that at a time when
the mining industry’s recruitment pool is shrinking, Barrick
actively seeks to attract talented young people by offering
them exceptionally rewarding career opportunities in a
modern, world-class business. By prioritizing local
recruitment — 96% of Barrick’s global employees are host
country nationals — the company has also built a workforce
that is naturally multicultural and ethnically diverse. Similarly,
the Board represents a mosaic of skills, nationalities, racial
and ethnic backgrounds and experiences and perspectives
that is not only capable of directing Barrick effectively in a
rapidly changing world, but also represents the composition
of our stakeholder universe.
BARRICK STEERS PORGERA
BACK TOWARDS WORLD-CLASS PRODUCTION
The government of Papua New Guinea, Barrick Niugini Limited and New Porgera Limited have signed
an agreement to progress with the resumption of operations at the Porgera gold mine, which have
been suspended since 2020.12
Porgera hosts an orebody with measured and indicated
resources of 10 million ounces14 and inferred resources of 3.4
million ounces.14 After the initial ramp up and optimization of
the Wangima pit, the mine is forecast to produce an average
of 700,000 ounces per year, achieving a milestone towards
its potential Tier One status.
The New Porgera Progress Agreement, signed on March 31,
confirms that all parties are committed to reopening the mine
at the earliest opportunity, in line with the terms of the
Porgera Project Commencement Agreement and the New
Porgera Limited Shareholders Agreement, both concluded in
2022. The New Porgera project team will now move ahead
with the filings for a special mining lease and progressing the
other conditions set out in the Commencement Agreement for
the reopening of the mine.
The equity in New Porgera is shared 51% by Papua New
Guinea (“PNG”) stakeholders, including local landowners and
the Enga provincial government. Economic benefits will be
shared 53% by the PNG stakeholders and 47% by Barrick
Niugini Limited, which will operate the mine.
After the signing ceremony, Mark Bristow said there was
strong support from all stakeholders to get Porgera reopened
as soon as possible.
“It’s been a long journey but in the process we have secured
the buy-in of all the stakeholders. For Barrick, the reopening
of the mine would represent another victory for our host-
country partnership model which has been so successful in
Tanzania and has now also been adopted for the new Reko
Diq copper-gold project in Pakistan,” Bristow said.
“Localization is an essential part of our partnership
philosophy so New Porgera will, whenever possible, source
the goods and services it requires from businesses genuinely
based and owned in Porgera, the Enga province and PNG.
Similarly, it will give preference to locals in recruiting
employees for the reopening mine.”
BARRICK FIRST QUARTER 2023 8 PRESS RELEASE