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
3
 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
4
 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
5
 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: $15 million).
e.Represents net cash provided by operating activities divided by revenue.
f. On an attributable basis.
g.Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
h.Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).
BARRICK YEAR-END 2023
6
 MANAGEMENT’S DISCUSSION AND ANALYSIS
GOLD PRODUCTIONa (thousands of ounces)
COPPER PRODUCTIONa,c (thousands of tonnes)
m-productionv2.jpg m-productionco.jpg
GOLD COST OF SALESd, TOTAL CASH COSTSe,
COPPER COST OF SALESc,d, C1 CASH COSTSc,e
AND ALL-IN SUSTAINING COSTSe ($ 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
7
 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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8
 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)
f-b4ad5c1956f84834a47.jpg
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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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)
f-aa7c428da30c41c387c.jpg
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 ($/oz)b
 981  1,264  (22%) 1,162 1,074  8% 533
Long Canyon (61.5%)
Gold produced (000s oz) 2  2  0% 9  55  (84%) 161
Cost of sales ($/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 
Cost of sales ($ millions) 684  614  11% 2,528  2,275  11% 2,186 
Income ($ millions) 355  314  13% 1,145  1,144  0% 1,675 
EBITDA ($ millions)c
 522  460  13% 1,736  1,695  2% 2,305 
EBITDA margind
 50  % 49  % 2% 47  % 49  % (4)% 61  %
Capital expenditurese ($ millions)
 274  213  29% 864  707  22% 555 
    Minesite sustainingc
 193  162  19% 654  584  12% 458 
    Projectc,f
 77  51  51% 206  123  67% 97 
Cost of sales ($/oz) 1,331  1,273  5% 1,351  1,210  12% 1,072 
Total cash costs ($/oz)c
 968  921  5% 989  876  13% 705 
All-in sustaining costs ($/oz)c
 1,366  1,286  6% 1,366  1,214  13% 949 
All-in costs ($/oz)c
 1,518  1,389  9% 1,477  1,280  15% 997 
a.Barrick is the operator of Nevada Gold Mines and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. NGM is accounted for as a subsidiary with a 38.5% non-controlling interest. 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.Excludes the Gold Quarry (Mill 5) concentrator until its decommissioning at the end of Q1 2023.
c.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
d.Represents EBITDA divided by revenue.
e.Includes capitalized interest.
f.Includes amounts spent on the NGM TS Solar project.

Nevada Gold Mines includes Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon. Barrick is the operator of the joint venture and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. Refer to the following pages for a detailed discussion of each minesite’s results.



BARRICK YEAR-END 2023
26
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Carlin (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) 18,338  19,674  (7)% 71,059  67,971  5% 75,207 
Open pit ore 739  600  23% 4,067  6,424  (37)% 6,472 
Open pit waste 16,721  18,271  (8)% 63,836  58,267  10% 65,507 
Underground 878  803  9% 3,156  3,280  (4)% 3,228 
Average grade (grams/tonne)
Open pit mined 2.05  1.50  37% 2.38  2.09  14% 0.78 
Underground mined 8.32  7.98  4% 7.97  8.03  (1)% 8.85 
Processed 4.60  4.74  (3)% 4.51  3.60  25% 2.97 
Ore tonnes processed (000s) 1,840  1,707  8% 7,256  11,485  (37)% 14,282 
Oxide mill 0  0  0% 377  2,448  (85)% 2,735 
Roaster 1,232  1,219  1% 4,350  4,528  (4)% 3,616 
Autoclave 564  349  62% 1,385  2,175  (36)% 2,221 
Heap leach 44  139  (68)% 1,144  2,334  (51)% 5,710 
Recovery rateb
 81  % 85  % (5)% 83  % 78  % 6% 77  %
Roaster 84  % 86  % (2)% 85  % 85  % 0% 85  %
Autoclave 67  % 80  % (16)% 72  % 44  % 64% 46  %
Gold produced (000s oz) 224  230  (3)% 868  966  (10)% 923 
Oxide mill 0  0  0% 4  48  (92)% 51 
Roaster 187  194  (4)% 745  780  (4)% 728 
Autoclave 29  27  7% 87  91  (4)% 102 
Heap leach 8  9  (11)% 32  47  (32)% 42 
Gold sold (000s oz) 220  238  (8)% 865  968  (11)% 922 
Revenue ($ millions) 443  461  (4)% 1,697  1,752  (3)% 1,653 
Cost of sales ($ millions) 272  282  (4)% 1,100  1,063  3% 893 
Income ($ millions) 168  174  (3)% 577  685  (16)% 733 
EBITDA ($ millions)c
 215  225  (4)% 770  877  (12)% 903 
EBITDA margind
 49  % 49  % 0% 45  % 50  % (10)% 55  %
Capital expenditures ($ millions) 110  103  7% 375  306  23% 260 
    Minesite sustainingc
 108  103  5% 373  306  22% 260 
     Projectc
 2  0  0% 2  0  0% 0 
Cost of sales ($/oz) 1,219  1,166  5% 1,254  1,069  17% 968 
Total cash costs ($/oz)c
 1,006  953  6% 1,033  877  18% 782 
All-in sustaining costs ($/oz)c
 1,506  1,409  7% 1,486  1,212  23% 1,087 
All-in costs ($/oz)c
 1,513   1,409  7% 1,488   1,212  23% 1,087 
a.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, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.
b.Excludes the Gold Quarry (Mill 5) concentrator until its decommissioning at the end of Q1 2023.
c.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
d. Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended For the year ended
12/31/23 9/30/23 12/31/23 12/31/22
LTI 0 2 7 6
LTIFR8
 0.00 1.02 0.77 0.69
TRIFR8
 2.09 2.47 2.09 2.63
Class 19 environmental incidents
 0 0 0 0



Financial Results
Q4 2023 compared to Q3 2023
Carlin's income for the fourth quarter of 2023 was 3% lower than the prior quarter mainly due to the lower sales volume and a higher cost of sales per ounce7, partially offset by a higher realized gold price6.
Gold production in the fourth quarter of 2023 was 3% lower compared to the prior quarter primarily due to processing higher grade ore transported from Cortez, which displaced ore from Carlin. To optimize roaster recovery, this also necessitated processing a higher proportion of open pit
BARRICK YEAR-END 2023
27
 MANAGEMENT’S DISCUSSION AND ANALYSIS
stockpiled ore. Additionally, fewer leach ounces were produced in the fourth quarter due to the timing of leach placement. This was partially offset by additional ounces produced at the Goldstrike autoclave due to unplanned downtime in the prior quarter.
Total tonnes mined in the fourth quarter of 2023 were 7% lower compared to the prior quarter, primarily driven by open pit sequencing per the mine plan. Open pit ore tonnes mined increased by 23% as Gold Quarry phase 7 was primarily in ore in the fourth quarter of 2023, driving a decrease in waste mined compared to the prior quarter. The average open pit mined grade increased by 37% compared to the prior quarter driven by Gold Quarry phase 7. Underground mined tonnes and grade were 9% and 4% higher, respectively, compared to the prior quarter, as a result of both productivity improvements at the underground mines and access to higher grade stopes.
Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 5% and 6% higher, respectively, than the prior quarter, mainly due to lower grades processed. In the fourth quarter of 2023, all-in sustaining costs per ounce6 was 7% higher compared to the prior quarter, mainly due to higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6.
Capital expenditures in the fourth quarter of 2023 were 7% higher than the prior quarter, driven by the timing of mobile equipment deliveries, partially offset by lower capitalized stripping in the Gold Quarry and South Arturo open pits as per the mine plan.

2023 compared to 2022
Carlin's income for 2023 was 16% lower than the prior year, mainly due to the lower sales volume and an increase in cost of sales per ounce7. This was partially offset by a higher realized gold price6.

INCOME AND EBITDA6,a

f-0f20e1a4316147d991c.jpg
a The results include NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter.

Gold production in 2023 was 10% lower compared to the prior year, mainly due to the closure and decommissioning of the Gold Quarry concentrator at the end of the first quarter of 2023. In addition, production was impacted by the extended shutdown to undertake the autoclave conversion from RIL to CIL in the first quarter of 2023 and the planned maintenance shutdowns at both roasters that occurred earlier in 2023, whereas the previous shutdown at the Goldstrike roaster was in 2021.
Total tonnes mined in 2023 increased by 5% compared to the prior year, mainly due to higher waste tonnes mined at the open pit operations, as waste stripping ramped up at the next phase of South Arturo, whereas there was no mining at South Arturo in the prior year. Open pit ore tonnes mined decreased 37% from the prior year as mining of phase 4 at Goldstar was substantially completed at the beginning of the third quarter of 2023 and we completed mining of the Goldstrike 5th NW pit in the fourth quarter of 2022. The average open pit grade mined increased by 14% compared to the prior year, primarily due to the progression of mining in the Gold Quarry and Goldstar open pits. Underground tonnes mined and the average grade mined were 4% higher and 1% lower, respectively, compared to the prior year, driven by a change in the mix of ore sources across the different underground operations as per the mine plan.

PRODUCTION (thousands of ounces)

oscarlin-productionv3.jpg
a Based on the midpoint of the guidance range.

Cost of sales per ounce7 and total cash costs per ounce6 for 2023 were 17% and 18% higher, respectively, than the prior year due to higher maintenance costs driven by the planned shutdowns at both roasters in 2023 and the unplanned maintenance at the Goldstrike autoclave in the second half of 2023. This was combined with higher maintenance costs related to the open pit trucks that are scheduled to be replaced in 2024 and H1 2025. Costs were also further impacted by lower tonnes processed although this was partially offset by higher grades. For 2023, all-in sustaining costs per ounce6 were 23% higher than the prior year, due to the impact of higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6.

COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per ounce)

oscarlin-aiscjpgv2.jpg

a Based on the midpoint of the guidance range.

Capital expenditures in 2023 increased by 23% from the prior year primarily due to the continuing
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28
 MANAGEMENT’S DISCUSSION AND ANALYSIS
advancement of projects related to processing facilities and underground development, along with the timing of open pit and underground mobile equipment deliveries across Carlin’s mining operations.

2023 compared to Guidance

2023 Actual 2023 Guidance
Gold produced (000s oz) 868 910 - 1,000
Cost of sales7 ($/oz)
 1,254 1,030 - 1,110
Total cash costs6 ($/oz)
 1,033  820 - 880
All-in sustaining costs6 ($/oz)
 1,486  1,250 - 1,330

Gold production for 2023 was below the guidance range, impacted primarily by unplanned downtime at the Goldstrike autoclave in the second half of the year. This was also a key driver of cost of sales per ounce7 and total cash costs per ounce6 being above the guidance range through both lower production and higher maintenance costs. In addition, costs were higher due to lower availabilities and higher maintenance costs mainly related to the open pit trucks that are scheduled to be replaced in 2024 and the first half of 2025. All-in sustaining costs per ounce6 was higher than guidance, mainly driven by higher total cash costs per ounce6.
BARRICK YEAR-END 2023
29
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Cortez (61.5% basis), 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) 18,488  16,613  11% 70,570  72,551  (3)% 74,960 
    Open pit ore 3,547  5,168  (31)% 14,991  7,096  111% 15,456 
    Open pit waste 14,533  11,062  31% 54,133  64,136  (16)% 58,235 
     Underground 408  383  7% 1,446  1,319  10% 1,269 
Average grade (grams/tonne)
    Open pit mined 0.77  0.76  1% 0.78  1.11  (30)% 0.71 
    Underground mined 9.85  9.65  2% 9.54  9.76  (2)% 9.45 
     Processed 1.54  1.17  32% 1.37  2.06  (33)% 1.22 
Ore tonnes processed (000s) 3,965  5,266  (25)% 15,741  8,706  81% 18,333 
    Oxide mill 683  627  9% 2,504  2,510  0% 2,548 
    Roaster 193  145  33% 643  978  (34)% 1,250 
     Autoclave n/a n/a n/a n/a n/a n/a 10 
    Heap leach 3,089  4,494  (31)% 12,594  5,218  141% 14,525 
Recovery rate 84  % 86  % (2)% 84  % 80  % 5% 83  %
    Oxide Mill 80  % 85  % (6)% 82  % 74  % 11% 78  %
    Roaster 90  % 88  % 2% 88  % 87  % 1% 88  %
    Autoclave n/a n/a n/a n/a n/a n/a 81  %
Gold produced (000s oz) 162  137  18% 549  450  22% 509 
    Oxide mill 82  67  22% 273  183  49% 192 
    Roaster 46  33  39% 143  192  (26)% 232 
    Autoclave n/a n/a n/a n/a n/a n/a 1 
    Heap leach 34  37  (8)% 133  75  77% 84 
Gold sold (000s oz) 164  135  21% 548  449  22% 508 
Revenue ($ millions) 327   259  26% 1,068   809  32% 913 
Cost of sales ($ millions) 222  168  32% 722  522  38% 570 
Income ($ millions) 102  87  17% 333  277  20% 337 
EBITDA ($ millions)a
 175  141  24% 557  432  29% 518 
EBITDA marginb
 54  % 54  % 0% 52  % 53  % (2)% 57  %
Capital expenditures ($ millions) 80  56  43% 260  251  4% 177 
    Minesite sustaininga
 62  38  63% 191  187  2% 118 
    Projecta
 18  18  0% 69  64  8% 59 
Cost of sales ($/oz) 1,353  1,246  9% 1,318  1,164  13% 1,122 
Total cash costs ($/oz)a
 909  840  8% 906  815  11% 763 
All-in sustaining costs ($/oz)a
 1,309  1,156  13% 1,282  1,258  2% 1,013 
All-in costs ($/oz)a
 1,416  1,290  10% 1,407  1,400  1% 1,129 
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
b.Represents EBITDA divided by revenue.

Safety and Environment
For the three months ended For the year ended
12/31/23 9/30/23 12/31/23 12/31/22
LTI 1 0 3 6
LTIFR8
 0.92 0.00 0.70 1.45
TRIFR8
 1.85 0.93 1.64 4.35
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2023 compared to Q3 2023
Cortez’s income for the fourth quarter of 2023 was 17% higher than the prior quarter due to higher sales volume
and a higher realized gold price6, partially offset by a higher cost of sales per ounce7.
Gold production in the fourth quarter of 2023 was 18% higher compared to the prior quarter. This was mainly driven by higher grades from both Crossroads and CHUG ore processed at the Cortez oxide mill, higher ore tonnes from both CHUG and the Goldrush development project transported and processed at the Carlin roasters, partially offset by lower leach ore tonnes placed resulting in lower leach production.
Total tonnes mined in the fourth quarter of 2023 were 11% higher than the prior quarter. Open pit ore tonnes mined were 31% lower, while the average grade mined was largely in line with the prior quarter, primarily driven by the transition to stripping at Crossroads (Phase 6), resulting in 31% higher waste tonnes mined. Underground tonnes and
BARRICK YEAR-END 2023
30
 MANAGEMENT’S DISCUSSION AND ANALYSIS
grade mined were 7% and 2% higher, respectively, compared to the prior quarter due to mine sequencing as per the mine plan.
Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 9% and 8% higher, respectively, than the prior quarter, driven by the change in the sales mix to higher-cost open pit stockpile and refractory ounces produced at the Carlin roasters, partially offset by higher grades processed. In the fourth quarter of 2023, all-in sustaining costs per ounce6 was 13% higher than the prior quarter, mainly due to higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6.
Capital expenditures in the fourth quarter of 2023 were 43% higher compared to the prior quarter, mainly due to higher minesite sustaining capital expenditures6, which was driven by more of the new Komatsu truck fleet being commissioned in the fourth quarter of 2023, combined with an increase in capitalized waste stripping at Crossroads (Phase 6).

2023 compared to 2022
Cortez’s income in 2023 was 20% higher than the prior year, primarily due to the higher sales volume and a higher realized gold price6, partially offset by higher cost of sales per ounce7.

INCOME AND EBITDA6
f-5e81ad125e5d45cc86a.jpg

Gold production in 2023 was 22% higher than the prior year, primarily driven by higher oxide ore tonnes mined and processed from Crossroads and CHUG (at a higher recovery rate), combined with higher heap leach production. This was partially offset by a decrease in refractory ore transported and processed at the Carlin roasters.
Total tonnes mined in 2023 were 3% lower, primarily due to lower open pit waste mined. Open pit ore tonnes mined were 111% higher compared to the prior year, primarily driven by the transition from the Pipeline pit, which ceased mining operations in the first quarter of 2022, to the next phases at Crossroads and Cortez Pits which have predominantly been mining in ore this year. Underground tonnes mined increased by 10% over the same prior year period driven by higher tonnes from CHUG and increased development activity at Goldrush.

PRODUCTION (thousands of ounces)
oscortez-productionv2.jpg
a Based on the midpoint of the guidance range.
Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 13% and 11% higher, respectively, than the prior year mainly due to lower grades processed, reflecting a higher proportion of ounces sourced from the open pit operations, combined with lower capitalized waste stripping. For 2023, all-in sustaining costs per ounce6 increased by 2% compared to the prior year, driven by higher total cash costs per ounce6, partially offset by lower minesite sustaining capital expenditures6 on a per ounce basis.

COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per ounce)

oscortez-aiscv2.jpg
a Based on the midpoint of the guidance range.

Capital expenditures in 2023 increased by 4% from the same prior year period, due to both higher minesite sustaining capital expenditures6 and project capital expenditures6. Minesite sustaining capital expenditures6 were 2% higher compared to the same prior year period, primarily due to the Komatsu fleet purchase for Cortez, which was largely offset by a decrease in capitalized waste stripping at Crossroads. Project capital expenditures6 were 8% higher due to increased development and exploration activities at Goldrush.

2023 compared to Guidance
2023 Actual 2023 Guidance
Gold produced (000s oz) 549 580 - 650
Cost of sales7 ($/oz)
 1,318  1,080 - 1,160
Total cash costs6 ($/oz)
 906 680 - 740
All-in sustaining costs6 ($/oz)
 1,282  930 - 1,010

Gold production for 2023 was below the guidance range, primarily due to lower than forecasted oxide grades out of Crossroads and the slower than expected ramp-up at Goldrush which was partly due to the delay in receiving the ROD (the ROD was received late in the fourth quarter). Cost of sales per ounce7 and total cash costs per ounce6 were above the guidance range primarily due to lower grades from Crossroads, lower capitalized tonnes due to less capitalized stripping at Crossroads and fewer tonnes allocated to the Cortez Hills open pit buttress, higher maintenance costs earlier in the year and higher royalties from the higher realized gold price6 (royalty impact was $22/oz for Cortez). All-in sustaining costs per ounce6 were also higher than guidance, mainly driven by higher total cash costs per ounce6.
BARRICK YEAR-END 2023
31
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Turquoise Ridge (61.5%), 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) 246  222  11% 919  1,053  (13)% 8,510 
Open pit ore 0  0  0% 0  131  (100)% 3,020 
Open pit waste 0  0  0% 0  4  (100)% 4,656 
Underground 246  222  11% 919  918  0% 834 
Average grade (grams/tonne)
Open pit mined n/a n/a n/a n/a 1.13  n/a 1.69 
Underground mined 11.08  12.73  (13)% 11.28  11.08  2% 10.69 
Processed 4.48  4.37  3% 4.34  4.26  2% 3.31 
Ore tonnes processed (000s) 671  704  (5)% 2,608  2,541  3% 3,793 
Oxide Mill 82  94  (13)% 357  329  9% 434 
Autoclave 589  610  (3)% 2,251  2,166  4% 2,452 
Heap leach 0  0  0% 0  46  (100)% 907 
Recovery Rate 87  % 86  % 1% 86  % 81  % 6% 82  %
Oxide Mill 83  % 87  % (5)% 85  % 84  % 1% 83  %
Autoclave 87  % 86  % 1% 86  % 81  % 6% 82  %
Gold produced (000s oz) 84  83  1% 316  282  12% 334 
Oxide Mill 4  4  0% 14  10  40% 16 
Autoclave 79  79  0% 299  266  12% 307 
Heap leach 1  0  0% 3  6  (50)% 11 
Gold sold (000s oz) 86  78  10% 318  278  14% 337 
Revenue ($ millions) 171  150  14% 620  501  24% 607 
Cost of sales ($ millions) 121  101  20% 444  398  12% 378 
Income ($ millions) 48  49  (2)% 172  98  76% 229 
EBITDA ($ millions)a
 79  77  3% 288  208  38% 352 
EBITDA marginb
 46  % 51  % (10)% 46  % 42  % 10% 58  %
Capital expenditures ($ millions) 18  13  38% 67  97  (31)% 81 
    Minesite sustaininga
 17  12  42% 61  67  (9)% 47 
     Projecta
 1  1  0% 6  30  (80)% 34 
Cost of sales ($/oz) 1,419  1,300  9% 1,399  1,434  (2)% 1,122 
Total cash costs ($/oz)a
 1,046  938  12% 1,026  1,035  (1)% 749 
All-in sustaining costs ($/oz)a
 1,257  1,106  14% 1,234  1,296  (5)% 892 
All-in costs ($/oz)a
 1,275   1,114  14% 1,251   1,405  (11)% 993 
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
b.Represents EBITDA divided by revenue.

Safety and Environment
For the three months ended For the year ended
12/31/23 9/30/23 12/31/23 12/31/22
LTI 1 2 5 8
LTIFR8
 1.54 3.23 1.99 2.74
TRIFR8
 1.54 8.09 3.98 6.84
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2023 compared to Q3 2023
Turquoise Ridge's income for the fourth quarter of 2023 was 2% lower than the prior quarter, mainly due to higher cost of sales per ounce7, partially offset by the higher sales volume and a higher realized gold price6.
Gold production in the fourth quarter of 2023 was 1% higher than the prior quarter, mainly due to higher underground tonnes mined, combined with higher
recoveries at the Sage autoclave, which continues to be positively impacted by improved carbon management. This was partially offset by lower autoclave throughput, which was impacted by unplanned maintenance in the fourth quarter.
Total tonnes mined increased in the fourth quarter of 2023 by 11% compared to the prior quarter, due to higher underground tonnes mined from Turquoise Ridge Underground. Grades mined decreased by 13% compared to the prior quarter, as per the mine sequence at both underground mines.
Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 9% and 12% higher, respectively, than the prior quarter, primarily due to higher maintenance spend at both Turquoise Ridge Underground and at the autoclave. All-in sustaining costs per ounce6 was 14% higher than the prior quarter, mainly
BARRICK YEAR-END 2023
32
 MANAGEMENT’S DISCUSSION AND ANALYSIS
reflecting higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6.
Capital expenditures in the fourth quarter of 2023 were 38% higher than the prior quarter, mainly due to increased minesite sustaining capital expenditures6 related to underground mobile equipment purchases.

2023 compared to 2022
Turquoise Ridge’s income in 2023 was 76% higher than the prior year due to the higher sales volume, a lower cost of sales per ounce7, and a higher realized gold price6.

INCOME AND EBITDA6

f-a7eb4ec09b0d4794ad6.jpg
Gold production in 2023 was 12% higher compared to the prior year, primarily due to higher average grades processed, combined with higher recoveries at the Sage autoclave, which was positively impacted by improved carbon management. In addition, improvements in maintenance practices led to significantly higher plant availability, which in turn allowed for higher tonnes processed.
Total tonnes mined in 2023 decreased by 13% compared to the prior year, as there was some remaining open pit mining completed in the first quarter of 2022. Underground tonnes mined were in line compared to the prior year, primarily due to lower tonnes from the Vista underground mine, as per the mine plan, partially offset by improved production rates at Turquoise Ridge Underground as the benefits of the commissioning of the Third Shaft started to be realized.

PRODUCTION (thousands of ounces)
ostr-productionv2.jpg
a Based on the midpoint of the guidance range.

Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 2% and 1% lower, respectively, than the prior year primarily driven by improvements in both grade and recovery. All-in sustaining costs per ounce6 decreased by 5% compared to the prior year due to lower total cash costs per ounce6, combined with lower minesite sustaining capital expenditures6.

COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per ounce)
ostr-aiscv2.jpg
a Based on the midpoint of the guidance range.

Capital expenditures in 2023 decreased by 31% compared to the prior year, mainly due to a decrease in project capital expenditures6 as the Third Shaft was largely completed by the end of 2022. This was combined with lower minesite sustaining capital expenditures6 due to lower underground development.

2023 compared to Guidance

2023 Actual 2023 Guidance
Gold produced (000s oz) 316 300 - 340
Cost of sales7 ($/oz)
 1,399  1,290 - 1,370
Total cash costs6 ($/oz)
 1,026 900 - 960
All-in sustaining costs6 ($/oz)
 1,234  1,170 - 1,250

Gold production in 2023 was within the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 were slightly above the guidance range driven by higher than planned maintenance costs both on underground infrastructure and at the Sage autoclave. All-in sustaining costs per ounce6 was within the guidance range as higher total cash costs per ounce6 were more than offset by lower than planned minesite sustaining capital expenditures6.
BARRICK YEAR-END 2023
33
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Other Mines - Nevada Gold Mines

Summary of Operating and Financial Data
For the three months ended
12/31/23 9/30/23
Gold produced (000s oz) Cost of sales
($/oz)
Total cash costs
($/oz)a
All-in sustaining costs
($/oz)a
Capital Expend-ituresb
 Gold produced (000s oz) Cost of sales
($/oz)
Total cash costs
($/oz)a
All-in sustaining costs
($/oz)a
Capital Expend-ituresb
Phoenix (61.5%) 41 1,576  787  981  5  26 2,235  1,003  1,264  6 
Long Canyon (61.5%) 2 2,193   990   1,074   0   2 1,832  778  831  0 
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
b.Includes both minesite sustaining and project capital expenditures6.

Phoenix (61.5%)
Gold production for Phoenix in the fourth quarter of 2023 was 58% higher than the prior quarter owing to planned maintenance performed in the prior quarter, combined with improved grades and recoveries.
Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 29% and 22% lower, respectively, than the prior quarter, mainly due to the impact of higher grades and recoveries, combined with lower maintenance spend. In the fourth quarter of 2023, all-in sustaining costs per ounce6 decreased by 22% compared to the prior quarter, due to lower total cash costs per ounce6, combined with lower minesite sustaining capital expenditures6.

2023 Actual 2023 Guidance
Gold produced (000s oz) 123 100 - 120
Cost of sales7 ($/oz)
 2,011  1,860 - 1,940
Total cash costs6 ($/oz)
 961 880 - 940
All-in sustaining costs6 ($/oz)
 1,162  1,110 - 1,190

Compared to our 2023 outlook, gold production was slightly higher than the guidance range. Total cash costs per ounce6 and cost of sales per ounce7 were both marginally above the guidance range, driven mainly by higher leach inventory drawdown. All-in sustaining costs per ounce6 was within the guidance range with lower minesite sustaining capital expenditures6 offsetting the higher total cash costs per ounce6.




Long Canyon (61.5%)
Mining of Phase 1 was completed in May 2022, with residual leach production over the remainder of 2022 and 2023. Following the completion of further studies, we have decided at this time not to pursue the permitting associated with Phase 2 mining and have removed those ounces from our LOM plan and the mine has been placed in care and maintenance.

2023 Actual 2023 Guidance
Gold produced (000s oz) 9 0 - 10
Cost of sales7 ($/oz)
 1,789  2,120 - 2,200
Total cash costs6 ($/oz)
 724 730 - 790
All-in sustaining costs6 ($/oz)
 779  1,080 - 1,160
Compared to our 2023 outlook, gold production was at the top end of the guidance range. All cost metrics were within or below their respective guidance ranges.




BARRICK YEAR-END 2023
34
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Pueblo Viejo (60% basis)a, Dominican Republic

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
Open pit tonnes mined (000s) 2,819  4,489  (37)% 18,074  19,754  (9)% 24,687 
Open pit ore 1,902  2,037  (7)% 7,794  6,820  14% 7,969 
Open pit waste 917  2,452  (63)% 10,280  12,934  (21)% 16,718 
Average grade (grams/tonne)
Open pit mined 2.19  2.25  (3)% 2.05  2.23  (8)% 2.41 
Processed 2.64  2.40  10% 2.39  2.68  (11)% 3.18 
Autoclave ore tonnes processed (000s) 1,345  1,404  (4)% 5,332  5,669  (6)% 5,466 
Recovery rate 79  % 70  % 13% 81  % 87  % (7)% 88  %
Gold produced (000s oz) 90  79  14% 335  428  (22)% 488 
Gold sold (000s oz) 89  77  16% 335  426  (21)% 497 
Revenue ($ millions) 190  152  25% 670  776  (14)% 898 
Cost of sales ($ millions) 141  117  21% 475  482  (1)% 445 
Income ($ millions) 49  31  58% 187  265  (29)% 445 
EBITDA ($ millions)b
 89  70  27% 341  411  (17)% 587 
EBITDA marginc
 47  % 46  % 2% 51  % 53  % (4)% 65  %
Capital expenditures ($ millions) 40  54  (26)% 236  351  (33)% 311 
    Minesite sustainingb
 31  26  19% 117  124  (6)% 96 
     Projectb
 9  28  (68)% 119  227  (48)% 215 
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 ($/oz)b
 1,428  1,280  12% 1,249  1,026  22% 745 
All-in costs ($/oz)b
 1,532   1,640  (7)% 1,604   1,558  3% 1,178 
a.Barrick is the operator of Pueblo Viejo and owns 60% with Newmont Corporation owning the remaining 40%. Pueblo Viejo is accounted for as a subsidiary with a 40% non-controlling interest. The results in the table and the discussion that follows are based on our 60% share only.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c.Represents EBITDA divided by revenue.

Safety and Environment
For the three months ended For the year ended
12/31/23 9/30/23 12/31/23 12/31/22
LTI 0 0 0 2
LTIFR8
 0.00 0.00 0.00 0.10
TRIFR8
 0.73 0.50 0.82 0.72
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2023 compared to Q3 2023
Pueblo Viejo’s income for the fourth quarter of 2023 was 58% higher than the prior quarter due to the higher realized gold price6 and higher sales volume, partially offset by a higher cost of sales per ounce7.
Gold production for the fourth quarter of 2023 was 14% higher than the prior quarter due to higher recovery and higher grades processed. This was partially offset by lower throughput, mainly caused by the structural failure of the crusher conveyor at the start of October 2023, as previously disclosed, which connects the new crusher and the new SAG mill feed stockpile. In addition, productivity at the mine was negatively impacted by a 1 in 500 year tropical storm in November 2023.
Cost of sales per ounce7 and total cash costs per ounce6 for the fourth quarter of 2023 were 6% and 14% higher, respectively, than the prior quarter primarily due to higher electricity costs and grinding media consumption related to the commissioning of the expansion plant. This was combined with higher plant maintenance costs, partially offset by higher grades and recovery. In addition, cost of sales per ounce7 was positively impacted by lower depreciation on a per ounce basis. For the fourth quarter of 2023, all-in sustaining costs per ounce6 were 12% higher than the prior quarter, reflecting higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6 on a per ounce basis.
Capital expenditures for the fourth quarter of 2023 decreased by 26% compared to the prior quarter, mainly due to lower project capital expenditures6 incurred on the plant expansion as the construction was substantially completed in 2023, partially offset by higher minesite sustaining capital expenditures6 following the purchase of new mining equipment and higher Llagal TSF works execution costs.

2023 compared to 2022
Pueblo Viejo’s income for 2023 was 29% lower than the prior year due to lower sales volume and a higher cost of sales per ounce7, partially offset by the higher realized gold price6.


BARRICK YEAR-END 2023
35
 MANAGEMENT’S DISCUSSION AND ANALYSIS
INCOME AND EBITDA6
f-bdcbd847bde745b8be5.jpg
Gold production for 2023 was 22% lower than the prior year, mainly due to lower grades processed in line with the mine and stockpile processing plan, lower recovery and lower tonnes processed. Throughput and recovery during 2023 were impacted by the commissioning of the new plant, with throughput additionally affected by the structural failure of the crusher conveyor in the fourth quarter, delaying the ramp-up.

PRODUCTION (thousands of ounces)
ospv-productionjpgv3.jpg
a Based on the midpoint of the guidance range.

Cost of sales per ounce7 and total cash costs per ounce6 for 2023 increased by 25% and 23%, respectively, compared to the prior year, primarily reflecting the impact of lower grades, as described above, and higher consumables and energy consumption. For 2023, all-in sustaining costs per ounce6 increased by 22% compared to the prior year, mainly reflecting higher total cash costs per ounce6.



COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per ounce)
ospv-aiscv2.jpg
a Based on the midpoint of the guidance range.

Capital expenditures for 2023 decreased by 33% compared to the prior year, mainly due to lower project capital expenditures6 incurred on the plant expansion as the construction was substantially completed in 2023. Minesite sustaining capital expenditures6 decreased due to lower capitalized waste stripping and a reduction in the purchase of new mining equipment in 2023.

2023 compared to Guidance

2023 Actual 2023 Guidance
Gold produced (000s oz) 335 470 - 520
Cost of sales7 ($/oz)
 1,418  1,130 - 1,210
Total cash costs6 ($/oz)
 889 710 - 770
All-in sustaining costs6 ($/oz)
 1,249  960 - 1,040

Gold production in 2023 was lower than the guidance range mainly due to lower throughput associated with the delayed commissioning and ramp-up of the expanded processing plant. Cost of sales per ounce7 and total cash costs per ounce6 were higher than the guidance ranges, mainly due to the lower production. All-in sustaining costs per ounce6 was also higher than the guidance range mainly driven by higher total cash costs6 and higher minesite sustaining capital expenditures6 on a per ounce basis.

BARRICK YEAR-END 2023
36
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Loulo-Gounkoto (80% basis)a, Mali

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) 5,846  6,370  (8)% 28,200  30,845  (9)% 33,073 
    Open pit ore 28  575  (95)% 1,240  2,989  (59)% 1,808 
    Open pit waste 4,872  4,893  0% 23,353  24,560  (5)% 29,050 
     Underground 946  902  5% 3,607  3,296  9% 2,215 
Average grade (grams/tonne)
    Open pit mined 2.80  3.40  (18)% 2.98  2.29  30% 3.22 
    Underground mined 4.54  5.05  (10)% 5.04  4.58  10% 4.68 
     Processed 4.31  4.76  (9)% 4.61  4.59  0% 4.79 
Ore tonnes processed (000s) 1,013  1,012  0% 4,049  4,069  0% 4,015 
Recovery rate 91  % 91  % 0% 91  % 91  % 0% 91  %
Gold produced (000s oz) 127  142  (11)% 547  547  0% 560 
Gold sold (000s oz) 127  145  (12)% 546  548  0% 558 
Revenue ($ millions) 256  280  (9)% 1,068  989  8% 999 
Cost of sales ($ millions) 164  158  4% 653  631  3% 585 
Income ($ millions) 82  111  (26)% 388  342  13% 380 
EBITDA ($ millions)b
 129  156  (17)% 585  547  7% 602 
EBITDA marginc
 50  % 56  % (11)% 55  % 55  % 0% 60  %
Capital expenditures ($ millions) 75  69  9% 300  258  16% 238 
    Minesite sustainingb
 30  43  (30)% 177  152  16% 159 
     Projectb
 45  26  73% 123  106  16% 79 
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 ($/oz)b
 1,168  1,068  9% 1,166  1,076  8% 970 
All-in costs ($/oz)b
 1,521   1,249  22% 1,392   1,270  10% 1,111 
a.Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with the Republic of Mali owning 20%. Loulo-Gounkoto is accounted for as a subsidiary with a 20% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 80% share, inclusive of the impact of the purchase price allocation resulting from the merger with Randgold.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c. Represents EBITDA divided by revenue.

Safety and Environment
For the three months ended For the year ended
12/31/23 9/30/23 12/31/23 12/31/22
LTI 0 1 1 2
LTIFR8
 0.00 0.21 0.06 0.11
TRIFR8
 0.00 0.64 0.45 0.45
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2023 compared to Q3 2023
Loulo-Gounkoto’s income for the fourth quarter of 2023 was 26% lower than the prior quarter, mainly due to lower sales volume and a higher cost of sales per ounce7, partially offset by the higher realized gold price6.
Gold production for the fourth quarter of 2023 was 11% lower than the prior quarter, mainly due to lower grades processed, in line with the mine plan.

Cost of sales per ounce7 and total cash costs per ounce6 for the fourth quarter of 2023 were 19% and 20% higher, respectively, than the prior quarter, primarily due to the impact of lower grades processed and a higher proportion of stockpile feed (both related to a pit wall failure at the Gounkoto open pit at the end of Q3) combined with higher processing costs driven by higher power plant costs. For the fourth quarter of 2023, all-in sustaining costs per ounce6 increased by 9% compared to the prior quarter, primarily reflecting the higher total cash costs per ounce6, partially offset by lower minesite sustaining capital expenditures6.
Capital expenditures for the fourth quarter of 2023 increased by 9% compared to the prior quarter, mainly due to higher project capital expenditures6 relating to the progress at the Yalea South project, partially offset by lower minesite sustaining capital expenditures6.

2023 compared to 2022
Loulo-Gounkoto’s income for 2023 was 13% higher than the prior year, mainly due to the higher realized gold price6, partially offset by higher cost of sales per ounce7, while sales volume was in line with the prior year.


BARRICK YEAR-END 2023
37
 MANAGEMENT’S DISCUSSION AND ANALYSIS
INCOME AND EBITDA6

f-e96398e109494c76bda.jpg
Gold production in 2023 was in line with the prior year based on consistent grades processed, recoveries and plant throughput across both years.

PRODUCTION (thousands of ounces)
oslg-productionv2.jpg
a Based on the midpoint of the guidance range.

Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 4% and 7% higher, respectively, compared to the prior year, mainly due to higher underground costs from higher operating development meters in the current year, the impact of a pit wall failure at Gounkoto, the corresponding higher stockpile drawdown, and higher royalties driven by the higher realized gold price6. For 2023, all-in sustaining costs6 were 8% higher compared to the prior year reflecting higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6.

COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per ounce)
oslg-aiscv2.jpg
a Based on the midpoint of the guidance range.

Capital expenditures in 2023 were 16% higher compared to the prior year, mainly due to both higher project capital expenditures6 and increased minesite sustaining capital expenditures6. The increase in project capital expenditures6 is related to the solar plant expansion project and the commencement of the Yalea South project, while minesite sustaining capital expenditures6 were higher than the prior year reflecting the commencement of production at the Gounkoto underground mine.
2023 compared to Guidance

2023 Actual 2023 Guidance
Gold produced (000s oz) 547 510 - 560
Cost of sales7 ($/oz)
 1,198  1,100 - 1,180
Total cash costs6 ($/oz)
 835 750 - 810
All-in sustaining costs6 ($/oz)
 1,166  1,070 - 1,150

Gold production in 2023 was in the upper half of the guidance range. All cost metrics were higher than the guidance ranges as a result of higher royalties from the higher realized gold price6 (royalty impact was $18/oz for Loulo-Gounkoto), the impact of the pit wall failure at Gounkoto, and the corresponding stockpile drawdown and higher underground unit cost rates.

Regulatory Matters
In August 2022, the Government of Mali announced that it would conduct an audit of the Malian gold mining industry, including the Loulo-Gounkoto complex. Barrick engaged with the government-appointed auditors and hosted the auditors at Loulo-Gounkoto for a site visit in November 2022. In April 2023, Barrick received a draft report containing the auditors’ preliminary findings. During the second quarter, Barrick responded to the draft report to challenge the auditors’ findings, which Barrick believes are legally and factually flawed and without merit.
In addition, in June 2023, the Government of Mali announced a plan to reform the Malian mining legislation. A new mining code and a law requiring local content in the mining sector were adopted in August 2023 but are not currently being enforced, pending the adoption of implementing decrees. Under the new mining code, pre-existing mining titles remain subject to the legal and contractual regime under which they were issued for the remainder of their current term.
Refer to note 35 of the Financial Statements for information regarding the establishment conventions for the Loulo-Gounkoto complex and related matters.
BARRICK YEAR-END 2023
38
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Kibali (45% basis)a, Democratic Republic of Congo

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) 3,993  4,467  (11)% 17,837  16,649  7% 14,657 
    Open pit ore 619  764  (19)% 2,721  2,551  7% 1,278 
    Open pit waste 2,901  3,188  (9)% 13,288  12,428  7% 11,610 
     Underground 473  515  (8)% 1,828  1,670  9% 1,769 
Average grade (grams/tonne)
    Open pit mined 1.63  1.92  (15)% 1.60  1.62  (1)% 2.71 
    Underground mined 5.28  5.28  0% 5.11  5.62  (9)% 5.63 
     Processed 3.50  3.58  (2)% 3.21  3.39  (5)% 3.62 
Ore tonnes processed (000s) 911  960  (5)% 3,700  3,495  6% 3,503 
Recovery rate 90  % 90  % 0% 90  % 88  % 2% 90  %
Gold produced (000s oz) 93  99  (6)% 343  337  2% 366 
Gold sold (000s oz) 92  97  (5)% 343  332  3% 367 
Revenue ($ millions) 184  187  (2)% 670  598  12% 661 
Cost of sales ($ millions) 105  112  (6)% 419  413  1% 373 
Income ($ millions) 78  72  8% 243  142  71% 278 
EBITDA ($ millions)b
 115  116  (1)% 390  320  22% 419 
EBITDA marginc
 63  % 62  % 2% 58  % 54  % 7% 63  %
Capital expenditures ($ millions) 20  16  25% 73  92  (21)% 70 
    Minesite sustainingb
 5  8  (38)% 35  70  (50)% 54 
     Projectb
 15  8  88% 38  22  73% 16 
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 ($/oz)b
 819  801  2% 918  948  (3)% 818 
All-in costs ($/oz)b
 988   881  12% 1,030   1,013  2% 861 
a.Barrick owns 45% of Kibali Goldmines SA with the DRC and our joint venture partner, AngloGold Ashanti, owning 10% and 45%, respectively. The figures presented in this table and the discussion that follows are based on our 45% effective interest in Kibali Goldmines SA held through our 50% interest in Kibali (Jersey) Limited and its other subsidiaries (collectively "Kibali"), inclusive of the impact of the purchase price allocation resulting from the merger with Randgold. Kibali is accounted for as an equity method investment on the basis that the joint venture partners that have joint control have rights to the net assets of the joint venture.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c. Represents EBITDA divided by revenue.

Safety and Environment
For the three months ended For the year ended
12/31/23 9/30/23 12/31/23 12/31/22
LTI 0 2 3 2
LTIFR8
 0 0.46 0.17 0.12
TRIFR8
 0.47 1.62 1.39 0.98
Class 19 environmental incidents
 0 0 0 0

Unfortunately, on January 31, 2024, an incident occurred at Kibali which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 15 for further details.

Financial Results
Q4 2023 compared to Q3 2023
Kibali’s income for the fourth quarter of 2023 was 8% higher than the prior quarter as a result of the higher realized gold price6 and a lower cost of sales per ounce7, partially offset by lower sales volume.
Gold production for the fourth quarter of 2023 was 6% lower than the prior quarter, due to lower throughput and lower grades processed.
Cost of sales per ounce7 for the fourth quarter of 2023 was 1% lower than the prior quarter due to lower depreciation expense, partially offset by higher total cash costs per ounce6. Total cash costs per ounce6 were 6% higher than the prior quarter mainly due to the lower grades processed as per the plan as mining in the Gorumbwa open pit came to an end during the fourth quarter. All-in sustaining costs per ounce6 for the fourth quarter of 2023 were 2% higher than the prior quarter, mainly due to higher total cash costs per ounce6, partially offset by lower minesite sustaining capital expenditures6.
Capital expenditures for the fourth quarter of 2023 were 25% higher than the prior quarter, driven by higher project capital expenditures6 relating to the progress of the solar project, completion of the reagent recovery plant and progress on the Kalimva/Ikamva and Pamao open pit projects. This was partially offset by lower minesite sustaining capital expenditures6.

2023 compared to 2022
Kibali’s income for 2023 was 71% higher than the prior year due to higher sales volume, the higher realized gold price6 and a lower cost of sales per ounce7.
BARRICK YEAR-END 2023
39
 MANAGEMENT’S DISCUSSION AND ANALYSIS
INCOME AND EBITDA6

f-2100d575dd4e4e1790e.jpg
Gold production in 2023 was 2% higher compared to the prior year, mainly due to higher tonnes processed and higher recovery partially offset by lower grades processed. This represents a record year for throughput sustained by improved open pit and underground tonnes mined.

PRODUCTION (thousands of ounces)
oskibali-productionv2.jpg
a Based on the midpoint of the guidance range.

Cost of sales per ounce7 in 2023 decreased by 2% compared to the prior year due to lower depreciation expense, partially offset by higher total cash costs per ounce6. Total cash costs per ounce6 were 12% higher, mainly due to higher royalties driven by the higher realized gold price6 and lower grades processed, as mining in the Gorumbwa open pit came to an end during the fourth quarter. For 2023, all-in sustaining costs per ounce6 were 3% lower compared to the prior year, reflecting lower minesite sustaining capital expenditures6, partially offset by higher total cash costs per ounce6.


COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per ounce)
oskibali-aiscv2.jpg
a Based on the midpoint of the guidance range.

Capital expenditures in 2023 were 21% lower compared to the prior year, due to lower minesite sustaining capital expenditures6 driven by lower capitalized waste stripping and underground development, whereas the mine plan for 2022 required higher capital investment. This was partially offset by increased project capital expenditures6 relating to the start of the solar project and our investment in the Kalimva/Ikamva open pit projects that are expected to underpin the GHG emission reduction plan and future production in our life of mine plan, respectively.

2023 compared to Guidance

2023 Actual 2023 Guidance
Gold produced (000s oz) 343 320 - 360
Cost of sales7 ($/oz)
 1,221  1,080 - 1,160
Total cash costs6 ($/oz)
 789 710 - 770
All-in sustaining costs6 ($/oz)
 918  880 - 960

Gold production in 2023 was above the midpoint of the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 were above the guidance ranges as a result of higher royalties from the higher realized gold price6 (royalty impact was $16/oz for Kibali) combined with lower processed grades and lower strip ratio. Cost of sales per ounce7 was further impacted by higher depreciation driven by the stockpile drawdown. All-in sustaining costs per ounce6 ended at the midpoint of the guidance range due to lower minesite capital expenditures6, resulting from lower capitalized waste stripping and underground development, notwithstanding total cash costs per ounce6 were above the guidance range.
BARRICK YEAR-END 2023
40
 MANAGEMENT’S DISCUSSION AND ANALYSIS
North Mara (84% basis)a, Tanzania

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) 4,241  4,529  (6)% 16,547  8,882  86% 1,603 
    Open pit ore 406  439  (8)% 1,400  4,379  (68)% 116 
    Open pit waste 3,407  3,686  (8)% 13,610  3,035  348% 160 
     Underground 428  404  6% 1,537  1,468  5% 1,327 
Average grade (grams/tonne)
    Open pit mined 1.84  1.62  14% 1.83  1.94  (6)% 1.63 
    Underground mined 3.17  3.32  (5)% 3.22  4.07  (21)% 5.58 
Processed 2.85  2.91  (2)% 3.02  3.31  (9)% 3.30 
Ore tonnes processed (000s) 719  715  1% 2,848  2,730  4% 2,703 
Recovery rate 91  % 92  % (1)% 92  % 91  % 1% 90  %
Gold produced (000s oz) 59  62  (5)% 253  263  (4)% 260 
Gold sold (000s oz) 61  59  3% 254  265  (4)% 257 
Revenue ($ millions) 124  115  8% 497  479  4% 463 
Cost of sales ($ millions) 86  74  16% 306  259  18% 248 
Income ($ millions) 12  37  (68)% 139  177  (21)% 214 
EBITDA ($ millions)b
 30  51  (41)% 203  238  (15)% 261 
EBITDA marginc
 24  % 44  % (45)% 41  % 50  % (18)% 56  %
Capital expenditures ($ millions) 53  47  13% 176  130  35% 79 
    Minesite sustainingb
 20  25  (20)% 95  68  40% 52 
     Projectb
 33  22  50% 81  62  31% 27 
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 ($/oz)b
 1,449  1,429  1% 1,335  1,028  30% 1,001 
All-in costs ($/oz)b
 1,985   1,802  10% 1,653   1,265  31% 1,105 
a.Barrick owns 84% of North Mara, with the GoT owning 16%. North Mara is accounted for as a subsidiary with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% 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. Represents EBITDA divided by revenue.


Safety and Environment
For the three months ended For the year ended
12/31/23 9/30/23 12/31/23 12/31/22
LTI 0 1 3 2
LTIFR8
 0.00 0.38 0.29 0.24
TRIFR8
 0.36 1.52 0.97 0.95
Class 19 environmental incidents
 0 0 0 0

Unfortunately, on January 9, 2024, an incident occurred at North Mara which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 15 for further details.

Financial Results
Q4 2023 compared to Q3 2023
North Mara’s income for the fourth quarter of 2023 was 68% lower than the prior quarter mainly due to the transfer of a $15 million expense previously recognized in Bulyanhulu related to the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. This was further impacted by a higher cost of sales per ounce7, partially
offset by the higher realized gold price6 and marginally higher sales volume.
In the fourth quarter of 2023, gold production was slightly lower than the prior quarter as lower grades processed and lower recoveries largely offset by higher throughput.
Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 14% and 10% higher, respectively, than the prior quarter, resulting from increased royalties from the higher realized gold price6, and higher power generation costs following temporary grid instability challenges faced in the fourth quarter of 2023. This was combined with higher cost underground stockpiles fed to the mill, partially offset by lower underground mining unit costs in the fourth quarter of 2023. Cost of sales per ounce7 was further impacted by higher depreciation expense, from the increased proportion of underground material fed. All-in sustaining costs per ounce6 in the fourth quarter of 2023 were 1% higher than the prior quarter, reflecting the higher total cash costs per ounce6, largely offset by lower minesite sustaining capital expenditures6.
Capital expenditures in the fourth quarter of 2023 increased by 13% compared to the third quarter of 2023, driven by higher project capital expenditures6 mainly related to the underground paste plant. This was partially offset by
BARRICK YEAR-END 2023
41
 MANAGEMENT’S DISCUSSION AND ANALYSIS
lower minesite sustaining capital expenditures6, mainly due to higher spend in the prior quarter linked to the procurement of key underground equipment in line with our automation and optimization plans.

2023 compared to 2022
North Mara’s income for 2023 was 21% lower than the prior year, mainly due to the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. This was further impacted by higher cost of sales per ounce7 and lower gold sales volumes, partially offset by the higher realized gold price6.

INCOME AND EBITDA6

f-128a0c4d8c9f48569a9.jpg
In 2023, gold production was 4% lower than the prior year as we transitioned into mining Gena at the start of 2023 with a focus on stripping and opening up the new open pit, resulting in the additional waste tonnes mined this year. This also marks the third consecutive year when we have delivered improved mill throughput driven by our investment in the underground operations and the successful ramp-up of our open pit mining.

PRODUCTION (thousands of ounces)
osnm-productionv2.jpg
a Based on the midpoint of the guidance range.


Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 23% and 27% higher, respectively, than the prior year, mainly reflecting higher royalties from the higher realized gold price6, higher power generation costs following the grid instability challenges faced in the fourth quarter of 2023 and higher levels of underground and open pit ore fed to the mill as we transitioned into mining Gena at the start of 2023. These impacts were partially offset by the improved open pit unit rates, lower general and administrative unit rates, improved mill throughput and higher recovery. All-in sustaining costs per ounce6 were 30% higher than the prior year, primarily due to higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6.

COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per ounce)
osnm-aiscv3.jpg
a Based on the midpoint of the guidance range.

In 2023, capital expenditures increased by 35% compared to the prior year mainly due to higher project capital expenditures6 relating to the installation of the paste plant, the second crushing line and fleet investment in the ramp-up of open pit operations. This was combined with higher minesite sustaining capital expenditures6, which reflects the higher capitalized stripping, ongoing investment in the new mining fleet and the commencement of TSF lift 9 in 2023.

2023 compared to Guidance

2023 Actual 2023 Guidance
Gold produced (000s oz) 253 230 - 260
Cost of sales7 ($/oz)
 1,206  1,120 - 1,200
Total cash costs6 ($/oz)
 944 900 - 960
All-in sustaining costs6 ($/oz)
 1,335  1,240 - 1,320

Gold production in 2023 ended near the upper end of the guidance range. All cost metrics were slightly above the guidance ranges or towards the high end of the guidance range, reflecting higher royalties from the higher gold realized prices6, and increased input costs driven by consumable and energy prices.
BARRICK YEAR-END 2023
42
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Bulyanhulu (84% basis)a, Tanzania

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
Underground tonnes mined (000s) 300  318  (6) % 1,217  1,029  18  % 730 
Average grade (grams/tonne)
    Underground mined 5.88  6.25  (6) % 6.56  7.89  (17) % 9.23 
Processed 5.88  6.33  (7) % 6.64  7.78  (15) % 8.95 
Ore tonnes processed (000s) 222  241  (8) % 880  837  5  % 661 
Recovery rate 96  % 95  % 1  % 96  % 94  % 2  % 93  %
Gold produced (000s oz) 41  46  (11) % 180  196  (8) % 178 
Gold sold (000s oz) 41  45  (9) % 180  205  (12) % 166 
Revenue ($ millions) 87  91  (4) % 371  389  (5) % 303 
Cost of sales ($ millions) 59  57  4  % 237  248  (4) % 179 
Income ($ millions) 32  33  (3) % 123  118  4  % 122 
EBITDA ($ millions)b
 45  46  (2) % 175  168  4  % 170 
EBITDA marginc
 52  % 51  % 2  % 47  % 43  % 9  % 56  %
Capital expenditures ($ millions) 28  21  33  % 89  81  10  % 70 
    Minesite sustainingb
 15  12  25  % 55  56  (2) % 29 
     Projectb
 13  9  44  % 34  25  36  % 41 
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 ($/oz)b
 1,376  1,132  22  % 1,231  1,156  6  % 891 
All-in costs ($/oz)b
 1,692   1,335  27  % 1,422   1,278  11  % 1,138 
a.Barrick owns 84% of Bulyanhulu, with the GoT owning 16%. Bulyanhulu is accounted for as a subsidiary with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% 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. Represents EBITDA divided by revenue.


Safety and Environment
For the three months ended For the year ended
12/31/23 9/30/23 12/31/23 12/31/22
LTI 0 1 3 4
LTIFR8
 0.00 0.57 0.44 0.60
TRIFR8
 1.10 1.72 2.40 1.64
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2023 compared to Q3 2023
Bulyanhulu’s income for the fourth quarter of 2023 was 3% lower than the prior quarter, mainly due to lower sales volume and a higher cost of sales per ounce7, partially offset by the higher realized gold price6. This was partially offset by the transfer to North Mara of a $15 million expense previously recognized in Bulyanhulu in Q1, related to the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership.
In the fourth quarter of 2023, gold production was 11% lower than the prior quarter, primarily reflecting lower throughput and the transition into lower grade stopes as per the plan, partially offset by a slight improvement in recovery.
Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 increased by 12% and 17%, respectively, due to the lower grades processed, lower underground capital development in line with our plan, and higher power generation costs. All-in sustaining costs per ounce6 in the fourth quarter of 2023 were 22%
higher than the prior quarter, mainly as a result of higher total cash costs6 and increased minesite sustaining capital expenditures6.
Capital expenditures in the fourth quarter of 2023 were 33% higher than the prior quarter, mainly due to increased minesite sustaining capital expenditures6 related to electrical substation upgrades, additional underground mobile equipment, as well as deposits on equipment orders for 2024 as we continue to expand the underground operations. This was partially offset by lower underground development and waste mining in the fourth quarter.

2023 compared to 2022
Bulyanhulu’s income for 2023 was 4% higher than the prior year, mainly due to a non-recurring supplies obsolescence charge incurred in the prior year. This was further impacted by the higher realized gold price6, partially offset by lower gold sales volume and a higher cost of sales per ounce7.

INCOME AND EBITDA6
f-215536e07c644916954.jpg
BARRICK YEAR-END 2023
43
 MANAGEMENT’S DISCUSSION AND ANALYSIS
In 2023, gold production was 8% lower than the prior year as we transitioned into lower grade areas of the mine in order to prioritize underground development in line with the mine plan. This tracked ahead of plan on the back of the investment made in the underground fleet. This was a key driver of the higher tonnes mined and processed in 2023 as we continue to scale operations. Looking ahead, 2024 commences with the box-cut in Upper West as we unlock additional underground headings which are expected to increase our plant throughput.

PRODUCTION (thousands of ounces)
osbuly-productionv2.jpg
a Based on the midpoint of the guidance range.

Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 8% and 6% higher, respectively, than the prior year, reflecting the lower grades in 2023, higher input costs driven by consumables and energy prices. All-in sustaining costs per ounce6 was 6% higher than the prior year due to increased total cash costs per ounce6 and higher minesite sustaining capital expenditures6 on a per ounce basis.

COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per ounce)
osbuly-aiscv2.jpg
a Based on the midpoint of the guidance range.


In 2023, capital expenditures increased by 10% compared to the prior year, reflecting higher project capital expenditures6 from the resource addition drilling projects, the commissioning of an additional ore tipping point and ventilation expansion at Bulyanhulu.

2023 compared to Guidance

2023 Actual 2023 Guidance
Gold produced (000s oz) 180 160 - 190
Cost of sales7 ($/oz)
 1,312  1,230 - 1,310
Total cash costs6 ($/oz)
 920 880 - 940
All-in sustaining costs6 ($/oz)
 1,231  1,160 - 1,240

Gold production in 2023 ended in the upper half of the guidance range. Cost of sales per ounce7 was slightly above the guidance range, mainly due to higher input costs driven by higher royalties, increased consumables and energy prices, combined with an update to the mine plan based on a new geological block model. Total cash costs6 and all-in sustaining costs6 were within their respective guidance ranges.
BARRICK YEAR-END 2023
44
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Other Mines - Gold
Summary of Operating and Financial Data For the three months ended
12/31/23 9/30/23
Gold produced (000s oz) Cost of sales
($/oz)
Total cash costs
($/oz)a
All-in sustaining costs
($/oz)a
Capital Expend-ituresb
 Gold produced (000s oz) Cost of sales
($/oz)
Total cash costs
($/oz)a
All-in sustaining costs
($/oz)a
Capital Expend-ituresb
Veladero (50%) 55 1,378  1,021  1,403  22  55 1,376  988  1,314  15 
Tongon (89.7%) 42 1,489  1,184  1,586  13  47 1,423  1,217  1,331  6 
Hemlo 34 1,618  1,407  1,671  8  31 1,721  1,502  1,799  12 
Porgerac (47.5%)
 — —  —  —  —  — —  —  —  — 
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
b.Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c.As Porgera has been on care and maintenance on April 25, 2020 until December 22, 2023, no operating data or per ounce data is provided. 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.

Veladero (50%), Argentina
Gold production for Veladero in the fourth quarter of 2023 was consistent with the prior quarter. Cost of sales per ounce7 in the fourth quarter of 2023 was also in line with the prior quarter, while total cash costs per ounce6 and all-in sustaining costs per ounce6 increased in the fourth quarter of 2023 by 3% and 7%, respectively, compared to the prior quarter, primarily driven by lower throughput resulting in higher processing unit rates, and a higher achieved gold price, resulting in higher export duties and royalties per ounce.

2023 Actual 2023 Guidance
Gold produced (000s oz) 207 160 - 180
Cost of sales7 ($/oz)
 1,440  1,630 - 1,710
Total cash costs6 ($/oz)
 1,011  1,060 - 1,120
All-in sustaining costs6 ($/oz)
 1,516  1,550 - 1,630

Gold production for the full year 2023 was above the guidance range driven by higher recoveries. All cost metrics were below the guidance ranges as a result of the higher production.

Tongon (89.7% basis), Côte d'Ivoire
Gold production for Tongon in the fourth quarter of 2023 was 11% lower than the prior quarter, reflecting lower grades and recoveries, offset slightly by higher throughput. Cost of sales per ounce7 in the fourth quarter of 2023 was 5% higher than the prior quarter due to higher depreciation expense, partially offset by lower total cash costs per ounce6. Total cash costs per ounce6 were 3% lower than the prior quarter, primarily due to a lower strip ratio in the current quarter. All-in sustaining costs per ounce6 in the fourth quarter of 2023 was 19% higher than the prior quarter, due to higher minesite sustaining capital expenditures6 primarily driven by increased capitalized drilling in the final quarter, partially offset by lower total cash costs per ounce6.

2023 Actual 2023 Guidance
Gold produced (000s oz) 183 180 - 210
Cost of sales7 ($/oz)
 1,469  1,260 - 1,340
Total cash costs6 ($/oz)
 1,240  1,070 - 1,130
All-in sustaining costs6 ($/oz)
 1,408  1,240 - 1,320

Gold production for the full year 2023 was within the guidance range. All cost metrics were above the guidance ranges driven by lower than expected grades and recoveries.

Hemlo, Ontario, Canada
Hemlo's gold production in the fourth quarter of 2023 was 10% higher than the prior quarter, primarily due to higher ore tonnes mined due to improved underground performance. Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were both 6% lower than the prior quarter due to the impact of the improved production performance. All-in sustaining costs per ounce6 decreased by 7% compared to the prior quarter, primarily due to lower minesite sustaining capital expenditures6 and lower total cash costs per ounce6.

2023 Actual 2023 Guidance
Gold produced (000s oz) 141 150 - 170
Cost of sales7 ($/oz)
 1,589  1,400 - 1,480
Total cash costs6 ($/oz)
 1,382  1,210 - 1,270
All-in sustaining costs6 ($/oz)
 1,672  1,590 - 1,670

Gold production in 2023 was below the guidance range, which was primarily due to interruptions to the underground operations in the fourth quarter, including a fire which damaged some ventilation infrastructure, leading to delays in ramping back up, coupled with underground interruptions earlier in the year. All cost metrics were higher than guidance mainly due to the impact of lower than expected sales volumes which reflected the disruptions referred to above and higher royalties from the higher realized gold price6 (royalty impact was $30/oz for Hemlo).


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Lumwana (100%), Zambia

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
Open pit tonnes mined (000s) 32,081   37,455  (14) % 113,633   98,340  16  % 99,009 
    Open pit ore 7,011  6,617  6  % 26,030  20,277  28  % 33,510 
    Open pit waste 25,070  30,838  (19) % 87,603  78,063  12  % 65,499 
Average grade (grams/tonne)
 Open pit mined 0.60  % 0.56  % 7  % 0.51  % 0.61  % (16) % 0.45  %
 Processed 0.54  % 0.55  % (2) % 0.49  % 0.52  % (6) % 0.46  %
Tonnes processed (000s) 7,090  6,606  7  % 26,797  25,166  6  % 25,711 
Recovery rate 87  % 91  % (4) % 89  % 93  % (4) % 93  %
Copper produced (millions of pounds) 73  72  1  % 260  267  (3) % 242 
Copper sold (millions of pounds) 70  67  4  % 249  275  (9) % 253 
Revenue ($ millions) 226   209  8  % 795   868  (8) % 962 
Cost of sales ($ millions) 207  166  25  % 723  666  9  % 570 
Income (loss) ($ millions) 17  32  (47) % 37  180  (79) % 391 
EBITDA ($ millions)a
 102  101  1  % 294  403  (27) % 588 
EBITDA marginb
 45  % 48  % (6) % 37  % 46  % (20) % 61  %
Capital expenditures ($ millions) 81  102  (21) % 306  405  (24) % 189 
    Minesite sustaininga
 68  85  (20) % 223  360  (38) % 189 
     Projecta
 13  17  (24) % 83  45  84  % 0 
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 ($/lb)a
 3.38  3.41  (1) % 3.48  3.63  (4) % 2.80 
All-in costs ($/lb)a
 3.55   3.66  (3) % 3.81   3.79  0  % 2.80 
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
b.Represents EBITDA divided by revenue.


Safety and Environment
For the three months ended For the year ended
12/31/23 9/30/23 12/31/23 12/31/22
LTI 2 1 3 1
LTIFR8
 0.53 0.30 0.23 0.08
TRIFR8
 0.53 0.30 0.31 0.50
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2023 compared to Q3 2023
Lumwana’s income for the fourth quarter 2023 was 47% lower compared to the prior quarter as a result of a higher cost of sales per pound7, partially offset by higher sales volumes, while the realized copper price6 was consistent with the prior quarter.
Copper production in the fourth quarter of 2023 was 1% higher than the prior quarter as improved throughput offset lower grades and recovery.
Cost of sales per pound7 and C1 cash costs per pound6 were 19% and 15% higher, respectively, than the prior quarter due to lower mining efficiencies as the wet
season commenced, combined with lower grades processed and lower plant recovery. Cost of sales per pound7 was further impacted by higher depreciation expense. In the fourth quarter of 2023, all-in sustaining costs per pound6 decreased by 1% compared to the prior quarter, primarily driven by a decrease in minesite sustaining capital expenditures6, partially offset by higher C1 cash costs per pound6.
Capital expenditures were 21% lower compared to the prior quarter due to a decrease in both minesite sustaining capital expenditures6, and project capital expenditures6. Minesite sustaining capital expenditures6 were 20% lower mainly due to decreased capitalized waste stripping. Project capital expenditures6 decreased by 24% reflecting reduced spend on the new owner mining fleet to replace the contract mining, which is coming to an end.

2023 compared to 2022
Lumwana’s income for 2023 was 79% lower than the prior year, primarily due to lower sales volume and a higher cost of sales per pound7. The realized copper price6 was consistent with the same prior year period.


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 MANAGEMENT’S DISCUSSION AND ANALYSIS
INCOME AND EBITDA6

f-5f3ddf14639b460896b.jpg

In 2023, copper production decreased by 3% compared to the prior year, primarily due to lower grades processed, in line with the mine plan. This was further impacted by lower recoveries, partially offset by higher throughput. Copper sales were 9% lower than the prior year as 2022 had significant finished goods built up from 2021. The increase in mined tonnes and tonnes processed is reflective of the investment in the new owner mining fleet and the plant improvement projects, respectively, which are expected to continue to ramp up in 2024.

PRODUCTION (thousands of tonnes)
a-productionv3.jpg
a Based on the midpoint of the guidance range.

In 2023, cost of sales per pound7 and total C1 cash costs per pound6 increased by 20% and 21%, respectively, compared to the prior year, mainly due to lower grades processed, lower recoveries and to a lesser extent lower capitalized waste stripping. All-in sustaining costs per pound6 in 2023 decreased by 4% compared to the prior year, mainly due to lower minesite sustaining capital expenditures6, partially offset by higher C1 cash costs per pound6.


COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per pound)

a-aiscv3.jpg
a Based on the midpoint of the guidance range.

In 2023, capital expenditures decreased by 24% compared to the prior year, primarily related to lower capitalized waste stripping, reflecting the improvement in mining unit costs despite the higher tonnes mined. This was partially offset by higher project capital expenditures6 related to the investment in the new owner mining fleet.

2023 compared to Guidance

2023 Actual 2023 Guidance
Copper produced (M lbs) 260 260 - 290
Cost of sales7 ($/oz)
 2.91 2.45 - 2.75
Total cash costs6 ($/oz)
 2.29 2.00 - 2.20
All-in sustaining costs6 ($/oz)
 3.48  3.20 - 3.50

Copper production in 2023 was at the bottom of the guidance range due to lower recoveries from the historic stockpiles and bringing the 2024 trunnion change-out forward into 2023 to reduce the risk of unplanned stoppages at the plant. Cost of sales per pound7 and total C1 cash costs per pound6 were above the guidance ranges, mainly due to the impact of lower than expected sales volumes. All-in sustaining costs per pound6 were within the guidance range resulting from lower capitalized waste stripping due to the focus on ore delivery, and lower unit costs in waste mining as we continue to ramp up tonnes and improve mining efficiencies.



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Other Mines - Copper
Summary of Operating and Financial Data For the three months ended
12/31/23 9/30/23
Copper production (millions of pounds) Cost of sales
($/lb)
C1 cash costs
($/lb)a
All-in sustaining costs
($/lb)a
Capital Expend-ituresb
 Copper production (millions of pounds) Cost of sales
($/lb)
C1 cash costs
($/lb)a
All-in sustaining costs
($/lb)a
Capital Expend-ituresb
Zald ívar (50%)
 23 3.85   2.93   3.51   16   22 3.86  2.99  3.39  8 
Jabal Sayid (50%) 17 1.59  1.32  1.50  8  18 1.72  1.45  1.64  6 
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
b.Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

Zaldívar (50% basis), Chile
Copper production for Zaldívar in the fourth quarter of 2023 was in line with the prior quarter. Cost of sales per pound7 was in line with the prior quarter with lower C1 cash costs per pound6 largely offset by higher depreciation. C1 cash costs per pound6 in the fourth quarter of 2023 was 2% lower than the prior quarter, with the prior quarter including costs associated with the conclusion of the labor agreement. All-in sustaining costs per pound6 increased by 4% compared to the prior quarter, primarily due to higher minesite sustaining capital expenditures6 driven by increased spend on components and asset replacements as part of an asset integrity program, partially offset by lower C1 cash costs per pound6. This investment, of which we are not the operator, continues to be a non-core part of our portfolio.

2023 Actual 2023 Guidance
Copper produced (M lbs) 89 100 - 110
Cost of sales7 ($/lb)
 3.83  3.40 - 3.70
C1 cash costs6 ($/lb)
 2.95  2.60 - 2.80
All-in sustaining costs6 ($/lb)
 3.46  2.90 - 3.20

Copper production in 2023 was below the guidance range, mainly due to limited heap leach stacking availability and lower than expected leach recoveries. All cost metrics were above the guidance ranges mainly due to lower production and sales volumes, higher consumables prices, as well as higher maintenance costs.


Jabal Sayid (50% basis), Saudi Arabia
Jabal Sayid's copper production in the fourth quarter of 2023 was slightly below the prior quarter driven by lower throughput, as per the plan. Cost of sales per pound7 and C1 cash costs per pound6 in the fourth quarter of 2023 were 8% and 9% lower, respectively, mainly due to the impact of increased gold by-product credits. All-in sustaining costs per pound6 was 9% lower than the prior quarter, mainly due to lower C1 cash costs per pound6, while minesite sustaining capital expenditures6 remained in line with the prior quarter on a per pound basis.

2023 Actual 2023 Guidance
Copper produced (M lbs) 71 65 - 75
Cost of sales7 ($/lb)
 1.60  1.80 - 2.10
C1 cash costs6 ($/lb)
 1.35 1.50 - 1.70
All-in sustaining costs6 ($/lb)
 1.53  1.60 - 1.90

Copper production in 2023 was at the upper end of the guidance range. All cost metrics were below the guidance ranges due to higher than expected by-product credits as well as lower shipping rates achieved.

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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Growth Project Updates

Goldrush Project, Nevada, USA17
Goldrush, which is included within Cortez, is expected to be a long-life underground mine with anticipated annual production in excess of 400,000 ounces per annum (100% basis) by 2028 and reach commercial production in 2026.
The ROD was issued on December 8, 2023 and work subsequently commenced on surface infrastructure accesses. The mine is now in a position to complete the construction of the first ventilation raise, alleviating the ventilation constraints on the mine and allowing for expanded mining and development areas.
In the fourth quarter, geotechnical drilling was completed for installation of ventilation raise 1. Underground exploration and development of the future Goldrush mine and the construction schedule is on track to start at the end of the first quarter 2024. Surface access in Horse Canyon will continue along with water management infrastructure work in the Pine Valley district. Recruitment of experienced miners continues to ramp up albeit slower than planned. Delivery of production equipment was on track with more equipment delivered in the fourth quarter.
As at December 31, 2023, project spend was $382 million on a 100% basis (including $11 million in the fourth quarter of 2023) inclusive of the exploration declines. This capital spent to date, together with the remaining expected pre-production capital, is still anticipated to be near the approximate $1 billion initial capital estimate for the Goldrush project (100% basis).

Fourmile, Nevada, USA
Fourmile is the wholly-owned Barrick asset in Nevada and has the potential to form a core component of Cortez in the future, one of Barrick’s Tier One Gold Assets1. The current focus is on exploration drilling with promising results to date, highlighted in the Exploration section, which support the potential to significantly increase the modeled extents of the declared mineral resource within the two kilometers of prospective Wenban stratigraphy, as well as uplift the grade. A dedicated Barrick project development team and budget are targeting the extension of the existing mineral resources through the Sophia and Dorothy targets, while also assessing options for an independent exploration decline access. One such option that is being assessed is a surface portal from Rangefront North / Bullion Hill, which would decouple the development of the project from the existing Goldrush development but ultimately complement the current Goldrush multi-purpose development. Footwall development along the strike of the Fourmile orebodies would initially be used for the pre-feasibility drilling and then later be re-used for mine haulage. Barrick anticipates Fourmile will be contributed to the NGM joint venture if certain criteria are met following the completion of drilling and the requisite feasibility work. In 2024, we are planning to spend approximately $40 million on drilling, evaluation and modelling with a view to commence a pre-feasibility study at the end of 2024.

NGM TS Solar Project, Nevada, USA
The TS Solar project is a 200 MW photovoltaic solar farm located adjacent to NGM’s TS Power Plant and interconnected with the existing plant transmission infrastructure. Upon completion, the project will supply
renewable energy to NGM’s operations and is expected to deliver a reduction of 254kt of CO2 equivalent emissions per annum, equating to an 8% decrease from NGM’s 2018 baseline.
Array construction advanced ahead of schedule in the fourth quarter of 2023. Mechanical installation was substantially completed for piles and trackers. All modules were received on site and module installation exceeded plan, attributed to increased contractor resources driving higher than planned construction. Module installation is now 95% complete with remaining modules withheld to allow adequate room for cable termination at the power conversion skids. Installation crews have largely demobilized and remaining modules will be installed as cable termination work is completed.
Commissioning for the solar substation and half the array (100 MW) was completed in the fourth quarter of 2023. All pre-commissioning checks were completed, the substation was interconnected to the power utility transmission line, and the array was energized to produce power to the grid in December 2023.
As at December 31, 2023, project spend was $283 million (including $34 million in the fourth quarter of 2023) out of an estimated capital cost of $290-$310 million (100% basis).

Donlin Gold, Alaska, USA
Over the past three years the Donlin Gold team’s focus has centered on building ore body knowledge around the controls on mineralization through detailed mapping and infill grid drilling. The tightly spaced drill grids focused on the deposit’s three main structural domains (ACMA, Lewis and Divide) and supported the classification of inferred and indicated resources in the current Donlin resource estimate, but have not yet defined a spacing that would support the declaration of measured resources, as per Barrick end of year 2023 updated Mineral Reserves and Resources disclosure. Trade-off studies and analysis on project assumptions, inputs, design components for optimization (mine engineering, metallurgy, hydrology, power, and infrastructure) were also conducted and will continue into 2024.
Donlin Gold, in collaboration with Calista Corporation (“Calista”) and The Kuskokwim Corporation (“TKC”), supported important initiatives in the Yukon- Kuskokwim (Y-K), including education, health, safety, cultural traditions, and environmental programs. Further, Donlin Gold collaborated with Calista and the village of Crooked Creek and engaged state officials, the U.S. Army Corps of Engineers, members of the U.S. congressional delegation, and with senior leadership from the U.S. Department of the Interior as part of ongoing outreach to emphasize the thoroughness of the project’s environmental review and permitting procedures, as well as on the strong partnership between Donlin Gold and the Native Alaskans who own the mineral resource and land. The Donlin Gold team also restored the stream and riparian habitat for aquatic life on a nearby historic placer site that is unrelated to the Donlin property.
Looking forward to 2024, the board of Donlin Gold approved a $28.5 million budget (100% basis) with workstreams focused on continuing to move the Donlin Gold project up the value curve. Focus will continue to be
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
on: optimizing the infrastructure, mine design, and flow sheet; mitigating the technical challenges; advancing the remaining project permitting; defending challenges to the existing permits; and exploring further partnership opportunities to unlock value for our Alaskan partners and communities.

Pueblo Viejo Expansion, Dominican Republic18
The Pueblo Viejo plant expansion and mine life extension project is designed to increase throughput to 14 million tonnes per annum and sustain gold production above 800,000 ounces per year (100% basis) going forward.
The construction and commissioning activities for the plant expansion were substantially completed by the end of 2023, with both of the new oxygen plants as well as the Vertimil now operational. Premature equipment failures encountered early in commissioning were resolved in collaboration with the original equipment manufacturers, including a new agitator gearbox design installed on all the flotation cells.
As previously disclosed, at the start of the fourth quarter we experienced the structural failure of the crushed ore stockpile feed conveyor. While the reconstruction work is underway, the new SAG mill is being fed through smaller mobile crushers and a temporary conveyor system running from the gyratory crusher, albeit at a reduced rate. This reconstruction is expected to be completed in the second quarter of 2024, which will allow the plant to reach full throughput. During the first quarter of 2024, the focus will be on the continued stability and optimization of the flotation circuit.
The technical and social studies for additional tailings storage capacity (El Naranjo) continued to advance as planned. Geotechnical drilling and site investigations are ongoing and continue to support the feasibility study, due for completion in the third quarter of 2024.
The development of a new town and housing complex to resettle the displaced families is progressing well, with road conditioning done on the east side of the property and house construction in progress.
As at December 31, 2023, total project spend was $1,027 million (including $16 million in the fourth quarter of 2023) on a 100% basis. The estimated capital cost of the plant expansion and mine life extension project is approximately $2.1 billion (100% basis).

Veladero Phase 7 Leach Pad, Argentina
In November 2021, Minera Andina del Sol approved the Phase 7A leach pad construction project with Phase 7B subsequently approved in the third quarter of 2022. Construction on both phases includes sub-drainage and monitoring, leak collection and recirculation, impermeabilization, as well as pregnant leaching solution collection. Additionally, the north channel will be extended along the leach pad facility.
Construction of Phase 7A was completed on budget at a cost of $81 million (100% basis). Construction of Phase 7B began during the third quarter of 2023 and is scheduled for completion in 2024.
Overall for Phase 7, as at December 31, 2023, project spend was $112 million (including $10 million in the fourth quarter of 2023) out of an estimated capital cost of $160 million (100% basis).


Reko Diq Project, Pakistan
On December 15, 2022, Barrick completed the reconstitution of the Reko Diq project in Pakistan’s Balochistan province. The completion of this transaction involved, among other things, the execution of all of the definitive agreements including the mineral agreement stabilizing the fiscal regime applicable to the project, as well as the grant of mining leases, an exploration license, and surface rights. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world’s largest undeveloped open pit copper-gold porphyry deposits.
The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non-contributing share held by the Provincial Government of Balochistan, an additional 15% held by a special purpose company owned by the Provincial Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick is the operator of the project. The key fiscal terms for Reko Diq are a 5% NSR payable to the Provincial Government of Balochistan, a 1% NSR final tax regime payable to the Government of Pakistan (subject to a 15-year exemption following commercial production), and a 0.5% NSR export processing zone surcharge.
Barrick has started a full update of the project’s 2010 feasibility and 2011 expansion PFS. The Reko Diq feasibility study update is expected to be completed by the end of 2024, with 2028 targeted for first production.
During 2023, the project team continued to advance the feasibility study, with engineering consultants engaged to advance key areas and commence basic engineering. Personnel continued to be recruited and mobilized for the project with the majority of new hires from Balochistan. The site works were advanced with a focus on early works infrastructure. The last school was established at one of the four closest communities during the fourth quarter, which completes the initial education program with each of the four closest communities now having schools and teachers in place in line with our community development commitments. The regional Nok Khundi hospital commenced construction during the fourth quarter.
As at December 31, 2023, year-to-date project spend was $60 million (including $25 million in the fourth quarter of 2023) (100% basis). This amount is recorded in exploration, evaluation and project expense and excludes amounts relating to fixed asset purchases that were capitalized. For 2024, we expect to incur approximately $280 million (100% terms) in capital expenditure and approximately $100 million in project expenses (100% terms).

Pascua, Chile
An updated Pascua preliminary economic assessment is planned for 2024 to outline project potential scope options, and a closure EIA for the existing site was submitted during January 2024. The updated EIA corresponds to the modification of the closure phase of the Pascua mining project requested by the Chilean Environmental Court, specifically regarding water management. It intends to
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
return the water flows and quality to natural conditions. This will entail the removal of certain infrastructure as per the directive received. The EIA process will include participatory monitoring, working groups and Indigenous consultation in line with our ongoing commitments and standards.

Loulo-Gounkoto Solar Project, Mali
This project entails design, supply and install of a 40 MW (48 MW peak) photovoltaic solar farm with a 36 MVA battery energy storage system to complement the existing 20 MW plant. We project a reduction of 23 million liters of fuel in the power plant as a result of this project, which translates to savings of approximately 63kt of CO2 equivalent emissions per annum. The project was staged in two phases of solar and battery storage and has been completed 12 months ahead of time. The final battery energy storage system is scheduled for commissioning on the grid in the first quarter of 2024. The project schedule status is 99% complete (up from 98% as at September 30, 2023). The ongoing activities include the optimization of the photovoltaic penetration.
As at December 31, 2023, project spend was $73 million (including $1 million in the fourth quarter of 2023) and the project is expected to finish below the original capital cost of approximately $90 million (100% basis).

Jabal Sayid Lode 1, Saudi Arabia
The scope of this project is to develop and mine a new orebody, located less than a kilometer from the existing lode at Jabal Sayid. The project design includes underground capital development as well as ventilation, paste plant and underground mining infrastructure upgrades where stoping commenced during the third quarter of 2023. The up-cast ventilation raise bore shaft is fully equipped and the reaming of the fresh air ventilation shaft has been completed. The reagent plant and direct flow reactor has been commissioned with optimization ongoing. Civil, mechanical and electrical construction for the new paste plant is progressing well. The project is 95% complete (up from 88% as at September 30, 2023)
As at December 31, 2023, project spend was $42 million (including $4 million in the fourth quarter of 2023) out of a revised estimated capital cost of approximately $43 million (100% basis).

Lumwana Super Pit Expansion, Zambia19
The Lumwana Super Pit Expansion is projected to deliver 240,000 tonnes of copper production per year, from a 50mtpa process plant expansion, with a mine life of more than 30 years. During the fourth quarter of 2022, we began a transition to an owner-miner fleet for waste stripping at Lumwana following a study which concluded that this option could result in a 20% cost reduction within the first five years versus contracted services. Separately, this strategy positions the operation well for the Super Pit expansion.
The second phase of resource conversion drilling in the Chimiwungo super-pit footprint commenced during the fourth quarter, with completion due in the first quarter of 2024. Resource conversion drilling was completed at Kababisa during the quarter. Geometallurgical samples from the down-dip extension of the Chimiwungo deposit were processed. These samples showed results that were similar in hardness to the original sampling campaign completed for the original Lumwana process design. Flotation work is in progress concurrently with comminution
testing, which will provide inputs into the plant Feasibility Study design. Geotechnical site investigation drilling of the PFS project layout continued during the quarter, focusing on the TSF expansion areas.
Financial models for the project were updated during the fourth quarter with a new mine plan, fleet and capital schedule. The project is now closing in on the completion of the PFS, expected by the end of the first quarter of 2024, with increased confidence in mine planning and capital spending. Plant ramp-up is planned to occur from 2027-2028 with a full 50 million tpa run rate expected to be achieved in 2029. Mining ramp-up would start from 2026 under this timeline, increasing to 250 million tpa capacity.
A plant feasibility study was commenced during the quarter with the completion of a competitive tender process which awarded the contract to Lycopodium. Value engineering studies are in progress around elements of the comminution circuit, with design work started on the plant and preliminary scoping completed for the construction camp. The accelerated feasibility study is scheduled for completion towards the end of 2024, with pre-construction expected to start in 2025 and 2028 targeted for first production. The plant expansion PFS completed in the third quarter of 2023 concluded that the 50Mtpa plant expansion, effectively doubling the existing circuit capable of delivering 240 thousand tpa, provided the best economic returns.
The TSF MAA was concluded in the fourth quarter, and led straight into PFS design for the TSF, which was also completed during the quarter and capital estimates were incorporated into the updated financial models. The work on the ESIA continued with water well drilling and aquifer testing in Kababisa, as well as RAP surveys which were also completed during the fourth quarter.
The owner-miner transition of the waste stripping fleet is being executed concurrently with the Super Pit PFS, which commenced in the fourth quarter of 2022. The first deliveries of the owner stripping fleet were received at the beginning of 2023 with 45 rigid body dump trucks and twelve excavators now in production. Although the delivery schedule has experienced delays, the efficiency of the new fleet has exceeded that of the previous contractor fleet, partially offsetting the shortfall in waste stripping tonnes experienced at the start of the 2023 year. The remaining and final 10 articulated dump trucks are expected to be commissioned during the first quarter of 2024.
As at December 31, 2023, project spend on the new fleet was $115 million (including $13 million in the fourth quarter of 2023, which includes the 10 trucks highlighted above) out of an estimated capital cost of approximately $115 million. For 2024, we expect to incur approximately $110 million in growth capital expenditure related to early works.
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Exploration and Mineral Resource Management

The foundation of our exploration strategy is a deep organizational understanding that discovery through exploration is a long-term investment and the main value driver for the business - not a process. Our exploration strategy has multiple elements that all need to be in balance to deliver on Barrick's business plan for growth and long-term sustainability.
First, we seek to deliver projects of a short- to medium-term nature that will drive improvements in mine plans. Second, we seek to make new discoveries that add to Barrick's Tier One Gold Asset1 portfolio. Third, we work to optimize the value of our major undeveloped projects and finally, we seek to identify emerging opportunities early in their value chain and secure them by an earn-in or outright acquisition, where appropriate.
During 2023, our exploration work has expanded in all regions with the addition of new projects, while ongoing work continues to return encouraging results at all stages of the target pipeline. In Canada, we are building a solid portfolio of projects with encouraging early results which will be drill tested in 2024. In the United States, we have secured several exciting prospects outside the Carlin district, and the Nevada exploration team continues to identify new opportunities around our Carlin operations, most notably this year with high-grade drill intersections from the northern extensions of Fourmile, confirming the potential to deliver another Tier One1 deposit in the district. In Latin America, a portfolio of exciting targets in Peru were progressed and are permitted for drilling in 2024. We entered Ecuador, completing initial mapping and geochemical programs across a very prospective ground position. Around Pueblo Viejo and Veladero, our team continues to return strong results, identifying new satellite potential at both operations. In the Africa and Middle East region, we have confirmed high-grade mineralization on key structures around our deposits in Mali, DRC, and Côte D’Ivoire and in Tanzania we expanded our ground holding significantly and have identified multiple alteration systems beneath cover around North Mara. In Saudi Arabia, early drilling at the Umm Ad Damar project has identified VMS-style mineralization and alteration at all targets. We also continue to evaluate opportunities across the Asia-Pacific region as we progress targets around Reko Diq in Pakistan and across Japan. Through 2024, we plan to maintain a healthy balance in our exploration focus between early-stage and advanced exploration projects to deliver on Barrick’s growth and long-term business plan.
The following section summarizes the exploration results from the fourth quarter of 2023.

North America
Carlin, Nevada, USA20, 21, 22, 23
Conversion drilling from the underground continued in the fourth quarter across the entire Greater Leeville area. Step-out drilling from surface at the Horsham target intercepted a narrow zone of mineralization immediately footwall to the camp-scale controlling Leeville Fault, some 100 meters from underground drilling. Hole HSX-23002 returned 8.4 meters at 5.85 g/t Au, showing that the system remains open to the east and north of the existing underground
drilling completed earlier this year (HSC-23001 32.6 meters at 32.88 g/t Au).
South of Leeville, at Rita K, underground step-out drilling targeting mineralization to the west in Upper Rita K, successfully intersected high-grade mineralization near the Rodeo Creek and Popovich contacts (a significant mineral host across the Greater Leeville area). RKU-23014 returned a total intercept of 18.6 meters at 9.33 g/t Au (including 6.4 meters TW at 17.69 g/t Au), confirming the presence of mineralization over 120 meters away from previous underground drilling at Rita K Lower. Surface follow-up drilling in 2024 aims to shore-up continuity at Upper Rita K ahead of an exploration decline being developed here, from which underground conversion drilling can begin.
At the Ren deposit, step-out surface drilling successfully intercepted a narrow, high-grade zone of mineralization within a 200 meter gap between historic surface drilling in the northwest and underground drilling to the southeast of hole REN-23001B. The hole intersected the targeted Corona dike at a depth of approximately 900 meters downhole and returned 4.7 meters at 24.90 g/t Au, confirming the continuity of high-grade mineralization and paving the way for underground platform development in the future to convert more material to the west.
Three kilometers to the northeast of Leeville, at the Black Pearl target, framework drilling has intersected potential carbonate host rocks shallower than anticipated, albeit unaltered. Surface target delineation work in the area has identified several corridors of anomalous geochemistry along mapped structures which will be targeted in 2024.
To the west of Leeville, framework drilling in the sparsely drilled Little Boulder Basin returned multiple thin high-grade intercepts including 2.6 meters at 6.35 g/t Au (LBB-23010) within a broader, 27 meter zone of alteration. Consistent with previous results hundreds of meters to the south, mineralization occurs in sulfidized breccia at the top of a 200 meter thick package of thrust faulted carbonate rocks. The altered thrust sequence remains open to the north and will be evaluated for additional drilling in 2024.

Cortez, Nevada, USA24, 25
Underground drilling focused around the CHUG Hanson target, with three major step-out holes completed in the fourth quarter to assess upside potential, outside of the well-defined zone of mineralization within the Heart of Hanson. Two drill holes returned high-grade, with CMX-23018 returning the highest gram-meter result at the Hanson target to date: 33.2 meters at 18.42 g/t Au. This result pushes known mineralization out some 290 meters from previous drilling and shows the system remains open to the west. Hole CMX-23017, drilled some 200 meters to the north, returned a narrow intercept of 2.1 meters at 23.15 g/t Au, showing the system also remains open up-plunge. Drilling in 2024 will continue stepping out from these high-grade intercepts.
At the Robertson open-pit project, step-out drilling to the north and west around the Distal target continued to support the exploration upside potential at this target, outside of existing resource pit designs. Best results include DTL-23012 (8.7 meters TW at 1.06 g/t Au), and DTL-23013 (7.6 meters TW at 1.77 g/t Au; 9.3 meters TW at 1.78 g/t
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Au; and, 6.6 meters TW at 1.74 g/t Au), with follow-up drilling planned in 2024.

Fourmile, Nevada, USA26
At Fourmile, additional drill holes were completed in the fourth quarter along the prospective corridor between Sophia and Dorothy following up on FM23-181D (previously reported in the second quarter of 2023; 28.7 meters at 51.10 g/t Au) with two holes intersecting thin, high-grade mineralization along the Sadler Fault. Hole FM23-188D returned 3.8 meters at 16.26 g/t Au and 1.4 meters at 9.91 g/t Au and drillhole FM23-187D returned two thin, high-grade intervals of 1.8 meters at 57.23 g/t Au and 2.6 meters at 40.22 g/t Au.
The 2023 drill program at Fourmile has established continuity at 100-200 meter spacing along the Sadler Fault between the Sophia Zone, currently the north end of the Fourmile resource, and the Dorothy Zone, a further 750 meters to the north. Additionally, results from FM23-181D highlight the potential for thick, breccia-hosted bodies along the prospective corridor. Further infill drilling targeting upside at Fourmile is planned with an expanded drilling program in 2024.

Turquoise Ridge, Nevada, USA27
Step-out drilling in the southern end of the Turquoise Ridge Underground intersected a narrow zone of high-grade mineralization in one of the last drill fans of the year. TUM-23307 returned 4.8 meters at 95.18 g/t Au (including 2.0 meters at 212.00 g/t Au) within a strongly sheared package of Lower Comus, proximal to the projection of the Bullion Fault. Mineralization remains open both down-dip to the east and along strike to the south, where little to no previous drilling has tested these depths.
Surface step-out drilling at the southern end of the Mega pit at Twin Creeks intercepted significant mineralization along the Lopear Thrust, a known mineral controlling structure within the main portion of the Mega pit. TSG-23003A returned a thick intercept of 63.3 meters TW at 4.42 g/t Au, at the base of the projected resource pit design.
At the Mega Feeder target, drilling is in progress on a framework hole to the north, proximal to the 20K Fault, a Getchell Fault-parallel structure on the Twin Creeks side of the district. This hole will also intersect the Nexus Anticline in the favorable middle Comus host rocks. The hole is currently drilling above target and will be completed in the first quarter of 2024, but to date, multiple zones of elevated Carlin chemistry and alteration have been observed in the silicalistic stratigraphy above the carbonate host rocks at depth. As previously discussed, the potential for a high-grade, feeder-type target beneath the Twin Creeks deposit remains high, and continues to be one of the highest priority target concepts for exploration in the district.

Pearl String, Nevada, USA
A four hole follow-up phase of RC drilling was completed on the Pearl String property during the fourth quarter. Drilling was designed as 300 to 500 meter step-out holes to the strongest volcanic-hosted high sulfidation geochemistry and alteration encountered in Phase 1 drilling earlier in the year, and was focused in the southeast pediment target area of the property. Assay results are pending, however alteration
and pXRF geochemistry are similar to the previous holes drilled.

Hemlo, Canada28
Reserve conversion drilling from surface targeted E-Zone and Horizon west of the C-Zone. Drilling confirmed the modeled continuity of mineralization, while also increasing our understanding of lithological controls on mineralization in the Horizon zone. Results from Horizon include 38.4 meters TW at 0.95 g/t Au in drillhole W2381. Results from E-Zone include 67.9 meters TW at 1.25 g/t Au in drillhole W2368; 10.0 meters TW at 3.98 g/t Au in drillhole W2370; and 22.0 meters TW at 2.64 g/t Au in drillhole W2371.

Pic, Ontario, Canada
A nine hole drill program was completed in the fourth quarter, testing targets generated over the last two field seasons by diamond drilling – Porphyry Lake (two holes), Moses-Beggs Lake (five holes) and Roccian Lake (two holes). Although localized mineralization was intersected in each target area, overall grades were low, narrow, and discontinuous at each target. No further follow-up work is planned at these targets as mineralization encountered is generally consistent with that at surface and is interpreted to explain the anomalism that drove target generation.

Sturgeon, Ontario, Canada
Comprehensive belt scale exploration, including a till survey and geological prospecting and mapping, identified two priority targets to be drilled on Sturgeon Lake. Follow-up programs in 2024 include drilling the Rainbow Trend, a 1.9 kilometer long deformation zone along the contact between intrusive and mafic volcanic rocks identified on sparse island outcrops near the south shore of Sturgeon North Arm. Grab samples in the deformation zone have returned high-grade gold values up to 141 g/t Au. The East Bay target is a 6 by 4 kilometer gold-in-till anomaly associated with increased sulfidation and alteration of intrusive rocks, as well as quartz veins with multiple orientations cutting the mafic to intermediate host rocks.

Patris, Quebec, Canada
Geophysical surveys were completed along the La Pause fault, a major break separating volcanic rocks to the northeast and sedimentary rocks to the southwest. A significant chargeability anomaly corresponds with recently identified altered and folded intrusive rock within the sedimentary basin (as reported in the third quarter). This emerging target will be drilled in 2024. A comprehensive drill-for-till program is also planned to further assess the prospectivity of the sedimentary basin.

Latin America & Asia-Pacific
Pueblo Viejo, Dominican Republic
At Pueblo Grande Norte, a total of four framework drillholes were completed. Drill holes identified permeable rocks affected by high-sulfidation mineralization with strong dissemination of several events of sulfides. This drilling is opening a new search space several kilometers to the west of the Montenegro pit. Follow-up drilling will take place starting in the first quarter of 2024.
At Zambrana, to the southeast of the Moore pit, two drillholes were completed. Both holes intercepted shallow oxide mineralization with expected gold mineralization from surface up to approximately 30 to 40
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meters (pending laboratory results). At depth, coincident with the high chargeability IP anomaly, the holes intercepted permeable rocks affected by PV-type alteration with several events of sulfide mineralization (assays pending). Follow-up drilling is planned in the first quarter of 2024.
At Pueblo Grande Sur, located several kilometers to the southeast of the Moore pit, two targets with coincident soil anomalies and geophysical anomalies (chargeability) had been identified. Fieldwork is in progress to define drill targets, with drilling planned in the second half of 2024.

Regional Exploration, Dominican Republic
A full integration and reinterpretation of legacy data on a consolidated Barrick property portfolio located in the western Dominican Republic has been completed. Several areas of interest had been identified with field work to define the geological framework, mineral potential and target areas to be conducted during 2024.

Veladero District, Argentina
Following on from the definition of a mineral inventory after the first diamond drilling campaign at the Morro Escondido target, the metallurgical sampling program continues as part of the study to optimize the project economics. The exploration team is evaluating the geological extensions to mineralization along the La Ortiga Trend with a large ground Controlled Source Audio Magneto Telluric (CSAMT) geophysical survey planned during the first half of 2024 from Cerro Lila in the north of the trend, to the Julieta target area south of Morro Escondido.
In the fourth quarter of 2023, within the wider La Ortiga Trend, five targets were tested in the Cerro Lila area, which intersected weak high sulfidation alteration and structurally controlled gold mineralization, however, positive porphyry-type evidence was seen, vectoring towards the Domo Negro target, opening a search space for gold copper porphyry mineralization. Fieldwork to follow up on these results is in progress.
The exploration team is conducting field work on the other high priority targets defined in the Veladero district. During the fourth quarter, two targets located along the Pascua-Lama trend, Azul and Domo Fabiana East, were confirmed as high potential areas of interest for high sulfidation mineralization. Field work is ongoing, aiming to define drill-ready targets by the second quarter of 2024. Subject to results, drilling is expected after the Andean winter.
As reported previously, the drilling results at the Antenas-Chispas target had reduced the search zone to a 1 kilometer by 2 kilometer area of interest with favorable hydrothermal alteration present. Plans to return in the fourth quarter of 2023 were pushed to the first quarter of 2024 due to prioritization of drilling in the Veladero orebody for end of 2023. This program will test the final zone of interest with two or three more holes.
Drilling of the Lama targets remains suspended. Geological reviews of results are ongoing to determine if a follow-up program is warranted. As previously reported, those targets with a low potential to pass investment filters have been removed from the portfolio.

Northern Chile
Generative work is ongoing, aiming to secure a strong portfolio of district-scale projects that provides exploration optionality. During the fourth quarter, a desktop prospectivity review was completed, and the team progressed to field-validation of the highest ranked areas.

El Indio Camp, Chile
In the El Indio district, limited field work resumed after the end of the winter season, with the team outcrop mapping and conducting traverses over the areas of interest. Work progressed with selection of drill contractors and drill collar locating for an additional small drilling campaign, targeting the potential for a structurally controlled, high-grade feeder zone in the Sancarron target, which is a follow-up to drilling completed in 2023.

Peru
Field work continues to focus on building a high-quality portfolio of district-scale projects across the country. Four areas of interest are advancing in parallel, with projects at different stages, from target delineation to generative.
Following the consolidation of the Pataqueña District, further mapping, sampling, and ground geophysical surveys defined four large targets with favorable geology (alteration and host rocks) in a promising structural setting. Pataqueña is an intermediate sulfidation epithermal system. All permits to complete the drilling campaign have been secured and drill platforms and accesses defined. Drilling is planned for after the wet season, in the second quarter of 2024.
Following the positive results from early work at the Libelula District, in the fourth quarter the team completed regional-scale traversing, confirming new areas of interest between Pierina and Libelula. These areas were secured with two newly consolidated ground positions for a total of 140 km2. Detailed geological mapping and sampling will be conducted during 2024. At Libelula itself, field mapping and sampling is ongoing, with ground geophysical surveys planned in early 2024, aiming to have drill-ready targets by the third quarter of 2024.
Reconnaissance field work is planned in two other areas of interest where Barrick has consolidated a district-scale position.

Ecuador
Following Barrick’s successful participation in a public tender process (which was conducted by ENAMI EP, the state-owned mining company of Ecuador) and the signing of a commercial framework agreement with ENAMI EP, Barrick’s exploration team conducted early regional reconnaissance prospecting work on various districts found in the southern Jurassic Belt, which hosts the Mirador and Fruta del Norte deposits. Early results from such work are positive, confirming the epithermal and/or porphyry potential of the districts.
Barrick continues to work with ENAMI EP on implementing the framework agreement.

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Porgera, Papua New Guinea
Drilling of the Wangima target resumed in late December 2023, upon approval of the restart, with two core underground rigs. Additional rigs will be added to the program in the first quarter of 2024, as operations ramp back up to full scale. No significant meters were drilled prior to the end of the year.

Japan Gold Strategic Alliance, Japan
In Japan, four priority projects are advancing, two in the northern Hokkaido Island (Aibetsu and Hakuryu), one in the central Honshu Island (Togi) and one in the southern Kyushu Island (Mizobe).
At Aibetsu, a CSAMT survey (4 lines, 16.3 line-kilometers) was completed, confirming northeast trending structures potentially associated with low sulfidation mineralization.
At Hakuryu, detailed field mapping and sampling was completed, identifying an outcropping preserved low sulfidation system. Follow-up work is planned after winter.
At the Togi project, four lines of CSAMT ground survey were completed, for a total of eight line kilometers. The survey confirmed the high potential for a preserved, buried low sulfidation system with multiple events of alteration and mineralization identified. Drilling is expected to start in the second half of 2024.
At the Mizobe project, four holes were completed during the fourth quarter, for a total of 1,271 meters. Two holes extend the hydrothermal system intercepted by MZDD23-03 previously reported, 500 meters to the southeast. This second drilling campaign confirmed a complex hydrothermal system intersecting evidence of multiple alteration and mineralization events. A complete set of assay results for the four drill holes are expected in February. Data integration and interpretation will follow.

Asia Pacific
The exploration team continues its focus on reviewing and evaluating new exploration opportunities at different stages across the Asia Pacific region.

Africa and Middle East
Senegal, Exploration
On the Bambadji joint venture, framework drilling continued on the 26-kilometer prospective corridor of the Bambadji Main Shear Zone. In the fourth quarter, drilling was carried out at the Gefa target, the third priority target located in one of the most interesting geological settings where the first two holes drilled have potentially showed the first evidence of a contact shear zone and brecciation between the Faleme and the Kofi Domains. Although all results are pending, significant alteration intervals and strong sulfide mineralization have been intersected, confirming the extension of the Gefa mineralized system down to 375 meters vertical depth. In addition to these targets, kilometer-scale gaps still exist along the corridor and numerous programs are being designed to investigate these underexplored settings with preserved potential for discovery. On the early stage exploration permits of Bambadji South and Dalema, target generation will continue while RC drilling will aim to advance priority targets recently defined by results from auger drilling programs.

Loulo-Gounkoto, Mali29
At Yalea, phase-1 deep framework drilling has commenced and is ongoing to test the potential for large scale extensions and/or repetitions of the main high-grade Yalea system at depth beneath the deposit. Additional near mine targets have been identified along strike based on field mapping and encouraging rock-chips sampling, including high-grade values over a 1.5 kilometer strike. Follow-up work is planned in the first quarter of 2024 to progress the deep and near surface opportunities around Yalea.
At Baboto, following the encouraging drill results reported last quarter, a second phase of drilling to assess the deep potential was completed. The mineralized system is still open and has been extended to 200 meters vertical depth with the most significant intersection being open to the north along strike: BNRCDH335: 6.20 meters at 4.41 g/t Au and 17.5 meters at 2.41 g/t Au, including 4.20 meters at 4.48 g/t Au. A shallow drill program is also in progress to assess the potential for additional open cast resources and additional drilling is planned early in 2024 to assess the potential of the wider system at depth.
At Gounkoto, a geological model review of the Gounkoto deposit and the primary controlling “Domain Boundary” structure has highlighted multiple targets. Drilling is in progress to test for a system replication at depth beneath Main Zone 1 and initial results from an ongoing framework drilling program along the southern extension of the Domain Boundary returned strong mineralization in the first hole (DB1RC055: 24 meters at 2.45 g/t Au) highlighting the potential along the structure. These key programs will progress through the first quarter of 2024 with the aim of defining opportunities with significant impact on the Loulo-Gounkoto life of mine.

Tongon, Côte D’Ivoire
Within the Nielle permit, a new pit optimization on the Koro A2 target was completed, confirming its potential to become a satellite pit. Meanwhile, a reconnaissance air core drilling program has extended the strike of the mineralized system beyond one kilometer within the neighboring Korokaha North license, where infill and follow-up drilling will be executed in early 2024. Additionally, target generation programs including auger drilling and ground geophysical surveys are planned for the first quarter 2024 to generate new high-impact targets with the potential to further extend the Tongon life of mine.
At Fonondara, the drill program designed to assess the viability of the deposit as a satellite for Tongon has been completed, full assay results and metallurgical test work are pending.

Kibali, DRC30
At KCD, the remaining assay results from the framework drilling program NW of KCD were received, confirming the presence of a mineralized system over 500 meters along plunge on the interpreted CS Domain Boundary, upgrading the potential of the western closure of the CS Domain Boundary, a mirror setting to the 5000 Lode. Significant intersections include DDD613: 5.30 meters at 6.68 g/t Au from 173.1 meters; and DDD611: 5.00 meters at 7.53 g/t Au from 9 meters and 13.55 meters at 2.02 g/t Au from 103 meters. A follow-up drilling program of eight holes on four fences, designed to define the geometry of the CS Domain Boundary mineralization near surface, is in progress.
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At Oere, the remaining two drill holes of the framework drilling program were completed in the fourth quarter, confirming the down dip extension of the mineralization 200 meters below the existing resource to 450 meters vertical depth. These results support the continuity of the system down dip and highlight that high-grade mineralization remains open at depth. Building on results reported in the third quarter of 2023, assays received this quarter were highly encouraging, with ORDD0113 returning 9.0 meters at 2.28 g/t Au, ORDD0114 with 22.41 meters at 5.43 g/t Au from 333.24 meters and ORDD0116 with 20.00 meters at 2.44 g/t Au from 359.4 meters. These additional intersections support the potential of the deposit to deliver a viable underground satellite approximately 12 kilometers from the plant. Follow-up drill programs at Oere will be a key exploration focus in 2024. These encouraging results reinforce the prospectivity of the entire KZ North trend for the discovery of additional blind high-grade shoots.
At Agbarabo-Rhino, the drilling program targeting the down plunge extension of the Rhino, Agbarabo and ancillary lodes was completed this quarter. Results highlight the potential for additional lodes and the continuity of the main lodes, demonstrated by ADD031 which intersected 26.71 meters at 6.63 g/t Au from 75.35 meters, related to a shallow mineralized system representing an opportunity for expanded open pit potential, and 25.47 meters at 3.64 g/t Au from 216.15 meters, representing the down plunge of the Rhino main mineralization reinforcing the underground satellite opportunity. The program has been successful in confirming the 250 meters down plunge extension of the Rhino Main high-grade mineralization, extending over 130 meters laterally. A follow-up drill program is planned in the first quarter of 2024 to test the potential of the target to deliver open pit resources and a significant underground satellite for the Kibali operation.
At Zambula, a follow-up drilling program of 24 RC holes started this quarter to test the open pit potential of the approximately two kilometers strike length of the Zambula-Maban shear corridor located within 15 kilometers of the plant. Drilling is in progress with encouraging results received to date indicating higher-grade zones within the multi-kilometer strike of the structure. Key results are headlined by ZBRC0025, which returned a 100 meter wide zone of nearly continuous mineralization containing two high-grade intervals of 19.00 meters at 5.24 g/t Au and 19.00 meters at 5.44 g/t Au, in addition to other significant results including: ZBRC0027 26.00 meters at 1.74 g/t Au (including 3.00 meters at 3.81 g/t Au); ZBRC0032 8.00 meters at 7.80 g/t Au (including 4.00 meters at 13.24 g/t Au); ZBRC0033 16.00 meters at 2.0 g/t Au (including 6.00 meters at 3.94 g/t Au). Drilling will be completed early in 2024.

North Mara and Bulyanhulu, Tanzania
At North Mara, framework drilling through post-mineralization cover and ground geophysics continued along the Gokona corridor this quarter. RC drilling at Shakta, eight kilometers northwest of Gokona, has extended the gold-bearing hydrothermal system identified last quarter to over 500 meters width and one kilometer along strike. Several holes have returned anomalous halos within Gokona-style altered host rocks, indicating the potential for a large-scale system. The system remains open along strike, and further drilling will be completed
early in 2024 to assess the potential of the target to deliver a new discovery. Framework RC drilling at Tagota commenced this quarter, located 20 km northwest of Gokona, initial drill holes have delineated two one-plus kilometer alteration trends with mineralized veining and disseminated sulfides associated with wide anomalous intersections, indicative of a hydrothermal system that has the potential to generate a significant deposit.
At Bulyanhulu, geochemical framework drilling continued within the northwest tenement holdings, successfully confirming continuity to Bulyanhulu-type geology and potentially mineralized host structures beneath the expansive post-mineral lake sediment cover. Assay results are expected in early 2024 and pending success, further drilling will be completed, aiming to deliver flexibility to the Bulyanhulu plant.

Lumwana, Zambia
Resource conversion drilling in Kababisa and Kamisengo was completed during the quarter, with approximately 26,000 meters drilled on the two deposits. Resource conversion drilling is also taking place within the Chimiwungo Super Pit footprint and is expected to be complete by the end of the first quarter of 2024 with 13,000 meters drilled during the fourth quarter of 2023.
The Lumwana Expansion PFS is expected to be completed by the end of the first quarter of 2024, and will transition into a Feasibility Study, due to be completed by the end of 2024.

Jabal Sayid, Kingdom of Saudi Arabia
Exploration within the Jabal Sayid mining license in the fourth quarter focused on building the geological model at Janob through integration of drill data with detailed surface mapping along the continuation of the paleosurface one kilometer southwest of Lode 1. Drilling to fully assess the depth, strike extent and orientation of the Janob feeder style mineralization will commence in the first quarter of 2024 in parallel with a license scale geological review to generate additional near mine targets.
At the Jabal Sayid South Exploration License, located immediately south of Jabal Sayid, regional and prospect scale mapping has been progressing targets along the extension of the prospective stratigraphy. Framework drilling commenced during the fourth quarter focusing on the extension of the paleosurface from Jabal Sayid. Targets are being ranked and prioritized for further drill testing in the first quarter of 2024.
At Umm ad Damar, diamond drilling commenced with a framework program designed to inform updated geological models for the highest priority historical prospects. VMS style mineralization has been intersected at all targets drilled this quarter with assays pending; results will be integrated into the geological models to identify and prioritize the highest impact opportunities to progress with further drilling in the first quarter of 2024. Additionally, the airborne geophysical survey is also planned to commence in the first quarter alongside a geochemical drill program to support the generation of additional targets.

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REVIEW OF FINANCIAL RESULTS

Revenue
($ millions, except per ounce/pound data in dollars) For the three months ended For the years ended
   12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Gold
000s oz solda
 1,042  1,027  4,024  4,141  4,468 
000s oz produceda
 1,054  1,039  4,054  4,141  4,437 
Market price
($/oz)
 1,971  1,928  1,941  1,800  1,799 
Realized price ($/oz)b
 1,986  1,928  1,948  1,795  1,790 
Revenue
2,767  2,588  10,350  9,920  10,738 
Copper
millions lbs solda
 117  101  408  445  423 
millions lbs produceda
 113  112  420  440  415 
Market price
($/lb)
 3.70  3.79  3.85  3.99  4.23 
Realized price ($/lb)b
 3.78  3.78  3.85  3.85  4.32 
Revenue
226  209  795  868  962 
Other sales 66  65  252  225  285 
Total revenue 3,059   2,862  11,397   11,013  11,985 
a.On an attributable basis.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

Our 2023 gold production of 4.05 million ounces was slightly below the guidance range of 4.2 to 4.6 million ounces. As previously disclosed, this was mainly due to lower than planned production at Pueblo Viejo due to lower throughput associated with the delayed commissioning and ramp-up of the expanded processing plant. This was combined with lower than planned production at NGM, mainly at Carlin as production was impacted primarily by unplanned downtime at the Goldstrike autoclave in the second half of the year, and at Cortez due to lower than forecasted oxide grades out of Crossroads and the slower than expected ramp-up at Goldrush which was partly due to the delay in receiving the ROD (the ROD was received late in the fourth quarter). As expected and previously disclosed, copper production of 420 million pounds for 2023 was within the guidance range of 420 to 470 million pounds.

Q4 2023 compared to Q3 2023
In the fourth quarter of 2023, gold revenues increased by 7% compared to the prior quarter primarily due to a higher realized gold price6, combined with higher sales volume. The average realized price for the three month period ended December 31, 2023 was $1,986 per ounce versus $1,928 per ounce for the prior quarter. During the fourth quarter of 2023, the gold price ranged from $1,811 per ounce to an all-time nominal high of $2,135 per ounce and closed the quarter at $2,078 per ounce. Gold prices in the fourth quarter of 2023 continued to be volatile as a result of expectations for benchmark interest rate cuts, a weakening trade-weighted US dollar, and geopolitical concerns,
including the conflicts in the Middle East and the ongoing conflict in Ukraine.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)
Q4 2023 compared to Q3 2023

f-162cda1e64c140e19cc.jpg

In the fourth quarter of 2023, attributable gold production was 15 thousand ounces higher than the prior quarter, primarily driven by stronger performance at Cortez mainly due to higher grades, at Phoenix (included in the “Other” category above) 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.
Copper revenues in the fourth quarter of 2023 increased by 8% compared to the prior quarter, primarily due to higher copper sales volume, while the realized copper price6 was in line with the prior quarter. The average market price in the fourth quarter of 2023 was $3.70 per pound versus $3.79 per pound in the prior quarter. In the fourth quarter of 2023, the realized copper price6 was higher than the market copper price due to the impact of positive provisional pricing adjustments, whereas a small negative provisional pricing adjustment was recorded in the prior quarter. During the fourth quarter of 2023, the copper price ranged from $3.56 per pound to $3.95 per pound and closed the quarter at $3.84 per pound. Copper prices in the fourth quarter of 2023 were influenced by concerns about slowing economic growth, especially in China, supply disruptions, and a weakening trade-weighted US dollar.
Attributable copper production in the fourth quarter of 2023 was in line with the prior quarter, with consistent production across all three sites.

2023 compared to 2022
In 2023, gold revenues increased by 4% compared to the prior year, primarily due to a higher realized gold price6, partially offset by a decrease in sales volumes. The average market gold price for 2023 was $1,941 per ounce compared to $1,800 per ounce in the prior year.
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57
 MANAGEMENT’S DISCUSSION AND ANALYSIS
In 2023, attributable gold production was 4,054 thousand ounces, or 87 thousand ounces lower than the prior year 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.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)
Year ended December 31, 2023

f-505eeab4989b4cab93b.jpg


Copper revenues for 2023 were 8% lower compared to the prior year due to lower copper sales volume, while the realized copper price6 was in line with the prior year. In 2023, the realized copper price6 was also in line with the market copper price, whereas a negative provisional pricing adjustment was recorded in 2022.
Attributable copper production for 2023 was 20 million pounds lower than the prior year, mainly due to lower grades, tonnes mined and throughput at Zaldívar, combined with lower grades processed at Lumwana.

Production Costs
($ millions, except per ounce/pound data in dollars) For the three months ended For the years ended
   12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Gold
Site operating costs 1,355  1,208  5,015  4,678  4,218
Depreciation 471  427  1,756  1,756  1,889
Royalty expense 92  90  371  342  371
Community relations 10  11  36  37  26
Cost of sales 1,928   1,736  7,178   6,813  6,504
Cost of sales
($/oz)a
 1,359  1,277  1,334  1,241  1,093
Total cash costs ($/oz)b
 982  912  960  862  725
All-in sustaining costs ($/oz)b
 1,364  1,255  1,335  1,222  1,026
Copper
Site operating costs 105  81  401  336  266
Depreciation 86  70  259  223  197
Royalty expense 16  15  62  103  103
Community relations 2  1  4  4  3
Cost of sales 209  167  726  666  569
Cost of sales
($/lb)a
 2.92  2.68  2.90  2.43  2.32
C1 cash costs ($/lb)b
 2.17  2.05  2.28  1.89  1.72
All-in sustaining costs ($/lb)b
 3.12   3.23  3.21   3.18  2.62
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.

Q4 2023 compared to Q3 2023
In the fourth quarter of 2023, cost of sales applicable to gold was 11% higher compared to the prior quarter, primarily as a result of higher sales volume and higher unit costs at Loulo-Gounkoto, Carlin and Pueblo Viejo as detailed below. Our 45% interest in Kibali is equity accounted and we therefore do not include its cost of sales in our consolidated gold cost of sales. On a per ounce basis, cost of sales applicable to gold7 and total cash costs per ounce6, after including our proportionate share of cost of sales at our equity method investees, were 6% and 8% higher than the prior quarter primarily 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.
In the fourth quarter of 2023, gold all-in sustaining costs6 increased by 9% on a per ounce basis compared to the prior quarter, primarily due to higher total cash costs per
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58
 MANAGEMENT’S DISCUSSION AND ANALYSIS
ounce6 as described above, combined with higher minesite sustaining capital expenditures6.
In the fourth quarter of 2023, cost of sales applicable to copper was 25% higher than the prior quarter, primarily due to the impact of higher sales volumes. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore we do not include their cost of sales in our consolidated copper cost of sales. On a per pound basis, cost of sales applicable to copper7 and C1 cash costs6, after including our proportionate share of cost of sales at our equity method investees, increased by 9% and 6%, respectively, compared to the prior quarter primarily due to lower mining efficiencies as the wet season commenced, combined with lower grades processed and lower plant recovery at Lumwana. Cost of sales per pound6 was further impacted by higher depreciation expense, mainly at Lumwana.
In the fourth quarter of 2023, copper all-in sustaining costs6, which have been adjusted to include our proportionate share of equity method investees, were 3% lower per pound than the prior quarter, primarily reflecting lower minesite sustaining capital expenditures6 at Lumwana mainly related to decreased capitalized waste stripping, partially offset by higher C1 cash costs per pound6.

2023 compared to 2022
In 2023, cost of sales applicable to gold was 5% higher than the prior year primarily due to higher throughput to compensate for lower grades processed, mainly at Cortez and Pueblo Viejo, combined with higher contractor and maintenance costs, specifically at NGM. This was partially offset by lower volumes sold. On a per ounce basis, cost of sales applicable to gold7, after including our proportionate share of cost of sales at our equity method investees, and total cash costs per ounce6 were 7% and 11% higher, respectively, than the prior year, primarily due to lower grades processed and higher contractor and maintenance costs, as described above.
In 2023, gold all-in sustaining costs per ounce6 increased by 9% compared to the prior year primarily due to higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6 on a per ounce basis.
In 2023, cost of sales applicable to copper was 9% higher than the prior year, primarily due to higher site operating costs combined with higher depreciation, partially offset by lower royalty expenses and lower volumes sold. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore we do not include their cost of sales in our consolidated copper cost of sales. On a per pound basis, cost of sales applicable to copper7 and C1 cash costs6, after including our proportionate share of cost of sales at our equity method investees, increased by 19% and 21%, respectively, compared to the prior year, primarily due to lower grades processed and lower recoveries at Lumwana.
Copper all-in sustaining costs per pound6 were 1% higher than the prior year, which was a function of the increase in total C1 cash costs per pound6, largely offset by lower minesite sustaining capital expenditures6.

2023 compared to Guidance
2023 cost of sales applicable to gold7 and gold total cash costs6 were $1,334 and $960 per ounce, respectively, which were both higher than our guidance ranges of $1,170 to
$1,250 per ounce and $820 to $880 per ounce, respectively. Gold all-in sustaining costs6 for 2023 of $1,335 per ounce was also higher than the guidance range of $1,170 to $1,250 per ounce. All gold cost metrics were higher than the guidance ranges, as previously disclosed, mainly due to lower production and sales volumes combined with unplanned costs and changes in the sales mix across the different mine sites. In addition, the higher realized gold prices led to approximately $15 per ounce increase in royalties at the group level .
2023 cost of sales applicable to copper7 and copper all-in sustaining costs6 were $2.90 per pound and $3.21 per pound, respectively, which were both within our guidance ranges of $2.60 to $2.90 per pound and $2.95 to $3.25 per pound, respectively. 2023 C1 cash costs6 of $2.28 per pound was slightly higher than our guidance range of $2.05 to $2.25 per pound.

Capital Expendituresa
($ millions) For the three months ended For the years ended
   12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Minesite sustainingb
 569  529  2,076 2,071  1,673 
Project capital expendituresb,c
 278  227  969 949  747 
Capitalized interest 14  12  41 29  15 
Total consolidated capital expenditures 861   768  3,086 3,049  2,435 
Attributable capital expendituresd
 660  589  2,363 2,417  1,951 
2023 Attributable capital expenditures guidanced
 $2,200
to
$2,600
a.These amounts are presented on a cash basis.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c.Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.
d.These amounts are presented on the same basis as our guidance on page 11.

Q4 2023 compared to Q3 2023
In the fourth quarter of 2023, total consolidated capital expenditures on a cash basis were 12% higher than the prior quarter due to an increase in both project capital expenditures6 and minesite sustaining capital expenditures6. Project capital expenditures6 increased by 22%, 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. Minesite sustaining capital expenditures6 increased by 8% compared to the prior quarter, 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.

2023 compared to 2022
In 2023, total consolidated capital expenditures on a cash basis increased by 1% compared to the prior year due to an increase in project capital expenditures6, while minesite
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
sustaining capital expenditures6 were relatively consistent with the prior year. Higher project capital expenditures6 of 2% 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.

2023 compared to Guidance
Attributable capital expenditures for 2023 of $2,363 million was slightly below the midpoint of the guidance range of $2,200 to $2,600 million. Attributable minesite sustaining capital expenditures6 and attributable project capital expenditures6 of $1,590 million and $769 million, respectively, were within the guidance ranges of $1,450 to $1,700 million and $750 to $900 million, respectively.

General and Administrative Expenses 
($ millions) For the three months ended For the years ended 
   12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Corporate administration 27  23  101 125  118 
Share-based compensationa
 2  7  25 34  33 
General & administrative expenses 29  30  126 159  151 
2023 General & administrative expenses guidance ~$180
a.Based on US$18.09 share price as at December 31, 2023 (September 30, 2023: US$15.79; 2022: US$17.21; 2021: US$19.00).

Q4 2023 compared to Q3 2023
In the fourth quarter of 2023, general and administrative expenses were in line with the third quarter of 2023, as lower share-based compensation was largely offset by higher corporate administrative expenses.

2023 compared to 2022
General and administrative expenses in 2023 decreased by $33 million compared to the prior year due to lower corporate administration expenses attributed to reductions in IT and consulting costs. This was combined with lower share-based compensation expense as a result of a lower volume of shares vested during the current year, partially offset by an increase in our share price.

2023 compared to Guidance
General and administrative expenses in 2023 of $126 million were lower than guidance of ~$180 million. Corporate administration expenses of $101 million was below our guidance of ~$130 million, highlighting the continued benefit of our cost discipline, while share-based compensation expenses of $25 million was lower than our guidance of ~$50 million due to a lower volume of shares vested during the current year.
Exploration, Evaluation and Project Costs
($ millions) For the three months ended For the years ended
   12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Global exploration and evaluation 44  35  143 123  122 
Project costs:
Reko Diq 25  16  60 14  10 
Lumwana 11  9  37 0  0 
Pascua-Lama 6  5  26 52  46 
Pueblo Viejo 1  1  4 24  3 
   Other 8  8  41 47  26 
Corporate development 4  1  10 15  16 
Global exploration and evaluation and project expense 99   75  321 275  223 
Minesite exploration and evaluation 4  11  40 75  64 
Total exploration, evaluation and project expenses 103   86  361 350  287 
2023 E&E guidance $180 to $200
2023 project expense guidance $220 to $240
2023 total E&E and project expenses guidance $400 to $440

Q4 2023 compared to Q3 2023
Exploration, evaluation and project expenses for the fourth quarter of 2023 increased by $17 million compared to the prior quarter. This was primarily due to higher project costs at Reko Diq due to the ramp-up of activities at the reconstituted project, combined with higher global exploration and evaluation costs mainly in the Latin America and Asia-Pacific region due to increased drilling activity with the end of winter in the southern hemisphere.

2023 compared to 2022
Exploration, evaluation and project costs for 2023 increased by $11 million compared to the prior year, primarily due to higher project costs. This was mainly due to higher project costs at Reko Diq due to the ramp-up of activities at the reconstituted project and PFS work for the Lumwana Super Pit. This was partially offset by lower project costs at Pascua-Lama and at Pueblo Viejo as the technical and social studies for additional TSF capacity were completed at the end of 2022, as well as lower minesite exploration and evaluation costs, mainly in the Africa and Middle East region.

2023 compared to Guidance
Exploration, evaluation and project expenses for 2023 of $361 million were lower than the guidance range of $400 to $440 million. Exploration and evaluation costs of $183 million were at the low end of the guidance range of $180 to $200 million, while project expenses of $178 million were below the guidance range of $220 to $240 million, mainly due to timing of Reko Diq expenditures.
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Finance Costs, Net
($ millions) For the three months ended For the years ended
   12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Interest expensea
 88  100  387  366  357 
Interest capitalized (15) (12) (42) (29) (16)
Accretion 23  22  87  66  48 
(Gain)/loss on debt extinguishment 0  0  0  (14) 0 
Other finance costs 3  2  7  6  8 
Finance income (83) (60) (269) (94) (42)
Finance costs, net 16   52  170   301  355 
2023 finance costs, net guidance $280
to
$320
a.For the three months and year ended December 31, 2023, interest expense includes approximately $7 million and $32 million, respectively, of non-cash interest expense relating to the gold and silver streaming agreement with Royal Gold, Inc. (September 30, 2023: $8 million; 2022: $33 million; 2021: $35 million).

Q4 2023 compared to Q3 2023
In the fourth quarter of 2023, finance costs, net decreased by 69% compared to the prior quarter, mainly due to higher finance income.

2023 compared to 2022
In 2023, finance costs, net were 44% lower than the prior year, primarily due to higher finance income earned on our cash balance, partially offset by higher accretion, both resulting from an increase in market interest rates. In addition to this, interest expense and finance income were higher versus the prior year period due to the restricted cash and associated financial liability owed to Antofagasta plc following the reconstitution of the Reko Diq project, which occurred on December 15, 2022. The restricted cash of $962 million was remitted to Antofagasta plc to extinguish the financial liability during the second quarter of 2023. Finance costs, net were further impacted by a gain on debt extinguishment mainly related to the repurchase of $319 million (notional value) of our 5.250% Notes due in 2042, which occurred in the prior year.

2023 compared to Guidance
Finance costs, net for 2023 of $170 million were lower than the guidance range of $280 to $320 million, mainly due to higher finance income earned on our cash balance resulting from an increase in market interest rates.
Additional Significant Statement of Income Items
($ millions) For the three months ended For the years ended
   12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Impairment charges (reversals) 289  0  312  1,671  (63)
Loss on currency translation 37  30  93  16  29 
Closed mine rehabilitation 51  (44) 16  (136) 18 
Other (income) expense (323) 58  (195) (268) (67)

Impairment Charges (Reversals)
($ millions) For the three months ended For the years ended
   12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
   Post-tax
(our share)
Post-tax
(our
share)
 Post-tax
(our
share)
Post-tax
(our
share)
Post-tax
(our
share)
Asset impairments (reversals)
Long Canyon 143  0  143  43  0 
Tanzania 3  0  13  0  3 
Carlin 2  0  2  0  0 
Veladero 0  0  0  318  0 
Lumwana 0  0  0  16  0 
Reko Diq 0  0  0  (120) 0 
Lagunas Norte 0  0  0  0  (86)
Pueblo Viejo 0  0  0  0  (2)
Golden Sunlight 0  0  0  0  12 
Hemlo 0  0  0  0  4 
Pascua-Lama 0  0  0  0  1 
Other 0  0  5  4  4 
Total asset impairment charges (reversals) 148  0  163  261  (64)
Goodwill
Loulo-Gounkoto 0  0  0  950  0 
Total goodwill impairment charges 0   0  0   950  0 
Tax effects and NCI 141   0  149   460  1 
Total impairment charges (reversals) 289  0  312  1,671  (63)

Q4 2023 compared to Q3 2023
In the fourth quarter of 2023, we recognized $148 million (net of tax and non-controlling interests) of net impairment charges, mainly due to a long-lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon as we have decided at this time not to pursue the permitting associated with Phase 2 mining, have removed those ounces from our LOM plan and the mine has been placed on care and maintenance following the completion of further studies. In the third quarter of 2023, there were no impairment charges.
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
2023 compared to 2022
In 2023, we recognized $163 million (net of tax and non-controlling interests) of net asset impairment charges, mainly due to a long-lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon, as described above. This compares to net impairment charges of $261 million (net of tax and non-controlling interests) in 2022, mainly due to non-current asset impairments of $318 million (net of tax) at Veladero and $43 million (net of tax and non-controlling interests) at Long Canyon, partially offset by an impairment reversal of $120 million (no tax or non-controlling interest impact) on our previously held 37.5% interest in Reko Diq. In addition, we recognized a goodwill impairment of $950 million in 2022 related to Loulo-Gounkoto.
Refer to note 21 to the Financial Statements for a full description of impairment charges, including pre-tax amounts and sensitivity analysis.

Loss on Currency Translation
Q4 2023 compared to Q3 2023
Loss on currency translation in the fourth quarter of 2023 was $37 million compared to $30 million in the prior quarter. The losses in the current quarter mainly related to unrealized foreign currency translation losses from the depreciation of the Argentine peso, while the losses in the prior quarter mainly related to the devaluation of the Chilean peso, the Argentine peso and the West African CFA franc. These currency fluctuations resulted in a revaluation of our local currency denominated value-added tax receivable and local currency denominated payable balances.

2023 compared to 2022
Loss on currency translation for 2023 was $93 million compared to $16 million in the prior year. The losses in both years mainly related to unrealized foreign currency losses from the Argentine peso and to a lesser extent, the Zambian kwacha. 2023 was further impacted by the depreciation of the West African CFA franc, while 2022 was partially offset by the appreciation of the West African CFA franc. These currency fluctuations resulted in a revaluation of our local currency denominated value-added tax receivable and local currency denominated payable balances.

Closed mine rehabilitation
Q4 2023 compared to Q3 2023
Closed mine rehabilitation in the fourth quarter of 2023 was an expense of $51 million compared to a gain of $44 million in the prior quarter, mainly due to a decrease in the market real risk-free rate used to discount the closure provision during the current period, whereas the market real risk-free rate increased in the prior quarter. The current quarter was further impacted by higher closure cost estimates at various closure sites.

2023 compared to 2022
Closed mine rehabilitation for 2023 was an expense of $16 million compared to a gain of $136 million in the prior year. The expense mainly related to a decrease in the market real risk-free rate used to discount the closure provision in the current period, while the market real risk-free rate increased in the prior year.

Other (Income) Expense
Q4 2023 compared to Q3 2023
In the fourth quarter of 2023, other income was $323 million compared to other expense of $58 million in the prior quarter. Other income in the fourth quarter of 2023 mainly related to a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. This was partially offset by care and maintenance expenses incurred at Porgera during the quarter. In the prior quarter, other expense primarily related to care and maintenance expenses at Porgera, as well as litigation accruals and settlements.

2023 compared to 2022
Other expense was $195 million in 2023 compared to other income of $268 million in the prior year. In 2023, other expense mainly related to care and maintenance expenses at Porgera, the $30 million commitment we made towards the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership, combined with litigation accruals and settlements. This was partially offset by a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. In 2022, other income mainly related to a fair value gain of $300 million on the additional interest in the Reko Diq project and the combined $63 million gain on the sale of two royalty portfolios, partially offset by care and maintenance expenses at Porgera and supplies obsolescence at Bulyanhulu and North Mara.
For a further breakdown of other expense (income), refer to note 9 to the Financial Statements.

Income Tax Expense
Income tax expense was $861 million in 2023. The unadjusted effective income tax rate for 2023 was 31% of the income before income taxes.
The underlying effective income tax rate on ordinary income for 2023 was 24% after adjusting for the impact of net impairment charges; the impact of the sale of non-current assets, including the reorganization of Porgera; the resolution of uncertain tax positions; the impact of foreign currency translation losses on current and deferred tax balances; the impact of the recognition and derecognition of deferred tax assets; the impact of prior year adjustments; the impact of updates to the rehabilitation provision for our non-operating mines; the impact of non-deductible foreign exchange losses; the impact of the Porgera mine being on care and maintenance until December 22, 2023; and the impact of other expense adjustments.
We record deferred tax charges or credits if changes in facts or circumstances affect the estimated tax basis of assets and therefore, the expectations in our ability to realize deferred tax assets. The interpretation of tax regulations and legislation as well as their application to our business is complex and subject to change. We have significant amounts of deferred tax assets, including tax loss carryforwards, and also deferred tax liabilities. We also have significant amounts of unrecognized deferred tax assets (e.g. for tax losses in Canada). Potential changes in any of these amounts, as well as our ability to realize deferred tax assets, could significantly affect net income or cash flow in future periods. For further details on income tax expense, refer to note 12 to the Financial Statements.
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Reconciliation to Canadian Statutory Rate
For the years ended 12/31/23 12/31/22
At 26.5% statutory rate 746   446 
Increase (decrease) due to:
Allowances and special tax deductionsa
 (184) (146)
Impact of foreign tax ratesb
 (79) (146)
Non-deductible expenses / (non-taxable income) 72  (38)
Goodwill impairment charges not tax deductible 0  325 
Taxable gains on sales of non-current assets 6  1 
Net currency translation losses on current and deferred tax balances 289  59 
Tax impact from pass-through entities and equity accounted investments (183) (196)
Current year tax results sheltered by previously unrecognized deferred tax assets (22) 33 
Recognition and derecognition of deferred tax assets (142) 15 
Adjustments in respect of prior years 23  17 
Increase to income tax related contingent liabilities 54  13 
Impact of tax rate changes (2) 0 
Withholding taxes 61  82 
Mining taxes 224  201 
Tax impact of amounts recognized within accumulated OCI (2) (7)
Other items —  5 
Income tax expense 861  664 
a.We are able to claim certain allowances, incentives and tax deductions unique to extractive industries that result in a lower effective tax rate.
b.We operate in multiple foreign tax jurisdictions that have tax rates different than the Canadian statutory rate.

The more significant items impacting income tax expense in 2023 and 2022 include the following:

Currency Translation
Current and deferred tax balances are subject to remeasurement for changes in foreign currency exchange rates each period. This is required in countries where tax is paid in local currency and the subsidiary has a different functional currency (typically US dollars). The most significant relate to Argentine and Malian tax balances.
In 2023 a tax expense of $289 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and strengthening of the West African CFA franc against the US dollar. In 2022, a tax expense of $59 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and the West African CFA franc against the US dollar. These net translation losses are included within income tax expense.
Withholding Taxes
In 2023, we have recorded $5 million (2021: $66 million) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in Saudi Arabia. We have also recorded $26 million (2022: $36 million, related to Tanzania and the United States) of dividend withholding taxes related to the distributed earnings of our subsidiaries in Saudi Arabia, Tanzania and the United States.

Accounting for Joint Ventures and Associates
NGM is a limited liability company treated as a flow through partnership for US tax purposes. The partnership is not subject to federal income tax directly, but each of its partners is liable for tax on its share of the profits of the partnership. As such, Barrick accounts for its current and deferred income tax associated with the investment (61.5% share) following the principles in IAS 12.

Mining Taxes
NGM is subject to a Net Proceeds of Minerals tax in Nevada at a rate of 5% and the tax expense recorded in 2023 was $105 million (2022: $88 million). The other significant mining tax is the Dominican Republic’s Net Profits Interest tax, which is determined based on cash flows as defined by the Pueblo Viejo Special Lease Agreement. A tax expense of $nil (2022: $110 million) was recorded for this in 2023. Both taxes are included on a consolidated basis in the Company's consolidated statements of income.

United States Tax Reform
In August 2022, President Joe Biden signed the Inflation Reduction Act (“the Act”) into law. The Act includes a 15% corporate alternative minimum tax (“CAMT”) that is imposed on applicable financial statement income and therefore would be considered in scope for IAS 12 given it is a tax on profits. The CAMT is effective for tax years beginning after December 31, 2022 and CAMT credit carryforwards have an indefinite life. Barrick is subject to CAMT because the Company meets the applicable income thresholds for a foreign-parented multi-national group.
We are awaiting the final US Treasury Regulations detailing the application of CAMT.
For 2023, the deferred tax asset arising from the CAMT credit carryforwards has been recognized on the basis we expect that it will be recovered against US Federal Income Tax in the future.

Impairments
A deferred tax recovery of $55 million (2022: deferred tax recovery of $193 million related to impairments at Veladero, Long Canyon and Lumwana) was recorded primarily related to the impairment at Long Canyon.
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63
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Financial Condition Review      
Summary Balance Sheet and Key Financial Ratios    
($ millions, except ratios and share amounts)
As at December 31 2023  2022  2021 
Total cash and equivalents 4,148  4,440  5,280 
Current assets 3,290  4,025  2,969 
Non-current assets 38,373  37,500  38,641 
Total Assets 45,811   45,965  46,890 
Current liabilities excluding short-term debt 2,345  3,107  2,071 
Non-current liabilities excluding long-term debta
 6,738  6,787  7,362 
Debt (current and long-term) 4,726  4,782  5,150 
Total Liabilities 13,809   14,676  14,583 
Total shareholders’ equity 23,341  22,771  23,857 
Non-controlling interests 8,661  8,518  8,450 
Total Equity 32,002  31,289  32,307 
Total common shares outstanding (millions of shares) 1,756   1,755  1,779 
Key Financial Ratios:      
  Current ratiob
 3.16:1 2.71:1 3.95:1
  Debt-to-equityc
 0.15:1 0.15:1 0.16:1
a.Non-current financial liabilities as at December 31, 2023 were $5,221 million (2022: $5,314 million; 2021: $5,578 million).
b.Represents current assets (excluding assets held-for-sale) divided by current liabilities (including short-term debt and excluding liabilities held-for-sale) as at December 31, 2023, December 31, 2022 and December 31, 2021.
c.Represents debt divided by total shareholders’ equity (including minority interest) as at December 31, 2023, December 31, 2022, and December 31, 2021.


Balance Sheet Review
Total assets were $45.8 billion at December 31, 2023, slightly lower than total assets at December 31, 2022.
Our asset base is primarily comprised of non-current assets such as property, plant and equipment and goodwill, reflecting the capital-intensive nature of the mining business and our history of growth through acquisitions. Other significant assets include production inventories, indirect taxes recoverable and receivable, concentrate sales receivables, other government transaction and joint venture related receivables, and cash and equivalents.
Total liabilities at December 31, 2023 were $13.8 billion, lower than total liabilities at December 31, 2022. Our liabilities are primarily comprised of debt, other non-current liabilities (such as provisions and deferred income tax liabilities), and accounts payable. Both total assets and total liabilities were lower than total assets and liabilities at December 31, 2022 primarily due to the restricted cash and associated financial liability owed to Antofagasta plc following the reconstitution of the Reko Diq project, which occurred on December 15, 2022. The restricted cash of $962 million was remitted to Antofagasta plc to extinguish the financial liability during the second quarter of 2023.

Shareholders’ Equity
February 6, 2024 Number of shares
Common shares 1,755,569,554 
Stock options — 


Financial Position and Liquidity
We believe we have sufficient financial resources to meet our business requirements for the foreseeable future, including capital expenditures, working capital requirements, interest payments, environmental rehabilitation, securities buybacks and dividends.
Total cash and cash equivalents as at December 31, 2023 were $4.1 billion. Our capital structure comprises a mix of debt, non-controlling interest (primarily at NGM) and shareholders’ equity. As at December 31, 2023, our total debt was $4.7 billion (debt, net of cash and equivalents was $578 million) and our debt-to-equity ratio was 0.15:1. This compares to debt as at December 31, 2022 of $4.8 billion (debt, net of cash and cash equivalents was $342 million), and a debt-to-equity ratio of 0.15:1.
In 2024, we have capital commitments of $258 million and expect to incur attributable sustaining and project capital expenditures6 of approximately $2,500 to $2,900 million based on our guidance range on page 11. In 2024, we have contractual obligations and commitments of $895 million in purchase obligations for supplies and consumables. In addition, we have $285 million in interest payments and other amounts as detailed in the table on page 67. We expect to fund these commitments through operating cash flow, which is our primary source of liquidity, as well as existing cash balances as necessary. As discussed on page 9, 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.
We also have a performance dividend policy that will enhance the return to shareholders when the Company has excess liquidity. In addition to our base dividend, the amount of the performance dividend on a quarterly basis
BARRICK YEAR-END 2023
64
 MANAGEMENT’S DISCUSSION AND ANALYSIS
will be based on the amount of cash, net of debt, on our consolidated balance sheet at the end of each quarter as per the schedule below.

Performance Dividend Level Threshold Level Quarterly Base Dividend Quarterly Performance Dividend Quarterly Total Dividend
Level I Net cash <$0 $0.10
per share		 $0.00
per share		 $0.10
per share
Level II Net cash
>$0 and <$0.5B		 $0.10
per share		 $0.05
per share		 $0.15
per share
Level III Net cash
>$0.5B and <$1B		 $0.10
per share		 $0.10
per share		 $0.20
per share
Level IV Net cash >$1B $0.10
per share		 $0.15
per share		 $0.25
per share

The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the Company’s financial results, cash requirements, future prospects, the number of outstanding common shares, and other factors deemed relevant by the Board.
We also repurchased approximately $43 million notional of debt securities at a discount to par in the fourth quarter of 2023. We may pursue additional selective repurchases in the future.
Our operating cash flow is dependent on the ability of our operations to deliver projected future cash flows. The market prices of gold, and to a lesser extent, copper, are the primary drivers of our operating cash flow. Other options to enhance liquidity include further portfolio optimization and the creation of new joint ventures and partnerships; issuance of equity securities in the public markets or to private investors, which could be undertaken for liquidity enhancement and/or in connection with establishing a strategic partnership; issuance of long-term debt securities in the public markets or to private investors (Moody’s and S&P currently rate Barrick’s outstanding long-term debt as investment grade, with ratings of A3 and BBB+, respectively); and drawing on the $3.0 billion available under our undrawn Credit Facility (subject to compliance with covenants and the making of certain representations and warranties, this facility is available for drawdown as a source of financing). In May 2023, we completed an amendment of our undrawn $3.0 billion revolving Credit Facility, including an extension of the termination date by one year to May 2028. The revolving Credit Facility incorporates sustainability-linked metrics that are made up of annual environmental and social performance targets directly influenced by Barrick's actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 GHG emissions intensity, water use efficiency (reuse and recycling rates), and TRIFR8. Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set. The Credit Facility was undrawn as at December 31, 2023. The key financial covenant in our undrawn credit facility requires Barrick to maintain a net debt to total capitalization ratio of less than 0.60:1. Barrick’s net debt to total capitalization ratio was 0.02:1 as at December 31, 2023 (0.01:1 as at December 31, 2022).

Summary of Cash Inflow (Outflow)
($ millions) For the three months ended For the years ended
  12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Net cash provided by operating activities 997  1,127  3,732  3,481  4,378 
Investing activities
Capital expenditures (861) (768) (3,086) (3,049) (2,435)
Investment (purchases) sales (26) 3  (23) 381  (46)
Dividends received from equity method investments 114  74  273  869  520 
Divestitures 0  0  0  0  27 
Other 7  2  20  88  37 
Total investing outflows (766) (689) (2,816) (1,711) (1,897)
Financing activities
Net change in debta
 (45) (3) (56) (395) (27)
Dividendsb
 (176) (175) (700) (1,143) (634)
Net disbursements to non-controlling interests (138) (162) (514) (833) (1,092)
Share buyback program 0  0  0  (424) 0 
Return of Capital 0  0  0  0  (750)
Other 17  7  65  191  115 
Total financing outflows (342) (333) (1,205) (2,604) (2,388)
Effect of exchange rate (2) (1) (3) (6) (1)
Increase (decrease) in cash and equivalents (113) 104  (292) (840) 92 
a.The difference between the net change in debt on a cash basis and the net change on the balance sheet is due to changes in non-cash charges, specifically the unwinding of discounts and amortization of debt issue costs.
b.For the three months and year ended December 31, 2023, we declared and paid dividends per share in US dollars totaling $0.10 and $0.40, respectively (September 30, 2023: declared and paid $0.10; 2022: declared and paid $0.65; 2021: declared and paid $0.36).

Q4 2023 compared to Q3 2023
In the fourth quarter of 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.
Cash outflows from investing activities in the fourth quarter of 2023 were $766 million, compared to $689
BARRICK YEAR-END 2023
65
 MANAGEMENT’S DISCUSSION AND ANALYSIS
million in the prior quarter. The increased outflow of $77 million was primarily due to an increase in capital expenditures 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. This was combined with our additional investment in Hercules Silver Corp., partially offset by an increase in dividends received from equity method investments, in particular Kibali.
Net financing cash outflows for the fourth quarter of 2023 amounted to $342 million, compared to $333 million in the prior quarter. The increase of $9 million was primarily due to the repurchase of approximately $43 million notional of debt securities at a discount to par in the fourth quarter of 2023, partially offset by lower net disbursements to non-controlling interests, primarily to Newmont in relation to their interest in NGM.

2023 compared to 2022
In 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.
Cash outflows from investing activities for 2023 were $2,816 million compared to $1,711 million in the prior year. The increased outflow of $1,105 million was primarily due to lower cash dividends received from equity method investments, in particular Kibali, combined with proceeds received from investment sales in the prior year (which included the sale of our interests in Endeavour Mining, Skeena Resources Ltd., i-80 Gold Corp. and Perpetua Resources Corp), and higher capital expenditures.
Net financing cash outflows for 2023 amounted to $1,205 million, compared to $2,604 million in the prior year. The lower outflow of $1,399 million is primarily due to lower dividends paid in the current year and the repurchase of shares under the share buyback program in the prior year. This was combined with the repurchase of $375 million (notional value) of our 5.250% Notes due in 2042 in the prior year and a decrease in net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interest in NGM.

Summary of Financial Instrumentsa
As at December 31, 2023
Financial Instrument Principal/Notional Amount
 Associated  Risks
n  Interest rate
Cash and equivalents $4,148  million
n   Credit
       
n   Credit
Accounts receivable $693  million
n   Market
   
n  Interest rate
Notes receivable $187  million
n   Credit
n  Interest rate
Kibali joint venture receivable $505  million
n   Credit
n  Interest rate
Norte Abierto joint venture partner receivable $81  million
n   Credit
n  Interest rate
Restricted cash $101  million
n   Credit
Other investments $131  million
n   Liquidity
Accounts payable   $1,503  million
n   Liquidity
Debt   $4,747  million
n  Interest rate
Other liabilities $574  million
n   Liquidity
Restricted share units   $34  million
n   Market
Deferred share units   $18  million
n   Market
a.Refer to notes 25, 26 and 28 to the Financial Statements for more information regarding financial instruments, fair value measurements and financial risk management, respectively.

BARRICK YEAR-END 2023
66
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Commitments and Contingencies

Litigation and Claims
We are currently subject to various litigation proceedings as disclosed in note 35 to the Financial Statements, and we may be involved in disputes with other parties in the future that may result in litigation. If we are unable to resolve these disputes favorably, it may have a material adverse impact on our financial condition, cash flow and results of operations.
Contractual Obligations and Commitments
In the normal course of business, we enter into contracts that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities of our financial liabilities and operating and capital commitments shown on an undiscounted basis:
 
($ millions) Payments due as at December 31, 2023
   2024 2025 2026 2027 2028 2029 and thereafter Total
Debta
Repayment of principal 0  12  47  0  0  4,632  4,691 
Capital leases 11  10  9  9  3  14  56 
Interest 285  285  282  279  278  2,938  4,347 
Provisions for environmental rehabilitationb
 279  169  116  91  172  1,775  2,602 
Restricted share units 25  9  0  0  0  0  34 
Pension benefits and other post-retirement benefits 5  5  5  5  4  51  75 
Purchase obligations for supplies and consumablesc
 895  240  179  173  148  192  1,827 
Capital commitmentsd
 258  0  0  0  0  0  258 
Social development costse
 26  15  11  3  4  55  114 
Other obligationsf
 37  46  53  51  49  505  741 
Total 1,821  791  702  611  658  10,162  14,745 
a.Debt and Interest: Our debt obligations do not include any subjective acceleration clauses or other clauses that enable the holder of the debt to call for early repayment, except in the event that we breach any of the terms and conditions of the debt or for other customary events of default. We are not required to post any collateral under any debt obligations. Projected interest payments on variable rate debt were based on interest rates in effect at December 31, 2023. Interest is calculated on our long-term debt obligations using both fixed and variable rates.
b.Provisions for environmental rehabilitation: Amounts presented in the table represent the undiscounted uninflated future payments for the expected cost of provisions for environmental rehabilitation.
c.Purchase obligations for supplies and consumables: Includes commitments related to new purchase obligations to secure a supply of consumables such as acid, tires and cyanide for our production process.
d.Capital commitments: Purchase obligations for capital expenditures include only those items where binding commitments have been entered into.    
e.Social development costs: Includes a commitment of $14 million in 2029 and thereafter related to the funding of a power transmission line in Argentina.
f.Other obligations includes the Pueblo Viejo joint venture partner shareholder loan, the deposit on the Pascua-Lama silver sale agreement with Wheaton Precious Metals Corp., and minimum royalty payments.
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67
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Review of Quarterly Results

Quarterly Informationa
   2023 2022
($ millions, except where indicated) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues 3,059  2,862  2,833  2,643  2,774  2,527  2,859  2,853 
Realized price per ounce – goldb
 1,986  1,928  1,972  1,902  1,728  1,722  1,861  1,876 
Realized price per pound – copperb
 3.78  3.78  3.70  4.20  3.81  3.24  3.72  4.68 
Cost of sales 2,139  1,915  1,937  1,941  2,093  1,815  1,850  1,739 
Net earnings (loss) 479  368  305  120  (735) 241  488  438 
     Per share (dollars)c
 0.27  0.21  0.17  0.07  (0.42) 0.14  0.27  0.25 
Adjusted net earningsb
 466  418  336  247  220  224  419  463 
     Per share (dollars)b,c
 0.27  0.24  0.19  0.14  0.13  0.13  0.24  0.26 
Operating cash flow 997  1,127  832  776  795  758  924  1,004 
Cash consolidated capital expendituresd
 861  768  769  688  891  792  755  611 
Free cash flowb
 136  359  63  88  (96) (34) 169  393 
a.Sum of all the quarters may not add up to the annual total due to rounding.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
c.Calculated using weighted average number of shares outstanding under the basic method of earnings per share.
d. Amounts presented on a consolidated cash basis.
 
Our recent financial results reflect our emphasis on cost discipline, an agile management structure that empowers our site based leadership teams and a portfolio of Tier One Gold Assets1. This, combined with a trend of historically elevated gold and copper prices, has resulted in strong operating cash flows over several quarters. The positive free cash flow6 generated, together with the proceeds from various divestitures, have allowed us to continue to reinvest in our business, strengthen our balance sheet and to return surplus funds to shareholders.
Net earnings has also been impacted by the following items in each quarter, which have been excluded from adjusted net earnings6. In the fourth quarter of 2023, we recorded a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. In addition, we recorded a long-lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon. In the first quarter of
2023, we recorded a loss on currency translation of $38 million, mainly related to the devaluation of the Zambian kwacha, and a $30 million commitment towards the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership. In the fourth quarter of 2022, we recorded 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. In addition, we recorded 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.


BARRICK YEAR-END 2023
68
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Internal Control Over Financial Reporting and Disclosure Controls and Procedures

Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures. Internal control over financial reporting is a framework designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The Company’s internal control over financial reporting framework includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the Company’s consolidated financial statements.
Disclosure controls and procedures form a broader framework designed to provide reasonable assurance that other financial information disclosed publicly fairly presents in all material respects the financial condition, results of operations and cash flows of the Company for the periods presented in this MD&A and Barrick’s Annual Report. The Company’s disclosure controls and procedures framework includes processes designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to management by others within those entities to allow timely decisions regarding required disclosure.

Together, the internal control over financial reporting and disclosure controls and procedures frameworks provide internal control over financial reporting and disclosure. Due to its inherent limitations, internal control over financial reporting and disclosure may not prevent or detect all misstatements. Further, the effectiveness of internal control is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.
There were no changes in the Company’s internal control over financial reporting during the year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
The management of Barrick, at the direction of our President and Chief Executive Officer and Senior Executive Vice-President, Chief Financial Officer, evaluated the effectiveness of the design and operation of internal control over financial reporting as of the end of the period covered by this report based on the framework and criteria established in Internal Control – Integrated Framework (2013) as issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, management concluded that the Company’s internal control over financial reporting was effective as at December 31, 2023.
Barrick’s annual management report on internal control over financial reporting and the integrated audit report of Barrick’s auditors for the year ended December 31, 2023 will be included in Barrick’s 2023 Annual Report and its 2023 Form 40-F/Annual Information Form to be filed with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.


IFRS Critical Accounting Policies and Accounting Estimates

Management has discussed the development and selection of our critical accounting estimates with the Audit & Risk Committee of the Board of Directors, and the Audit & Risk Committee has reviewed the disclosure relating to such estimates in conjunction with its review of this MD&A. The accounting policies and methods we utilize determine how we report our financial condition and results of operations, and they may require Management to make estimates or rely on assumptions about matters that are inherently uncertain. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB under the historical cost convention, as modified by revaluation of certain financial assets, derivative contracts and post-retirement assets. Our significant accounting policies are disclosed in note 2 to the Financial Statements, including a summary of current and future changes in accounting policies.


Critical Accounting Estimates and Judgments
Certain accounting estimates have been identified as being “critical” to the presentation of our financial condition and results of operations because they require us to make subjective and/or complex judgments about matters that are inherently uncertain; or there is a reasonable likelihood that materially different amounts could be reported under different conditions or using different assumptions and estimates. Our significant accounting judgments, estimates and assumptions are disclosed in note 3 to the accompanying Financial Statements.
BARRICK YEAR-END 2023
69
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Non-GAAP Financial Measures

Adjusted Net Earnings and Adjusted Net Earnings per Share
Adjusted net earnings is a non-GAAP financial measure which excludes the following from net earnings:
■Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments;
■Acquisition/disposition gains/losses;
■Foreign currency translation gains/losses;
■Significant tax adjustments;
■Other items that are not indicative of the underlying operating performance of our core mining business; and
■Tax effect and non-controlling interest of the above items.
Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The
tax effect and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick’s share on a post-tax basis, consistent with net earnings.
As noted, we use this measure for internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the types of items we adjust for. Consequently, the presentation of adjusted net earnings enables investors and analysts to better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business segments and a review of the non-GAAP financial measures used by mining industry analysts and other mining companies.
Adjusted net earnings is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.


Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share
 
For the three months ended For the years ended
($ millions, except per share amounts in dollars) 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Net earnings attributable to equity holders of the Company 479  368  1,272  432  2,022 
Impairment charges (reversals) related to non-current assetsa
 289  0  312  1,671  (63)
Acquisition/disposition gainsb
 (354) (4) (364) (405) (213)
Loss on currency translation 37  30  93  16  29 
Significant tax adjustmentsc
 120  19  220  95  125 
Other expense (income) adjustmentsd
 41  (5) 96  17  73 
Non-controlling intereste
 (89) 4  (98) (274) 64 
Tax effecte
 (57) 6  (64) (226) 28 
Adjusted net earnings 466  418  1,467  1,326  2,065 
Net earnings per sharef
 0.27   0.21  0.72   0.24  1.14 
Adjusted net earnings per sharef
 0.27  0.24  0.84  0.75  1.16 
a.Net impairment charges for the three months and year ended December 31, 2023 mainly relate to a long-lived asset impairment at Long Canyon. For the year ended December 31, 2022, net impairment charges primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq.
b.Acquisition/disposition gains for the three months and year ended December 31, 2023 primarily relate to a gain on the reopening of the Porgera mine as the conditions for the reopening were completed on December 22, 2023. For the year ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50% and the sale of two royalty portfolios.
c.Significant tax adjustments in 2023 primarily relate 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. In 2022, significant tax adjustments primarily relate to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the Porgera mine continuing to be on care and maintenance; updates to the rehabilitation provision for our non-operating mines; and the recognition and derecognition of deferred tax assets.
d.Other expense (income) adjustments for the three months and year ended December 31, 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera. The year ended December 31, 2023 was further impacted by the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the year ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara.
e.Non-controlling interest and tax effect for the current year primarily relates to impairment charges (reversals) related to non-current assets.
f.Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

BARRICK YEAR-END 2023
70
 MANAGEMENT’S DISCUSSION AND ANALYSIS

Free Cash Flow
Free cash flow is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash.
Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow 
For the three months ended For the years ended
  ($ millions) 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Net cash provided by operating activities 997  1,127  3,732  3,481  4,378 
Capital expenditures (861) (768) (3,086) (3,049) (2,435)
Free cash flow 136  359  646  432  1,943 


Capital Expenditures
Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures
and this distinction is an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce.
Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

Reconciliation of the Classification of Capital Expenditures 
For the three months ended For the years ended
  ($ millions) 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Minesite sustaining capital expenditures 569  529  2,076  2,071  1,673 
Project capital expenditures 278  227  969  949  747 
Capitalized interest 14  12  41  29  15 
Total consolidated capital expenditures 861  768  3,086  3,049  2,435 
BARRICK YEAR-END 2023
71
 MANAGEMENT’S DISCUSSION AND ANALYSIS

Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound

Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce are non-GAAP financial measures which are calculated based on the definition published by the WGC (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis.
Total cash costs start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes by-product credits. All-in sustaining costs start with total cash costs and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels.
All-in costs starts with all-in sustaining costs and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures (capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life) and other non-sustaining costs (primarily non-sustaining leases, exploration and evaluation costs, community relations costs and general and administrative costs that are not associated with current operations). These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs.
We believe that our use of total cash costs, all-in sustaining costs and all-in costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings
calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization.
Total cash costs per ounce, all-in sustaining costs and all-in costs are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently.
In addition to presenting these metrics on a by-product basis, we have calculated these metrics on a co-product basis. Our co-product metrics remove the impact of other metal sales that are produced as a by-product of our gold production from cost per ounce calculations but does not reflect a reduction in costs for costs associated with other metal sales.
C1 cash costs per pound and all-in sustaining costs per pound are non-GAAP financial measures related to our copper mine operations. We believe that C1 cash costs per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs per pound excludes royalties and non-routine charges as they are not direct production costs. All-in sustaining costs per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. All-in sustaining costs per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value.


BARRICK YEAR-END 2023
72
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis
  For the three months ended For the years ended
  ($ millions, except per ounce information in dollars)  Footnote 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Cost of sales applicable to gold production 1,928  1,736  7,178  6,813  6,504 
 Depreciation (471) (427) (1,756) (1,756) (1,889)
Cash cost of sales applicable to equity method investments 65  65  260  222  217 
By-product credits (66) (65) (252) (225) (285)
Non-recurring items a 0  0  0  (23) 0 
Other b 6  7  18  (23) (48)
Non-controlling interests c (432) (380) (1,578) (1,442) (1,261)
Total cash costs   1,030   936  3,870   3,566  3,238 
   General & administrative costs 29  30  126  159  151 
Minesite exploration and evaluation costs d 4  11  40  75  64 
Minesite sustaining capital expenditures e 569  529  2,076  2,071  1,673 
Sustaining leases 7  7  30  38  41 
Rehabilitation - accretion and amortization (operating sites) f 20  14  63  50  50 
Non-controlling interest, copper operations and other g (230) (238) (824) (900) (636)
 All-in sustaining costs   1,429  1,289  5,381  5,059  4,581 
Global exploration and evaluation and project expense d 99   75  321   275  223 
Community relations costs not related to current operations 1  0  2  0  0 
Project capital expenditures e 278  227  969  949  747 
Non-sustaining leases 0  0  0  0  0 
Rehabilitation - accretion and amortization (non-operating sites) f 7  6  25  19  13 
Non-controlling interest and copper operations and other g (112) (101) (423) (327) (240)
All-in costs   1,702   1,496  6,275   5,975  5,324 
Ounces sold - attributable basis (000s ounces) h 1,042  1,027  4,024  4,141  4,468 
Cost of sales per ounce i,j 1,359   1,277  1,334   1,241  1,093 
Total cash costs per ounce j 982  912  960  862  725 
Total cash costs per ounce (on a co-product basis) j,k 1,026  954  1,002  897  765 
All-in sustaining costs per ounce j 1,364  1,255  1,335  1,222  1,026 
All-in sustaining costs per ounce (on a co-product basis) j,k 1,408  1,297  1,377  1,257  1,066 
All-in costs per ounce j 1,627  1,457  1,557  1,443  1,192 
All-in costs per ounce (on a co-product basis) j,k 1,671   1,499  1,599   1,478  1,232 

a.Non-recurring items
These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs. Non-recurring items for the three months ended and year ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory at Veladero.

b.Other
Other adjustments for the three months and year ended December 31, 2023 include the removal of total cash costs and by-product credits associated with assets which are producing incidental ounces, of $nil and $3 million, respectively (September 30, 2023: $nil; 2022: $24 million; 2021: $51 million). This includes Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021 and Buzwagi starting in the fourth quarter of 2021.

c.Non-controlling interests
Non-controlling interests include non-controlling interests related to gold production of $594 million and $2,192 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $536 million; 2022: $2,032 million; 2021: $1,923 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu and Buzwagi up until the third quarter of 2021. Refer to note 5 to the Financial Statements for further information.

d.Exploration and evaluation costs
Exploration, evaluation and project expenses are presented as minesite if it supports current mine operations and project if it relates to future projects. Refer to page 60 of this MD&A.

e.Capital expenditures
Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Significant projects in 2023 were the plant expansion project at Pueblo Viejo and the solar projects at NGM and Loulo-Gounkoto. Refer to page 59 of this MD&A.

f.Rehabilitation - accretion and amortization
Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provisions of our gold operations, split between operating and non-operating sites.

g.Non-controlling interest and copper operations
Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interests of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu and Buzwagi (up until the third quarter of 2021) operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021 and Buzwagi starting in the fourth quarter of 2021. The impact is summarized as the following:
BARRICK YEAR-END 2023
73
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions)
 For the three months ended For the years ended
   Non-controlling interest, copper operations and other 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
    General & administrative costs
 7  (5) (9) (31) (21)
Minesite exploration and evaluation costs
 (2) (4) (14) (27) (19)
Rehabilitation - accretion and amortization (operating sites)
 (6) (5) (21) (16) (14)
   Minesite sustaining capital expenditures (229) (224) (780) (826) (582)
   All-in sustaining costs total
 (230) (238) (824) (900) (636)
    Global exploration and evaluation and project costs (40) (29) (118) (32) (19)
Project capital expenditures
 (72) (72) (305) (295) (221)
   All-in costs total
 (112) (101) (423) (327) (240)

h.Ounces sold - equity basis
Figures remove the impact of Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 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.

i.Cost of sales per ounce
Figures remove the cost of sales impact of Pierina of $nil and $3 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $24 million; 2021: $20 million); Golden Sunlight of $nil and $nil, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $nil); up until its divestiture in June 2021, Lagunas Norte of $nil and $nil, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $37 million); and starting in the fourth quarter of 2021, Buzwagi of $nil and $nil, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $nil), which are producing incidental ounces. 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).

j.Per ounce figures
Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

k.Co-product costs per ounce
Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:
($ millions)
 For the three months ended For the years ended
  
12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
   By-product credits
 66  65  252  225  285 
   Non-controlling interest
 (20) (22) (81) (78) (108)
   By-product credits (net of non-controlling interest)
 46  43  171  147  177 




BARRICK YEAR-END 2023
74
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis, by operating segment
($ millions, except per ounce information in dollars) For the three months ended 12/31/23
   Footnote
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo North America
Cost of sales applicable to gold production 443  361  197  6  102  1,114  53  1,167 
Depreciation (77) (118) (51) (4) (21) (273) (7) (280)
   By-product credits 0  (1) (1) 0  (38) (40) 0  (40)
   Non-recurring items c 0  0  0  0  0  0  0  0 
Other d (6) 0  0  0  8  1  0  1 
Non-controlling interests (139) (93) (55) 0  (19) (307) 0  (307)
Total cash costs 221  149  90  2  32  495  46  541 
General & administrative costs 0   0   0   0   0   0   0   0  
Minesite exploration and evaluation costs e 2  1  1  0  0  5  0  5 
Minesite sustaining capital expenditures f 174  100  28  0  9  314  8  322 
Sustaining capital leases 0  0  0  0  1  1  0  1 
Rehabilitation - accretion and amortization (operating sites) g 3  5  0  0  2  10  0  10 
Non-controlling interests (70) (40) (11) 0  (5) (128) 0  (128)
All-in sustaining costs 330   215   108   2   39   697   54   751  
Project exploration and evaluation and project costs e 0  0  0  0  0  0  0  0 
Project capital expenditures f 3  29  2  0  0  126  0  126 
Non-controlling interests (1) (11) (1) 0  0  (49) 0  (49)
All-in costs 332   233   109   2   39   774   54   828  
Ounces sold - attributable basis (000s ounces) 220  164  86  2  39  511  33  544 
Cost of sales per ounce h,i 1,219   1,353   1,419   2,193   1,576   1,331   1,618   1,348  
Total cash costs per ounce i 1,006  909  1,046  990  787  968  1,407  995 
Total cash costs per ounce (on a co-product basis) i,j 1,008  911  1,053  992  1,258  1,007  1,413  1,032 
All-in sustaining costs per ounce i 1,506  1,309  1,257  1,074  981  1,366  1,671  1,385 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,508  1,311  1,264  1,076  1,452  1,405  1,677  1,422 
All-in costs per ounce i 1,513  1,416  1,275  1,074  981  1,518  1,700  1,529 
All-in costs per ounce (on a co-product basis) i,j 1,515   1,418   1,282   1,076   1,452   1,557   1,706   1,566  
($ millions, except per ounce information in dollars) For the three months ended 12/31/23
   Footnote Pueblo Viejo Veladero Latin America & Asia Pacific
Cost of sales applicable to gold production 235  64  299 
Depreciation (66) (14) (80)
   By-product credits (11) (2) (13)
   Non-recurring items c 0  0  0 
Other d 0  0  0 
   Non-controlling interests (63) 0  (63)
Total cash costs 95  48  143 
General & administrative costs 0   0   0  
Minesite exploration and evaluation costs e 0  1  1 
Minesite sustaining capital expenditures f 51  17  68 
Sustaining capital leases 0  0  0 
Rehabilitation - accretion and amortization (operating sites) g 2  0  2 
Non-controlling interests (21) 0  (21)
All-in sustaining costs 127   66   193  
Project exploration and evaluation and project costs e 2  0  2 
Project capital expenditures f 15  5  20 
Non-controlling interests (8) 0  (8)
All-in costs 136   71   207  
Ounces sold - attributable basis (000s ounces) 89  46  135 
Cost of sales per ounce h,i 1,588   1,378   1,524  
Total cash costs per ounce i 1,070  1,021  1,049 
Total cash costs per ounce (on a co-product basis) i,j 1,141  1,070  1,110 
All-in sustaining costs per ounce i 1,428  1,403  1,428 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,499  1,452  1,489 
All-in costs per ounce i 1,532  1,508  1,558 
All-in costs per ounce (on a co-product basis) i,j 1,603   1,557   1,619  
BARRICK YEAR-END 2023
75
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the three months ended 12/31/23
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu Africa and Middle East
Cost of sales applicable to gold production 205  105  103  70  69  552 
Depreciation (59) (37) (22) (14) (15) (147)
By-product credits 0  0  (1) 0  (6) (7)
Non-recurring items c 0  0  0  0  0  0 
Other d 0  0  0  0  0  0 
Non-controlling interests (29) 0  (12) (7) (7) (55)
Total cash costs 117  68  68  49  41  343 
General & administrative costs 0   0   0   0   0   0  
Minesite exploration and evaluation costs e 0  0  0  0  0  0 
Minesite sustaining capital expenditures f 37  5  24  15  18  99 
Sustaining capital leases 0  2  0  0  0  2 
Rehabilitation - accretion and amortization (operating sites) g 1  0  1  4  0  6 
Non-controlling interests (8) 0  (4) (2) (2) (16)
All-in sustaining costs 147   75   89   66   57   434  
Project exploration and evaluation and project costs e 0  0  0  0  0  0 
Project capital expenditures f 56  15  39  0  16  126 
Non-controlling interests (11) 0  (6) 0  (3) (20)
All-in costs 192   90   122   66   70   540  
Ounces sold - attributable basis (000s ounces) 127  92  61  42  41  363 
Cost of sales per ounce h,i 1,296   1,141   1,420   1,489   1,413   1,313  
Total cash costs per ounce i 924  737  1,103  1,184  1,002  945 
Total cash costs per ounce (on a co-product basis) i,j 925  742  1,119  1,190  1,112  962 
All-in sustaining costs per ounce i 1,168  819  1,449  1,586  1,376  1,198 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,169  824  1,465  1,592  1,486  1,215 
All-in costs per ounce i 1,521  988  1,985  1,586  1,692  1,491 
All-in costs per ounce (on a co-product basis) i,j 1,522   993   2,001   1,592   1,802   1,508  

($ millions, except per ounce information in dollars) For the three months ended 9/30/23
   Footnote
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo North America
Cost of sales applicable to gold production 458  273  164  6  96  997  53  1,050 
Depreciation (83) (88) (45) (3) (18) (237) (6) (243)
By-product credits (1) 0  (1) 0  (41) (43) (1) (44)
Non-recurring items c 0  0  0  0  0  0  0  0 
Other d (5) 0  0  0  6  2  0  2 
Non-controlling interests (142) (72) (45) (1) (17) (277) 0  (277)
Total cash costs 227  113  73  2  26  442  46  488 
General & administrative costs 0  0  0  0  0  0  0  0 
Minesite exploration and evaluation costs e 6  2  1  0  1  10  0  10 
Minesite sustaining capital expenditures f 169  62  19  0  10  264  9  273 
Sustaining capital leases 0  0  0  0  0  1  1  2 
Rehabilitation - accretion and amortization (operating sites) g 3  5  1  0  1  10  0  10 
Non-controlling interests (69) (27) (8) 0  (4) (110) 0  (110)
All-in sustaining costs 336  155  86  2  34  617  56  673 
Project exploration and evaluation and project costs e 0  0  0  0  0  0  0  0 
Project capital expenditures f 0  29  2  0  0  82  3  85 
Non-controlling interests 0  (11) (1) 0  0  (31) 0  (31)
All-in costs 336  173  87  2  34  668  59  727 
Ounces sold - attributable basis (000s ounces) 238  135  78  2  27  480  31  511 
Cost of sales per ounce h,i 1,166  1,246  1,300  1,832  2,235  1,273  1,721  1,300 
Total cash costs per ounce i 953  840  938  778  1,003  921  1,502  956 
Total cash costs per ounce (on a co-product basis) i,j 954  844  944  779  1,812  968  1,508  1,001 
All-in sustaining costs per ounce i 1,409  1,156  1,106  831  1,264  1,286  1,799  1,317 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,410  1,160  1,112  832  2,073  1,333  1,805  1,362 
All-in costs per ounce i 1,409  1,290  1,114  831  1,264  1,389  1,912  1,421 
All-in costs per ounce (on a co-product basis) i,j 1,410  1,294  1,120  832  2,073  1,436  1,918  1,466 
BARRICK YEAR-END 2023
76
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the three months ended 9/30/23
   Footnote Pueblo Viejo Veladero Latin America & Asia Pacific
Cost of sales applicable to gold production 195  64  259 
Depreciation (65) (15) (80)
By-product credits (8) (3) (11)
Non-recurring items c 0  0  0 
Other d 0  0  0 
Non-controlling interests (49) 0  (49)
Total cash costs 73  46  119 
General & administrative costs 0  0  0 
Minesite exploration and evaluation costs e 0  1  1 
Minesite sustaining capital expenditures f 44  13  57 
Sustaining capital leases 0  0  0 
Rehabilitation - accretion and amortization (operating sites) g 1  0  1 
Non-controlling interests (19) 0  (19)
All-in sustaining costs 99  60  159 
Project exploration and evaluation and project costs e 0  0  0 
Project capital expenditures f 46  2  48 
Non-controlling interests (18) 0  (18)
All-in costs 127  62  189 
Ounces sold - attributable basis (000s ounces) 77  47  124 
Cost of sales per ounce h,i 1,501  1,376  1,468 
Total cash costs per ounce i 935  988  953 
Total cash costs per ounce (on a co-product basis) i,j 995  1,050  1,014 
All-in sustaining costs per ounce i 1,280  1,314  1,304 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,340  1,376  1,365 
All-in costs per ounce i 1,640  1,349  1,584 
All-in costs per ounce (on a co-product basis) i,j 1,700  1,411  1,645 


($ millions, except per ounce information in dollars) For the three months ended 9/30/23
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu Africa and Middle East
Cost of sales applicable to gold production 198  112  88  74  68  540 
Depreciation (57) (44) (17) (10) (16) (144)
By-product credits 0  (1) (1) (1) (6) (9)
Non-recurring items c 0  0  0  0  0  0 
Other d 0  0  0  0  0  0 
Non-controlling interests (28) 0  (11) (6) (7) (52)
Total cash costs 113  67  59  57  39  335 
General & administrative costs 0  0  0  0  0  0 
Minesite exploration and evaluation costs e 0  0  0  0  0  0 
Minesite sustaining capital expenditures f 53  8  29  6  14  110 
Sustaining capital leases (1) 2  0  0  0  1 
Rehabilitation - accretion and amortization (operating sites) g 1  2  1  (1) 0  3 
Non-controlling interests (10) 0  (5) (1) (2) (18)
All-in sustaining costs 156  79  84  61  51  431 
Project exploration and evaluation and project costs e 0  0  0  0  0  0 
Project capital expenditures f 33  8  26  0  11  78 
Non-controlling interests (7) 0  (4) 0  (2) (13)
All-in costs 182  87  106  61  60  496 
Ounces sold - attributable basis (000s ounces) 145  97  59  46  45  392 
Cost of sales per ounce h,i 1,087  1,152  1,244  1,423  1,261  1,186 
Total cash costs per ounce i 773  694  999  1,217  859  850 
Total cash costs per ounce (on a co-product basis) i,j 774  698  1,007  1,222  973  866 
All-in sustaining costs per ounce i 1,068  801  1,429  1,331  1,132  1,095 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,069  805  1,437  1,336  1,246  1,111 
All-in costs per ounce i 1,249  881  1,802  1,331  1,335  1,261 
All-in costs per ounce (on a co-product basis) i,j 1,250  885  1,810  1,336  1,449  1,277 

BARRICK YEAR-END 2023
77
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2023
   Footnote
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo North America
Cost of sales applicable to gold production 1,789  1,174  722  26  393  4,109  221  4,330 
Depreciation (314) (364) (189) (16) (76) (961) (28) (989)
By-product credits (2) (3) (4) 0  (157) (166) (1) (167)
Non-recurring items c 0  0  0  0  0  0  0  0 
Other d (19) 0  0  0  28  9  0  9 
Non-controlling interests (561) (311) (203) (3) (72) (1,151) 0  (1,151)
Total cash costs 893  496  326  7  116  1,840  192  2,032 
General & administrative costs 0   0   0   0   0   0   0   0  
Minesite exploration and evaluation costs e 23  5  5  0  1  36  0  36 
Minesite sustaining capital expenditures f 605  310  100  0  31  1,063  37  1,100 
Sustaining capital leases 0  0  0  0  2  3  2  5 
Rehabilitation - accretion and amortization (operating sites) g 12  19  2  0  5  38  1  39 
Non-controlling interests (248) (128) (41) 0  (15) (440) 0  (440)
All-in sustaining costs 1,285   702   392   7   140   2,540   232   2,772  
Project exploration and evaluation and project costs e 0  0  0  0  0  0  0  0 
Project capital expenditures f 3  112  10  0  0  335  4  339 
Non-controlling interests (1) (43) (4) 0  0  (129) 0  (129)
All-in costs 1,287   771   398   7   140   2,746   236   2,982  
Ounces sold - attributable basis (000s ounces) 865  548  318  9  120  1,860  139  1,999 
Cost of sales per ounce h,i 1,254   1,318   1,399   1,789   2,011   1,351   1,589   1,368  
Total cash costs per ounce i 1,033  906  1,026  724  961  989  1,382  1,017 
Total cash costs per ounce (on a co-product basis) i,j 1,035  909  1,033  726  1,623  1,035  1,387  1,060 
All-in sustaining costs per ounce i 1,486  1,282  1,234  779  1,162  1,366  1,672  1,388 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,488  1,285  1,241  781  1,824  1,412  1,677  1,431 
All-in costs per ounce i 1,488  1,407  1,251  779  1,162  1,477  1,712  1,493 
All-in costs per ounce (on a co-product basis) i,j 1,490   1,410   1,258   781   1,824   1,523   1,717   1,536  

($ millions, except per ounce information in dollars) For the year ended 12/31/2023
   Footnote Pueblo Viejo Veladero Latin America & Asia Pacific
Cost of sales applicable to gold production 791  263  1,054 
Depreciation (255) (69) (324)
By-product credits (37) (9) (46)
Non-recurring items 0  0  0 
Other c 0  0  0 
Non-controlling interests d (201) 0  (201)
Total cash costs 298  185  483 
General & administrative costs 0   0   0  
Minesite exploration and evaluation costs e 0  5  5 
Minesite sustaining capital expenditures f 195  85  280 
Sustaining capital leases 0  1  1 
Rehabilitation - accretion and amortization (operating sites) g 6  1  7 
Non-controlling interests (80) 0  (80)
All-in sustaining costs 419   277   696  
Project exploration and evaluation and project costs f 2  0  2 
Project capital expenditures g 197  14  211 
Non-controlling interests (80) 0  (80)
All-in costs 538   291   829  
Ounces sold - attributable basis (000s ounces) 335  182  517 
Cost of sales per ounce h,i 1,418   1,440   1,441  
Total cash costs per ounce i 889  1,011  931 
Total cash costs per ounce (on a co-product basis) i,j 958  1,061  993 
All-in sustaining costs per ounce i 1,249  1,516  1,358 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,318  1,566  1,420 
All-in costs per ounce i 1,604  1,591  1,653 
All-in costs per ounce (on a co-product basis) j,k 1,673   1,641   1,715  
BARRICK YEAR-END 2023
78
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2023
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu Africa and Middle East
Cost of sales applicable to gold production 817  419  365  303  282  2,186 
Depreciation (247) (147) (77) (46) (62) (579)
By-product credits 0  (2) (3) (1) (23) (29)
Non-recurring items c 0  0  0  0  0  0 
Other d 0  0  0  0  0  0 
Non-controlling interests (114) 0  (45) (27) (31) (217)
Total cash costs 456  270  240  229  166  1,361 
General & administrative costs 0   0   0   0   0   0  
Minesite exploration and evaluation costs e 0  0  0  0  0  0 
Minesite sustaining capital expenditures f 221  35  113  30  65  464 
Sustaining capital leases 1  7  0  1  0  9 
Rehabilitation - accretion and amortization (operating sites) g 3  2  5  4  1  15 
Non-controlling interests (45) 0  (19) (4) (10) (78)
All-in sustaining costs 636   314   339   260   222   1,771  
Project exploration and evaluation and project costs e 0  0  0  0  0  0 
Project capital expenditures f 154  38  96  0  41  329 
Non-controlling interests (31) 0  (15) 0  (7) (53)
All-in costs 759   352   420   260   256   2,047  
Ounces sold - attributable basis (000s ounces) 546  343  254  185  180  1,508 
Cost of sales per ounce h,i 1,198   1,221   1,206   1,469   1,312   1,251  
Total cash costs per ounce i 835  789  944  1,240  920  903 
Total cash costs per ounce (on a co-product basis) i,j 836  794  953  1,244  1,025  919 
All-in sustaining costs per ounce i 1,166  918  1,335  1,408  1,231  1,176 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,167  923  1,344  1,412  1,336  1,192 
All-in costs per ounce i 1,392  1,030  1,653  1,408  1,422  1,359 
All-in costs per ounce (on a co-product basis) i,j 1,393   1,035   1,662   1,412   1,527   1,375  

($ millions, except per ounce information in dollars) For the year ended 12/31/2022
   Footnote
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo North America
Cost of sales applicable to gold production 1,728  850  647  115  353  3,699  215  3,914 
Depreciation (312) (253) (178) (76) (75) (895) (28) (923)
By-product credits (2) (2) (2) 0  (139) (145) (1) (146)
Non-recurring items c 0  0  0  0  0  0  0  0 
Other d (34) 0  0  0  20  (14) 0  (14)
Non-controlling interests (531) (229) (180) (15) (61) (1,018) 0  (1,018)
Total cash costs 849  366  287  24  98  1,627  186  1,813 
General & administrative costs 0  0  0  0  0  0  0  0 
Minesite exploration and evaluation costs e 20  8  7  1  0  37  4  41 
Minesite sustaining capital expenditures f 497  305  109  0  22  949  42  991 
Sustaining capital leases 1  0  0  0  2  5  2  7 
Rehabilitation - accretion and amortization (operating sites) g 10  11  2  1  3  27  2  29 
Non-controlling interests (204) (125) (45) (1) (11) (394) 0  (394)
All-in sustaining costs 1,173  565  360  25  114  2,251  236  2,487 
Project exploration and evaluation and project costs e 0  0  0  0  0  0  0  0 
Project capital expenditures f 0  104  50  0  0  201  0  201 
Non-controlling interests 0  (40) (20) 0  0  (78) 0  (78)
All-in costs 1,173  629  390  25  114  2,374  236  2,610 
Ounces sold - attributable basis (000s ounces) 968  449  278  55  106  1,856  132  1,988 
Cost of sales per ounce h,i 1,069  1,164  1,434  1,282  2,039  1,210  1,628  1,238 
Total cash costs per ounce i 877  815  1,035  435  914  876  1,409  912 
Total cash costs per ounce (on a co-product basis) i,j 878  818  1,039  436  1,603  917  1,415  951 
All-in sustaining costs per ounce i 1,212  1,258  1,296  454  1,074  1,214  1,788  1,252 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,213  1,261  1,300  455  1,763  1,255  1,794  1,291 
All-in costs per ounce i 1,212  1,400  1,405  454  1,074  1,280  1,789  1,314 
All-in costs per ounce (on a co-product basis) i,j 1,213  1,403  1,409  455  1,763  1,321  1,795  1,353 
BARRICK YEAR-END 2023
79
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2022
   Footnote Pueblo Viejo Veladero Latin America & Asia Pacific
Cost of sales applicable to gold production 801  325  1,126 
Depreciation (242) (120) (362)
By-product credits (45) (4) (49)
Non-recurring items c 0  (23) (23)
Other d 0  0  0 
Non-controlling interests (205) 0  (205)
Total cash costs 309  178  487 
General & administrative costs 0  0  0 
Minesite exploration and evaluation costs e 1  2  3 
Minesite sustaining capital expenditures f 207  120  327 
Sustaining capital leases 0  3  3 
Rehabilitation - accretion and amortization (operating sites) g 5  2  7 
Non-controlling interests (85) 0  (85)
All-in sustaining costs 437  305  742 
Project exploration and evaluation and project costs e 2  0  2 
Project capital expenditures f 377  33  410 
Non-controlling interests (152) 0  (152)
All-in costs 664  338  1,002 
Ounces sold - attributable basis (000s ounces) 426  199  625 
Cost of sales per ounce h,i 1,132  1,628  1,306 
Total cash costs per ounce i 725  890  777 
Total cash costs per ounce (on a co-product basis) i,j 788  913  827 
All-in sustaining costs per ounce i 1,026  1,528  1,189 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,089  1,551  1,239 
All-in costs per ounce i 1,558  1,695  1,636 
All-in costs per ounce (on a co-product basis) i,j 1,621  1,718  1,686 
($ millions, except per ounce information in dollars) For the year ended 12/31/2022
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu Africa and Middle East
Cost of sales applicable to gold production 790  413  309  347  295  2,154 
Depreciation (257) (178) (73) (69) (60) (637)
By-product credits 0  (1) (2) (1) (24) (28)
Non-recurring items c 0  0  0  0  0  0 
Other d 0  0  0  0  0  0 
Non-controlling interests (107) 0  (38) (28) (34) (207)
Total cash costs 426  234  196  249  177  1,282 
General & administrative costs 0  0  0  0  0  0 
Minesite exploration and evaluation costs e 9  3  4  4  3  23 
Minesite sustaining capital expenditures f 190  70  81  31  66  438 
Sustaining capital leases 2  6  0  2  0  10 
Rehabilitation - accretion and amortization (operating sites) g 3  1  6  1  1  12 
Non-controlling interests (40) 0  (14) (4) (11) (69)
All-in sustaining costs 590  314  273  283  236  1,696 
Project exploration and evaluation and project costs e 0  0  0  0  0  0 
Project capital expenditures f 133  22  74  1  30  260 
Non-controlling interests (27) 0  (12) 0  (5) (44)
All-in costs 696  336  335  284  261  1,912 
Ounces sold - attributable basis (000s ounces) 548  332  265  178  205  1,528 
Cost of sales per ounce h,i 1,153  1,243  979  1,748  1,211  1,219 
Total cash costs per ounce i 778  703  741  1,396  868  839 
Total cash costs per ounce (on a co-product basis) i,j 778  707  747  1,399  966  854 
All-in sustaining costs per ounce i 1,076  948  1,028  1,592  1,156  1,111 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,076  952  1,034  1,595  1,254  1,126 
All-in costs per ounce i 1,270  1,013  1,265  1,595  1,278  1,252 
All-in costs per ounce (on a co-product basis) i,j 1,270  1,017  1,271  1,598  1,376  1,267 
BARRICK YEAR-END 2023
80
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2021
   Footnote
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo North America
Cost of sales applicable to gold production 1,451  927  615  193  346  3,532  257  3,789 
Depreciation (276) (294) (200) (144) (89) (1,003) (45) (1,048)
By-product credits (2) (3) (5) 0  (194) (204) (1) (205)
Non-recurring items c 0  0  0  0  0  0  0  0 
Other d 0  0  0  0  9  9  0  9 
Non-controlling interests (451) (243) (158) (19) (28) (899) 0  (899)
Total cash costs 722  387  252  30  44  1,435  211  1,646 
General & administrative costs 0  0  0  0  0  0  0  0 
Minesite exploration and evaluation costs e 22  10  1  4  1  41  2  43 
Minesite sustaining capital expenditures f 424  192  77  8  20  746  82  828 
Sustaining capital leases 2  0  0  0  1  5  2  7 
Rehabilitation - accretion and amortization (operating sites) g 10  11  1  1  2  25  2  27 
Non-controlling interests (177) (86) (30) (5) (9) (318) 0  (318)
All-in sustaining costs 1,003  514  301  38  59  1,934  299  2,233 
Project exploration and evaluation and project costs e 0  0  0  0  0  0  0  0 
Project capital expenditures f 0  96  56  0  0  158  0  158 
Non-controlling interests 0  (37) (22) 0  0  (61) 0  (61)
All-in costs 1,003  573  335  38  59  2,031  299  2,330 
Ounces sold - attributable basis (000s ounces) 922  508  337  161  111  2,039  152  2,191 
Cost of sales per ounce h,i 968  1,122  1,122  739  1,922  1,072  1,693  1,115 
Total cash costs per ounce i 782  763  749  188  398  705  1,388  752 
Total cash costs per ounce (on a co-product basis) i,j 784  767  757  188  1,428  764  1,394  807 
All-in sustaining costs per ounce i 1,087  1,013  892  238  533  949  1,970  1,020 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,089  1,017  900  238  1,563  1,008  1,976  1,075 
All-in costs per ounce i 1,087  1,129  993  238  533  997  1,970  1,064 
All-in costs per ounce (on a co-product basis) i,j 1,089  1,133  1,001  238  1,563  1,056  1,976  1,119 

($ millions, except per ounce information in dollars) For the year ended 12/31/2021
   Footnote Pueblo Viejo Veladero Latin America & Asia Pacific
Cost of sales applicable to gold production 739  262  1,001 
Depreciation (234) (85) (319)
By-product credits (58) (7) (65)
Non-recurring items c 0  0  0 
Other d 0  0  0 
Non-controlling interests (178) 0  (178)
Total cash costs 269  170  439 
General & administrative costs 0  0  0 
Minesite exploration and evaluation costs e 4  1  5 
Minesite sustaining capital expenditures f 160  136  296 
Sustaining capital leases 0  1  1 
Rehabilitation - accretion and amortization (operating sites) g 8  2  10 
Non-controlling interests (71) 0  (71)
All-in sustaining costs 370  310  680 
Project exploration and evaluation and project costs e 1  0  1 
Project capital expenditures f 358  6  364 
Non-controlling interests (144) 0  (144)
All-in costs 585  316  901 
Ounces sold - attributable basis (000s ounces) 497  206  703 
Cost of sales per ounce h,i 896  1,256  1,028 
Total cash costs per ounce i 541  816  622 
Total cash costs per ounce (on a co-product basis) i,j 610  850  680 
All-in sustaining costs per ounce i 745  1,493  969 
All-in sustaining costs per ounce (on a co-product basis) i,j 814  1,527  1,027 
All-in costs per ounce i 1,178  1,520  1,282 
All-in costs per ounce (on a co-product basis) i,j 1,247  1,554  1,340 
BARRICK YEAR-END 2023
81
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2021
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
Buzwagi k
 Africa and Middle East
Cost of sales applicable to gold production 732  373  296  310  212  65  1,988 
Depreciation (278) (141) (56) (84) (57) (2) (618)
By-product credits 0  (2) (2) (1) (15) 0  (20)
Non-recurring items c 0  0  0  0  0  0  0 
Other d 0  0  0  0  0  0  0 
Non-controlling interests (91) 0  (38) (23) (22) (10) (184)
Total cash costs 363  230  200  202  118  53  1,166 
General & administrative costs 0  0  0  0  0  0  0 
Minesite exploration and evaluation costs e 18  5  0  3  0  0  26 
Minesite sustaining capital expenditures f 199  54  62  18  34  0  367 
Sustaining capital leases 2  10  0  2  0  0  14 
Rehabilitation - accretion and amortization (operating sites) g 4  1  6  1  1  0  13 
Non-controlling interests (44) 0  (11) (3) (5) 0  (63)
All-in sustaining costs 542  300  257  223  148  53  1,523 
Project exploration and evaluation and project costs e 0  0  0  0  0  0  0 
Project capital expenditures f 98  16  32  0  49  0  195 
Non-controlling interests (19) 0  (5) 0  (8) 0  (32)
All-in costs 621  316  284  223  189  53  1,686 
Ounces sold - attributable basis (000s ounces) 558  367  257  185  166  41  1,574 
Cost of sales per ounce h,i 1,049  1,016  966  1,504  1,079  1,334  1,092 
Total cash costs per ounce i 650  627  777  1,093  709  1,284  740 
Total cash costs per ounce (on a co-product basis) i,j 650  631  784  1,096  787  1,277  751 
All-in sustaining costs per ounce i 970  818  1,001  1,208  891  1,291  968 
All-in sustaining costs per ounce (on a co-product basis) i,j 970  822  1,008  1,211  969  1,284  979 
All-in costs per ounce i 1,111  861  1,105  1,206  1,138  1,291  1,070 
All-in costs per ounce (on a co-product basis) i,j 1,111  865  1,112  1,209  1,216  1,284  1,081 
a.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.

b.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.

c.Non-recurring items 
These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs. Non-recurring items at Veladero for the three months ended and year ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory.

d.Other
Other adjustments at Carlin include the removal of total cash costs and by-product credits associated with Emigrant starting the second quarter of 2022, which is producing incidental ounces.

e.Exploration and evaluation costs
Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 60 of this MD&A.

f.Capital expenditures  
Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Significant projects in 2023 were the plant expansion project at Pueblo Viejo and the solar projects at NGM and Loulo-Gounkoto. Refer to page 59 of this MD&A.

g.Rehabilitation - accretion and amortization  
Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.

h.Cost of sales per ounce
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).

i.Per ounce figures    
Cost of sales per ounce, total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

j.Co-product costs per ounce   
Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:
BARRICK YEAR-END 2023
82
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions) For the three months ended 12/31/23
  
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo
By-product credits 0  1  1  0  38  40  0 
Non-controlling interest 0  0  (1) 0  (14) (15) 0 
By-product credits (net of non-controlling interest) 0  1  0  0  24  25  0 
($ millions) For the three months ended 12/31/23
   Pueblo Viejo Veladero Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
By-product credits 11  2  0 0  1  0  6 
Non-controlling interest (5) 0  0 0  0  0  (1)
By-product credits (net of non-controlling interest) 6  2  0 0  1  0  5 
($ millions) For the three months ended 9/30/23
  
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo
By-product credits 1  0  1  0  41  43  1 
Non-controlling interest  (1) 0  0  0  (16) (17) 0 
By-product credits (net of non-controlling interest) 0  0  1  0  25  26  1 
($ millions) For the three months ended 9/30/23
   Pueblo Viejo Veladero Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
By-product credits 8  3  0  1  1  1  6 
Non-controlling interest  (4) 0  0  0  0  0  (1)
By-product credits (net of non-controlling interest) 4  3  0  1  1  1  5 
   For the year ended 12/31/23
  
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo
By-product credits 2  3  4  0  157  166  1 
Non-controlling interest  (1) (1) (2) 0  (60) (64) 0 
By-product credits (net of non-controlling interest) 1  2  2  0  97  102  1 
   For the year ended 12/31/23
   Pueblo Viejo Veladero Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
By-product credits 37  9  0  2  3  1  23 
Non-controlling interest  (15) 0  0  0  0  0  (4)
By-product credits (net of non-controlling interest) 22  9  0  2  3  1  19 
   For the year ended 12/31/22
  
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo
By-product credits 2  2  2  0  139  145  1 
Non-controlling interest  (1) (1) (1) 0  (54) (57) 0 
By-product credits (net of non-controlling interest) 1  1  1  0  85  88  1 
   For the year ended 12/31/22
   Pueblo Viejo Veladero Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
By-product credits 45  4  0  1  2  1  24 
Non-controlling interest  (18) 0  0  0  0  0  (4)
By-product credits (net of non-controlling interest) 27  4  0  1  2  1  20 
BARRICK YEAR-END 2023
83
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   For the year ended 12/31/21
  
Carlin a
 Cortez Turquoise Ridge Long Canyon
Phoenix a
Nevada Gold Minesb
 Hemlo
By-product credits 2  3  5  0  194  204  1 
Non-controlling interest  (1) (1) (2) 0  (75) (79) 0 
By-product credits (net of non-controlling interest) 1  2  3  0  119  125  1 
   For the year ended 12/31/21
   Pueblo Viejo Veladero Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
Buzwagi k
By-product credits 58  7  0  2  2  1  15  0 
Non-controlling interest  (23) 0  0  0  0  0  (2) 0 
By-product credits (net of non-controlling interest) 35  7  0  2  2  1  13  0 

k.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.


Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis
 
For the three months ended For the years ended
($ millions, except per pound information in dollars) 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
 Cost of sales 209  167  726  666  569 
         Depreciation/amortization (86) (70) (259) (223) (197)
  Treatment and refinement charges 51  47  191  199  161 
Cash cost of sales applicable to equity method investments 103  82  356  317  313 
  Less: royalties (16) (15) (62) (103) (103)
         By-product credits (5) (4) (19) (14) (15)
  C1 cash cost of sales
 256   207  933   842  728 
  General & administrative costs 6  6  22  30  17 
  Rehabilitation - accretion and amortization 2  3  9  4  6 
         Royalties 16  15  62  103  103 
         Minesite exploration and evaluation costs 0  3  7  22  14 
        Minesite sustaining capital expenditures 84  91  266  410  234 
         Sustaining leases 3  2  12  6  9 
  All-in sustaining costs
 367   327  1,311   1,417  1,111 
 Pounds sold - attributable basis (millions pounds) 117  101  408  445  423 
  Cost of sales per pounda,b
 2.92   2.68  2.90   2.43  2.32 
 C1 cash costs per pounda
 2.17  2.05  2.28  1.89  1.72 
 All-in sustaining costs per pounda
 3.12  3.23  3.21  3.18  2.62 
a.Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.
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).



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Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis, by operating site
For the three months ended
($ millions, except per pound information in dollars) 12/31/23 9/30/23
   Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid
Cost of sales 101  206  34  83  167  22 
Depreciation/amortization (24) (84) (8) (18) (70) (5)
Treatment and refinement charges 0  44  7  0  42  5 
Less: royalties 0  (16) 0  0  (15) 0 
By-product credits 0  0  (5) (1) 0  (3)
C1 cash cost of sales 77  150  28  64  124  19 
Rehabilitation - accretion and amortization 0   2   0   0  3  0 
Royalties 0  16  0  0  15  0 
Minesite exploration and evaluation costs 0  0  0  3  0  0 
Minesite sustaining capital expenditures 13  68  3  4  85  2 
Sustaining leases 2  0  1  1  1  0 
All-in sustaining costs 92   236   32   72  228  21 
Pounds sold - attributable basis (millions pounds) 26  70  21  21  67  13 
Cost of sales per pounda,b
 3.85   2.95   1.59   3.86  2.48  1.72 
C1 cash costs per pounda
 2.93  2.14  1.32  2.99  1.86  1.45 
All-in sustaining costs per pounda
 3.51  3.38  1.50  3.39  3.41  1.64 

($ millions, except per pound information in dollars) For the years ended
12/31/23 12/31/22 12/31/21
   Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid
Cost of sales 354  723  107  305  666  110  314  569  99 
Depreciation/amortization (81) (257) (24) (74) (223) (24) (79) (197) (21)
Treatment and refinement charges 0  166  25  0  179  20  0  140  21 
Less: royalties 0  (62) 0  0  (103) 0  0  (103) 0 
By-product credits (1) 0  (18) 0  0  (14) 0  0  (15)
C1 cash cost of sales 272  570  90  231  519  92  235  409  84 
Rehabilitation - accretion and amortization 0   9   0   0  3  1  1  5  0 
Royalties 0  62  0  0  103  0  0  103  0 
Minesite exploration and evaluation costs 7  0  0  11  11  0  13  0  1 
Minesite sustaining capital expenditures 34  223  9  44  360  6  37  189  8 
Sustaining leases 6  2  4  3  3  0  4  3  2 
All-in sustaining costs 319   866   103   289  999  99  290  709  95 
Pounds sold - attributable basis (millions pounds) 92  249  67  98  275  72  98  253  72 
Cost of sales per pounda,b
 3.83   2.91   1.60   3.12  2.42  1.52  3.19  2.25  1.38 
C1 cash costs per pounda
 2.95  2.29  1.35  2.36  1.89  1.26  2.38  1.62  1.18 
All-in sustaining costs per pounda
 3.46  3.48  1.53  2.95  3.63  1.36  2.94  2.80  1.33 
a.Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.
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).

EBITDA, Adjusted EBITDA and Attributable EBITDA
EBITDA is a non-GAAP financial measure, which excludes the following from net earnings:
■Income tax expense;
■Finance costs;
■Finance income; and
■Depreciation.

Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently
used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company.
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. Adjusted EBITDA removes the effect of impairment
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charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; other expense adjustments; and non-controlling interests. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. 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.
EBITDA, adjusted EBITDA and attributable EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA and attributable EBITDA differently.


Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA
For the three months ended For the years ended
  ($ millions) 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21
Net earnings 597  585  1,953  1,017  3,288 
   Income tax expense 174  218  861  664  1,344 
   Finance costs, neta
 (7) 30  83  235  307 
   Depreciation 564  504  2,043  1,997  2,102 
EBITDA 1,328   1,337  4,940   3,913  7,041 
Impairment charges (reversals) of non-current assetsb
 289  0  312  1,671  (63)
Acquisition/disposition gainsc
 (354) (4) (364) (405) (213)
Loss on currency translation 37  30  93  16  29 
Other expense (income) adjustmentsd
 41  (5) 96  17  73 
Income tax expense, net finance costsa, and depreciation from equity investees
 118  106  397  401  391 
Adjusted EBITDA 1,459   1,464  5,474   5,613  7,258 
Non-controlling Interests (391) (393) (1,487) (1,584) (2,011)
Attributable EBITDA 1,068   1,071  3,987   4,029  5,247 
Revenues - as adjustede
 2,514   2,363  9,411   9,147  9,829 
Attributable EBITDA marginf
 42  % 45  % 42  % 44  % 53  %
a.Finance costs exclude accretion.
b.Net impairment charges for the three months and year ended December 31, 2023 mainly relate to a long-lived asset impairment at Long Canyon. For the year ended December 31, 2022, net impairment charges primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq.
c.Acquisition/disposition gains for the three months and year ended December 31, 2023 primarily relate to a gain on the reopening of the Porgera mine as the conditions for the reopening were completed on December 22, 2023. For the year ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50% and the sale of two royalty portfolios.
d.Other expense (income) adjustments for the three months and year ended December 31, 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera. The year ended December 31, 2023 was further impacted by the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the year ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara.
e.Refer to Reconciliation of Sales to Realized Price per pound/ounce on page 87 of this MD&A.
f.Represents Attributable EBITDA divided by revenues - as adjusted.


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Reconciliation of Segment Income to Segment EBITDA
($ millions) For the three months ended 12/31/23
  
Carlin a (61.5%)
 Cortez (61.5%)
Turquoise Ridge (61.5%)
Nevada Gold Minesb (61.5%)
 Pueblo Viejo (60%) Loulo-Gounkoto (80%) Kibali (45%) North Mara (84%) Bulyanhulu (84%) Lumwana (100%)
Income 168  102  48  355  49  82  78  12  32  17 
Depreciation 47  73  31  167  40  47  37  18  13  85 
EBITDA 215  175  79  522  89  129  115  30  45  102 
For the three months ended 9/30/23
  
Carlin a (61.5%)
 Cortez (61.5%)
Turquoise Ridge (61.5%)
Nevada Gold Minesb (61.5%)
 Pueblo Viejo (60%) Loulo-Gounkoto (80%) Kibali (45%) North Mara (84%) Bulyanhulu (84%)
Lumwana (100%)
Income 174  87  49  314  31  111  72  37  33  32 
Depreciation 51  54  28  146  39  45  44  14  13  69 
EBITDA 225  141  77  460  70  156  116  51  46  101 
For the year ended 12/31/23
  
Carlin a (61.5%)
 Cortez (61.5%)
Turquoise Ridge (61.5%)
Nevada Gold Minesb (61.5%)
 Pueblo Viejo (60%) Loulo-Gounkoto (80%) Kibali (45%) North Mara (84%) Bulyanhulu (84%) Lumwana (100%)
Income 577  333  172  1,145  187  388  243  139  123  37 
Depreciation 193  224  116  591  154  197  147  64  52  257 
EBITDA 770  557  288  1,736  341  585  390  203  175  294
   For the year ended 12/31/22
  
Carlin a (61.5%)
 Cortez (61.5%)
Turquoise Ridge (61.5%)
Nevada Gold Minesb (61.5%)
 Pueblo Viejo (60%) Loulo-Gounkoto (80%) Kibali (45%) North Mara (84%) Bulyanhulu (84%) Lumwana (100%)
Income 685  277  98  1,144  265  342  142  177  118  180 
Depreciation 192  155  110  551  146  205  178  61  50  223 
EBITDA 877  432  208  1,695  411  547  320  238  168  403 
For the year ended 12/31/21
  
Carlin a (61.5%)
 Cortez (61.5%)
Turquoise Ridge (61.5%)
Nevada Gold Minesb (61.5%)
 Pueblo Viejo (60%) Loulo-Gounkoto (80%) Kibali (45%) North Mara (84%) Bulyanhulu (84%) Lumwana (100%)
Income 733  337  229  1,675  445  380  278  214  122  391 
Depreciation 170  181  123  630  142  222  141  47  48  197 
EBITDA 903  518  352  2,305  587  602  419  261  170  588 
a.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.
b.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.



Realized Price
Realized price is a non-GAAP financial measure which excludes from sales:
■Treatment and refining charges; and
■Cumulative catch-up adjustment to revenue relating to our streaming arrangements.

We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our
Company’s past performance and is a better indicator of its expected performance in future periods.
The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure.
 

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Reconciliation of Sales to Realized Price per ounce/pound
For the  three months ended For the years ended
($ millions, except per ounce/pound information in dollars) Gold Copper Gold Copper
   12/31/23 9/30/23 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 12/31/23 12/31/22 12/31/21
Sales 2,767  2,588  226  209  10,350  9,920  10,738  795   868  962 
Sales applicable to non-controlling interests (872) (797) 0  0  (3,179) (3,051) (3,323) 0  0  0 
Sales applicable to equity method investmentsa,b
 183  187  168  126  667  597  660  587  646  707 
Sales applicable to sites in closure or care and maintenancec
 (2) (4) 0  0  (15) (55) (88) 0  0  0 
Treatment and refining charges 8  7  51  47  30  23  10  191  199  161 
Otherd
 (15) 0  0  0  (15) 0  2  0  0  0 
Revenues – as adjusted 2,069  1,981  445  382  7,838  7,434  7,999  1,573  1,713  1,830 
Ounces/pounds sold (000s ounces/millions pounds)c
 1,042   1,027  117   101  4,024   4,141  4,468  408   445  423 
Realized gold/copper price per ounce/pounde
 1,986  1,928  3.78  3.78  1,948  1,795  1,790  3.85  3.85  4.32 
a.Represents sales of $183 million and $667 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $187 million; 2022: $597 million; 2021: $661 million) applicable to our 45% equity method investment in Kibali. Represents sales of $98 million and $359 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $82 million; 2022: $390 million; 2021: $423 million) applicable to our 50% equity method investment in Zaldívar and $77 million and $253 million, respectively (September 30, 2023: $49 million; 2022: $275 million; 2021: $305 million) applicable to our 50% equity method investment in Jabal Sayid for copper.
b.Sales applicable to equity method investments are net of treatment and refinement charges.
c.Excludes Pierina, Lagunas Norte up until its divestiture in June 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.
d.Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2f to the Financial Statements for more information.
e.Realized price per ounce/pound may not calculate based on amounts presented in this table.
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Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and
Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2023.

Endnotes 

1A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for 5 million ounces to support a minimum 10-year life, annual production of at least 500,000 ounces of gold and with all-in sustaining costs per ounce in the lower half of the industry cost curve.
2A Tier Two Gold Asset is an asset with a reserve with potential to deliver a minimum 10-year life, annual production of at least 250,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
3A Tier One Copper Asset is an asset with a $3.00/lb reserve with potential for 5 million tonnes or more of contained copper to support a minimum 20-year life, annual production of at least 200ktpa, with all-in sustaining costs per pound in the lower half of the industry cost curve.
4A Strategic Asset is an asset, which in the opinion of Barrick, has the potential to deliver significant unrealized value in the future.
5Currently consists of Barrick’s Lumwana mine and Zaldívar, Jabal Sayid and Reko Diq joint ventures.
6Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.
7Gold 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).
8TRIFR is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries. LTIFR is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked.
9Class 1 - High Significance is defined as an incident that causes significant negative impacts on human
health or the environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.
10Categories as defined in the Greenhouse Gas Protocol’s Technical Guidance for Calculating Scope 3 Emissions. Achievement of Barrick’s Scope 3 targets will require collaboration with suppliers and customers in our value chain, which are outside of Barrick’s direct control.
11Preliminary figures and subject to external assurance.
12All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu Mt are reported to the second significant digit. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place. 2023 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper & silver mineral resources and mineral reserves.
13Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2023, unless otherwise noted. Proven reserves of 250 million tonnes grading 1.85 g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61 g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper. Measured resources of 430 million tonnes grading 1.76 g/t, representing 24 million ounces of gold, and 580 million tonnes grading 0.39%, representing 2.2 million tonnes of copper. Indicated resources of 4,800 million tonnes grading 1.00 g/t, representing 150 million ounces of gold, and 4,900 million tonnes grading 0.39%, representing 19 million tonnes of copper. Inferred resources of 1,500 million tonnes grading 0.8 g/t, representing 39 million ounces of
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
gold, and 2,000 million tonnes grading 0.4%, representing 7.1 million tonnes of copper. Totals may not appear to sum correctly due to rounding. Complete mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 98-111 of Barrick’s Fourth Quarter and Year-End 2023 Report.
14Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes grading 2.26 g/t, representing 19 million ounces of gold, and 390 million tonnes grading 0.40%, representing 3,500 million pounds of copper. Probable reserves of 1,200 million tonnes grading 1.53 g/t, representing 57 million ounces of gold, and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper. Measured resources of 480 million tonnes grading 2.13 g/t, representing 33 million ounces of gold, and 700 million tonnes grading 0.39%, representing 6,000 million pounds of copper. Indicated resources of 4,700 million tonnes grading 0.96 g/t, representing 150 million ounces of gold, and 4,500 million tonnes grading 0.39%, representing 38,000 million pounds of copper. Inferred resources of 1,500 million tonnes grading 0.8 g/t, representing 42 million ounces of gold, and 1,800 million tonnes grading 0.4%, representing 15,000 million pounds of copper. Totals may not appear to sum correctly due to rounding. Complete 2022 mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 33-46 of Barrick’s Annual Information Form/Form 40-F for the year ended December 31, 2022 on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.
15Proven and probable reserve gains from cumulative net change in reserves from year end 2019 to 2023.
Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2023 divided by the cumulative depletion in reserves from year end 2019 to 2023 as shown in the table below:
Year Attributable P&P Gold (Moz) Attributable Gold Acquisition & Divestments (Moz) Attributable Gold Depletion (Moz) Attributable Gold Net Change (Moz)
2019a
 71 — — —
2020b
 68 (2.2) (5.5) 4.2
2021c
 69 (0.91) (5.4) 8.1
2022d
 76 — (4.8) 12
2023e
 77 — (4.6) 5
2019
- 2023 Total		 N/A (3.1) (20) 29
Totals may not appear to sum correctly due to rounding.
Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick’s Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick’s ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own.
All estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.
a Estimates as of December 31, 2019, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold.
b Estimates as of December 31, 2020, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.37 g/t, representing 21 million ounces of gold and Probable reserves of 990 million tonnes grading 1.46 g/t, representing 47 million ounces of gold.
c Estimates as of December 31, 2021, unless otherwise noted. Proven reserves of 240 million tonnes grading 2.20 g/t, representing 17 million ounces of gold and Probable reserves of 1,000 million tonnes grading 1.60 g/t, representing 53 million ounces of gold.
d Estimates as of December 31, 2022, unless otherwise noted. Proven reserves of 260 million tonnes grading 2.26 g/t, representing 19 million ounces of gold and Probable reserves of 1,200 million tonnes grading 1.53 g/t, representing 57 million ounces of gold.
e Estimates as of December 31, 2023, unless otherwise noted. Proven reserves of 250 million tonnes grading 1.85 g/t, representing 15 million ounces of gold and Probable reserves of 1,200 million tonnes grading 1.61 g/t, representing 61 million ounces of gold.
16Fourmile is currently 100% owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the NGM joint venture if certain criteria are met following the completion of drilling and the requisite feasibility work.
17See the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.
18See the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March 17, 2023, and filed
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on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.
19Lumwana financial metrics and production metrics are based upon a preliminary economic assessment which is preliminary in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and
there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment for Lumwana Super Pit is based upon a $3.00/lb whittle pit shell. The assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing pre-feasibility study and are made by the qualified person.
20Greater Leeville Significant Interceptsa
Drill Results from Q4 2023
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t)
HSC-23001 129 (26) 250.5 - 283.2 32.6 32.88
HSX-23002 183 (28) 848.9-857.3 8.4 5.85
a.All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters; internal dilution is less than 20% total width.
b.Carlin Trend drill hole nomenclature: Project area (HSC - Horsham Underground Core, HSX - Horsham Exploration) followed by the year (23 for 2023) then hole number.
c.True width of the intercepts are uncertain at this stage.
The drilling results for Leeville contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.
21    Upper Rita K Inventory Significant Interceptsa
Drill Results from Q4 2023
Including
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t) Interval (m) Width (m) Au (g/t)
RKU-23014 257 6 244.4 - 263 18.6 9.33 256.6 - 263.0 6.4 17.69
a.All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters; internal dilution is less than 20% total width.
b.Carlin Trend drill hole nomenclature: Project area (RKU - Rita K Core) followed by hole number. As of 2022, the first two numbers following “RKU” will denote the year drilled; i.e. RKU-23XXX is a core hole drilled in Rita K in 2023.
c.True width of the intercepts for RKU drillholes is uncertain at this stage.
The drilling results for Rita K contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by independent laboratories, ALS Minerals and American Assay Laboratories. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.
22    Ren Resource Significant Interceptsa
Drill Results from Q4 2023
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t)
REN-23001B 328 83 903.8-908.5 4.7 24.90
a.All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3 meters; internal dilution is less than 20% total width.
b.Carlin Trend drill hole nomenclature: Project area (REN - Ren) followed by the year (i.e. “23” for 2023) then hole number.
c.True width of intercepts are uncertain at this stage.

The drilling results for Ren contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Ren conform to industry accepted quality control methods.
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23    Carlin Trend Significant Interceptsa
Drill Results from Q4 2023
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t)
LBB-23010 0 (90) 651.4 - 654.0 2.6 6.35
65*9.7 - 660.6 0.9 3.91
673.9 - 675.7 1.8 3.70
WSF-23007 315 (80) No significant intercept
WSF-23008 0 (90) No significant intercept
a.All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution is less than 20% total width.
b.Carlin Trend drill hole nomenclature: Project area (LBB - Little Boulder Basin, WSF - Western Spur) followed by the year (23 for 2023) then hole number.
c.True widths of intercepts are uncertain at this stage.

The drilling results for Carlin Trend contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Carlin Trend conform to industry accepted quality control methods.
24    Cortez Hanson Significant Interceptsa
Drill Results from Q4 2023
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t)
CMX-23017 300 (50) 445 - 447.1 2.1 23.15
CMX-23018 260 (62) 444.4 - 477.6 33.2 18.42
a.All intercepts calculated using a 3.42 g/t Au cutoff and are uncapped; minimum intercept width is 1.4 meters; internal dilution is less than 20% total width.
b.Carlin Trend drill hole nomenclature: Project (CMX - CHUG Minex) followed by the year (23 for 2023) then hole number.
c.True width of intercepts are uncertain at this stage.

The drilling results for Cortez contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Cortez conform to industry accepted quality control methods.
25    Robertson Significant Interceptsa
Drill Results from Q4 2023
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
True Width (m)c
 Au (g/t)
DTL-23012 287 67 71.9 - 77.1 5.2 5.2 0.50
80.5 - 83.7 3.2 3.2 0.18
171.9 - 180.7 8.8 8.7 1.06
183.8 - 192.9 9.1 9.0 0.45
DTL-23013 261 60 104.6 - 113.7 9.1 9.1 0.56
119.8 - 127.4 7.6 7.6 1.77
134.6 - 143.9 9.3 9.3 1.78
146.9 - 151.5 4.6 4.6 1.59
190.9 - 197.5 6.6 6.6 1.74

a.All intercepts calculated using a 0.17 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters (consecutive) or less of unmineralized between intercepts; internal dilution is less than 20%.
b.Robertson drill hole nomenclature: Project area: DTL: Distal, followed by “23” which indicates drill year of 2023.
c.True width of intercepts have been estimated based on the current geological model.
The drilling results for Robertson property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals and SGS S.A., independent laboratories. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their
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delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Robertson property conform to industry accepted quality control methods.
26    Fourmile Significant Interceptsa
Drill Results from Q4 2023
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t)
FM18-43D (ext)d
 155 (84) 1544.9 - 1546.3 1.4 31.10
FM18-43D (ext)d
 155 (84) 1558.4 - 1560.0 1.5 15.40
FM21-174D (ext)d
 181 (69) 1680.8 - 1682.0 1.2 3.53
FM23-181D d
 194 (80) 1270.9 - 1299.6 28.7 51.10
FM23-182Dd
 337 (80) 1016.1 - 1018.8 2.7 8.80
FM23-182DW1 337 (80) 1039.4 - 1070.7 1.4 3.83
FM23-183D 326 (80) 1245.9 - 1246.9 1.1 4.08
FM23-183D 326 (80) 1248.0 - 1249.8 1.8 21.65
FM23-183D 326 (80) 1352.6 - 1354.1 1.5 9.07
FM23-184D 17 (74) 494.1 - 497.1 3.0 5.94
FM23-185D 10 (84) No significant intercept - Hole lost above target
FM23-186D 239 (84) 1025 - 1025.8 0.8 43.00
FM23-186D 239 (84) 1114.0 - 1115.7 1.5 6.01
FM23-186D 239 (84) 1121.4 - 1122.7 1.4 110.00
FM23-187D 232 (80) 1296.8 - 1298.6 1.8 57.23
FM23-187D 232 (80) 1302.1 - 1304.7 2.6 40.22
FM23-187D 232 (80) 1551.0 - 1551.7 0.8 6.61
FM23-188D 99 (79) 1228.6 - 1232.5 3.8 16.26
FM23-188D 99 (79) 1234.6 - 1236.0 1.4 9.91
FM23-189D 40 (76) In progress above target
a.All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution less than 20% total width.
b.Fourmile drill hole nomenclature: Project area FM: Fourmile, followed by the year (23 for 2023) then hole number, additionally (ext) notes holes that were re-entered and extended in 2023.
c.True widths of intercepts are uncertain at this stage.
d.Previously reported with minimum 3.0 meters width.
The drilling results for Fourmile contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Fourmile conform to industry accepted quality control methods.
27    Turquoise Ridge Significant Interceptsa
Drill Results from Q4 2023
Including
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
True Width (m)c
 Au (g/t) Interval (m) Width (m) Au (g/t)
TUM-23307 134 (42) 83.7 - 88.5 4.8 95.18 85.6 - 87.6 2.0 212.00
TSG-23003A 357 (68) 342.6 - 406.7 64.1 63.3 4.42
a.All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 1 meter; internal dilution is less than 20% total width.
b.Turquoise Ridge drill hole nomenclature: Project area: TUM: Turquoise Underground Minex, TSG: Twin Surface Growth. First two numbers indicate year drilled.
c.True width of intercepts have been estimated based on the current geological model, where possible.

The drilling results for Turquoise Ridge contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Turquoise Ridge conform to industry accepted quality control methods.
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28    Hemlo Significant Interceptsa
Drill Results from Q4 2023
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
True Width (m)c
 Au (g/t)
W2368 113 (48.7) 193 - 289 96.0 67.9 1.25
W2369 120.2 (52.9) 205 - 268.6 63.6 48.7 0.91
W2370 119.1 (60.6) 195 - 206.6 11.6 10.0 3.98
W2371 135 (62.3) 178.7 - 209.8 31.1 22.0 2.64
W2381 195.4 (61.7) 209 - 259.1 50.1 38.4 0.95
a.All intercepts calculated using a 0.3 g/t Au cutoff: W23 holes are capped to 80 g/t Au; minimum intercept width is 5.0 meters; interal dilution is less than 42% total width.
b.Hemlo drill hole nomenclature: Surface hole nomenclature is defined by “W” then year (e.g. 23 for 2023) then hole number.
c.True widths of intercepts are estimated using the angle to core axis.

The drilling results for Hemlo contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Hemlo conform to industry accepted quality control methods.
29    Loulo-Gounkoto Significant Interceptsa
Drill Results from Q4 2023
Includingd
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t) Interval (m) Width (m) Au (g/t)
BNRCDH335 90 (50) 205 - 211.2 6.2 4.41
BNRCDH335 90 (50) 221 - 238.5 17.5 2.41 222.80 - 227 4.20 4.48
BNRC336 270 (50.54) 1 -- 3 2 0.81
BNRC336 270 (50.54) 157 - 164 7 1.19
BNRC336 270 (50.54) 167 - 172 5 1.69
BNRC336 270 (50.54) 175 - 179 4 0.88
BNRCDH337 270 (50) 15 - 22 7 1.04
BNRCDH337 270 (50) 32 - 35 3 0.82
BNRCDH337 270 (50) 38 - 44 6 0.75
BNRCDH337 270 (50) 56 - 61 5 0.59
BNRCDH337 270 (50) 195.8 - 199.8 4 1.73
BNRCDH337 270 (50) 240.25 - 244.3 4.05 0.83
BNRCDH337 270 (50) 260.8 - 265.4 4.6 0.92
BNRC341 90 (50) 206 - 208 2 2.26
DB1RC055 270 (55) 32.00 - 56.00 24 2.45 43 - 48 5 3.88
DB1RC055 270 (55) 58.00 - 66.00 8 1.60 50 - 54 4 3.53
DB1RC055 270 (55) 150.00 - 153.00 3 0.80  60 - 62 2 4.28
DBDH025 270 (55) 249.90 - 255.80 5.9 0.73
a.All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters total width.
b.Loulo-Gounkoto drill hole nomenclature: prospect initial B (Baboto), DB and DB1 (Domaine Boundary 1) followed by type of drilling RC (Reverse Circulation), DH (Diamond Drilling), RCDH (Reverse Circulation with Diamond tail).
c.True widths uncertain at this stage.
d.All intercepts calculated using a 3.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters total width.

The drilling results for the Loulo-Gounkoto property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Loulo property conform to industry accepted quality control methods.

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30    Kibali Significant Interceptsa
Drill Results from Q4 2023
Includingd,e
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t) Interval (m) Width (m) Au (g/t)
ADD031 135 (75) 45.5 - 50.3 4.80 1.20
75.35 - 102.06 26.71 6.63 76.6 - 81.35 4.75 19.56
86.15 - 93 6.85 7.93
96.3 - 98.46 2.16 8.92
207.2 - 209.6 2.40 0.62
216.15 - 241.62 25.47 3.64 232.62 - 239.42 6.80 10.59
ADD032 135 (75) 298 - 300 2.00 0.76
DDD611 315 (80) 9 - 14 5.00 7.53 45,578 3.00 12.19
21.2 - 23.2 2.00 1.49
27 - 29 2.00 22.30
36 - 49.1 13.10 1.09
103 - 116.55 13.55 2.02 104 - 105 1.00 4.04
112 - 116 4.00 3.19
DDD613 155 (84) 53.3 - 59.85 6.55 1.66 54.1 - 55 0.90 3.47
173.1 - 178.4 5.30 6.68
199.9 - 202.3 2.40 2.26
ORDD0113 307 (93) 514.3 - 523.3 9.00 2.28
ORDD0114 302 (63) 333.24 - 355.65 22.41 5.43 334.19 - 344.2 10.01 7.33
347.8 - 353.7 5.90 7.01
ORDD0115 306 (62) 458 - 462 4.00 0.94
466 - 476.5 10.50 1.42 471 - 474 3.00 3.01
ORDD0116 301 (64) 338.7 - 352.7 14.00 0.85
359.4 - 379.4 20.00 2.44 365.8 - 368.9 3.10 4.03
370.5 - 377.8 7.30 3.66
ZBRC0025 270 (50) 0 - 19 19.00 5.24 1 - 9 8.00 9.24
23 - 34 11.00 1.37 28 - 30 2.00 4.76
40 - 61 21.00 1.19
66 - 85 19.00 5.44 73 - 79 6.00 12.03
88 - 101 13.00 1.35 92 - 97 5.00 2.23
ZBRC0026 270 (50) 106 - 108 2.00 2.12
ZBRC0027 270 (50) 6 - 11 5.00 1.52
22 - 48 26.00 1.74 22 - 25 3.00 3.81
28 - 33 5.00 3.13
65 - 69 4.00 0.53
ZBRC0028 270 (50) 0 - 6 6.00 1.31
15 - 24 9.00 3.66 15 - 17 2.00 9.20
ZBRC0029 270 (50) 87 - 89 2.00 2.82
102 - 104 2.00 0.59
112 - 114 2.00 0.83
134 - 137 3.00 1.20
ZBRC0030 270 (50) 83 - 89 6.00 1.29
124 - 128 4.00 2.51
172 - 174 2.00 2.50
ZBRC0031 270 (50) 0 - 12 12.00 1.08 8 - 9 1.00 3.07
ZBRC0032 270 (50) 124 - 132 8.00 7.80 126 - 130 4.00 13.24
177 - 185 8.00 1.05 183 - 185 2.00 2.29
ZBRC0033 270 (50) 48 - 64 16.00 2.70 48 - 50 2.00 7.15
55 - 61 6.00 3.94
ZBRC0034 270 (50) 176 - 182 6.00 1.26 178 - 179 1.00 2.86
a.All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 25% total width.
b.Kibali drill hole nomenclature: prospect initial (A=Agabarabo; D=Durba; O=Oere; ZB=Zambula) followed by type of drilling (RC=Reverse Circulation, DD=Diamond, GC=Grade control) with no designation of the year. KCDU=KCD Underground.
c.True width of intercepts are uncertain at this stage.
d.Weighted average is calculated by fence using significant intercepts, over the strike length.
e.All including intercepts, calculated using a 0.5 g/t Au cutoff and are uncapped, minimum intercept width is 1 meter, no internal dilution, with grade significantly above (>40%) the overall intercept grade.

The drilling results for the Kibali property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Kibali property conform to industry accepted quality control methods.
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Glossary of Technical Terms
 
ALL-IN SUSTAINING COSTS: A non-GAAP measure of cost per ounce/pound for gold/copper. Refer to page 72 of this MD&A for further information and a reconciliation of the measure.
AUTOCLAVE: Oxidation process in which high temperatures and pressures are applied to convert refractory sulfide mineralization into amenable oxide ore.
BY-PRODUCT: A secondary metal or mineral product recovered in the milling process such as silver.
C1 CASH COSTS: A non-GAAP measure of cost per pound for copper. Refer to page 72 of this MD&A for further information and a reconciliation of the measure.
CONCENTRATE: A very fine, powder-like product containing the valuable ore mineral from which most of the waste mineral has been eliminated.
CONTAINED OUNCES: Represents ounces in the ground before loss of ounces not able to be recovered by the applicable metallurgical processing process.
DEVELOPMENT: Work carried out for the purpose of gaining access to an ore body. In an underground mine, this includes shaft sinking, crosscutting, drifting and raising. In an open-pit mine, development includes the removal of overburden (more commonly referred to as stripping in an open pit).
DILUTION: The effect of waste or low-grade ore which is unavoidably extracted and comingled with the ore mined thereby lowering the recovered grade from what was planned to be mined.
DORÉ: Unrefined gold and silver bullion bars usually consisting of approximately 90 percent precious metals that will be further refined to almost pure metal.
DRILLING:
Core: drilling with a hollow bit with a diamond cutting rim to produce a cylindrical core that is used for geological study and assays.
Reverse circulation: drilling that uses a rotating cutting bit within a double-walled drill pipe and produces rock chips rather than core. Air or water is circulated down to the bit between the inner and outer wall of the drill pipe. The chips are forced to the surface through the center of the drill pipe and are collected, examined and assayed.
In-fill: drilling closer spaced holes in between existing holes, used to provide greater geological detail and to help upgrade resource estimates to reserve estimates.
Step-out: drilling to intersect a mineralized horizon or structure along strike or down-dip.
EXPLORATION: Prospecting, sampling, mapping, drilling and other work involved in searching for minerals.
FREE CASH FLOW: A non-GAAP measure that reflects our ability to generate cash flow. Refer to page 71 of this MD&A for a definition.
GRADE: The amount of metal in each tonne of ore, expressed as grams per tonne (g/t) for precious metals and as a percentage for most other metals.
Cut-off grade: the minimum metal grade at which an ore body can be economically mined (used in the calculation of ore reserves).
Mill-head grade: metal content per tonne of ore going into a mill for processing.
Reserve grade: estimated metal content of an ore body, based on reserve calculations.
HEAP LEACHING: A process whereby gold/copper is extracted by “heaping” broken ore on sloping impermeable pads and continually applying to the heaps a weak cyanide solution/sulfuric acid which dissolves the contained gold/copper. The gold/copper-laden solution is then collected for gold/copper recovery.
HEAP LEACH PAD: A large impermeable foundation or pad used as a base for stacking ore for the purpose of heap leaching.
MILL: A processing facility where ore is finely ground and thereafter undergoes physical or chemical treatment to extract the valuable metals.
MINERAL RESERVE: See pages 98 to 111 – Summary Gold/Copper Mineral Reserves and Mineral Resources.
MINERAL RESOURCE: See pages 98 to 111 – Summary Gold/Copper Mineral Reserves and Mineral Resources.
OPEN PIT: A mine where the minerals are mined entirely from the surface.
ORE: Rock, generally containing metallic or non-metallic minerals, which can be mined and processed at a profit.
ORE BODY: A sufficiently large amount of ore that can be mined economically.
OUNCES: Troy ounce is a unit of measure used for weighing gold at 999.9 parts per thousand purity and is equivalent to 31.1035g.
RECLAMATION: The process by which lands disturbed as a result of mining activity are modified to support future beneficial land use. Reclamation activity may include the removal of buildings, equipment, machinery and other physical remnants of mining, closure of tailings storage facilities, leach pads and other mine features, and contouring, covering and re-vegetation of waste rock dumps and other disturbed areas.
RECOVERY RATE: A term used in process metallurgy to indicate the proportion of valuable material physically recovered in the processing of ore. It is generally stated as a percentage of the valuable material recovered compared to the total material originally contained in the ore.
REFINING: The final stage of metal production in which impurities are removed through heating to extract the pure metal.
ROASTING: The treatment of sulfide ore by heat and air, or oxygen enriched air, in order to oxidize sulfides and remove other elements (carbon, antimony or arsenic).
STRIPPING: Removal of overburden or waste rock overlying an ore body in preparation for mining by open-pit methods.
TAILINGS: The material that remains after all economically and technically recoverable precious metals have been removed from the ore during processing.
TOTAL CASH COSTS: A non-GAAP measure of cost per ounce for gold. Refer to page 72 of this MD&A for further information and a reconciliation of the measure.

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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Mineral Reserves and Mineral Resources

The tables on the next seven pages set forth Barrick’s interest in the total proven and probable gold, silver and copper reserves and in the total measured, indicated and inferred gold, silver and copper resources and certain related information at each property. For further details of proven and probable mineral reserves and measured, indicated and inferred mineral resources by category, metal and property, see pages 98 to 111.
The Company has carefully prepared and verified the mineral reserve and mineral resource figures and believes that its method of estimating mineral reserves has been verified by mining experience. These figures are estimates, however, and no assurance can be given that the indicated quantities of metal will be produced. Metal price fluctuations may render mineral reserves containing relatively lower grades of mineralization uneconomic. Moreover, short-term operating factors relating to the mineral reserves, such as the need for orderly development of ore bodies or the processing of new or different ore grades, could affect the Company’s profitability in any particular accounting period.

Definitions
A mineral resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories.
An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic
parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.
A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.
Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.
A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined. Mineral reserves are sub-divided in order of increasing confidence into probable mineral reserves and proven mineral reserves. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.
A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.


BARRICK YEAR-END 2023
97
 RESERVES AND RESOURCES

Gold Mineral Reserves1,2,3,6
As at December 31, 2023 PROVEN PROBABLE TOTAL
Tonnes Grade Contained ozs Tonnes Grade Contained ozs Tonnes Grade Contained ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0088 5.89 0.0017 — — — 0.0088 5.89 0.0017
Bulyanhulu underground 1.5 6.79 0.32 16 5.98 3.1 18 6.05 3.4
Bulyanhulu (84.00%) total 1.5 6.78 0.32 16 5.98 3.1 18 6.05 3.4
Jabal Sayid surface 0.064 0.38 0.00078 — — — 0.064 0.38 0.00078
Jabal Sayid underground 6.7 0.31 0.065 6.9 0.37 0.083 14  0.34 0.15
Jabal Sayid (50.00%) total 6.7 0.31 0.066 6.9 0.37 0.083 14 0.34 0.15
Kibali surface 5.5 2.02 0.36 18 2.06 1.2 24 2.05 1.6
Kibali underground 8.3 4.38 1.2 15 3.94 1.9 24 4.10 3.1
Kibali (45.00%) total 14 3.44 1.5 33 2.92 3.1 47 3.07 4.7
Loulo-Gounkoto surface 11 2.31 0.82 13 3.30 1.3 24 2.84 2.1
Loulo-Gounkoto underground 9.0 5.08 1.5 24 4.70 3.6 33 4.81 5.1
Loulo-Gounkoto (80.00%) total 20 3.56 2.3 36 4.22 4.9 57 3.99 7.2
North Mara surface 0.10 2.46 0.0080 30 1.90 1.8 30 1.90 1.8
North Mara underground 2.7 3.01 0.26 6.5 3.84 0.81 9.3 3.60 1.1
North Mara (84.00%) total 2.8 2.99 0.27 36 2.25 2.6 39 2.30 2.9
Tongon surface (89.70%) 3.1 2.02 0.20 2.5 1.94 0.15 5.5 1.98 0.35
AFRICA AND MIDDLE EAST TOTAL 48 3.04 4.7 130 3.32 14 180 3.24 19
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 110 0.65 2.4 480 0.59 9.2 600 0.60 12
Porgera surface4
 — — — 5.0 3.55 0.57 5.0 3.55 0.57
Porgera underground4
 0.66 6.69 0.14 2.2 7.05 0.51 2.9 6.96 0.65
 Porgera (24.50%) total4
 0.66 6.69 0.14 7.2 4.64 1.1 7.9 4.81 1.2
Pueblo Viejo surface (60.00%) 39 2.28 2.8 140 2.10 9.1 170 2.14 12
Veladero surface (50.00%) 20 0.60 0.38 69 0.72 1.6 89 0.70 2.0
LATIN AMERICA AND ASIA PACIFIC TOTAL 170 1.03 5.8 700 0.94 21 870 0.96 27
NORTH AMERICA
Carlin surface 3.7 1.80 0.22 61 2.43 4.8 65 2.39 5.0
Carlin underground — — — 17 8.34 4.6 17 8.34 4.6
Carlin (61.50%) total 3.7 1.80 0.22 79 3.73 9.4 82 3.64 9.7
Cortez surface 1.1 1.86 0.064 100 0.81 2.7 110 0.82 2.8
Cortez underground — — — 27 7.27 6.3 27 7.27 6.3
Cortez (61.50%) total 1.1 1.86 0.064 130 2.13 9.0 130 2.13 9.0
Hemlo surface — — — 27 0.97 0.84 27 0.97 0.84
Hemlo underground 0.76 4.49 0.11 6.0 4.07 0.79 6.8 4.12 0.90
Hemlo (100%) total 0.76 4.49 0.11 33 1.53 1.6 34 1.60 1.7
Phoenix surface (61.50%) 3.8 0.81 0.100 97 0.57 1.8 100 0.58 1.9
Turquoise Ridge surface 16 2.36 1.2 6.9 2.37 0.52 22 2.36 1.7
Turquoise Ridge underground 8.1 11.58 3.0 12 10.04 3.9 20 10.66 6.9
Turquoise Ridge (61.50%) total 24 5.53 4.2 19 7.24 4.4 43 6.29 8.6
NORTH AMERICA TOTAL
 33 4.42 4.7 360 2.27 26 390 2.45 31
                 
TOTAL
 250 1.85 15 1,200 1.61 61 1,400 1.65 77
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2023
98
 RESERVES AND RESOURCES

Copper Mineral Reserves1,2,3,6
As at December 31, 2023 PROVEN PROBABLE TOTAL
Tonnes Cu Grade Contained Cu Tonnes Cu Grade Contained Cu Tonnes Cu Grade Contained Cu
Based on attributable pounds (Mt) (%) (Mt) (Mt) (%) (Mt) (Mt) (%) (Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0088  0.29  0.000026  —  —  —  0.0088 0.29 0.000026
Bulyanhulu underground 1.5  0.36  0.0052  16 0.36 0.058 18 0.36 0.063
Bulyanhulu (84.00%) total 1.5  0.36  0.0052  16 0.36 0.058 18 0.36 0.063
Jabal Sayid surface 0.064 2.63 0.0017 —  —  —  0.064 2.63 0.0017
Jabal Sayid underground 6.7 2.34 0.16 6.9 2.12 0.15 14 2.22 0.30
Jabal Sayid (50.00%) total 6.7 2.34 0.16 6.9 2.12 0.15 14 2.23 0.30
Lumwana surface (100%) 88 0.54 0.48 420 0.59 2.5 510 0.58 3.0
AFRICA AND MIDDLE EAST TOTAL
 97 0.66 0.64 450 0.61 2.7 540 0.62 3.3
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 110 0.19 0.22 480 0.23 1.1 600 0.22 1.3
Zaldívar surface (50.00%) 100 0.45 0.45 77 0.38 0.29 180 0.42 0.74
LATIN AMERICA AND ASIA PACIFIC TOTAL
 210 0.31 0.66 560 0.25 1.4 780 0.26 2.0
NORTH AMERICA
Phoenix surface (61.50%) 5.9 0.16 0.0092 130 0.17 0.22 140 0.17 0.23
NORTH AMERICA TOTAL
 5.9 0.16 0.0092 130 0.17 0.22 140 0.17 0.23
TOTAL
 320 0.41 1.3 1,100 0.38 4.3 1,500 0.39 5.6
See “Mineral Reserves and Resources Endnotes”.
Silver Mineral Reserves1,2,3,6
As at December 31, 2023 PROVEN PROBABLE TOTAL
Tonnes Ag Grade Contained Ag Tonnes Ag Grade Contained Ag Tonnes Ag Grade Contained Ag
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0088  6.11  0.0017  —  —  —  0.0088 6.11 0.0017
Bulyanhulu underground 1.5  6.85  0.32  16 6.08 3.2 18 6.14 3.5
Bulyanhulu (84.00%) total 1.5  6.84  0.32  16 6.08 3.2 18 6.14 3.5
AFRICA AND MIDDLE EAST TOTAL
 1.5  6.84  0.32  16 6.08 3.2 18 6.14 3.5
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 110 1.91 7.0 480 1.43 22 600 1.52 29
Pueblo Viejo surface (60.00%) 39 13.15 16 140 13.26 58 170 13.24 74
Veladero surface (50.00%) 20 13.43 8.5 69 13.83 31 89 13.74 39
LATIN AMERICA AND ASIA PACIFIC TOTAL
 170 5.73 32 690 5.01 110 860 5.16 140
NORTH AMERICA
Phoenix surface (61.50%) 3.8 7.97 0.98 97 6.93 22 100 6.97 23
NORTH AMERICA TOTAL
 3.8 7.97 0.98 97 6.93 22 100 6.97 23
TOTAL
 180 5.79 33 800 5.27 140 980 5.36 170
See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2023
99
 RESERVES AND RESOURCES

Gold Mineral Resources1,3,6,7,8,9
As at December 31, 2023
MEASURED (M)10
INDICATED (I)10
(M) + (I)10
INFERRED 11
Tonnes Grade Contained ozs Tonnes Grade Contained ozs Contained ozs Tonnes Grade Contained ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0088  5.89  0.0017  — — — 0.0017 — — —
Bulyanhulu underground 3.5  7.80  0.88  25 6.50 5.3 6.2 17 7.6 4.1
Bulyanhulu (84.00%) total 3.5  7.80  0.88  25 6.50 5.3 6.2 17 7.6 4.1
Jabal Sayid surface 0.064 0.38 0.00078 — — — 0.00078 — — —
Jabal Sayid underground 8.8 0.35 0.098 6.8 0.46 0.10 0.20 1.3 0.6 0.026
Jabal Sayid (50.00%) total 8.8 0.35 0.099 6.8 0.46 0.10 0.20 1.3 0.6 0.026
Kibali surface 9.0 2.07 0.60 26 2.03 1.7 2.3 4.2 2.0 0.26
Kibali underground 10 5.00 1.6 21 4.19 2.9 4.5 4.7 3.5 0.53
Kibali (45.00%) total 19 3.63 2.2 47 3.00 4.6 6.8 8.8 2.8 0.79
Loulo-Gounkoto surface 12 2.37 0.90 18 3.37 2.0 2.9 3.0 2.7 0.26
Loulo-Gounkoto underground 19 4.33 2.7 35 4.38 4.9 7.6 13 2.3 0.95
Loulo-Gounkoto (80.00%) total 31 3.59 3.6 53 4.03 6.9 10 16 2.4 1.2
North Mara surface 7.7 3.36 0.83 34 1.63 1.8 2.6 3.0 1.6 0.16
North Mara underground 6.4 2.20 0.45 28 2.23 2.0 2.5 6.9 1.7 0.38
North Mara (84.00%) total 14 2.83 1.3 62 1.91 3.8 5.1 9.9 1.7 0.54
Tongon surface (89.70%) 4.9 2.22 0.35 7.5 2.21 0.53 0.88 2.3 2.4 0.18
AFRICA AND MIDDLE EAST TOTAL
 82 3.21 8.4 200 3.26 21 30 55 3.9 6.8
LATIN AMERICA AND ASIA PACIFIC
Alturas surface (100%) —  —  —  58  1.16  2.2  2.2  130 0.8 3.6
Norte Abierto surface (50.00%) 190 0.63 3.9 1,100 0.53 19 22 370 0.4 4.4
Pascua Lama surface (100%) 43 1.86 2.6 390 1.49 19 21 15 1.7 0.86
Porgera surface4
 0.39  3.98  0.049  14 2.78 1.3 1.3 6.1 2.2 0.43
Porgera underground4
 0.99 6.16 0.20 5.0 6.04 0.97 1.2 1.8 6.6 0.39
Porgera (24.50%) total4
 1.4 5.55 0.25 19 3.62 2.3 2.5 8.0 3.2 0.82
Pueblo Viejo surface (60.00%) 50 2.10 3.4 190 1.92 12 15 4.8 1.6 0.24
Reko Diq surface (50.00%)5
 — — — 1,800 0.25 14 14 600 0.2 3.8
Veladero surface (50.00%) 22 0.60 0.42 110 0.68 2.3 2.7 18 0.5 0.32
LATIN AMERICA AND ASIA PACIFIC TOTAL 310 1.06 10 3,600 0.60 70 81 1,100 0.4 14
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2023
100
 RESERVES AND RESOURCES

Gold Mineral Resources1,3,6,7,8,9
As at December 31, 2023
MEASURED (M)10
INDICATED (I)10
(M) + (I)10
INFERRED 11
Tonnes Grade Contained ozs Tonnes Grade Contained ozs Contained ozs Tonnes Grade Contained ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
NORTH AMERICA
Carlin surface 8.3 1.37 0.37 130 2.14 8.7 9.0 42 1.3 1.7
Carlin underground —  —  —  31 7.45 7.3 7.3 19 7.3 4.4
Carlin (61.50%) total 8.3 1.37 0.37 160 3.18 16 16 61 3.2 6.2
Cortez surface 1.1 1.86 0.064 150 0.83 4.0 4.0 81 0.5 1.3
Cortez underground —  —  —  39 6.39 7.9 7.9 16 5.4 2.8
Cortez (61.50%) total 1.1 1.86 0.064 190 1.97 12 12 97 1.3 4.0
Donlin surface (50.00%) —  —  —  270 2.24 20 20 46 2.0 3.0
Fourmile underground (100%) —  —  —  1.5 10.04 0.48 0.48 8.2 10.1 2.7
Hemlo surface —  —  —  50 1.00 1.6 1.6 5.0 0.7 0.12
Hemlo underground 0.98 4.40 0.14 11 4.32 1.5 1.6 2.6 5.9 0.50
Hemlo (100%) total 0.98 4.40 0.14 61 1.58 3.1 3.2 7.7 2.5 0.62
Long Canyon surface —  —  —  5.2 2.62 0.44 0.44 1.1 0.9 0.029
Long Canyon underground —  —  —  1.1 10.68 0.38 0.38 0.53 9.1 0.16
Long Canyon (61.50%) total —  —  —  6.4 4.03 0.82 0.82 1.6 3.6 0.18
Phoenix surface (61.50%) 3.8 0.81 0.100 250 0.48 3.8 3.9 29 0.3 0.31
Turquoise Ridge surface 17 2.22 1.2 23 2.52 1.9 3.1 8.1 2.3 0.60
Turquoise Ridge underground 10 10.72 3.6 19 8.96 5.5 9.1 1.5 7.7 0.37
Turquoise Ridge (61.50%) total 28 5.40 4.8 42 5.43 7.4 12 9.6 3.2 0.97
NORTH AMERICA TOTAL
 42 4.06 5.5 970 2.01 63 68 260 2.1 18
TOTAL
 430 1.76 24 4,800 1.00 150 180 1,500 0.8 39
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2023
101
 RESERVES AND RESOURCES

Copper Mineral Resources1,3,6,7,8,9
As at December 31, 2023
MEASURED (M)10
INDICATED (I)10
(M) + (I)10
INFERRED 11
Tonnes Grade Contained Cu Tonnes Grade Contained Cu Contained Cu Tonnes Grade Contained Cu
Based on attributable pounds (Mt) (%) (Mt) (Mt) (%) (Mt) (Mt) (Mt) (%) (Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0088  0.29  0.000026  —  —  —  0.000026 —  —  — 
Bulyanhulu underground 3.5  0.37  0.013  25 0.37 0.095 0.11 17 0.5 0.078
Bulyanhulu (84.00%) total 3.5  0.37  0.013  25 0.37 0.095 0.11 17 0.5 0.078
Jabal Sayid surface 0.064 2.63 0.0017 —  —  —  0.0017 —  —  — 
Jabal Sayid underground 8.8 2.58 0.23 6.8 2.25 0.15 0.38 1.3 0.7 0.0092
Jabal Sayid (50.00%) total 8.8 2.58 0.23 6.8 2.25 0.15 0.38 1.3 0.7 0.0092
Lumwana surface (100%) 160 0.47 0.75 1,200 0.53 6.3 7.1 910 0.4 4.0
AFRICA AND MIDDLE EAST TOTAL
 170 0.57 0.99 1,200 0.54 6.6 7.6 930 0.4 4.1
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 170 0.21 0.36 1,000 0.21 2.2 2.5 360 0.2 0.66
Reko Diq surface (50.00%)5
 —  —  —  1,900 0.43 8.3 8.3 640 0.3 2.2
Zaldívar surface (50.00%) 220 0.40 0.90 330 0.36 1.2 2.1 21 0.3 0.070
LATIN AMERICA AND ASIA PACIFIC TOTAL 400 0.32 1.3 3,300 0.35 12 13 1,000 0.3 2.9
NORTH AMERICA
Phoenix surface (61.50%) 5.9 0.16 0.0092 350 0.16 0.55 0.56 31 0.2 0.050
NORTH AMERICA TOTAL
 5.9 0.16 0.0092 350 0.16 0.55 0.56 31 0.2 0.050
TOTAL
 580 0.39 2.2 4,900 0.39 19 21 2,000 0.4 7.1
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2023
102
 RESERVES AND RESOURCES

Silver Mineral Resources1,3,6,7,8,9
As at December 31, 2023
MEASURED (M)10
INDICATED (I)10
(M) + (I)10
INFERRED 11
Tonnes Ag Grade Contained Ag Tonnes Ag Grade Contained Ag Contained Ag Tonnes Ag Grade Contained Ag
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0088  6.11 0.0017  —  —  —  0.0017 —  —  — 
Bulyanhulu underground 3.5  6.91 0.78  25 6.36 5.2 6.0 17 7.4 4.0
Bulyanhulu (84.00%) total 3.5  6.90 0.78  25 6.36 5.2 6.0 17 7.4 4.0
AFRICA AND MIDDLE EAST TOTAL
 3.5  6.90 0.78  25 6.36 5.2 6.0 17 7.4 4.0
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 190 1.62 10 1,100 1.23 43 53 370 1.0 11
Pascua-Lama surface (100%) 43 57.21 79 390 52.22 660 740 15 17.8 8.8
Pueblo Viejo surface (60.00%) 50 12.01 19 190 11.74 72 92 4.8 8.1 1.2
Veladero surface (50.00%) 22 13.90 9.7 110 13.95 47 57 18 15 8.7
LATIN AMERICA AND ASIA PACIFIC TOTAL 310 11.95 120 1,800  14.41 820 940 410 2.3 30
NORTH AMERICA
Phoenix surface (61.50%) 3.8 7.97 0.98 250  6.12 48 49 29 5.4 5.1
NORTH AMERICA TOTAL
 3.8 7.97 0.98 250 6.12 48 49 29 5.4 5.1
TOTAL
 310 11.84 120 2,000 13.32 870 990 450 2.7 39
See “Mineral Reserves and Resources Endnotes”.


BARRICK YEAR-END 2023
103
 RESERVES AND RESOURCES

Summary Gold Mineral Reserves1,2,3
For the years ended December 31 2023 2022
Ownership Tonnes Grade Ounces Ownership Tonnes Grade Ounces
Based on attributable ounces % (Mt) (g/t) (Moz) % (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 84.00% 0.0088  5.89 0.0017  84.00% —  — — 
Bulyanhulu underground 84.00% 18 6.05 3.4 84.00% 13 6.34 2.7
Bulyanhulu Total 84.00% 18 6.05 3.4 84.00% 13 6.34 2.7
Jabal Sayid surface 50.00% 0.064 0.38 0.00078 50.00% 0.069 0.34 0.00076
Jabal Sayid underground 50.00% 14  0.34 0.15 50.00% 13  0.31 0.13
Jabal Sayid Total 50.00% 14 0.34 0.15 50.00% 13 0.31 0.13
Kibali surface 45.00% 24 2.05 1.6 45.00% 20 2.16 1.4
Kibali underground 45.00% 24 4.10 3.1 45.00% 23 4.21 3.2
Kibali Total
45.00% 47 3.07 4.7 45.00% 44 3.26 4.6
Loulo-Gounkoto surface
80.00% 24 2.84 2.1 80.00% 25 2.65 2.2
Loulo-Gounkoto underground 80.00% 33 4.81 5.1 80.00% 28 4.98 4.5
Loulo-Gounkoto Total 80.00% 57 3.99 7.2 80.00% 54 3.87 6.7
North Mara surface 84.00% 30 1.90 1.8 84.00% 29 2.06 2.0
North Mara underground 84.00% 9.3 3.60 1.1 84.00% 9.5 3.43 1.0
North Mara Total 84.00% 39 2.30 2.9 84.00% 39 2.40 3.0
Tongon surface 89.70% 5.5 1.98 0.35 89.70% 7.8 2.25 0.56
AFRICA AND MIDDLE EAST TOTAL 180 3.24 19 170 3.22 18
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface 50.00% 600 0.60 12 50.00% 600 0.60 12
Porgera surface4
 24.50% 5.0 3.55 0.57 24.50% 5.0 3.55 0.57
Porgera underground4
 24.50% 2.9 6.96 0.65 24.50% 2.9 6.96 0.65
Porgera Total4
 24.50% 7.9 4.81 1.2 24.50% 7.9 4.81 1.2
Pueblo Viejo surface 60.00% 170 2.14 12 60.00% 170 2.19 12
Veladero surface 50.00% 89 0.70 2.0 50.00% 85 0.71 1.9
LATIN AMERICA AND ASIA PACIFIC TOTAL
 870 0.96 27 870 0.97 27
NORTH AMERICA
Carlin surface 61.50% 65 2.39 5.0 61.50% 73 2.27 5.4
Carlin underground 61.50% 17 8.34 4.6 61.50% 17 8.79 4.8
Carlin Total 61.50% 82 3.64 9.7 61.50% 90 3.50 10
Cortez surface 61.50% 110 0.82 2.8 61.50% 110 0.90 3.1
Cortez underground 61.50% 27 7.27 6.3 61.50% 26 7.78 6.5
Cortez Total 61.50% 130 2.13 9.0 61.50% 130 2.26 9.6
Hemlo surface 100% 27 0.97 0.84 100% 18 1.49 0.86
Hemlo underground 100% 6.8 4.12 0.90 100% 5.1 4.88 0.81
Hemlo Total 100% 34 1.60 1.7 100% 23 2.25 1.7
Phoenix surface 61.50% 100 0.58 1.9 61.50% 100 0.59 2.0
Turquoise Ridge surface 61.50% 22 2.36 1.7 61.50% 11 2.27 0.77
Turquoise Ridge underground 61.50% 20 10.66 6.9 61.50% 23 9.82 7.2
Turquoise Ridge Total 61.50% 43 6.29 8.6 61.50% 33 7.43 8.0
NORTH AMERICA TOTAL
 390 2.45 31 380 2.54 31
TOTAL
 1,400 1.65 77 1,400 1.67 76
See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2023
104
 RESERVES AND RESOURCES

Mineral Reserves and Resources Endnotes
1.Mineral reserves (“reserves”) and mineral resources (“resources”) have been estimated as at December 31, 2023 (unless otherwise noted) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. For United States reporting purposes, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which was rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured”, “indicated” and “inferred” mineral resources. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required by NI 43-101. U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors are cautioned not to assume that any part or all of Barrick’s mineral resources constitute or will be converted into reserves. Mineral resource and mineral reserve estimations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Richard Peattie, Africa and Middle East Mineral Resource Manager, Chad Yuhasz, Latin America & Asia Pacific Mineral Resource Manager and Craig Fiddes, Lead - Resource Modeling, Nevada Gold Mines and reviewed by Simon Bottoms, Barrick’s Mineral Resource Management and Evaluation Executive. For 2023, reserves have been estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Tongon, where mineral reserves for 2023 were calculated using $1,500/oz; Hemlo, where mineral reserves for 2023 were calculated using $1,400/oz and at Zaldívar, where mineral reserves for 2023 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.50 per pound. For 2022, reserves were estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral reserves for 2022 were calculating using Antofagasta guidance and an assumed copper price of US$3.30 per pound. Reserve estimates incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Barrick’s normal data verification procedures have been employed in connection with the calculations. Verification procedures include industry-standard quality control practices. Resources as at December 31, 2023 have been estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property.
2.In confirming our annual reserves for each of our mineral properties, projects, and operations, we conduct a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk costs and only considers future operating and closure expenses as well as any future capital costs.
3.All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu tonnes are reported to the second significant digit.
4.Porgera mineral reserves and mineral resources are reported on a 24.5% interest basis, reflecting Barrick’s ownership interest in accordance with the Porgera Project Commencement Agreement (the “Commencement Agreement”) completed on December 10, 2023. The Commencement Agreement provided, among other things, for ownership of Porgera to be held in a new joint venture called New Porgera Limited, which is owned 51% by Papua New Guinea stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and accordingly Barrick has a 24.5% ownership interest in the Porgera mine. Barrick Niugini Limited has retained operatorship of the mine. For additional information, see page 45 of Barrick’s Fourth Quarter and Year End Report 2023.
5.Reko Diq mineral resources are reported on a 50% interest basis, reflecting Barrick’s ownership interest following the completion of the transaction allowing for the reconstitution of the project on December 15, 2022. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders. Barrick is the operator of the project. For additional information, see pages 41-42 of Barrick’s Third Quarter Report 2023.
6.2023 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper and silver mineral resources and mineral reserves.
7.For 2023, mineral resources have been estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except Zaldívar, where mineral resources for 2023 were calculated using Antofagasta guidance and an assumed copper price of US$4.20 per pound. For 2022, mineral resources were estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$3.75 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for 2022 were calculated using Antofagasta guidance and an assumed copper price of US$3.75.
8.Mineral resources which are not mineral reserves do not have demonstrated economic viability.
9.Mineral resources are reported inclusive of mineral reserves.
10.All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places.
11.All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place.

BARRICK YEAR-END 2023
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 RESERVES AND RESOURCES