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On the exploration front, drilling across Barrick’s brownfields portfolio has confirmed significant growth potential at Dorothy and Greater Leeville in Nevada, Gara West in Mali, North Mara in Tanzania, and Jabal Sayid in Saudi Arabia. Greenfields exploration continues to deliver new opportunities across Barrick’s expanding global footprint.

“The past year has seen a further deterioration in geopolitics and the dawn of a new era of high inflation, high interest rates and high risk. In this period of global uncertainty, gold outperformed most asset classes. Barrick is the largest gold miner in the United States and in Africa. If you factor in the ounces produced under our management,¹⁵ we’re the largest in the world. We’ve been building our copper portfolio and when Reko Diq comes on stream it will lift us into the premier league of copper producers. Given these resources, our proven strategy and our global expertise, I believe the case for investment in Barrick is becoming increasingly compelling,” Bristow said.

Key Performance Indicators

Best Assets

• Tier One¹² assets deliver significant growth in gold reserves and resources

• Completed the reconstitution of the Reko Diq project — one of the world’s largest undeveloped gold and copper deposits

• Copper resource growth driven by Lumwana Super Pit and Reko Diq

• Stronger Q4 performance from Cortez, Carlin and Tongon results in full year gold production of 4.14 million ounces²

• Record throughput at Pueblo Viejo; reserve growth delivers a 20+ year life of mine¹³

• Commissioning of Pueblo Viejo plant expansion has commenced

• Goldrush permitting moves forward another step with Notice of Availability briefing package submitted

• Turquoise Ridge Third Shaft commissioned

• Strong drilling intersections across brownfields portfolio confirms growth potential (Dorothy, Morro Escondido, Gara West, Jabal Sayid, North Mara, Greater Leeville), while greenfields work continues to develop a pipeline of exciting targets
  
  

Leader in Sustainability

• Group-wide safety review prioritises Journey to Zero roadmap

• Zero Class 1¹⁴ or high significance environmental incidents

• Greenhouse gas emissions reduction roadmap on track

• Water management recycling targets achieved

• Rhino reintroduction project contributes another significant biodiversity component to the greater Garamba nature initiative
  
  

Delivering Value

• Moody’s upgrades Barrick’s long-term credit rating from Baa1 to A3, making Barrick the highest-rated company in the gold mining industry

• Strategic repurchase of long-term debt at a discount to par reduces future interest payments

• Record returns of $1.6 billion to shareholders in 2022
  
  

Financial and Operating Highlights

Q4 and Full Year 2022 Results Presentation
Webinar and Conference Call

President and CEO Mark Bristow will host a live presentation today at 11:00 EST / 16:00 UTC, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

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

The presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

Q4 Dividend Declared with Record Annual Returns to Shareholders in 2022

Barrick today declared of a dividend of $0.10 per share for the fourth quarter of 2022. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q4 2022 dividend will be paid on March 15, 2023 to shareholders of record at the close of business on February 28, 2023.

In addition to the dividends paid in 2022, Barrick repurchased 24.25 million shares under the share buyback program that was announced in February 2022. As a result, $1.6 billion of cash was returned to shareholders through dividends and share buybacks during the year, exceeding the record $1.4 billion of distributions made in 2021.

“On the back of the company’s continuing strong operating performance, through the combination of the performance dividend policy and share buyback program, we have once again provided shareholders with record annual returns,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

Barrick Announces New Share Buyback Program

Barrick plans to undertake a new share repurchase program to buy back additional common shares.

Barrick’s Board of Directors has authorized a new program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law. In connection with the new share repurchase program, Barrick has terminated the share repurchase program announced by the Company on February 16, 2022. The Company repurchased $424 million in common shares under its 2022 share repurchase program.

“After the success of last year’s buyback program, this new program gives us a further opportunity to repurchase our shares when we believe that they are trading in a price range that does not reflect the value of the Company’s mining and financial assets and future business prospects,” said Mark Bristow, President and Chief Executive. “We continue to have the financial strength to undertake this program.”

Under the program, repurchases can be made from time to time through published markets in the United States such as the New York Stock Exchange using a variety of methods, including open market purchases, as well as by any other means permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements.

Barrick believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value. The actual number of shares that may be purchased, if any, and the timing of such purchases, will be determined by Barrick based on a number of factors, including the Company’s financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.

The repurchase program does not obligate the Company to acquire any particular number of common shares, and the program may be suspended or discontinued at any time at the Company’s discretion.

Significant Increase in Resources and Reseves Underpins Industry-Leading Production Profile Growth

Barrick grew attributable proven and probable gold mineral reserves by 6.7 million ounces net of depletion in 2022, while maintaining grade despite an increase in the reserve price assumption.

Reported at $1,300/oz¹⁶, attributable proven and probable mineral reserves now stand at 76 million ounces¹⁷ at 1.67g/t, increasing from 69 million ounces¹⁸ at 1.71g/t reported at $1,200/oz¹⁶ in 2021. Led by Pueblo Viejo and the Africa & Middle East region, Barrick has now delivered a second consecutive year of gold reserve growth over and above annual depletion, with nearly 12 million ounces¹⁷ of attributable proven and probable reserve gains in 2022 before depletion.

Successful exploration at both the Lumwana and Jabal Sayid mines drove the growth of attributable proven and probable copper reserves by 640 million pounds¹⁷, notwithstanding an increase in the annual reserve price assumption to $3.00/lb.¹⁶ As a result, Barrick replaced 103% of annual global depletion at consistent quality, effectively maintaining attributable proven and probable copper mineral reserves of 12 billion pounds¹⁷ at 0.38% in 2022.

Total attributable gold mineral resources grew by nearly 10% relative to 2021, and total attributable copper mineral resources more than doubled, growing by 124% year over year, both net of annual depletion. This growth was driven by the successful completion of a preliminary economic assessment supporting the Lumwana Super Pit expansion, and the incorporation of Reko Diq following the reconstitution of the project in December 2022. Attributable measured and indicated gold resources for 2022 stand at 180 million ounces¹⁷ at 1.07g/t, with a further 42 million ounces¹⁷ at 0.8g/t of inferred resources. Attributable measured and indicated copper resources for 2022 stand at 44 billion pounds¹⁷ at 0.39%, with a further 15 billion pounds¹⁷ at 0.4% of inferred resources. Mineral resources are reported inclusive of reserves and for 2022, are based on a gold price of $1,700/oz¹⁶ and a copper price of $3.75/lb.¹⁶

President and chief executive Mark Bristow said in a sector of diminishing reserves and resources, Barrick’s strategy of investing in organic growth through exploration and mineral resource management has replenished and delivered significant value within the company’s asset base.

“While we continue to evaluate all new opportunities against our strategic filters, we have always believed that finding our ounces is better than buying them, and this year’s resource and reserve statement showcases the unmatched potential of our organic growth pipeline,” said Bristow.

Mineral Resource Management and Evaluation Executive Simon Bottoms stated that basing the company’s reserve calculations at a price of $1,300/oz for gold¹⁶ and $3.00/lb for copper¹⁶ underpins our focus on quality assets.

“The substantial growth in our mineral resources lays the long-term foundation to potentially grow our current attributable production profile of approximately 5.5 million gold equivalent ounces¹⁹ per year to approximately 6.5 million gold equivalent ounces¹⁹ per year by the end of this decade, which would include production from Reko Diq and the Lumwana Super Pit,” said Bottoms.

In Africa, the Tier One operations led the growth in 2022 reserves, where Kibali completed an updated underground feasibility study on the 11000 lode, delivering a 0.62 million ounce¹⁷ increase in attributable proven and probable reserves before depletion. Loulo-Gounkoto also delivered strong results replacing reserve depletion, which further extended the mine life by another year. Moving to Tanzania, the focus on underground expansion at Gokona in North Mara has delivered a 0.44 million ounce¹⁷ increase in 2022 attributable proven and probable reserves before depletion.

The Lumwana copper mineral resource base grew by 89%, net of depletion, relative to 2021. This follows the completion of the preliminary economic assessment on the Super Pit expansion that demonstrates strong potential for a Tier One Copper Asset¹² and provides the basis for the ongoing pre-feasibility study.

Within the Latin America & Asia Pacific region, Pueblo Viejo completed a pre-feasibility study for the new Naranjo tailings storage facility (TSF), adding 6.5 million ounces of attributable proven and probable reserves^13,17 net of depletion, and extending the minelife beyond 2040. As a result, 2022 attributable proven and probable gold reserves for the region have increased to 27 million ounces¹⁷ at 0.97g/t from 21 million ounces¹⁸ at 0.83g/t in 2021.

The reconstitution of the Reko Diq project added an attributable 18 billion pounds of copper¹⁷ at 0.44% with 15 million ounces gold¹⁷ at 0.26g/t to indicated resources, and an attributable 4.6 billion pounds of copper¹⁷ at 0.4% with 3.7 million ounces gold¹⁷ at 0.2g/t to inferred resources. These mineral resources reflect only three porphyries (H13, H14, H15) as well as the Tanjeel deposit within the cluster of Western Porphyries. Alongside the ongoing feasibility study update, the team is also planning to evaluate further known porphyry occurrences within the mining lease area.

In North America, the completion of pre-feasibility studies for the Robertson open pit project at Cortez, as well as a new pushback in the Hemlo open pit were significant contributors to reserve growth. As a result, Robertson’s maiden attributable proven and probable gold reserves are estimated at 1.0 million ounces¹⁷ at 0.46g/t. This represents a milestone for Cortez as a key source of oxide mill feed in the mine plan. Similarly, the new Hemlo open pit pushback is expected to commence in 2027 adding 0.86 million ounces¹⁷ of gold at 1.49g/t to probable reserves. Combined with other updates across the region, this results in the growth of North America attributable proven and probable reserves by 1.8 million ounces¹⁷ before depletion, with proven and probable attributable reserves for the region now estimated at 31 million ounces¹⁷ at 2.54g/t. At the same time, attributable gold mineral resources also grew significantly, supporting future potential reserve growth in line with our strategy to fully replace depletion for the region within a five-year period. Measured and indicated attributable gold resources increased by 2.8 million ounces¹⁷ to 73 million ounces¹⁷ at 2.16 g/t, from 70 million ounces¹⁸ at 2.22 g/t in 2021. Inferred attributable gold resources also increased to 17 million ounces¹⁷ at 1.8 g/t, from 16 million ounces¹⁸ at 2.0 g/t in 2021. Underground resource extension drilling at both Goldstrike and Leeville in Carlin were key drivers of this organic resource growth, as well as successful resource definition drilling at Goldrush and Robertson in Cortez, all of which support the potential for future reserve growth in this region.

Reko Diq Set to Transform Balochistan

Reko Diq, which upon completion is expected to be one of the largest copper mines in the world as well as a major gold producer, will have an enormously beneficial impact on the remote and neglected province of Balochistan, and serve as a catalyst for increased foreign investment throughout Pakistan.

The enormous mine, which will have a lifespan of multiple generations, is a partnership between Barrick, which owns 50% of the project and is the operator, the provincial government of Balochistan, which holds 25%, and three Pakistani state-owned enterprises, which share the remaining 25%. The shareholding structure is in line with Barrick’s policy of benefit-sharing partnerships with its host countries.

Barrick president and chief executive Mark Bristow says expanding its copper portfolio is one of the company’s key strategies and, in pursuing this, it considers the quality of potential assets in tandem with any risk factors in the jurisdictions that host them.

“Barrick is highly experienced in developing and operating profitable mines in some of the world’s frontier regions, which also happen to hold the greatest potential for new discoveries. In Pakistan, we have been impressed by the support we have received from our partners and by the efficiency with which the project agreements have been executed in a transparent process reviewed by the country’s Supreme Court,” he said.

“Reko Diq is a classic example of how mining can be at the forefront of the achievement of the United Nations’ Social Development Goals. It will transform the Chagai region by creating thousands of jobs and stimulating the development of the local economy. We have already started establishing the community development committees through which we’ll be identifying and investing in development projects, and have initiated a social baseline study. We’ve also entered into an agreement with the provincial government for the disbursement of social development funds and advance royalties, which will ensure that the people of Balochistan start reaping the rewards of Reko Diq even before it goes into production.”

Completion of the feasibility study is scheduled for the end of 2024 and first production is targeted for 2028. In line with Barrick’s local recruitment policy, a Balochistan native, Ali Ehsan Rind, was appointed as country manager and a project development team is being assembled, with preference given to people from the region.

Africa & Middle East Region Shines Again

Barrick’s Africa & Middle East region (AME) delivered another stellar performance in 2022, meeting its gold and copper production guidance and continuing to grow its gold reserves over and above their annual depletion by mining.

Speaking to media at Kinshasa in the Democratic Republic of Congo (DRC), president and chief executive Mark Bristow said the latest reserve replacement underpinned AME’s ability to maintain an approximate 2.2 million ounce^15,20 annual gold equivalent production run rate for the next 10 years, with the potential to extend this well beyond that horizon.¹⁹

“At the time of the merger with Randgold, the AME region had two Tier One mines. The newly proposed expansion that forms the core component of the ongoing Lumwana Super Pit pre-feasibility study has the potential to create another Tier One asset within the region, significantly increasing the mine’s production and extending the life by 40 to 60 years. In the meantime, the successful transition to owner mining is unlocking further value at Lumwana. In line with Barrick’s strategy, we are further expanding our copper portfolio and opening up exciting new frontiers through exploration and joint ventures in Saudi Arabia and Egypt on the back of our very successful Jabal Sayid partnership.

The Tanzanian gold mines, North Mara and Bulyanhulu, continued building on the complete turnaround effected by Barrick when it took over their management in September 2019, maintaining Tier One production levels with a combined output of 546,576 ounces¹⁵ in 2022. North Mara is now Tanzania’s largest taxpayer and Barrick’s footprint in Tanzania has been expanded through the acquisition of the Tembo licence. Through successful exploration, the Tongon gold mine in Côte d’Ivoire extended its life to 2026 and we continue to pursue growth through exploration to extend this further.

At the Kibali gold mine in the DRC, the mine’s three hydropower stations, supported by its battery storage system, kept energy costs at less than 5 cents per kWh during the wet season despite higher fuel prices. Plans are underway to add solar power and additional battery storage to further increase renewable energy usage.

AME’s estimated economic contribution to its host countries in 2022 exceeded $3.4 billion.¹⁵

Greening the Grid in Nevada

Nevada Gold Mines (NGM) has committed itself to achieving a 20% reduction in carbon (CO₂ equivalent) emissions by 2025. The reduction will be achieved through the construction of a 200MW solar power plant and the co-fire modification of the TS power plant which will enable it to use cleaner-burning natural gas as a fuel source.

The solar facility, which will cover 500 hectares with 544,908 modules, is expected to go into commercial production in the second quarter of 2024 and will supply 17% of NGM’s annual energy needs and reduce CO₂ equivalent emissions by 254,000 tonnes per annum, an 8% reduction from NGM’s 2018 baseline. The TS power plant conversion project will cut an additional 526,000 tonnes of CO₂ equivalent emissions per year, a 16% reduction from NGM’s 2018 baseline.

Consistent with Barrick’s global policy of employing, partnering, and advancing host communities and countries, NGM partnered with three Nevada-based contractors and will

domestically source over 90% of materials for the solar project. An engineering firm utilizing Nevada-based resources provided support for the design and permitting for the TS power plant conversion project.

Both NGM and Barrick have a strong focus on environmental management practices and are committed custodians of the unique lands, waters, flora, and fauna within the state of Nevada. These projects are key to Barrick’s roadmap targeting a 30% reduction in global emissions by 2030, while maintaining a steady production profile, with the goal of achieving net-zero by 2050.

Loulo-Gounkoto Complex Continues to Deliver Value to Stakeholders

Seventeen years after it went into production, Barrick’s Loulo-Gounkoto mining complex in Mali continues to demonstrate its value as a key socio-economic partner to the country.

In 2022 it maintained its historically consistent performance by meeting its production guidance, solidified its long-term outlook and replaced its mined ounces for the fourth successive year. The initial development of a third underground mine at Gounkoto was commissioned and is on track to start ore production from stoping in the second quarter of 2023. Key geological structures within the Loulo district have indicated the potential for further discoveries.

Speaking to media at the mine recently, Barrick president and chief executive Mark Bristow said last year the complex contributed $260 million directly to the Malian economy in the form of dividends, royalties and taxes. Indirect contributions, including payments of salaries and to suppliers, totalled $570 million.

“We continue to promote and develop our local partnerships, creating and contracting an all-Malian joint venture to mine the new Gara West open pit and engaging a Malian contractor to work with an international mining company on the pushback of the new Yalea pit. It’s worth noting that our strong partnership network has been a significant factor in enabling Loulo-Gounkoto to maintain an exemplary performance in the face of the many challenges recently experienced by Mali,” Bristow said.

In line with Barrick’s GHG emissions reduction strategy, Loulo-Gounkoto is expanding its solar power plant by 40MW, targeting an annual CO₂-e savings of more than 62kt. Since its commissioning in the third quarter of 2020, the solar power plant has cut emissions by 57,000 tonnes of CO₂ equivalent emissions.

All-Terrain Woman

Pueblo Viejo heavy equipment operator Kimin Chonjo has become the first female Dominican to operate a DI650 drill in Central America and the Caribbean. Chonjo’s achievement was confirmed by Sandvik, the manufacturer of the DI650, which is a self-contained, track-mounted, down-the-hole, diesel-powered drill rig, designed for demanding, high-capacity, large-scale production drilling applications in surface mining and quarries.

Born in the Dominican Republic, Kimin joined Pueblo Viejo in 2012 and is part of the Mine Operations team. When she started working for Pueblo Viejo, she enrolled in training programs, where she developed the skills and abilities to safely operate six different types of heavy machinery. “Being an operator and managing all this equipment fills me with great satisfaction and joy. I see myself as a warrior, showing other women that through Barrick I have the opportunity to be an all-terrain woman,” Chonjo says.

Speaking Up to Stop

Open pit superintendent Heather Dahlman has been recognized by her colleagues at NGM for courageous leadership. Dahlman received the Zero Harm trophy, part of the DNA Awards program at NGM, for recognizing that safety could be improved on a particular task and stopping work — even though the task was a high priority — to improve safety around the procedure.

“For all of us at times, it can be intimidating to speak up,” says Dahlman. “But knowing it could save a life is what gives me the courage to do so, no matter what the job is. The Stop Unsafe Work Authority is the greatest tool that NGM can give us. I have the responsibility to progress safety and speak up when I see something happening — and I expect others to do the same and watch out for me. We are a team and we need each other in this journey.”

Ladies Lead in Development

Fourteen women employed across Barrick’s mines in the Africa and Middle East region have completed the Professional Management Development course at the University of Cape Town’s Graduate School of Business. These women were selected based on their value-adding contributions in their respective field as well as on their future leadership potential.

APPENDIX

2023 Operating and Capital Expenditure Guidance

2023 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

Mineral Reserves and Mineral Resources