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Barrick Focuses on Future Growth and Sustainable Value Creation

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Barrick Gold (NYSE:GOLD) has released its annual report highlighting significant progress in growth projects and sustainable value creation. The company completed feasibility studies for two Tier One projects: the Lumwana Super Pit Expansion in Zambia (adding 8.3 million tonnes of copper reserves) and the Reko Diq project in Pakistan (contributing 13 million ounces of gold and 7.3 million tonnes of copper reserves).

The company successfully replaced all mined gold and copper in 2024, replenishing 4.6 million ounces of attributable gold mineral reserves at improved grades. Barrick projects a 30% growth in gold equivalent ounces by decade's end. The Pueblo Viejo expansion in Dominican Republic advances toward becoming an 800,000+ ounce per year producer, while Nevada operations see progress at Goldrush and Fourmile projects.

Barrick maintains a strong balance sheet to fund Lumwana and Reko Diq development without new shares or unnecessary debt, while continuing its share buyback program.

Barrick Gold (NYSE:GOLD) ha pubblicato il suo rapporto annuale evidenziando i progressi significativi nei progetti di crescita e nella creazione di valore sostenibile. L'azienda ha completato studi di fattibilità per due progetti di livello uno: l'espansione della Lumwana Super Pit in Zambia (aggiungendo 8,3 milioni di tonnellate di riserve di rame) e il progetto Reko Diq in Pakistan (contribuendo con 13 milioni di once d'oro e 7,3 milioni di tonnellate di riserve di rame).

L'azienda ha sostituito con successo tutto l'oro e il rame estratti nel 2024, reintegrando 4,6 milioni di once di riserve minerali d'oro attribuibili a gradi migliorati. Barrick prevede una crescita del 30% in once equivalenti d'oro entro la fine del decennio. L'espansione di Pueblo Viejo nella Repubblica Dominicana avanza verso la produzione di oltre 800.000 once all'anno, mentre le operazioni in Nevada vedono progressi nei progetti Goldrush e Fourmile.

Barrick mantiene un forte bilancio per finanziare lo sviluppo di Lumwana e Reko Diq senza nuove azioni o debiti non necessari, continuando nel contempo il suo programma di riacquisto di azioni.

Barrick Gold (NYSE:GOLD) ha lanzado su informe anual destacando avances significativos en proyectos de crecimiento y creación de valor sostenible. La empresa completó estudios de viabilidad para dos proyectos de nivel uno: la expansión de Lumwana Super Pit en Zambia (agregando 8.3 millones de toneladas de reservas de cobre) y el proyecto Reko Diq en Pakistán (contribuyendo con 13 millones de onzas de oro y 7.3 millones de toneladas de reservas de cobre).

La compañía reemplazó con éxito todo el oro y cobre extraído en 2024, reponiendo 4.6 millones de onzas de reservas minerales de oro atribuibles con grados mejorados. Barrick proyecta un crecimiento del 30% en onzas equivalentes de oro para finales de la década. La expansión de Pueblo Viejo en la República Dominicana avanza hacia convertirse en un productor de más de 800,000 onzas al año, mientras que las operaciones en Nevada progresan en los proyectos Goldrush y Fourmile.

Barrick mantiene un balance sólido para financiar el desarrollo de Lumwana y Reko Diq sin nuevas acciones ni deudas innecesarias, mientras continúa su programa de recompra de acciones.

바릭 골드 (NYSE:GOLD)는 성장 프로젝트와 지속 가능한 가치 창출에서 중요한 진전을 강조하는 연례 보고서를 발표했습니다. 이 회사는 두 개의 1급 프로젝트에 대한 타당성 조사 완료: 잠비아의 룸와나 슈퍼 핏 확장(830만 톤의 구리 매장량 추가)과 파키스탄의 레코 디크 프로젝트(1300만 온스의 금과 730만 톤의 구리 매장량 기여).

회사는 2024년에 채굴된 모든 금과 구리를 성공적으로 대체하여 개선된 품질로 460만 온스의 금 광물 매장량을 보충했습니다. 바릭은 10년 말까지 금 등가 온스에서 30% 성장을 예상하고 있습니다. 도미니카 공화국의 푸에블로 비에호 확장은 연간 80만 온스 이상의 생산자로 발전하고 있으며, 네바다의 Goldrush 및 Fourmile 프로젝트에서도 진전을 보고하고 있습니다.

바릭은 새로운 주식이나 불필요한 부채 없이 룸와나 및 레코 디크 개발을 자금 지원하기 위해 강력한 재무 상태를 유지하고 있으며, 동시에 자사주 매입 프로그램을 계속하고 있습니다.

Barrick Gold (NYSE:GOLD) a publié son rapport annuel mettant en évidence des progrès significatifs dans les projets de croissance et la création de valeur durable. L'entreprise a achevé des études de faisabilité pour deux projets de premier ordre : l'expansion de la Lumwana Super Pit en Zambie (ajout de 8,3 millions de tonnes de réserves de cuivre) et le projet Reko Diq au Pakistan (contribuant avec 13 millions d'onces d'or et 7,3 millions de tonnes de réserves de cuivre).

L'entreprise a réussi à remplacer tout l'or et le cuivre extraits en 2024, réapprovisionnant 4,6 millions d'onces de réserves minérales d'or attribuables avec des grades améliorés. Barrick prévoit une croissance de 30 % des onces équivalentes d'or d'ici la fin de la décennie. L'expansion de Pueblo Viejo en République dominicaine progresse vers une production de plus de 800 000 onces par an, tandis que les opérations du Nevada voient des progrès dans les projets Goldrush et Fourmile.

Barrick maintient un bilan solide pour financer le développement de Lumwana et Reko Diq sans nouvelles actions ni dettes inutiles, tout en poursuivant son programme de rachat d'actions.

Barrick Gold (NYSE:GOLD) hat seinen Jahresbericht veröffentlicht, der bedeutende Fortschritte bei Wachstumsprojekten und der Schaffung nachhaltiger Werte hervorhebt. Das Unternehmen hat Machbarkeitsstudien für zwei Tier-One-Projekte abgeschlossen: die Lumwana Super Pit Erweiterung in Sambia (mit einer Erhöhung der Kupferreserven um 8,3 Millionen Tonnen) und das Reko Diq Projekt in Pakistan (das 13 Millionen Unzen Gold und 7,3 Millionen Tonnen Kupferreserven beiträgt).

Das Unternehmen hat 2024 erfolgreich sämtliches abgebautes Gold und Kupfer ersetzt und 4,6 Millionen Unzen an zugehörigen Goldmineralreserven mit verbesserten Gehalten aufgefüllt. Barrick prognostiziert ein 30% Wachstum bei Goldäquivalentunzen bis zum Ende des Jahrzehnts. Die Erweiterung von Pueblo Viejo in der Dominikanischen Republik schreitet voran, um ein Produzent von über 800.000 Unzen pro Jahr zu werden, während die Nevada-Operationen Fortschritte bei den Projekten Goldrush und Fourmile machen.

Barrick hält eine starke Bilanz, um die Entwicklung von Lumwana und Reko Diq ohne neue Aktien oder unnötige Schulden zu finanzieren, während das Unternehmen weiterhin sein Aktienrückkaufprogramm fortsetzt.

Positive
  • Successfully replaced all mined gold and copper reserves in 2024
  • Added significant reserves: 13M oz gold and 7.3M tonnes copper at Reko Diq
  • Added 8.3M tonnes copper reserves at Lumwana Super Pit
  • Strong balance sheet enabling project funding without share dilution
  • Projected 30% growth in gold equivalent ounces by 2030
Negative
  • None.

Insights

Barrick Gold's annual report reveals significant operational growth potential that strengthens the company's long-term outlook. The successful completion of feasibility studies for two major Tier One projects creates a substantial foundation for future production expansion. With Lumwana adding 8.3 million tonnes of copper reserves and Reko Diq contributing 13 million ounces of gold and 7.3 million tonnes of copper reserves, Barrick has materially expanded its resource base.

The company's ability to replace all gold and copper mined during the year while improving grades demonstrates exceptional resource management capabilities that few competitors can match. This achievement provides confidence in Barrick's projected 30% growth in gold equivalent ounces by decade's end.

From a balance sheet perspective, Barrick maintains financial strength that enables simultaneous funding of major development projects while continuing shareholder-friendly capital returns through its buyback program. This financial flexibility represents a competitive advantage for executing its ambitious growth strategy without dilution.

The advancement of Pueblo Viejo toward 800,000+ ounce annual production alongside progress at Goldrush and the promising Fourmile project creates multiple avenues for production growth. These developments position Barrick with a diversified portfolio across multiple geographies and metals, providing both growth potential and risk mitigation.

From a technical perspective, Barrick's report contains several noteworthy operational developments. The replacement of reserves at better grades is particularly impressive, as it indicates both exploration success and the discovery of higher-quality ore bodies that should improve production economics.

The Fourmile project's advancement to prefeasibility with grades nearly double that of Goldrush represents an exceptional geological opportunity. High-grade deposits like this have become increasingly rare in the gold mining industry, making this a valuable asset that could significantly enhance Nevada operations' production profile and cost structure.

The integrated resource strategy demonstrated across Barrick's portfolio shows sophisticated technical planning. Rather than pursuing growth through acquisitions, the company has successfully expanded existing operations and advanced organic projects.

Barrick's apparent technical success in Zambia and Pakistan shows proficiency in complex geological environments and challenging jurisdictions. The copper component of these projects is particularly strategic given the metal's importance in electrification and energy transition applications, providing Barrick with exposure to both precious and industrial metal markets through the same asset base.

All amounts expressed in US dollars

TORONTO, March 14, 2025 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reinforced its commitment to growth, reporting significant progress of its key growth projects while achieving its production guidance and setting the stage for continued sustainable value creation, said president and chief executive Mark Bristow in the company’s annual report published today.

During the year, Barrick completed feasibility studies for the Lumwana Super Pit Expansion in Zambia and the Reko Diq project in Pakistan. Both projects confirmed their Tier One1 potential, with Lumwana contributing 8.3 million tonnes of copper reserves2 and Reko Diq adding 13 million ounces of gold reserves and 7.3 million tonnes of copper reserves on an attributable basis3. The company also successfully replaced all the gold and copper it mined during the year, more than replenishing the 4.6 million ounces of attributable gold mineral reserve depletion at better grades.4

“Barrick stands alone in the industry as no other company matches our ability to replace the gold and copper we mine while simultaneously adding to our reserves through exploration and development. Our integrated resource and exploration strategy has allowed us to build a foundation that supports a projected 30% growth in gold equivalent ounces out to the end of the decade,” Bristow said.5

The expansion at Pueblo Viejo in the Dominican Republic continued to make progress towards the mine’s target of becoming a plus 800,000 ounce per year, long-life, low-cost gold producer.6 In Nevada, Goldrush progressed its ramp up as planned, while the adjacent Fourmile project has advanced to prefeasibility stage. The 2024 preliminary economic assessment highlighted Fourmile’s world-class potential with a significantly larger orebody endowment at nearly double the grade of Goldrush.7

“Barrick maintains one of the strongest balance sheets in the industry. This financial strength positions us to invest in our future as well as fund both the Lumwana and Reko Diq development projects, without the need to issue new shares or take on unnecessary debt,” said Bristow. “At the same time, our share buyback program not only returns capital to investors but also enhances per-share value, underscoring our disciplined approach to capital allocation.”

Bristow added that sustainability remained at the core of Barrick’s operations, guiding its decisions and long-term strategy. “Local partnerships continue to be crucial to advancing our sustainability efforts and ensuring our host nations receive their fair share of economic value along with delivering tangible benefits to local communities.”

Also in the annual report, chairman John Thornton highlighted Barrick’s ongoing efforts to diversify its Board. “While we are pleased that two of our three committees are now chaired by women, we believe we are never finished the work of adding to our Board’s diversity in every sense and dimension of the word. Many different kinds of people make for more and better ideas, livelier debate and stronger outcomes,” Thornton said.

Barrick’s 2024 Annual Report, Annual Information Form and Form 40-F are now available on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov), respectively. An updated National Instrument 43-101 technical report for the Carlin Complex, current as of December 31, 2024, is also available on SEDAR+ and EDGAR.

To access the above-mentioned documents, please visit www.barrick.com. Shareholders may also receive a copy of Barrick’s audited financial statements without charge upon request to Barrick’s Investor Relations Department, 161 Bay Street, Suite 3700, Toronto, Ontario M5J 2S1 or to investor@barrick.com.

Enquiries

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

Website: www.barrick.com

Endnotes

1. A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support of at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world-class geological district with potential for organic reserve growth and long-term geologically driven addition.

2. Estimates are as of December 31, 2024, unless otherwise noted. Lumwana proven reserves of 140 million grading 0.49% representing 0.68 million tonnes of copper, probable mineral reserves of 1,500 million tonnes grading 0.53% representing 7.6 million tonnes of copper, measured resources of 170 million tonnes grading 0.45% representing 0.77 million tonnes of copper, indicated resources of 1,800 million tonnes grading 0.50% representing 9.2 million tonnes of copper and inferred resources of 230 million tonnes grading 0.40% representing 0.91 million tonnes of copper. Complete mineral reserve and mineral resource data for all mines and projects, including tonnes, grades, and ounces, can be found on pages 84-92 of Barrick’s Fourth Quarter and Year-End 2024 Report. For further information with respect to the key assumptions, parameters and risks associated with Lumwana and other technical information, please refer to the Technical Report on the Lumwana Expansion Project, Republic of Zambia dated December 31, 2024 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.

3. Estimates are as of December 31, 2024, unless otherwise noted. Reko Diq probable reserves of 1,400 million tonnes grading 0.28g/t representing 13 million ounces of gold, probable reserves of 1,500 million tonnes grading 0.48% representing 7.3 million tonnes of copper, indicated resources of 1,800 million tonnes grading 0.25g/t representing 15 million ounces of gold, indicated resources of 2,000 million tonnes grading 0.43% representing 8.4 million tonnes of copper, inferred resources of 640 million tonnes grading 0.2g/t representing 3.9 million ounces of gold, and inferred resources of 690 million tonnes grading 0.3% representing 2.2 million tonnes of copper. Complete mineral reserve and mineral resource data for all mines and projects, including tonnes, grades, and ounces, can be found on pages 84-92 of Barrick’s Fourth Quarter and Year-End 2024 Report. For further information with respect to the key assumptions, parameters and risks associated with Reko Diq, the mineral reserve and resource estimates included herein and other technical information, please refer to the Technical Report on the Reko Diq Project, Balochistan, Pakistan dated December 31, 2024 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.

4. Proven and probable reserve gains calculated from cumulative net change in reserves from year end 2019 to 2024. Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2024 divided by the cumulative depletion in reserves from year end 2019 to 2024 as shown in the table below:

YearAttributable P&P
Gold

(Moz)
Attributable Gold Acquisition &
Divestments

(Moz)
Attributable Gold Depletion
(Moz)
Attributable Gold
Net Change
(Moz)
Reported Reserve
Price USD/oz for GEO
conversion
2019a71----
2020b68(2.2)(5.5)4.2$1,200
2021c69(0.91)(5.4)8.1$1,200
2022d76-(4.8)12$1,300
2023e77-(4.6)5$1,300
2024f89-(4.6)17$1,400
2019 – 2024 TotalN/A(3.1)(25)46N/A


YearAttributable P&P
Copper (Mlb)
Attributable Copper Acquisition &
Divestments

(Moz)
Attributable Copper
Depletion

(Moz)
Attributable Copper
Net Change
(Moz)
Reported Reserve
Price USD/lb for GEO
conversion
2019a13,494----
2020b12,691-(834)31$2.75
2021c12,233-(636)178$2.75
2022d12,252-(623)642$3.00
2023e12,391-(589)728$3.00
2024f40,201-(731)28,542$3.00
2019 – 2024 TotalN/A-(3,413)30,121N/A


YearAttributable P&P GEOAttributable Acquisition & Divestments
GEO
Attributable Depletion GEOAttributable
Net Change GEO
(using reported reserve prices)
2019a----
2020b97(2.2)(7.4)4.2
2021c97(0.91)(6.9)8.5
2022d104-(6.3)13
2023e105-(6.0)6.7
2024f176-(6.1)79
2019 – 2024 TotalN/A(3.1)(33)111


Totals may not appear to sum correctly due to rounding.

Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick's Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick's ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own.

All estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.

  1. Estimates as of December 31, 2019, unless otherwise noted, Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and 420 million tonnes grading 0.4%, representing 3,700 million pounds of copper (which is equal to 1.7 million tonnes of copper). Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold and 1,200 million tonnes grading 0.38%, representing 9,800 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.
  2. Estimates as of December 31, 2020, unless otherwise noted: Proven reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold, and 350 million tonnes grading 0.39%, representing 3,000 million pounds of copper (which is equal to 1.4 million tonnes of copper). Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold, and 1,100 million tonnes grading 0.39%, representing 9,700 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.
  3. Estimates as of December 31, 2021, unless otherwise noted, Proven 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 pounds of copper (which is equal to 1.6 million tonnes of copper), and probable 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 pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.
  4. Estimates as of December 31, 2022, unless otherwise noted. Proven 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 pounds of copper (which is equal to 1.6 million tonnes of copper), and probable 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 pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.
  5. Estimates are as of December 31, 2023, unless otherwise noted. Proven mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper.
  6. Estimates are as of December 31, 2024, unless otherwise noted. Proven mineral reserves of 270 million tonnes grading 1.75g/t, representing 15 million ounces of gold, and 380 million tonnes grading 0.42%, representing 1.6 million tonnes of copper. Probable reserves of 2,500 million tonnes grading 0.90g/t, representing 74 million ounces of gold, and 3,600 million tonnes grading 0.46%, representing 17 million tonnes of copper.

5. Gold equivalent ounces calculated from our copper assets are calculated using a gold price of $1,400/oz and copper price of $3.00/lb. Barrick’s five-year indicative production profile for gold equivalent ounces is based on the following assumptions:

Key Outlook Assumptions20252026+
Gold Price ($/oz)2,4002,400
Copper Price ($/lb)4.004.00
Oil Price (WTI) ($/barrel)8070
AUD Exchange Rate (AUD:USD)0.750.75
ARS Exchange Rate (USD:ARS)1,0001,000
CAD Exchange Rate (USD:CAD)1.301.30
CLP Exchange Rate (USD:CLP)900900
EUR Exchange Rate (EUR:USD)1.101.10


Barrick’s five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/ mineral resource management initiatives in execution. This outlook is based on our current reserves and resources and assumes that we will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the company’s gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following: new open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for prestripping prior to first ore production in 2027; Tongon will enter care and maintenance by 2027; and production from the Zaldívar CuproChlor® Chloride Leach Project (Antofagasta is the operator of Zaldívar). Our five-year indicative outlook excludes production from Fourmile, as well as Pierina and Golden Sunlight, both of which are currently in care and maintenance; and production from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto and Alturas. Barrick’s five-year production profile in this press release also assumes an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature. Loulo-Gounkoto has been excluded from Barrick’s 2025 guidance as a result of the temporary suspension of operations. We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations. For purposes of this indicative five-year forecast only, we have assumed a scenario where Loulo-Gounkoto resumes operations on April 1, 2025. There can be no assurances that a definitive agreement to resolve the ongoing dispute with the Government of Mali will be reached by April 1, 2025 or at all. Refer to page 9 of the MD&A accompanying Barrick’s annual 2024 financial statements for additional information.

6. Refer to the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.

7. Fourmile’s financial metrics and production metrics are based upon Barrick’s internal preliminary economic assessment which is conceptual in nature and there is no certainty that the preliminary economic assessment will be realized. Barrick anticipates Fourmile will be incorporated into the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Craig Fiddes, SME-RM, Lead, R&R Governance, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology - Latin America and Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration — each a “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2024.

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “potential”, “grow”, “commit”, “opportunity”, “investment”, “continue”, “extend”, “will”, “projected”, “progress”, “target”, “ongoing”, “focus”, “believe” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance and our five and ten-year production profiles for gold and copper; Barrick’s global exploration strategy and planned exploration activities; our ability to convert resources into reserves and future reserve replacement; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues; our talent management initiatives; Barrick’s future plans, growth potential, financial strength, investments and overall strategy; and expectations regarding future price assumptions, financial performance, shareholder returns and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; including the status of value added tax refunds received in connection with the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvalsnon-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to greenhouse gas emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions;; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials, components and equipment, or impact Barrick’s existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company's management; the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets.

In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.

We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.


FAQ

What are the reserve additions from Barrick Gold's (GOLD) Reko Diq project in Pakistan?

The Reko Diq project added 13 million ounces of gold reserves and 7.3 million tonnes of copper reserves on an attributable basis, as confirmed by feasibility studies in 2024.

How much copper reserves did Barrick's (GOLD) Lumwana Super Pit Expansion add?

The Lumwana Super Pit Expansion in Zambia added 8.3 million tonnes of copper reserves, confirming its Tier One potential.

What is Barrick Gold's (GOLD) projected growth in gold equivalent ounces by 2030?

Barrick projects a 30% growth in gold equivalent ounces by the end of the decade.

What is the production target for Barrick's (GOLD) Pueblo Viejo expansion?

The Pueblo Viejo expansion aims to become a plus 800,000 ounce per year, long-life, low-cost gold producer.
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