First Quarter 2024 ResultsAll amounts expressed in U.S. dollars TORONTO, May 01, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today reported its first quarter results which were in line with guidance and position the Company well to meet its full year targets. Gold production is expected to ramp up steadily during the year, supported by the completion of the Pueblo Viejo plant expansion and the resumption of operations at the Porgera mine. Additionally, copper production is also on track to meet the full year's guidance. Reporting its Q1 results, Barrick said lower production and the consequent higher costs reflected the delayed ramp up at Pueblo Viejo following reconstruction of the conveyor, which has now been completed, in addition to planned maintenance at Nevada Gold Mines (NGM) and mine sequencing at other sites. In the meantime, the Company was progressing its four major organic growth projects: the ramp up of the Goldrush gold mine in Nevada; the Pueblo Viejo expansion; the Super Pit project at the Lumwana copper mine in Zambia; and the development of the giant copper-gold mine at Reko Diq in Pakistan. Brownfields growth continues to support Barrick's unique reserve replacement record and greenfields exploration is expanding its portfolio across the world. Financial results for the quarter show a year-over-year 143% increase in net earnings per share, a 36% rise in adjusted net earnings1, and a 7% increase to $907 million in attributable EBITDA2, with the operations delivering $760 million in operating cash flow for the quarter. The quarterly dividend was maintained at $0.10 per share. Operational highlights for the quarter also included the accelerated ramp-up of Goldrush in Nevada after its final permitting (Record of Decision) late last year. At the nearby Fourmile project — a potentially world-class asset 100% owned by Barrick — drilling for a prefeasibility study has started to drive it up the value curve. Exploration has identified open-ended high-grade upside at Turquoise Ridge in Nevada, already Barrick's highest-grade mine, and at Kibali in the Democratic Republic of Congo, geologists have discovered a significant high-grade trend similar to the KCD deposit on which the mine was built. Commenting on the results, president and chief executive Mark Bristow said Barrick's ability to grow its gold and copper production from its peerless asset base would amplify its profitability in the rising commodity markets. "Our focus on exploration has placed Barrick in the unique position of more than replacing the reserves we mine year after year. Our key organic projects, such as the development of Reko Diq, the extension of Pueblo Viejo's Tier One13 life by more than 20 years and the transformation of Lumwana into one of the world's major copper mines will secure Barrick's production profile well into the future," he said. Barrick's holistic sustainability strategy remains foundational to all aspects of its business and continues to deliver real value to stakeholders. Bristow noted that among many other things, the Company had increased its water re-use and recycle rate to 84% last quarter, commissioned the first stage of a 100-megawatt solar array at NGM and had a 16-megawatt solar array permitted at Kibali. Power purchase agreements by NGM have avoided 75% of its emissions. On the biodiversity front, Barrick has a 730-hectare rehabilitation plan for its operating sites for 2024 and also aims to relocate 72 more white rhinos to the Garamba National Park in the Democratic Republic of Congo, in conjunction with the Institut Congolais pour la Conservation de la Nature (ICCN) and African Parks. Financial and Operating Highlights Financial Results Q1 2024 Q4 2023 Q1 2023 Realized gold price3,4                    ($ per ounce) 2,075 1,986 1,902 Realized copper price3,4                    ($ per pound) 3.86 3.78 4.20 Net earnings5                                 ($ millions) 295 479 120 Adjusted net earnings1                  ($ millions) 333 466 247 Attributable EBITDA2($ millions) 907 1,068 851 Net cash provided by operating activities ($ millions) 760 997 776 Free cash flow6                           ($ millions) 32 136 88 Net earnings per share ($) 0.17 0.27 0.07 Adjusted net earnings per share1 ($) 0.19 0.27 0.14 Attributable capital expenditures7 ($ millions) 572 660 526 Operating Results Q1 2024 Q4 2023 Q1 2023 Gold       Production3                             (thousands of ounces) 940 1,054 952 Cost of sales                                          (Barrick's share)3,8 ($ per ounce) 1,425 1,359 1,378 Total cash costs3,9                            ($ per ounce) 1,051 982 986 All-in sustaining costs3,9               ($ per ounce) 1,474 1,364 1,370 Copper       Production3,10                          (thousands of tonnes) 40 51 40 Cost of sales (Barrick's share)3,11 ($ per pound) 3.20 2.92 3.22 C1 cash costs3,12                           ($ per pound) 2.40 2.17 2.71 All-in sustaining costs3,12               ($ per pound) 3.59 3.12 3.40 Financial Position As at 3/31/24 As at 12/31/23 As at 3/31/23 Debt (current and long-term)                               ($ millions) 4,725 4,726 4,777 Cash and equivalents                          ($ millions) 3,942 4,148 4,377 Debt, net of cash                         ($ millions) 783 578 400 Key Performance Indicators Best Assets Barrick on track to achieve 2024 targets as Pueblo Viejo and Porgera ramp up Another strong performance from Loulo-Gounkoto and Veladero in Q1 Costs expected to track lower through the year on steadily increasing production Pueblo Viejo completes conveyor rebuild, plant ramping up in Q2 Porgera produces first gold, with plant ramp-up on track to reach capacity in 2024 Another significant contribution from the copper portfolio with increasing production forecast through the year Reko Diq and Lumwana feasibility studies on track for completion by year end with long-lead orders expected to commence in Q3 Focus shifts to Fourmile on the back of Goldrush success and exploration expands beyond brownfields targets Brownfields growth continues as engine for organic reserve replacement with encouraging drilling results at NGM, Loulo and Kibali Greenfield exploration, complemented by strategic partnerships, grows portfolio in the most prospective belts Leader in Sustainability Continued focus on safety, refining our ‘Journey to Zero' program with Group-wide rollout of Fatal Risk Standards Differentiated and holistic approach to sustainability reinforced in Sustainability Report to be published in May 2024 Commissioned 50% of the 200-megawatt solar facility in Nevada — an initiative supported by U.S. government incentives of over $100 million, including incentives for U.S.-manufactured solar cells Delivering Value Barrick's focus on gold and copper production growth amplifies profitability in rising commodity market Operating cash flow of $760 million for the quarter Net earnings per share of $0.17 and adjusted net earnings per share1 of $0.19 for the quarter $0.10 per share dividend declared Q1 2024 Results PresentationWebinar 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 webinarUS/Canada (toll-free), 1 844 763 8274UK (toll), +44 20 3795 9972International (toll), +1 647 484 8814 The Q1 presentation materials will be available on Barrick's website at www.barrick.com and the webinar will remain on the website for later viewing. BARRICK DECLARES Q1 DIVIDEND Barrick today announced the declaration of a dividend of $0.10 per share for Q1 2024. The dividend is consistent with the Company's Performance Dividend Policy announced at the start of 2022. The Q1 2024 dividend will be paid on June 17, 2024 to shareholders of record at the close of business on May 31, 2024. "The continued strength of our balance sheet and our global asset base provide us with the ability to maintain the distribution of a robust dividend to our shareholders, whilst still ensuring Barrick has adequate liquidity to invest in growing our business," said senior executive vice-president and chief financial officer Graham Shuttleworth. WORLD-CLASS COPPER PROJECTS SET TO DELIVER INTO RISING PRICE AND DEMAND MARKET The copper industry has traditionally suffered from underinvestment while the search for new resources to boost production has accelerated. The long lead times needed to turn discoveries into mines mean that supply is unable to meet the growing global demand, driven by the worldwide transition to renewable energy. Foreseeing the emergence of the metal's critical importance to the greening of the global grid, Barrick made the expansion of its copper portfolio a strategic priority at the time of the merger with Randgold five years ago. A thorough review of its global assets highlighted two significant opportunities: the Lumwana mine in Zambia; and the dormant Reko Diq project in Pakistan. The new Barrick team restructured and re-engineered the struggling Lumwana operation back to health and then embarked on a Super Pit expansion project which will transform Lumwana into one of the world's largest copper mines, with a projected annual production of around 240,000 tonnes per year over a life of more than 30 years.14 It is a key component of the Zambian government's drive to revive the country's copper industry. At the same time, Barrick revisited the Reko Diq project in Pakistan, which hosts one of the world's largest undeveloped copper-gold deposits. Stalled at the feasibility stage almost a decade ago, Barrick revitalized the project through a reconstituted ownership structure based on its trademark partnership model. The Company owns 50% and will operate the mine, a number of Pakistani state-owned enterprises hold 25% and, at Barrick's insistence, the remaining 25% is held by the government of the Balochistan province to ensure that the province and its people will receive a substantial economic benefit from the mine. Both projects are on track for first production in 2028 when they will lift Barrick into the upper tier of copper miners and stand alongside its peerless gold asset portfolio as a major contributor. It is worth noting that some analysts predict that gold and copper both appear to be entering a new commodity super cycle where demand outstrips supply, leading to high prices for years to come. President and chief executive Mark Bristow said Reko Diq was a prime example of Barrick's ability to recognize and realize value. "This is undoubtedly one of the best undeveloped copper-gold deposits in the world, with a truly unique combination of large scale, low strip and high-grade orebodies. Barrick has a long record of success in seeing projects of this magnitude through from construction to operation, and we also bring to Reko Diq our expertise in successfully partnering with host countries for the benefit of all stakeholders in developing jurisdictions globally," he said. "There is also an enormous opportunity here to further unlock value, not only at Reko Diq but also in the wider region, which is underexplored and highly prospective." Regarding Lumwana, Bristow said that well before the completion of its expansion program, the revived mine had already contributed almost $3 billion to the Zambian economy since 2019 in the form of royalties, taxes, salaries and the procurement of goods and services from local businesses. As at its other operations, Barrick has also promoted the development of a sustainable local economy around the mine. Among other things, it has launched a Business Accelerator Program designed to build the commercial capacity of the contractors in its supply chain, equipping them to grow and diversify their businesses.POWER-BASED STRATEGIES AND TECHNOLOGY DRIVE EFFICIENCIES, CUT COSTS Barrick's group-wide transition to clean energy is making steady progress with the commissioning of 50% of the TS Solar Power facility at NGM in April marking another major milestone on our greenhouse gas (GHG) emissions reduction roadmap. With 100 megawatts of energy-producing capacity in this first phase, the solar facility began transmitting power to NGM's operations in April. When the second and final stage is completed in the second quarter of 2024, adding another 100 megawatts of power, the solar array will have the capacity to produce between 15% to 20% of NGM's annual power demand — reducing NGM's annual GHG emissions by 8% and Barrick's overall GHG emissions by 5% against a 2018 baseline. The U.S. government provided an important economic incentive for the development of this renewable project via a $35 million tax benefit (Barrick's share). NGM has committed to a 20% carbon reduction by 2025 which will be achieved through the TS Solar facility and the modification of NGM's TS Power Plant providing the ability to use cleaner burning natural gas as a fuel source. Up next at NGM is the development of an additional solar power facility with a battery energy storage system (BESS) to serve as a secondary power source, mitigating the impacts of power grid disruption, and enhancing renewable energy consumption during off-peak hours. The project has been awarded $95 million in funding from the U.S. Department of Energy following a highly-competitive process that evaluated potential clean energy projects on mine land across the country. At Loulo-Gounkoto in Mali, the use of solar energy is also increasing with a 72-megawatt solar power facility and 38-megwatt BESS now connected to the complex's micro-grid. Solar power accounted for 28% of the total energy blend used in the first quarter of 2024, which is up from 14% in 2023 and 9% in 2022. Energy costs were down $6 million in the first quarter with this shift to solar away from heavy fuel oil. In the Democratic Republic of Congo, Kibali's three hydropower stations provided most of the mine's power last year. At an average cost of $0.04 per kilowatt-hour, the hydropower blend is 90% cheaper than diesel fuel. The current expansion of the mine's solar plant will increase the renewable energy use from 81% to 85%, with the mine running solely on renewal power during the six-month rainy season. In Argentina, the Libertadores powerline is supplying renewable power to Veladero from neighboring Chile's national grid, reducing GHG emissions and adding cost efficiencies. 2023 was the powerline's first full year of operation — and it's one reason Veladero exceeded its production guidance and beat its guidance on costs last year. A solar plant project at Pueblo Viejo in the Dominican Republic is also underway. Barrick is targeting an overall 30% reduction in GHG emissions by 2030 (against our 2018 baseline) with the goal of achieving net-zero emissions by 2050.NEVADA GOLD MINES CELEBRATES OFFICIAL OPENING OF GOLDRUSH The Goldrush Project is officially on track to produce 130,000 ounces15 of gold this year and will further enhance the value Nevada Gold Mines (NGM) brings to the state through taxes, employment and meaningful support for communities, said Barrick President and CEO, Mark Bristow, at the project's opening ceremony attended by Governor Joe Lombardo and local stakeholders. Barrick, which owns 61.5% of the project through the NGM joint venture with Newmont (38.5%), is developing and will operate the mine, scheduled to reach commercial production by 2026 and growing to approximately 400,000 ounces per annum15 by 2028 (100% basis). The 24-year underground mine is expected to provide 500 jobs during its construction and employment for 570 people once operational. More than $300 million of a $1 billion capital budget (100% basis) has been spent on the project, which is expected to generate substantial tax revenue for the state both in the form of net proceeds from minerals tax and the gold and silver excise tax, earmarked for education. in Nevada under the new mine tax framework. Speaking at the ribbon-cutting ceremony, Bristow thanked the bi-partisan federal delegation and the governor for their active and unwavering commitment that was instrumental in obtaining the record of decision, as well as our community stakeholders for supporting the project through the permitting process. "We recognize that we have been entrusted with a tremendous economic and environmental responsibility and we look forward to sharing the benefits of this new mine with Nevada and its people," he said. BARRICK OPENS ACADEMY AT CLOSED BUZWAGI MINE Barrick has officially opened its world-class training academy at the old Buzwagi mine, in line with its mine closure objective of leaving a positive legacy after mining has finished. The Barrick Academy is designed to offer tailor-made training programs aimed at developing Barrick's frontline managers to grow both as individuals and as leaders in their fields, while equipping them with the skills to manage their teams more effectively and to improve performance. The Academy will be training more than 2,000 foremen, supervisors and superintendents from the Africa and Middle East region in the next 24 months. Looking ahead, we are also gearing up to include our contractors and expand the curriculum to cover wider disciplines, including financial leadership, advanced computer literacy and safety courses. The opening of the Barrick Academy follows the construction of an airport terminal at Buzwagi's Kahama airstrip in January this year, which has paved the way for a scheduled airline service that can serve more than 200 passengers at a time. It is expected to be a major catalyst for economic growth in the region. According to Barrick's chief operating officer for the Africa and Middle East region, Sebastiaan Bock, the airport terminal and Academy form part of Barrick's plan to turn Buzwagi into a Special Economic Zone. A feasibility study commissioned in 2021 showed that the creation of the Special Economic Zone (SEZ) had the potential to replace the mine as the region's economic driver and could sustainably create 3,000 jobs annually, generate more than $150,000 each year from service levies for the local municipality and deliver approximately $4.5 million in employment taxes a year. The Government of Tanzania approved the conversion of the mine into a SEZ through a Government Notice that was issued in February this year. A number of investors have started the process of setting up manufacturing industries inside this area. "How we close our mines is just as important to us as how we build and operate them. Our Buzwagi mine was a significant economic powerhouse in the region for nearly 15 years before it poured its last gold in 2021. From our perspective, however, that is not the end of the story for Buzwagi as we transform it into an alternative productive asset that will serve the community for decades to come," Bock said. 2024 Operating and Capital Expenditure Guidance GOLD PRODUCTION AND COSTS   2024 forecast attributable production (000s oz) 2024 forecast cost of sales8 ($/oz) 2024 forecast total cash costs9 ($/oz) 2024 forecast all-in sustaining costs9 ($/oz) Carlin (61.5%) 800 - 880 1,270 - 1,370 1,030 - 1,110 1,430 - 1,530 Cortez (61.5%)16 380 - 420 1,460 - 1,560 1,040 - 1,120 1,390 - 1,490 Turquoise Ridge (61.5%) 330 - 360 1,230 - 1,330 850 - 930 1,090 - 1,190 Phoenix (61.5%) 120 - 140 1,640 - 1,740 810 - 890 1,100 - 1,200 Nevada Gold Mines (61.5%) 1,650 - 1,800 1,340 - 1,440 980 - 1,060 1,350 - 1,450 Hemlo 140 - 160 1,470 - 1,570 1,210 - 1,290 1,600 - 1,700 North America 1,750 - 1,950 1,350 - 1,450 1,000 - 1,080 1,370 - 1,470           Pueblo Viejo (60%) 420 - 490 1,340 - 1,440 830 - 910 1,100 - 1,200 Veladero (50%) 210 - 240 1,340 - 1,440 1,010 - 1,090 1,490 - 1,590 Porgera (47.5%)17 50 - 70 1,670 - 1,770 1,220 - 1,300 1,900 - 2,000 Latin America & Asia Pacific 700 - 800 1,370 - 1,470 920 - 1,000 1,290 - 1,390           Loulo-Gounkoto (80%) 510 - 560 1,190 - 1,290 780 - 860 1,150 - 1,250 Kibali (45%) 320 - 360 1,140 - 1,240 740 - 820 950 - 1,050 North Mara (84%) 230 - 260 1,250 - 1,350 970 - 1,050 1,270 - 1,370 Bulyanhulu (84%) 160 - 190 1,370 - 1,470 990 - 1,070 1,380 - 1,480 Tongon (89.7%) 160 - 190 1,520 - 1,620 1,200 - 1,280 1,440 - 1,540 Africa & Middle East 1,400 - 1,550 1,250 - 1,350 880 - 960 1,180 - 1,280           Total Attributable to Barrick18,19,20 3,900 - 4,300 1,320 - 1,420 940 - 1,020 1,320 - 1,420           COPPER PRODUCTION AND COSTS   2024 forecast attributable production (000s tonnes)10 2024 forecast cost of sales11 ($/lb) 2024 forecast C1 cash costs12 ($/lb) 2024 forecast all-in sustaining costs12 ($/lb) Lumwana 120 - 140 2.50 - 2.80 1.85 - 2.15 3.30 - 3.60 Zaldívar (50%) 35 - 40 3.70 - 4.00 2.80 - 3.10 3.40 - 3.70 Jabal Sayid (50%) 25 - 30 1.75 - 2.05 1.40 - 1.70 1.70 - 2.00 Total Attributable to Barrick20 180 - 210 2.65 - 2.95 2.00 - 2.30 3.10 - 3.40           ATTRIBUTABLE CAPITAL EXPENDITURES21         ($ millions)       Attributable minesite sustaining8,21 1,550 - 1,750       Attributable project8,21 950 - 1,150       Total attributable capital expenditures21 2,500 - 2,900                 2024 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS   2024 guidance assumption Hypothetical change Impact on EBITDA2 (millions) Impact on TCC and AISC9,12 Gold price sensitivity $1,900/oz +/- $100/oz ‘+/-$550 ‘+/-$5/oz Copper price sensitivity $3.50/lb +/- $0.25/lb ‘+/- $110 ‘+/-$0.01/lb           Production and Cost Summary - Gold   For the three months ended     3/31/24 12/31/23 % Change   3/31/23 % Change   Nevada Gold Mines LLC (61.5%)a               Gold produced (000s oz attributable basis) 420 513 (18 )% 416 1 % Gold produced (000s oz 100% basis) 683 833 (18 )% 676 1 % Cost of sales ($/oz) 1,431 1,331 8 % 1,461 (2 )% Total cash costs ($/oz)b 1,081 968 12 % 1,074 1 % All-in sustaining costs ($/oz)b 1,536 1,366 12 % 1,436 7 % Carlin (61.5%)               Gold produced (000s oz attributable basis) 205 224 (8 )% 166 23 % Gold produced (000s oz 100% basis) 334 363 (8 )% 270 23 % Cost of sales ($/oz) 1,371 1,219 12 % 1,449 (5 )% Total cash costs ($/oz)b 1,127 1,006 12 % 1,215 (7 )% All-in sustaining costs ($/oz)b 1,687 1,506 12 % 1,689 0 % Cortez (61.5%)c               Gold produced (000s oz attributable basis) 119 162 (27 )% 140 (15 )% Gold produced (000s oz 100% basis) 194 263 (27 )% 226 (15 )% Cost of sales ($/oz) 1,329 1,353 (2 )% 1,324 0 % Total cash costs ($/oz)b 946 909 4 % 913 4 % All-in sustaining costs ($/oz)b 1,341 1,309 2 % 1,233 9 % Turquoise Ridge (61.5%)               Gold produced (000s oz attributable basis) 62 84 (26 )% 81 (23 )% Gold produced (000s oz 100% basis) 101 137 (26 )% 131 (23 )% Cost of sales ($/oz) 1,733 1,419 22 % 1,412 23 % Total cash costs ($/oz)b 1,359 1,046 30 % 1,034 31 % All-in sustaining costs ($/oz)b 1,655 1,257 32 % 1,271 30 % Phoenix (61.5%)               Gold produced (000s oz attributable basis) 34 41 (17 )% 27 26 % Gold produced (000s oz 100% basis) 54 67 (17 )% 45 26 % Cost of sales ($/oz) 1,595 1,576 1 % 2,380 (33 )% Total cash costs ($/oz)b 767 787 (3 )% 1,198 (36 )% All-in sustaining costs ($/oz)b 944 981 (4 )% 1,365 (31 )% Long Canyon (61.5%)d               Gold produced (000s oz attributable basis) — 2 (100 )% 2 (100 )% Gold produced (000s oz 100% basis) — 3 (100 )% 4 (100 )% Cost of sales ($/oz) — 2,193 (100 )% 1,621 (100 )% Total cash costs ($/oz)b — 990 (100 )% 579 (100 )% All-in sustaining costs ($/oz)b — 1,074 (100 )% 629 (100 )% Pueblo Viejo (60%)               Gold produced (000s oz attributable basis) 81 90 (10 )% 89 (9 )% Gold produced (000s oz 100% basis) 134 151 (10 )% 149 (9 )% Cost of sales ($/oz) 1,527 1,588 (4 )% 1,241 23 % Total cash costs ($/oz)b 1,013 1,070 (5 )% 714 42 % All-in sustaining costs ($/oz)b 1,334 1,428 (7 )% 1,073 24 % Loulo-Gounkoto (80%)               Gold produced (000s oz attributable basis) 141 127 11 % 137 3 % Gold produced (000s oz 100% basis) 176 159 11 % 172 3 % Cost of sales ($/oz) 1,177 1,296 (9 )% 1,275 (8 )% Total cash costs ($/oz)b 794 924 (14 )% 855 (7 )% All-in sustaining costs ($/oz)b 1,092 1,168 (7 )% 1,190 (8 )% Kibali (45%)               Gold produced (000s oz attributable basis) 76 93 (18 )% 64 19 % Gold produced (000s oz 100% basis) 168 206 (18 )% 141 19 % Cost of sales ($/oz) 1,200 1,141 5 % 1,367 (12 )% Total cash costs ($/oz)b 802 737 9 % 987 (19 )% All-in sustaining costs ($/oz)b 1,048 819 28 % 1,177 (11 )% Veladero (50%)               Gold produced (000s oz attributable basis) 57 55 4 % 43 33 % Gold produced (000s oz 100% basis) 115 110 4 % 86 33 % Cost of sales ($/oz) 1,322 1,378 (4 )% 1,587 (17 )% Total cash costs ($/oz)b 961 1,021 (6 )% 1,035 (7 )% All-in sustaining costs ($/oz)b 1,664 1,403 19 % 1,761 (6 )% Porgera (24.5%)e               Gold produced (000s oz attributable basis) 4 — — % — — % Gold produced (000s oz 100% basis) 14 — — % — — % Cost of sales ($/oz) — — — % — — % Total cash costs ($/oz)b — — — % — — % All-in sustaining costs ($/oz)b — — — % — — % Tongon (89.7%)               Gold produced (000s oz attributable basis) 36 42 (14 )% 50 (28 )% Gold produced (000s oz 100% basis) 40 47 (14 )% 55 (28 )% Cost of sales ($/oz) 1,887 1,489 27 % 1,453 30 % Total cash costs ($/oz)b 1,630 1,184 38 % 1,182 38 % All-in sustaining costs ($/oz)b 1,773 1,586 12 % 1,284 38 % Hemlo               Gold produced (000s oz) 37 34 9 % 41 (10 )% Cost of sales ($/oz) 1,715 1,618 6 % 1,486 15 % Total cash costs ($/oz)b 1,476 1,407 5 % 1,291 14 % All-in sustaining costs ($/oz)b 1,754 1,671 5 % 1,609 9 % North Mara (84%)               Gold produced (000s oz attributable basis) 46 59 (22 )% 68 (32 )% Gold produced (000s oz 100% basis) 55 71 (22 )% 81 (32 )% Cost of sales ($/oz) 1,678 1,420 18 % 987 70 % Total cash costs ($/oz)b 1,339 1,103 21 % 759 76 % All-in sustaining costs ($/oz)b 1,753 1,449 21 % 1,137 54 % Bulyanhulu (84%)               Gold produced (000s oz attributable basis) 42 41 2 % 44 (5 )% Gold produced (000s oz 100% basis) 50 48 2 % 53 (5 )% Cost of sales ($/oz) 1,479 1,413 5 % 1,358 9 % Total cash costs ($/oz)b 1,044 1,002 4 % 982 6 % All-in sustaining costs ($/oz)b 1,485 1,376 8 % 1,332 11 % Total Attributable to Barrickf               Gold produced (000s oz) 940 1,054 (11 )% 952 (1 )% Cost of sales ($/oz)g 1,425 1,359 5 % 1,378 3 % Total cash costs ($/oz)b 1,051 982 7 % 986 7 % All-in sustaining costs ($/oz)b 1,474 1,364 8 % 1,370 8 % a. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon until it transitioned to care and maintenance at the end of 2023, as previously reported. b. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release. c. Includes Goldrush. d. Starting in the first quarter of 2024, we have ceased to include production or non-GAAP cost metrics for Long Canyon as it was placed on care and maintenance at the end of 2023, as previously reported. e. As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no operating data or per ounce data has been provided from the third quarter of 2020 to the fourth quarter of 2023. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, PJL. PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. In the first quarter of 2024, Porgera had gold production but did not have any gold sales. f. Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance. g. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).     Production and Cost Summary - Copper   For the three months ended     3/31/24 12/31/23 % Change   3/31/23 % Change   Lumwana               Copper production (thousands of tonnes)a 22 33 (33 )% 22 0 % Cost of sales ($/lb) 3.41 2.95 16 % 3.56 (4 )% C1 cash costs ($/lb)b 2.52 2.14 18 % 3.09 (18 )% All-in sustaining costs ($/lb)b 4.33 3.38 28 % 3.98 9 % Zaldívar (50%)               Copper production (thousands of tonnes attributable basis)a 9 10 (10 )% 10 (10 )% Copper production (thousands of tonnes 100% basis)a 19 20 (10 )% 20 (10 )% Cost of sales ($/lb) 3.97 3.85 3 % 3.73 6 % C1 cash costs ($/lb)b 2.95 2.93 1 % 2.86 3 % All-in sustaining costs ($/lb)b 3.27 3.51 (7 )% 3.22 2 % Jabal Sayid (50%)               Copper production (thousands of tonnes attributable basis)a 9 8 13 % 8 13 % Copper production (thousands of tonnes 100% basis)a 17 16 13 % 17 13 % Cost of sales ($/lb) 1.61 1.59 1 % 1.53 5 % C1 cash costs ($/lb)b 1.35 1.32 2 % 1.39 (3 )% All-in sustaining costs ($/lb)b 1.55 1.50 3 % 1.61 (4 )% Total Attributable to Barrick               Copper production (thousands of tonnes)a 40 51 (22 )% 40 0 % Cost of sales ($/lb)c 3.20 2.92 10 % 3.22 (1 )% C1 cash costs ($/lb)b 2.40 2.17 11 % 2.71 (11 )%