EX-99.4 6 d643214dex994.htm EX-99.4 EX-99.4
Exhibit 99.4
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Management’s Discussion and Analysis (“MD&A”)
Fourth Quarter and Full Year 2023
Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand Barrick Gold Corporation (“Barrick”, “we”, “our”, the “Company” or the “Group”), our operations, financial performance and the present and future business environment. This MD&A, which has been prepared as of February 13, 2024, should be read in conjunction with our audited consolidated financial statements (“Financial Statements”) for the year ended December 31, 2023. Unless otherwise indicated, all amounts are presented in U.S. dollars.
For the purposes of preparing our MD&A, we consider the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of our shares; (ii) there
is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. We evaluate materiality with reference to all relevant circumstances, including potential market sensitivity.    
Continuous disclosure materials, including our most recent Form 40-F/Annual Information Form, annual MD&A, audited consolidated financial statements, and Notice of Annual Meeting of Shareholders and Proxy Circular will be available on our website at www.barrick.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. For an explanation of terminology unique to the mining industry, readers should refer to the glossary on page 97.

Abbreviations

BAP Biodiversity Action Plans
BNL Barrick Niugini Limited
CDCs Community Development Committees
CHUG Cortez Hills Underground
CIL Carbon-in-leach
Commencement Agreement Detailed Porgera Project Commencement Agreement between PNG and BNL
DRC Democratic Republic of Congo
E&S Committee Environmental and Social Oversight Committee
ESG Environmental, Social and Governance
ESG & Nominating Committee Environmental, Social, Governance & Nominating Committee
EIA Environmental Impact Assessment
ESIA Environmental and Social Impact Assessment
FEIS Final Environmental Impact Statement
GHG Greenhouse Gas
GISTM Global Industry Standard for Tailings Management
GoT Government of Tanzania
IASB International Accounting Standards Board
ICMM International Council on Mining and Metals
IFRS IFRS Accounting Standards as issued by the International Accounting Standards Board
IP Induced Polarization
IRC Internal Revenue Commission
IRR Internal Rate of Return
ISSB International Sustainability Standards Board
KCD Karagba, Chauffeur and Durba
Kumul Minerals Kumul Minerals Holdings Limited
LTI Lost Time Injury
LTIFR Lost Time Injury Frequency Rate
LOM Life of Mine
MAA Multiple Accounts Analysis
MRE Mineral Resources Enga Limited
Mtpa Million tonnes per annum
MVA Megavolt-amperes
MW Megawatt
NGM Nevada Gold Mines
NSR Net Smelter Return
OECD Organisation for Economic Co-operation and Development
PFS Pre-feasibility Study
PNG Papua New Guinea
Randgold Randgold Resources Limited
RAP Resettlement Action Plan
RC Reverse Circulation
RIB Rapid Infiltration Basin
RIL Resin-in-leach
ROD Record of Decision
SAG Semi-autogenous grinding
SDG
Sustainable Development Goals
SML Special Mining Lease
TCFD Task Force for Climate-related Financial Disclosures
TRIFR Total Recordable Injury Frequency Rate
TSF Tailings Storage Facilities
TW True Width
WGC World Gold Council
WTI West Texas Intermediate

BARRICK YEAR-END 2023
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MANAGEMENT’S DISCUSSION AND ANALYSIS



Cautionary Statement on Forward-Looking Information
 
Certain information contained or incorporated by reference in this MD&A, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipated”, “vision”, “aim”, “strategy”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “objective”, “intend”, “project”, “pursue”, “develop”, “progress”, “continue”, “committed”, “budget”, “estimate”, “potential”, “prospective”, “future”, “focus”, “ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and performance dividend policy, including the criteria for dividend payments; mine life and production rates; projected capital estimates and anticipated development timelines related to the Goldrush Project; the planned updating of the historical Reko Diq feasibility study and targeted first production; our plans and expected completion and benefits of our growth projects, including the Goldrush Project, Fourmile, Pueblo Viejo plant expansion and mine life extension project, Lumwana Super Pit expansion, Veladero Phase 7 leach pad project, solar power projects at NGM and Loulo-Gounkoto, Donlin Gold, and the Jabal Sayid Lode 1 project; the transition of the Chilean side of the Pascua-Lama project into closure; the potential for Lumwana to extend its life of mine through the development of a Super Pit and expected timing of the feasibility study and targeted first production; the new mining code in Mali and the status of the establishment conventions for the Loulo-Gounkoto complex; capital expenditures related to upgrades and ongoing management initiatives; Barrick’s global exploration strategy and planned exploration activities; the resumption of operations at the Porgera mine and expected restart of mining and processing in the first quarter of 2024; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves and future reserve replacement; asset sales, joint ventures and partnerships; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including climate change, greenhouse gas emissions reduction targets (including with respect to our Scope 3 emissions and our reliance on our value chain to help us achieve these targets within the specified time frames), safety performance, TSF management, including Barrick’s conformance with the GISTM, community development, responsible water use, biodiversity and human rights initiatives; Barrick’s engagement with local communities; and expectations regarding future price assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors
set forth below that, while considered reasonable by the Company as at the date of this MD&A 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 MD&A 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; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States 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 licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development
BARRICK YEAR-END 2023
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MANAGEMENT’S DISCUSSION AND ANALYSIS


activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cyber-attacks, cybersecurity breaches, or similar network or system 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 ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business
opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, 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 our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this MD&A are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this MD&A. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.


Use of Non-GAAP Financial Measures
We use the following non-GAAP financial measures in our MD&A:
“adjusted net earnings”
“free cash flow”
“EBITDA”
“adjusted EBITDA”
“attributable EBITDA”
“minesite sustaining capital expenditures”
“project capital expenditures”
“total cash costs per ounce”
“C1 cash costs per pound”
“all-in sustaining costs per ounce/pound”
“all-in costs per ounce” and
“realized price”

For a detailed description of each of the non-GAAP measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Measures section of this MD&A on pages 70 to 88. Each non-GAAP financial measure has been annotated with a reference to an endnote on page 89. The non-GAAP financial measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable
to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Changes in Presentation of Non-GAAP Financial Performance Measures

Attributable EBITDA
In addition to adjusted EBITDA, we are also providing attributable EBITDA, which we introduced in the third quarter of 2023 and removes the non-controlling interest portion from our adjusted EBITDA measure. Prior periods have been presented to allow for comparability. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced.



BARRICK YEAR-END 2023
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MANAGEMENT’S DISCUSSION AND ANALYSIS


Index

Overview
Our Vision
5 Our Business
Our Strategy
Financial and Operating Highlights
Key Business Developments
Outlook for 2024
Environmental, Social and Governance
Market Overview
Reserves and Resources
Risks and Risk Management
Production and Cost Summary
Operating Performance
Nevada Gold Mines
Carlin
Cortez
Turquoise Ridge
Other Mines - Nevada Gold Mines
Pueblo Viejo
Loulo-Gounkoto
Kibali
North Mara
Bulyanhulu
Other Mines - Gold
Lumwana
Other Mines - Copper
Growth Project Updates
Exploration and Mineral Resource Management
Review of Financial Results
Revenue
Production Costs
Capital Expenditures
General and Administrative Expenses
Exploration, Evaluation and Project Costs
Finance Costs, Net
Additional Significant Statement of Income Items
Income Tax Expense
Financial Condition Review
Balance Sheet Review
Shareholders’ Equity
Financial Position and Liquidity
Summary of Cash Inflow (Outflow)
Summary of Financial Instruments
Commitments and Contingencies
Review of Quarterly Results
Internal Control Over Financial Reporting and Disclosure Controls and Procedures
IFRS Critical Accounting Policies and Accounting Estimates
Non-GAAP Financial Measures
Technical Information
Endnotes
Glossary of Technical Terms
Mineral Reserves and Mineral Resources Tables
112 Management’s Responsibility
112 Management’s Report on Internal Control Over Financial Reporting
113 Independent Auditor’s Report
117 Financial Statements
122 Notes to Consolidated Financial Statements

BARRICK YEAR-END 2023
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MANAGEMENT’S DISCUSSION AND ANALYSIS

Overview

Our Vision
We strive to be the world’s most valued gold and copper company by owning the best assets, managed by the best people, to deliver the best returns and benefits for all our stakeholders.

Our Business
Barrick is a sector-leading gold and copper producer with annual gold production and gold reserves that are among the largest in the industry. We are principally engaged in the production and sale of gold and copper, as well as related activities such as exploration and mine development. We hold ownership interests in thirteen producing gold mines, including six Tier One Gold Assets1 and a diversified exploration portfolio positioned for growth in many of the world’s most prolific gold districts. These gold mines are geographically diversified and are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Papua New Guinea, Tanzania and the United States. Our three copper mines are located in Zambia, Chile and Saudi Arabia. Our exploration and development projects are located throughout the world, including the Americas, Asia and Africa. We sell our production in the world market through the following distribution channels: gold bullion is sold in the gold spot market or to independent refineries; gold and copper concentrate is sold to independent smelting or trading companies; and copper cathode is sold to third-party purchasers or on an exchange. Barrick shares trade on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX.

Our Strategy
Our 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. We are focused on returns to our stakeholders by optimizing free cash flow, managing risk to create long-term value for our shareholders and partnering with host governments and our local communities to transform their country’s natural resources into sustainable benefits and mutual prosperity. We aim to achieve this through the following:1

Asset Quality
Grow and invest in a portfolio of Tier One Gold Assets1, Tier Two Gold Assets2, Tier One Copper Assets3 and Strategic Assets4 with an emphasis on organic growth to leverage our existing footprint located in world class geological districts. We will focus our efforts on identifying, investing in and developing assets that meet our investment criteria. The required return on Tier One1,3 capital investments is 15%, adjusting to 10% return on long-life (20+ year) investments with exposure to multiple commodity cycles. The required return on investment for Tier Two Gold Assets2 is 20%.
Invest in exploration across extensive land positions in many of the world’s most prolific gold and copper districts.
Maximize the long-term value of our strategic Copper Business5.
Sell non-core assets over time in a disciplined manner.

Operational Excellence
Strive for zero harm workplaces.
Operate a flat management structure with a strong ownership culture.
Streamline management and operations, and hold management accountable for the businesses they manage.
Leverage innovation and technology to drive industry-leading efficiencies.
Build trust-based partnerships with our host governments, business partners, and local communities to drive shared long-term value.

Sustainable Profitability
Follow a disciplined approach to growth and proactively manage our impacts on the wider environment, emphasizing long-term value for all stakeholders.
Increase returns to shareholders, driven by a focus on return on capital, IRR and free cash flow6.




1 Numerical annotations throughout the text of this document refer to the endnotes found on page 89.
BARRICK YEAR-END 2023
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MANAGEMENT’S DISCUSSION AND ANALYSIS

Financial and Operating Highlights
For the three months ended For the years ended
   12/31/23 9/30/23 Change 12/31/23 12/31/22  Change 12/31/21
Financial Results ($ millions)
Revenues 3,059  2,862  7% 11,397  11,013  3% 11,985 
Cost of sales 2,139  1,915  12% 7,932  7,497  6% 7,089 
Net earningsa
479  368  30% 1,272  432  194% 2,022 
Adjusted net earningsb
466  418  11% 1,467  1,326  11% 2,065 
Attributable EBITDAb
1,068  1,071  0% 3,987  4,029  (1)% 5,247 
Attributable EBITDA marginb
42  % 45  % (7)% 42  % 44  % (5)% 53  %
Minesite sustaining capital expendituresb,c
569  529  8% 2,076  2,071  0% 1,673 
Project capital expendituresb,c
278  227  22% 969  949  2% 747 
Total consolidated capital expendituresc,d
861  768  12% 3,086  3,049  1% 2,435 
Net cash provided by operating activities 997  1,127  (12)% 3,732  3,481  7% 4,378 
Net cash provided by operating activities margine
33  % 39  % (15)% 33  % 32  % 3% 37  %
Free cash flowb
136  359  (62)% 646  432  50% 1,943 
Net earnings per share (basic and diluted) 0.27  0.21  29% 0.72  0.24  200% 1.14 
Adjusted net earnings (basic)b per share
0.27  0.24  13% 0.84  0.75  12% 1.16 
Weighted average diluted common shares (millions of shares) 1,756  1,755  0% 1,755  1,771  (1)% 1,779 
Operating Results
Gold production (thousands of ounces)f
1,054  1,039  1% 4,054  4,141  (2)% 4,437 
Gold sold (thousands of ounces)f
1,042  1,027  1% 4,024  4,141  (3)% 4,468 
Market gold price ($/oz) 1,971  1,928  2% 1,941  1,800  8% 1,799 
Realized gold priceb,f ($/oz)
1,986  1,928  3% 1,948  1,795  9% 1,790 
Gold cost of sales (Barrick’s share)f,g ($/oz)
1,359  1,277  6% 1,334  1,241  7% 1,093 
Gold total cash costsb,f ($/oz)
982  912  8% 960  862  11% 725 
Gold all-in sustaining costsb,f ($/oz)
1,364  1,255  9% 1,335  1,222  9% 1,026 
Copper production (millions of pounds)f
113  112  1% 420  440  (5)% 415 
Copper sold (millions of pounds)f
117  101  16% 408  445  (8)% 423 
Market copper price ($/lb) 3.70  3.79  (2)% 3.85  3.99  (4)% 4.23 
Realized copper priceb,f ($/lb)
3.78  3.78  0% 3.85  3.85  0% 4.32 
Copper cost of sales (Barrick’s share)f,h ($/lb)
2.92  2.68  9% 2.90  2.43  19% 2.32 
Copper C1 cash costsb,f ($/lb)
2.17  2.05  6% 2.28  1.89  21% 1.72 
Copper all-in sustaining costsb,f ($/lb)
3.12  3.23  (3)% 3.21  3.18  1% 2.62 
   As at 12/31/23 As at 9/30/23 Change As at 12/31/23 As at 12/31/22 Change As at 12/31/21
Financial Position ($ millions)
Debt (current and long-term) 4,726  4,775  (1)% 4,726  4,782  (1)% 5,150 
Cash and equivalents 4,148  4,261  (3)% 4,148  4,440  (7)% 5,280 
Debt, net of cash 578   514  12% 578   342  69% (130)
a.Net earnings represents net earnings attributable to the equity holders of the Company.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c.Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.
d.Total consolidated capital expenditures also includes capitalized interest of $14 million and $41 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $12 million; 2022: $29 million; 2021: $15 million).
e.Represents net cash provided by operating activities divided by revenue.
f. On an attributable basis.
g.Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
h.Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).
BARRICK YEAR-END 2023
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MANAGEMENT’S DISCUSSION AND ANALYSIS

GOLD PRODUCTIONa (thousands of ounces)
COPPER PRODUCTIONa,c (thousands of tonnes)
m-productionv2.jpg m-productionco.jpg
GOLD COST OF SALESd, TOTAL CASH COSTSe,
COPPER COST OF SALESc,d, C1 CASH COSTSc,e
AND ALL-IN SUSTAINING COSTSe ($ per ounce)
AND ALL-IN SUSTAINING COSTSc,e ($ per pound)
m-aiscv3.jpg m-aisccopperv2.jpg

NET EARNINGS, ATTRIBUTABLE EBITDAd AND
ATTRIBUTABLE EBITDA MARGINd
CAPITAL EXPENDITURESf ($ millions)
f-496b595a890d4b97af6.jpg f-e163fe75e38f4fbf9c3.jpg
OPERATING CASH FLOW AND FREE CASH FLOWd
    DIVIDENDSg (cents per share)
f-3b78bd10063c47f3975.jpg f-ef18536c688543aea84.jpg
a.On an attributable basis.
b.Based on the midpoint of the 2024 guidance range.
c.Beginning in 2024, we will present our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Our copper cost metrics will continue to be reported on a per pound basis.
d.Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).
e.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
f.Capital expenditures also includes capitalized interest.
g.Dividend per share declared in respect of the stated period, inclusive of the performance dividend.
BARRICK YEAR-END 2023
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MANAGEMENT’S DISCUSSION AND ANALYSIS


Factors affecting net earnings and adjusted net earnings6 - three months ended December 31, 2023 versus September 30, 2023
Net earnings for the three months ended December 31, 2023 were $479 million compared to $368 million in the prior quarter. The increase was primarily due to the following items:
a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023; partially offset by
a long-lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon; and
significant tax adjustments of $120 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 nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings6 of $466 million for the three months ended December 31, 2023 was $48 million higher than the prior quarter mainly due to a higher realized gold price6 and higher gold and copper sales volumes, partially offset by an increase in cost of sales per ounce/pound7. The realized gold price6 was $1,986 per ounce for the three months ended December 31, 2023, compared to $1,928 per ounce in the prior quarter, while the realized copper price6 remained consistent with the prior quarter at $3.78 per pound. Higher gold sales volume was attributed to stronger performance at Cortez mainly due to higher grades, at Phoenix as planned maintenance was performed in the prior quarter, and at Pueblo Viejo reflecting higher recovery and higher grades processed. This was partially offset by lower production at Loulo-Gounkoto, as planned, due to lower grades processed. The increase in gold cost of sales per ounce7 was mainly due to the impact of lower grades processed at Loulo-Gounkoto and Carlin, combined with higher electricity, grinding media and plant maintenance costs, as well as the impact of a 1 in 500 year tropical storm in November 2023 at Pueblo Viejo. Higher copper cost of sales per pound7 was primarily due to lower mining efficiencies as the wet season commenced, combined with lower grades processed and lower plant recovery at Lumwana.
Refer to page 70 for a full list of reconciling items between net earnings and adjusted net earnings6 for the current and previous periods.

Factors affecting net earnings and adjusted net earnings6 - year ended December 31, 2023 versus December 31, 2022
Net earnings for the year ended December 31, 2023 were $1,272 million compared to $432 million in the prior year. 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 occurring in the prior year;
a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023; 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 nondeductible 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.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings6 of $1,467 million for the year ended December 31, 2023 was $141 million higher than the prior year. The increase in adjusted net earnings6 was primarily due to a higher realized gold price6, partially offset by an increase in cost of sales per ounce/pound7 and lower gold and copper sales volumes. The realized gold price6 was $1,948 per ounce in 2023 compared to $1,795 per ounce in the prior year, while the realized copper price6 remained consistent with the prior year at $3.85 per pound. The increase in gold/copper cost of sales per ounce/pound7 was mainly attributed to lower grades processed. Lower gold sales volumes were largely driven by Carlin and Pueblo Viejo. At Carlin, this was mainly related to the closure of the Gold Quarry concentrator at the beginning of the second quarter of 2023 and the conversion of the Goldstrike autoclave to a conventional CIL process in the first quarter of 2023 and at Pueblo Viejo due to lower grades processed in line with the mine and stockpile processing plan, lower recovery and lower throughput following the delayed commissioning and ramp-up of the expanded processing plant. These impacts were partially offset by increased production at Cortez due to higher oxide ore tonnes mined and processed from Crossroads and CHUG (at a higher recovery rate), combined with higher heap leach production. The decrease in copper sales volumes was mainly due to lower grades, tonnes mined and throughput at Zaldívar, combined with lower grades processed at Lumwana.
Refer to page 70 for a full list of reconciling items between net earnings and adjusted net earnings6 for the current and previous periods.

Factors affecting operating cash flow and free cash flow6 - three months ended December 31, 2023 versus September 30, 2023
In the three months ended December 31, 2023, we generated $997 million in operating cash flow, compared to $1,127 million in the prior quarter. The decrease of $130 million was primarily due to higher interest paid as a result of the timing of semi-annual interest payments on our bonds, which occur in the second and fourth quarters. This was combined with an increased unfavorable movement in working capital, mainly in accounts receivable driven by higher gold prices and higher sales volumes, partially offset by a favorable movement in inventory. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound6, partially offset by a higher realized gold price6 and higher gold sales volume.
Free cash flow6 for the three months ended December 31, 2023 was $136 million, compared to $359
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MANAGEMENT’S DISCUSSION AND ANALYSIS

million in the prior quarter, reflecting higher capital expenditures, and lower operating cash flows. In the three months ended December 31, 2023, capital expenditures on a cash basis were $861 million compared to $768 million in the prior quarter due to an increase in both project capital expenditures6 and minesite sustaining capital expenditures6. Project capital expenditures6 increased primarily due to the continued development of the TS Solar project at NGM, combined with the progress at the Yalea South project at Loulo-Gounkoto. The increase in minesite sustaining capital expenditures6 was primarily at Cortez which was mainly due to more of the new truck fleet being commissioned in the fourth quarter of 2023, partially offset by decreased capitalized waste stripping at Lumwana.

Factors affecting operating cash flow and free cash flow6 - year ended December 31, 2023 versus December 31, 2022
For the year ended December 31, 2023, we generated $3,732 million in operating cash flow, compared to $3,481 million in the prior year. The increase of $251 million was primarily due to lower cash taxes paid and higher interest received on our cash balances resulting from an increase in market interest rates. This was partially offset by an increased unfavorable movement in working capital, mainly in accounts receivable and accounts payable, partially offset by a favorable movement in inventory and other
current assets. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound6, partially offset by a higher realized gold price6 and higher gold sales volume.
For 2023, we generated free cash flow6 of $646 million compared to $432 million in the prior year. The increase primarily reflects higher operating cash flows, partially offset by higher capital expenditures. In 2023, capital expenditures on a cash basis were $3,086 million compared to $3,049 million in the prior year, mainly due to an increase in project capital expenditures6, while minesite sustaining capital expenditures6 were relatively consistent with the prior year. Higher project capital expenditures6 were mainly due to the TS Solar project at NGM, as construction began in the fourth quarter of 2022, combined with the investment in the new owner mining truck fleet at Lumwana. This was partially offset by lower project spend incurred on the plant expansion at Pueblo Viejo, as the construction was largely completed in 2023. Minesite sustaining capital expenditures6 were consistent with the prior year, as increased spend on processing facilities and underground development at Carlin, higher capitalized waste stripping at North Mara, and the commencement of production at the Gounkoto underground mine were largely offset by lower capitalized waste stripping at Lumwana.



Key Business Developments
Porgera Special Mining Lease
On April 9, 2021, BNL signed a binding Framework Agreement with the Independent State of PNG and Kumul Minerals, a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February 3, 2022, the Framework Agreement was replaced by the Commencement Agreement signed by PNG, Kumul Minerals, BNL, Porgera (Jersey) Limited, an affiliate of BNL, and MRE, the holder of the remaining 5% of the original Porgera joint venture. The Commencement Agreement reflects the commercial terms previously agreed to under the Framework Agreement, namely that PNG stakeholders receive a 51% equity stake in the Porgera mine, with the remaining 49% held by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group. The Commencement Agreement also provides that PNG stakeholders and BNL and its affiliates share the economic benefits derived from the reopened Porgera mine on a 53% and 47% basis over the remaining life of mine, respectively, and that the Government of PNG retains the option to acquire BNL’s or its affiliate’s 49% equity participation at fair market value after 10 years. Under the terms of the Commencement Agreement, BNL remained in possession of the site and maintained the mine on care and maintenance while the parties worked to satisfy the conditions required for the reopening of the Porgera mine as summarized below.
On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation was certified on May 30, 2022. Six out of the seven pieces of legislation took effect as of April 11 and 14, 2023, respectively, when they were published in the National Gazette, as required under PNG law. The remaining act awaits publication to take effect.
On September 13, 2022, the Shareholders’ Agreement for the new Porgera joint venture company was
executed by Porgera (Jersey) Limited, the state-owned Kumul Minerals (Porgera) Limited and MRE. New Porgera Limited, the new Porgera joint venture company, was incorporated and subsequently became a party to the Commencement Agreement and the Shareholders’ Agreement on October 13, 2023.
On June 20, 2023, the PNG IRC, the Commissioner General, Barrick and BNL entered into a settlement agreement to resolve a dispute regarding tax assessments issued by the IRC against BNL.
On October 13, 2023, the Independent State of PNG granted a new SML, Special Mining Lease 13, to New Porgera Limited, following the execution of the Mining Development Contract by the Independent State of PNG and New Porgera Limited. The granting of the new SML to New Porgera Limited reduced Barrick’s ownership interest in the Porgera mine from 47.5% to 24.5%. Also on October 13, 2023, the Independent State of PNG and New Porgera Limited executed the Fiscal Stability Agreement for the Porgera mine and New Porgera Limited and BNL executed the Project Operatorship Agreement, pursuant to which BNL was appointed as operator of the Porgera mine.
Following the granting of the new SML, New Porgera Limited commenced negotiations with the Porgera mine property’s landowners to agree the terms of land compensation agreements applicable to the new SML. The majority of landowners agreed to allow the Porgera mine to reopen on the compensation terms that applied under the original Porgera joint venture, and to defer substantive negotiation on new compensation terms until after the mine reopens. The PNG National Parliament passed legislation on November 29, 2023 to enable the mine to reopen on this basis, and New Porgera Limited will make true-up payments to landowners for any increase in compensation under the new agreements from the date the new SML was granted.
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MANAGEMENT’S DISCUSSION AND ANALYSIS

The Commencement Agreement became unconditional on December 8, 2023, and formal completion of the Commencement Agreement was achieved on December 22, 2023. Work started on the recommissioning of the Porgera mine on that date and mining and processing are expected to restart at Porgera in the first quarter of 2024. BNL is taking steps to withdraw the legal proceedings that it initiated in relation to the Porgera dispute in accordance with the Commencement Agreement, and the international arbitration proceedings were formally terminated on January 25, 2024. The other parties to the Commencement Agreement including the State of PNG have a similar obligation to withdraw such proceedings.
Refer to notes 4 and 35 to the Financial Statements for more information.

Share Buyback Program
At the February 13, 2024 meeting, the Board of Directors authorized a new share buyback program for the purchase of up to $1 billion of Barrick’s outstanding common shares over the next 12 months. We did not purchase any shares in 2023 under the prior share buyback program, which was terminated following the authorization of 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 repurchase program does not obligate the Company to acquire any particular number of common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.

Executive Chairman Transitions to Chairman
Having achieved the foundational objectives set for the Company following its historic merger with Randgold, Mr. John Thornton concluded that it was the appropriate time to transition from the Executive Chairman role to that of Chairman, as this governance structure is best suited for the Company’s next growth phase. The transition became effective on February 13, 2024.
In his capacity as Chairman, Mr. Thornton will continue to provide leadership and direction to the Board and facilitate the operations and deliberations of the Board and the satisfaction of the Board’s functions and responsibilities under its mandate.





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MANAGEMENT’S DISCUSSION AND ANALYSIS

Outlook for 2024

Operating Division Guidance
Our 2023 actual gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6 and 2024 forecast gold and copper production, cost of sales, total cash costs6 and all-in sustaining costs6 ranges by operating division are as follows: 
Operating Division 2023 attributable production (000s ozs)
2023 cost of salesa
($/oz)
2023 total cash costsb
($/oz)
2023 all-in sustaining costsb
($/oz)
2024 forecast attributable production (000s ozs)
2024 forecast cost of salesa ($/oz)
2024 forecast total cash costsb ($/oz)
2024 forecast all-in sustaining costsb ($/oz)
Gold
Carlin (61.5%)c
868 1,254 1,033 1,486 800 - 880 1,270 - 1,370 1,030 - 1,110 1,430 - 1,530
Cortez (61.5%)d
549 1,318 906 1,282 380 - 420 1,460 - 1,560 1,040 - 1,120 1,390 - 1,490
Turquoise Ridge (61.5%) 316 1,399 1,026 1,234 330 - 360 1,230 - 1,330 850 - 930 1,090 - 1,190
Phoenix (61.5%) 123 2,011 961 1,162 120 - 140 1,640 - 1,740 810 - 890 1,100 - 1,200
Nevada Gold Mines (61.5%)e
1,865 1,351 989 1,366 1,650 - 1,800 1,340 - 1,440 980 - 1,060 1,350 - 1,450
Hemlo 141 1,589 1,382 1,672 140 - 160 1,470 - 1,570 1,210 - 1,290 1,600 - 1,700
North America 2,006 1,368 1,017 1,388 1,750 - 1,950 1,350 - 1,450 1,000 - 1,080 1,370 - 1,470
Pueblo Viejo (60%) 335 1,418 889 1,249 420 - 490 1,340 - 1,440 830 - 910 1,100 - 1,200
Veladero (50%) 207 1,440 1,011 1,516 210 - 240 1,340 - 1,440 1,010 - 1,090 1,490 - 1,590
Porgera (24.5%)f
50 - 70 1,670 - 1,770 1,220 - 1,300 1,900 - 2,000
Latin America & Asia Pacific 542 1,441 931 1,358 700 - 800 1,370 - 1,470 920 - 1,000 1,290 - 1,390
Loulo-Gounkoto (80%) 547 1,198 835 1,166 510 - 560 1,190 - 1,290 780 - 860 1,150 - 1,250
Kibali (45%) 343 1,221 789 918 320 - 360 1,140 - 1,240 740 - 820 950 - 1,050
North Mara (84%) 253 1,206 944 1,335 230 - 260 1,250 - 1,350 970 - 1,050 1,270 - 1,370
Bulyanhulu (84%) 180 1,312 920 1,231 160 - 190 1,370 - 1,470 990 - 1,070 1,380 - 1,480
Tongon (89.7%) 183 1,469 1,240 1,408 160 - 190 1,520 - 1,620 1,200 - 1,280 1,440 - 1,540
Africa and Middle East 1,506 1,251 903 1,176 1,400 - 1,550 1,250 - 1,350 880 - 960 1,180 - 1,280
Total Attributable to Barrickg,h,i
4,054 1,334 960 1,335 3,900 - 4,300 1,320 - 1,420 940 - 1,020 1,320 - 1,420
 
2023 attributable production (000s tonnes)j
2023 cost of salesa,j
($/lb)
2023 C1 cash costsb,j
($/lb)
2023 all-in sustaining costsb,j
($/lb)
2024 forecast attributable productionj
(000s tonnes)
2024 forecast cost of salesa
($/lb)
2024 forecast C1 cash costsb ($/lb)
2024 forecast all-in sustaining costsb ($/lb)
Copper
Lumwana 118 2.91 2.29 3.48 120 - 140 2.50 - 2.80 1.85 - 2.15 3.30 - 3.60
Zaldívar (50%) 41 3.83 2.95 3.46 35 - 40 3.70 - 4.00 2.80 - 3.10 3.40 - 3.70
Jabal Sayid (50%) 32 1.60 1.35 1.53 25 - 30 1.75 - 2.05 1.40 - 1.70 1.70 - 2.00
Total Copperh
191 2.90 2.28 3.21 180 - 210 2.65 - 2.95 2.00 - 2.30 3.10 - 3.40
a.Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c.Included within our 61.5% interest in Carlin is NGM’s 100% interest in South Arturo.
d.Includes Goldrush.
e.2023 results include Long Canyon, which was placed on care and maintenance at the end of 2023 and is not included in 2024 guidance.
f.Porgera was placed on temporary care and maintenance on April 25, 2020 until December 22, 2023. On December 22, 2023, the Porgera Project Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in our 2024 guidance at 24.5%. Refer to page 9 for further details.
g.Total cash costs and all-in sustaining costs per ounce include costs allocated to non-operating sites.
h.Operating division guidance ranges reflect expectations at each individual operating division, and may not add up to the company-wide guidance range total. Guidance ranges exclude Pierina, which is producing incidental ounces while in closure.
i.Includes corporate administration costs.
j.Beginning in 2024, we will present our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production amounts for 2023 have been restated in tonnes for comparative purposes. Our copper cost metrics will continue to be reported on a per pound basis.


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MANAGEMENT’S DISCUSSION AND ANALYSIS

Operating Division, Consolidated Expense and Capital Guidance
Our 2023 actual gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6, consolidated expenses and capital expenditures and 2024 forecast gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6, consolidated expenses and capital expenditures are as follows:
 
($ millions, except per ounce/pound  data)
2023 Guidancea
2023 Actual
2024 Guidancea
Gold production
Production (millions of ounces) 4.20 - 4.60 4,054 3.90 - 4.30
Gold cost metrics
Cost of sales - gold ($ per oz) 1,170 - 1,250 1,334 1,320 - 1,420
 Total cash costs ($ per oz)b
820 - 880 960 940 - 1,020
Depreciation ($ per oz) 320 - 350 335 340 - 370
  All-in sustaining costs ($ per oz)b
1,170 - 1,250 1,335 1,320 - 1,420
Copper production
Production (millions of pounds) 420 - 470 420 N/A
Production (thousands of tonnes)c
N/A 191 180 - 210
Copper cost metrics
Cost of sales - copper ($ per lb) 2.60 - 2.90 2.90 2.65 - 2.95
 C1 cash costs ($ per lb)b
2.05 - 2.25 2.28 2.00 - 2.30
Depreciation ($ per lb) 0.80 - 0.90 0.89 0.90 - 1.00
  All-in sustaining costs ($ per lb)b
2.95 - 3.25 3.21 3.10 - 3.40
Exploration and project expenses 400 - 440 361 400 - 440
Exploration and evaluation 180 - 200 183 180 - 200
Project expenses 220 - 240 178 220 - 240
General and administrative expenses ~180 126 ~180
Corporate administration ~130 101 ~130
  Stock-based compensationd
~50 25 ~50
Other expense (income) 70 - 90 (195) 70 - 90
Finance costs, net 280 - 320 170 260 - 300
Attributable capital expenditurese
Attributable minesite sustainingb,e
1,450 - 1,700 1,590 1,550 - 1,750
Attributable projectb,e
750 - 900 769 950 - 1,150
Total attributable capital expenditurese
2,200 - 2,600 2,363 2,500 - 2,900

a.Based on the communication we received from the Government of PNG that the SML will not be extended, Porgera was placed on temporary care and maintenance on April 25, 2020. Due to the uncertainty related to the timing and scope of future developments on the mine’s operating outlook, our 2023 guidance excluded Porgera. On December 22, 2023, the Porgera Project Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in our 2024 guidance. Refer to page 9 for further details. Guidance ranges also exclude Pierina and Long Canyon which are producing incidental ounces while in closure and care and maintenance.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c.Beginning in 2024, we will present our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds).
d.2023 actual results are based on a US$18.09 share price and 2024 guidance is based on a one-month trailing average ending December 31, 2023 of US$17.61 per share.
e.Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 50% share of Zaldívar and Jabal Sayid and, beginning in 2024, our 24.5% share of Porgera. Total attributable capital expenditures for 2023 actual results also includes capitalized interest of $4 million.

2024 Guidance Analysis
Estimates of future production, cost of sales per ounce7, total cash costs per ounce6 and all-in sustaining costs per ounce6 presented in this MD&A are based on mine plans that reflect the expected method by which we will mine reserves at each site. Actual gold and copper production and associated costs may vary from these estimates due to a number of operational and non-operational risk factors (see the “Cautionary Statement on Forward-Looking Information” on page 2 of this MD&A for a description of certain risk factors that could cause actual results to differ materially from these estimates).

Gold Production
We expect 2024 gold production to be in the range of 3.9 to 4.3 million ounces, compared to our actual 2023 gold production of 4.05 million ounces. We expect 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 Assets1 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 the receipt of the ROD has pushed some ounces from 2024 into 2025).
In addition, given that formal completion of the Commencement Agreement at Porgera was achieved on December 22, 2023, our 2024 gold production guidance now includes Porgera. Refer to page 9 for more information.
Outside of our Tier One Gold Assets1, we expect the following changes in year-over-year production. At Veladero, we expect 2024 production to be marginally
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MANAGEMENT’S DISCUSSION AND ANALYSIS

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 our guidance metrics.
Across the four quarters of 2024, the Company’s gold production is expected to steadily increase throughout the year as we work towards the restart of operations at Porgera and complete rectification work at Pueblo Viejo.

Gold Cost of Sales per Ounce7
On a per ounce basis, cost of sales applicable to gold7, after removing the portion related to non-controlling interests, is expected to be in the range of $1,320 to $1,420 per ounce in 2024, compared to the 2023 actual result of $1,334 per ounce.
Costs are expected to be marginally higher than 2023 which reflects higher depreciation and the impact of higher costs at certain other operations as described further in the Gold Total Cash Costs per Ounce6 section immediately below.

Gold Total Cash Costs per Ounce6
Total cash costs per ounce6 in 2024 are expected to be in the range of $940 to $1,020 per ounce, compared to the 2023 actual result of $960 per ounce.
This range is based on our expectation that energy prices will on average be similar in 2024 compared to 2023, albeit with potentially higher volatility. Until we see lower energy prices, we are not expecting the inflationary impact from the 2022 and 2023 years to materially unwind.
In North America, our 2024 guidance for total cash costs per ounce6 for NGM of $980 to $1,060 per ounce compares to the 2023 actual result of $989 per ounce. Higher unit costs at Cortez driven by the lower production volumes are expected to largely offset lower costs at both Turquoise Ridge and Phoenix, producing a consistent result year on year.
In Latin America & Asia Pacific, total cash costs per ounce6 at Pueblo Viejo are expected to be lower compared to 2023, driven by higher throughput from the plant expansion partially offset by the impact of slightly lower grades (in line with the mine and stockpile processing plan).
For Africa and Middle East, total cash costs per ounce6 are expected to be consistent with 2023 as lower costs from Loulo-Gounkoto and Kibali are partially offset by higher costs expected at North Mara and Bulyanhulu.

Gold All-In Sustaining Costs per Ounce6
All-in sustaining costs per ounce6 in 2024 are expected to be in the range of $1,320 to $1,420 per ounce, compared to the 2023 actual result of $1,335 per ounce. This is based on the expectation that minesite sustaining capital expenditures6 on a per ounce basis will be higher than 2023 (refer to Capital Expenditures commentary below for further detail).

Copper Production and Costs
We expect 2024 copper production to be in the range of 180 to 210 thousand tonnes, compared to actual production of 191 thousand tonnes (equivalent to 420 million pounds) in 2023. Production in the second half of 2024 is expected to be materially stronger than the first half, mainly due to steadily increasing throughput at Lumwana as the new owner mining fleet is anticipated to be fully ramped up by the end of the second quarter of 2024.
In 2024, cost of sales applicable to copper7 is expected to be in the range of $2.65 to $2.95 per pound, which compares to the actual result of $2.90 per pound for 2023. C1 cash costs per pound6 guidance of $2.00 to $2.30 per pound for 2024 compares to the 2023 actual result of $2.28 per pound, mainly driven by lower costs at Lumwana resulting from higher production and operating efficiencies partially offset by higher costs at Jabal Sayid. Copper all-in sustaining costs per pound6 guidance of $3.10 to $3.40 for 2024 compares to the actual result of $3.21 in 2023. Higher minesite sustaining capital expenditures6 on a per pound basis at Lumwana (refer to Capital Expenditures commentary below for further detail) are expected to largely offset lower C1 cash costs per pound6.

Exploration and Project Expenses
We expect to incur approximately $400 to $440 million of exploration and project expenses in 2024. This is unchanged compared to our 2023 guidance range, although it is higher than the 2023 actual result of $361 million.
Within this range, we expect our exploration and evaluation expenditures in 2024 to be approximately $180 to $200 million. This is consistent with the 2023 actual result of $183 million and is unchanged from the guidance range for 2023. This expenditure will continue to support our resource and reserve conversion over the coming years including approximately $40 million in relation to Barrick’s Fourmile project.
We also expect to incur approximately $220 to $240 million of project expenses in 2024, compared to $178 million in 2023. The key driver of this increase is the ongoing feasibility study update for the Reko Diq project in Pakistan. The remainder of the expected expenditure relates to Pascua-Lama as well as project evaluation costs across the rest of the portfolio, particularly in the Latin America & Asia Pacific region.

General and Administrative Expenses
In 2024, we expect corporate administration costs to be approximately $130 million, which represents the fifth consecutive year we have kept this guidance range unchanged, notwithstanding inflationary pressures over the course of 2022 and 2023 in particular.
Separately, stock-based compensation expense in 2024 is expected to be approximately $50 million based on a share price assumption of $17.61 but will be impacted by the share price.

Finance Costs, Net
In 2024, our guidance range for net finance costs of $260 to $300 million primarily represents interest expense on long-term debt, non-cash interest expense relating to the gold and silver streaming agreements at Pueblo Viejo, and accretion, net of finance income. This guidance for 2024 is higher than the actual result for 2023 of $170 million, and reflects lower capitalized interest and our expectation that market interest rates will decrease relative to 2023, translating to lower interest income. Interest expense incurred on our bonds is at a fixed rate and consequently does not change with market interest rates.

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MANAGEMENT’S DISCUSSION AND ANALYSIS

Capital Expenditures
Total attributable gold and copper capital expenditure for 2024 is expected to be in the range of $2,500 to $2,900 million. This is higher than the actual spend for the 2023 year of $2,363 million. We continue to focus on the delivery of our project pipeline and expect attributable project capital expenditures6 to be in the range of $950 to $1,150 million in 2024, which is higher than our actual expenditures of $769 million in 2023. This higher level of spend is primarily related to early works and long lead time items at our two major growth projects, Reko Diq and the Lumwana Super Pit, which collectively are expected to increase by around $150 million year on year. Across the Company’s gold assets, the material changes relate to expenditures on the new Naranjo TSF at Pueblo Viejo (around $100 million) and the restart of Porgera (around $50 million).
Attributable minesite sustaining capital expenditure6 for 2024 is expected to be in the range of $1,550 to $1,750 million, which compares to the actual spend for 2023 of $1,590 million. The guidance range for
2024 is split between our gold assets ($1,200 to $1,400 million) and copper assets ($335 to $385 million). Compared to the prior year, minesite sustaining capital expenditures6 in 2024 are expected to be approximately $100 million higher at Lumwana, up to $75 million higher at our Latin America & Asia Pacific sites (in particular Veladero and Porgera) and up to $50 million higher across the Africa and Middle East sites. Offsetting this impact, minesite sustaining capital expenditures6 at NGM are expected to be approximately $50 million lower compared to 2023.

Effective Income Tax Rate
Based on a gold price assumption of $1,900/oz, our expected effective tax rate range for 2024 is 26% to 30%. The rate is sensitive to the relative proportion of sales in high versus low tax jurisdictions, realized gold and copper prices, the proportion of income from our equity accounted investments and the level of non-tax affected costs in countries where we generate net losses.  

Outlook Assumptions and Economic Sensitivity Analysis
   2024 Guidance Assumption Hypothetical Change
Impact on EBITDAa (millions)
Impact on TCC and AISCa
  
Gold price sensitivity $1,900/oz +/- $100/oz
+/-$550
+/-$5/oz
Copper price sensitivity $3.50/lb
+/-$0.25/lb
+/- $110
+/-$0.01/lb
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
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MANAGEMENT’S DISCUSSION AND ANALYSIS

Environmental, Social and Governance
ESG or sustainability as we like to refer to it, including our license to operate, is entrenched in our DNA: our sustainability strategy is our business plan.
Barrick’s vision for sustainability is underpinned by the knowledge that sustainability aspects are interconnected and must be tackled in conjunction with, and reference to, each other. We call this approach Holistic and Integrated Sustainability Management. We must tackle all sustainability aspects holistically and concurrently to make meaningful progress in any single aspect. Although we integrate our sustainability management, we discuss our sustainability strategy within four overarching pillars: (1) respecting human rights; (2) protecting the health and safety of our people and local communities; (3) sharing the benefits of our operations; and (4) managing our impacts on the environment.
We implement this strategy by blending top-down accountability with bottom-up responsibility. This means we place 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 our stakeholders, including our 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.

Governance
The bedrock of our sustainability strategy is strong governance. Our most senior management-level body dedicated to sustainability is the E&S Committee, which connects site-level ownership of our sustainability strategy with the leadership of the Group. It 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 our performance across a range of key performance indicators, and to provide independent oversight and review of sustainability management.
The President and Chief Executive Officer reviews the reports of the E&S Committee at every quarterly meeting of the Board's ESG & Nominating Committee. The reports are reviewed to ensure the implementation of our sustainability policies and to drive performance of our environmental, health and safety, community relations and development, and human rights programs.
This is supplemented by weekly meetings, at a minimum, between the Regional Sustainability Leads and the Group Sustainability Executive. These meetings examine the sustainability-related risks and opportunities facing the business in real time, as well as the progress and issues integrated into weekly Executive Committee review meetings.
30% of incentive payments for senior leaders under Barrick’s Partnership Plan are now tied to ESG performance, including a new 10% weighting under the annual incentive program linked to our annual safety and
environment performance and a 20% weighting under our Long-Term Company Scorecard linked to the assessment of our industry-first Sustainability Scorecard. As we strive for ongoing strong performance, the Sustainability Scorecard targets and metrics are updated annually. The results of the 2023 Sustainability Scorecard, and updated metrics and targets for 2024, will be disclosed in our 2023 Annual Report and Sustainability Report, published in March and April 2024 respectively. The E&S Committee tracks our progress against all metrics.

Human rights
Our commitment to respect human rights is codified in our standalone Human Rights Policy and informed by the expectations of the United Nations Guiding Principles on Business and Human Rights, the Voluntary Principles on Security and Human Rights and the OECD Guidelines for Multinational Enterprises. This commitment is fulfilled on the ground via our Human Rights Program, the fundamental principles of which include: monitoring and reporting, due diligence, training, as well as disciplinary action and remedy.
We continue to assess and manage security and human rights risks at all our operations and provide security and human rights training to private and public security forces across our sites. 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.

Safety
We are committed to the safety, health and well-being of our people, their families and the communities in which we operate. Our safety vision is “Everyone to go home safe and healthy every day.”
Following a number of severe safety incidents in 2022 and early in 2023, we established a Management-Level Safety Committee, and developed our “Journey to Zero” initiative at the end of the first quarter of 2023, which was disclosed in our 2022 Sustainability Report (published in April 2023).
Our focus and priority throughout the remainder of 2023 and beyond continues to be on the roll out of our “Journey to Zero” initiative. The journey was kicked off with the responsibility to STOP unsafe work, since we are all safety leaders within our organization. We recognize our responsibility to identify hazards and ensure that all the controls are in place to do the job/or task safely.
We report our safety performance quarterly as part of both our E&S Committee meetings and our reports to the ESG & Nominating Committee. Our safety performance is a regular standing agenda item on our weekly Executive Committee review meeting.
Reflecting on 2023, our frequency rates are at an all-time low. As an organization, we had 9% fewer injuries compared to 2022, a significant reduction in injury severity, an 18% decrease in LTIs, and a 25% decrease in Restricted Duty Injuries. Statistics for 2023 show a 12% improvement in the TRIFR8 (1.14) compared to 2022. The LTIFR8 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. We also had four operating sites that worked without a LTI for the year.
Regrettably, the safety improvements were offset by five fatalities that took place during 2023, and two
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MANAGEMENT’S DISCUSSION AND ANALYSIS

additional fatalities that occurred in early 2024 at North Mara and Kibali.
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 link it to our Fatal Risk Management Program. As part of our Journey to Zero, we have 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.
In terms of key performance indicators, for the fourth quarter of 2023, our LTIFR8 was 0.14, a 52% decrease quarter on quarter, and our TRIFR8 was 0.69, a decrease of 46% from the third quarter of 2023.

Social
We regard our host communities and countries as important partners in our business. Our sustainability policies commit us to transparency in our relationships with host communities, government authorities, the public and other key stakeholders. Through these policies, we commit to conducting our business with integrity and with absolute opposition to corruption. We require our suppliers to operate ethically and responsibly as a condition of doing business with us.

Community and economic development
Our commitment to social and economic development is set out in our overarching Sustainable Development and Social Performance policies. Mining has been identified as vital for the achievement of the United Nations SDGs, not only for its role in providing the minerals needed to enable the transition to a lower carbon intensive economy, but more importantly because of its ability to drive socio-economic development and build resilience. Creating long-term value and sharing economic benefits is at the heart of our approach to sustainability, as well as community development. This approach is encapsulated in three concepts:
The primacy of partnership: this means that we invest in real partnerships with mutual responsibility. Partnerships include local communities, suppliers, government, and organizations, and this approach is epitomized through our CDCs with development initiatives and investments.
Sharing the benefits: We hire and buy local wherever possible as this injects money into and keeps it in our local communities and host countries. By doing this, we build capacity, community resilience and create opportunity. We also invest in community development through our CDCs. Sharing the benefits also means paying our fair share of taxes, royalties and dividends and doing so transparently, primarily through the reporting mechanism of the Canadian Extractive Sector Transparency Measures Act. Our annual Tax Contribution Report sets out, in detail, our economic contributions to host governments.
Engaging and listening to stakeholders: We develop tailored stakeholder engagement plans for every operation and the business as a whole. These plans guide and document how often we engage with various stakeholder groups and allow us to proactively deal with issues before they escalate into significant risks.
Our community development spend during the fourth quarter was $15.4 million, and $43.2 million for 2023.

Environment
We know the environment in which we work and our host communities are inextricably linked, and we apply a holistic and integrated approach to sustainability management. 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, we can deliver significant cost savings to our business, reduce future liabilities and help build stronger stakeholder relationships. Environmental matters such as how we use water, prevent incidents, manage tailings, respond to changing climate, and protect biodiversity are key areas of focus.
We maintained our strong track record of stewardship and did not record any Class 19 environmental incidents in 2023.

Climate Change
The ESG & Nominating Committee is responsible for overseeing Barrick’s policies, programs and performance relating to sustainability and the environment, including climate change. The Audit & Risk Committee assists the Board in overseeing the Group’s management of enterprise risks as well as the implementation of policies and standards for monitoring and mitigating such risks. Climate change is built into our formal risk management process, outputs of which are regularly reviewed by the Audit & Risk Committee.
Barrick’s climate change strategy has three pillars: (1) identify, understand and mitigate the risks associated with climate change; (2) measure and reduce our GHG emissions across our operations and value chain; and (3) improve our disclosure on climate change. The three pillars of our climate change strategy do not focus solely on the development of emissions reduction targets, rather, we integrate and consider aspects of biodiversity protection, water management and community resilience in our approach.
We are acutely aware of the impacts that climate change and extreme weather events have on our host communities and countries, particularly developing nations which are often the most vulnerable. As the world economy transitions to renewable power, it is imperative that developing nations are not left behind. As a responsible business, we have focused our efforts on building resilience in our host communities and countries, just as we do for our business. Our climate disclosure is based on the recommendations of the TCFD.

Identify, understand and mitigate the risks associated with climate change
We identify and manage risks, build resilience to a changing climate and extreme weather events, as well as position ourselves for new opportunities. These factors continue to be incorporated into our formal risk assessment process. We have identified several risks and opportunities for our business including: physical impacts of extreme weather events; an increase in regulations that seek to address climate change; and an increase in global investment in innovation and low-carbon technologies.
The risk assessment process includes scenario analysis, which is being rolled out to all sites with an initial focus on our Tier One Gold Assets1, to assess site-specific climate related risks and opportunities. The key findings and a summary of this asset-level physical and transitional risk assessment at Loulo-Gounkoto and Kibali were disclosed as part of our CDP (formerly known as the
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MANAGEMENT’S DISCUSSION AND ANALYSIS

Carbon Disclosure Project) Climate Change and Water Security questionnaires, submitted to CDP in July 2023.
In addition, climate scenario analysis and risk assessments were completed in 2023 for Carlin (physical risks) and NGM (transitional risks). These disclosures will be included in the 2023 Sustainability Report to be published in April 2024.

Measure and reduce the Group’s impact on climate change
Mining is an energy-intensive business, and we understand the important link between energy use and GHG emissions. By measuring and effectively managing our energy use, we can reduce our GHG emissions, achieve more efficient production, and reduce our costs.
We have climate champions at each site who are tasked with identifying roadmaps and assessing feasibility for our GHG emissions reductions and carbon offsets for hard-to-abate emissions. Any carbon offsets that we pursue must have appropriate socio-economic and/or biodiversity benefits. We have published an achievable emissions reduction roadmap and continue to assess further reduction opportunities across our operations. The detailed roadmap was first published in our 2021 Sustainability Report and includes committed-capital projects and projects under investigation that rely on technological advances, with a progress summary contained in the 2022 Sustainability Report.
We continue to progress our extensive work across our value chain in understanding our Scope 3 (indirect emissions associated with the value chain) emissions and implementing our engagement roadmap to enable our key suppliers to set meaningful and measurable reduction targets, in line with the commitments made through the ICMM Climate Position Paper.
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 emission areas in our value chain as outlined below:

Goods and Suppliers (Category 110):
Quantitative Target: 30% emissions reduction of “Tier 1” suppliers (those suppliers that collectively account for 5% of Barrick’s total spend in this category) by 2030 against a 2022 Scope 3 base year;
Qualitative Target: Incorporate 130 of our largest suppliers by spend into our annual outreach (this includes our Tier 1 suppliers as well as chemical and metal fabricator suppliers) and engagement; and
2025 Target: Collect high-quality data for 50% of Tier 1 and chemical and metal fabricator suppliers through engagement, and refine emissions reduction targets by 2025.

Fuels and Energy (Category 310):
Quantitative Target: 20% reduction against a 2022 Scope 3 base year by 2030; and
Qualitative Targets:
Collaborate towards new technologies to reduce fleet emissions; and
Engage with host governments where we consume power from national grids for continued renewable energy incorporation.

Downstream Copper Processing (Category 1010):
Qualitative Target: Outreach and engagement of all downstream customers and smelters; and
2025 Target: Set emissions reduction target, covering 75% of copper processing, by 2025.

Improve our disclosure on climate change
Our disclosure on climate change, including in our Sustainability Report and on our website, is developed in line with the TCFD recommendations. Barrick continues to monitor the various regulatory climate disclosure standards being developed around the world, including the ISSB’s recently issued S2 Climate-related Disclosures. In addition, we complete the annual CDP Climate Change and Water Security questionnaires. This ensures our investor-relevant water use, emissions and climate data is widely available.

Emissions
Barrick’s interim GHG emissions reduction target is for a minimum 30% reduction by 2030 against our 2018 baseline, while maintaining a steady production profile. The basis of this reduction is against a 2018 baseline of 7,541 kt CO2-e.
Our GHG emissions reduction target is grounded in science and has a detailed pathway for achievement. Our target is not static and will be updated as we continue to identify and implement new GHG reduction opportunities.
Ultimately, our vision is net zero GHG emissions by 2050, achieved primarily through GHG 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. We plan to supplement our corporate emissions reduction target with context-based site-specific emissions reduction targets.
During the fourth quarter of 2023, the Group's total Scope 1 and 2 (location-based) GHG emissions were 1,726 kt CO2-e11. The preliminary 2023 emissions are approximately 6% less than the GHG emissions for the same period year period in 2022 (Scope 1 and 2 (location-based)). The full year data assurance process is currently underway and final 2023 data will be included in Barrick’s 2023 Sustainability Report.

Water
Water is a vital and increasingly scarce global resource. Managing and using water responsibly is one of the most critical parts of our sustainability strategy. Our commitment to responsible water use is codified in our Environmental Policy and standalone Water Policy. Steady, reliable access to water is critical to the effective operation of our mines. Access to water is also a fundamental human right.
Understanding the water stress in the regions in which we operate enables us to better understand the risks and manage our water resources through site-specific water balances, based on the ICMM Water Accounting Framework, aimed at minimizing our water withdrawal and maximizing water reuse and recycling within our operations.
We include each mine’s water risks in its operational risk register. These risks are then aggregated and incorporated into the corporate risk register. Our identified water-related risks include: (1) managing excess water in regions with high rainfall; (2) maintaining access to water in arid areas and regions prone to water scarcity; and (3) regulatory risks related to permitting limits as well as municipal and national regulations for water use.
We set an annual water recycling and reuse target of 80%. Our water recycling and reuse rate for the fourth
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MANAGEMENT’S DISCUSSION AND ANALYSIS

quarter of 2023 was approximately 84%. The increase was due to refinement of the Pueblo Viejo water balance accounting and thus the performance against 2022 is not directly comparable.

Tailings
We are committed to having our TSFs meet global best practices for safety. Our TSFs are carefully engineered and regularly inspected, particularly those in regions with high rainfall and seismic events.
We disclosed our conformance to the GISTM for all Extreme and Very High consequence facilities on the Barrick website on August 4, 2023, within the committed disclosure timeframe. All of our sites that are classified as Very High or Extreme consequence are in conformance with the GISTM. We continue to progress with our conformance for lower consequence facilities in accordance with the GISTM. Disclosures for lower consequence facilities will be completed by August 2025, also in accordance with the GISTM.

Biodiversity
Biodiversity underpins many of the ecosystem services on which our mines and their surrounding communities depend. If improperly managed, mining and exploration activities have the potential to negatively affect biodiversity and ecosystem services. Protecting biodiversity and preventing nature loss is also critical and inextricably linked to the fight against climate change. We work to proactively manage our impact on biodiversity and strive to protect the ecosystems in which we operate. Wherever possible, we aim to achieve a net neutral biodiversity impact, particularly for ecologically sensitive environments.
We continue to work to implement our BAPs. The BAPs outline our strategy to achieve no-net loss for all key biodiversity features and their associated management plans.



Market Overview
The market prices of gold and, to a lesser extent, copper are the primary drivers of our profitability and our ability to generate free cash flow6 for our shareholders.

Gold
The price of gold is subject to volatile price movements over short periods of time and is affected by numerous industry and macroeconomic factors. 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 from the 2022 average of $1,800 per ounce.
During the year, the gold price remained strong as a result of geopolitical tensions, including the conflicts in the Middle East, global economic uncertainty, the expectation of benchmark interest rate cuts as inflation pressures ease, and central bank purchases, tempered by a reduction in global gold exchange-traded fund holdings.
AVERAGE MONTHLY SPOT GOLD PRICES
(dollars per ounce)
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Copper
During 2023, London Metal Exchange copper prices traded in a range of $3.56 per pound to $4.33 per pound, averaged $3.85 per pound, and closed the year at $3.84 per pound. Copper prices are heavily 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 consumer of copper, tempered by supply disruptions.

AVERAGE MONTHLY SPOT COPPER PRICES
(dollars per pound)
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We have provisionally priced copper sales for which final price determination versus the relevant copper index is outstanding at the balance sheet date. As at December 31, 2023, we recorded 61 million pounds of copper sales still subject to final price settlement at an average provisional price of $3.81 per pound. The impact to net income before taxation of a 10% movement in the market price of copper would be approximately $23 million, holding all other variables constant.

Currency Exchange Rates
The results of our mining operations outside of the United States are affected by fluctuations in exchange rates. We have exposure to the Argentine peso through operating costs at our Veladero mine, and peso denominated VAT receivable balances. We also have exposure to the Canadian and Australian dollars, Chilean peso, Papua New Guinea kina, Zambian kwacha, Tanzanian shilling, Dominican peso, West African CFA franc, Euro, South African rand, and British pound through mine operating and capital costs. In addition, we also have exposure to the Pakistani rupee through project costs on Reko Diq.
Fluctuations in these exchange rates increase the volatility of our costs reported in US dollars. In 2023, the Australian dollar traded in a range of $0.63 to $0.72 against
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MANAGEMENT’S DISCUSSION AND ANALYSIS

the US dollar, while the US dollar against the Canadian dollar and West African CFA franc ranged from $1.31 to $1.39 and XOF 582 to XOF 628, respectively. Due to inflationary pressures in Argentina and the actions of the government, there was a continued weakening of the Argentine peso during the year and it ranged from ARS 177 to ARS 809. During 2023, we did not have any currency hedge positions, and are unhedged against foreign exchange exposures as at December 31, 2023 beyond spot requirements.

Fuel
For 2023, the price of WTI crude oil traded in a range between $64 and $95 per barrel, with the market price averaging $78 per barrel, and closing the year at $72 per barrel. Oil prices were impacted by constrained supply, expectations for a decline in economic activity as a result of increased interest rates, and geopolitical concerns, including the ongoing invasion of Ukraine by Russia and the conflicts in the Middle East.

AVERAGE MONTHLY SPOT CRUDE OIL PRICE (WTI)
(dollars per barrel)
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During 2023, we did not have any fuel hedge positions, and are unhedged against fuel exposures as at December 31, 2023.

US Dollar Interest Rates
In response to inflationary pressure, the US Federal Reserve raised benchmark interest rates during 2022 and 2023 to a range of 5.25% to 5.50% by the end of 2023. Cuts in benchmark interest rates are currently expected during 2024 as those inflationary pressures are forecast to continue to ease, but any changes to monetary policy will be dependent on economic data to be observed during the year.
At present, our interest rate exposure mainly relates to interest income received on our cash balances ($4.1 billion at December 31, 2023); the mark-to-market value of derivative instruments; the carrying value of certain non-current assets and liabilities; and the interest payments on our variable-rate debt ($0.1 billion at December 31, 2023). Currently, the amount of interest expense recorded in our consolidated statement of income is not materially impacted by changes in interest rates, because the majority of our debt was issued at fixed interest rates. The relative amounts of variable-rate financial assets and liabilities may change in the future, depending on the amount of operating cash flow we generate, as well as the level of capital expenditures and our ability to borrow on favorable terms using fixed rate debt instruments. Changes in interest rates affect the accretion expense recorded on our provision for environmental rehabilitation and therefore would affect our net earnings.
Reserves and Resources12
For full details of our mineral reserves and mineral resources, refer to page 98 of the Fourth Quarter 2023 Report.

Gold Reserves and Resources
Barrick’s 2023 gold mineral reserves and resources are estimated using a gold price assumption of $1,300 and $1,700 per ounce, respectively, which are both consistent with 2022, except at Tongon, where mineral reserves were estimated using a gold price assumption of $1,500 per ounce and Hemlo where mineral reserves were estimated using a gold price assumption of $1,400 per ounce. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places.
As of December 31, 2023, Barrick’s proven and probable gold reserves were 77 million ounces13 at an average grade of 1.65 g/t, increasing from 76 million ounces14 at an average grade of 1.67 g/t in 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%15 of the Company’s gold reserve depletion, adding almost 29 million ounces15 of attributable proven and probable reserves or 44 million ounces15 of proven and probable reserves on a 100% basis (excluding both acquisitions and divestments).

ATTRIBUTABLE CONTAINED GOLD RESERVES13,14,a
(Moz)
f-d96d24ef947348c0a50.jpg
a Figures rounded to two significant digits.

Barrick attributable measured and indicated gold resources for 2023 stand at 180 million ounces13 at 1.06 g/t, with a further 39 million ounces13 at 0.8 g/t of inferred resources. Mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, whilst inferred mineral resource grades are reported to one decimal place.
The Africa & 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 ounce13 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 ounces13 to attributable proven and probable reserves. At Kibali, the
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MANAGEMENT’S DISCUSSION AND ANALYSIS

ongoing conversion drilling in the 11000 lode in KCD underground combined with the conversion of some satellite pit resources delivered a 0.47 million ounce13 increase in 2023 attributable proven and probable reserves before depletion.
Within the Latin America & 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 ounces13 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 tonnes13 of copper at 0.43% with 14 million ounces13 of gold at 0.25 g/t, and an attributable inferred mineral resource of 2.2 million tonnes13 of copper at 0.3% with 3.8 million ounces13 of gold at 0.2 g/t.
In North America, ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and Robertson in Cortez added 1.9 million ounces13 of gold on an attributable basis before annual depletion, effectively replacing more than 80% of annual depletion. This resulted in sustaining attributable proven and probable mineral reserves for the region at 31 million ounces13 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 ounces13 at 2.10 g/t, whilst 2023 updated inferred attributable gold resources grew to 18 million ounces13 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 deposit16, targeting an update to mineral resources at the end of 2024, which will inform Barrick’s decision on commencement of a pre-feasibility study.

Copper Reserves and Resources
For Barrick-operated assets, copper mineral reserves for 2023 are estimated using a copper price of $3.00 per pound, consistent with 2022. Copper mineral resources for 2023 are estimated using an updated price of $4.00 per pound. Both are reported to a rounding standard of two significant digits, for tonnes and metal content, with grades reported to two decimal places. Starting at December 31, 2023, our copper reserves and resources are being reported in tonnes, whereas previously they were reported in pounds.
Attributable proven and probable copper reserves grew by 330 thousand tonnes13 of copper year-over-year before annual depletion of 270 thousand tonnes of copper. This has resulted in 124% of annual global copper depletion at a consistent quality, with attributable proven and probable copper mineral reserves of 5.6 million tonnes13 at 0.39% as of end of year 2023. This was primarily driven by the successful drilling programs at Lumwana, which converted additional pushbacks on the Malundwe pit, and grew the Lumwana copper mineral reserve base by 6% year on year, net of depletion.

ATTRIBUTABLE CONTAINED COPPER RESERVES13,14,a
(M tonnes)
f-7ce66b0e311946c5924.jpg
a Figures rounded to two significant digits.


Barrick’s attributable measured and indicated copper resources for 2023 stand at 21 million tonnes of copper13 at 0.39%, with a further 7.1 million tonnes of copper13 at 0.4% of inferred resources. Mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, whilst inferred mineral resource grades are reported to one decimal place.
The Lumwana updated 2023 measured and indicated copper resources stand at 7.1 million tonnes13 of copper at 0.52%, with a further 4 million tonnes13 of copper at 0.4% of inferred resources expected to provide the foundation for a Tier One Copper Asset3 following the completion of the Super Pit Expansion feasibility study in 2024.
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.

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MANAGEMENT’S DISCUSSION AND ANALYSIS

Risks and Risk Management
Overview
The ability to deliver on our vision, strategic objectives and operating guidance depends on our ability to understand and appropriately respond to the uncertainties or “risks” we face that may prevent us from achieving our objectives. To achieve this, we:
maintain a framework that permits us to manage risk effectively and in a manner that creates the greatest value;
integrate a process for managing risk into all our important decision-making processes so that we reduce the effect of uncertainty on achieving our objectives;
actively monitor key controls we rely on to achieve the Company’s objectives so they remain in place and are effective at all times; and
provide assurance to senior management and relevant committees of the Board on the effectiveness of key control activities.

Board and Committee Oversight
We maintain strong risk oversight practices, with responsibilities outlined in the mandates of the Board and related committees. The Board’s mandate is clear on its responsibility for reviewing and discussing with management the processes used to assess and manage risk, including the identification by management of the principal risks of the business, and the implementation of appropriate systems to deal with such risks.
The Audit & Risk Committee assists the Board in overseeing the Company’s management of principal risks and the implementation of policies and standards for monitoring and modifying such risks, as well as monitoring and reviewing the Company’s financial position and
financial risk management programs. The ESG & Nominating Committee assists the Board in overseeing the Company’s policies and performance for its environmental, health and safety, corporate social responsibility and human rights programs. The Compensation Committee assists the Board in ensuring that executive compensation is appropriately linked to our sustainability performance, including with respect to climate change and water.

Management Oversight
Our weekly Executive Committee Review is the main forum for senior management to raise and discuss risks facing the operations and organization more broadly. Additionally, our most senior management-level body dedicated to sustainability is the E&S Committee which meets on a quarterly basis to review sustainability performance and key performance indicators across our operations. At every quarterly meeting, the ESG & Nominating Committee and the Audit & Risk Committee are provided with updates on the key issues identified by management at these regular sessions.

Principal Risks
The following subsections describe some of our key sources of uncertainty and critical risk mitigation activities. The risks described below are not the only ones facing Barrick. Our business is subject to inherent risks in financial, regulatory, strategic and operational areas. For a more comprehensive discussion of those inherent risks, see “Risk Factors” in our most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities. Also see the “Cautionary Statement on Forward-Looking Information” on page 2 of this MD&A.

Risk Factor Risk Mitigation Strategy
Free cash flow6 and costs
Our ability to improve productivity, drive down operating costs and optimize working capital remains a focus in 2024 and is subject to several sources of uncertainty. This includes our ability to achieve and maintain industry-leading margins by improving the productivity and efficiency of our operations.
Maximizing the benefit of higher gold prices through agile management and operational execution;
Weekly Executive Committee Review to identify, assess and respond to risks in a timely manner;
Enabling simplification and agile decision making through optimization of business systems;
Supply Chain is decentralized to the operations with a centralized Strategic Sourcing Group and is focused on mitigating the risks of rising costs and supply chain disruption;
Disciplined capital allocation criteria for all investments, to ensure a high degree of consistency and rigor is applied to all capital allocation decisions based on a comprehensive understanding of risk and reward;
Continued enhancement of controls to prevent, detect and respond to potential cyber-attacks; and
A flat, operationally focused, agile management structure with a tenet in ownership culture.
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MANAGEMENT’S DISCUSSION AND ANALYSIS

Risk Factor Risk Mitigation Strategy
Social license to operate
At Barrick, we are committed to building, operating, and closing our mines in a safe and responsible manner. To do this, we seek to build trust-based partnerships with host governments and local communities to drive shared long-term value while working to minimize the social and environmental impacts of our activities. Geopolitical risks such as resource nationalism and incidents of corruption are inherent in the business of a company operating globally. Past environmental incidents in the extractive industry highlight the hazards (e.g., water management, tailings storage facilities, etc.) and the potential consequences to the environment, community health and safety. Our ability to maintain compliance with regulatory and community obligations in order to protect the environment and our host communities alike remains one of our top priorities. Barrick also recognizes climate change as an area of risk requiring specific focus and that reducing GHG emissions to counter the causes of climate change requires strong collective action by the mining industry.
Our commitment to responsible mining is supported by a robust governance framework, including an overarching Sustainable Development Policy and related policies in the areas of Biodiversity, Conflict-Free Gold, Social Performance, Occupational Health and Safety, Environment and Human Rights;
Use of our Sustainability Scorecard to track sustainability performance using key performance indicators aligned to priority areas set out in our strategy;
Mandatory training on our Code of Business Conduct and Ethics as well as supporting policies which set out the ethical behavior expected of everyone working at, or with, Barrick;
We take a partnership approach with our host governments. This means we work to balance our own interests and priorities with those of our government partners, working to ensure that everyone derives real value from our operations;
Established CDCs at all our operating mines to identify community needs and priorities and to allocate funds to those initiatives most needed and desired by local stakeholders;
We open our social and environmental performance to third-party scrutiny, including through the ISO 14001 re-certification process, International Cyanide Management Code audits, and annual human rights impact assessments;
We published site-level TSF disclosures, in accordance with Principle 15 of the GISTM, for all of the Company’s facilities classified as ‘Very High’ and ‘Extreme’ consequence, in conformance with the requirements of the GISTM.
Our climate change strategy has three pillars: identify, understand and mitigate the risks associated with climate change; measure and reduce our impacts on climate change; and improve our disclosure on climate change;
We continuously monitor developments around the world and work closely with our local communities on managing the impacts of health issues, such as Covid-19 or Ebola outbreaks, on our people and business; and
We continuously review and update our closure plans and cost estimates to plan for environmentally responsible closure and monitoring of operations.
Resources and reserves and production outlook
Like any mining company, we face the risk that we are unable to discover or acquire new resources or that we do not convert resources into production. As we move into 2024 and beyond, our overriding objective of growing free cash flow6 continues to be underpinned by a strong pipeline of organic projects and minesite expansion opportunities in our core regions. Uncertainty related to these and other opportunities exists (potentially both favorable and unfavorable) due to the speculative nature of mineral exploration and development as well as the potential for increased costs, delays, suspensions and technical challenges associated with the construction of capital projects.
Focus on responsible mineral resource management, continuously improve ore body knowledge, and add to reserves and resources;
Consolidate and secure dominant land positions in favored operating districts and emerging new prospective geological domains;
Focus on economically feasible discoveries with potential Tier One1,3 status;
Optimize the value of underdeveloped projects;
Establish and develop motivated and highly agile discovery-driven teams; and
Identify emerging opportunities and secure them through earn-in agreements or acquisition.
Financial position and liquidity
Our liquidity profile, level of indebtedness and credit ratings are all factors in our ability to meet short- and long-term financial demands. Barrick’s outstanding debt balances impact liquidity through scheduled interest and principal repayments and the results of leverage ratio calculations, which could influence our investment grade credit ratings and ability to access capital markets. In addition, our ability to draw on our credit facility is subject to meeting its covenants. Our primary source of liquidity is our operating cash flow, which is dependent on the ability of our operations to deliver projected future cash flows. The ability of our operations to deliver projected future cash flows, as well as future changes in gold and copper market prices, either favorable or unfavorable, will continue to have a material impact on our cash flow and liquidity.
Continued focus on generating positive free cash flow6 by improving the underlying cost structures of our operations in a sustainable manner;
Preparation of budgets and forecasts to understand the impact of different price scenarios on liquidity, including our capacity to provide cash returns to shareholders, repurchase outstanding debt and shares, and formulate appropriate strategies;
Review of debt and net debt levels to ensure appropriate leverage and monitor the market for liability management opportunities; and
Other options available to the Company to enhance liquidity include drawing on our $3.0 billion undrawn Credit Facility, asset sales, joint ventures, or the issuance of debt or equity securities.



BARRICK YEAR-END 2023
22
MANAGEMENT’S DISCUSSION AND ANALYSIS

Production and Cost Summary - Gold
For the three months ended For the years ended
12/31/23 9/30/23 Change 12/31/23 12/31/22  Change 12/31/21
Nevada Gold Mines LLC (61.5%)a
Gold produced (000s oz) 513  478  7% 1,865 1,862  0% 2,036
Cost of sales ($/oz) 1,331  1,273  5% 1,351 1,210  12% 1,072
Total cash costs ($/oz)b
968  921  5% 989 876  13% 705
All-in sustaining costs ($/oz)b
1,366  1,286  6% 1,366 1,214  13% 949
Carlin (61.5%)c
Gold produced (000s oz) 224  230  (3%) 868 966  (10%) 923
Cost of sales ($/oz) 1,219  1,166  5% 1,254 1,069  17% 968
Total cash costs ($/oz)b
1,006  953  6% 1,033 877  18% 782
All-in sustaining costs ($/oz)b
1,506  1,409  7% 1,486 1,212  23% 1,087
Cortez (61.5%)
Gold produced (000s oz) 162  137  18% 549 450  22% 509 
Cost of sales ($/oz) 1,353  1,246  9% 1,318 1,164  13% 1,122 
Total cash costs ($/oz)b
909  840  8% 906 815  11% 763 
All-in sustaining costs ($/oz)b
1,309  1,156  13% 1,282 1,258  2% 1,013 
Turquoise Ridge (61.5%)
Gold produced (000s oz) 84  83  1% 316 282  12% 334
Cost of sales ($/oz) 1,419  1,300  9% 1,399 1,434  (2%) 1,122
Total cash costs ($/oz)b
1,046  938  12% 1,026 1,035  (1%) 749
All-in sustaining costs ($/oz)b
1,257  1,106  14% 1,234 1,296  (5%) 892
Phoenix (61.5%)c
Gold produced (000s oz) 41  26  58% 123 109  13% 109
Cost of sales ($/oz) 1,576  2,235  (29%) 2,011 2,039  (1%) 1,922
Total cash costs ($/oz)b
787  1,003  (22%) 961 914  5% 398
All-in sustaining costs ($/oz)b
981  1,264  (22%) 1,162 1,074  8% 533
Long Canyon (61.5%)
Gold produced (000s oz) 2  0% 9  55  (84%) 161
Cost of sales ($/oz) 2,193  1,832  20% 1,789  1,282  40% 739
Total cash costs ($/oz)b
990  778  27% 724  435  66% 188
All-in sustaining costs ($/oz)b
1,074  831  29% 779  454  72% 238
Pueblo Viejo (60%)
Gold produced (000s oz) 90  79  14% 335  428  (22%) 488
Cost of sales ($/oz) 1,588  1,501  6% 1,418  1,132  25% 896
Total cash costs ($/oz)b
1,070  935  14% 889  725  23% 541
All-in sustaining costs ($/oz)b
1,428  1,280  12% 1,249  1,026  22% 745
Loulo-Gounkoto (80%)
Gold produced (000s oz) 127  142  (11%) 547  547  0% 560
Cost of sales ($/oz) 1,296  1,087  19% 1,198  1,153  4% 1,049
Total cash costs ($/oz)b
924  773  20% 835  778  7% 650
All-in sustaining costs ($/oz)b
1,168  1,068  9% 1,166  1,076  8% 970
Kibali (45%)
Gold produced (000s oz) 93  99  (6%) 343  337  2% 366
Cost of sales ($/oz) 1,141  1,152  (1%) 1,221  1,243  (2%) 1,016
Total cash costs ($/oz)b
737  694  6% 789  703  12% 627
All-in sustaining costs ($/oz)b
819  801  2% 918  948  (3%) 818
Veladero (50%)
Gold produced (000s oz) 55  55  0% 207  195  6% 172
Cost of sales ($/oz) 1,378  1,376  0% 1,440  1,628  (12%) 1,256
Total cash costs ($/oz)b
1,021  988  3% 1,011  890  14% 816
All-in sustaining costs ($/oz)b
1,403  1,314  7% 1,516  1,528  (1%) 1,493
Porgera (47.5%)d
Gold produced (000s oz)
Cost of sales ($/oz)
Total cash costs ($/oz)b
All-in sustaining costs ($/oz)b
BARRICK YEAR-END 2023
23
MANAGEMENT’S DISCUSSION AND ANALYSIS

Production and Cost Summary - Gold (continued)
For the three months ended For the years ended
12/31/23 9/30/23 Change 12/31/23 12/31/22  Change 12/31/21
Tongon (89.7%)
Gold produced (000s oz) 42  47  (11%) 183  180 2% 187
Cost of sales ($/oz) 1,489  1,423  5% 1,469  1,748 (16%) 1,504
Total cash costs ($/oz)b
1,184  1,217  (3%) 1,240  1,396 (11%) 1,093 
All-in sustaining costs ($/oz)b
1,586  1,331  19% 1,408  1,592  (12%) 1,208 
Hemlo (100%)
Gold produced (000s oz) 34  31  10% 141 133 6% 150
Cost of sales ($/oz) 1,618  1,721  (6%) 1,589 1,628 (2%) 1,693
Total cash costs ($/oz)b
1,407  1,502  (6%) 1,382 1,409 (2%) 1,388
All-in sustaining costs ($/oz)b
1,671  1,799  (7%) 1,672 1,788 (6%) 1,970
North Mara (84%)
Gold produced (000s oz) 59  62  (5%) 253 263 (4%) 260
Cost of sales ($/oz) 1,420  1,244  14% 1,206 979 23% 966 
Total cash costs ($/oz)b
1,103  999  10% 944 741 27% 777 
All-in sustaining costs ($/oz)b
1,449  1,429  1% 1,335 1,028 30% 1,001 
Buzwagi (84%)e
Gold produced (000s oz) 40
Cost of sales ($/oz) 1,334
Total cash costs ($/oz)b
1,284
All-in sustaining costs ($/oz)b
1,291
Bulyanhulu (84%)
Gold produced (000s oz) 41  46  (11%) 180 196 (8%) 178
Cost of sales ($/oz) 1,413  1,261  12% 1,312 1,211 8% 1,079
Total cash costs ($/oz)b
1,002  859  17% 920 868 6% 709
All-in sustaining costs ($/oz)b
1,376  1,132  22% 1,231 1,156 6% 891
Total Attributable to Barrickf
Gold produced (000s oz) 1,054  1,039  1% 4,054  4,141 (2%) 4,437
Cost of sales ($/oz)g
1,359  1,277  6% 1,334  1,241 7% 1,093
Total cash costs ($/oz)b
982  912  8% 960  862 11% 725
All-in sustaining costs ($/oz)b
1,364  1,255  9% 1,335  1,222  9% 1,026 
a.These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c.On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 30, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.
d.As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no operating data or per ounce data has been provided starting in the third quarter of 2020. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the 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###24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic 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%. Refer to page 9 for further information.
e.With the end of mining at Buzwagi in the third quarter of 2021, as previously reported, we have ceased to include production or non-GAAP cost metrics for Buzwagi from October 1, 2021 onwards.
f.Excludes Pierina, Lagunas Norte up until its divestiture in June 1, 2021 and Buzwagi starting in the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.
g.Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).


BARRICK YEAR-END 2023
24
MANAGEMENT’S DISCUSSION AND ANALYSIS

Production and Cost Summary - Copper
For the three months ended For the years ended
12/31/23 9/30/23 Change 12/31/23 12/31/22  Change 12/31/21
Lumwana (100%)
Copper production (millions lbs) 73  72  1% 260 267  (3%) 242 
Cost of sales ($/lb) 2.95  2.48  19% 2.91 2.42  20% 2.25 
C1 cash costs ($/lb)a
2.14  1.86  15% 2.29 1.89  21% 1.62 
All-in sustaining costs ($/lb)a
3.38  3.41  (1%) 3.48 3.63  (4%) 2.80 
Zald ívar (50%)
Copper production (millions lbs) 23  22  5% 89 98  (9%) 97 
Cost of sales ($/lb) 3.85  3.86  0% 3.83 3.12  23% 3.19 
C1 cash costs ($/lb)a
2.93  2.99  (2%) 2.95 2.36  25% 2.38 
All-in sustaining costs ($/lb)a
3.51  3.39  4% 3.46 2.95  17% 2.94 
Jabal Sayid (50%)
Copper production (millions lbs) 17  18  (6%) 71 75  (5%) 76 
Cost of sales ($/lb) 1.59  1.72  (8%) 1.60 1.52  5% 1.38 
C1 cash costs ($/lb)a
1.32  1.45  (9%) 1.35 1.26  7% 1.18 
All-in sustaining costs ($/lb)a
1.50  1.64  (9%) 1.53 1.36  13% 1.33 
Total Attributable to Barrick
Copper production (millions lbs) 113  112  1% 420 440 (5%) 415
Cost of sales ($/lb)b
2.92  2.68  9% 2.90 2.43 19% 2.32
C1 cash costs ($/lb)a
2.17  2.05  6% 2.28 1.89 21% 1.72
All-in sustaining costs ($/lb)a
3.12   3.23  (3%) 3.21 3.18 1% 2.62

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
b.Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).


Operating Performance

Review of Operating Performance
In the first quarter of 2023, we re-evaluated our reportable operating segments and started detailed reporting on our interest in Lumwana and no longer provide detailed reporting on our interest in Veladero. As a result, our presentation of reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating
segments, including our remaining gold and copper mines, have been grouped into an “Other Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.


BARRICK YEAR-END 2023
25
MANAGEMENT’S DISCUSSION AND ANALYSIS

Nevada Gold Mines (61.5% basis)a, Nevada USA

Summary of Operating and Financial Data
For the three months ended  For the  years ended
  12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21
Total tonnes mined (000s) 42,801  42,953  0% 167,641  170,302  (2)% 198,725 
    Open pit ore 7,430  8,374  (11)% 29,797  24,540  21% 37,670 
    Open pit waste 33,839  33,171  2% 132,323  140,245  (6)% 155,724 
     Underground 1,532  1,408  9% 5,521  5,517  0% 5,331 
Average grade (grams/tonne)
    Open pit mined 0.98  0.80  23% 1.03  1.27  (19)% 0.84 
    Underground mined 9.24  9.28  0% 8.99  8.96  0% 9.32 
     Processed 2.08  1.99  5% 1.98  2.50  (21)% 1.78 
Ore tonnes processed (000s) 9,155  10,014  (9)% 35,590  34,873  2% 49,232 
    Oxide mill 2,215  2,299  (4)% 9,624  11,964  (20)% 12,334 
    Roaster 1,425  1,364  4% 4,993  5,506  (9)% 4,866 
     Autoclave 1,153  959  20% 3,636  4,341  (16)% 4,683 
    Heap leach 4,362  5,392  (19)% 17,337  13,062  33% 27,349 
Recovery rateb
83  % 85  % (2)% 83  % 78  % 6% 79  %
    Oxide Millb
82  % 82  % 0% 79  % 73  % 8% 77  %
     Roaster 85  % 86  % (1)% 86  % 86  % 0% 86  %
    Autoclave 81  % 84  % (4)% 82  % 67  % 22% 69  %
Gold produced (000s oz) 513  478  7% 1,865  1,862  0% 2,036 
    Oxide mill 126  96  31% 411  350  17% 364 
     Roaster 234  228  3% 891  972  (8)% 960 
    Autoclave 108  106  2% 386  357  8% 410 
    Heap leach 45  48  (6)% 177  183  (3)% 302 
Gold sold (000s oz) 511  480  6% 1,860  1,856  0% 2,039 
Revenue ($ millions) 1,047   945  11% 3,721   3,428  9% 3,773