Strategy-Driven Barrick Builds on Value Foundation
PRESS RELEASE
NYSE : GOLD TSX : ABX
Strategy-Driven Barrick Builds on Value Foundation
TORONTO, March 28, 2024 – Five years after the transformational Merger with Randgold Resources, Barrick
Gold Corporation (NYSE:GOLD)(TSX:ABX) has been restructured and repurposed as a modern mining
business with a constantly replenished, global asset base of peerless quality, managed by a team with an
unparalleled record of recognizing and realizing opportunities, says chairman John Thornton in the company’s
2024 I nformation Circular published today and available now at www.barrick.com/agm and also filed on
SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov).
“This Barrick is guided by a long-term, future-facing strategy, finely attuned to the demands and expectations
of a rapidly changing world. Its aim is not only to secure the company’s sustainable profitability but also to
make sustainability, in every sense, the core of its activities. Barrick’s pioneering partnership philosophy, a
key component of its commitment to sustainability, has already transformed the once- derelict Tanzanian
mines into a complex with Tier One 1 potential; reconstituted the Reko Diq project in Pakistan and is now
developing it into one of the world’s largest copper -gold producers; and after three years of negotiation,
achieved an agreement for the re-opening of the Porgera gold mine in Papua New Guinea, where mining and
processing have restarted and will be ramping up over the next two quarters,” he says.
“It is clear to me that we have achieved all the initial objectives we set for ourselves. The renewed emphasis
on exploration has placed Barrick in the unique position of more than replenishing the reserves depleted by
mining year after year. Major organic growth projects, such as Reko Diq, the current extension of Pueblo
Viejo’s Tier One mine life by more than 20 years2, and the transformation of Lumwana into one of the world’s
major copper mines, will secure Barrick’s production profile well into the future. Expanding the copper portfolio
was one of Barrick’s key strategic aims , and when the new Lumwana and Reko Diq are commissioned in
2028, Barrick will become a major-league producer. In the meantime, we continue to pursue opportunities for
growing our copper portfolio.”
Thornton says Barrick’s balance sheet, once burdened by heavy debt, is now one of the industry’s most robust
and its strong operational cash flows ensure that it has the capacity to fund existing and new organic growth
projects, as well as to take advantage of any fresh opportunities that meet the company’s stringent investment
criteria.
“Barrick’s footprint is being expanded and currently comprises mines, projects and exploration programs in
18 countries across four continents, covering the main prospective regions for gold and copper,” he says.
Also in the Information Circular, lead director Brett Harvey says Barrick’s Board prioritizes renewal and
diversity in its own ranks in order to enhance its already high level of global business experience and to make
its membership more fully representative of the societies in which the company operates. “Since the Merger,
seven new members have been appointed and women now account for 40% of our directors standing for
election, while 40% identify as racially or ethnically diverse,” Harvey says.
Barrick is pleased to host a virtual meeting format for this year’s Annual Meeting that shareholders may attend
virtually by way of a live webcast regardless of their geographic location.
BARRICK GOLD CORPORATION PRESS RELEASE
The meeting will be held on Tuesday, April 30, 2024 at 10:00 a.m. (Toronto time) at
https://web.lumiagm.com/406457272. Registered shareholders, non- registered (or beneficial) shareholders
and their duly appointed proxyholders will be able to participate, ask questions, and vote in “real time” through
the online portal.
Enquiries
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
Senior EVP and CFO
Graham Shuttleworth
+1 647 262 2095
+44 779 771 1338
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
Endnote 1
A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for 5 million ounces to support a minimum 10- year
life, annual production of at least 500,000 ounces of gold and with all -in sustaining costs per ounce in the lower half of the
industry cost curve. Tier One assets must be located in a world class geological district with potential for organic reserve growth
and long-term geologically driven value addition.
Endnote 2
Refer to the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference 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 “build”, “strategy”, “commitment”, “develop”, “replenish”,
“secure”, “transform”, “continue”, “expand”, “grow”, ““expand”, “ extension”, “invest”, “will” and similar expressions ide ntify
forward-looking statements. In particular, this press release contains forward -looking statements including, without limitation,
with respect to: Barrick’s partnership philosophy and strategy to invest in sustainability profitable growth ; the replenishing of
reserves through exploration and organic growth projects, such as the reconstituted Reko Diq project, the expansion of the
Lumwana mine, and the mine life extension project at Pueblo Viejo; Barrick’s copper strategy and the timeline for first production
from Reko Diq and the expanded Lumwana mine, Barrick’s financial strength and capacity to fund existing and new organic
growth projects; and the anticipated benefits of Barrick’s sustainability strategy and focus on increasing workforce and Board
diversity.
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 the Company as at the date of this
press re lease 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 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); risks
associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required;
risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities
or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact
that certain of the initiatives described in this press release are still in the early stages and may not materialize; 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
or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of
the jurisdictions in which Barrick operates; non-renewal of key licenses by governmental authorities; failure to comply with
environmental and health and safety laws and regulations; contests over title to properties, particularly title to undeveloped
properties, or over access to water, power and other required infrastructure; increased costs and physical risks, including
extreme weather events and resource shortages, related to climate change; 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; litigation and legal and administrative
proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical
challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure
and information technology systems; increased costs, delays, suspensions and technical challenges associated with the
BARRICK GOLD CORPORATION PRESS RELEASE
construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption
of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining
inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks
associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and
the implementation of Barrick’s technological initiatives; the impact of inflation, including global inflationary pressures driven by
supply chain disruptions and global energy cost increases following the invasion of Ukraine by Russia and conflicts in the Middle
East; the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty
whether some or all of Barrick's targeted investments and projects will meet the Company’s capital al location objectives and
internal hurdle rate; employee relations including loss of key employees; availability and increased costs associated with mining
inputs and labor; and risks associated with diseases, epidemics and pandemics, such as the global Covid-19 pandemic.
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ material ly
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.
We disclaim 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.