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Long-Term Value Creation Drives Sustainable Growth for Barrick

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Barrick Gold (NYSE:GOLD) reported significant progress in building its future business, highlighting its Tier One focused asset portfolio and value-creation strategy. Since its merger, the company has generated $23 billion in operating cash flow, invested $15 billion in operations and growth projects, reduced net debt by nearly $4 billion, and returned over $5 billion to shareholders.

The company is advancing mine extension projects in Nevada, including Leeville, Goldrush, Hanson, Robertson, Swift, and Turquoise Ridge. The newly permitted Goldrush mine is increasing production, while the adjacent Fourmile project shows potential for annual operating cash flows 70% higher than Goldrush.

Barrick Gold (NYSE:GOLD) ha riportato significativi progressi nella costruzione del suo futuro business, evidenziando il suo portafoglio di attività concentrato in Tier One e la strategia di creazione di valore. Dalla sua fusione, l'azienda ha generato 23 miliardi di dollari in flusso di cassa operativo, investito 15 miliardi di dollari in operazioni e progetti di crescita, ridotto il debito netto di quasi 4 miliardi di dollari, e restituito oltre 5 miliardi di dollari agli azionisti.

L'azienda sta avanzando con i progetti di estensione delle miniere in Nevada, tra cui Leeville, Goldrush, Hanson, Robertson, Swift e Turquoise Ridge. La nuova miniera di Goldrush, recentemente autorizzata, sta aumentando la produzione, mentre il progetto adiacente di Fourmile mostra un potenziale per flussi di cassa operativi annuali superiori del 70% rispetto a Goldrush.

Barrick Gold (NYSE:GOLD) reportó avances significativos en la construcción de su futuro negocio, destacando su cartera de activos centrada en Tier One y su estrategia de creación de valor. Desde su fusión, la empresa ha generado 23 mil millones de dólares en flujo de caja operativo, ha invertido 15 mil millones de dólares en operaciones y proyectos de crecimiento, ha reducido la deuda neta en casi 4 mil millones de dólares, y ha devuelto más de 5 mil millones de dólares a los accionistas.

La empresa está avanzando con proyectos de extensión de minas en Nevada, incluyendo Leeville, Goldrush, Hanson, Robertson, Swift y Turquoise Ridge. La recientemente autorizada mina Goldrush está aumentando su producción, mientras que el proyecto adyacente de Fourmile muestra un potencial para flujos de caja operativo anuales un 70% superiores a Goldrush.

바릭 골드 (NYSE:GOLD)는 Tier One 중심 자산 포트폴리오와 가치 창출 전략을 강조하며 미래 사업 구축에서 중요한 진전을 보고했습니다. 합병 이후, 이 회사는 230억 달러의 운영 현금 흐름을 창출하고, 150억 달러를 운영 및 성장 프로젝트에 투자했으며, 순부채를 거의 40억 달러 줄이고, 50억 달러 이상을 주주에게 환원했습니다.

회사는 네바다에서 Leeville, Goldrush, Hanson, Robertson, Swift, Turquoise Ridge를 포함한 광산 확장 프로젝트를 진행하고 있습니다. 새로 허가된 Goldrush 광산은 생산을 증가시키고 있으며, 인접한 Fourmile 프로젝트는 Goldrush보다 연간 운영 현금 흐름이 70% 더 높은 잠재력을 보이고 있습니다.

Barrick Gold (NYSE:GOLD) a signalé des avancées significatives dans la construction de son futur business, mettant en avant son portefeuille d'actifs axé sur le Tier One et sa stratégie de création de valeur. Depuis sa fusion, l'entreprise a généré 23 milliards de dollars de flux de trésorerie d'exploitation, investi 15 milliards de dollars dans ses opérations et projets de croissance, réduit sa dette nette de près de 4 milliards de dollars, et restitué plus de 5 milliards de dollars à ses actionnaires.

L'entreprise avance dans des projets d'extension de mines au Nevada, y compris Leeville, Goldrush, Hanson, Robertson, Swift et Turquoise Ridge. La nouvelle mine de Goldrush, récemment autorisée, augmente sa production, tandis que le projet adjacent de Fourmile montre un potentiel de flux de trésorerie d'exploitation annuels 70% supérieurs à ceux de Goldrush.

Barrick Gold (NYSE:GOLD) berichtete über bedeutende Fortschritte beim Aufbau seines zukünftigen Geschäfts, wobei das Fokus auf seinem Tier-One-Asset-Portfolio und seiner Wertschöpfungsstrategie lag. Seit der Fusion hat das Unternehmen 23 Milliarden US-Dollar an operativem Cashflow generiert, 15 Milliarden US-Dollar in Betrieb und Wachstumsprojekte investiert, die Nettoverschuldung um fast 4 Milliarden US-Dollar gesenkt und über 5 Milliarden US-Dollar an Aktionäre zurückgegeben.

Das Unternehmen entwickelt Erweiterungsprojekte für Minen in Nevada, darunter Leeville, Goldrush, Hanson, Robertson, Swift und Turquoise Ridge. Die neu genehmigte Goldrush-Mine erhöht die Produktion, während das angrenzende Fourmile-Projekt das Potenzial für jährliche Betriebscashflows zeigt, die 70% höher sind als die von Goldrush.

Positive
  • Generated $23 billion in operating cash flow since merger
  • Invested $15 billion in operations and growth projects
  • Reduced net debt by nearly $4 billion
  • Returned over $5 billion to shareholders
  • Fourmile project showing 70% higher potential cash flows than Goldrush
Negative
  • None.

Insights

The presentation reveals impressive financial performance and strategic positioning from Barrick Gold. Key highlights include $23 billion in operating cash flow generation and strategic allocation of $15 billion towards operations and growth projects. The company's debt reduction of nearly $4 billion while returning $5 billion to shareholders demonstrates strong balance sheet management.

The Fourmile project stands out as a significant value driver, with projected operating cash flows 70% higher than the Goldrush project. This, combined with the portfolio of Tier One assets and expansion projects across Nevada, Chile, Peru and Ecuador, positions Barrick for sustainable long-term growth.

The company's focus on organic growth, reserve replacement and stakeholder partnerships creates a robust foundation for future value creation. The 10-year production profile visibility provides investors with clear growth trajectory expectations.

All amounts expressed in US dollars

NEW YORK, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) said today it was making significant progress in building a business for the future with a peerless Tier One1 focused asset portfolio and a strategy that continues to uncover and unlock value, while also fostering productive partnerships in its host countries.

Speaking in New York to investors at an in-depth presentation on the group’s position, achievements and plans, president and chief executive Mark Bristow said that since the merger, Barrick had generated $23 billion in operating cash flow, invested $15 billion in its operations and growth projects — effectively recapitalizing operations for the next 10 years or more — reduced the net debt by nearly $4 billion and returned over $5 billion to shareholders.2

“Our world-class projects are set to deliver a new growth phase and our targeted exploration programs are on course to maintain Barrick’s unmatched record of reserve replacement, which allows us to project a 10-year production profile,” he said.

Barrick is opening up exciting new frontiers in Chile, Peru and Ecuador while also exploiting value-creating opportunities within its current asset portfolio. “In Nevada, we’re making significant progress with mine extension projects at Leeville, Goldrush, Hanson, Robertson, Swift and new extensions to Turquoise Ridge. The newly permitted Goldrush mine is ramping up production and the adjacent Fourmile, which is currently 100% owned by Barrick, is turning out to be a truly world-class asset,” Bristow said.

Barrick has completed a preliminary economic assessment at Fourmile using conservative mining rates and costs, all of which draw directly from the current Goldrush mine plan. The results highlight the potential for annual operating cash flows that are at least 70% higher than the already world-class Goldrush project.3

Bristow said Barrick’s holistic approach to sustainability is central to every aspect of its value-driven business. “It enables us to make the most of the highest-quality gold assets in the industry while building a world-class copper business. It supports the evolution of a partnership model that benefits all stakeholders. It is key to the management of the mines that generate the free cash flow to fund our organic growth projects and build the strong balance sheet that enables a disciplined return to shareholders. Not least, it attracts the best and the brightest new employees because it resonates with their own values,” he said.

The webcast of today’s Investor Day presentations is available at www.barrick.com.

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
Email: barrick@dpapr.com

Website: www.barrick.com

Endnote 1

A Tier One Gold asset has the potential for +5Moz and +10 years of production at +500kozpa at $1400/oz reserve prices, with all in sustaining costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset has potential for +5Mt contained copper and +20 years of production of +200ktpa at $3/lb reserve prices, 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.

Endnote 2

Returns to shareholders include dividends, return of capital distributions and share buybacks.

Endnote 3

Fourmile financial metrics and production metrics are based upon Barrick’s internal preliminary economic assessment which is conceptual in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment for Fourmile is based upon $1,900/oz mineable stope optimizer. The assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing study and are made by a Qualified Person. Fourmile is currently 100% owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.

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 “progress”, “continue”, “target”, “ramp up”, “potential”, “project”, 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, including our ten-year outlook for gold and copper and anticipated production growth from Barrick’s organic project pipeline and reserve replacement; our expected progress with respect to our growth projects, including our mine extension projects at Leeville and the Pipeline region and the ramp up at Goldrush; our exploration strategy; the potential for Fourmile to become a world-class asset and anticipated annual operating cash flows from the project; Barrick’s sustainability strategy; and expectations, regarding future price assumptions, financial performance and other outlooks 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: risks relating to political instability in certain of the jurisdictions in which Barrick operates; risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks associated with working with partners in jointly controlled assets; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States, or the other jurisdictions in which the Company or its affiliates do or may carry on business in the future; 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 new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; failure to obtain key licenses by governmental authorities; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. 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.

Barrick disclaims 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 is Barrick Gold's (GOLD) operating cash flow since merger?

Barrick Gold has generated $23 billion in operating cash flow since the merger.

How much has Barrick Gold (GOLD) returned to shareholders?

Barrick Gold has returned over $5 billion to shareholders through dividends, return of capital distributions and share buybacks.

What are Barrick Gold's (GOLD) current Nevada mine extension projects?

Barrick Gold is advancing mine extension projects at Leeville, Goldrush, Hanson, Robertson, Swift and new extensions to Turquoise Ridge in Nevada.

What is the potential cash flow increase from Barrick's (GOLD) Fourmile project?

The Fourmile project shows potential for annual operating cash flows that are at least 70% higher than the Goldrush project.

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