Profitable exploration at each the Lumwana and Jabal Sayid mines drove the expansion of attributable confirmed and possible copper reserves by 640 million kilos ² , however a rise within the annual reserve worth assumption to $3.00/lb ¹ . Consequently, Barrick changed 103% of annual international depletion at constant high quality, successfully sustaining attributable confirmed and possible copper mineral reserves of 12 billion kilos ² at 0.38% in 2022.

Complete attributable gold mineral sources grew by practically 10% relative to 2021, and complete attributable copper mineral sources greater than doubled, rising by 124% yr over yr, each web of annual depletion. This progress was pushed by the profitable completion of a preliminary financial evaluation supporting the Lumwana Tremendous Pit growth, and the incorporation of Reko Diq following the reconstitution of the venture in December 2022. Attributable measured and indicated gold sources for 2022 stand at 180 million ounces ² at 1.07g/t, with an extra 42 million ounces ² at 0.8g/t of inferred sources. Attributable measured and indicated copper sources for 2022 stand at 44 billion kilos ² at 0.39%, with an extra 15 billion kilos ² at 0.4% of inferred sources. Mineral sources are reported inclusive of reserves and for 2022, are based mostly on a gold worth of $1,700/oz ¹ and a copper worth of $3.75/lb ¹ .

President and chief govt Mark Bristow stated in a sector of diminishing reserves and sources, Barrick’s technique of investing in natural progress by exploration and mineral useful resource administration has replenished and delivered important worth throughout the firm’s asset base.

“Whereas we proceed to guage all new alternatives towards our strategic filters, we now have at all times believed that discovering our ounces is healthier than shopping for them, and this yr’s useful resource and reserve assertion showcases the unrivaled potential of our natural progress pipeline,” stated Bristow.

Mineral Useful resource Administration and Analysis Govt Simon Bottoms acknowledged that basing the corporate’s reserve calculations at a worth of $1,300/oz for gold ¹ and $3.00/lb for copper ¹ underpins our give attention to high quality property.
“The substantial progress in our mineral sources lays the long-term basis to doubtlessly develop our present attributable manufacturing profile of roughly 5.5 million gold equal ounces ⁴ per yr to roughly 6.5 million gold equal ounces ⁴ per yr by the top of this decade, which would come with manufacturing from Reko Diq and the Lumwana Tremendous Pit,” stated Bottoms.

In Africa, the Tier One ⁵ operations led the expansion in 2022 reserves, the place Kibali accomplished an up to date underground feasibility research on the 11000 lode, delivering a 0.62 million ounce ² enhance in attributable confirmed and possible reserves earlier than depletion. Loulo-Gounkoto additionally delivered sturdy outcomes changing reserve depletion, which additional prolonged the mine life by one other yr. Shifting to Tanzania, the give attention to underground growth at Gokona in North Mara has delivered a 0.44 million ounce ² enhance in 2022 attributable confirmed and possible reserves earlier than depletion.

The Lumwana copper mineral useful resource base grew by 89%, web of depletion, relative to 2021. This follows the completion of the preliminary financial evaluation on the Tremendous Pit growth that demonstrates sturdy potential for a Tier One Copper Asset ⁵ and supplies the idea for the continued pre-feasibility research.

Throughout the Latin America & Asia Pacific area, Pueblo Viejo accomplished a pre-feasibility research for the brand new Naranjo tailings storage facility (TSF), including 6.5 million ounces of attributable confirmed and possible reserves ^{2 ,6} , web of depletion, and lengthening the minelife past 2040. Consequently, 2022 attributable confirmed and possible gold reserves for the area have elevated to 27 million ounces ² at 0.97g/t from 21 million ounces ³ at 0.83g/t in 2021.

The reconstitution of the Reko Diq venture added an attributable 18 billion kilos of copper ² at 0.44% with 15 million ounces gold ² at 0.26g/t to indicated sources, and an attributable 4.6 billion kilos of copper ² at 0.4% with 3.7 million ounces gold ² at 0.2g/t to inferred sources. These mineral sources mirror solely three porphyries (H13, H14, H15) in addition to the Tanjeel deposit throughout the cluster of Western Porphyries. Alongside the continued feasibility research replace, the group can also be planning to guage additional identified porphyry occurrences throughout the mining lease space.

In North America, the completion of pre-feasibility research for the Robertson open pit venture at Cortez, in addition to a brand new pushback within the Hemlo open pit had been important contributors to order progress. Consequently, Robertson’s maiden attributable confirmed and possible gold reserves are estimated at 1.0 million ounces ² at 0.46g/t. This represents a milestone for Cortez as a key supply of oxide mill feed within the mine plan. Equally, the brand new Hemlo open pit pushback is predicted to start in 2027 including 0.86 million ounces ² of gold at 1.49g/t to possible reserves. Mixed with different updates throughout the area, this leads to the expansion of North America attributable confirmed and possible reserves by 1.8 million ounces ² earlier than depletion, with confirmed and possible attributable reserves for the area now estimated at 31 million ounces ² at 2.54g/t. On the similar time, attributable gold mineral sources additionally grew considerably, supporting future potential reserve progress consistent with our technique to totally change depletion for the area inside a five-year interval. Measured and indicated attributable gold sources elevated by 2.8 million ounces ² to 73 million ounces ² at 2.16 g/t, from 70 million ounces ³ at 2.22 g/t in 2021. Inferred attributable gold sources additionally elevated to 17 million ounces ² at 1.8 g/t, from 16 million ounces ³ at 2.0 g/t in 2021. Underground useful resource extension drilling at each Goldstrike and Leeville in Carlin had been key drivers of this natural useful resource progress, in addition to profitable useful resource definition drilling at Goldrush and Robertson in Cortez, all of which assist the potential for future reserve progress on this area.

Enquiries:

President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386

Senior EVP and CFO
Graham Shuttleworth
+1 647 262 2095
+44 779 771 1338

Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Electronic mail: barrick@dpapr.com

Web site: www.barrick.com

Technical Data

The scientific and technical info contained on this information launch has been reviewed and authorized by: Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Useful resource Administration and Analysis Govt; Craig Fiddes, SME-RM, Supervisor – Useful resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Useful resource Supervisor, Latin America and Asia Pacific; and Richard Peattie, MPhil, FAusIMM, Mineral Sources Supervisor: Africa & Center East — every a “Certified Particular person” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives .

Endnote 1

ⁱ Besides at Zaldivar, the place mineral reserves and sources are based mostly on Antofagasta’s worth assumptions. For mineral reserves, the copper worth assumption utilized by Antofagasta was $3.10 per pound for each 2021 and 2022. For mineral sources, the copper worth assumption utilized by Antofagasta was $3.60 per pound for 2021 and $3.75 per pound for 2022.

Endnote 2

Estimated in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2022, until in any other case famous. Confirmed mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold, and 390 million tonnes grading 0.40%, representing 3,500 million kilos of copper. Possible reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold, and 1,100 million tonnes grading 0.37%, representing 8,800 million kilos of copper. Measured sources of 480 million tonnes grading 2.13g/t, representing 33 million ounces of gold, and 700 million tonnes grading 0.39%, representing 6,000 million kilos of copper. Indicated sources of 4,700 million tonnes grading 0.96g/t, representing 150 million ounces of gold, and 4,500 million tonnes grading 0.39%, representing 38,000 million kilos of copper. Inferred sources of 1,500 million tonnes grading 0.8g/t, representing 42 million ounces of gold, and 1,800 million tonnes grading 0.4%, representing 15,000 million kilos of copper. Full mineral reserve and mineral useful resource information for all mines and initiatives referenced on this press launch, together with tonnes, grades, and ounces, will be discovered within the Mineral Reserves and Mineral Sources Tables included on the next pages of this press launch.

Endnote 3

Estimated in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2021, until in any other case famous. Confirmed mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold, and 380 million tonnes grading 0.41%, representing 3,400 million kilos of copper. Possible reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold, and 1,100 million tonnes grading 0.37%, representing 8,800 million kilos of copper. Measured sources of 490 million tonnes grading 2.05g/t, representing 32 million ounces of gold, and 680 million tonnes grading 0.38%, representing 5,700 million kilos of copper. Indicated sources of two,800 million tonnes grading 1.40g/t, representing 130 million ounces of gold, and a couple of,500 million tonnes grading 0.34%, representing 19,000 million kilos of copper. Inferred sources of 1,000 million tonnes grading 1.3g/t, representing 42 million ounces of gold, and 450 million tonnes grading 0.2%, representing 2,100 million kilos of copper. Full mineral reserve and mineral useful resource information for all mines and initiatives referenced on this presentation as of December 31, 2021, together with tonnes, grades, kilos, and ounces, will be discovered on pages 34-47 of Barrick’s 2021 Annual Data Kind / Kind 40-F on file with the Canadian provincial securities regulators on SEDAR at www.sedar.com and the Securities and Change Fee on EDGAR at www.sec.gov.

Endnote 4

Gold equal ounces calculated from our copper property are calculated utilizing a gold worth of $1,300/oz and copper worth of $3.00/lb.

Barrick’s ten-year indicative manufacturing profile for gold equal ounces is predicated on the next assumptions:

Barrick’s five-year indicative outlook is predicated on our present working asset portfolio, sustaining initiatives in progress and exploration/mineral useful resource administration initiatives in execution. This outlook is predicated on our present reserves and sources as disclosed on this press launch and assumes that we’ll proceed to have the ability to convert sources into reserves. Extra asset optimization, additional exploration progress, new venture initiatives and divestitures are usually not included. For the group gold and copper segments, and the place relevant for a selected area, this indicative outlook is topic to vary and assumes the next: new open pit manufacturing permitted and commencing at Hemlo within the second half of 2025, permitting three years for allowing and two years for pre-stripping previous to first ore manufacturing in 2027; manufacturing from the proposed Pueblo Viejo plant growth and tailings venture beginning in 2023, in-line with steering; Tongon will enter care and upkeep by 2026; and manufacturing from the Zaldívar CuproChlor® Chloride Leach Mission (Antofagasta is the operator of Zaldívar).

Our five-year indicative outlook excludes: manufacturing from Fourmile, Pierina, and Golden Daylight, that are presently in care and upkeep, and manufacturing from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto and Alturas.

Barrick’s ten-year indicative manufacturing profile is topic to vary and is predicated on the identical assumptions as the present five-year outlook detailed above, besides that the following 5 years of the ten-year outlook assumes attributable manufacturing from Fourmile in addition to exploration and mineral useful resource administration initiatives in execution at Nevada Gold Mines and Hemlo.

Barrick’s five-year and ten-year manufacturing profile on this press launch additionally assumes the re-start of Porgera, in addition to an indicative gold and copper manufacturing profile for Reko Diq and an indicative copper manufacturing profile for the Lumwana Tremendous Pit growth, each of that are conceptual in nature.

Endnote 5

A Tier One Gold Asset is an asset with a reserve potential to ship a minimal 10-year life, annual manufacturing of at the least 500,000 ounces of gold and complete money prices per ounce over the mine life which can be within the decrease half of the {industry} price curve. A Tier One Copper Asset is an asset with a reserve potential of higher than 5 million tonnes of contained copper and C1 money prices per pound within the decrease half of the {industry} price curve.

Endnote 6

A Technical Report back to assist the Pueblo Viejo mine life extension and course of plant growth venture, together with the pre-feasibility research for the brand new Naranjo tailings storage facility, will probably be ready in accordance with Kind 43-101F1 and filed on SEDAR inside 45 days of this press launch. For additional info with respect to the important thing assumptions, parameters and dangers related to the Pueblo Viejo mine life extension and course of plant growth venture, the mineral reserve and useful resource estimates included therein and different technical info, please check with the Technical Report back to be made out there at www.sedar.com .

Cautionary Assertion on Ahead-Trying Data

Sure info contained or integrated by reference on this press launch, together with any info as to our technique, initiatives, plans, or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, aside from statements of historic reality, are forward-looking statements. The phrases “progress”, “potential”, “ship”, “future”, “assist”, “estimated”, “characterize”, “goal”, “plan”, “continues”, “would” and related expressions determine forward-looking statements. Specifically, this press launch incorporates forward-looking statements together with, with out limitation, with respect to: Barrick’s means to transform sources into reserves and future reserve substitute; potential mineralization and metallic or mineral recoveries; Barrick’s give attention to Tier One Belongings and its potential for progress whereas delivering sustainable returns; Barrick’s forward-looking manufacturing steering, together with our 5 and ten yr outlooks for gold and copper; our plans and anticipated completion and advantages of our progress initiatives, together with the Pueblo Viejo plant growth and mine life extension venture and modifications to the estimated capital price of that facility following the completion of pre-feasibility engineering; the deliberate updating of the historic Reko Diq feasibility research; the long run development, improvement and operation of the Reko Diq venture; the period of the momentary suspension of operations at Porgera, the situations for the reopening of the mine and the timelines for execution of definitive agreements to implement the Graduation Settlement between Papua New Guinea and Barrick Niugini Restricted and to recommence operations; our pipeline of excessive confidence initiatives at or close to current operations, together with the potential improvement of the Lumwana Tremendous Pit; potential mineralization and metallic or mineral recoveries; the potential for additional progress at Nevada Gold Mines together with at Goldrush and Robertson; and expectations concerning future worth assumptions, monetary efficiency and different outlook or steering..

Ahead-looking statements are essentially based mostly upon plenty of estimates and assumptions together with materials estimates and assumptions associated to the components set forth beneath that, whereas thought-about affordable by the Firm as on the date of this press launch in mild of administration’s expertise and notion of present situations and anticipated developments, are inherently topic to important enterprise, financial, and aggressive uncertainties and contingencies. Recognized and unknown components might trigger precise outcomes to vary materially from these projected within the forward-looking statements, and undue reliance shouldn’t be positioned on such statements and knowledge. Such components embrace, however are usually not restricted to: fluctuations within the spot and ahead worth of gold, copper, or sure different commodities (akin to silver, diesel gas, pure gasoline, and electrical energy); the speculative nature of mineral exploration and improvement; modifications in mineral manufacturing efficiency, exploitation, and exploration successes; dangers related to initiatives within the early levels of analysis, and for which further engineering and different evaluation is required; failure to adjust to environmental and well being and security legal guidelines and laws; timing of receipt of, or failure to adjust to, needed permits and approvals; uncertainty whether or not some or all the focused investments and initiatives will meet the Firm’s capital allocation aims and inner hurdle fee; the likelihood that future exploration outcomes won’t be in step with the Firm’s expectations; dangers that exploration information could also be incomplete and appreciable further work could also be required to finish additional analysis, together with however not restricted to drilling, engineering and socioeconomic research and funding; disruption of provide routes which can trigger delays in development and mining actions, together with disruptions within the provide of key mining inputs as a result of invasion of Ukraine by Russia; modifications in nationwide and native authorities laws, taxation, controls or laws and/ or modifications within the administration of legal guidelines, insurance policies and practices, expropriation or nationalization of property and political or financial developments within the jurisdictions during which the Firm or its associates do or could stick with it enterprise sooner or later; injury to the Firm’s status as a result of precise or perceived incidence of any variety of occasions, together with detrimental publicity with respect to the Firm’s dealing with of environmental issues or dealings with neighborhood teams, whether or not true or not; dangers related to new ailments, epidemics and pandemics, together with the consequences and potential results of the worldwide Covid-19 pandemic; the influence of inflation, together with international inflationary pressures pushed by provide chain disruptions brought on by the continued Covid-19 pandemic and international vitality price will increase following the invasion of Ukraine by Russia; litigation and authorized and administrative proceedings; worker relations together with lack of key staff; elevated prices and bodily dangers, together with excessive climate occasions and useful resource shortages, associated to local weather change; and availability and elevated prices related to mining inputs and labor. Barrick additionally cautions that its steering, in addition to its 5 and ten-year outlooks for gold and copper, could also be impacted by the persevering with enterprise and social disruption brought on by the unfold of Covid-19. As well as, there are dangers and hazards related to the enterprise of mineral exploration, improvement and mining, together with environmental hazards, industrial accidents, uncommon or surprising formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the chance of insufficient insurance coverage, or incapability to acquire insurance coverage, to cowl these dangers).

Many of those uncertainties and contingencies can have an effect on our precise outcomes and will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are usually not ensures of future efficiency. All the forward-looking statements made on this press launch are certified by these cautionary statements. Particular reference is made to the latest Kind 40-F/Annual Data Kind on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of among the components underlying forward-looking statements and the dangers which will have an effect on Barrick’s means to realize the expectations set forth within the forward-looking statements contained on this press launch.

Barrick disclaims any intention or obligation to replace or revise any forward-looking statements whether or not because of new info, future occasions or in any other case, besides as required by relevant legislation.

Mineral Reserves and Sources Endnotes

1. Mineral reserves (“reserves”) and mineral sources (“sources”) have been estimated as at December 31, 2022 (until in any other case famous) in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”) as required by Canadian securities regulatory authorities. For United States reporting functions, the SEC has adopted amendments to its disclosure guidelines to modernize the mineral property disclosure necessities for issuers whose securities are registered with the SEC beneath the Securities and Change Act of 1934, as amended (the “Change Act”). These amendments turned efficient February 25, 2019 (the “SEC Modernization Guidelines”) with compliance required for the primary fiscal yr starting on or after January 1, 2021. The SEC Modernization Guidelines change the historic property disclosure necessities for mining registrants that had been included in SEC Business Information 7, which was rescinded from and after the required compliance date of the SEC Modernization Guidelines. On account of the adoption of the SEC Modernization Guidelines, the SEC now acknowledges estimates of “measured”, “indicated” and “inferred” mineral sources. As well as, the SEC has amended its definitions of “confirmed mineral reserves” and “possible mineral reserves” to be considerably just like the corresponding Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required by NI 43-101. U.S. traders ought to perceive that “inferred” mineral sources have a large amount of uncertainty as to their existence and nice uncertainty as to their financial and authorized feasibility. As well as, U.S. traders are cautioned to not assume that any half or all of Barrick’s mineral sources represent or will probably be transformed into reserves. Mineral useful resource and mineral reserve estimations have been ready by staff of Barrick, its three way partnership companions or its three way partnership working corporations, as relevant, beneath the supervision of Richard Peattie, Africa and Center East Mineral Useful resource Supervisor, Chad Yuhasz, Latin America & Asia Pacific Mineral Useful resource Supervisor and Craig Fiddes, Supervisor – Useful resource Modeling, Nevada Gold Mines and reviewed by Simon Bottoms, Barrick’s Mineral Useful resource Administration and Analysis Govt. For 2022, reserves have been estimated based mostly on an assumed gold worth of US$1,300 per ounce, an assumed silver worth of US$18.00 per ounce, and an assumed copper worth of US$3.00 per pound and long-term common trade charges of 1.30 CAD/US$, besides at Zaldívar, the place mineral reserves for 2022 had been calculated utilizing Antofagasta steering and an assumed copper worth of $3.10 per pound. For 2021, reserves had been estimated based mostly on an assumed gold worth of US$1,200 per ounce, an assumed silver worth of US$16.50 per ounce, and an assumed copper worth of US$2.75 per pound and long-term common trade charges of 1.30 CAD/US$., besides at Zaldívar, the place mineral reserves for 2021 had been calculated utilizing Antofagasta steering and an assumed copper worth of $3.10 per pound. Reserve estimates incorporate present and/or anticipated mine plans and price ranges at every property. Various cut-off grades have been used relying on the mine and sort of ore contained within the reserves. Barrick’s regular information verification procedures have been employed in reference to the calculations. Verification procedures embrace industry-standard high quality management practices. Sources as at December 31, 2022 have been estimated utilizing various cut-off grades, relying on each the kind of mine or venture, its maturity and ore varieties at every property.
2. In confirming our annual reserves for every of our mineral properties, initiatives, and operations, we conduct a reserve take a look at on December 31 of every yr to confirm that the long run undiscounted money move from reserves is constructive. The money move ignores all sunk prices and solely considers future working and closure bills in addition to any future capital prices.
3. All mineral useful resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu lb are reported to the second important digit.
4. Porgera mineral reserves and mineral sources are reported on a 24.5% curiosity foundation, reflecting Barrick’s anticipated possession curiosity following the implementation of the binding February 3, 2022 Graduation Settlement . The Graduation Settlement supplies, amongst different issues, for possession of Porgera to be held in a brand new three way partnership owned 51% by Papua New Guinea (“PNG”) stakeholders and 49% by Barrick Niugini Restricted (“BNL”) or an affiliate. BNL is collectively owned on a 50/50 foundation by Barrick and Zijin Mining Group and can retain operatorship of the mine beneath the phrases of the Graduation Settlement. Efforts are ongoing to execute the remaining definitive agreements to implement the Graduation Settlement and finalize a timeline for the reopening of the Porgera mine and resumption of full mine operations. For added info, see pages 8-9 of Barrick’s Third Quarter Report 2022.
5. Cortez underground contains 21 million tonnes at 7.27g/t for 4.9 million ounces of possible reserves, 29 million tonnes at 6.49g/t for six.1 million ounces of indicated sources and 15 million tonnes at 5.9g/t for two.8 million ounces of inferred sources associated to Goldrush. As famous in endnote 9, mineral sources are reported on an inclusive foundation.
6. Reko Diq mineral sources are reported on a 50% curiosity foundation, reflecting Barrick’s possession curiosity following the completion of the transaction permitting for the reconstitution of the venture on December 15, 2022. This accomplished the method that started earlier in 2022 following the conclusion of a framework settlement among the many Governments of Pakistan and Balochistan, Barrick and Antofagasta plc, which supplied a path for the event of the venture beneath a reconstituted construction.  The reconstituted venture is held 50% by Barrick and 50% by Pakistani stakeholders.  Barrick is the operator of the venture. For added info, see Barrick’s press launch entitled “Large Reko Diq Mission Will get All Clear, Barrick Begins Updating Plans” dated December 15, 2022.
7. 2022 polymetallic mineral sources and mineral reserves are estimated utilizing the mixed worth of gold, copper & silver and accordingly are reported as gold, copper and silver mineral sources and mineral reserves.
8. Mineral sources which aren’t mineral reserves do not need demonstrated financial viability.
9. Mineral sources are reported inclusive of mineral reserves.
10. All measured and indicated mineral useful resource estimates of grade and all confirmed and possible mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to 2 decimal locations.
11. All inferred mineral useful resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to 1 decimal place.