Significant Increase in Reserves and Resources

Significant Increase in Reserves and Resources Continues to Drive Barrick’s Industry-Leading Production Growth Profile

GlobeNewswire

Published 15 Feb 2023

*Fourth Quarter and Full Year 2022 Results*All amounts expressed in US dollars

TORONTO, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Barrick’s strategy of investing in organic growth through exploration and mineral resource management more than replaced gold reserves for the second straight year and significantly increased copper resources year on year, providing further support for both the company’s 10-year production forecast and its growth profile.

Announcing Barrick’s results for the 2022 year and Q4, president and chief executive Mark Bristow said the company had always believed that discovering ounces was better than buying them at a premium in a sector where reserves and resources were diminishing.

“Our continued success in not only replenishing but also unlocking significant value in our asset base shows the unmatched potential of our organic growth pipeline,” he said.

Barrick returned a record $1.6 billion to shareholders in 2022 through dividends and share buybacks and has announced a further share buyback program of up to $1 billion for the next twelve months.^1 During the past quarter, Moody’s upgraded the company’s long-term corporate credit rating from Baa1 to A3, making Barrick the highest-rated company in the gold mining sector.

A stronger Q4 operational performance, notably from Cortez and Carlin in Nevada, Pueblo Viejo in the Dominican Republic and Tongon in Côte d’Ivoire, contributed to annual gold production of more than 4.1 million ounces^2 in a year impacted by infrastructural issues at Turquoise Ridge in Nevada and the replacement of the rock winder at Kibali in the Democratic Republic of Congo. Copper production from Lumwana in Zambia and Jabal Sayid in Saudi Arabia was well within guidance.

In one of the most significant developments of the year, work has started on the development of the massive Reko Diq copper-gold project in the Balochistan province of Pakistan. Reko Diq is expected to double the size of the company’s copper production capacity when it is commissioned in 2028. Barrick owns 50% of the project, and will operate it, with the balance shared by the Government of Balochistan and three Pakistani state-owned enterprises.

Another major project, the expansion of Pueblo Viejo’s process plant and the establishment of a new tailings storage facility, also continued to advance. Bristow noted that despite the presence of over 4,500 additional construction workers on the site, the mill achieved a record throughput for the fourth successive year, with production well within guidance. Reserve growth has added more than 20 years to the life of this Tier One mine.

On the exploration front, drilling across Barrick’s brownfields portfolio has confirmed significant growth potential at Dorothy and Greater Leeville in Nevada, Gara West in Mali, North Mara in Tanzania, and Jabal Sayid in Saudi Arabia. Greenfields exploration continues to deliver new opportunities across Barrick’s expanding global footprint.

“The past year has seen a further deterioration in geopolitics and the dawn of a new era of high inflation, high interest rates and high risk. In this period of global uncertainty, gold outperformed most asset classes. Barrick is the largest gold miner in the United States and in Africa. If you factor in the ounces produced under our management,^15 we’re the largest in the world. We’ve been building our copper portfolio and when Reko Diq comes on stream it will lift us into the premier league of copper producers. Given these resources, our proven strategy and our global expertise, I believe the case for investment in Barrick is becoming increasingly compelling,” Bristow said.

*Key Performance Indicators*

*Best Assets*

· Tier One^12 assets deliver significant growth in gold reserves and resources
· Completed the reconstitution of the Reko Diq project — one of the world’s largest undeveloped gold and copper deposits
· Copper resource growth driven by Lumwana Super Pit and Reko Diq
· Stronger Q4 performance from Cortez, Carlin and Tongon results in full year gold production of 4.14 million ounces^2
· Record throughput at Pueblo Viejo; reserve growth delivers a 20+ year life of mine^13
· Commissioning of Pueblo Viejo plant expansion has commenced
· Goldrush permitting moves forward another step with Notice of Availability briefing package submitted
· Turquoise Ridge Third Shaft commissioned
· Strong drilling intersections across brownfields portfolio confirms growth potential (Dorothy, Morro Escondido, Gara West, Jabal Sayid, North Mara, Greater Leeville), while greenfields work continues to develop a pipeline of exciting targets
*Leader in Sustainability*

· Group-wide safety review prioritises Journey to Zero roadmap
· Zero Class 1^14 or high significance environmental incidents
· Greenhouse gas emissions reduction roadmap on track
· Water management recycling targets achieved
· Rhino reintroduction project contributes another significant biodiversity component to the greater Garamba nature initiative
*Delivering Value*

· Moody’s upgrades Barrick’s long-term credit rating from Baa1 to A3, making Barrick the highest-rated company in the gold mining industry
· Strategic repurchase of long-term debt at a discount to par reduces future interest payments
· Record returns of $1.6 billion to shareholders in 2022
*Financial and Operating Highlights*

*Financial Results* *Q4 2022* Q3 2022 *2022* 2021
Realized gold price^2,3
($ per ounce) *1,728* 1,722 *1,795* 1,790
Net earnings
($ millions) *(735* *)* 241 *432* 2,022
Adjusted net earnings^4
($ millions) *220* 224 *1,326* 2,065
Net cash provided by operating activities
($ millions) *795* 758 *3,481* 4,378
Free cash flow^5
($ millions) *(96* *)* (34 ) *432* 1,943
Net earnings per share ($) *(0.42* *)* 0.14 *0.24* 1.14
Adjusted net earnings per share^4 ($) *0.13* 0.13 *0.75* 1.16
Attributable capital expenditures^6,7
($ millions) *743* 609 *2,417* 1,951
*Operating Results* *Q4 2022* Q3 2022 *2022* 2021
*Gold*
Production^2
(thousands of ounces) *1,120* 988 *4,141* 4,437
Cost of sales^2,8
($ per ounce) *1,324* 1,226 *1,241* 1,093
Total cash costs^2,9
($ per ounce) *868* 891 *862* 725
All-in sustaining costs^2,9
($ per ounce) *1,242* 1,269 *1,222* 1,026
*Copper*
Production^2
(millions of pounds) *96* 123 *440* 415
Cost of sales^2,10
($ per pound) *3.19* 2.30 *2.43* 2.32
C1 cash costs^2,11
($ per pound) *2.25* 1.86 *1.89* 1.72
All-in sustaining costs^2,11
($ per pound) *3.98* 3.13 *3.18* 2.62

*Q4 and Full Year 2022 Results Presentation*
*Webinar and Conference Call*

President and CEO Mark Bristow will host a live presentation today at 11:00 EST / 16:00 UTC, 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 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

*Q4 Dividend Declared with Record Annual Returns to Shareholders in 2022*

*Barrick today declared of a dividend of $0.10 per share for the fourth quarter of 2022. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q4 2022 dividend will be paid on March 15, 2023 to shareholders of record at the close of business on February 28, 2023.*

In addition to the dividends paid in 2022, Barrick repurchased 24.25 million shares under the share buyback program that was announced in February 2022. As a result, $1.6 billion of cash was returned to shareholders through dividends and share buybacks during the year, exceeding the record $1.4 billion of distributions made in 2021.

“On the back of the company’s continuing strong operating performance, through the combination of the performance dividend policy and share buyback program, we have once again provided shareholders with record annual returns,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

*Barrick Announces New Share Buyback Program*

*Barrick plans to undertake a new share repurchase program to buy back additional common shares.*

Barrick’s Board of Directors has authorized a new program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law. In connection with the new share repurchase program, Barrick has terminated the share repurchase program announced by the Company on February 16, 2022. The Company repurchased $424 million in common shares under its 2022 share repurchase program.

“After the success of last year’s buyback program, this new program gives us a further opportunity to repurchase our shares when we believe that they are trading in a price range that does not reflect the value of the Company’s mining and financial assets and future business prospects,” said Mark Bristow, President and Chief Executive. “We continue to have the financial strength to undertake this program.”

Under the program, repurchases can be made from time to time through published markets in the United States such as the New York Stock Exchange using a variety of methods, including open market purchases, as well as by any other means permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements.

Barrick believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value. The actual number of shares that may be purchased, if any, and the timing of such purchases, will be determined by Barrick based on a number of factors, including the Company’s financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.

The repurchase program does not obligate the Company to acquire any particular number of common shares, and the program may be suspended or discontinued at any time at the Company’s discretion.

*Significant Increase in Resources and Reseves Underpins Industry-Leading Production Profile Growth*

*Barrick grew attributable proven and probable gold mineral reserves by 6.7 million ounces net of depletion in 2022, while maintaining grade despite an increase in the reserve price assumption. *

Reported at $1,300/oz^16, attributable proven and probable mineral reserves now stand at 76 million ounces^17 at 1.67g/t, increasing from 69 million ounces^18 at 1.71g/t reported at $1,200/oz^16 in 2021. Led by Pueblo Viejo and the Africa & Middle East region, Barrick has now delivered a second consecutive year of gold reserve growth over and above annual depletion, with nearly 12 million ounces^17 of attributable proven and probable reserve gains in 2022 before depletion.

Successful exploration at both the Lumwana and Jabal Sayid mines drove the growth of attributable proven and probable copper reserves by 640 million pounds^17, notwithstanding an increase in the annual reserve price assumption to $3.00/lb.^16 As a result, Barrick replaced 103% of annual global depletion at consistent quality, effectively maintaining attributable proven and probable copper mineral reserves of 12 billion pounds^17 at 0.38% in 2022.

Total attributable gold mineral resources grew by nearly 10% relative to 2021, and total attributable copper mineral resources more than doubled, growing by 124% year over year, both net of annual depletion. This growth was driven by the successful completion of a preliminary economic assessment supporting the Lumwana Super Pit expansion, and the incorporation of Reko Diq following the reconstitution of the project in December 2022. Attributable measured and indicated gold resources for 2022 stand at 180 million ounces^17 at 1.07g/t, with a further 42 million ounces^17 at 0.8g/t of inferred resources. Attributable measured and indicated copper resources for 2022 stand at 44 billion pounds^17 at 0.39%, with a further 15 billion pounds^17 at 0.4% of inferred resources. Mineral resources are reported inclusive of reserves and for 2022, are based on a gold price of $1,700/oz^16 and a copper price of $3.75/lb.^16

President and chief executive Mark Bristow said in a sector of diminishing reserves and resources, Barrick’s strategy of investing in organic growth through exploration and mineral resource management has replenished and delivered significant value within the company’s asset base.

“While we continue to evaluate all new opportunities against our strategic filters, we have always believed that finding our ounces is better than buying them, and this year’s resource and reserve statement showcases the unmatched potential of our organic growth pipeline,” said Bristow.

Mineral Resource Management and Evaluation Executive Simon Bottoms stated that basing the company’s reserve calculations at a price of $1,300/oz for gold^16 and $3.00/lb for copper^16 underpins our focus on quality assets.

“The substantial growth in our mineral resources lays the long-term foundation to potentially grow our current attributable production profile of approximately 5.5 million gold equivalent ounces^19 per year to approximately 6.5 million gold equivalent ounces^19 per year by the end of this decade, which would include production from Reko Diq and the Lumwana Super Pit,” said Bottoms.

In Africa, the Tier One operations led the growth in 2022 reserves, where Kibali completed an updated underground feasibility study on the 11000 lode, delivering a 0.62 million ounce^17 increase in attributable proven and probable reserves before depletion. Loulo-Gounkoto also delivered strong results replacing reserve depletion, which further extended the mine life by another year. Moving to Tanzania, the focus on underground expansion at Gokona in North Mara has delivered a 0.44 million ounce^17 increase in 2022 attributable proven and probable reserves before depletion.

The Lumwana copper mineral resource base grew by 89%, net of depletion, relative to 2021. This follows the completion of the preliminary economic assessment on the Super Pit expansion that demonstrates strong potential for a Tier One Copper Asset^12 and provides the basis for the ongoing pre-feasibility study.

Within the Latin America & Asia Pacific region, Pueblo Viejo completed a pre-feasibility study for the new Naranjo tailings storage facility (TSF), adding 6.5 million ounces of attributable proven and probable reserves^13,17 net of depletion, and extending the minelife beyond 2040. As a result, 2022 attributable proven and probable gold reserves for the region have increased to 27 million ounces^17 at 0.97g/t from 21 million ounces^18 at 0.83g/t in 2021.

The reconstitution of the Reko Diq project added an attributable 18 billion pounds of copper^17 at 0.44% with 15 million ounces gold^17 at 0.26g/t to indicated resources, and an attributable 4.6 billion pounds of copper^17 at 0.4% with 3.7 million ounces gold^17 at 0.2g/t to inferred resources. These mineral resources reflect only three porphyries (H13, H14, H15) as well as the Tanjeel deposit within the cluster of Western Porphyries. Alongside the ongoing feasibility study update, the team is also planning to evaluate further known porphyry occurrences within the mining lease area.

In North America, the completion of pre-feasibility studies for the Robertson open pit project at Cortez, as well as a new pushback in the Hemlo open pit were significant contributors to reserve growth. As a result, Robertson’s maiden attributable proven and probable gold reserves are estimated at 1.0 million ounces^17 at 0.46g/t. This represents a milestone for Cortez as a key source of oxide mill feed in the mine plan. Similarly, the new Hemlo open pit pushback is expected to commence in 2027 adding 0.86 million ounces^17 of gold at 1.49g/t to probable reserves. Combined with other updates across the region, this results in the growth of North America attributable proven and probable reserves by 1.8 million ounces^17 before depletion, with proven and probable attributable reserves for the region now estimated at 31 million ounces^17 at 2.54g/t. At the same time, attributable gold mineral resources also grew significantly, supporting future potential reserve growth in line with our strategy to fully replace depletion for the region within a five-year period. Measured and indicated attributable gold resources increased by 2.8 million ounces^17 to 73 million ounces^17 at 2.16 g/t, from 70 million ounces^18 at 2.22 g/t in 2021. Inferred attributable gold resources also increased to 17 million ounces^17 at 1.8 g/t, from 16 million ounces^18 at 2.0 g/t in 2021. Underground resource extension drilling at both Goldstrike and Leeville in Carlin were key drivers of this organic resource growth, as well as successful resource definition drilling at Goldrush and Robertson in Cortez, all of which support the potential for future reserve growth in this region.

*Reko Diq Set to Transform Balochistan*

*Reko Diq, which upon completion is expected to be one of the largest copper mines in the world as well as a major gold producer, will have an enormously beneficial impact on the remote and neglected province of Balochistan, and serve as a catalyst for increased foreign investment throughout Pakistan.*

The enormous mine, which will have a lifespan of multiple generations, is a partnership between Barrick, which owns 50% of the project and is the operator, the provincial government of Balochistan, which holds 25%, and three Pakistani state-owned enterprises, which share the remaining 25%. The shareholding structure is in line with Barrick’s policy of benefit-sharing partnerships with its host countries.

Barrick president and chief executive Mark Bristow says expanding its copper portfolio is one of the company’s key strategies and, in pursuing this, it considers the quality of potential assets in tandem with any risk factors in the jurisdictions that host them.

“Barrick is highly experienced in developing and operating profitable mines in some of the world’s frontier regions, which also happen to hold the greatest potential for new discoveries. In Pakistan, we have been impressed by the support we have received from our partners and by the efficiency with which the project agreements have been executed in a transparent process reviewed by the country’s Supreme Court,” he said.

“Reko Diq is a classic example of how mining can be at the forefront of the achievement of the United Nations’ Social Development Goals. It will transform the Chagai region by creating thousands of jobs and stimulating the development of the local economy. We have already started establishing the community development committees through which we’ll be identifying and investing in development projects, and have initiated a social baseline study. We’ve also entered into an agreement with the provincial government for the disbursement of social development funds and advance royalties, which will ensure that the people of Balochistan start reaping the rewards of Reko Diq even before it goes into production.”

Completion of the feasibility study is scheduled for the end of 2024 and first production is targeted for 2028. In line with Barrick’s local recruitment policy, a Balochistan native, Ali Ehsan Rind, was appointed as country manager and a project development team is being assembled, with preference given to people from the region.

*Africa & Middle East Region Shines Again*

*Barrick’s Africa & Middle East region (AME) delivered another stellar performance in 2022, meeting its gold and copper production guidance and continuing to grow its gold reserves over and above their annual depletion by mining.*

Speaking to media at Kinshasa in the Democratic Republic of Congo (DRC), president and chief executive Mark Bristow said the latest reserve replacement underpinned AME’s ability to maintain an approximate 2.2 million ounce^15,20 annual gold equivalent production run rate for the next 10 years, with the potential to extend this well beyond that horizon.^19

“At the time of the merger with Randgold, the AME region had two Tier One mines. The newly proposed expansion that forms the core component of the ongoing Lumwana Super Pit pre-feasibility study has the potential to create another Tier One asset within the region, significantly increasing the mine’s production and extending the life by 40 to 60 years. In the meantime, the successful transition to owner mining is unlocking further value at Lumwana. In line with Barrick’s strategy, we are further expanding our copper portfolio and opening up exciting new frontiers through exploration and joint ventures in Saudi Arabia and Egypt on the back of our very successful Jabal Sayid partnership.

The Tanzanian gold mines, North Mara and Bulyanhulu, continued building on the complete turnaround effected by Barrick when it took over their management in September 2019, maintaining Tier One production levels with a combined output of 546,576 ounces^15 in 2022. North Mara is now Tanzania’s largest taxpayer and Barrick’s footprint in Tanzania has been expanded through the acquisition of the Tembo licence. Through successful exploration, the Tongon gold mine in Côte d’Ivoire extended its life to 2026 and we continue to pursue growth through exploration to extend this further.

At the Kibali gold mine in the DRC, the mine’s three hydropower stations, supported by its battery storage system, kept energy costs at less than 5 cents per kWh during the wet season despite higher fuel prices. Plans are underway to add solar power and additional battery storage to further increase renewable energy usage.

AME’s estimated economic contribution to its host countries in 2022 exceeded $3.4 billion.^15

*Greening the Grid in Nevada*

*Nevada Gold Mines (NGM) has committed itself to achieving a 20% reduction in carbon (CO*[*2*]* equivalent) emissions by 2025. The reduction will be achieved through the construction of a 200MW solar power plant and the co-fire modification of the TS power plant which will enable it to use cleaner-burning natural gas as a fuel source.*

The solar facility, which will cover 500 hectares with 544,908 modules, is expected to go into commercial production in the second quarter of 2024 and will supply 17% of NGM’s annual energy needs and reduce CO[2] equivalent emissions by 254,000 tonnes per annum, an 8% reduction from NGM’s 2018 baseline. The TS power plant conversion project will cut an additional 526,000 tonnes of CO[2] equivalent emissions per year, a 16% reduction from NGM’s 2018 baseline.

Consistent with Barrick’s global policy of employing, partnering, and advancing host communities and countries, NGM partnered with three Nevada-based contractors and will

domestically source over 90% of materials for the solar project. An engineering firm utilizing Nevada-based resources provided support for the design and permitting for the TS power plant conversion project.

Both NGM and Barrick have a strong focus on environmental management practices and are committed custodians of the unique lands, waters, flora, and fauna within the state of Nevada. These projects are key to Barrick’s roadmap targeting a 30% reduction in global emissions by 2030, while maintaining a steady production profile, with the goal of achieving net-zero by 2050.

*Loulo-Gounkoto Complex Continues to Deliver Value to Stakeholders*

*Seventeen years after it went into production, Barrick’s Loulo-Gounkoto mining complex in Mali continues to demonstrate its value as a key socio-economic partner to the country.*

In 2022 it maintained its historically consistent performance by meeting its production guidance, solidified its long-term outlook and replaced its mined ounces for the fourth successive year. The initial development of a third underground mine at Gounkoto was commissioned and is on track to start ore production from stoping in the second quarter of 2023. Key geological structures within the Loulo district have indicated the potential for further discoveries.

Speaking to media at the mine recently, Barrick president and chief executive Mark Bristow said last year the complex contributed $260 million directly to the Malian economy in the form of dividends, royalties and taxes. Indirect contributions, including payments of salaries and to suppliers, totalled $570 million.

“We continue to promote and develop our local partnerships, creating and contracting an all-Malian joint venture to mine the new Gara West open pit and engaging a Malian contractor to work with an international mining company on the pushback of the new Yalea pit. It’s worth noting that our strong partnership network has been a significant factor in enabling Loulo-Gounkoto to maintain an exemplary performance in the face of the many challenges recently experienced by Mali,” Bristow said.

In line with Barrick’s GHG emissions reduction strategy, Loulo-Gounkoto is expanding its solar power plant by 40MW, targeting an annual CO[2]-e savings of more than 62kt. Since its commissioning in the third quarter of 2020, the solar power plant has cut emissions by 57,000 tonnes of CO[2] equivalent emissions.

*All-Terrain Woman*

Pueblo Viejo heavy equipment operator Kimin Chonjo has become the first female Dominican to operate a DI650 drill in Central America and the Caribbean. Chonjo’s achievement was confirmed by Sandvik, the manufacturer of the DI650, which is a self-contained, track-mounted, down-the-hole, diesel-powered drill rig, designed for demanding, high-capacity, large-scale production drilling applications in surface mining and quarries.

Born in the Dominican Republic, Kimin joined Pueblo Viejo in 2012 and is part of the Mine Operations team. When she started working for Pueblo Viejo, she enrolled in training programs, where she developed the skills and abilities to safely operate six different types of heavy machinery. “Being an operator and managing all this equipment fills me with great satisfaction and joy. I see myself as a warrior, showing other women that through Barrick I have the opportunity to be an all-terrain woman,” Chonjo says.

*Speaking Up to Stop*

Open pit superintendent Heather Dahlman has been recognized by her colleagues at NGM for courageous leadership. Dahlman received the Zero Harm trophy, part of the DNA Awards program at NGM, for recognizing that safety could be improved on a particular task and stopping work — even though the task was a high priority — to improve safety around the procedure.

“For all of us at times, it can be intimidating to speak up,” says Dahlman. “But knowing it could save a life is what gives me the courage to do so, no matter what the job is. The Stop Unsafe Work Authority is the greatest tool that NGM can give us. I have the responsibility to progress safety and speak up when I see something happening — and I expect others to do the same and watch out for me. We are a team and we need each other in this journey.”

*Ladies Lead in Development*

Fourteen women employed across Barrick’s mines in the Africa and Middle East region have completed the Professional Management Development course at the University of Cape Town’s Graduate School of Business. These women were selected based on their value-adding contributions in their respective field as well as on their future leadership potential.

*APPENDIX*

*2023 Operating and Capital Expenditure Guidance*

*GOLD PRODUCTION AND COSTS* 2023 forecast attributable production (000s ozs) 2023 forecast cost of sales^8 ($/oz) 2023 forecast total cash costs^9 ($/oz) 2023 forecast all-in sustaining costs^9 ($/oz)
Carlin (61.5%)^21 910 - 1,000 1,030 - 1,110 820 - 880 1,250 - 1,330
Cortez (61.5%)^22 580 - 650 1,080 - 1,160 680 - 740 930 - 1,010
Turquoise Ridge (61.5%) 300 - 340 1,290 - 1,370 900 - 960 1,170 - 1,250
Phoenix (61.5%) 100 - 120 1,860 - 1,940 880 - 940 1,110 - 1,190
Long Canyon (61.5%) 0 - 10 2,120 - 2,200 730 - 790 1,080 - 1,160
Nevada Gold Mines (61.5%) 1,900 - 2,100 1,140 - 1,220 790 - 850 1,140 - 1,220
Hemlo 150 - 170 1,400 - 1,480 1,210 - 1,270 1,590 - 1,670
North America 2,100 - 2,300 1,160 - 1,240 820 - 880 1,170 - 1,250
Pueblo Viejo (60%) 470 - 520 1,130 - 1,210 710 - 770 960 - 1,040
Veladero (50%) 160 - 180 1,630 - 1,710 1,060 - 1,120 1,550 - 1,630
Porgera (47.5%)^23 — — — —
Latin America & Asia Pacific 630 - 700 1,260 - 1,340 800 - 860 1,110 - 1,190
Loulo-Gounkoto (80%) 510 - 560 1,100 - 1,180 750 - 810 1,070 - 1,150
Kibali (45%) 320 - 360 1,080 - 1,160 710 - 770 880 - 960
North Mara (84%) 230 - 260 1,120 - 1,200 900 - 960 1,240 - 1,320
Bulyanhulu (84%) 160 - 190 1,230 - 1,310 880 - 940 1,160 - 1,240
Tongon (89.7%) 180 - 210 1,260 - 1,340 1,070 - 1,130 1,240 - 1,320
Africa and Middle East 1,450 - 1,600 1,130 - 1,210 820 - 880 1,080 - 1,160
*Total attributable to Barrick*^*24,25,26* 4,200 - 4,600 1,170 - 1,250 820 - 880 1,170 - 1,250
*COPPER PRODUCTION AND COSTS* 2023 forecast attributable production (M lbs) 2023 forecast cost of sales^8 ($/lb) 2023 forecast C1 cash costs^9 ($/lb) 2023 forecast all-in sustaining costs^9 ($/lb) Lumwana 260 - 290 2.45 - 2.75 2.00 - 2.20 3.20 - 3.50 Zaldívar (50%) 100 - 110 3.40 - 3.70 2.60 - 2.80 2.90 - 3.20Jabal Sayid (50%) 65 - 75 1.80 - 2.10 1.50 - 1.70 1.60 - 1.90
*Total attributable to Barrick*^*25* 420 - 470 2.60 - 2.90 2.05 - 2.25 2.95 - 3.25
*ATTRIBUTABLE CAPITAL EXPENDITURES*^*7* (millions)
Attributable minesite sustaining^6,7 1,450 - 1,700
Attributable project^6,7 750 - 900
*Total attributable capital expenditures*^*7* 2,200 - 2,600 *2023 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS*
2023 guidance assumption Hypothetical change Impact on EBITDA^27 (millions) Impact on TCC and AISC^9,11
Gold price sensitivity $1,650/oz +/- $100/oz ‘+/-$590 ‘+/-$5/oz
Copper price sensitivity $3.50/lb ‘+/-$0.25/lb ‘+/- $110 ‘+/-$0.01/lb

*Mineral Reserves and Mineral Resources*

*Gold Mineral Reserves*^*1,2,3*
As at December 31, 2022 PROVEN PROBABLE TOTAL Tonnes Grade Contained
ozs Tonnes Grade Contained
ozs Tonnes Grade Contained
ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
*AFRICA AND MIDDLE EAST*
Bulyanhulu underground (84.00%) 2.2 7.16 0.50 11 6.18 2.2 13 6.34 2.7
Jabal Sayid surface 0.069 0.34 0.00076 — — — 0.069 0.34 0.00076
Jabal Sayid underground 5.8 0.20 0.038 7.5 0.39 0.094 13 0.31 0.13
Jabal Sayid (50.00%) total 5.9 0.21 0.039 7.5 0.39 0.094 13 0.31 0.13
Kibali surface 5.4 2.07 0.36 15 2.19 1.0 20 2.16 1.4
Kibali underground 9.1 4.31 1.3 14 4.15 1.9 23 4.21 3.2
Kibali (45.00%) total 14 3.47 1.6 29 3.15 3.0 44 3.26 4.6
Loulo-Gounkoto surface 11 2.48 0.89 14 2.78 1.3 25 2.65 2.2
Loulo-Gounkoto underground 8.9 4.86 1.4 19 5.04 3.1 28 4.98 4.5
Loulo-Gounkoto (80.00%) total 20 3.54 2.3 34 4.08 4.4 54 3.87 6.7
North Mara surface 0.25 3.43 0.028 29 2.05 1.9 29 2.06 2.0
North Mara underground 0.21 3.68 0.025 9.3 3.42 1.0 9.5 3.43 1.0
North Mara (84.00%) total 0.46 3.55 0.053 39 2.38 2.9 39 2.40 3.0
Tongon surface (89.70%) 3.9 2.36 0.30 3.9 2.14 0.26 7.8 2.25 0.56
*AFRICA AND MIDDLE EAST TOTAL* 47 3.17 4.8 120 3.24 13 170 3.22 18
*LATIN AMERICA AND ASIA PACIFIC*
Norte Abierto surface (50.00%) 110 0.65 2.4 480 0.59 9.2 600 0.60 12
Porgera surface^4 — — — 5.0 3.55 0.57 5.0 3.55 0.57
Porgera underground^4 0.66 6.69 0.14 2.2 7.05 0.51 2.9 6.96 0.65
Porgera (24.50%) total^4 0.66 6.69 0.14 7.2 4.64 1.1 7.9 4.81 1.2
Pueblo Viejo surface (60.00%) 35 2.29 2.6 140 2.16 9.7 170 2.19 12
Veladero surface (50.00%) 8.0 0.41 0.11 77 0.74 1.8 85 0.71 1.9
*LATIN AMERICA AND ASIA PACIFIC TOTAL* 160 1.02 5.2 710 0.96 22 870 0.97 27
*NORTH AMERICA*
Carlin surface 9.8 2.48 0.79 63 2.24 4.6 73 2.27 5.4
Carlin underground 11 9.27 3.3 6.0 7.90 1.5 17 8.79 4.8
Carlin (61.50%) total 21 6.07 4.1 69 2.73 6.1 90 3.50 10
Cortez surface 0.76 2.65 0.065 110 0.88 3.0 110 0.90 3.1
Cortez underground^5 0.60 9.44 0.18 26 7.74 6.4 26 7.78 6.5
Cortez (61.50%) total 1.4 5.63 0.25 130 2.22 9.4 130 2.26 9.6
Hemlo surface — — — 18 1.49 0.86 18 1.49 0.86
Hemlo underground 0.50 4.93 0.079 4.6 4.87 0.73 5.1 4.88 0.81
Hemlo (100%) total 0.50 4.93 0.079 23 2.19 1.6 23 2.25 1.7
Phoenix surface (61.50%) 8.5 0.71 0.19 96 0.58 1.8 100 0.59 2.0
Turquoise Ridge surface 10 2.29 0.75 0.28 1.38 0.013 11 2.27 0.77
Turquoise Ridge underground 10 10.20 3.4 12 9.51 3.8 23 9.82 7.2
Turquoise Ridge (61.50%) total 21 6.26 4.1 13 9.33 3.8 33 7.43 8.0
*NORTH AMERICA TOTAL* 52 5.24 8.7 330 2.12 23 380 2.54 31
*TOTAL* *260* *2.26* *19* *1,200* *1.53* *57* *1,400* *1.67* *76*
See “Mineral Reserves and Resources Endnotes”.

*Copper Mineral Reserves*^*1,2,3,7*
As at December 31, 2022 PROVEN PROBABLE TOTAL Tonnes Cu
Grade Contained
Cu Tonnes Cu
Grade Contained
Cu Tonnes Cu
Grade Contained
Cu
Based on attributable pounds (Mt) (%) (Mlb) (Mt) (%) (Mlb) (Mt) (%) (Mlb)
*AFRICA AND MIDDLE EAST*
Bulyanhulu underground (84.00%) 2.2 0.33 16 11 0.34 84 13 0.34 100
Jabal Sayid surface 0.069 2.64 4.0 — — — 0.069 2.64 4.0
Jabal Sayid underground 5.8 2.25 290 7.5 2.28 380 13 2.26 670
Jabal Sayid (50.00%) total 5.9 2.25 290 7.5 2.28 380 13 2.27 670
Lumwana surface (100%) 89 0.51 1,000 390 0.59 5,200 480 0.58 6,200
*AFRICA AND MIDDLE EAST TOTAL* 97 0.61 1,300 410 0.62 5,600 510 0.62 7,000
*LATIN AMERICA AND ASIA PACIFIC*
Norte Abierto surface (50.00%) 110 0.19 480 480 0.23 2,400 600 0.22 2,900
Zaldívar surface (50.00%) 170 0.44 1,600 38 0.31 260 210 0.42 1,900
*LATIN AMERICA AND ASIA PACIFIC TOTAL* 280 0.34 2,100 520 0.23 2,700 810 0.27 4,800
*NORTH AMERICA*
Phoenix surface (61.50%) 11 0.16 40 130 0.16 470 140 0.16 510
*NORTH AMERICA TOTAL* 11 0.16 40 130 0.16 470 140 0.16 510
*TOTAL* *390* *0.40* *3,500* *1,100* *0.37* *8,800* *1,500* *0.38* *12,000*
See “Mineral Reserves and Resources Endnotes”.

*Silver Mineral Reserves*^*1,2,3,7*
As at December 31, 2022 PROVEN PROBABLE TOTAL Tonnes Ag
Grade Contained
Ag Tonnes Ag
Grade Contained
Ag Tonnes Ag
Grade Contained
Ag
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
*AFRICA AND MIDDLE EAST*
Bulyanhulu underground (84.00%) 2.2 6.90 0.48 11 5.91 2.1 13 6.07 2.6
*AFRICA AND MIDDLE EAST TOTAL* 2.2 6.90 0.48 11 5.91 2.1 13 6.07 2.6
*LATIN AMERICA AND ASIA PACIFIC*
Norte Abierto surface (50.00%) 110 1.91 7.0 480 1.43 22 600 1.52 29
Pueblo Viejo surface (60.00%) 35 12.94 15 140 13.76 62 170 13.60 76
Veladero surface (50.00%) 8.0 12.72 3.3 77 14.62 36 85 14.44 39
*LATIN AMERICA AND ASIA PACIFIC TOTAL* 160 4.92 25 700 5.34 120 860 5.26 150
*NORTH AMERICA*
Phoenix surface (61.50%) 8.5 7.46 2.0 96 6.24 19 100 6.34 21
*NORTH AMERICA TOTAL* 8.5 7.46 2.0 96 6.24 19 100 6.34 21
*TOTAL* *170* *5.07* *28* *810* *5.45* *140* *980* *5.39* *170*
See “Mineral Reserves and Resources Endnotes”.

*Gold Mineral Resources*^*1,3,8,9*
As at December 31, 2022 MEASURED (M)^10 INDICATED (I)^10 (M) + (I)^10 INFERRED^11 Tonnes Grade Contained
ozs Tonnes Grade Contained
ozs Contained
ozs Tonnes Grade Contained
ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
*AFRICA AND MIDDLE EAST*
Bulyanhulu surface 0.0029 6.70 0.00062 — — — 0.00062 — — —
Bulyanhulu underground 3.3 10.24 1.1 21 5.88 3.9 5.0 17 8.4 4.6
Bulyanhulu (84.00%) total 3.3 10.24 1.1 21 5.88 3.9 5.0 17 8.4 4.6
Jabal Sayid surface 0.069 0.34 0.00076 — — — 0.00076 — — —
Jabal Sayid underground 7.8 0.33 0.083 7.3 0.41 0.097 0.18 1.5 0.6 0.027
Jabal Sayid (50.00%) total 7.9 0.33 0.084 7.3 0.41 0.097 0.18 1.5 0.6 0.027
Kibali surface 7.4 2.19 0.52 26 2.06 1.7 2.2 4.8 2.1 0.32
Kibali underground 12 4.63 1.8 24 3.97 3.1 4.9 8.4 2.9 0.79
Kibali (45.00%) total 20 3.70 2.3 50 2.98 4.8 7.1 13 2.6 1.1
Loulo-Gounkoto surface 12 2.49 0.97 16 2.90 1.5 2.4 6.5 1.9 0.38
Loulo-Gounkoto underground 17 4.39 2.5 28 4.63 4.2 6.7 16 2.9 1.5
Loulo-Gounkoto (80.00%) total 30 3.61 3.4 44 4.02 5.7 9.1 22 2.6 1.9
North Mara surface 18 2.25 1.3 23 1.79 1.3 2.6 4.1 1.4 0.19
North Mara underground 0.77 2.28 0.057 28 2.21 2.0 2.0 15 1.6 0.75
North Mara (84.00%) total 18 2.25 1.3 50 2.02 3.3 4.6 19 1.6 0.93
Tongon surface (89.70%) 4.5 2.57 0.37 5.3 2.32 0.40 0.77 0.82 2.5 0.064
*AFRICA AND MIDDLE EAST TOTAL* 83 3.23 8.7 180 3.18 18 27 73 3.7 8.6
*LATIN AMERICA AND ASIA PACIFIC*
Alturas surface (100%) — — — — — — — 180 0.9 5.4
Norte Abierto surface (50.00%) 190 0.63 3.9 1,100 0.53 19 22 370 0.4 4.4
Pascua Lama surface (100%) 43 1.86 2.6 390 1.49 19 21 15 1.7 0.86
Porgera surface^4 0.39 3.98 0.049 14 2.78 1.3 1.3 6.1 2.2 0.43
Porgera underground^4 0.99 6.16 0.20 5.0 6.04 0.97 1.2 1.8 6.6 0.39
Porgera (24.50%) total^4 1.4 5.55 0.25 19 3.62 2.3 2.5 8.0 3.2 0.82
Pueblo Viejo surface (60.00%) 46 2.08 3.1 190 1.99 12 15 4.6 1.8 0.26
Reko Diq surface (50.00%)^6 — — — 1,800 0.26 15 15 570 0.2 3.7
Veladero surface (50.00%) 9.1 0.40 0.12 120 0.71 2.6 2.8 14 0.6 0.27
*LATIN AMERICA AND ASIA PACIFIC TOTAL* 290 1.06 9.9 3,600 0.60 69 79 1,200 0.4 16
See “Mineral Reserves and Resources Endnotes”.

*Gold Mineral Resources*^*1,3,8,9*
As at December 31, 2022 MEASURED (M)^10 INDICATED (I)^10 (M) + (I)^10 INFERRED^11 Tonnes Grade Contained
ozs Tonnes Grade Contained
ozs Contained
ozs Tonnes Grade Contained
ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
*NORTH AMERICA*
Carlin surface 29 2.18 2.0 140 1.94 8.5 11 60 1.2 2.4
Carlin underground 24 7.80 5.9 13 6.74 2.7 8.7 13 7.3 3.2
Carlin (61.50%) total 53 4.69 8.0 150 2.35 11 19 73 2.3 5.5
Cortez surface 0.99 2.78 0.089 160 0.87 4.4 4.5 110 0.4 1.5
Cortez underground^5 1.3 7.66 0.32 37 6.87 8.3 8.6 15 5.9 2.9
Cortez (61.50%) total 2.3 5.53 0.40 190 2.02 13 13 130 1.1 4.4
Donlin surface (50.00%) 3.9 2.52 0.31 270 2.24 19 20 46 2.0 3.0
Fourmile underground (100%) — — — 1.5 10.01 0.49 0.49 7.8 10.5 2.7
Hemlo surface — — — 42 1.40 1.9 1.9 2.4 1.0 0.079
Hemlo underground 0.72 5.11 0.12 11 4.80 1.6 1.8 3.0 5.1 0.50
Hemlo (100%) total 0.72 5.11 0.12 52 2.09 3.5 3.6 5.4 3.3 0.58
Long Canyon surface 0.30 3.53 0.034 4.9 2.56 0.41 0.44 1.1 0.9 0.029
Long Canyon underground — — — 1.1 10.68 0.38 0.38 0.53 9.1 0.16
Long Canyon (61.50%) total 0.30 3.53 0.034 6.1 4.05 0.79 0.82 1.6 3.6 0.18
Phoenix surface (61.50%) 12 0.64 0.25 230 0.50 3.6 3.9 30 0.3 0.32
Turquoise Ridge surface 24 2.14 1.6 21 2.07 1.4 3.0 6.7 1.7 0.37
Turquoise Ridge underground 13 9.49 3.9 19 8.51 5.3 9.2 1.9 6.9 0.42
Turquoise Ridge (61.50%) total 36 4.72 5.5 40 5.19 6.6 12 8.6 2.9 0.79
*NORTH AMERICA TOTAL* 110 4.18 15 940 1.93 58 73 300 1.8 17
*TOTAL* *480* *2.13* *33* *4,700* *0.96* *150* *180* *1,500* *0.8* *42*
See “Mineral Reserves and Resources Endnotes”.

*Copper Mineral Resources*^*1,3,7,8,9*
As at December 31, 2022 MEASURED (M)^10 INDICATED (I)^10 (M) + (I)^10 INFERRED^11 Tonnes Grade Contained
lbs Tonnes Grade Contained
lbs Contained
lbs Tonnes Grade Contained
lbs
Based on attributable pounds (Mt) (%) (Mlb) (Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb)
*AFRICA AND MIDDLE EAST*
Bulyanhulu surface 0.0029 0.32 0.021 — — — 0.021 — — —
Bulyanhulu underground 3.3 0.44 32 21 0.31 140 170 17 0.4 130
Bulyanhulu (84.00%) total 3.3 0.44 32 21 0.31 140 170 17 0.4 130
Jabal Sayid surface 0.069 2.64 4.0 — — — 4.0 — — —
Jabal Sayid underground 7.8 2.60 450 7.3 2.36 380 830 1.5 1.3 44
Jabal Sayid (50.00%) total 7.9 2.60 450 7.3 2.36 380 830 1.5 1.3 44
Lumwana surface (100%) 140 0.48 1,500 960 0.55 12,000 13,000 820 0.5 8700
*AFRICA AND MIDDLE EAST TOTAL* 150 0.59 2,000 990 0.56 12,000 14,000 840 0.5 8,900
*LATIN AMERICA AND ASIA PACIFIC*
Norte Abierto surface (50.00%) 170 0.21 790 1,000 0.21 4,700 5,500 360 0.2 1,400
Reko Diq surface (50.00%)^6 — — — 1,900 0.44 18,000 18,000 590 0.4 4,600
Zaldívar surface (50.00%) 360 0.40 3,200 200 0.37 1,600 4,800 20 0.4 160
*LATIN AMERICA AND ASIA PACIFIC TOTAL* 530 0.34 4,000 3,100 0.36 25,000 29,000 970 0.3 6,200
*NORTH AMERICA*
Phoenix surface (61.50%) 15 0.15 52 320 0.15 1,000 1,100 32 0.1 93
*NORTH AMERICA TOTAL* 15 0.15 52 320 0.15 1,000 1,100 32 0.1 93
*TOTAL* *700* *0.39* *6,000* *4,500* *0.39* *38,000* *44,000* *1,800* *0.4* *15,000*
See “Mineral Reserves and Resources Endnotes”.

*Silver Mineral Resources*^*1,3,7,8,9*
As at December 31, 2022 MEASURED (M)^10 INDICATED (I)^10 (M) + (I)^10 INFERRED^11 Tonnes Ag
Grade Contained
Ag Tonnes Ag
Grade Contained
Ag Contained
Ag Tonnes Ag
Grade Contained
Ag
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
*AFRICA AND MIDDLE EAST*
Bulyanhulu surface 0.0029 7.00 0.00065 — — — 0.00065 — — —
Bulyanhulu underground 3.3 8.52 0.90 21 5.54 3.7 4.6 17 6.2 3.4
Bulyanhulu (84.00%) total 3.3 8.52 0.90 21 5.54 3.7 4.6 17 6.2 3.4
*AFRICA AND MIDDLE EAST TOTAL* 3.3 8.52 0.90 21 5.54 3.7 4.6 17 6.2 3.4
*LATIN AMERICA AND ASIA PACIFIC*
Norte Abierto surface (50.00%) 190 1.62 10 1,100 1.23 43 53 370 1.0 11
Pascua-Lama surface (100%) 43 57.21 79 390 52.22 660 740 15 17.8 8.8
Pueblo Viejo surface (60.00%) 46 11.69 17 190 12.32 75 92 4.6 10.5 1.5
Veladero surface (50.00%) 9.1 11.39 3.3 120 14.42 54 57 14 14.3 6.3
*LATIN AMERICA AND ASIA PACIFIC TOTAL* 290 11.73 110 1,800 14.51 830 940 400 2.2 28
*NORTH AMERICA*
Phoenix surface (61.50%) 12 6.80 2.7 230 5.79 42 45 30 5.6 5.4
*NORTH AMERICA TOTAL* 12 6.80 2.7 230 5.79 42 45 30 5.6 5.4
*TOTAL* *310* *11.50* *110* *2,000* *13.44* *880* *990* *450* *2.5* *37*
See “Mineral Reserves and Resources Endnotes”.

*Summary Gold Mineral Reserves*^*1,2,3*
For the years ended December 31 *2022* 2021 *Ownership* *Tonnes* *Grade* *Ounces* Ownership Tonnes Grade Ounces
Based on attributable ounces *%* *(Mt)* *(g/t)* *(Moz)* % (Mt) (g/t) (Moz)
*AFRICA AND MIDDLE EAST*
Bulyanhulu surface *84.00**%* *—* *—* *—* 84.00% 0.00010 10.42 0.000035
Bulyanhulu underground *84.00**%* *13* *6.34* *2.7* 84.00% 10 7.76 2.5
Bulyanhulu Total *84.00**%* *13* *6.34* *2.7* 84.00% 10 7.76 2.5
Jabal Sayid surface *50.00**%* *0.069* *0.34* *0.00076* 50.00% 0.072 0.34 0.00079
Jabal Sayid underground *50.00**%* *13* *0.31* *0.13* 50.00% 13 0.26 0.11
Jabal Sayid Total *50.00**%* *13* *0.31* *0.13* 50.00% 13 0.26 0.11
Kibali surface *45.00**%* *20* *2.16* *1.4* 45.00% 17 2.45 1.3
Kibali underground *45.00**%* *23* *4.21* *3.2* 45.00% 21 4.54 3.0
Kibali Total *45.00**%* *44* *3.26* *4.6* 45.00% 37 3.60 4.3
Loulo-Gounkoto surface *80.00**%* *25* *2.65* *2.2* 80.00% 22 2.98 2.1
Loulo-Gounkoto underground *80.00**%* *28* *4.98* *4.5* 80.00% 29 4.86 4.6
Loulo-Gounkoto Total *80.00**%* *54* *3.87* *6.7* 80.00% 51 4.06 6.7
North Mara surface *84.00**%* *29* *2.06* *2.0* 84.00% 38 1.73 2.1
North Mara underground *84.00**%* *9.5* *3.43* *1.0* 84.00% 6.8 3.44 0.75
North Mara Total *84.00**%* *39* *2.40* *3.0* 84.00% 44 1.99 2.8
Tongon surface *89.70**%* *7.8* *2.25* *0.56* 89.70% 7.9 1.87 0.47
*AFRICA AND MIDDLE EAST TOTAL* *170* *3.22* *18* 160 3.22 17
*LATIN AMERICA AND ASIA PACIFIC*
Norte Abierto surface *50.00**%* *600* *0.60* *12* 50.00% 600 0.60 12
Porgera surface^4 *24.50**%* *5.0* *3.55* *0.57* 24.50% 4.8 3.66 0.56
Porgera underground^4 *24.50**%* *2.9* *6.96* *0.65* 24.50% 3.2 6.34 0.66
Porgera Total^4 *24.50**%* *7.9* *4.81* *1.2* 24.50% 8.0 4.75 1.2
Pueblo Viejo surface *60.00**%* *170* *2.19* *12* 60.00% 76 2.22 5.4
Veladero surface *50.00**%* *85* *0.71* *1.9* 50.00% 90 0.77 2.2
*LATIN AMERICA AND ASIA PACIFIC TOTAL* *870* *0.97* *27* 770 0.83 21
*NORTH AMERICA*
Carlin surface *61.50**%* *73* *2.27* *5.4* 61.50% 84 2.23 6.0
Carlin underground *61.50**%* *17* *8.79* *4.8* 61.50% 19 8.86 5.4
Carlin Total *61.50**%* *90* *3.50* *10* 61.50% 100 3.46 11
Cortez surface *61.50**%* *110* *0.90* *3.1* 61.50% 39 1.68 2.1
Cortez underground^5 *61.50**%* *26* *7.78* *6.5* 61.50% 27 7.79 6.7
Cortez Total *61.50**%* *130* *2.26* *9.6* 61.50% 65 4.17 8.8
Hemlo surface *100**%* *18* *1.49* *0.86* 100% 0.018 0.32 0.00018
Hemlo underground *100**%* *5.1* *4.88* *0.81* 100% 6.4 5.18 1.1
Hemlo Total *100**%* *23* *2.25* *1.7* 100% 6.4 5.16 1.1
Long Canyon surface *61.50**%* *—* *—* *—* 61.50% 0.61 1.18 0.023
Phoenix surface *61.50**%* *100* *0.59* *2.0* 61.50% 100 0.60 2.0
Turquoise Ridge surface *61.50**%* *11* *2.27* *0.77* 61.50% 26 2.05 1.7
Turquoise Ridge underground *61.50**%* *23* *9.82* *7.2* 61.50% 21 10.39 6.9
Turquoise Ridge Total *61.50**%* *33* *7.43* *8.0* 61.50% 46 5.74 8.6
*NORTH AMERICA TOTAL* *380* *2.54* *31* 330 3.04 32
*TOTAL* *1,400* *1.67* *76* *1,300* *1.71* *69*
See “Mineral Reserves and Resources Endnotes”.

*Mineral Reserves and Resources Endnotes*

1. Mineral reserves (“reserves”) and mineral resources (“resources”) have been estimated as at December 31, 2022 (unless otherwise noted) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. For United States reporting purposes, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which was rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured”, “indicated” and “inferred” mineral resources. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required by NI 43-101. U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors are cautioned not to assume that any part or all of Barrick’s mineral resources constitute or will be converted into reserves. Mineral resource and mineral reserve estimations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Richard Peattie, Africa and Middle East Mineral Resource Manager, Chad Yuhasz, Latin America & Asia Pacific Mineral Resource Manager and Craig Fiddes, Manager - Resource Modeling, Nevada Gold Mines and reviewed by Simon Bottoms, Barrick’s Mineral Resource Management and Evaluation Executive. For 2022, reserves have been estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral reserves for 2022 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.30 per pound. The Zaldívar joint venture is operated by Antofagasta. Subsequent to the publication of Barrick’s press release of February 9, 2023, entitled “Focus on Tier One Assets Delivers Significant Increase in Resources and Reserves, Underpinning Industry-Leading Production Profile Growth” Antofagasta updated their assumed copper price for 2022 reserves from $3.10 per pound to $3.30 per pound, which does not change Barrick’s 2022 reserves and resources estimates for the joint venture as originally disclosed on February 9, 2023 and set forth in the tables above. For 2021, reserves were estimated based on an assumed gold price of US$1,200 per ounce, an assumed silver price of US$16.50 per ounce, and an assumed copper price of US$2.75 per pound and long-term average exchange rates of 1.30 CAD/US$., except at Zaldívar, where mineral reserves for 2021 were calculating using Antofagasta guidance and an assumed copper price of $3.10 per pound. Reserve estimates incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Barrick’s normal data verification procedures have been employed in connection with the calculations. Verification procedures include industry-standard quality control practices. Resources as at December 31, 2022 have been estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property.
2. In confirming our annual reserves for each of our mineral properties, projects, and operations, we conduct a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk costs and only considers future operating and closure expenses as well as any future capital costs.
3. All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu lb are reported to the second significant digit.
4. Porgera mineral reserves and mineral resources are reported on a 24.5% interest basis, reflecting Barrick’s expected ownership interest following the implementation of the binding February 3, 2022 Commencement Agreement. The Commencement Agreement provides, among other things, for ownership of Porgera to be held in a new joint venture owned 51% by Papua New Guinea (“PNG”) stakeholders and 49% by Barrick Niugini Limited (“BNL”) or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and will retain operatorship of the mine under the terms of the Commencement Agreement. Efforts are ongoing to execute the remaining definitive agreements to implement the Commencement Agreement and finalize a timeline for the reopening of the Porgera mine and resumption of full mine operations. For additional information, see page 48 of Barrick’s Fourth Quarter and Year End Report 2022.
5. Cortez underground includes 21 million tonnes at 7.27g/t for 4.9 million ounces of probable reserves, 29 million tonnes at 6.49g/t for 6.1 million ounces of indicated resources and 15 million tonnes at 5.9g/t for 2.8 million ounces of inferred resources related to Goldrush. As noted in endnote 9, mineral resources are reported on an inclusive basis.
6. Reko Diq mineral resources are reported on a 50% interest basis, reflecting Barrick’s ownership interest following the completion of the transaction allowing for the reconstitution of the project on December 15, 2022. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders. Barrick is the operator of the project. For additional information, see page 9 of Barrick’s Fourth Quarter and Year End Report 2022.
7. 2022 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper and silver mineral resources and mineral reserves.
8. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
9. Mineral resources are reported inclusive of mineral reserves.
10. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places.
11. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place.

*
Production and Cost Summary - Gold*
For the three months ended For the years ended *12/31/22* 9/30/22 Change *12/31/22* 12/31/21 Change
*Nevada Gold Mines LLC (61.5%)*^*a*
Gold produced (000s oz attributable basis) *516* 425 21 % *1,862* 2,036 (9 %)
Gold produced (000s oz 100% basis) *838* 691 21 % *3,028* 3,311 (9 %)
Cost of sales ($/oz) *1,257* 1,242 1 % *1,210* 1,072 13 %
Total cash costs ($/oz)^b *906* 924 (2 %) *876* 705 24 %
All-in sustaining costs ($/oz)^b *1,179* 1,333 (12 %) *1,214* 949 28 %
*Carlin (61.5%)*^*c*
Gold produced (000s oz attributable basis) *265* 229 16 % *966* 923 5 %
Gold produced (000s oz 100% basis) *432* 372 16 % *1,571* 1,501 5 %
Cost of sales ($/oz) *1,081* 1,137 (5 %) *1,069* 968 10 %
Total cash costs ($/oz)^b *878* 943 (7 %) *877* 782 12 %
All-in sustaining costs ($/oz)^b *1,217* 1,304 (7 %) *1,212* 1,087 11 %
*Cortez (61.5%)*^*d*
Gold produced (000s oz attributable basis) *140* 98 43 % *450* 509 (12 %)
Gold produced (000s oz 100% basis) *226* 160 43 % *731* 828 (12 %)
Cost of sales ($/oz) *1,284* 1,056 22 % *1,164* 1,122 4 %
Total cash costs ($/oz)^b *848* 770 10 % *815* 763 7 %
All-in sustaining costs ($/oz)^b *1,037* 1,426 (27 %) *1,258* 1,013 24 %
*Turquoise Ridge (61.5%)*
Gold produced (000s oz attributable basis) *78* 62 26 % *282* 334 (16 %)
Gold produced (000s oz 100% basis) *127* 102 26 % *459* 543 (16 %)
Cost of sales ($/oz) *1,518* 1,509 1 % *1,434* 1,122 28 %
Total cash costs ($/oz)^b *1,089* 1,105 (1 %) *1,035* 749 38 %
All-in sustaining costs ($/oz)^b *1,304* 1,423 (8 %) *1,296* 892 45 %
*Phoenix (61.5%)*
Gold produced (000s oz attributable basis) *30* 30 % *109* 109 %
Gold produced (000s oz 100% basis) *48* 47 % *177* 178 %
Cost of sales ($/oz) *1,901* 1,964 (3 %) *2,039* 1,922 6 %
Total cash costs ($/oz)^b *946* 953 (1 %) *914* 398 130 %
All-in sustaining costs ($/oz)^b *1,037* 1,084 (4 %) *1,074* 533 102 %
*Long Canyon (61.5%)*
Gold produced (000s oz attributable basis) *3* 6 (50 %) *55* 161 (66 %)
Gold produced (000s oz 100% basis) *5* 10 (50 %) *90* 261 (66 %)
Cost of sales ($/oz) *1,812* 1,769 2 % *1,282* 739 73 %
Total cash costs ($/oz)^b *616* 662 (7 %) *435* 188 131 %
All-in sustaining costs ($/oz)^b *664* 684 (3 %) *454* 238 91 %
*Pueblo Viejo (60%)*
Gold produced (000s oz attributable basis) *98* 121 (19 %) *428* 488 (12 %)
Gold produced (000s oz 100% basis) *163* 202 (19 %) *713* 814 (12 %)
Cost of sales ($/oz) *1,215* 1,097 11 % *1,132* 896 26 %
Total cash costs ($/oz)^b *764* 733 4 % *725* 541 34 %
All-in sustaining costs ($/oz)^b *1,065* 1,063 % *1,026* 745 38 %
*Loulo-Gounkoto (80%)*
Gold produced (000s oz attributable basis) *139* 130 7 % *547* 560 (2 %)
Gold produced (000s oz 100% basis) *174* 162 7 % *684* 700 (2 %)
Cost of sales ($/oz) *1,216* 1,220 % *1,153* 1,049 10 %
Total cash costs ($/oz)^b *822* 845 (3 %) *778* 650 20 %
All-in sustaining costs ($/oz)^b *1,102* 1,216 (9 %) *1,076* 970 11 %
*Kibali (45%)*
Gold produced (000s oz attributable basis) *97* 83 17 % *337* 366 (8 %)
Gold produced (000s oz 100% basis) *216* 184 17 % *750* 812 (8 %)
Cost of sales ($/oz) *1,570* 1,047 50 % *1,243* 1,016 22 %
Total cash costs ($/oz)^b *617* 731 (16 %) *703* 627 12 %
All-in sustaining costs ($/oz)^b *981* 876 12 % *948* 818 16 %
*Veladero (50%)*
Gold produced (000s oz attributable basis) *50* 41 22 % *195* 172 13 %
Gold produced (000s oz 100% basis) *99* 83 22 % *389* 344 13 %
Cost of sales ($/oz) *2,309* 1,430 61 % *1,628* 1,256 30 %
Total cash costs ($/oz)^b *954* 893 7 % *890* 816 9 %
All-in sustaining costs ($/oz)^b *1,526* 1,570 (3 %) *1,528* 1,493 2 %
*Porgera (47.5%)*^*e*
Gold produced (000s oz attributable basis) *—* — — *—* — — %
Gold produced (000s oz 100% basis) *—* — — *—* — — %
Cost of sales ($/oz) *—* — — *—* — — %
Total cash costs ($/oz)^b *—* — — *—* — — %
All-in sustaining costs ($/oz)^b *—* — — *—* — — %
*Tongon (89.7%)*
Gold produced (000s oz attributable basis) *63* 41 54 % *180* 187 (4 %)
Gold produced (000s oz 100% basis) *70* 46 54 % *201* 209 (4 %)
Cost of sales ($/oz) *1,381* 1,744 (21 %) *1,748* 1,504 16 %
Total cash costs ($/oz)^b *1,070* 1,462 (27 %) *1,396* 1,093 28 %
All-in sustaining costs ($/oz)^b *1,404* 1,607 (13 %) *1,592* 1,208 32 %
*Hemlo*
Gold produced (000s oz) *38* 28 36 % *133* 150 (11 %)
Cost of sales ($/oz) *1,451* 1,670 (13 %) *1,628* 1,693 (4 %)
Total cash costs ($/oz)^b *1,227* 1,446 (15 %) *1,409* 1,388 2 %
All-in sustaining costs ($/oz)^b *1,557* 1,865 (17 %) *1,788* 1,970 (9 %)
*North Mara*
Gold produced (000s oz attributable basis) *70* 71 (1 %) *263* 260 1 %
Gold produced (000s oz 100% basis) *84* 84 (1 %) *313* 309 1 %
Cost of sales ($/oz) *1,030* 956 8 % *979* 966 1 %
Total cash costs ($/oz)^b *758* 737 3 % *741* 777 (5 %)
All-in sustaining costs ($/oz)^b *1,301* 951 37 % *1,028* 1,001 3 %
*Buzwagi*^*f*
Gold produced (000s oz attributable basis) — *—* 40 (100 %)
Gold produced (000s oz 100% basis) — *—* 47 (100 %)
Cost of sales ($/oz) — *—* 1,334 (100 %)
Total cash costs ($/oz)^b — *—* 1,284 (100 %)
All-in sustaining costs ($/oz)^b — *—* 1,291 (100 %)
*Bulyanhulu*
Gold produced (000s oz attributable basis) *49* 48 2 % *196* 178 10 %
Gold produced (000s oz 100% basis) *58* 58 2 % *233* 212 10 %
Cost of sales ($/oz) *1,237* 1,229 1 % *1,211* 1,079 12 %
Total cash costs ($/oz)^b *896* 898 % *868* 709 22 %
All-in sustaining costs ($/oz)^b *1,401* 1,170 20 % *1,156* 891 30 %
*Total Attributable to Barrick*^*g*
Gold produced (000s oz) *1,120* 988 13 % *4,141* 4,437 (7 %)
Cost of sales ($/oz)^h *1,324* 1,226 8 % *1,241* 1,093 14 %
Total cash costs ($/oz)^b *868* 891 (3 %) *862* 725 19 %
All-in sustaining costs ($/oz)^b *1,242* 1,269 (2 %) *1,222* 1,026 19 %

1. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 71 to 89 of Barrick’s Q4 2022 MD&A.
3. Includes our share of South Arturo. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 30, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.
4. Starting in the first q

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Significant Increase in Reserves and Resources Continues to Drive Barrick’s Industry-Leading Production Growth Profile

Significant Increase in Reserves and Resources Continues to Drive Barrick’s Industry-Leading Production Growth Profile

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