The typical market worth for gold in Q1 was $1,890 per ounce whereas the common market worth for copper in Q1 was $4.05 per pound.

As beforehand guided, preliminary Q1 gold manufacturing was decrease than This fall 2022 primarily because of decrease manufacturing at Carlin, primarily attributable to annual roaster upkeep leading to decrease throughput at Goldstrike, the conversion of the Goldstrike autoclave to a traditional carbon-in-leach course of and a harsh winter in northern Nevada impacting operations. This was mixed with decrease grades at Kibali attributable to mine sequencin In comparison with This fall 2022, Q1 gold value of gross sales per ounce ² is predicted to be 3% to five% greater, whole money prices per ounce ³ are anticipated to be 13% to fifteen% greater and all-in sustaining prices per ounce ³ are anticipated to be 9% to 11% greater. The upper whole money prices per ounce ³ displays the decrease ounces produced and bought relative to the prior quarter, whereas the rise in all-in sustaining prices per ounce ³ was additionally pushed by decrease gross sales volumes partially offset by decrease sustaining capital expenditures.

Preliminary Q1 copper manufacturing was decrease than This fall 2022, pushed by decrease manufacturing at Lumwana and Zaldívar, as anticipated. In comparison with This fall 2022, Q1 copper value of gross sales per pound ² is predicted to be as much as 2% greater and C1 money prices per pound ³ are anticipated to be 19% to 21% greater, primarily attributable to decrease mining charges as the brand new fleet at Lumwana continues to ramp up, in addition to greater labor prices at Zaldívar. All-in sustaining prices per pound ³ are anticipated to be 14% to 16% decrease, as decrease sustaining capital expenditures greater than offset the rise in C1 money prices per pound ³ .

Barrick will present further dialogue and evaluation relating to its first quarter 2023 manufacturing and gross sales when the Firm studies its quarterly outcomes earlier than North American markets open on Might 3, 2023.

The next desk contains preliminary gold and copper manufacturing and gross sales outcomes from Barrick’s operations:

First Quarter 2023 Outcomes

Barrick will launch its Q1 2023 outcomes earlier than market open on Might 3, 2023. President and CEO Mark Bristow will host a dwell presentation of the outcomes that day at 11:00 EDT / 15:00 UTC, with an interactive webinar linked to a convention name. Contributors will have the ability to ask questions.

Go to the webinar
US and Canada (toll-free) 1 800 319 4610
UK (toll-free) 0808 101 2791
Worldwide (toll) +1 416 915 3239

The Q1 2023 presentation supplies will probably be accessible on Barrick’s web site at www.barrick.com .

The webinar will stay on the web site for later viewing, and the convention name will probably be accessible for replay by phone at 1 855 669 9658 (US and Canada toll-free) and +1 604 674 8052 (worldwide toll), entry code 9942.

Enquiries:

Claudia Pitre
Supervisor, Investor Relations and Company Entry
+1 416 307 5105
cpitre@barrick.com

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

Web site: www.barrick.com

Technical Data

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

Endnote 1

Porgera has been on short-term care and upkeep since April 2020 and isn’t presently included in our full yr 2023 steering. On April 9, 2021, the Authorities of Papua New Guinea (“PNG”) and Barrick Niugini Restricted (“BNL”), the operator of the Porgera three way partnership, signed a Framework Settlement during which they agreed on a partnership for Porgera’s future possession and operation. On February 3, 2022, the Framework Settlement was changed by the extra detailed Porgera Challenge Graduation Settlement (the “Graduation Settlement”). On March 31, 2023, PNG, BNL, and New Porgera Restricted, the brand new Porgera three way partnership firm, entered into the New Porgera Progress Settlement, which confirmed that every one events are dedicated to reopening the mine, in step with the phrases of the Graduation Settlement and the Shareholders Settlement each concluded in 2022. We count on to replace our steering to incorporate Porgera following the execution of all the definitive agreements to implement the binding Graduation Settlement, the satisfaction of all different circumstances precedent to reopening, and the finalization of a timeline for the resumption of full mine operations.

Endnote 2

Gold value of gross sales per ounce is calculated as value of gross sales throughout our gold operations (excluding websites in care and upkeep) divided by ounces bought (each on an attributable foundation based mostly on Barrick’s possession share). Copper value of gross sales per pound is calculated as value of gross sales throughout our copper operations divided by kilos bought (each on an attributable foundation based mostly on Barrick’s possession share).

References to attributable foundation means our 100% share of Hemlo and Lumwana, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 80% share of Loulo-Gounkoto, our 61.5% share of Nevada Gold Mines, our 60% share of Pueblo Viejo, our 50% share of Veladero, Zaldívar and Jabal Sayid and our 45% share of Kibali.

Endnote 3

Whole money prices per ounce, all-in sustaining prices per ounce and all-in prices per ounce are non-GAAP monetary measures that are calculated based mostly on the definition revealed by the World Gold Council (‘WGC’) (a market improvement group for the gold trade comprised of and funded by gold mining firms from world wide, together with Barrick). The WGC just isn’t a regulatory group. Administration makes use of these measures to observe the efficiency of our gold mining operations and its means to generate constructive money circulation, each on a person website foundation and an general firm foundation.

Whole money prices begin with our value of gross sales associated to gold manufacturing and removes depreciation, the non-controlling curiosity of value of gross sales and contains by-product credit. All-in sustaining prices begin with whole money prices and embrace sustaining capital expenditures, sustaining leases, normal and administrative prices, minesite exploration and analysis prices and reclamation value accretion and amortization. These further prices replicate the expenditures made to take care of present manufacturing ranges.

We imagine that our use of whole money prices, all-in sustaining prices and all-in prices will help analysts, traders and different stakeholders of Barrick in understanding the prices related to producing gold, understanding the economics of gold mining, assessing our working efficiency and in addition our means to generate free money circulation from present operations and to generate free money circulation on an general firm foundation. As a result of capital-intensive nature of the trade and the lengthy helpful lives over which these things are depreciated, there generally is a vital timing distinction between internet earnings calculated in accordance with IFRS and the quantity of free money circulation that’s being generated by a mine and subsequently we imagine these measures are helpful non-GAAP working metrics and complement our IFRS disclosures. These measures are usually not consultant of all of our money expenditures as they don’t embrace earnings tax funds, curiosity prices or dividend funds. These measures don’t embrace depreciation or amortization.

Whole money prices per ounce, all-in sustaining prices and all-in prices are supposed to offer further info solely and shouldn’t have standardized definitions beneath IFRS and shouldn’t be thought of in isolation or as an alternative to measures of efficiency ready in accordance with IFRS. These measures are usually not equal to internet earnings or money circulation from operations as decided beneath IFRS. Though the WGC has revealed a standardized definition, different firms could calculate these measures in another way.

C1 money prices per pound and all-in sustaining prices per pound are non-GAAP monetary measures associated to our copper mine operations. We imagine that C1 money prices per pound allows traders to higher perceive the efficiency of our copper operations compared to different copper producers who current outcomes on an identical foundation. C1 money prices per pound excludes royalties and manufacturing taxes and non-routine fees as they don’t seem to be direct manufacturing prices. All-in sustaining prices per pound is much like the gold all-in sustaining prices metric and administration makes use of this to higher consider the prices of copper manufacturing. We imagine this measure allows traders to higher perceive the working efficiency of our copper mines as this measure displays all the sustaining expenditures incurred with a purpose to produce copper. All-in sustaining prices per pound contains C1 money prices, sustaining capital expenditures, sustaining leases, normal and administrative prices, minesite exploration and analysis prices, royalties and manufacturing taxes, reclamation value accretion and amortization and write-downs taken on stock to internet realizable worth.

Barrick will present a full reconciliation of those non-GAAP monetary measures when the Firm studies its quarterly outcomes on Might 3, 2023.

Cautionary Statements Concerning Preliminary First Quarter Manufacturing, Gross sales and Prices for 2023, and Ahead-Trying Data

Barrick cautions that, whether or not or not expressly acknowledged, all first quarter figures contained on this press launch together with, with out limitation, manufacturing ranges, gross sales and related prices are preliminary, and replicate our anticipated first quarter outcomes as of the date of this press launch. Precise reported first quarter manufacturing ranges, gross sales and related prices are topic to administration’s closing evaluate, in addition to evaluate by the Firm’s impartial accounting agency, and should differ considerably from these expectations due to a lot of elements, together with, with out limitation, further or revised info, and modifications in accounting requirements or insurance policies, or in how these requirements are utilized. Barrick will present further dialogue and evaluation and different necessary details about its first quarter manufacturing ranges, gross sales and related prices when it studies precise outcomes on Might 3, 2023. For an entire image of the Firm’s monetary efficiency, it is going to be essential to evaluate all the info within the Firm’s first quarter monetary report and associated MD&A. Accordingly, readers are cautioned to not rely solely on the knowledge contained herein.

Lastly, Barrick cautions that this press launch incorporates forward-looking statements with respect to: (i) Barrick’s manufacturing and full yr gold and copper steering; and (ii) prices per ounce for gold and per pound for copper.

Such elements embrace, however are usually not restricted to: fluctuations within the spot and ahead worth of gold, copper, or sure different commodities (corresponding to silver, diesel gas, pure fuel, and electrical energy); the speculative nature of mineral exploration and improvement; modifications in mineral manufacturing efficiency, exploitation, and exploration successes; the period of the short-term suspension of operations at Porgera [and the timeline for the execution of definitive agreements to implement the Commencement Agreement, and recommence operations at Porgera]; dangers related to initiatives within the early phases of analysis, and for which further engineering and different evaluation is required; disruption of provide routes which can trigger delays in development and mining actions; whether or not advantages anticipated from current transactions are realized; portions or grades of reserves will probably be diminished, and that sources will not be transformed to reserves; elevated prices, delays, suspensions and technical challenges related to the development of capital initiatives; working or technical difficulties in reference to mining or improvement actions, together with geotechnical challenges, tailings dam and storage amenities failures, and disruptions within the upkeep or provision of required infrastructure and knowledge expertise methods; dangers that exploration knowledge 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; failure to adjust to environmental and well being and security legal guidelines and laws; elevated prices and bodily dangers, together with excessive climate occasions and useful resource shortages, associated to local weather change; timing of, receipt of, or failure to adjust to, crucial permits and approvals; non-renewal of key licenses by governmental authorities; uncertainty whether or not some or all of focused investments and initiatives will meet the Firm’s capital allocation aims and inside hurdle charge; 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 value will increase following the invasion of Ukraine by Russia; the influence of world liquidity and credit score availability on the timing of money flows and the values of property and liabilities based mostly on projected future money flows; fluctuations within the foreign money markets; 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 in Canada, the US, and different jurisdictions during which the Firm or its associates do or could keep it up enterprise sooner or later; lack of certainty with respect to international authorized methods, corruption and different elements which are inconsistent with the rule of regulation; injury to the Firm’s popularity as a result of precise or perceived prevalence of any variety of occasions, together with damaging publicity with respect to the Firm’s dealing with of environmental issues or dealings with neighborhood teams, whether or not true or not; the chance that future exploration outcomes won’t be in step with the Firm’s expectations; threat of loss attributable to acts of conflict, terrorism, sabotage and civil disturbances; dangers related to artisanal and unlawful mining; dangers related to illnesses, epidemics and pandemics, together with the consequences and potential results of the worldwide Covid-19 pandemic; litigation and authorized and administrative proceedings; contests over title to properties, notably title to undeveloped properties, or over entry to water, energy and different required infrastructure; enterprise alternatives which may be introduced to, or pursued by, the Firm; our means to efficiently combine acquisitions or full divestitures; dangers related to working with companions in collectively managed property; worker relations together with lack of key workers; and availability and elevated prices related to mining inputs and labor. Barrick additionally cautions that its 2023 steering could also be impacted by the continued 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 incapacity 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. The entire forward-looking statements made on this press launch are certified by these cautionary statements. Particular reference is made to the latest Type 40-F/Annual Data Type on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of among the elements underlying forward-looking statements and the dangers which will have an effect on Barrick’s means to attain 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 regulation.