Second Quarter 2024 ResultsAll amounts expressed in U.S. dollars TORONTO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today reported increased earnings and production for its second quarter, in line with guidance, and said the Company was on track for a strong second half of the year. Net earnings1 were up 25% and the attributable EBITDA margin2 was up 17% quarter on quarter to 48% with strong operating cash flows of $1.16 billion and a material increase in free cash flow3 to $340 million. Net earnings per share were up 24% to $0.21, adjusted net earnings per share3 increased by 68% to $0.32, and the quarterly dividend was maintained at $0.10 per share. President and chief executive Mark Bristow said while steering the Company towards the achievement of its 2024 guidance, management was also maintaining its focus on value creation and growth. Key projects designed to boost production and expand the asset base include the recently permitted Goldrush mine in Nevada which is ramping up to annual production in excess of 400,000 ounces by 20285 while the adjacent Fourmile project, 100% owned by Barrick, is shaping up as a new Tier One6 mine with a potential gold production in excess of 500,000 ounces per annum over more than two decades.7 In the Dominican Republic, Pueblo Viejo is completing an expansion project designed to increase gold production to more than 800,000 ounces beyond 2040.8 "On the copper side of the business, two world-class projects are set to deliver into a rising price and demand market. In Zambia, the Lumwana super pit expansion will increase the mine's production from 130,000 tonnes to 240,000 tonnes per annum19 while the Reko Diq project in Pakistan is targeting 400,000 tonnes of copper and 500,000 ounces of gold per annum20," Bristow said. "The strong cash flows from our operations will fund these and other developments while our robust balance sheet will support the forecast growth and dividends. In the meantime, Barrick's unparalleled ability to replace reserve depletion organically will continue to enhance the scope and quality of our existing asset base." During the past quarter Barrick launched what is believed to be the industry's first comprehensive biodiversity assessment tool. It was produced in collaboration with external experts and incorporates local knowledge and priorities to establish baselines and identify residual impacts. The development of the tool is another milestone in achieving Barrick's differentiated sustainability strategy aimed at making a tangible difference on the ground, where it matters most. "We are using this tool at all our sites which allows us to quantify both positive and negative impacts on biodiversity across our operations worldwide. This informed approach will guide targeted actions to take our already established rehabilitation and key biodiversity conservation initiatives to another level," Bristow said. Q2 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 Q2 presentation materials will be available on Barrick's website at www.barrick.com and the webinar will remain on the website for later viewing. Key Performance Indicators Financial and Operating Highlights Financial Results Q2 2024 Q1 2024 Q2 2023 Realized gold price9,10 ($ per ounce) 2,344 2,075 1,972 Realized copper price9,10 ($ per pound) 4.53 3.86 3.70 Net earnings1 ($ millions) 370 295 305 Adjusted net earnings4 ($ millions) 557 333 336 Attributable EBITDA2 ($ millions) 1,289 907 988 Net cash provided by operating activities ($ millions) 1,159 760 832 Free cash flow3 ($ millions) 340 32 63 Net earnings per share ($) 0.21 0.17 0.17 Adjusted net earnings per share4 ($) 0.32 0.19 0.19 Attributable capital expenditures11,12 ($ millions) 694 572 588 Operating Results Q2 2024 Q1 2024 Q2 2023 Gold       Production9 (thousands of ounces) 948 940 1,009 Cost of sales (Barrick's share)9,13 ($ per ounce) 1,441 1,425 1,323 Total cash costs9,14 ($ per ounce) 1,059 1,051 963 All-in sustaining costs9,14 ($ per ounce) 1,498 1,474 1,355 Copper       Production9,15 (thousands of tonnes) 43 40 48 Cost of sales (Barrick's share)9,16 ($ per pound) 3.05 3.20 2.84 C1 cash costs9,17 ($ per pound) 2.18 2.40 2.28 All-in sustaining costs9,17 ($ per pound) 3.67 3.59 3.13 Financial Position As at 6/30/24 As at 3/31/24 As at 6/30/23 Debt (current and long-term) ($ millions) 4,724 4,725 4,774 Cash and equivalents ($ millions) 4,036 3,942 4,157 Debt, net of cash ($ millions) 688 783 617 Best Assets In line Q2 performance positions Barrick to deliver on gold production guidance for 2024 Net earnings1 up 25% on Q1 and attributable EBITDA margin2 up 17% to 48% Higher production and lower costs expected in H2 Pueblo Viejo production growth and cost improvement expected in H2 driven by recovery optimization Porgera delivers successful plant completion test; ramp-up to capacity remains on track for 2024 Lower costs at Lumwana combined with higher prices drive 124% increase in group's quarterly copper margins18 Stronger H2 at Lumwana to drive delivery on group copper production guidance for 2024 Reko Diq and Lumwana feasibility studies on track for completion by year-end Ten rigs now drilling extensive definition program at Fourmile; initial results confirm modelled extensions to mineralization, validating the geological model Results from disciplined brownfields exploration on track to replace annual depletion and identify further upside opportunities around Barrick's operations in North America, Latin America and Africa & Middle East Leader in Sustainability 33% decrease in total recordable injuries from Q1 Lost Time Injury-free month for the group in June Finalization of Barrick's Biodiversity tool to measure No Net Loss and Net Gain Lumwana Environmental and Social Impact Assessment (ESIA) completed and submitted to authorities for review Reko Diq ESIA on track to be submitted in Q3 Porgera provides humanitarian and logistical support to communities affected by the Mulitaka landslide Delivering Value Q2 operating cash flow of $1.16 billion — up 53% on Q1 — and free cash flow3 of $340 million 24% increase in net earnings per share quarter on quarter to $0.21 and 68% increase in adjusted net earnings4 per share to $0.32 Share buyback recommences capturing embedded value in business and growth pipeline Debt, net of cash reduced by 12% quarter on quarter $0.10 per share dividend declared BARRICK DECLARES Q2 DIVIDEND AND BUYS BACK SHARES Barrick today announced the declaration of a dividend of $0.10 per share for the second quarter of 2024. The dividend is consistent with the Company's Performance Dividend Policy announced at the start of 2022. The Q2 2024 dividend will be paid on September 16, 2024 to shareholders of record at the close of business on August 30, 2024. In addition to the dividend, Barrick repurchased 2.95 million shares during the second quarter under the $1 billion share buyback program that was announced in February 2024. "The continued strength of our balance sheet and our world-class gold and copper asset base allow us to distribute a robust quarterly dividend whilst maintaining ample liquidity to invest in growing our business. Additionally, we took the opportunity to buy back stock at a compelling valuation," said senior executive vice-president and chief financial officer Graham Shuttleworth. BARRICK'S STRATEGIC FOCUS ON TIER ONE ASSETS DELIVERS TWO HIGH-POTENTIAL PROSPECTS IN NEVADA Barrick's sector-leading portfolio of Tier One6 gold mines is set to be expanded significantly as it advances the development of the recently permitted Goldrush mine, part of Nevada Gold Mines, and the adjacent Fourmile project, which is 100% owned by Barrick. Goldrush is successfully ramping up underground production, aiming for a more than 35% increase next year, heading to an annual output in excess of 400,000 ounces by 2028 (100% basis).5 The mine's development plan incorporates drill platform access to support future growth through conversion of the mineral resource base, currently standing at 9.8 million ounces at 5.88g/t within indicated with a further 4.2 million ounces at 5.4g/t in the inferred category (100% basis).21 At Fourmile, drilling has confirmed a grade which is consistently double that of Goldrush's along the 2.5-kilometer strike length of mineralization. Ten diamond core rigs are currently on-site drilling in support of an updated mineral resource statement at the end of the year. Prefeasibility options are being assessed for a year-end decision on an asset that is demonstrating the potential for annual production in excess of 500,000 ounces over more than two decades.7 Fourmile's proximity to the permitted Goldrush mine will facilitate its advancement. "This is a unique two-in-one opportunity to expand Barrick's value foundation in Nevada," says Mark Bristow. "It highlights the great growth opportunities embedded in our asset base and our ability to identify and extract the enormous value they represent." GIANT COPPER PROJECT STARTS TAKING SHAPE IN PAKISTAN At a time when new copper opportunities are rare to non-existent, Barrick is demonstrating the value of its long-term growth strategy and its early decision to expand its copper portfolio by rapidly advancing the Reko Diq project in Pakistan. Scheduled to deliver its first concentrate before the end of 2028, Reko Diq is one of the world's largest undeveloped copper-gold deposit. With an estimated life of mine of 40 years, and with exploration targets supporting the potential to double that, Reko Diq will not only elevate Barrick into the front rank of copper producers, but is destined to economically transform the Balochistan province as well as to be a major growth engine for Pakistan.20 The Reko Diq feasibility study remains on track for completion by the end of this year and, in the meantime, the construction of key enabling infrastructure is underway. Long lead items are being ordered so that work on the processing facility construction can start immediately once the final investment approval is given. The workforce on site is growing, and in line with Barrick's global policy of local recruitment, 77% of direct employees are from Balochistan and 94% are Pakistani nationals. To build capacity as the project grows — by the end of next year it will be employing an estimated 2,500 people — a skills-based technical training center has been established for young people from the area. The first group of 60 men and 80 women has been enrolled as trainees. At Barrick's Veladero mine in Argentina, nine young Pakistani graduates are being trained for leadership roles at Reko Diq. Central to the success of the project is the establishment and maintenance of a strong social license to operate and Reko Diq is delivering significant social advancement programs shaped by the community development committees it established. These include the establishment of two local healthcare centers, in partnership with a leading healthcare network, which provide free medical services to the community. All four local villages now have access to potable water and five primary schools have been opened. BARRICK'S LEADERSHIP IN SUSTAINABLE MINING CONFIRMED BY NEW BIODIVERSITY TOOL In a pioneering development for sustainable mining, Barrick has put into practice a tool designed to transform how the Company assesses its impact on biodiversity. This innovative step marks a significant departure from traditional methods of qualifying impacts, empowering Barrick to measure its biodiversity impacts, both negative and positive, with greater accuracy and clarity. The tool, named the Biodiversity Residual Impact Assessment tool (BRIA), is the product of years of research and collaboration with third-party experts. Driven by a commitment to align corporate goals with rigorous scientific standards, BRIA goes beyond mere estimations and guesswork, offering tangible metrics that inform actionable conservation strategies and, in time to come, targets to measure against. "At Barrick, we recognize the importance of setting goals that are not only ambitious but also grounded in scientific evidence," says Grant Beringer, Barrick's sustainability executive. "This tool allows us to quantify both positive and negative impacts on biodiversity across our operations worldwide. This capability is an important step in our journey towards sustainable mining." Central to Barrick's approach is the integration of Key Biodiversity Features (KBFs) into its Biodiversity Standard. These features, identified through comprehensive ecological assessments and baselines, represent critical habitats and species that are prioritized for conservation or rehabilitation efforts. BRIA facilitates the development of Measurable Conservation Actions (MCAs), making sure that every initiative is tailored to maximize positive outcomes for biodiversity. It's a tool that was designed largely for Barrick's operations but will also be used to quantify impacts on some of its external conservation initiatives such as the support it provides to the Garamba National Park in the DRC. The tool has already been trialed at two of its operations, Carlin and Pueblo Viejo, and has quantified the positive impacts Barrick has had in terms of its efforts on riparian habitat restoration and conservation in both regions. The tool will elevate the Biodiversity Action Plans (BAPs), developed by each site and part of Barrick's Sustainability Scorecard, by helping the sites focus their actions on those areas that are the most important from a habitat perspective. The tool also unlocks an opportunity to direct its reclamation actions at its closed mines to ensure that maximum biodiversity values at these sites are achieved. "Our commitment to biodiversity conservation is not just a component of our sustainability strategy; it's a fundamental part of how we do business," says Mark Bristow. "With BRIA we are able to measure, monitor and mitigate our impact on biodiversity with greater certainty, empowering us to take proactive steps towards preserving natural ecosystems, while enhancing the resilience of species and habitats." The deployment of BRIA underscores Barrick's leadership in sustainable mining and sets a new standard for the industry. By embracing data-driven insights and fostering partnerships with local communities and conservation experts, Barrick aims to achieve meaningful and lasting impacts on biodiversity conservation. PIONEERING PROCESS CONTROL IMPROVEMENTS Harnessing the latest technology to improve process controls has enabled Barrick to increase throughput and advance plans to reduce cyanide consumption. Nevada Gold Mines' Gold Quarry roaster — the older of the complex's two roasters — is being extensively upgraded in a $67 million project (on a 100% basis) designed to increase its total throughput rate by 20%, improving cost efficiency and gold production. The final phase of the upgrade started late in Q2 and includes additional quench and solution cooling capacity and other major components. The project also includes the replacement of the sulphur dioxide converter supporting our emission controls. At Kibali in the Democratic Republic of Congo, a cyanide recovery plant has been commissioned in what is the mining industry's first full-scale application of an upflow reactor technology, which recycles the cyanide instead of destroying it. The plant is achieving its cyanide reduction design performance, maintaining cyanide in the tailings to below the 50ppm target, while delivering an above-expectation additional gold recovery of 0.85%. In the hunt for alternative leaching agents, testwork at Bulyanhulu in Tanzania has shown that a glycine-assisted leach in the cyanide-in-leach circuit significantly reduces cyanide consumption and reduces detoxification requirements. Glycine amenability bulk and pilot tests are also being conducted at Kibali and Loulo in Africa, as well as Nevada Gold Mines and at Veladero in Argentina, alongside evaluation of other lixiviant products. SHAPING THE NEXT GENERATION OF LEADERS Reko Diq, Barrick's mega-project in Pakistan, is still at the infrastructure pre-construction stage but the Company is already investing in the creation of a local skills pool from which the future mine will draw its managers and operators. This has started at the very beginning of the educational process, with the establishment of five junior schools where none had previously existed in this remote and underdeveloped part of Balochistan and extends all the way to the Veladero mine in Argentina, where Barrick has sent a cohort of promising young Pakistani graduates to learn firsthand how a successful mine is run. "Here and throughout the global Barrick Group our goal is to cultivate a new generation of employees by equipping them with the tools required to address the technical, operational and managerial challenges presented by a dynamic mining industry in a rapidly evolving world," says Mark Bristow. "Barrick has the industry's best assets and we need the best people to extract their full value. Our policy is to employ our host countries' nationals and then to empower them through a combination of theoretical and practical training, hands-on field experience and personalized mentoring to run our world-class mines. We demonstrated the success of this approach decades ago in Africa where we elected to create our own skills pool rather than to rely on expatriates, and where our Tier One mines have long been run almost entirely by local workforces and management teams." The Africa & Middle East region continues to be a leading force in talent development. The recently established Barrick Academy at the former Buzwagi mine in Tanzania has already produced 582 graduates and is aiming to train a further 2,000 foremen and supervisors over the next two years. Both the North America and Latin America regions are developing similar programs as the Barrick Academy concept is rolled out across the group. In Nevada, a specialized training mine was established in 2022 to equip operational new hires, particularly those with no mining experience, to work safely and efficiently. It has since graduated more than 600 operators and is expanding its curriculum to cater to supervisors. Pueblo Viejo in the Dominican Republic has inaugurated a Leadership School with a first intake of 32 employees in partnership with the country's National Institute of Education for Technical Professionals. Management experts will lead a broad range of courses designed to guide the development of future leaders within the workforce. At Veladero in Argentina, where there is a strong focus on increasing the proportion of female employees, 24 women from the local community have been enrolled in a new Truck Operators Training Program which combines theoretical knowledge with hands-on practice in the field. "The cornerstone of Barrick's global leadership development framework is our executive and management programs, reserved for high-potential performers. Since its inception in 2019, 22 employees have graduated from the executive program and 155 from the management program. We are well placed to ensure that Barrick will be a forward-facing, modern mining business far into the future," says Bristow. EXPLORATION SUCCESS, CAPITAL INVESTMENT AND RESERVE GROWTH TO SUSTAIN KIBALI'S PRODUCTION PROFILE Africa's largest gold mine, Kibali, continues to deliver growth as its strong record of replenishing reserves and resources, and further investment in technology and capacity, position it to sustain its annual production of more than 700,000 ounces (on 100% basis) past the current 10-year horizon to 15 years and beyond.22 Speaking to local media and other stakeholders, Mark Bristow said Kibali was not only Africa's largest gold mine but also its most automated and, thanks to its three hydropower stations, a leader in renewable energy. When its back-up solar power plant and battery storage system are commissioned next year, the renewable component of its energy mix will increase to 85%. "When we started building Kibali 14 years ago, this was one of the DRC's most underdeveloped regions. The value we created and the infrastructure we built here have since transformed it into a new economic frontier and a flourishing commercial hub, with a community that has grown from 30,000 to over 500,000 people. We've promoted this growth through investment in community development and partnering with local businesses we have mentored. Our Azambi power station, for example, was built by an all-Congolese team. Since 2010, Kibali's payments to local contractors and suppliers have amounted to almost $2.7 billion," Bristow said. "In addition, Kibali has written a new chapter in Barrick's long support for Africa's biodiversity by partnering with African Parks and the DRC Government to re-introduce a sustainable population of white rhino to the DRC's Garamba National Park, which the mine also supports in other ways. This means that, together with the Barrick coffee project in the Haut-Uele region aimed at revitalizing the once vibrant Robusta coffee industry which Isiro was previously renowned for, we are not only looking after our host countries in the present but also to their national heritage in the future." Bristow said Kibali was built on partnerships with its stakeholders, notably the government and its host communities. Based on its success, Barrick was ready to invest in new gold and copper opportunities in the DRC, provided the government continued to build alongside it. BARRICK'S SUSTAINABILITY STRATEGY DELIVERS REAL VALUE TO STAKEHOLDERS Almost $12 billion of economic value generated by Barrick's mines last year remained in the countries in which it operates, according to the Company's 2023 Sustainability Report. Mark Bristow says real, tangible sustainability can only be achieved through a holistic approach aligned to the United Nation's Sustainable Development Goals. Barrick's conformance with ESG standards is a natural by-product of its sustainable business philosophy and not its driver. "Barrick's distinctive approach to sustainability has evolved over many years, guided by the operational experience gained at its worldwide operations, the partnership philosophy at the heart of its business and the Company's belief that all stakeholders should benefit from the value it creates," he says. In 2023, 97% of its employees were host country nationals and $43 million has been invested by the Company's pioneering Community Development Committees (CDCs) in education, healthcare, food security, the environment, infrastructure and local economic development. Further details of Barrick's economic value contribution, including taxes paid, is included in its standalone Tax Contribution Report for 2023. On the safety front, there was a 21% year-on-year improvement in Barrick's Lost Time Injury Frequency Rate23 with total injuries reducing from 2022. The Company also recorded its lowest malaria incidence rate, a 33% year-on-year decrease from 17.86% in 2022 to 11.35% in 2023. "Our safety performance has been given additional focused attention with the establishment of new group-wide safety protocols to drive fatal risks down and achieve the zero target we have set ourselves," Bristow says. Also in 2023, Barrick achieved the target it set for itself for 2025 of reducing its greenhouse gas emissions by 15%. Its Scope 1 and 2 greenhouse gas emissions have now been reduced by 16% against its 2018 baseline. Barrick will continue to reduce these emissions, with the long-term goal to be Net Zero by 2050. At the same time, it remains on track to achieve its Scope 3 emissions reduction targets which were set in consultation with its suppliers and service providers. Barrick also re-used or recycled 84% of the water it used in its operations, with an 85% recycle rate achieved at its water-stressed sites. Further sustainability metrics, detailed by site, region and at a company level, can be found in the GRI sheet. Barrick is also targeting no net loss on any Key Biodiversity Features (KBFs) identified at its sites and is contributing positively to the conservation of high-risk biodiversity features. "This is best illustrated by the successful, and ongoing, reintroduction of white rhinos to the Garamba National Park in the Democratic Republic of Congo. Today, these rhinos are safely roaming a park previously considered lost to poachers and nomad herders. Its restoration means that the surrounding communities can look forward to a secure future and one that holds the promise of eco-tourism's economic awards," says Bristow. Barrick's fourth annual Sustainability Update webinar was held earlier this month. Visit our website to download the presentation and replay the event. PORGERA REMAINS ON TRACK DESPITE MULITAKA LANDSLIDE CHALLENGES Despite the operational challenges presented by the recent Mulitaka landslide, Porgera Gold Mine has met or exceeded its targets since resuming mining in December last year, with gold production and performance on all-in sustaining costs14 for the first half of the year setting the mine up to achieve full year guidance. Mark Bristow, who was in the country to review New Porgera Limited's (NPL) second quarter results, said keeping Porgera open in the wake of the landslide allowed for a swift response by the mine to the collective recovery effort while sustaining the mine's contribution to the provincial and national economies. "Reacting rapidly to the disaster, our teams put into operation an air bridge and a temporary pipe across the slip to be able to supply fuel and essential goods not only to the mine but to local businesses serving the tens of thousands of residents of the Porgera valley. The cooperation of the Mulitaka community is essential to keeping these lifelines open until the permanent bypass road can be completed," Bristow said, expressing his deepest sympathies to the families and friends of victims of the landslide and reaffirming NPL's commitment to impacted communities. "Porgera employees have been on the ground in Mulitaka daily and are embedded at the Enga Provincial Government's disaster relief center in Wabag to assist with all aspects of the rehabilitation effort. These include the delivery of essential goods and fuel while contributing geotechnical expertise to assist with ground stabilization and the design of the new bypass road. Barrick and JV-partner Zijin also jointly contributed $1 million towards relief efforts, approximately half of which has already been deployed." During his visit, Bristow met with Prime Minister James Marape, Enga Governor Sir Peter Ipatas and Provincial Administrator Sandis Tsaka to exchange views on the Mulitaka recovery, the New Porgera Community Development Agreement (CDA) negotiations, and other issues of common interest. It was agreed that the CDA must be consistent with the New Porgera project agreements and ensure that fair and equitable benefits reach all eligible landowners and the wider Porgeran community, as well as provincial and national stakeholders. "NPL stands ready to pay benefits directly to landowner households, without going through middlemen, once the CDA is executed. The mine would make additional infrastructure contributions to the project footprint area through effective use of the tax credit scheme in collaboration with local and provincial authorities," Bristow said. NPL currently employs 2,500 people, of whom 57% are from Porgera and Enga, 40% from the rest of Papua New Guinea and 3% expatriates. First gold, following the resumption of operations at the mine, was poured in January, electricity from the Hides power plant in Hela Province was restored in April and a throughput performance test agreed to with Papua New Guinea was achieved in June, four months ahead of schedule. Bristow singled out the lack of law and order as the greatest threat to the continued operation and profitability of the mine, requiring the active support of all stakeholders to ensure that Porgera could continue to deliver benefits in line with its potential as a Tier One asset. 2024 Operating and Capital Expenditure Guidance GOLD PRODUCTION AND COSTS   2024 forecast attributable production (000s oz) 2024 forecast cost of sales13 ($/oz) 2024 forecast total cash costs14 ($/oz) 2024 forecast all-in sustaining costs14 ($/oz) Carlin (61.5%) 800 - 880 1,270 - 1,370 1,030 - 1,110 1,430 - 1,530 Cortez (61.5%)24 380 - 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 (24.5%)25 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 Barrick26,27,28 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)15 2024 forecast cost of sales16 ($/lb) 2024 forecast C1 cash costs17 ($/lb) 2024 forecast all-in sustaining costs17 ($/lb) Lumwana 120 - 140 2.50 - 2.80 1.85 - 2.15 3.30 - 3.60 Zaldívar (50%) 35 - 40 3.70 - 4.00 2.80 - 3.10 3.40 - 3.70 Jabal Sayid (50%) 25 - 30 1.75 - 2.05 1.40 - 1.70 1.70 - 2.00 Total Attributable to Barrick28 180 - 210 2.65 - 2.95 2.00 - 2.30 3.10 - 3.40           ATTRIBUTABLE CAPITAL EXPENDITURES12         ($ millions)       Attributable minesite sustaining11,12 1,550 - 1,750       Attributable project11,12 950 - 1,150       Total attributable capital expenditures12 2,500 - 2,900                 2024 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS   2024 guidance assumption Hypothetical change Impact on EBITDA2 (millions) Impact on TCC and AISC14,17 Gold price sensitivity $1,900/oz +/- $100/oz +/- $550 +/- $5/oz Copper price sensitivity $3.50/lb +/- $0.25/lb +/- $110 +/- $0.01/lb Production and Cost Summary - Gold   For the three months ended   6/30/24 3/31/24 % Change 6/30/23 % Change Nevada Gold Mines LLC (61.5%)a               Gold produced (000s oz attributable basis) 401 420 (5 )% 458 (12 )% Gold produced (000s oz 100% basis) 653 683 (5 )% 744 (12 )% Cost of sales ($/oz) 1,464 1,431 2 % 1,357 8 % Total cash costs ($/oz)b 1,104 1,081 2 % 1,009 9 % All-in sustaining costs ($/oz)b 1,636 1,536 7 % 1,388 18 % Carlin (61.5%)               Gold produced (000s oz attributable basis) 202 205 (1 )% 248 (19 )% Gold produced (000s oz 100% basis) 327 334 (1 )% 403 (19 )% Cost of sales ($/oz) 1,390 1,371 1 % 1,240 12 % Total cash costs ($/oz)b 1,145 1,127 2 % 1,013 13 % All-in sustaining costs ($/oz)b 1,805 1,687 7 % 1,407 28 % Cortez (61.5%)c               Gold produced (000s oz attributable basis) 102 119 (14 )% 110 (7 )% Gold produced (000s oz 100% basis) 166 194 (14 )% 178 (7 )% Cost of sales ($/oz) 1,366 1,329 3 % 1,346 1 % Total cash costs ($/oz)b 1,013 946 7 % 972 4 % All-in sustaining costs ($/oz)b 1,447 1,341 8 % 1,453 0 % Turquoise Ridge (61.5%)               Gold produced (000s oz attributable basis) 72 62 16 % 68 6 % Gold produced (000s oz 100% basis) 118 101 16 % 112 6 % Cost of sales ($/oz) 1,603 1,733 (8 )% 1,466 9 % Total cash costs ($/oz)b 1,235 1,359 (9 )% 1,088 14 % All-in sustaining costs ($/oz)b 1,505 1,655 (9 )% 1,302 16 % Phoenix (61.5%)               Gold produced (000s oz attributable basis) 25 34 (26 )% 29 (14 )% Gold produced (000s oz 100% basis) 42 54 (26 )% 46 (14 )% Cost of sales ($/oz) 2,018 1,595 27 % 2,075 (3 )% Total cash costs ($/oz)b 781 767 2 % 948 (18 )% All-in sustaining costs ($/oz)b 1,167 944 24 % 1,132 3 % Long Canyon (61.5%)d               Gold produced (000s oz attributable basis) — — — % 3 (100 )% Gold produced (000s oz 100% basis) — — — % 5 (100 )% Cost of sales ($/oz) — — — % 1,640 (100 )% Total cash costs ($/oz)b — — — % 637 (100 )% All-in sustaining costs ($/oz)b — — — % 677 (100 )% Pueblo Viejo (60%)               Gold produced (000s oz attributable basis) 80 81 (1 )% 77 4 % Gold produced (000s oz 100% basis) 133 134 (1 )% 128 4 % Cost of sales ($/oz) 1,630 1,527 7 % 1,344 21 % Total cash costs ($/oz)b 1,024 1,013 1 % 840 22 % All-in sustaining costs ($/oz)b 1,433 1,334 7 % 1,219 18 % Loulo-Gounkoto (80%)           Gold produced (000s oz attributable basis) 137 141 (3 )% 141 (3 )% Gold produced (000s oz 100% basis) 172 176 (3 )% 176 (3 )% Cost of sales ($/oz) 1,160 1,177 (1 )% 1,150 1 % Total cash costs ($/oz)b 795 794 0 % 801 (1 )% All-in sustaining costs ($/oz)b 1,251 1,092 15 % 1,245 0 % Kibali (45%)               Gold produced (000s oz attributable basis) 82 76 8 % 87 (6 )% Gold produced (000s oz 100% basis) 182 168 8 % 195 (6 )% Cost of sales ($/oz) 1,313 1,200 9 % 1,269 3 % Total cash costs ($/oz)b 868 802 8 % 797 9 % All-in sustaining costs ($/oz)b 1,086 1,048 4 % 955 14 % Veladero (50%)               Gold produced (000s oz attributable basis) 56 57 (2 )% 54 4 % Gold produced (000s oz 100% basis) 112 115 (2 )% 108 4 % Cost of sales ($/oz) 1,298 1,322 (2 )% 1,424 (9 )% Total cash costs ($/oz)b 931 961 (3 )% 999 (7 )% All-in sustaining costs ($/oz)b 1,308 1,664 (21 )% 1,599 (18 )% Porgera (24.5%)e               Gold produced (000s oz attributable basis) 11 4 175 % — — % Gold produced (000s oz 100% basis) 49 14 175 % — — % Cost of sales ($/oz) 1,132 — — % — — % Total cash costs ($/oz)b 941 — — % — — % All-in sustaining costs ($/oz)b 1,079 — — % — — % Tongon (89.7%)               Gold produced (000s oz attributable basis) 45 36 25 % 44 2 % Gold produced (000s oz 100% basis) 50 40 25 % 49 2 % Cost of sales ($/oz) 1,960 1,887 4 % 1,514 29 % Total cash costs ($/oz)b 1,716 1,630 5 % 1,380 24 % All-in sustaining costs ($/oz)b 1,899 1,773 7 % 1,465 30 % Hemlo               Gold produced (000s oz) 37 37 0 % 35 6 % Cost of sales ($/oz) 1,663 1,715 (3 )% 1,562 6 % Total cash costs ($/oz)b 1,395 1,476 (5 )% 1,356 3 % All-in sustaining costs ($/oz)b 1,660 1,754 (5 )% 1,634 2 % North Mara (84%)               Gold produced (000s oz attributable basis) 54 46 17 % 64 (16 )% Gold produced (000s oz 100% basis) 63 55 17 % 77 (16 )% Cost of sales ($/oz) 1,570 1,678 (6 )% 1,208 30 % Total cash costs ($/oz)b 1,266 1,339 (5 )% 942 34 % All-in sustaining costs ($/oz)b 1,491 1,753 (15 )% 1,355 10 % Bulyanhulu (84%)               Gold produced (000s oz attributable basis) 45 42 7 % 49 (8 )% Gold produced (000s oz 100% basis) 53 50 7 % 58 (8 )% Cost of sales ($/oz) 1,438 1,479 (3 )% 1,231 17 % Total cash costs ($/oz)b 985 1,044 (6 )% 850 16 % All-in sustaining costs ($/oz)b 1,243 1,485 (16 )% 1,105 12 % Total Attributable to Barrickf               Gold produced (000s oz) 948 940 1 % 1,009 (6 )% Cost of sales ($/oz)g 1,441 1,425 1 % 1,323 9 % Total cash costs ($/oz)b 1,059 1,051 1 % 963 10 % All-in sustaining costs ($/oz)b 1,498 1,474 2 % 1,355 11 % 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. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release. Includes Goldrush. 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. 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. 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. 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   6/30/24 3/31/24 % Change 6/30/23 % Change Lumwana           Copper production (thousands of tonnes)a 25 22 14 % 30 (17 )% Cost of sales ($/lb) 3.15 3.41 (8 )% 2.80 13 % C1 cash costs ($/lb)b 2.14 2.52 (15 )% 2.30 (7 )% All-in sustaining costs ($/lb)b 4.36 4.33 1 % 3.29 33 % Zaldívar (50%)           Copper production (thousands of tonnes attributable basis)a 10 9 11 % 10 0 % Copper production (thousands of tonnes 100% basis)a 19 19 11 % 20 0 % Cost of sales ($/lb) 4.13 3.97 4 % 3.89 6 % C1 cash costs ($/lb)b 3.12 2.95 6 % 3.02 3 % All-in sustaining costs ($/lb)b 3.55 3.27 9 % 3.73 (5 )% Jabal Sayid (50%)           Copper production (thousands of tonnes attributable basis)a 8 9 (11 )% 8 0 % Copper production (thousands of tonnes 100% basis)a 16 17 (11 )% 16 0 % Cost of sales ($/lb) 1.67 1.61 4 % 1.61 4 % C1 cash costs ($/lb)b 1.34 1.35 (1 )% 1.26 6 % All-in sustaining costs ($/lb)b 1.53 1.55 (1 )% 1.42 8 % Total Attributable to Barrick           Copper production (thousands of tonnes)a 43 40 8 % 48 (10 )% Cost of sales ($/lb)c 3.05 3.20 (5 )% 2.84 7 % C1 cash costs ($/lb)b 2.18 2.40 (9 )% 2.28 (4 )% All-in sustaining costs ($/lb)b 3.67 3.59 2 % 3.13 17 % Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share). Financial and Operating Highlights   For the three months ended     For the six months ended     6/30/24   3/31/24   % Change     6/30/23   % Change     6/30/24   6/30/23   % Change   Financial Results ($ millions)                     Revenues 3,162   2,747   15 %   2,833   12 %   5,909   5,476   8 % Cost of sales 1,979   1,936   2 %   1,937   2 %   3,915   3,878   1 % Net earningsa 370   295   25 %   305   21 %   665   425   56 % Adjusted net earningsb 557   333   67 %   336   66 %   890   583   53 % Attributable EBITDAb 1,289   907   42 %   988   30 %   2,196   1,839   19 % Attributable EBITDA marginb 48 % 41 % 17 %   42 % 14 %   45 % 41 % 10 % Minesite sustaining capital expendituresb,c 631   550   15 %   524   20 %   1,181   978   21 % Project capital expendituresb,c 176   165   7 %   238   (26 )%   341   464   (27 )% Total consolidated capital expendituresc,d 819   728   13 %   769   7 %   1,547   1,457   6 % Net cash provided by operating activities 1,159   760   53 %   832   39 %   1,919   1,608   19 % Net cash provided by operating activities margine 37 % 28 % 32 %   29 % 28 %   32 % 29 % 10 % Free cash flowb 340   32   963 %   63   440 %   372   151   146 % Net earnings per share (basic and diluted) 0.21   0.17   24 %   0.17   24 %   0.38   0.24   58 % Adjusted net earnings (basic)bper share 0.32   0.19   68 %   0.19   68 %   0.51   0.33   55 % Weighted average diluted common shares (millions of shares) 1,755   1,756   0 %   1,755   0 %   1,755   1,775   (1 )% Operating Results                     Gold production (thousands of ounces)f 948   940   1 %   1,009   (6 )%   1,888   1,961   (4 )% Gold sold (thousands of ounces)f 956   910