All amounts expressed in US dollars

NEW YORK, Nov. 18, 2022 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Barrick’s industry-leading portfolio of gold and copper assets is projected to show strong growth over the next five and 10 years, president and chief executive Mark Bristow told an

investor meeting here today

.

The unlocking of value at the Pueblo Viejo gold mine in the Dominican Republic, following the finalization of the location for the new tailings storage facility, will support that growth, he said, with the latest geological model for its current $2.1 billion expansion project

¹

now showing the potential for upgrading 2 million ounces of inferred resources to indicated which, together with approximately 10 million ounces of measured and indicated resources, are expected to convert to proven and probable reserves

²

.

“Others buy, Barrick builds. This investment is expected to extend the Tier One

³

mine’s life to beyond 2040, at an average annual production rate of more than 800,000 ounces

¹

,” Bristow said.

“There’s also more to come from our three Tier One assets in Nevada, where we hold 8,000 square kilometers of prospective land in one of the world’s most richly-endowed gold districts. In Africa, our two Tier One mines continue to deliver geologically driven growth, while the two Tanzanian mines we took over have been transformed into successful operations and have the potential to achieve Tier One status as a combined complex. Meanwhile, we’re well on our way to building a Tier One copper business as a result of the Reko Diq project in Pakistan and the Lumwana super pit in Zambia.”

Bristow said Barrick’s performance since its merger with Randgold three years ago had been driven by a clear and disciplined long-term strategy, focused on leveraging its Tier One assets, and finding more. Gold and copper production has met or exceeded guidance each year since the merger. Strong cash flow generation has turned net debt of $4.2 billion into net cash of $145 million at the end of last quarter

⁴

. The strong balance sheet has enabled the company to deliver peer-leading returns to shareholders within the framework of a performance-linked dividend policy. Brownfields exploration continues to replace reserves depleted by mining, and the search for new discoveries has been extended across Barrick’s expanding global footprint. The company already operates in 18 countries across four continents.

“Barrick was a leader in sustainability long before ESG became a key investment criterion. This means that we haven’t had to scramble to comply with new requirements and expectations — the ability to satisfy them was already embedded in every aspect of our business. We have, however, refined our approach to sustainability so that it holistically embraces the linked challenges of poverty, climate change and biodiversity. It includes a detailed, demonstrable roadmap based on climate science, to the achievement of a 30% reduction in greenhouse gas emissions by 2030

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, against a 2018 baseline, with the ultimate goal of net zero emissions by 2050,” Bristow said.

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]

Endnotes

1. On a 100% basis. The initial capital estimate for the Pueblo Viejo plant expansion and mine life extension project has been updated and is now $2.1 billion (previously $1.4 billion). As of September 30, 2022, $718 million has been incurred on the project.
2. Refer to the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018.
3. A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. A Tier One Copper Asset is an asset with a reserve potential of greater than 5 million tonnes of contained copper and C1 cash costs per pound in the lower half of the industry cost curve.
4. Net debt of $4.2 billion is calculated as debt ($5,738 million) less cash and equivalents ($1,571 million) as of December 31, 2018. Net cash of $145 million is calculated as cash and equivalents ($5,240 million) less debt ($5,095 million) as of September 30, 2022
5. We expect to reduce GHG emissions by at least 30% by 2030 against a 2018 baseline, while maintaining a steady production profile.
   

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; and John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive – each a “Qualified Person” as defined in National Instrument 43-101 –

Standards of Disclosure for Mineral Project

s.

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 “believe”, “expect”, “strategy”, “target”, “plan”, “guidance”, “project”, “continue”, “estimate”, “potential”, “progress”, “future”, “prospect”, “focus”, “more to come”, “building”, “will”, “could”, “would”, “should”, “may” 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, including our five and ten year outlooks for gold and copper; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates; Barrick’s global exploration strategy and planned exploration activities; Barrick’s copper strategy; our plans and expected completion and benefits of the Pueblo Viejo plant expansion and mine life extension project, including the potential for conversion of resources to reserves and increased short-term production levels, as well as updated capital cost estimates for the project; potential mineralization and metal or mineral recoveries; the timeline and process for the reconstitution of a joint venture to carry out the future development and operation of the Reko Diq project; our pipeline of high confidence projects at or near existing operations; expected production and cost levels for the North Mara and Bulyanhulu mines and their potential to achieve Tier One status as a combined complex; Lumwana’s potential for future growth and ability to further extend the life of mine, including through the development of a super pit; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including greenhouse gas emissions reduction targets; Barrick’s performance dividend policy; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

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 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 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 mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; 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; timing of receipt of, or failure to comply with, necessary permits and approvals, including approval of the final location of the additional tailings storage facility for Pueblo Viejo following submission of the Environmental and Social Impact Assessment in the Dominican Republic; non-renewal of or failure to obtain 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; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; 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; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; 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 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 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, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, 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 allocation objectives and internal hurdle rate; whether benefits expected from recent transactions being realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; 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, including the effects and potential effects of the global Covid-19 pandemic. Barrick also cautions that its 2022 guidance, as well as its five and ten year outlooks for gold and copper, may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19. 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. 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.