Barrick Gold (GOLD) 6-KQ3 Operating Result Sets Barrick Up for Strong Finish to 2021

Financial and Operating Highlights

Q3 2021 Results Presentation

Webinar and Conference Call

President and CEO Mark Bristow will host a live presentation of the results today from London at 15:00 GMT/11:00 EDT, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Go to the webinar

US and Canada (toll-free), 1 800 319 4610

UK (toll-free), 0808 101 2791

International (toll), +1 416 915 3239

The Q3 2021 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

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“More than two years after the merger, we are getting to where we want to be, with the industry’s best asset base in the form of six Tier One¹³ gold mines and a well-balanced portfolio of high-quality growth opportunities. In Nevada, the publication of an official Notice of Intent marks another advance in the development of the world-class Goldrush project, where the successful processing of the first bulk samples points to an additional reserve conversion by the end of the year,” he said.

“In Argentina, the commissioning of the new heap leach facility at Veladero, defined as an at-risk asset at the time of the merger, has put the mine back on track to get back to its past performance as it ramps up production. In Tanzania, we have completely revived the moribund Bulyanhulu mine and it too is now back in business and ramping up production. In Alaska, the 2021 drilling program has been completed at Donlin, one of the largest undeveloped gold deposits in the world, and we’re now updating our models and preparing for an early start to the next phase.”

The Pueblo Viejo expansion project in the Dominican Republic is at the permitting stage for the new tailings storage

This will complement the $0.09 per share dividend declared by the Barrick Board of Directors for the third quarter, which will also be paid on December 15, 2021 to shareholders of record at the close of business on November 30, 2021.¹²

This follows the approval by shareholders at Barrick’s Annual and Special Meeting on May 4, 2021 of the total $750 million return of capital distribution. The first $250 million tranche was paid on June 15, 2021 and the second $250 million tranche was paid on September 15, 2021.

Two years ago, the Bulyanhulu gold mine in Tanzania was on care and maintenance, with only its small tailings reprocessing operation still limping along: a burden to its shareholders and the state.

Then Barrick took over, rebuilt and reopened Bulyanhulu, now transformed beyond recognition into one that, along with sister mine North Mara, has the potential to produce more than 500,000 ounces of gold per year14 and, according to the latest geological model, can maintain a consistent production profile to 2040 and beyond.

“Bulyanhulu had effectively been trashed by its previous operators who also destroyed its relationship with its community as well as the government. But Barrick’s geologists saw the value in this unloved mine and we set about unlocking it, applying our core business principles,” said president and chief executive Mark Bristow.

The first step was to mend bridges with the state, which resulted in the establishment of the groundbreaking Twiga Minerals Corporation, a joint venture between Barrick and the government of Tanzania, which oversees the management of the Tanzanian mines and the equal sharing of the economic benefits they create.

The drill database was recompiled and validated, underground development was re-surveyed, new mineral

The Covid-19 pandemic compounded its problems, with Argentina’s lockdown impacting on production as well on the progress of the mine’s two capital projects: construction of a new heap leach facility and the connection to the Chilean national power grid.

Barrick president and chief executive Mark Bristow says the turnaround achieved by the new Latin America management team after the merger is extraordinary. Veladero is poised to come in at the top of its production guidance range for this year, the Phase 6 heap leach project has been commissioned successfully and stakeholder relations have improved to the extent that Barrick is now the preferred mining partner in the country’s San Juan province.

Mine life has increased to more than 10 years on the back of successful resource conversions in the Cuatro Esquinas pushback and a new life of mine strategy designed to optimize the orebody. Exploration has resumed in the Veladero area and drilling at Lama — the Argentinian half of the border-straddling the Pascua-Lama project — has confirmed the existence of a large copper-gold porphyry system at depth.

Bristow says over the past two years Barrick has invested $219 million14 in its goal of making Veladero another of its Tier One mines. Going forward, work has already started on a Phase 7 leach pad and on increasing efficiencies, among other things by re-establishing the conveyor system from the crusher to the leach pads to reduce haul distances and greenhouse (GHG) emissions. In October, construction was completed on the powerline from Chile, which is expected to

Bristow hailed the collective commitment by the International Council on Mining and Metals (ICMM) to a goal of net zero greenhouse gas emissions by 2050 in line with the recommendations of the Paris Agreement and said it represented an integrated approach that struck the right balance between environmental, social and economic needs. Barrick is a member of the ICMM and its Climate Change Advisory Group.

“Barrick already has a clear scientifically based emissions reduction roadmap which targets a 30% cut by 2030 against our 2018 baseline and a net zero outcome by 2050, in line with ICMM’s goal,” Bristow said.

This new technique delivers faster, safer and more accurate analysis of gold, silver and complementary elements by non-destructive measurement of larger and more representative samples in as little as two minutes, enabling rapid turnaround of critical operational information that drives optimization throughout the mining value chain.

The system provides an environmentally friendly, chemical-free, more sustainable replacement for traditional fire assay

Mines operated in Mali by Barrick and its predecessor Randgold have spent some $8 billion¹⁴ in the country in the form of taxes, royalties, salaries and payments to local suppliers over the past 24 years. To date this year, it has paid $318 million¹⁴ to the government in taxes, royalties and dividends and invested more than $13 million¹⁴ in community wellbeing projects ranging from health and education to economic development initiatives such as its Business Accelerator program, designed to equip budding entrepreneurs with management skills.

Bristow says Loulo-Gounkoto was on track to meet its annual production guidance, with its new underground mine at Gounkoto — the complex’s third underground operation — ramping up production. Through successful exploration it is on track to increase mineral reserves net of depletion for the third successive year and promising results from the Yalea Ridge and Gounkoto-Faraba targets reaffirm the potential for further life-of-mine extensions.

“Loulo-Gounkoto is one of the world’s greatest gold mining operations and it continues to confirm its status as a member

President and chief executive Mark Bristow says that so far this year the Tier One mine has paid $522 million in direct and indirect taxes, which brings its total tax payments since it went into commercial production in 2013 to just under $3 billion.¹⁴ The extension of its life means that it would continue to be a major creator of value for the Dominican Republic and its people far into the future.

“Of the mine’s 2,500 employees, 97% are Dominicans, many drawn from its surrounding communities which have all benefited substantially from its investment in upliftment programs. At present, the mine is involved in such programs in 58 surrounding communities. These include an agribusiness project intended to improve cacao cultivation in the area. In line with Barrick’s global policy of favoring local contractors and suppliers, Pueblo Viejo has also promoted the development of the local economy, spending more than $160 million with them over the past eight years¹⁴,” he says.

Barrick president and CEO Mark Bristow says at the same time continuing investment in technological innovation is keeping Kibali at the forefront of developments in automated mining.

Machine learning has been implemented at the mine’s three hydropower stations and reactive control of the enlarged battery installation will further reduce the need for back-up diesel generation, shrinking Kibali’s already relatively small carbon footprint. New automation software for the underground haulage loaders has been installed and the commissioning of a system for remote stope bogging now enables operators to control loaders from surface.

“Surface control is safer and more efficient, and it also creates employment opportunities for women in an industry where these are not abundant. It’s worth noting that all these operators are Congolese, as Kibali continues to employ and upskill locals in line with Barrick’s global policy of giving preference to host country nationals. Congolese citizens currently make up 94% of Kibali’s workforce including its leadership,” Bristow says.

“Five thousand of our employees and contractors go home to surrounding villages at the end of their shifts and the wellbeing of these communities is consequently a prime concern. This is exemplified by the effectiveness of Kibali’s anti-Covid-19 campaign which included the construction of a

President and chief executive Mark Bristow says the production ramp-up at Bulyanhulu is gaining momentum with plant performance ahead of expectations and recoveries at a consistent rate of 93%.

An 11% increase in tonnage was driven partly by an investment in three new fully automated loaders and three additional drills. Successful conversion and optimization of mineral resources in the upper portion of Deep West has been completed and is expected to add significant mineral reserves to the asset base, unlocking further value in the mine plan. In line with its long-term commitment to Tanzania, Barrick has also secured exploration targets elsewhere within Bulyanhulu’s mining licence.

At North Mara the commissioning of a brine treatment plant is scheduled for the fourth quarter of this year as part of Barrick’s successful drive to eliminate the mine’s historical environmental issues. This has also included a new water treatment plant and an upgraded tailings facility. During the past quarter the mine’s Gokona underground operation was connected to the national power grid, which will cut its diesel consumption by 43%. North Mara’s two open pits have been redesigned and integrated with the underground mine.

Bristow said Barrick was continuing to improve the quality of life in the villages around North Mara, in partnership with the mine’s community development committee. Key projects include construction of a tarmac road, classrooms, pediatric wards and laboratories, and support for agribusiness.

Since Barrick formed its pioneering partnership with the government through the Twiga partnership in 2020, it has paid $118 million in salaries, $496 million in taxes, levies and royalties and $609 million for locally sourced goods and services.¹⁴ It has also paid a maiden cash dividend of $250 million.¹⁴

Speaking at an update for local media and community leaders, Bristow said NGM — the world’s largest gold mining complex — stood out from the rest of the industry not only because of its size but because its wealth of projects and prospects secure its future as a high-quality, long-life operation for decades to come.