EX-99.1 3 d643214dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Annual Information Form

For the year ended December 31, 2023

Dated as of March 15, 2024

 

Barrick Gold Corporation

161 Bay Street, Suite 3700 

Toronto, Canada M5J 2S1  


BARRICK GOLD CORPORATION

ANNUAL INFORMATION FORM

TABLE OF CONTENTS

 

GLOSSARY OF TECHNICAL AND BUSINESS TERMS      4  
REPORTING CURRENCY, FINANCIAL AND RESERVE INFORMATION      10  
FORWARD-LOOKING INFORMATION      12  
SCIENTIFIC AND TECHNICAL INFORMATION      14  
GENERAL INFORMATION      15  

Organizational Structure

     15  

Subsidiaries

     16  

Areas of Interest

     18  

General Development of the Business

     18  

History

     18  

Strategy

     18  

Results of Operations in 2023

     23  
NARRATIVE DESCRIPTION OF THE BUSINESS      26  

Production and Guidance

     26  

Reportable Operating Segments

     26  

Nevada Gold Mines (61.5% basis)

     27  

Carlin

     27  

Cortez

     28  

Turquoise Ridge

     28  

Other Mines - Nevada Gold Mines

     29  

Pueblo Viejo (60% basis)

     29  

Loulo-Gounkoto (80% basis)

     30  

Kibali (45% basis)

     30  

North Mara (84% basis)

     31  

Bulyanhulu (84% basis)

     31  

Other Mines (Gold)

     31  

Lumwana

     33  

Other Mines (Copper)

     33  

Mineral Reserves and Mineral Resources

     33  

Marketing and Distribution

     46  

Employees and Labor Relations

     47  

Competition

     47  

Sustainability

     47  

Operations in Emerging Markets: Corporate Governance and Internal Controls

     59  

 

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Board and Management Experience and Oversight

     59  

Local Presence

     61  

Internal Controls and Cash Management Practices

     61  
MATERIAL PROPERTIES      62  

Cortez Property

     62  

Carlin Complex

     68  

Turquoise Ridge Complex

     77  

Pueblo Viejo Mine

     84  

Kibali Mine

     92  

Loulo-Gounkoto Mine Complex

     100  
EXPLORATION AND GROWTH PROJECTS      108  
LEGAL MATTERS      125  

Government Controls and Regulations

     125  

Legal Proceedings

     132  
RISK FACTORS      144  
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS      167  
CONSOLIDATED FINANCIAL STATEMENTS      168  
CAPITAL STRUCTURE      168  
RATINGS      168  
MARKET FOR SECURITIES      170  
MATERIAL CONTRACTS      170  
TRANSFER AGENTS AND REGISTRARS      173  
DIVIDEND POLICY      173  
RETURN OF CAPITAL      173  
SHARE BUYBACK PROGRAM      174  
DIRECTORS AND OFFICERS OF THE COMPANY      174  
AUDIT & RISK COMMITTEE      181  

 

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Audit & Risk Committee Mandate

     181  

Composition of the Audit & Risk Committee

     181  

Relevant Education and Experience

     182  

Participation on Other Audit Committees

     184  

Audit & Risk Committee Pre-Approval Policies and Procedures

     184  

External Auditor Service Fees

     184  
INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES      185  
NON-GAAP FINANCIAL MEASURES      186  
INTERESTS OF EXPERTS      189  
ADDITIONAL INFORMATION      189  
SCHEDULE “A” AUDIT & RISK COMMITTEE MANDATE      A-1  

 

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GLOSSARY OF TECHNICAL AND BUSINESS TERMS

Assay

A chemical analysis to determine the amount or proportion of the element of interest contained within a sample, typically base metals or precious metals.

Autoclave

Oxidation process in which high temperatures and oxygen are applied within a highly pressurized closed vessel to convert refractory sulfide mineralization into amenable oxide ore.

By-product

A secondary metal or mineral product recovered in the milling process such as silver.

Carbonaceous

Naturally occurring carbon present in the ore from the decay of organic material which can result in an inadvertent loss of precious metals during the cyanidation process.

Carbon-in-leach (“CIL”)

A recovery process in which precious metals are dissolved from finely ground ore during cyanidation and simultaneously adsorbed on relatively coarse activated carbon (burnt coconut shell) granules. The loaded carbon particles are separated from the slurry and recycled in the process following precious metal removal and reactivation through chemical and thermal means.

Class 1 - High Significance Environmental Incident

An incident that causes significant negative impacts on human health or the environment, or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.

Class 2 - Medium Significance Environmental Incident

An incident that has the potential to cause negative impacts on human health or the environment but is reasonably anticipated to result in only localized and short-term environmental or community impact requiring minor remediation.

Concentrate

A very fine, powder-like product containing the valuable ore mineral from which most of the waste mineral has been eliminated.

Contained ounces

A measure of in-situ or contained metal based on an estimate of tonnage and grade (used in the calculation of ore reserves).

Crushing

A unit operation that reduces the size of material delivered as run of mine ore for further processing.

Cut-off grade

A calculated minimum metal grade at which material can be mined and processed at break-even cost.

Development

Work carried out for the purpose of gaining access to an ore body. In an underground mine, this includes shaft sinking, crosscutting, drifting and raising. In an open-pit mine, development includes the removal of overburden (more commonly referred to as stripping in an open pit).

 

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Dilution

The effect of waste or low-grade ore which is unavoidably extracted and comingled with the ore mined thereby lowering the recovered grade from what was planned to be mined.

Doré

Unrefined gold and silver bullion bars usually consisting of approximately 90 percent precious metals that will be further refined to almost pure metal.

Drift

A horizontal tunnel generally driven within or alongside an orebody and aligned parallel to the long dimension of the ore.

Drift-and-fill

A method of underground mining used for flat-lying mineralization or where ground conditions are less competent.

Drilling

Core: drilling with a hollow bit with a diamond cutting rim to produce a cylindrical core that is used for geological study and assays.

Reverse circulation: drilling that uses a rotating cutting bit within a double-walled drill pipe and produces rock chips rather than core. Air or water is circulated down to the bit between the inner and outer wall of the drill pipe. The chips are forced to the surface through the center of the drill pipe and are collected, examined and assayed.

Conventional rotary: a drilling method that produces rock chips similar to reverse circulation except that the sample is collected using a single-walled drill pipe. Air or water circulates down through the center of the drill pipe and returns chips to the surface around the outside of the pipe.

In-fill: drilling closer spaced holes in between existing holes, used to provide greater geological detail and to help upgrade resource estimates to reserve estimates.

Step-out: drilling to intersect a mineralized horizon or structure along strike or down-dip.

Exploration

Prospecting, sampling, mapping, drilling and other work involved in searching for minerals.

Flotation

A process that concentrates minerals by taking advantage of specific surface properties and applying chemicals such as collectors, depressants, modifiers and frothers in the presence of water and finely dispersed air bubbles.

Grade

The concentration of an element of interest expressed as relative mass units (percentage, parts per million, ounces per ton, grams per tonne, etc.).

Grinding (Milling)

Involves the size reduction of material fed to a process plant though abrasion or attrition to liberate valuable minerals for further metallurgical processing.

Heap leaching

A process whereby gold/copper is extracted by “heaping” broken ore on sloping impermeable pads and continually applying to the heaps a weak cyanide solution/sulfuric acid which dissolves the contained gold/copper. The gold/copper-laden solution is then collected for gold/copper recovery.

 

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Lode

A mineral deposit, consisting of a zone of veins, veinlets or disseminations, in consolidated rock as opposed to a placer deposit.

Long-hole open stoping

A method of underground mining involving the drilling of holes up to 30 meters or longer into an ore bearing zone and then blasting a slice of rock which falls into an open space. The broken rock is extracted and the resulting open chamber may or may not be back filled with supporting material.

Lost Time Injury Frequency Rate (“LTIFR”)

LTIFR is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked.

Ma

Mega-annums (each mega-annum, equals one million years).

Metric conversion

 

Troy ounces

  

× 

  

31.10348   

  

= 

  

Grams

Troy ounces per short ton

  

×

  

34.28600

  

=

  

Grams per tonne

Pounds

  

×

  

0.00045

  

=

  

Tonnes

Tons

  

×

  

0.90718

  

=

  

Tonnes

Feet

  

×

  

0.30480

  

=

  

Meters

Miles

  

×

  

1.60930

  

=

  

Kilometers

Acres

  

×

  

0.40468

  

=

  

Hectares

Fahrenheit

  

(°F-32) × 5 ÷ 9

  

=

  

Celsius

Mill

A processing facility where ore is finely ground and thereafter undergoes physical or chemical treatment to extract the valuable metals.

Mineral reserve (“Reserve”)

The economically mineable portion of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined. Mineral reserves are sub-divided in order of increasing confidence into probable mineral reserves and proven mineral reserves.

Probable mineral reserve: the economically mineable portion of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

Proven mineral reserve: the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.

Mineral resource (“Resource”)

A concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the earth’s

 

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crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories.

Inferred mineral resource: that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence, limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

Indicated mineral resource: that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

Measured mineral resource: that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well-established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

Mineralization

The presence of a target mineral in a mass of host rock.

Mining claim

A footprint of land that a party has staked or marked out in accordance with applicable mining laws to acquire the right to explore for and, in most instances, exploit the minerals under the surface.

Net profits interest royalty

A royalty based on the profit remaining after recapture of certain operating, capital and other costs.

Net smelter return royalty

A royalty based on a percentage of valuable minerals produced with settlement made either in kind or in currency based on the sale proceeds received less all of the offsite smelting, refining and transportation costs associated with the purification of the economic metals.

Open pit mine

A mine where materials are mined entirely from the surface.

Ore

Material containing metallic or non-metallic minerals that can be mined and processed at a profit.

Orebody

A sufficiently large amount of ore that is contiguous and can be mined economically.

 

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Oxide ore

Mineralized rock in which some of the host rock or original mineralization has been exposed to oxygen and mineralization is thus more amenable to extraction.

Qualified Person

See “Scientific and Technical Information”.

Reclamation

The process by which lands disturbed as a result of mining activity are modified to support beneficial land use. Reclamation activity may include the removal of buildings, equipment, machinery and other physical remnants of mining, closure of tailings storage facilities, leach pads and other mine features, and contouring, covering and re-vegetation of waste rock and other disturbed areas.

Reclamation and closure costs

The cost of reclamation plus other costs, including without limitation certain personnel costs, insurance, property holding costs such as taxes, rental and claim fees, and community programs associated with closing an operating mine.

Recovery rate

A term used in process metallurgy to indicate the proportion of valuable material physically recovered in the processing of ore. It is generally stated as a percentage of the material recovered compared to the total material originally contained in the ore.

Refining

The final stage of metal production in which impurities are removed from a molten metal.

Refractory material

Mineralized material from which metal is not amenable to recovery by conventional cyanide methods without any pre-treatment. The refractory nature can be due to either silica or sulfide encapsulation of the metal or the presence of naturally occurring carbon or other constituents that reduce gold recovery.

Roasting

The treatment of sulfide ore by heat and air, or oxygen enriched air, in order to oxidize sulfides and remove other elements (carbon, antimony or arsenic).

Shaft

A vertical passageway to an underground mine for ventilation, moving personnel, equipment, supplies and material including ore and waste rock.

Strategic Asset

An asset which, in the opinion of Barrick, has the potential to deliver significant unrealized value in the future.

Stripping

Removal of overburden or waste rock overlying an ore body in preparation for mining by open-pit methods.

Tailings

The material that remains after economically and technically recoverable metals have been removed from ore during processing.

Tailings storage facility (“TSF”)

An area constructed for long term storage of material that remains after processing.

 

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Tier One Copper Asset

An asset with a $3.00 per pound reserve with potential for five million tonnes or more of contained copper to support a minimum 20-year life, annual production of at least 200,000 tonnes, and with all-in sustaining costs per pound life-of-mine 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 value addition.

Tier One Gold Asset

An asset with a $1,300 per ounce reserve with potential for five million ounces to support a minimum 10-year life, annual production of at least 500,000 ounces of gold and with all-in sustaining costs per ounce life-of-mine that are 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 value addition.

Tier Two Gold Asset

An asset with a reserve with potential to deliver a minimum 10-year life, annual production of at least 250,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

Tons

Short tons (2,000 pounds or approximately 907 kilograms).

Tonnes

Metric tonnes (1,000 kilograms or approximately 2,205 pounds).

Total Recordable Injury Frequency Rate (“TRIFR”)

TRIFR is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries.

Underhand drift-and-fill

A drift-and-fill method of underground mining that works downward, with cemented fill placed above the working area; best suited where ground conditions are less competent.

 

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REPORTING CURRENCY, FINANCIAL AND RESERVE INFORMATION

All currency amounts in this Annual Information Form are expressed in United States dollars, unless otherwise indicated. References to “C$” are to Canadian dollars. References to “A$” are to Australian dollars. References to “CLP” are to Chilean pesos. References to “ARS” are to Argentine pesos. References to “XOF” are to West African CFA francs. For Canadian dollars to U.S. dollars, the average exchange rate for 2023 and the exchange rate as at December 31, 2023 were one Canadian dollar per 0.74 and 0.76 U.S. dollars, respectively. For Australian dollars to U.S. dollars, the average exchange rate for 2023 and the exchange rate as at December 31, 2023 were one Australian dollar per 0.66 and 0.68 U.S. dollars, respectively. For Chilean pesos to U.S. dollars, the average exchange rate for 2023 and the exchange rate as at December 31, 2023 were one U.S. dollar per 840 and 881 Chilean pesos, respectively. For Argentine pesos to U.S. dollars, the average exchange rate for 2023 and the exchange rate as at December 31, 2023 were one U.S. dollar per 295.19 and 808.48 Argentine pesos, respectively. For West African CFA francs to U.S. dollars, the average exchange rate for 2023 and the exchange rate as at December 31, 2023 were one U.S. dollar per 607 and 594 West African CFA francs, respectively.

For the year ended December 31, 2023 and for the comparative prior periods identified in this Annual Information Form, Barrick Gold Corporation (“Barrick” or the “Company”) prepared its financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”). The audited consolidated financial statements of the Company for the year ended December 31, 2023 (the “Consolidated Financial Statements”) are available electronically from the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and from the U.S. Securities and Exchange Commission’s (the “SEC”) Electronic Document Gathering and Retrieval System (“EDGAR”) at www.sec.gov.

Mineral reserves and mineral resources presented in this Annual Information Form have been estimated as at December 31, 2023 (unless otherwise noted) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“National Instrument 43-101”), as required by Canadian securities regulatory authorities. Barrick’s resources are reported on an inclusive basis and include all areas that form reserves. For United States reporting purposes, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) (see Note 1 of “Notes to the Barrick Mineral Reserves and Resources Tables” in “Narrative Description of the Business – Mineral Reserves and Mineral Resources”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7 (“Guide 7”), which was rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured”, “indicated” and “inferred” mineral resources. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions, as required by National Instrument 43-101. Under the multi-jurisdictional disclosure system (“MJDS”), Barrick is permitted to use its Canadian disclosures, including its reserve and resource disclosures pursuant to National Instrument 43-101, to satisfy certain United States periodic reporting obligations. As a result, Barrick does not report its reserves and resources under the SEC Modernization Rules, and as such, Barrick’s mineral reserve and mineral resource disclosure may not be directly comparable to the disclosures made by domestic United States issuers or non-domestic United States issuers that do not rely on MJDS.

Investors are also cautioned that while National Instrument 43-101 and subpart 1300 of SEC Regulation S-K recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly,

 

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investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources”, or “inferred mineral resources” of Barrick are or will be economically or legally mineable. Further, “inferred mineral resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. In accordance with Canadian rules, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under National Instrument 43-101.

Barrick uses certain non-GAAP financial performance measures in its financial reports, including total cash costs per ounce, all-in sustaining costs per ounce, all-in costs per ounce, C1 cash costs per pound and all-in sustaining costs per pound. For a description and reconciliation of each of these measures, please see pages 70 to 88 of Barrick’s Management’s Discussion and Analysis of Financial and Operating Results for the year ended December 31, 2023 (the “MD&A”), available electronically from SEDAR+ and EDGAR. See also “Non-GAAP Financial Measures” at pages 186 to 188 for a detailed discussion of each of the non-GAAP measures used in this Annual Information Form.

 

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FORWARD-LOOKING INFORMATION

Certain information contained in this Annual Information Form, including any information as to Barrick’s 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 “believe”, “expect”, “anticipate”, “contemplate”, “vision”, “target”, “plan”, “opportunities”, “objective”, “pursuit”, “assume”, “goal”, “aim”, “intend”, “intention”, “project”, “continue”, “budget”, “estimate”, “potential”, “strategy”, “prospective”, “following”, “future”, “aim”, “target”, “commitment”, “guidance”, “outlook”, “forecast”, “may”, “will”, “can”, “could”, “should”, “schedule”, “would” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this Annual Information Form 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 Annual Information Form 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 potential impact of proposed changes to Chilean law on the status of value-added tax (“VAT”) refunds received in Chile in connection with the development of the Pascua-Lama project and the Government of Mali’s implementation of the agreed extension of the Loulo mining convention;

 

   

expropriation or nationalization of property and political or economic developments in Canada, the United States, Argentina, Chile, Côte d’Ivoire, the Dominican Republic, the Democratic Republic of the Congo (the “DRC”), Egypt, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Tanzania, or Zambia 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 approvals;

 

   

non-renewal of key licences 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

 

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greenhouse gas (“GHG”) emissions levels, energy efficiency and reporting of risks related to climate change;

 

   

the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which requires reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified time frames;

 

   

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 Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to Barrick’s handling of environmental matters or dealings with individuals or community groups, whether true or not;

 

   

risks relating 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 relating 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 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 and global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina;

 

   

adverse changes in the Company’s credit ratings;

 

   

risks related to exchange and capital controls;

 

   

fluctuations in the currency markets (such as Canadian and Australian dollars, Chilean, Argentine and Dominican pesos, British pound, Peruvian sol, Zambian kwacha, South African rand, Tanzanian shilling, West African CFA, Congolese franc, Papua New Guinean kina, Pakistani rupee and Egyptian pound versus the U.S. dollar);

 

   

changes in U.S. dollar interest rates that could impact the mark-to-market value of outstanding derivative instruments and variable rate debt obligations;

 

   

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;

 

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uncertainty as to whether some or 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;

 

   

the Company’s 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, including the effects and potential effects of the global Covid-19 pandemic;

 

   

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 the Company’s 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, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this Annual Information Form are qualified by these cautionary statements. Specific reference is made to “Narrative Description of the Business – Mineral Reserves and Mineral Resources” and “Risk Factors” and to the MD&A (which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov as an exhibit to Barrick’s Form 40-F) for a 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 Annual Information Form.

The Company may, from time to time, make oral forward-looking statements. The Company advises that the above paragraph and the risk factors described in this Annual Information Form and in the Company’s other documents filed with the Canadian securities regulatory authorities and the SEC should be read for a description of certain factors that could cause the actual results of the Company to materially differ from those in the oral forward-looking statements. The Company disclaims any intention or obligation to update or revise any oral or written forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

SCIENTIFIC AND TECHNICAL INFORMATION

Unless otherwise indicated, scientific or technical information in this Annual Information Form relating to mineral reserves or mineral resources is based on information prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, in each case under the supervision of, or following review by: Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive (in this capacity, Mr. Bottoms is also responsible on an interim basis for scientific and technical information relating to the Latin America and Asia Pacific region); John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration.

Scientific or technical information in this Annual Information Form relating to the geology of particular properties and exploration programs is based on information prepared by employees of Barrick, its joint

 

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venture partners or its joint venture operating companies, as applicable, in each case under the supervision of Joel Holliday, FAusIMM, Executive Vice-President, Exploration.

Each of Messrs. Fiddes, Peattie, Bottoms, Steele and Holliday is a “Qualified Person” as defined in National Instrument 43-101. A “Qualified Person” is an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these, has experience relevant to the subject matter of the mineral project, and is a member in good standing of a professional association.

Each of Messrs. Fiddes, Peattie, Bottoms, Steele and Holliday is an officer or employee of Barrick and/or an officer, director or employee of one or more of its associates or affiliates. No such person has received or will receive a direct or indirect interest in any property of Barrick or any of its associates or affiliates. As of the date hereof, each such person owns beneficially, directly or indirectly, less than 1% of any outstanding class of securities of Barrick and less than 1% of any outstanding class of securities of Barrick’s associates or affiliates.

GENERAL INFORMATION

Organizational Structure

Barrick is a company governed by the Business Corporations Act (British Columbia) (“BCBCA”). Barrick resulted from the amalgamation, effective July 14, 1984, of Camflo Mines Limited, Bob-Clare Investments Limited and the former Barrick Resources Corporation pursuant to the Business Corporations Act (Ontario) (the “OBCA”). By articles of amendment effective December 9, 1985, the Company changed its name to American Barrick Resources Corporation. Effective January 1, 1995, as a result of an amalgamation with a wholly-owned subsidiary, the Company changed its name from American Barrick Resources Corporation to Barrick Gold Corporation. On December 7, 2001, in connection with its acquisition of Homestake Mining Company, the Company amended its articles to create a special voting share designed to permit holders of Barrick Gold Inc. (formerly Homestake Canada Inc.) (“BGI”) exchangeable shares to vote as a single class with the holders of Barrick common shares. In March 2009, in connection with Barrick’s redemption of all of the outstanding BGI exchangeable shares, the single outstanding special voting share was redeemed and cancelled. In connection with its acquisition of Placer Dome Inc. (“Placer Dome”), Barrick amalgamated with Placer Dome pursuant to articles of amalgamation dated May 9, 2006. In connection with the acquisition of Arizona Star Resource Corp. (“Arizona Star”), Barrick amalgamated with Arizona Star pursuant to articles of amalgamation dated January 1, 2009. On November 27, 2018, pursuant to a continuation application, Barrick continued from the Province of Ontario under the OBCA into the Province of British Columbia under the BCBCA. The notice of articles and articles of Barrick under the BCBCA are substantially similar to Barrick’s previous articles and by-laws. Key changes include a bifurcated approach to amendments to the articles where a special resolution is required for certain matters and an ordinary resolution is required for other matters; authorizing only one class of an unlimited number of common shares (preferred share classes are no longer authorized); and a reduction of the notice period to hold shareholder meetings following the fixing of record dates. Barrick’s registered office is located at 1600 - 925 West Georgia Street, Vancouver, British Columbia V6C 3L2. Barrick’s head office is located at Brookfield Place, TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, Ontario M5J 2S1.

Barrick’s business is organized into operating segments for financial reporting purposes, comprising sixteen individual minesites. For the year ended December 31, 2023, Barrick’s reportable operating segments were comprised of eight gold mines, Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu, and one copper mine, Lumwana. For financial reporting purposes, the Company’s remaining operating segments that are not reportable operating segments are grouped into an “other” category and are not reported on individually. Barrick’s material properties presented in this Annual Information Form are: Cortez, Carlin, Turquoise Ridge, Pueblo Viejo, Kibali and Loulo-Gounkoto. See “Narrative Description of the Business – Reportable Operating Segments”.

 

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Subsidiaries

A significant portion of Barrick’s business is carried on through its subsidiaries. A chart showing Barrick’s mines, projects, related operating subsidiaries, other significant subsidiaries and certain associated subsidiaries as at March 11, 2024 and their respective locations or jurisdictions of incorporation, as applicable, is set out below. All subsidiaries, mines and projects referred to in the chart are 100% owned, unless otherwise noted.

 

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LOGO

 

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Areas of Interest

A map showing Barrick’s mining operations and projects as at March 11, 2024 is set out at the end of this “General Information” section.

General Development of the Business

History

Barrick entered the gold mining business in 1983 and is a leading international gold company with operations on four continents. The Company has interests in operating mines, projects or exploration projects in Canada, the United States, Argentina, Chile, Côte d’Ivoire, the Dominican Republic, the DRC, Egypt, Mali, Pakistan, Papua New Guinea, Saudi Arabia, Tanzania and Zambia. The Company’s principal products and sources of earnings are gold and copper.

During its first ten years, Barrick focused on acquiring and developing properties in North America, notably the Company’s Goldstrike property on the Carlin Trend in Nevada, which was contributed to Nevada Gold Mines on July 1, 2019, as part of the joint venture transaction with Newmont Corporation (“Newmont”).

Since 1994, Barrick has also strategically expanded beyond its North American base, including through its merger with Randgold Resources Limited (“Randgold”) on January 1, 2019 (the “Merger”). Pursuant to the Merger, Barrick acquired 100% of the issued and outstanding shares of Randgold, which was a publicly traded mining company with ownership interests in four mines in Africa.

Strategy

Barrick’s vision is to be the world’s most valued gold and copper mining business by finding, developing and owning the best assets, with the best people, to deliver the best returns and benefits to all its stakeholders. The Company’s strategy is to operate as business owners by attracting and developing world-class people who understand and are involved in the value chain of the business, act with integrity and are tireless in their pursuit of excellence. Barrick is focused on returns to its stakeholders by optimizing free cash flow, managing risk to create long-term value and generate returns for the Company’s shareholders and partnering with host governments and communities to transform their country’s natural resources into sustainable benefits and mutual prosperity. The Company aims to achieve this through continuously improving asset quality, pursuing operational excellence and maintaining a focus on sustainable profitability.

Asset Quality

Barrick aims to deliver on its vision by growing and investing in a portfolio of Tier One Gold Assets, Tier Two Gold Assets, Tier One Copper Assets and Strategic Assets, with an emphasis on organic growth to leverage the Company’s existing footprint in world class geological districts. The Company is focusing its efforts on identifying, investing in and developing assets that meet Barrick’s investment criteria. The required internal rate of return (“IRR”) on capital investments is 15% based on Barrick’s long-term gold price assumption, adjusting to 10% return on long-life (20+ year) investments with exposure to multiple commodity cycles. All projects are evaluated against Barrick’s investment filters, which incorporate a broad range of financial, environmental, safety, partnership and social license to operate criteria. In addition, all major projects undergo a peer review process culminating in review by the Executive Committee to confirm that the project is broadly supported across the organization, with identified gaps substantially addressed, and that there is appropriate confidence for a development decision.

 

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Near-term portfolio priorities include advancing projects at Nevada Gold Mines, Fourmile, Pueblo Viejo, Lumwana and Reko Diq, as well as Porgera following the recommissioning of the mine at the end of the fourth quarter of 2023.

Barrick also aims to deliver returns to its stakeholders by maximizing the long-term value of the Company’s strategic copper business, which currently consists of Lumwana, and interests in Jabal Sayid, Zaldívar, Reko Diq and Norte Abierto.

Barrick’s exploration programs strike a balance between high-quality brownfield projects, greenfield exploration and emerging discoveries that have the potential to pass Barrick’s investment filters. In line with Barrick’s focus on growing its exploration portfolio, the Company is expanding its extensive land position in many of the world’s most prolific gold districts and expanding into new frontiers, exploring for and growing Barrick’s strategic copper business.

The Company’s brownfields exploration focus has delivered significant value in 2023, driven by strong results from exploration at the Loulo-Gounkoto complex, Kibali, Bulyanhulu, Nevada Gold Mines (Greater Leeville, Robertson, Cortez Hills underground and Turquoise Ridge), Fourmile, Hemlo, Pueblo Viejo and the Veladero district. Barrick has also identified exploration upside potential around Tongon, Kibali, North Mara, Bulyanhulu, Jabal Sayid and Lumwana. At the same time, Barrick is continually evaluating prospective third party projects with the potential to become profitable mines under Barrick’s stewardship.

Barrick’s portfolio also contains a number of undeveloped greenfield gold and copper deposits, providing further optionality and leverage to gold and copper prices. These include Reko Diq, Donlin Gold, Norte Abierto and Pascua-Lama.

For additional information regarding Barrick’s growth projects, exploration programs and new discoveries, see “Material Properties – Cortez Property”, “Material Properties – Carlin Complex”; “Material Properties – Turquoise Ridge Complex”, “Material Properties – Pueblo Viejo Mine”; “Material Properties – Kibali Mine”; “Material Properties – Loulo-Gounkoto Mine Complex” and “Exploration and Growth Projects”.

In addition, the Company is continually focused on portfolio optimization, which includes selling non-core assets over time in a disciplined manner. For example, in 2021, the Company sold its 100% interest in the Lagunas Norte gold mine in Peru to Boroo Pte Ltd. (“Boroo”) and, through an asset exchange agreement with i-80 Gold Corp. (“i-80 Gold”), Nevada Gold Mines acquired the 40% interest in South Arturo that Nevada Gold Mines did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure which were in care and maintenance at the time. In 2022, the Company and Nevada Gold Mines each sold their respective portfolios of non-core royalties, and the Company sold its and its minority partner’s interest in the Mankono-Sissedougou exploration project. These transactions, in conjunction with divestments in 2019 and 2020, have collectively generated gross proceeds and value well in excess of $1.6 billion, and have reinforced Barrick’s strategy of maintaining a concentrated Tier One Asset portfolio. For additional information regarding these transactions, see “Operational Excellence and Sustainable Profitability” below. Barrick will continue to pursue sales of non-core assets that are not aligned with the Company’s strategic investment filters. Barrick will only proceed with transactions that make sense for the business, on terms management considers favorable to Barrick’s shareholders.

Operational Excellence and Sustainable Profitability

Barrick has implemented a flat management structure with a strong ownership culture by streamlining management and operations and holding management accountable for the businesses they manage. The Company aims to leverage innovation and technology to drive industry-leading efficiencies, and is striving to achieve a zero harm workplace.

 

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The Company is focused on building trust-based partnerships with host governments, business partners, and local communities to drive shared long-term value. Barrick is taking a disciplined approach to growth, emphasizing long-term value for all stakeholders. In so doing, the Company aims to increase returns to shareholders, driven by a focus on return on capital, internal rate of return and free cash flow.

The Company seeks to maintain a robust balance sheet. Barrick has reduced its total debt in recent years to a balance of $4.7 billion and a net debt to total capitalization ratio of 0.02:1 as at December 31, 2023. Barrick’s focus on strengthening its balance sheet has given the Company the financial strength to fund its organic growth options. As at December 31, 2023, Barrick had approximately $4.1 billion in cash, an undrawn $3.0 billion credit facility and no significant debt repayments due until 2033, providing the Company with sufficient liquidity to execute on its strategic goals.

Driving an ownership culture across the Company is another key element of Barrick’s strategy. The Company maintains a Share Purchase Plan to provide a simple and accessible way for those who work at Barrick to purchase Barrick common shares, fostering a culture of ownership across the organization.

Building on the Merger and the formation of Nevada Gold Mines in 2019, Barrick also carried out the following initiatives in 2021, 2022, and 2023 to optimize its portfolio, strengthen its balance sheet and deliver value to all of its stakeholders:

 

   

On February 16, 2021, Barrick announced it had entered into an agreement to sell its 100% interest in the Lagunas Norte gold mine in Peru to Boroo for total consideration of up to $81 million, with $20 million of cash consideration payable on closing, additional cash consideration of $10 million payable on the first anniversary of closing and $20 million payable on the second anniversary of closing, a 2% net smelter return royalty, which may be purchased by Boroo for a fixed period after closing for $16 million, plus a contingent payment of up to $15 million based on the two-year average gold price. The transaction closed on June 1, 2021, based on a final fair value of consideration of $65 million. Barrick remains contractually liable for all tax matters that existed prior to the divestiture until these matters are resolved. In addition, Boroo has now assumed all of the reclamation bond obligations for Lagunas Norte.

 

   

At the Annual and Special Meeting of shareholders held on May 4, 2021, shareholders approved a $750 million return of capital distribution. This distribution was derived from a portion of the proceeds from the divestiture of Kalgoorlie in November 2019 and from other dispositions made by Barrick and its affiliates in line with Barrick’s strategy of focusing on its core assets. The total return of capital distribution was paid in three equal tranches of $250 million on June 15, 2021, September 15, 2021 and December 15, 2021. See “Return of Capital”.

 

   

On September 7, 2021, Barrick announced that Nevada Gold Mines had entered into a definitive asset exchange agreement (the “Exchange Agreement”) with i-80 Gold to acquire the 40% interest in South Arturo that Nevada Gold Mines did not already own, in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure, which were in care and maintenance at the time. The exchange transaction closed on October 14, 2021.

 

   

At the February 15, 2022 meeting, Barrick’s Board of Directors authorized a share buyback program for the repurchase of up to $1 billion of the Company’s outstanding common shares over the next 12 months (the “2022 Repurchase Program”). Barrick repurchased $424 million of shares under the 2022 Repurchase Program. For more information, see “Share Buyback Program”.

 

   

Also at the February 15, 2022 meeting, the Board of Directors approved a performance dividend policy that will enhance the return to shareholders when the Company’s liquidity is strong. In addition to Barrick’s base dividend, the amount of the performance dividend on a quarterly basis will be based on the amount of cash, net of debt, on Barrick’s consolidated balance sheet at the

 

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end of each quarter. This performance dividend calculation commenced after the Company’s March 31, 2022 consolidated balance sheet, with the first performance dividend paid in the second quarter of 2022. The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the Company’s financial results, cash requirements, future prospects, the number of outstanding common shares, and other factors deemed relevant by the Board. For additional information on Barrick’s performance dividend, see “Dividend Policy.”

 

   

On September 1, 2022, Barrick entered into an agreement to sell a portfolio of royalties to Maverix Metals Inc. for total consideration of up to $60 million in cash. The transaction closed on September 29, 2022.

 

   

On September 1, 2022, Nevada Gold Mines entered into an agreement to sell a portfolio of royalties to Gold Royalty Corp. (“Gold Royalty”) for total announced consideration of $27.5 million, satisfied through the issuance of 9,393,681 common shares of Gold Royalty. The transaction closed on September 28, 2022.

 

   

On November 22, 2022, Barrick sold its and its minority partner’s interest in the Mankono-Sissedougou exploration project to Montage Gold Corp. (“Montage”) for total consideration of C$30 million comprised of C$14.5 million in cash, 22,142,857 common shares of Montage, and the granting of a 2% net smelter return royalty (of which 70% was attributable to Barrick).

 

   

On November 23, 2022, Barrick paid $307 million, including $2 million of accrued and unpaid interest, to purchase $319 million (notional value) of its 5.250% Notes due in 2042 through a tender transaction. A gain on debt extinguishment of $12 million was recorded in the fourth quarter of 2022. Combined with the repurchase of $56 million (notional value) of the 5.25% Notes due 2042 in the third quarter of 2022, this is expected to yield annualized interest savings of $20 million.

 

   

On December 15, 2022, Barrick completed the reconstitution of the Reko Diq project in Pakistan’s Balochistan province. The completion of this transaction involved, among other things, the execution of all of the definitive agreements including the mineral agreement stabilizing the fiscal regime applicable to the project, as well as the grant of mining leases, an exploration license, and surface rights. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world’s largest undeveloped open pit copper-gold porphyry deposits. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non-contributing share held by the Provincial Government of Balochistan, an additional 15% held by a special purpose company owned by the Provincial Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick is the operator of the project. Barrick has started a full update of the project’s 2010 feasibility and 2011 expansion pre-feasibility studies. The Reko Diq feasibility study update is expected to be completed by the end of 2024, with 2028 targeted for first production.

 

   

Porgera was placed on temporary care and maintenance from April 25, 2020 to December 22, 2023. On December 22, 2023, following the granting of the new Special Mining Lease (“SML”) to New Porgera Limited, Barrick formally completed the Porgera Project Commencement Agreement (the “Commencement Agreement”), pursuant to which the Independent State of Papua New Guinea (“PNG”) and Barrick Niugini Limited (“BNL”), the 95% owner and operator of the former Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic

 

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benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. Following the granting of the new SML, work started immediately on the recommissioning of the Porgera gold mine. Mining and processing restarted at Porgera in January and February 2024, respectively. For more details, see “Government Controls and Regulations” and “Legal Proceedings – Porgera Special Mining Lease”.

 

   

At the February 14, 2023 meeting, the Board of Directors authorized a share buyback program for the repurchase of up to $1 billion of Barrick’s outstanding common shares over the next 12 months (the “2023 Repurchase Program”). Barrick’s 2022 Repurchase Program was terminated in connection with the new program. Barrick did not purchase any shares under the 2023 Repurchase Program. For more information, see “Share Buyback Program”.

 

   

In 2023, approximately $43 million of the principal amount of the 5.950% notes due 2039 issued by Barrick (PD) Australia Finance Pty Ltd. were repaid pursuant to open market repurchases. For more details, see “Material Contracts”.

 

   

Over the course of the last three years, Barrick completed the sale of various non-core minority equity interests for proceeds of approximately $0.4 billion.

 

   

At the February 13, 2024 meeting, the Board of Directors authorized a new share buyback program for the repurchase of up to $1 billion of Barrick’s outstanding common shares over the next 12 months (the “2024 Repurchase Program”). Barrick’s 2023 Repurchase Program was terminated in connection with the new program. The actual number of common shares that may be purchased, and the timing of any 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 2024 Repurchase Program does not obligate the Company to acquire any particular number of common shares, and the 2024 Repurchase Program may be suspended or discontinued at any time at the Company’s discretion. For more information, see “Share Buyback Program”.

 

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Results of Operations in 2023

Total revenues in 2023 were $11.4 billion, a $0.4 billion, or 3%, increase compared to 2022, primarily due to a higher realized gold price, partially offset by a decrease in sales volumes. In 2023, gold and copper revenues totaled $10.4 billion and $795 million, respectively, with gold revenues up $0.4 billion, compared to the prior year mainly due to a higher realized gold price, partially offset by a decrease in sales volumes, and copper revenues down $73 million compared to the prior year mainly due to lower copper sales volume. Realized gold prices of $1,948 per ounce in 2023 were higher than the prior year due to higher market prices. Realized copper prices for 2023 were $3.85 per pound, in line with the prior year. For an explanation of realized price, see “Non-GAAP Financial Measures – Realized Prices”. In 2023, Barrick reported net earnings attributable to equity holders of $1,272 million, compared to $432 million in 2022. The increase was primarily due to: a goodwill impairment of $950 million (net of non-controlling interests) related to Loulo-Gounkoto, a non-current asset impairment of $318 million (net of tax) and a net realizable value impairment of leach pad inventory of $27 million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon, all of which occured in the prior year; and a gain of $352 million in the current year as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. This was partially offset by: an impairment reversal of $120 million and a gain of $300 million following the completion of the transaction allowing for the reconstitution of the Reko Diq project occurring in the prior year; significant tax adjustments of $220 million related to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of non-deductible foreign exchange losses; and the recognition and derecognition of deferred tax assets; and a long-lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon. These items were also the significant adjustments used to derive adjusted net earnings of $1,467 million in 2023. This compares to adjusted net earnings of $1,326 million in 2022 (for an explanation of adjusted net earnings, see “Non-GAAP Financial Measures – Adjusted Net Earnings and Adjusted Net Earnings per Share”).

In 2023, Barrick’s gold production was 4.05 million ounces, 87 thousand ounces lower than 2022 gold production, with costs of sales applicable to gold of $1,334 per ounce, all-in sustaining costs of $1,335 per ounce and total cash costs of $960 per ounce. Barrick’s copper production in 2023 was 420 million pounds of copper, 20 million pounds lower than 2022 copper production, with cost of sales applicable to copper of $2.90 per pound, all-in sustaining costs of $3.21 per pound and C1 cash costs of $2.28 per pound. In 2022, Barrick produced 4.14 million ounces of gold, with costs of sales applicable to gold of $1,241 per ounce, all-in sustaining costs of $1,222 per ounce and total cash costs of $862 per ounce, and 440 million pounds of copper, with cost of sales applicable to copper of $2.43 per pound, all-in sustaining costs of $3.18 per pound and C1 cash costs of $1.89 per pound. “All-in sustaining costs” and “total cash costs” per ounce and “All-in sustaining costs” and “C1 cash costs” per pound are non-GAAP financial performance measures. For an explanation of all-in sustaining costs per ounce, total cash costs per ounce, all-in sustaining costs per pound and C1 cash costs per pound, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

The following table summarizes Barrick’s interest in its producing mines and its share of gold production from these mines for the periods indicated:

 

         

(000s ozs, attributable share)

 

    2022    

 Twelve months ended December 311

 

      2023 

Carlin (61.5%)

   868      966

Cortez (61.5%)2

   549      450

Turquoise Ridge (61.5%)

   316      282

Phoenix (61.5%)

   123      109

 

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Long Canyon (61.5%)

      9             55      

Nevada Gold Mines (61.5%)3

   1,865    1,862

Pueblo Viejo (60%)

   335    428

Loulo-Gounkoto (80%)

   547    547

Kibali (45%)

   343    337

Tongon (89.7%)

   183    180

North Mara (84%)

   253    263

Veladero (50%)

   207    195

Hemlo

   141    133

Bulyanhulu (84%)

   180    196

Porgera (47.5%)4

     

Total Attributable Gold5

   4,054    4,141

 

1

Barrick’s interest is subject to royalty obligations at certain mines.

2

Includes Goldrush.

3

These amounts represent Barrick’s 61.5% interest in Carlin (including Nevada Gold Mines’ 100% interest in South Arturo), Cortez, Turquoise Ridge, Phoenix and Long Canyon. For more information regarding South Arturo, see “Strategy – Operational Excellence and Sustainability Profitability”.

4

Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023. On December 22, 2023, the Commencement Agreement was formally completed and recommissioning of the mine commenced. Barrick now holds a 24.5% ownership interest in the Porgera joint venture and a 23.5% interest in the economic benefits of the mine under the sharing arrangement agreed with the PNG government. Refer to “Government Controls and Regulations” and “Legal Proceedings – Porgera Special Mining Lease” for details.

5

Excludes Pierina which is producing incidental ounces while in closure.

The following table summarizes Barrick’s interest in its principal producing copper mines and its share of copper production from these mines for the periods indicated:

 

(millions of lbs)     
 Twelve months ended December 311       2023         2022  

Zaldívar (50%)

   89      98   

Lumwana

   260      267   

Jabal Sayid (50%)

   71      75   

Total Attributable Copper

   420      440   

 

1

Barrick’s interest is subject to royalty obligations at certain mines. Beginning in 2024, the Company will present its copper production in metric tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds).

See “Narrative Description of the Business” in this Annual Information Form, Note 5 “Segment Information” to the Consolidated Financial Statements and the MD&A for further information on the Company’s operating segments. See “Narrative Description of the Business – Mineral Reserves and Mineral Resources” for information on the Company’s mineral reserves and resources.

 

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LOGO

 

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NARRATIVE DESCRIPTION OF THE BUSINESS

Barrick is engaged in the production and sale of gold, as well as related activities such as exploration and mine development. Barrick also produces significant amounts of copper, principally from its Zaldívar joint venture, Jabal Sayid joint venture and its Lumwana mine and holds other interests. Unless otherwise specified, the description of Barrick’s business, including products, principal markets, distribution methods, employees and labor relations contained in this Annual Information Form, applies to each of its operating segments and Barrick as a whole.

Production and Guidance

For the year ended December 31, 2023, Barrick produced 4.054 million ounces of gold at cost of sales applicable to gold of $1,334 per ounce, all-in sustaining costs of $1,335 per ounce and total cash costs of $960 per ounce. Barrick’s 2024 gold production is currently targeted at 3.9 to 4.3 million ounces, and Barrick expects cost of sales applicable to gold of $1,320 to $1,420 per ounce in 2024, all-in sustaining costs of $1,320 to $1,420 per ounce and total cash costs of $940 to $1,020 per ounce, assuming a market gold price of $1,900/oz. See “Forward-Looking Information”. Barrick expects stronger year-over-year performances from Pueblo Viejo and to a lesser extent Turquoise Ridge, together with stable delivery across the remaining Tier One Gold Assets, with the exception of Cortez. Production at Cortez is expected to be lower in 2024 relative to 2023 due to the Crossroads resource model changes reducing oxide mill feed partially offset by a higher contribution from Goldrush (although the delay in receipt of the Record of Decision has pushed some ounces from 2024 to 2025). In addition, given that formal completion of the Commencement Agreement at Porgera was achieved on December 22, 2023, the Company’s 2024 gold production guidance now includes Porgera. Refer to “Government Controls and Regulations” and “Legal Proceedings – Porgera Special Mining Lease” for additional detail.

Outside of its Tier One Gold Assets, Barrick expects the following significant changes in year-over-year production. At Veladero, Barrick expects 2024 production to be marginally higher than 2023. As previously disclosed, mining temporarily ceased at Long Canyon in 2022 and this asset has now been placed on care and maintenance and will no longer be included in the Company’s guidance metrics. Across the four quarters of 2024, the Company’s gold production is expected to steadily increase throughout the year as it works towards the restart of operations at Porgera and completes rectification work at Pueblo Viejo. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

For the year ended December 31, 2023, Barrick produced 420 million pounds of copper at cost of sales applicable to copper of $2.90 per pound, all-in sustaining costs of $3.21 per pound and C1 cash costs of $2.28 per pound. Beginning in 2024, the Company will present its copper production and sales quantities in tonnes rather than pounds (where 1 tonne is equivalent to 2,204.6 pounds). Barrick’s 2024 copper production is targeted at approximately 180 - 210 million tonnes and Barrick expects cost of sales applicable to copper of $2.65 to $2.95 per pound, all-in sustaining costs of $3.10 to $3.40 per pound and C1 cash costs of $2.00 to $2.30 per pound. See “Forward-Looking Information”. “All-in sustaining costs” and “C1 cash costs” per pound are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and C1 cash costs per pound, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Reportable Operating Segments

During 2023, Barrick’s business was organized into sixteen minesites. Barrick’s Chief Operating Decision Maker, the President and Chief Executive Officer, reviews the operating results, assesses performance and makes capital allocation decisions at the minesite, Company and/or project level. For the year ended December 31, 2023, Barrick’s reportable operating segments consisted of eight individual

 

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gold mines, Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu, and one individual copper mine, Lumwana. Each mine and project receives direction from Barrick’s Executive Committee, but has responsibility for certain aspects of its business, such as sustainability of mining operations, including exploration, production and closure.

For details regarding 2023 production for all operating segments, see “General Information – General Development of the Business”. For additional details regarding the reserves and resources held in each operating segment, see “Mineral Reserves and Mineral Resources”. See also Note 5 “Segment Information” to the Consolidated Financial Statements and the MD&A for further financial and other information on the Company’s operating segments. Barrick’s ability to deliver on its vision, strategic objectives and operating guidance depends on the Company’s ability to understand and appropriately respond to uncertainties and risks. For a description of certain of those sources of uncertainty, relevant risk modification activities and oversight by the Company’s Board of Directors and executive officers, see pages 21 to 22 of the MD&A. For a discussion of material risks relevant to investors, see “Risk Factors”.

Nevada Gold Mines (61.5% basis)

In connection with the establishment of Nevada Gold Mines on July 1, 2019, Barrick’s Cortez, Goldstrike, Turquoise Ridge and Goldrush properties, and Newmont’s Carlin, Twin Creeks, Phoenix, Long Canyon and Lone Tree (which was divested in 2021 as part of the asset exchange agreement with i-80 Gold described in “Operational Excellence and Sustainable Profitability” above) properties were contributed to the joint venture. See “General Information – General Development of the Business – History”. Nevada Gold Mines produced approximately 1,865 thousand ounces of gold at cost of sales attributable to gold of $1,351 per ounce, all-in sustaining costs of $1,366 per ounce and total cash costs of $989 per ounce in 2023, compared to approximately 1,862 thousand ounces of gold at cost of sales attributable to gold of $1,210 per ounce, all-in sustaining costs of $1,214 per ounce and total cash costs of $876 per ounce in 2022. This represents Barrick’s 61.5% interest in Cortez, Carlin (including Goldstrike and South Arturo), Turquoise Ridge (including Twin Creeks), Phoenix and Long Canyon. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Carlin

Barrick’s 61.5% interest in Carlin (a material property for the purposes of this Annual Information Form, see “Material Properties – Carlin Complex”) produced approximately 868 thousand ounces of gold at cost of sales attributable to gold of $1,254 per ounce, all-in sustaining costs of $1,486 per ounce and total cash costs of $1,033 per ounce in 2023, compared to approximately 966 thousand ounces of gold at cost of sales attributable to gold of $1,069 per ounce, all-in sustaining costs of $1,212 per ounce and total cash costs of $877 per ounce in 2022. Barrick is the operator of the Nevada Gold Mines joint venture, including the Carlin Complex. In 2023, gold production was below the guidance range, impacted primarily by unplanned downtime at the Goldstrike autoclave in the second half of the year. This was also a key driver of cost of sales per ounce and total cash costs per ounce being above the guidance range through both lower production and higher maintenance costs. In addition, costs were higher due to lower availabilities and higher maintenance costs mainly related to the open pit trucks that are scheduled to be replaced in 2024 and the first half of 2025. All-in sustaining costs per ounce were also higher than guidance, mainly driven by higher total cash costs per ounce.

The amounts presented represent Barrick’s 61.5% interest in Carlin (including Nevada Gold Mine’s 100% interest in South Arturo).

At Carlin, the Company expects its equity share of 2024 gold production to be in the range of 800 - 880 thousand ounces, in line with 2023 production levels. In 2024, Barrick expects cost of sales

 

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attributable to gold to be in the range of $1,270 to $1,370 per ounce, slightly higher than 2023. All-in sustaining costs are expected to be $1,430 to $1,530 per ounce, in line with 2023. Total cash costs are expected to be in the range of $1,030 to $1,110 per ounce, higher than 2023. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Cortez

Barrick’s 61.5% interest in Cortez (a material property for the purposes of this Annual Information Form, see “Material Properties – Cortez Property”) produced approximately 549 thousand ounces of gold at cost of sales attributable to gold of $1,318 per ounce, all-in sustaining costs of $1,282 per ounce and total cash costs of $906 per ounce in 2023, compared to approximately 450 thousand ounces of gold at cost of sales attributable to gold of $1,164 per ounce, all-in sustaining costs of $1,258 per ounce and total cash costs of $815 per ounce in 2022. Barrick is the operator of the Nevada Gold Mines joint venture, including the Cortez property. In 2023, gold production for 2023 was below the guidance range, primarily due to lower than forecasted oxide grades out of Crossroads and the slower than expected ramp-up at Goldrush which was partly due to the delay in receiving the Record of Decision (which was received late in the fourth quarter). Cost of sales per ounce and total cash costs per ounce were above the guidance range primarily due to lower grades from Crossroads, lower capitalized tonnes due to less capitalized stripping at Crossroads and fewer tonnes allocated to the Cortez Hills open pit buttress, higher maintenance costs earlier in the year and higher royalties from the higher realized gold price (royalty impact was $22 per ounce for Cortez). All-in sustaining costs per ounce were also higher than guidance, mainly driven by higher total cash costs per ounce.

At Cortez, the Company expects its equity share of 2024 gold production to be in the range of 380 - 420 thousand ounces, lower than 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,460 to $1,560 per ounce, total cash costs are expected to be in the range of $1,040 to $1,120 per ounce and all-in sustaining costs are expected to be $1,390 to $1,490 per ounce. All three measures are expected to be higher than 2023. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Turquoise Ridge

Barrick’s 61.5% interest in Turquoise Ridge (a material property for the purposes of this Annual Information Form, see “Material Properties – Turquoise Ridge Complex”) produced approximately 316 thousand ounces of gold at cost of sales attributable to gold of $1,399 per ounce, all-in sustaining costs of $1,234 per ounce and total cash costs of $1,026 per ounce in 2023, compared to approximately 282 thousand ounces of gold at cost of sales attributable to gold of $1,434 per ounce, all-in sustaining costs of $1,296 per ounce, and total cash costs of $1,035 per ounce in 2022. Barrick is the operator of the Nevada Gold Mines joint venture, including the Turquoise Ridge Complex. In 2023, gold production was within the guidance range. Cost of sales per ounce and total cash costs per ounce were slightly above the guidance range driven by higher than planned maintenance costs both on underground infrastructure and at the Sage autoclave. All-in sustaining costs per ounce were within the guidance range as higher total cash costs per ounce were more than offset by lower than planned minesite sustaining capital expenditures.

At Turquoise Ridge, the Company expects its equity share of 2024 gold production to be in the range of 330 - 360 thousand ounces, higher than 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,230 to $1,330 per ounce, total cash costs are expected to be in the range of $850 to $930 per ounce and all-in sustaining costs are expected to be $1,090 to $1,190

 

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per ounce. All three measures are expected to be lower than 2023. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Other Mines - Nevada Gold Mines

Barrick’s 61.5% interest in Phoenix produced approximately 123 thousand ounces of gold at cost of sales attributable to gold of $2,011 per ounce, all-in sustaining costs of $1,162 per ounce and total cash costs of $961 per ounce in 2023.

At Phoenix, the Company expects its equity share of 2024 gold production to be in the range of 120 - 140 thousand ounces, in line with 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,640 to $1,740 per ounce, lower than 2023. All-in sustaining costs are expected to be $1,100 to $1,200 per ounce, in line with 2023. Total cash costs are expected to be in the range of $810 to $890 per ounce, lower than 2023.

Barrick’s 61.5% interest in Long Canyon produced approximately 9 thousand ounces of gold at cost of sales attributable to gold of $1,789 per ounce, all-in sustaining costs of $779 per ounce and total cash costs of $724 per ounce in 2023. As discussed above, mining temporarily ceased at Long Canyon in 2022 and, following the completion of further studies, this asset has now been placed on care and maintenance and will no longer be included in the Company’s production and guidance metrics. Compared to Barrick’s 2023 outlook, gold production was at the top end of the guidance range. All cost metrics were within or below their respective guidance ranges.

Barrick is the operator of the Nevada Gold Mines joint venture, including the Phoenix and Long Canyon mines. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Pueblo Viejo (60% basis)

Barrick’s 60% interest in the Pueblo Viejo mine (a material property for the purposes of this Annual Information Form, see “Material Properties – Pueblo Viejo Mine”) produced approximately 335 thousand ounces of gold at cost of sales attributable to gold of $1,418 per ounce, all-in sustaining costs of $1,249 per ounce and total cash costs of $889 per ounce in 2023, compared to approximately 428 thousand ounces of gold at cost of sales attributable to gold of $1,132 per ounce, all-in sustaining costs of $1,026 per ounce and total cash costs of $725 per ounce in 2022. Barrick is the operator of the joint venture. In 2023, gold production was lower than the guidance range mainly due to lower throughput associated with the delayed commissioning and ramp-up of the expanded processing plant. Cost of sales per ounce and total cash costs per ounce were higher than the guidance ranges, mainly due to the lower production. All-in sustaining costs per ounce were also higher than the guidance range mainly driven by higher total cash costs and higher minesite sustaining capital expenditures on a per ounce basis.

At Pueblo Viejo, the Company expects its equity share of 2024 gold production to be in the range of 420 - 490 thousand ounces, higher than 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,340 to $1,440 per ounce, in line with 2023. All-in sustaining costs are expected to be $1,100 to $1,200 per ounce, slightly lower than 2023 and total cash costs are expected to be in the range of $830 to $910 per ounce, in line with 2023. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash

 

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costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Loulo-Gounkoto (80% basis)

Barrick’s 80% interest in Loulo-Gounkoto (a material property for the purposes of this Annual Information Form, see “Material Properties – Loulo-Gounkoto Mine Complex”) produced approximately 547 thousand ounces of gold at cost of sales attributable to gold of $1,198 per ounce, all-in sustaining costs of $1,166 per ounce and total cash costs of $835 per ounce in 2023, compared to approximately 547 thousand ounces of gold at cost of sales attributable to gold of $1,153 per ounce, all-in sustaining costs of $1,076 per ounce and total cash costs of $778 per ounce in 2022. In 2023, gold production was in the upper half of the guidance range. All cost metrics were higher than the guidance ranges as a result of higher royalties from the higher realized gold price (royalty impact was $18 per ounce for Loulo-Gounkoto), the impact of the pit wall failure at Gounkoto, and the corresponding stockpile drawdown and higher underground unit cost rates.

At Loulo-Gounkoto, the Company expects its equity share of 2024 gold production to be in the range of 510 -  560 thousand ounces, in line with 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,190 to $1,290 per ounce, all-in sustaining costs are expected to be in the range of $1,150 to $1,250 per ounce, and total cash costs are expected to be in the range of $780 to $860 per ounce. All three measures are expected to be in line with 2023. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Kibali (45% basis)

Barrick’s 45% interest in Kibali (a material property for the purposes of this Annual Information Form, see “Material Properties – Kibali Mine”) produced approximately 343 thousand ounces of gold at cost of sales attributable to gold of $1,221 per ounce, all-in sustaining costs of $918 per ounce and total cash costs of $789 per ounce in 2023, compared to approximately 337 thousand ounces of gold at cost of sales attributable to gold of $1,243 per ounce, all-in sustaining costs of $948 per ounce and total cash costs of $703 per ounce in 2022. In 2023, gold production was above the midpoint of the guidance range. Cost of sales per ounce and total cash costs per ounce were above the guidance ranges as a result of higher royalties from the higher realized gold price (royalty impact was $16/oz for Kibali) combined with lower processed grades and lower strip ratio. Cost of sales per ounce was further impacted by higher depreciation driven by the stockpile drawdown. All-in sustaining costs per ounce ended at the midpoint of the guidance range due to lower minesite capital expenditures, resulting from lower capitalized waste stripping and underground development, notwithstanding total cash costs per ounce were above the guidance range.

At Kibali, the Company expects its equity share of 2024 gold production to be in the range of 320 - 360 thousand ounces, in line with 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,140 to $1,240 per ounce, in line with 2023 levels. All-in sustaining costs are expected to be in the range of $950 to $1,050 per ounce, slightly higher than 2023 levels. Total cash costs are expected to be in the range of $740 to $820 per ounce, in line with 2023 levels. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

 

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North Mara (84% basis)

Barrick’s 84% interest in North Mara produced approximately 253 thousand ounces of gold at cost of sales attributable to gold of $1,206 per ounce, all-in sustaining costs of $1,335 per ounce and total cash costs of $944 per ounce in 2023, compared to approximately 263 thousand ounces of gold at cost of sales attributable to gold of $979 per ounce, all-in sustaining costs of $1,028 per ounce and total cash costs of $741 per ounce in 2022. In 2023, gold production ended near the upper end of the guidance range. All cost metrics were slightly above the guidance ranges or towards the high end of the guidance range, reflecting higher royalties from the higher gold realized prices, and increased input costs driven by consumable and energy prices.

At North Mara, the Company expects its equity share of 2024 gold production to be in the range of 230 - 260 thousand ounces, in line with 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,250 to $1,350 per ounce and total cash costs are expected to be in the range of $970 to $1,050 per ounce, both slightly higher than 2023 levels. Barrick expects all-in sustaining costs to be $1,270 to $1,370 per ounce, in line with 2023 levels. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Bulyanhulu (84% basis)

Barrick’s 84% interest in Bulyanhulu produced approximately 180 thousand ounces of gold at cost of sales attributable to gold of $1,312 per ounce, all-in sustaining costs of $1,231 per ounce and total cash costs of $920 per ounce in 2023, compared to approximately 196 thousand ounces of gold at cost of sales attributable to gold of $1,211 per ounce, all-in sustaining costs of $1,156 per ounce and total cash costs of $868 per ounce in 2022. In 2023, gold production ended in the upper half of the guidance range. Cost of sales per ounce was slightly above the guidance range, mainly due to higher input costs driven by higher royalties, increased consumables and energy prices, combined with an update to the mine plan based on a new geological block model. Total cash costs and all-in sustaining costs were within their respective guidance ranges.

At Bulyanhulu, the Company expects its equity share of 2024 gold production to be in the range of 160 - 190 thousand ounces, in line with 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,370 to $1,470 per ounce and total cash costs are expected to be in the range of $990 to $1,070 per ounce and all-in sustaining costs are expected to be $1,380 to $1,480 per ounce. All three measures are expected to be higher than 2023 levels. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Other Mines (Gold)

Barrick’s 50% interest in the Veladero mine produced approximately 207 thousand ounces of gold at cost of sales attributable to gold of $1,440 per ounce, all-in sustaining costs of $1,516 per ounce and total cash costs of $1,011 per ounce in 2023, compared to approximately 195 thousand ounces of gold at cost of sales attributable to gold of $1,628 per ounce, all-in sustaining costs of $1,528 per ounce and total cash costs of $890 per ounce in 2022. Gold production for 2023 was above the guidance range driven by higher recoveries. All cost metrics were below the guidance ranges as a result of the higher production.

The governance, ownership and joint operation of the Veladero joint venture is governed by the terms of a shareholders’ agreement between Barrick and Shandong.

 

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Minera Andina del Sol SRL (“MAS”) (formerly, Minera Argentina Gold SRL) is the subject of a consolidated regulatory proceeding by the San Juan Provincial mining authority in respect of operational incidents that occurred in March 2017 and September 2016 involving the release of gold-bearing process solution.

For more information about these matters, see “Legal Matters – Legal Proceedings – Veladero – Operational Incidents and Associated Proceedings”.

At Veladero, the Company expects attributable 2024 production to be in the range of 210 - 240 thousand ounces, slightly higher than 2023 production levels. Barrick expects cost of sales attributable to gold to be in the range of $1,340 to $1,440 per ounce, all-in sustaining costs are expected to be $1,490 to $1,590 per ounce and total cash costs are expected to be in the range of $1,010 to $1,090 per ounce in 2024. All three measures are expected to be in line with 2023 levels. Operating costs at Veladero are also highly sensitive to local inflation and fluctuations in foreign exchange rates. The Company has assumed an average Argentine peso exchange rate of ARS 800:$1 for 2024.

Tongon produced approximately 183 thousand ounces of gold at cost of sales attributable to gold of $1,469 per ounce, all-in sustaining costs of $1,408 per ounce and total cash costs of $1,240 per ounce in 2023.

At Tongon, the Company expects 2024 gold production to be in the range of 160 - 190 thousand ounces, in line with 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,520 to $1,620 per ounce, and all-in sustaining costs are expected to be in the range of $1,440 to $1,540 per ounce, both slightly higher than 2023. Barrick expects total cash costs are expected to be in the range of $1,200 to $1,280 per ounce, in line with 2023.

Hemlo produced approximately 141 thousand ounces of gold at cost of sales attributable to gold of $1,589 per ounce, all-in sustaining costs of $1,672 per ounce and total cash costs of $1,382 per ounce in 2023.

At Hemlo, the Company expects 2024 gold production to be in the range of 140 - 160 thousand ounces, in line with 2023 production levels. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,470 to $1,570 per ounce and total cash costs are expected to be in the range of $1,210 to $1,290 per ounce, both are expected to be lower than in 2023. All-in sustaining costs are expected to be in the range of $1,600 to $1,700 per ounce, in line with 2023.

As Porgera was placed on temporary care and maintenance on April 25, 2020 until December 22, 2023, no operating data or per ounce data for 2023 is provided.

On December 22, 2023, the Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in the Company’s 2024 guidance at 24.5%, reflecting Barrick’s ownership interest in the mine. At Porgera, the Company expects 2024 gold production to be in the range of 50 - 70 thousand ounces. In 2024, Barrick expects cost of sales attributable to gold to be in the range of $1,670 to $1,770 per ounce, all-in sustaining costs are expected to be in the range of $1,900 to $2,000 per ounce and total cash costs are expected to be in the range of $1,220 to $1,300 per ounce. For more information see “Government Controls and Regulations” and “Legal Proceedings – Porgera Special Mining Lease” below.

“All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

 

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Lumwana

Lumwana produced approximately 260 million pounds of copper at cost of sales attributable to copper of $2.91 per pound, all-in sustaining costs of $3.48 per pound and C1 cash costs of $2.29 per pound in 2023.

At Lumwana, the Company expects 2024 copper production to be in the range of 120 - 140 thousand tonnes, higher than 2023 production levels. In 2024, Barrick expects cost of sales attributable to copper to be in the range of $2.50 to $2.80 per pound and C1 cash costs are expected to be in the range of $1.85 to $2.15 per pound, both lower than 2023 levels. All-in sustaining costs are expected to be in the range of $3.30 to $3.60 per pound, in line with 2023 levels. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Other Mines (Copper)

Barrick’s 50% interest in Zaldívar produced approximately 89 million pounds of copper at cost of sales attributable to copper of $3.83 per pound, all-in sustaining costs of $3.46 per pound and C1 cash costs of $2.95 per pound in 2023.

At Zaldívar, the Company expects its equity share of 2024 copper production to be in the range of 35 - 40 thousand tonnes, slightly lower than 2023 production levels. In 2024, Barrick expects cost of sales attributable to copper to be in the range of $3.70 to $4.00 per pound, C1 cash costs are expected to be in the range of $2.80 to $3.10 per pound, and all-in sustaining costs are expected to be $3.40 to $3.70 per pound. All three measures are expected to be in line with 2023 levels.

Barrick’s 50% interest in Jabal Sayid produced approximately 71 million pounds of copper at cost of sales attributable to copper of $1.60 per pound, all-in sustaining costs of $1.53 per pound and C1 cash costs of $1.35 per pound in 2023.

At Jabal Sayid, the Company expects its equity share of 2024 copper production to be in the range of 25 - 30 million tonnes, slightly below 2023 production levels. In 2024, Barrick expects cost of sales attributable to copper to be in the range of $1.75 to $2.05 per pound and C1 cash costs are expected to be in the range of $1.40 to $1.70 per pound and all-in sustaining costs are expected to be in the range of $1.70 to $2.00 per pound. All three measures are expected to be higher than in 2023.

“All-in sustaining costs” and “C1 cash costs” per pound are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and C1 cash costs per pound, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 186 to 187 of this Annual Information Form.

Mineral Reserves and Mineral Resources

Gold Reserves

As at December 31, 2023, Barrick’s total proven and probable gold reserves were 77 million ounces at an average grade of 1.65 g/t reported at $1,300 per ounce, except at Tongon, where mineral reserves were estimated using a gold price assumption of $1,500 per ounce, due to nearing its end of mine life and having fully repaid its capital investment, and at a Hemlo where mineral reserves were estimated using a gold price assumption of $1,400 per ounce, reflecting the updates to the open pit feasibility studies. This

 

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is a slight increase compared to 76 million ounces at an average grade of 1.67 g/t reported at $1,300 per ounce at the end of 2022.

Year-over-year, attributable reserves have increased by 5 million ounces before 2023 depletion of 4.6 million, delivering a third consecutive year of organic gold reserve growth over and above annual depletion. Since year-end 2019, Barrick has successfully delivered replacement of over 140% of the Company’s gold reserve depletion, adding almost 29 million ounces of attributable proven and probable reserves or 44 million ounces of proven and probable reserves on a 100% basis (excluding both acquisitions and divestments).

During 2023, the Company converted a net of approximately 5.0 million ounces to attributable proven and probable reserves. Compared to mining depletion of approximately 4.6 million ounces, this represents 109% replacement of gold mineral reserve ounce depletion.

The Africa and Middle East region replaced 165% of the regional 2023 gold reserve depletion, led by Loulo-Gounkoto, with extensions of the high grade Yalea orebody, delivering a 1.1 million ounce increase in attributable proven and probable reserves before depletion. Bulyanhulu also delivered strong results through the extension of Reef 1 and Reef 2 near surface mineralization, with updated feasibility studies supporting an additional surface decline access portal for each Reef, adding 0.9 million ounces to attributable proven and probable reserves. At Kibali, the ongoing conversion drilling in the 11000 lode in KCD underground combined with the conversion of some satellite pit resources delivered a 0.47 million ounce increase in 2023 attributable proven and probable reserves before depletion.

In North America, ongoing growth programs added 1.9 million ounces of gold on an attributable basis before annual depletion mainly from Turquoise Ridge, Leeville Underground in Carlin and Robertson in Cortez, effectively replacing more than 80% of annual depletion. This resulted in sustaining attributable proven and probable mineral reserves for the region at 31 million ounces at 2.45 g/t for 2023. At the same time, attributable gold measured and indicated mineral resources for the region stand at 68 million ounces at 2.10 g/t, while 2023 updated inferred attributable gold resources grew to 18 million ounces at 2.1 g/t. Looking forward to 2024, the regional mineral resource base is forecast to be a key driver of future growth. As part of this, a comprehensive evaluation program and dedicated study team will evaluate the strike length of the 100% Barrick-owned Fourmile deposit, targeting an update to mineral resources at the end of 2024, which will inform Barrick’s decision on commencement of a pre-feasibility study.

Within the Latin America and Asia Pacific region, a pre-feasibility study was completed on the expansion of the leach pad supporting an additional pushback in the open pit at Veladero, resulting in 2023 attributable proven and probable gold reserves for the region of 27 million ounces at 0.96 g/t. Updates to the Reko Diq mineral resources reflect ongoing feasibility study updates, resulting in an attributable measured and indicated mineral resource of 8.3 million tonnes of copper at 0.43% with 14 million ounces of gold at 0.25 g/t, and an attributable inferred mineral resource of 2.2 million tonnes of copper at 0.3% with 3.8 million ounces of gold at 0.2 g/t.

Gold Resources

As of December 31, 2023, Barrick’s attributable measured and indicated gold resources were 180 million ounces at an average grade of 1.06 g/t. This is flat relative to measured and indicated gold resources of 180 million ounces at an average grade of 1.07 g/t as at December 31, 2022. As of December 31, 2023, Barrick’s attributable inferred gold resources were 39 million ounces at an average grade of 0.8 g/t, compared to 42 million ounces at an average grade of 0.8 g/t as at December 31, 2022. The reduction in inferred mineral resources was primarily attributed to continuation of cost updates affecting cut-off grades, thereby reducing marginal mineral resources within the North America region.

Copper

Starting at December 31, 2023, Barrick’s copper reserves and resources are being reported in tonnes, whereas previously they were reported in pounds. As of December 31, 2023 attributable proven and probable copper mineral reserves were 5.6 million tonnes at an average grade of 0.39%. This is flat

 

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relative to the mineral reserves of 12 billion pounds (5.6 million tonnes) at an average grade of 0.38% in the prior year.

Attributable measured and indicated copper mineral resources were 21 million tonnes at an average grade of 0.39%, and inferred copper mineral resources were 7.1 million tonnes at an average grade of 0.4% as of December 31, 2023. This compares to prior year attributable measured and indicated copper mineral resources of 44 billion pounds (20 million tonnes) at an average grade of 0.39%, and inferred copper mineral resources of 15 billion pounds (6.9 million tonnes) at an average grade of 0.4%. This growth in total mineral resources is driven by the update in copper mineral resource price assumption to $4.00 per pound in 2023 from $3.75 per pound in 2022.

Assumptions and Methodology

In 2023, all mineral reserves were calculated using an assumed gold price of $1,300 per ounce, an assumed silver price of $18.00 per ounce and an assumed copper price of $3.00 per pound and long-term average exchange rates of C$1.30:$1, consistent with the price assumptions used in 2022, except at Tongon, where mineral reserves for 2023 were calculated using $1,500 per ounce, at Hemlo, where mineral reserves for 2023 were calculated using $1,400 per ounce and at Zaldívar, where mineral reserves for 2023 and 2022 were calculated using Antofagasta guidance and an assumed copper price of $3.50 per pound and $3.30 per pound, respectively. Reserve estimates incorporate current and/or expected mine plans and cost levels at each property.

The price assumptions used to calculate reserves in 2023 are consistent with those used by Barrick for the assessment of project economics. In confirming its annual reserves for each of its mineral properties, projects, and operations, Barrick conducts a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow excludes all sunk costs and only considers future operating and closure expenses as well as any future capital costs.

In 2023, all mineral resources were calculated using an assumed gold price of $1,700 per ounce, an assumed silver price of $21.00 per ounce and an assumed copper price of $4.00 per pound, consistent with the price assumptions used in 2022 for Barrick-operated assets, with the exception of copper for which an assumed copper price of $3.75 per pound was used in 2022, and at Zaldívar, where mineral resources for 2023 and 2022 were calculated using Antofagasta guidance and an assumed copper price of $4.20 per pound and $3.75 per pound, respectively. Barrick’s mineral resources for 2023 continue to be reported on an inclusive basis, incorporating all areas that form mineral reserves. All open pit mineral resources are contained within a Whittle shell, while all underground mineral resources are contained within optimized mineable shapes.

The 2023 mineral reserves and mineral resources are estimated using the combined value of gold, copper and silver. Accordingly, mineral reserves and mineral resources are reported for all assets where copper or silver is produced and sold as a primary product or a by-product. Barrick’s mineral resource and mineral reserve estimates of tonnes, ounces of gold and silver and pounds of copper are reported to the second significant digit. All mineral resources are reported on an inclusive basis and include all areas that form mineral reserves, reported at a mineral resource cut-off and associated commodity price. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for gold (g/t), silver (g/t) and copper (%) are reported to two decimal places, while all inferred mineral resource estimates of grade for gold (g/t), silver (g/t) and copper (%) are reported to one decimal place.

Barrick’s reserves and resources have been estimated as at December 31, 2023, in accordance with definitions and best practice guidelines adopted by the CIM and incorporated into National Instrument 43-101 (see “Glossary of Technical and Business Terms”). Varying cut-off grades have been used depending on the mine, methods of extraction and type of ore contained in the reserves. Mineral resource metal grades and material densities have been estimated using industry-standard methods appropriate

 

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for each mineral project with support of various commercially available mining software packages. For the cut-off grades used in the estimation of reserves, see “Notes to the Barrick Mineral Reserves and Resources Tables” below. Barrick’s normal data verification procedures have been employed in connection with the estimations. Sampling, analytical and test data underlying the stated mineral resources and reserves have been verified by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Qualified Persons, and/or independent Qualified Persons (see “Scientific and Technical Information”). Verification procedures include industry-standard quality control practices. Drill samples collected for use in geologic modeling and mineral resource estimation are under the direct supervision of the geology department at each of the Company’s properties and projects. All drill hole collar, survey and assay information used in modeling and resource estimation are manually verified and approved by the staff geologists prior to entry into the mine-wide database. Sample preparation and analyses are conducted by either independent laboratories or the laboratory onsite, in which case independent laboratories are used to verify results. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at each property and project conform to industry-accepted quality control methods. Regular internal auditing of the mineral reserve and mineral resource estimation processes and procedures are conducted.

Barrick reports its reserves in accordance with National Instrument 43-101, as required by Canadian securities regulatory authorities. Canadian disclosure standards may differ from the disclosure requirements in the United States under the Exchange Act. For further information, see “Reporting Currency, Financial and Reserve Information”.

Although the Company has carefully prepared and verified the mineral reserve figures presented below and elsewhere in this Annual Information Form, such figures are estimates, which are, in part, based on forward-looking information and certain assumptions, and no assurance can be given that the indicated level of mineral will be produced. Barrick’s estimates of proven and probable reserves may have to be recalculated based on actual production experience. Market price fluctuations of gold, copper and silver, as well as increased production costs or reduced recovery rates and other factors, may render the present proven and probable reserves unprofitable to develop at a particular site or sites. See “Risk Factors” and “Forward-Looking Information” for additional details concerning factors and risks that could cause actual results to differ from those set out below.

See “Glossary of Technical and Business Terms” for definitions of the terms “mineral resource”, “inferred mineral resource”, “indicated mineral resource”, “measured mineral resource”, “mineral reserve”, “probable mineral reserve” and “proven mineral reserve”.

 

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   Gold Mineral Reserves1,2,3,6,12,14,15,16                                                                         
 As at December 31, 2023   PROVEN         PROBABLE         TOTAL  
 Based on attributable ounces  

Tonnes

 

(Mt)

   

Grade

 

(g/t)

   

Contained

ozs

 

(Moz)

        

Tonnes

 

(Mt)

   

Grade

 

(g/t)

   

Contained

ozs

 

(Moz)

        

Tonnes

 

(Mt)

   

Grade

 

(g/t)

   

Contained

ozs

 

(Moz)

 

AFRICA AND MIDDLE EAST

                     

Bulyanhulu surface

    0.0088       5.89       0.0017                             0.0088       5.89       0.0017  

Bulyanhulu underground

    1.5       6.79       0.32         16       5.98       3.1         18       6.05       3.4  

Bulyanhulu (84.00%) total

    1.5       6.78       0.32         16       5.98       3.1         18       6.05       3.4  

Jabal Sayid surface

    0.064       0.38       0.00078                             0.064       0.38       0.00078  

Jabal Sayid underground

    6.7       0.31       0.065         6.9       0.37       0.083         14       0.34       0.15  

Jabal Sayid (50.00%) total

    6.7       0.31       0.066         6.9       0.37       0.083         14       0.34       0.15  

Kibali surface

    5.5       2.02       0.36         18       2.06       1.2         24       2.05       1.6  

Kibali underground

    8.3       4.38       1.2         15       3.94       1.9         24       4.1       3.1  

Kibali (45.00%) total

    14       3.44       1.5         33       2.92       3.1         47       3.07       4.7  

Loulo-Gounkoto surface

    11       2.31       0.82         13       3.3       1.3         24       2.84       2.1  

Loulo-Gounkoto underground

    9.0       5.08       1.5         24       4.7       3.6         33       4.81       5.1  

Loulo-Gounkoto (80.00%) total

    20       3.56       2.3         36       4.22       4.9         57       3.99       7.2  

North Mara surface

    0.1       2.46       0.008         30       1.9       1.8         30       1.9       1.8  

North Mara underground

    2.7       3.01       0.26         6.5       3.84       0.81         9.3       3.6       1.1  

North Mara (84.00%) total

    2.8       2.99       0.27         36       2.25       2.6         39       2.3       2.9  

Tongon surface (89.70%)

    3.1       2.02       0.2           2.5       1.94       0.15           5.5       1.98       0.35  

AFRICA AND MIDDLE EAST TOTAL

    48       3.04       4.7           130       3.32       14           180       3.24       19  

LATIN AMERICA AND ASIA PACIFIC

                     

Norte Abierto surface (50.00%)

    110       0.65       2.4         480       0.59       9.2         600       0.60       12  

Porgera surface4

                        5.0       3.55       0.57         5.0       3.55       0.57  

Porgera underground4

    0.66       6.69       0.14         2.2       7.05       0.51         2.9       6.96       0.65  

Porgera (24.50%) total4

    0.66       6.69       0.14         7.2       4.64       1.1         7.9       4.81       1.2  

Pueblo Viejo surface (60.00%)

    39       2.28       2.8         140       2.10       9.1         170       2.14       12  

Veladero surface (50.00%)

    20       1.60       0.38           69       0.72       1.6           89       0.70       2.0  

LATIN AMERICA AND ASIA PACIFIC TOTAL

    170       1.03       5.8           700       0.94       21           870       0.96       27  

NORTH AMERICA

                     

Carlin surface

    3.7       1.80       0.22         61       2.43       4.8         65       2.39       5.0  

Carlin underground

                        17       8.34       4.6         17       8.34       4.6  

Carlin (61.50%) total

    3.7       1.80       0.22         79       3.73       9.4         82       3.64       9.7  

Cortez surface

    1.1       1.86       0.064         100       0.81       2.7         110       0.82       2.8  

Cortez underground

                        27       7.27       6.3         27       7.27       6.3  

Cortez (61.50%) total

    1.1       1.86       0.064         130       2.13       9.0         130       2.13       9.0  

Hemlo surface

                        27       0.97       0.84         27       0.97       0.84  

Hemlo underground

    0.76       4.49       0.11         6.0       4.07       0.79         6.8       4.12       0.90  

Hemlo (100%) total

    0.76       4.49       0.11         33       1.53       1.6         34       1.6       1.7  

Phoenix surface (61.50%)

    3.8       0.81       0.10         97       0.57       1.8         100       0.58       1.9  

Turquoise Ridge surface

    16       2.36       1.2         6.9       2.37       0.52         22       2.36       1.7  

Turquoise Ridge underground

    8.1       11.58       3.0         12       10.04       3.9         20       10.66       6.9  

Turquoise Ridge (61.50%) total

    24       5.53       4.2           19       7.24       4.4           43       6.29       8.6  

NORTH AMERICA TOTAL

    33       4.42       4.7           360       2.27       26           390       2.45       31  

                                                                               

TOTAL

    250       1.85       15           1,200       1.61       61           1,400       1.65       77  

 See “Notes to the Barrick Mineral Reserves and Resources Tables”

 

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   Copper Mineral Reserves1,2,3,6,12,13,15,16,17                                                             
 As at December 31, 2023   PROVEN         PROBABLE         TOTAL  
 Based on attributable pounds  

Tonnes

 

(Mt)

   

Cu
Grade

 

(%)

   

Contained

Cu

 

(Mt)

        

Tonnes

 

(Mt)

   

Cu
Grade

 

(%)

   

Contained

Cu

 

(Mt)

        

Tonnes

 

(Mt)

   

Cu
Grade

 

(%)

   

Contained

Cu

 

(Mt)

 

AFRICA AND MIDDLE EAST

                     

Bulyanhulu surface

    0.0088       0.29       0.000026                             0.0088       0.29       0.000026  

Bulyanhulu underground

    1.5       0.36       0.0052         16       0.36       0.058         18       0.36       0.063  

Bulyanhulu (84.00%) total

    1.5       0.36       0.0052         16       0.36       0.058         18       0.36       0.063  

Jabal Sayid surface

    0.064       2.63       0.0017                             0.064       2.63       0.0017  

Jabal Sayid underground

    6.7       2.34       0.16         6.9       2.12       0.15         14       2.22       0.30  

Jabal Sayid (50.00%) total

    6.7       2.34       0.16         6.9       2.12       0.15         14       2.23       0.30  

Lumwana surface (100%)

    88       0.54       0.48           420       0.59       2.5           510       0.58       3.0  

AFRICA AND MIDDLE EAST TOTAL

    97       0.66       0.64           450       0.61       2.7           540       0.62       3.3  

LATIN AMERICA AND ASIA PACIFIC

                     

Norte Abierto surface (50.00%)

    110       0.19       0.22         480       0.23       1.1         600       0.22       1.3  

Zaldívar surface (50.00%)

    100       0.45       0.45           77       0.38       0.29           180       0.42       0.74  

LATIN AMERICA AND ASIA PACIFIC TOTAL

    210       0.31       0.66           560       0.25       1.4           780       0.26       2.0  

NORTH AMERICA

                     

Phoenix surface (61.50%)

    5.9       0.16       0.0092           130       0.17       0.22           140       0.17       0.23  

NORTH AMERICA TOTAL

    5.9       0.16       0.0092           130       0.17       0.22           140       0.17       0.23  

                                                                               

TOTAL

    320       0.41       1.3           1,100       0.38       4.3           1,500       0.39       5.6  

 See “Notes to the Barrick Mineral Reserves and Resources Tables”

 

   Silver Mineral Reserves1,2,3,6,12,16                                                             
 As at December 31, 2023   PROVEN         PROBABLE         TOTAL  
 Based on attributable ounces  

Tonnes

 

(Mt)

   

Ag
Grade

 

(g/t)

   

Contained

Ag

 

(Moz)

        

Tonnes

 

(Mt)

   

Ag
Grade

 

(g/t)

   

Contained

Ag

 

(Moz)

        

Tonnes

 

(Mt)

   

Ag
Grade

 

(g/t)

   

Contained

Ag

 

(Moz)

 

AFRICA AND MIDDLE EAST

                     

Bulyanhulu surface

    0.0088       6.11       0.0017                             0.0088       6.11       0.0017  

Bulyanhulu underground

    1.5       6.85       0.32         16       6.08       3.2         18       6.14       3.5  

Bulyanhulu (84.00%) total

    1.5       6.84       0.32           16       6.08       3.2           18       6.14       3.5  

AFRICA AND MIDDLE EAST TOTAL

    1.5       6.84       0.32           16       6.08       3.2           18       6.14       3.5  

LATIN AMERICA AND ASIA PACIFIC

                     

Norte Abierto surface (50.00%)

    110       1.91       7.0         480       1.43       22         600       1.52       29  

Pueblo Viejo surface (60.00%)

    39       13.15       16         140       13.26       58         170       13.24       74  

Veladero surface (50.00%)

    20       13.43       8.5           69       13.83       31           89       13.74       39  

LATIN AMERICA AND ASIA PACIFIC TOTAL

    170       5.73       32           690       5.01       110           860       5.16       140  

NORTH AMERICA

                     

Phoenix surface (61.50%)

    3.8       7.97       0.98           97       6.93       22           100       6.97       23  

NORTH AMERICA TOTAL

    3.8       7.97       0.98           97       6.93       22           100       6.97       23  
                                                                                 

TOTAL

    180       5.79       33           800       5.27       140           980       5.36       170  

 See “Notes to the Barrick Mineral Reserves and Resources Tables”

 

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   Gold Mineral Resources1,3,6,7,8,9,12,13,16                                                                                           
 As at December 31, 2023   MEASURED (M)10           INDICATED (I)10           (M) + (I)10           INFERRED11  

 Based on attributable

 ounces

 

Tonnes

 

(Mt)

   

Grade

 

(g/t)

   

Contained
ozs

 

(Moz)

          

Tonnes

 

(Mt)

   

Grade

 

(g/t)

   

Contained

ozs

 

(Moz)

          

Contained
ozs

 

(Moz)

          

Tonnes

 

(Mt)

   

Grade

 

(g/t)

   

Contained

ozs

 

(Moz)

 

AFRICA AND MIDDLE EAST

                         

Bulyanhulu surface

    0.0088       5.89       0.0017                             0.0017                      

Bulyanhulu underground

    3.5       7.80       0.88         25       6.50       5.3         6.2         17       7.6       4.1  

Bulyanhulu (84.00%) total

    3.5       7.80       0.88         25       6.50       5.3         6.2         17       7.6       4.1  

Jabal Sayid surface

    0.064       0.38       0.00078                             0.00078                      

Jabal Sayid underground

    8.8       0.35       0.098         6.8       0.46       0.10         0.2         1.3       0.6       0.026  

Jabal Sayid (50.00%) total

    8.8       0.35       0.099         6.8       0.46       0.10         0.2         1.3       0.6       0.026  

Kibali surface

    9.0       2.07       0.6         26       2.03       1.7         2.3         4.2       2       0.26  

Kibali underground

    10       5.00       1.6         21       4.19       2.9         4.5         4.7       3.5       0.53  

Kibali (45.00%) total

    19       3.63       2.2         47       3.00       4.6         6.8         8.8       2.8       0.79  

Loulo-Gounkoto surface

    12       2.37       0.90         18       3.37       2.0         2.9         3       2.7       0.26  

Loulo-Gounkoto underground

    19       4.33       2.7         35       4.38       4.9         7.6         13       2.3       0.95  

Loulo-Gounkoto (80.00%) total

    31       3.59       3.6         53       4.03       6.9         10         16       2.4       1.2  

North Mara surface

    7.7       3.36       0.83         34       1.63       1.8         2.6         3       1.6       0.16  

North Mara underground

    6.4       2.20       0.45         28       2.23       2.0         2.5         6.9       1.7       0.38  

North Mara (84.00%) total

    14       2.83       1.3         62       1.91       3.8         5.1         9.9       1.7       0.54  

Tongon surface (89.70%)

    4.9       2.22       0.35               7.5       2.21       0.53               0.88               2.3       2.4       0.18  

AFRICA AND MIDDLE EAST TOTAL

    82       3.21       8.4               200       3.26       21               30               55       3.9       6.8  

LATIN AMERICA AND ASIA PACIFIC

                         

Alturas surface (100%)

                        58       1.16       2.2         2.2         130       0.8       3.6  

Norte Abierto surface (50.00%)

    190       0.63       3.9         1,100       0.53       19         22         370       0.4       4.4  

Pascua Lama surface (100%)

    43       1.86       2.6         390       1.49       19         21         15       1.7       0.86  

Porgera surface4

    0.39       3.98       0.049         14       2.78       1.3         1.3         6.1       2.2       0.43  

Porgera underground4

    0.99       6.16       0.2         5       6.04       0.97         1.2         1.8       6.6       0.39  

Porgera (24.50%) total4

    1.4       5.55       0.25         19       3.62       2.3         2.5         8       3.2       0.82  

Pueblo Viejo surface (60.00%)

    50       2.1       3.4         190       1.92       12         15         4.8       1.6       0.24  

Reko Diq surface (50.00%)5

                        1,800       0.25       14         14         600       0.2       3.8  

Veladero surface (50.00%)

    22       0.6       0.42               110       0.68       2.3               2.7               18       0.5       0.32  

LATIN AMERICA AND ASIA PACIFIC TOTAL

    310       1.06       10               3,600       0.60       70               81               1,100       0.4       14  

 See “Notes to the Barrick Mineral Reserves and Resources Tables”

 

- 39 -


   Gold Mineral Resources1,3,6,7,8,9,12,13,16                                                                                           
 As at December 31, 2023   MEASURED (M)10           INDICATED (I)10           (M) + (I)10           INFERRED11  

 Based on attributable

 ounces

 

Tonnes

 

(Mt)

   

Grade

 

(g/t)

   

Contained
ozs

 

(Moz)

          

Tonnes

 

(Mt)

   

Grade

 

(g/t)

   

Contained
ozs

 

(Moz)

          

Contained
ozs

 

(Moz)

          

Tonnes

 

(Mt)

   

Grade

 

(g/t)

   

Contained
ozs

 

(Moz)

 

NORTH AMERICA

                         

Carlin surface

    8.3       1.37       0.37         130       2.14       8.7         9.0         42       1.3       1.7  

Carlin underground

                        31       7.45       7.3         7.3         19       7.3       4.4  

Carlin (61.50%) total

    8.3       1.37       0.37         160       3.18       16         16         61       3.2       6.2  

Cortez surface

    1.1       1.86       0.064         150       0.83       4.0         4.0         81       0.5       1.3  

Cortez underground

                        39       6.39       7.9         7.9         16       5.4       2.8  

Cortez (61.50%) total

    1.1       1.86       0.064         190       1.97       12         12         97       1.3       4.0  

Donlin surface (50.00%)

                        270       2.24       20         20         46       2.0       3.0  

Fourmile underground (100%)

                        1.5       10.04       0.48         0.48         8.2       10.1       2.7  

Hemlo surface

                        50       1.00       1.6         1.6         5.0       0.7       0.12  

Hemlo underground

    0.98       4.40       0.14         11       4.32       1.5         1.6         2.6       5.9       0.50  

Hemlo (100%) total

    0.98       4.40       0.14         61       1.58       3.1         3.2         7.7       2.5       0.62  

Long Canyon surface

                        5.2       2.62       0.44         0.44         1.1       0.9       0.029  

Long Canyon underground

                        1.1       10.68       0.38         0.38         0.53       9.1       0.16  

Long Canyon (61.50%) total

                        6.4       4.03       0.82         0.82         1.6       3.6       0.18  

Phoenix surface (61.50%)

    3.8       0.81       0.10         250       0.48       3.8         3.9         29       0.3       0.31  

Turquoise Ridge surface

    17       2.22       1.2         23       2.52       1.9         3.1         8.1       2.3       0.60  

Turquoise Ridge underground

    10       10.72       3.6         19       8.96       5.5         9.1         1.5       7.7       0.37  

Turquoise Ridge (61.50%) total

    28       5.40       4.8               42       5.43       7.4               12               9.6       3.2       0.97  

NORTH AMERICA TOTAL

    42       4.06       5.5               970       2.01       63               68               260       2.1       18  

                                                                                                       

TOTAL

    430       1.76       24               4,800       1.00       150               180               1,500       0.8       39  

 See “Notes to the Barrick Mineral Reserves and Resources Tables”

 

- 40 -


   Copper Mineral Resources1,3,6,7,8,9,12,13,16  
 As at December 31, 2023   MEASURED (M)10           INDICATED (I)10           (M) + (I)10           INFERRED11  

 Based on attributable

 pounds

 

Tonnes

 

(Mt)

   

Grade

 

(%)

   

Contained
Cu

 

(Mt)

          

Tonnes

 

(Mt)

   

Grade

 

(%)

   

Contained
Cu

 

(Mt)

          

Contained Cu

 

(Mt)

          

Tonnes

 

(Mt)

   

Grade

 

(%)

   

Contained
Cu

 

(Mt)

 

AFRICA AND MIDDLE EAST

                         

Bulyanhulu surface

    0.0088       0.29       0.000026                             0.000026                      

Bulyanhulu underground

    3.5       0.37       0.013         25       0.37       0.095         0.11         17       0.5       0.078  

Bulyanhulu (84.00%) total

    3.5       0.37       0.013         25       0.37       0.095         0.11         17       0.5       0.078  

Jabal Sayid surface

    0.064       2.63       0.0017                             0.0017                      

Jabal Sayid underground

    8.8       2.58       0.23         6.8       2.25       0.15         0.38         1.3       0.7       0.0092  

Jabal Sayid (50.00%) total

    8.8       2.58       0.23         6.8       2.25       0.15         0.38         1.3       0.7       0.0092  

Lumwana surface (100%)

    160       0.47       0.75               1,200       0.53       6.3               7.1               910       0.4       4  

AFRICA AND MIDDLE EAST TOTAL

    170       0.57       0.99               1,200       0.54       6.6               7.6               930       0.4       4.1  

LATIN AMERICA AND ASIA PACIFIC

                         

Norte Abierto surface (50.00%)

    170       0.21       0.36         1,000       0.21       2.2         2.5         2.5       0.2       0.66  

Reko Diq surface (50.00%)5

                        1,900       0.43       8.3         8.3         8.3       0.3       2.2  

Zaldívar surface (50.00%)

    220       0.40       0.90               330       0.36       1.2               2.1               2.1       0.3       0.070  

LATIN AMERICA AND ASIA PACIFIC TOTAL

    400       0.32       1.3               3,300       0.35       12               13               1,000       0.3       2.9  

NORTH AMERICA

                         

Phoenix surface (61.50%)

    5.9       0.16       0.0092               350       0.16       0.55               0.56               31       0.2       0.050  

NORTH AMERICA TOTAL

    5.9       0.16       0.0092               350       0.16       0.55               0.56               31       0.2       0.050  

                                                                                                       

TOTAL

    580       0.39       2.2               4,900       0.39       19               21               2,000       0.4       7.1  

 See “Notes to the Barrick Mineral Reserves and Resources Tables”

 

- 41 -


   Silver Mineral Resources1,3,6,7,8,9,12,13,16  
 As at December 31, 2023   MEASURED (M)10           INDICATED (I)10           (M) + (I)10           INFERRED11  

 Based on attributable

 ounces

 

Tonnes

 

(Mt)

   

Ag
Grade

 

(g/t)

   

Contained
Ag

 

(Moz)

          

Tonnes

 

(Mt)

   

Ag

Grade

 

(g/t)

   

Contained
Ag

 

(Moz)

          

Contained Ag

 

(Moz)

          

Tonnes

 

(Mt)

   

Ag

Grade

 

(g/t)

   

Contained
Ag

 

(Moz)

 

AFRICA AND MIDDLE EAST

                         

Bulyanhulu surface

    0.0088       6.11       0.0017                             0.0017                      

Bulyanhulu underground

    3.5       6.91       0.78         25       6.36       5.2         6.0         17       7.4       4.0  

Bulyanhulu (84.00%) total

    3.5       6.90       0.78               25       6.36       5.2               6.0               17       7.4       4.0  

AFRICA AND MIDDLE EAST TOTAL

    3.5       6.90       0.78               25       6.36       5.2               6.0               17       7.4       4.0  

LATIN AMERICA AND ASIA PACIFIC

                         

Norte Abierto surface (50.00%)

    190       1.62       10         1,100       1.23       43         53         370       1       11  

Pascua-Lama surface (100%)

    43       57.21       79         390       52.22       660         740         15       17.8       8.8  

Pueblo Viejo surface (60.00%)

    50       12.01       19         190       11.74       72         92         4.8       8.1       1.2  

Veladero surface (50.00%)

    22       13.90       9.7               110       13.95       47               57               18       15       8.7  

LATIN AMERICA AND ASIA PACIFIC TOTAL

    310       11.95       120               1,800       14.41       820               940               410       2.3       30  

NORTH AMERICA

                         

Phoenix surface (61.50%)

    3.8       7.97       0.98               250       6.12       48               49               29       5.4       5.1  

NORTH AMERICA TOTAL

    3.8       7.97       0.98               250       6.12       48               49               29       5.4       5.1  

                                                                                                       

TOTAL

    310       11.84       120               2,000       13.32       870               990               450       2.7       39  

 See “Notes to the Barrick Mineral Reserves and Resources Tables”

 

- 42 -


GLOBAL PROVEN & PROBABLE MINERAL RESERVE RECONCILIATION (gold, Moz) 1,2,3,6,7,9,10,12,13,14,15,16

 

Global Attributable

Contained Metal

  

 2022 Barrick 

 Total P&P 
 Mineral 

 Reserve 

    

 Acquisition/ 

 Disposal 

    

 Depletion (As 

 of Year End) 

   

 Net 

 Conversion 

   

 2023 Barrick 

 Total P&P 

 Mineral 

 Reserve 

 

Bulyanhulu (84%)

     2.7               (0.19     0.89       3.4  

Carlin (61.5%)

     10               (0.96     0.46       9.7  

Cortez (61.5%)

     9.6               (0.76     0.18       9.0  

Hemlo (100%)

     1.7               (0.15     0.23       1.7  

Jabal Sayid (50%)

     0.13               (0.013     0.029       0.15  

Kibali (45%)

     4.6               (0.38     0.47       4.7  

Loulo Gounkoto (80%)

     6.7               (0.57     1.1       7.2  

Norte Abierto (50%)

     12                           12  

North Mara (84%)

     3.0               (0.25     0.15       2.9  

Phoenix (61.5%)

     2.0               (0.16     0.064       1.9  

Porgera (24.5%) 4

     1.2                     (0.0013     1.2  

Pueblo Viejo (60%)

     12               (0.32     0.015       12  

Tongon (89.7%)

     0.56               (0.26     0.042       0.35  

Turquoise Ridge (61.5%)

     8.0               (0.3     0.95       8.6  

Veladero (50%)

     1.9               (0.29     0.36       2.0  

Grand Total

     76               (4.6     5       77  

See “Notes to the Barrick Mineral Reserves and Resources Tables”.

GLOBAL PROVEN & PROBABLE MINERAL RESERVE RECONCILIATION (copper, Mt) 1,2,3,6,8,9,10,13,15,16,17

 

Global Attributable

Contained Metal

  

 2022 Barrick 

 Total P&P 
 Mineral 

 Reserve18

    

 Acquisition/ 

 Disposal 

    

 Depletion (As 

 of Year End) 

   

 Net 

 Conversion 

   

 2023 Barrick 

 Total P&P 
 Mineral 

 Reserve 

 

Bulyanhulu (84%)

     0.063               (0.0029     0.021       0.063  

Jabal Sayid (50%)

     0.3               (0.034     0.033       0.30  

Lumwana (100%)

     2.8               (0.13     0.3       3.0  

Norte Abierto (50%)

     1.3                           1.3  

Phoenix (61.5%)

     0.23               (0.014     0.014       0.23  

Zaldívar (50%)

     0.74               (0.082     (0.042     0.74  

Grand Total

     5.6               (0.27     0.33       5.6  

See “Notes to the Barrick Mineral Reserves and Resources Tables”.

 

- 43 -


Notes to the Barrick Mineral Reserves and Resources Tables

 

1.

Mineral reserves and mineral resources have been estimated as at December 31, 2023 (unless otherwise noted) in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act. The SEC Modernization Rules became effective February 25, 2019 with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which was rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured”, “indicated” and “inferred” mineral resources. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding CIM definitions, as required by National Instrument 43-101. Under the MJDS, Barrick is permitted to use its Canadian disclosures, including its reserve and resource disclosures pursuant to National Instrument 43-101, to satisfy certain United States periodic reporting obligations. As a result, Barrick does not report its reserves and resources under the SEC Modernization Rules, and as such, Barrick’s mineral reserve and mineral resource disclosure may not be directly comparable to the disclosures made by domestic United States issuers or non-domestic United States issuers that do not rely on MJDS. U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors are cautioned not to assume that any part or all of Barrick’s mineral resources constitute or will be converted into reserves. Mineral resource and mineral reserve estimations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Richard Peattie, Africa and Middle East Mineral Resource Manager, and Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines and reviewed by Simon Bottoms, Barrick’s Mineral Resource Management and Evaluation Executive (in this capacity, Mr. Bottoms is also responsible on an interim basis for scientific or technical information relating to the Latin America and Asia Pacific region). For 2023, reserves have been estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Tongon, where mineral reserves for 2023 were calculated using US$1,500 per ounce, Hemlo, where mineral reserves for 2023 were calculated using US$1,400 per ounce and at Zaldívar, where mineral reserves for 2023 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.50 per pound. For 2022, reserves were estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral reserves for 2022 were calculated using Antofagasta guidance and an assumed copper price of US$3.30 per pound. Reserve estimates incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Barrick’s normal data verification procedures have been employed in connection with the calculations. Verification procedures include industry-standard quality control practices. Resources as at December 31, 2023 have been estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property. All figures are presented on an attributable basis to Barrick.

2.

In confirming the annual reserves for each of the Company’s mineral properties, projects, and operations, Barrick conducts a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk costs and only considers future operating and closure expenses as well as any future capital costs.

3.

All mineral resource and mineral reserve estimates of tonnes, ounces of gold and silver and tonnes of copper are reported to the second significant digit.

4.

Porgera mineral reserves and mineral resources are reported on a 24.5% interest basis, reflecting Barrick’s ownership interest in accordance with the Commencement Agreement completed on December 22, 2023. The Commencement Agreement provided, among other things, for ownership of Porgera to be held in a new joint venture called New Porgera Limited, which is owned 51% by PNG stakeholders and 49% by a Barrick affiliate, PJL. PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and accordingly Barrick has a 24.5% ownership interest in the Porgera mine. BNL has retained operatorship of the mine. For additional information, see “Legal Matters – Government Controls and Regulations” and “Legal Proceedings – Porgera Special Mining Lease”.

5.

Reko Diq mineral resources are reported on a 50% interest basis, reflecting Barrick’s ownership interest following the completion of the transaction allowing for the reconstitution of the project on December 15, 2022. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders. Barrick is the operator of the project.

6.

2023 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper and silver and accordingly are reported as Gold, Copper & Silver mineral resources and mineral reserves.

7.

For 2023, mineral resources have been estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for 2023 were calculated using Antofagasta guidance and an assumed copper price of US$4.20 per pound. For 2022, mineral resources were estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$3.75 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for 2022 were calculated using Antofagasta guidance and an assumed copper price of US$3.75.

8.

Mineral resources are reported on an inclusive basis and include all areas that form mineral reserves, reported at a mineral resource cut-off and associated commodity price.

9.

Mineral resources which are not mineral reserves do not have demonstrated economic viability.

10.

All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for gold, silver and copper are reported to two decimal places.

11.

All inferred mineral resource estimates of grade for gold, silver, and copper are reported to one decimal place.

12.

Grade represents an average, weighted by reference to tonnes of mineralization where several recovery processes apply.

13.

Ounces or tonnes, as applicable, estimated to be present in the tonnes of mineralization which would be mined and processed.

 

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14.

Gold mineral reserves as at December 31, 2023 include stockpile material totaling approximately 136 million tonnes, containing approximately 8.3 million ounces. Properties at which stockpile material exceeds 30,000 ounces or represents more than 5% of the reported gold reserves are as follows:

 

Stockpiles 1,2
Property   

 Tonnes 3

(Mt)

  

 Grade 10

(g/t)

  

 Contained Ounces 3

(Moz)

Loulo Gounkoto (80%)

   6.4    1.64    0.34

Tongon (89.7%)

   1.0    1.60    0.046

North Mara (84%) 12

   11    0.98    0.34

Phoenix (61.5%) 6

   3.8    0.81    0.10

Carlin (61.5%)

   25    2.32    1.9

Cortez (61.5%)

   2.2    2.42    0.17

Turquoise Ridge (61.5%)

   16    2.36    1.2

Pueblo Viejo (60%) 6

   60    2.12    4.1

Veladero (50%) 6

   9.5    0.37    0.11

 

15.

The metallurgical recovery applicable at each property and the cut-off grades used to determine mineral reserves as at December 31, 2023 are as follows:

 

Gold Mine     

Metallurgical Recovery

(%)

    

Cut-off Grade (COG)

(g/t)

Kibali (45%)

     75.5 to 91.0      0.51 to 1.96

Loulo Gounkoto (80%)

     77.9 to 94.5      0.49 to 2.70

Tongon (89.7%)

     52.0 to 95.0      0.54 to 0.90

Bulyanhulu (84%)

     87.0 to 94.5     

Revenue COG based on all

three metals (Au, Ag and Cu)

North Mara (84%)

     82.0 to 94.0      0.70 to 2.17

Hemlo (100%)

     90.9 to 93.9      0.25 to 3.30

Phoenix (61.5%)

     67.8 to 71.6 Au     

Revenue COG based on all

three metals (Au, Ag and Cu)

Carlin (61.5%)

     54.7 to 89.4      0.21 to 7.82

Cortez (61.5%)

     62.0 to 91.0      0.17 to 4.66

Turquoise Ridge (61.5%)

     48.3 to 95.5      0.24 to 7.12

Norte Abierto (50%)

     74.4     

Revenue COG based on all

three metals (Au, Ag and Cu)

Pueblo Viejo (60%)

     82.6 to 90.0     

Revenue COG based on all

three metals (Au, Ag and Cu)

Veladero (50%)

     40.0 to 86.3      0.22 to 1.03

Porgera (24.5%)

     90.0 to 92.9      0.67 to 3.70
Copper Mine     

Metallurgical Recovery

(%)

    

Cut-off Grade (COG)

(%)

Lumwana (100%)

     57.0 to 94.3      0.16% to 0.27%

Jabal Sayid (50%)

     79.3 to 93.7     

Revenue COG based on all three

metals (Au, Ag and Cu)

Phoenix (61.5%)

     40.6 to 71.6     

Revenue COG based on all

three metals (Au, Ag and Cu)

Zaldívar (50%)

     22.0 to 89.2      0.20% to 0.32%

 

16.

Totals may not sum due to rounding.

17.

Copper mineral reserves as at December 31, 2023 include stockpile material totaling approximately 55 million tonnes containing approximately 0.17 million tonnes of copper. Properties at which stockpile material exceeds 4,500 tonnes of copper or represents more than 5% of the reported copper reserves are as follows:

 

Stockpiles 1,2
  Property   

 Tonnes3

 

(Mt)

  

  Cu  
Grade 10

 

(%)

  

  Contained  
Copper3

 

(Mt)

  Lumwana (100%)    20    0.32    0.63
  Phoenix (61.5%)    5.9    0.16    0.0092
  Zaldívar (50%)    30    0.33    0.099

 

18.

2022 copper proven and probable mineral reserves re-stated in millions of tonnes for purposes of year-on-year comparison.

 

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Marketing and Distribution

Gold

Gold can be readily sold on numerous markets throughout the world and it is not difficult to ascertain its market price at any particular time. Benchmark prices are generally based on the London gold market quotations. Gold bullion is held as an asset class for a variety of reasons, including as a store of value and a safeguard against the collapse of paper assets such as stocks, bonds and other financial instruments that are traded in fiat currencies not exchangeable into gold (at a fixed rate) under a “gold standard”, as a hedge against future inflation and for portfolio diversification. Governments, central banks and other official institutions hold significant quantities of gold as a component of exchange reserves. Since there are a large number of available gold purchasers, Barrick is not dependent upon the sale of gold to any one customer.

During 2023, the gold price ranged from $1,805 per ounce to an all-time high of $2,135 per ounce. The average market price for the year of $1,941 per ounce represented an all-time annual high and an 8% increase compared to the 2022 annual average of $1,800 per ounce. During the year, the gold price remained strong as a result of geopolitical tensions, including the invasion of Ukraine by Russia, the Israel-Hamas war, global economic uncertainty, the expectation of benchmark interest rate cuts as inflation pressures ease, and central bank purchases and the impact of concerns over inflation, tempered by a strengthening of the trade-weighted U.S. dollar and a reduction in global gold exchange-traded fund holdings. Subsequent to year end, gold has traded at an average price greater than 2023’s record annual average price of $1,941 per ounce, due in part to continued expectations for benchmark interest rate cuts in 2024. For additional information, see “Risk Factors – Diseases and epidemics may adversely impact Barrick’s business”, “Risk Factors – Inflation”, “Risk Factors – The Company may be affected by global supply chain disruptions” and “Risk Factors – Global financial conditions”.

Barrick’s gold is refined to market delivery standards by several refiners throughout the world. The gold is sold to various gold bullion dealers or to refiners at market prices. Certain of Barrick’s operations also produce gold concentrate, which is sold to various smelters. The Company believes that, because of the availability of alternative smelters or refiners, no material adverse effect would result if the Company lost the services of any of its current smelters or refiners.

Product fabrication and bullion investment are two principal sources of gold demand. The introduction of more readily accessible and liquid gold investment vehicles has further facilitated investment in gold. Within the fabrication category, there are a wide variety of end uses, the largest of which is the manufacture of jewelry. Other fabrication purposes include official coins, electronics, miscellaneous industrial and decorative uses, dentistry, medals and medallions.

Copper

Copper is a metal with inherent characteristics of excellent electrical conductivity, heat transfer, and resistance to corrosion. Copper is used principally in telecommunications, power infrastructure, automobiles, construction and consumer durables. Copper is primarily traded on the London Metal Exchange (“LME”), the New York Commodity Exchange and the Shanghai Futures Exchange. The price of copper as reported on these exchanges is influenced by numerous factors, including: (i) the worldwide balance of copper demand and supply; (ii) rates of global economic growth, including in China, which has become the largest consumer of refined copper in the world; (iii) speculative investment positions in copper and copper futures; (iv) the availability and cost of substitute materials; and (v) currency exchange fluctuations, including the relative strength of the U.S. dollar.

The copper market is volatile and cyclical. Over the last 15 years, LME prices per pound have ranged from a low of $1.37 to a high of $4.92, reached in March 2022. During 2023, LME copper prices traded in a range of $3.56 per pound to $4.33 per pound, averaged $3.85 per pound, down 4% from the average of

 

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$3.99 per pound reached in 2022, and closed the year at $3.84 per pound. Copper prices are significantly influenced by physical demand from emerging markets, especially China. Copper prices in 2023 were impacted by low global economic growth, especially in China, which is the world’s largest purchaser of copper, tempered by supply disruptions. Subsequent to year end, copper prices have continued to trade within prior year ranges due to a continuation of these trends. For additional information, see “Risk Factors – Diseases and epidemics may adversely impact Barrick’s business”, “Risk Factors – Inflation”, “Risk Factors – The Company may be affected by global supply chain disruptions” and “Risk Factors – Global financial conditions”.

As at December 31, 2023, the Company had no copper derivative contracts in place. As a result, all of Barrick’s copper production is currently subject to market prices.

At the Zaldívar mine, copper cathode is sold to copper product manufacturers and copper traders, while concentrate is sold to a local smelter in Chile. At the Lumwana mine, copper concentrate is sold to Zambian smelters. At the Jabal Sayid mine, copper concentrate is sold to third party smelters and copper traders. Since there are a large number of available copper cathode and copper concentrate purchasers, Barrick is not dependent upon the sale of copper to any one customer.

Employees and Labor Relations

As at December 31, 2023, excluding contractors, Barrick employed approximately 24,600 employees worldwide, including employees at operations jointly owned and operated by Barrick, substantially all of whom are employed in Canada, the United States, Argentina, Chile, Côte d’Ivoire, the Dominican Republic, the DRC, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Tanzania, Zambia and the United Arab Emirates, and approximately 29,300 contractors. The number of employees represented by a labor union or covered by collective bargaining agreements at the Company’s operations is approximately 12,600.

Specialized knowledge and experience are required of employees in the mining industry. Barrick has the necessary skilled employees and/or contractors to conduct its operations. Certain Barrick mines may be adversely impacted if increased demands from its employees lead to work stoppages or the Company is unable to retain a sufficient number of qualified employees for such operations (see “Employee relations” and “Competition” in “Risk Factors”).

Competition

The Company competes with other mining and exploration companies in connection with the acquisition of mining claims and leases and in connection with the recruitment and retention of highly skilled and experienced employees (see “Employees and Labor Relations” above).

There is significant competition for mining claims and leases and, as a result, the Company may be unable to acquire attractive assets on terms it considers acceptable.

Sustainability

ESG, or sustainability as the Company refers to it, including its license to operate, is entrenched in Barrick’s DNA: the Company’s sustainability strategy is its business plan. Barrick’s approach to sustainability is integrated and holistic; sustainability aspects and impacts do not occur in silos, but rather overlap and interlink, and must be tackled in conjunction with, and in reference to, each other. The Company refers to this approach as Holistic and Integrated Sustainability Management. Although Barrick integrates its sustainability management, Barrick discusses its sustainability strategy within four overarching pillars: (1) respecting human rights; (2) protecting the health and safety of its people and local communities; (3) sharing the benefits of its operations; and (4) managing its impacts on the environment. The heart of Barrick’s sustainability philosophy is a resolute belief that a successful business, and particularly a modern mining company, must deliver value for all stakeholders, and proactively manage its

 

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impacts on the environment. That is why Barrick’s sustainability vision is to create long-term value for all its stakeholders. Barrick does this by integrating environmental, social and economic considerations into all business decisions, developing trust-based, two-way partnerships with its host governments and local communities and engaging openly with all stakeholders.

The bedrock of Barrick’s sustainability strategy is strong governance. The Company’s most senior management-level body dedicated to sustainability is the Environmental and Social Oversight Committee (“E&S Committee”), which connects site-level ownership of the sustainability strategy with the leadership of the Group. The E&S Committee is chaired by the President and Chief Executive Officer and includes: (1) regional Chief Operating Officers; (2) minesite General Managers; (3) Health, Safety, Environment and Closure Leads; (4) the Group Sustainability Executive; (5) in-house legal counsel; and (6) an independent sustainability consultant in an advisory role. The E&S Committee meets on a quarterly basis to review the Company’s performance across a range of key performance indicators, and to provide independent oversight and review of sustainability management. The E&S Committee meetings also include an environmental and social license to operate focused site visits completed by the independent consultant at one of Barrick’s Tier One Gold Assets on a quarterly basis.

The President and Chief Executive Officer reviews the reports of the E&S Committee with the Board’s Environmental, Social, Governance & Nominating Committee (“ESG & Nominating Committee”) at every quarterly meeting to oversee the policies and Barrick’s performance against key environmental, health and safety and community development metrics. The reports are reviewed to ensure the implementation of the Company’s sustainability policies and to drive performance of its environmental, health and safety, community development and relations, and human rights programs. The quarterly E&S Committee meetings are supplemented by weekly meetings between the Regional Sustainability Leads and the Group Sustainability Executive. These meetings examine the sustainability-related risks and opportunities facing the Company in real time and trends related to, for example, climate-related risks (e.g., extreme weather events), community grievances and water management, as well as the progress and issues integrated into weekly Executive Committee review meetings.

Barrick believes the business is where the mine is. For management of sustainability, this means that sustainability is driven at an operational level and the Company’s sustainability strategy is implemented by blending top-down accountability with bottom-up responsibility. Accordingly, Barrick places the day-to-day ownership of sustainability, and the associated risks and opportunities, in the hands of individual sites. In the same way that each site must manage its geological, operational and technical capabilities to meet business objectives, it must also manage and identify programs, metrics, and targets that measure progress and deliver real value for the business and its stakeholders, including host countries and local communities. The Group Sustainability Executive, supported by regional sustainability leads, provides oversight and direction over this site-level ownership, to ensure alignment with the strategic priorities of the overall business.

Barrick’s 2019 Sustainability Report, published in April 2020, introduced a Sustainability Scorecard to address the challenge presented by the ever-increasing number of disclosures, tools and metrics used to score a company’s performance. The Sustainability Scorecard, which was a first for the industry, sets out what Barrick believes are the sustainability issues most relevant to Barrick’s business and the industry, and aligns with the Company’s sustainability strategy. The Sustainability Scorecard ranks Barrick against its peers and internal metrics across the overarching sustainability pillars: Health and Safety; Social and Economic Development; Human Rights; the Environment; and Governance. Barrick’s performance in these areas is then aggregated into an overall score. The Company’s motivation for developing the Sustainability Scorecard was to both transparently disclose to external stakeholders what Barrick viewed as the most important sustainability metrics in the industry and its performance against them, while also driving internal improvement at a regional and site level. As the Company strives for ongoing strong performance and continuous improvement, the Sustainability Scorecard targets and metrics are updated annually. In 2023, Barrick continued to track its progress against the Sustainability Scorecard and updated the portion of incentive payments for senior leaders tied to Barrick’s sustainability metrics. Sustainability performance now accounts for 30% of incentive awards for senior leaders under the Barrick

 

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Partnership Plan, including a new 10% weighting under the annual incentive program linked to the Company’s annual safety and environmental performance and a 20% weighting under Barrick’s Long-Term Company Scorecard linked to the assessment of Barrick’s industry-first Sustainability Scorecard. The E&S Committee tracks the Company’s progress against all metrics.

Overall, Barrick has worked diligently to try to improve its numerical score on the Sustainability Scorecard. For 2023, an A grade was assessed, the first A-grade since the Scorecard was developed and up from a B grade in 2022 (on a scale where A represents top performance and E represents bottom performance). In particular, Barrick continued to make meaningful progress against its GHG emissions reduction roadmap and through the disclosure of Barrick’s conformance with the Global Industry Standard on Tailings Management (“GISTM”) for “Extreme” and “Very High” consequence facilities. The Company’s safety injury frequency rates are at an all-time low. Despite Barrick’s notable progress towards achieving its sustainability vision, the Company did not meet its safety goal to eliminate fatal incidents in 2023 and Barrick is saddened by the five fatalities recorded for the year. Barrick has zero tolerance for fatalities and therefore any fatality is unacceptable and a strong reminder that the Company still has work to do to achieve its goal of a zero harm workplace. The full results of the 2023 Sustainability Scorecard, and updated metrics and targets for 2024, will be disclosed in Barrick’s 2023 Sustainability Report, which is expected to be published in April 2024.

In 2023, Barrick continued to implement its global human rights compliance program, which is aligned with the UN Guiding Principles on Business and Human Rights. Since 2012, human rights assessments have been conducted at high and medium risk Barrick operations and projects. Higher risk sites or sites where particular concerns are identified are assessed more frequently. Barrick also continues to invest in its global human rights training program at all mines and projects operated by the Company on a risk-tiered basis. During 2023, independent human rights assessments were undertaken at the following sites: North Mara and Bulyanhulu in Tanzania; Jabal Sayid in Saudi Arabia; Loulo-Gounkoto in Mali; and Kibali in the DRC. Barrick continues to submit and publish its annual reports to the Voluntary Principles Initiative regarding its implementation of the Voluntary Principles on Security and Human Rights (“VPSHR”) Plenary. The 2023 Annual Report will be published during the course of 2024 and will be made available on the Voluntary Principles Initiative website. These and other efforts which emphasize transparency, dialogue and relationship-building reinforce Barrick’s commitment to respecting human rights wherever the Company operates.

In May 2023, Barrick completed an amendment and restatement of the Company’s undrawn $3.0 billion revolving credit facility, which includes certain sustainability-linked metrics. The sustainability-linked metrics incorporated into the revolving credit facility consist of annual environmental and social performance targets directly influenced by Barrick’s actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 GHG intensity, water use efficiency (reuse and recycling rates), and the TRIFR. Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set.

Throughout 2023, Barrick continued to engage in one-on-one meetings with the ESG ratings firms, during which Barrick’s sustainability vision, policies, approach, and site-level performance, including Board and management oversight of sustainability matters, and the ratings firms’ identified ‘controversies’ were discussed. The intention of the engagements was to provide accurate and up-to-date information to the ESG ratings firms, allowing those ratings firms to make informed decisions with respect to their listed ‘controversies’. North Mara and the restart of the Porgera mine were the key focus of the Company’s engagements with the majority of the ESG ratings firms.

Barrick’s Lead Director and the Chair of the Compensation Committee are scheduled to meet with significant shareholders representing approximately 30% of the issued and outstanding Barrick common shares (as at December 31, 2023) in March and April 2024 to provide an update on a variety of topics, including the Company’s performance, sustainability strategy, environmental goals, human capital

 

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strategy, continued active risk oversight of increasingly complex geopolitical dynamics, executive compensation matters, as well as key governance priorities, including Board composition, diversity, and renewal.

As a member of the International Council on Mining and Metals (“ICMM”) and World Gold Council (“WGC”), Barrick has endorsed and implemented the ICMM’s Mining Principles and WGC’s Responsible Gold Mining Principles (the “RGMPs”). Barrick’s conformance with these frameworks, collectively referred to by Barrick as the RGMPs+, is self-assessed and subject to independent third party assurance annually. The Company will once again disclose its 2023 performance in the 2023 Sustainability Report to be published in April 2024.

Social, Community and Economic Development

Barrick regards its host countries and local communities as important partners in its business. The Company understands it is a guest in these communities and resolutely believes that the countries and communities in which it operates should benefit from Barrick’s presence. Barrick is committed to contributing to their social and economic development as mining has been identified as vital for the achievement of the UN Sustainable Development Goals, not only for its role in providing the minerals needed to enable the transition to a lower carbon intensive economy, but also because of its ability to drive socio-economic development and build resilience. Barrick’s sustainability policies commit the Company to transparency in its relationships with host communities, government authorities, the public and other key stakeholders. These policies also commit Barrick to conducting its business with integrity through the Company’s absolute opposition to corruption, including requiring its suppliers to operate ethically and responsibly as a condition of doing business with Barrick. The Company’s approach to its relationships with Indigenous partners is no different, and Barrick creates genuine partnerships that aim to build a long-term positive legacy within its host communities.

Barrick’s overarching Sustainable Development Policy and Social Performance Policy sets out the Company’s commitment to social and economic development. Barrick recognizes that the taxes, royalties and dividends it pays provide significant income for the Company’s host countries, as well as help to fund vital services and infrastructure. The Company’s comprehensive tax policy covers governance, tax risk management, tax planning principles, compliance and relations with tax authorities, as well as transparency and disclosure. Furthermore, Barrick reports all government and tax payments transparently, primarily through the reporting mechanism of the Canadian Extractive Sector Transparency Measures Act. In addition, beginning in April 2022 Barrick has published annual tax contribution reports detailing the Company’s economic contributions to host governments. Barrick will continue to disclose such contributions on an annual basis.

Barrick also prioritizes local hiring. The employment opportunities created by the Company’s presence is one of its largest social and economic contributions to the Company’s host countries and local communities. Barrick’s aim is to maximize this contribution. Barrick works to identify and nurture local talent at every level of its business through a range of skills and formal training. At the end of 2023, approximately 97% of Barrick’s workforce and 77% of senior management were nationals from the Company’s host countries. This is augmented by prioritizing the purchase of goods and services from local communities and host countries.

In addition, Barrick invests in community-led development initiatives. The Company believes that no one knows the needs of local communities better than the communities themselves. That is why Barrick has established community development committees (“CDCs”) at every operating site - a target that was achieved in 2020. The role of the CDC is to allocate the community investment budget to those projects and initiatives most needed and desired by local stakeholders. Each CDC is elected and made up of a mix of local leaders and community members, as well as representatives from local women and youth groups. In 2023, Barrick invested approximately $43.2 million in local community development projects.

 

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Human Rights

Respect for human rights is one of the key pillars of Barrick’s sustainability vision and strategy. Barrick has zero tolerance for human rights violations wherever it operates. The Company avoids causing or contributing to human rights violations and facilitates access to remedies. This includes the use of a grievance mechanism at each of the Company’s minesites, which allows local communities to formally lodge grievances and Barrick to understand and address community concerns before they escalate. Barrick’s commitment to respect human rights is codified in the Company’s Human Rights Policy and informed by the expectations of the UN Guiding Principles on Business and Human Rights, the VPSHR, and the Organization for Economic Co-operation and Development (“OECD”) Guidelines for Multinational Enterprises. Further, Barrick’s commitment to respect human rights is fulfilled on the ground via the Company’s Human Rights Program, the fundamental principles of which include: monitoring and reporting; due diligence; training; and disciplinary action and remedy. Barrick also expects the same standards from its suppliers, and the Company’s Supplier Code of Ethics incorporates human rights provisions.

Responsibility for the oversight and implementation of the Company’s human rights compliance program sits with Barrick’s Group Sustainability Executive, with support from the Senior Vice President Business Assurance, Risk and Business Integrity, and Barrick’s Human Resources Executive.

During 2023, Barrick continued to provide security and human rights training to security forces across its minesites, as well as undertake independent human rights assessments at certain of its minesites. Barrick continues to implement its global human rights compliance program, including by conducting human rights assessments at certain operations and reporting to the VPSHR Initiative. See “Sustainability” above for more information on these efforts. In 2024, Barrick will also submit its first annual report required under Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act.

In addition, in 2019, prior to Barrick’s acquisition of the minority shareholding of Acacia Mining plc (“Acacia”), the London Bullion Gold Association (“LBMA”) commenced an Incident Review Process (“IRP”) against North Mara, following complaints made by the UK-based non-governmental organization, Rights and Accountability in Development. These complaints were based on allegations against the Tanzanian Police Force. Due to the IRP, the refiner MMTC-PAMP appointed independent consultants, Synergy, to undertake an assessment of North Mara based on the LBMA’s Responsible Gold Guidance and the OECD Due Diligence Guidance. Synergy completed site assessments in both 2019 and 2021, as well as several desktop reviews during the process. During the fourth quarter of 2022, the LBMA confirmed that the IRP is now closed, citing Synergy’s findings that there has been significant measurable progress at North Mara since the original assessment in 2019, and the recommendation that MMTC-PAMP continues trading with North Mara. This concluded a multi-year process that provides independent support for the measurable progress and impact implementing Barrick’s sustainability strategy has had at North Mara. Synergy’s third party and independent report executive summary was published by MMTC-PAMP and LBMA.

The Company continues to face sporadic security challenges at North Mara as armed and coordinated trespassers continue to intermittently attempt to access the mine, and place the property and its employees at risk. Intrusions have decreased since 2019 and have remained relatively stable in the subsequent years. Barrick will continue with its ongoing extensive community engagement and development efforts in Tanzania.

Health & Safety

Barrick is committed to the safety, health and well-being of its people, their families and the communities in which Barrick operates. Its safety vision is “Everyone to go home safe and healthy every day.” All of the Company’s operational sites are certified to ISO45001 standards and its approach to

 

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health and safety is set out in a series of standards, policy guidelines, operating procedures and systems that are regularly reviewed and assured.

Barrick reports its safety performance weekly to the Executive Committee and quarterly as part of meetings of both the E&S Committee and the ESG & Nominating Committee. Reflecting on 2023, the Company’s frequency rates are at an all-time low. Barrick recorded 9% fewer injuries in 2023 compared to 2022, a significant reduction in injury severity, an 18% decrease in Lost Time Injuries (“LTIs”), and a 25% decrease in Restricted Duty Injuries. Statistics for 2023 show a 12% improvement in the TRIFR (1.14) compared to 2022. The Company’s LTIFR was 0.23 and dropped by 21% compared to 2022, an overall improvement of 36% over a three-year period, based on a 12-month rolling average. Barrick also had four operating sites that worked without a LTI for the year.

Despite these improvements, Barrick’s safety performance in 2023 did not meet its high standards and regrettably the Company recorded five tragic fatalities in 2023. Furthermore, two additional fatalities occurred in early 2024 at North Mara and Kibali. Following each of these fatalities, Barrick immediately completed fatality incident investigations and Fatality Prevention Criteria and gap assessments were implemented across the Company. The leading causes of the fatal incidents were related to energy isolation and mobile equipment accidents. These incidents underscore the focus on effective training, particularly task training, and the need to link it to Barrick’s Fatal Risk Management Program. As part of the Company’s Journey to Zero, it has identified four key elements in developing a culture that fosters a strong and effective focus on safety: (1) Leadership and Culture, (2) Zero Fatalities, (3) Risk Management, and (4) Prevention of Injuries.

A Group Safety Committee was established in 2022 and a “Journey to Zero” roadmap was developed to help stop the trend of workplace fatalities. This multi-year initiative is being led with direct oversight by the Executive Committee and is focused on engagement with its workforce through Visible Felt Leadership, and by aligning and improving standards across Barrick, ensuring accountability to its safety commitments and that employees are fit for duty. It includes a commitment to further training including for contractors, a greater focus on leading indicators and awareness raising of each employee’s ‘stop work responsibility’ to empower individuals to take responsibility for their safety and those of the workers around them.

In 2023, Barrick continued to strengthen oversight of its safety systems and protocols to reinforce a shared accountability for a zero harm workplace across the Company. Specifically, Barrick has enhanced its focus on fatality prevention measures and leading indicators, including prioritizing safe operating expectations as part of onboarding and ongoing interaction, not just with the Company’s own operated sites, but also with its contractors and business partners.

Environment

The Company’s mining, exploration and development activities are subject to various levels of federal, provincial or state, and local laws and regulations relating to the protection of the environment, including requirements for closure and reclamation of mining properties (see “Legal Matters – Government Controls and Regulations”). Barrick continues to maintain and grow its reputation for environmental excellence.

Barrick has a policy of conducting environmental and closure reviews of its business activities on a regular and scheduled basis to evaluate compliance with applicable laws and regulations, permit and license requirements, company policies and management standards including guidelines and procedures, and adopted codes of practice. Being responsible stewards of the environment by applying the highest standards of environmental management, using natural resources and energy efficiently, recycling and reducing waste as well as working to protect biodiversity, the Company can deliver significant cost savings to its business, reduce future liabilities and help build stronger stakeholder relationships. Environmental matters such as how Barrick uses water, prevents incidents, manages tailings, responds to

 

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changing climate, and protects biodiversity are key areas of focus. In addition, all Barrick facilities have staff and systems in place to manage Barrick’s regulatory and permit obligations. The ESG & Nominating Committee oversees Barrick’s policies, programs, and performance relating to the environment.

Barrick’s investment in environmental management systems (“EMS”) is aimed at identifying and implementing controls appropriate to environmental risks identified at each site. The EMS at each site is reviewed annually, and the site general manager and environmental managers are responsible for the implementation and execution of the EMS.

Barrick’s policies and standards conform to international and industry standards. All operational sites had their EMS certified to the ISO 14001:2015 standard by December 2021, with the focus now on maintaining their accreditation. The Company had zero Class 1 – High Significance Incidents for the fifth consecutive year since the Merger and four Class 2 – Medium Significance Incidents in 2023.

Each year, Barrick publishes a Sustainability Report that outlines its environmental, health and safety and social responsibility performance for the year, which for 2023, will be published in April 2024. As part of its ongoing commitment to transparency, Barrick is continuing to work towards improving visibility into its environmental and social activities. See “Narrative Description of the Business – Sustainability”.

See the disclosure under “Material Properties” below for details about specific environmental matters applicable to Barrick’s material properties.

Climate Resilience

Climate change, including shifts in temperature and precipitation and more frequent severe weather events, could affect the mining industry in a range of possible ways. In addition to the sustained impact on the Company’s host countries and local communities, volatile climatic conditions can affect the stability and effectiveness of infrastructure and equipment; potentially impact environmental protection and site closure practices; lead to changes in the regulatory environment, including increased carbon tax regimes; and potentially impact the stability and cost of water and energy supplies, while also resulting in significant impacts to Barrick’s host communities and their livelihoods. Barrick therefore views climate change as a company, community and global concern. Barrick is also acutely aware of the impacts that climate change has on its host communities, and in particular, that developing nations and vulnerable communities are often most exposed to the impacts of climate change. As the world transitions to renewable power, it is imperative that developing nations are not left behind. As a responsible business, Barrick has focused its efforts on building resilience in its host countries and local communities, just as it does for its business.

Barrick’s climate change strategy has three pillars: (1) identify, understand and mitigate the risks associated with climate change; (2) measure and reduce the Company’s GHG emissions across its operations and value chain; and (3) improve the Company’s disclosure on climate change. Action taken on each pillar in 2023 is described below.

Identify, understand and mitigate the risks associated with climate change: The Company continues to take steps to identify and manage risks and build resilience to climate change, as well as to position itself for new opportunities. In 2023, climate change related risk factors continued to be incorporated into Barrick’s formal risk assessment process (for example, consideration is given to the availability of, and access to, water, as well as the impact of increased precipitation, drought, or severe storms on operations and local communities near Barrick’s operations). The Company has identified several climate-related risks and opportunities for the business including: physical impacts of climate change, such as an increase in extended-duration extreme precipitation events; an increase in regulations that seek to address climate change; and an increase in global investment in innovation and low-carbon technologies.

 

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The formal risk assessment process includes scenario analysis, which is being rolled out to all sites with an initial focus on Tier One Gold Assets, to assess site-specific climate related risks and opportunities. This work continued throughout 2023. At Loulo-Gounkoto and Kibali, this asset-level physical and transitional risk assessment was completed in 2023 and findings were disclosed as part of Barrick’s CDP Climate Change and Water Security questionnaires that were submitted to CDP in July 2023. In addition, climate scenario analysis and risk assessments were completed in 2023 for Carlin (physical risks) and Nevada Gold Mines (transitional risks). These disclosures will be included in the 2023 Sustainability Report to be published in April 2024.

Measure and reduce the Company’s impact on climate change: Mining is an energy-intensive business, and Barrick understands the important link between energy use and GHG emissions. By measuring and effectively managing its energy use, the Company can reduce its draw from local energy grids, reduce its GHG emissions, achieve more efficient production, and reduce its costs. Barrick already has a clear, scientifically-based emissions-reduction roadmap, which targets at least a 30% reduction in GHG emissions by 2030 against the 2018 baseline of 7,541 kilotonnes carbon dioxide equivalent, with a defined interim reduction target of 15%, while maintaining a steady production profile. The Company’s GHG emissions reduction target is not static and will be updated as Barrick identifies and implements new GHG emissions reduction opportunities. Ultimately, Barrick’s vision is net zero GHG emissions by 2050 achieved primarily through GHG emissions reductions, with some offsets for hard-to-abate emissions. Site-level plans to improve energy efficiency, integrate clean and renewable energy sources, and reduce GHG emissions will also be strengthened. The Company plans to supplement its corporate GHG emissions reduction target with context-based, site-specific GHG emissions reduction targets.

Barrick’s actions to achieve this target include increasing the proportion of renewable energy sources in the Company’s energy mix and switching to cleaner energy sources. Projects with capital already committed include the conversion of the Nevada Gold Mines TS power plant from coal to natural gas, construction of a 200 megawatt solar farm (also at the TS power plant in Nevada), the tripling of the capacity of the solar power plant at Loulo-Gounkoto from 20 megawatts to 60 megawatts and adding a 36 megavolt amp battery energy storage system and the expansion of solar power plant capacity by 17 megawatts at Kibali, along with the addition of a 15 megavolt amp battery energy storage system. Furthermore, Nevada Gold Mines has implemented various Power Purchase Agreements that allow the Company to prioritize renewable or lower emission sources. Barrick also completed the implementation of the Lime Kiln Fuel Switch Project (from diesel/heavy fuel oil to liquefied natural gas) at Pueblo Viejo. In December 2022, the Company energized a power transmission line to connect Veladero to the electricity grid, which is expected to reduce on-site diesel power generation.

Overall, GHG emissions (Scope 1 (direct) and Scope 2 (indirect): Market-Based) in 2023 were 6,357 kilotonnes carbon dioxide equivalent at operations and projects operated by Barrick (on a 100% basis), representing a 15% reduction from the 2018 baseline. GHG emissions were approximately 5% below 2022. The reduction in Barrick’s GHG emissions are due to the steady implementation of the Company’s emissions reduction roadmap projects, including signing Power Purchase Agreements that prioritize renewable energy, switching to low emission fuel sources and tying into grids with renewable energy rather than using onsite diesel power generation. The Company is also working to identify opportunities for further reductions, and will regularly review and update its targets to integrate and reflect opportunities identified and realized.

In 2023, Barrick continued to progress its extensive work across its value chain to understand the Company’s Scope 3 (indirect value chain) emissions. Initial work completed in 2022 enabled Barrick to develop a Scope 3 engagement roadmap to be implemented with its suppliers to set meaningful and measurable reduction targets, in line with the commitments made through the ICMM Climate Position Paper. The Company continued to implement this engagement roadmap in 2023. In November 2023, Barrick announced its Scope 3 emissions targets which it developed to promote awareness and action in its value chain and empower those actors to set their own net zero commitments, with short- and medium-term targets. These targets are both quantitative and qualitative and are focused on high

 

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emission areas in the Company’s value chain as outlined below, using categories as defined in the GHG Protocol’s Technical Guidance for Calculating Scope 3 Emissions:

 

   

Goods and Suppliers (Category 1):

 

   

Quantitative Target: 30% emissions reduction of &#