Barrick Gold (GOLD) 6-K2022 Q2 Current report (foreign)

ALL AMOUNTS EXPRESSED IN U.S. DOLLARS

TORONTO, August 8, 2022 — A stronger Q2 performance across the portfolio has kept Barrick on course to achieve its annual gold and copper production guidance while continuing to progress its key growth projects.

Gold production for the quarter was higher than Q1 at 1.04 million ounces — driven mainly by Carlin and Turquoise Ridge in Nevada, Veladero in Argentina, and Bulyanhulu and North Mara in Tanzania — and is expected to grow further in the second half of the year. Copper production came to 120 million pounds.

Operating cash flow was $924 million and free cash flow¹ was $169 million for the quarter. Net earnings per share were $0.27 and adjusted net earnings per share² were $0.24. A dividend of $0.20 per share was declared for the quarter on the back of the strong operating performance and net cash of $636 million.³ During the quarter, Barrick repurchased $182 million in shares under the $1 billion share buyback scheme introduced earlier this year. It also repatriated the balance of Kibali’s surplus cash from the Democratic Republic of Congo.

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Financial and Operating Highlights

Q2 2022 Results Presentation

Webinar and Conference Call

President and CEO Mark Bristow will host a virtual presentation on the results today at 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 Q2 2022 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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In the Dominican Republic, the Pueblo Viejo expansion project advanced with the commencement of the public consultation process and the selection of a preferred site for the new tailings storage facility, subject to the completion of an environmental and social impact assessment. The massive project has the potential to extend the mine’s life to 2040 and beyond with an estimated minimum average annual production of 800,000 ounces.¹²

In Nevada, the public review period of the Goldrush project has started with the record of decision expected in the first half of 2023, when the production timetable will be confirmed. The definitive agreements underlying the framework agreement between Barrick and the governments of Pakistan and Balochistan on the Reko Diq project are being finalized. Once this process has been completed and the necessary legalization steps have been taken, Barrick will update its feasibility study on what is one of world’s largest undeveloped copper-gold deposits, with first production expected in 2027/2028.

Barrick is continuing to expand its global exploration footprint with a strengthened team. In North America the search has

The dividend, which is unchanged from Q1, is consistent with the Company’s Performance Dividend Policy announced at the start of the year.

The Q2 2022 dividend will be paid on September 15, 2022 to shareholders of record at the close of business on August 31, 2022.¹³

In one of the largest and most complex mergers in the history of the industry, assets, operations, systems, people and cultures were combined successfully to build a business that will unlock the full potential of the region and create value for all stakeholders, deliver real jobs and be a key partner to Nevada. Its workforce of more than 7,000 already makes it one of the state’s largest employers.

In its short life, NGM has produced 10 million ounces of gold¹⁵ and generated significant free cash. Greatly improved knowledge of the orebodies support robust 10-year plans and increased the pre-merger life of mine substantially. At the existing operations, brownfields exploration is replacing reserves depleted by mining and identifying new targets while the greenfields team is hunting further afield for a new Tier One¹⁴ discovery in North America to further augment the existing NGM portfolio.

NGM’s journey to its next growth phase is being guided by a strengthened management team, led by Christine Keener, who joined Barrick earlier this year as chief operating officer of its North America region. Peter Richardson has been appointed incoming executive managing director of NGM, replacing Greg Walker who retires at the end of the year.

In North America, the search has expanded from Nevada to active projects in Canada. The intensified exploration drive in Latin America led to an entry into the Guiana Shield, and in Africa & the Middle East, new projects have been initiated in Zambia, Tanzania and Egypt. A new Asia Pacific team is making progress towards the reconstitution and restart of Reko Diq in Pakistan, as well as Japan, while also looking for other fresh opportunities.

President and chief executive Mark Bristow said in pursuit of Barrick’s global growth strategy, significant changes have been made in the senior management of the exploration team, led by Joel Holliday.

Three of the four regional exploration teams – Latin America, Africa & Middle East and Asia Pacific – are now being managed by new vice-presidents, two of whom were internal appointments. In Canada, the recently created positions of exploration manager and new opportunities manager were

The mine was heading for closure because its vast resources could not be converted to reserves due to limitations on its current tailings storage facility. The massive integrated expansion has the potential to extend the mine’s life to 2040 and beyond with an estimated minimum average annual production of 800,000 ounces.¹²

This means that Pueblo Viejo, long the country’s largest corporate taxpayer, will be able to continue delivering value to its Dominican stakeholders for generations to come. In line

Since the company took control of North Mara and Bulyanhulu in September 2019, its total in-country investment has totaled $1.995 billion.¹⁵ In the first half of this year, it has paid $158 million in taxes, royalties and levies, $42 million in distributions to the Government of Tanzania in the form of dividends and shareholder loans as well as $210 million to local suppliers. It has also now paid $140 million of its $300 million settlement with the government.

Barrick has committed $6 for every ounce of gold sold by the two mines to improving healthcare, education, infrastructure and access to potable water in their communities. A further $70 million has been allocated to investment in value-adding national projects, including mining related training and scientific facilities at Tanzanian universities.

“When we took over these mines they were a moribund burden on the government and their investors. In a very short time, we redesigned and re-engineered them, creating what are in effect two new mines. They are well placed to deliver their annual production guidance and have the potential to achieve a combined Tier One status in Barrick’s portfolio, meaning that they are capable of producing at least 500,000 ounces of gold annually for more than 10 years at the lower end of the cost spectrum as a combined complex,” president and chief executive Mark Bristow says.

“We are continuing to replace resources depleted by mining and we are targeting new opportunities as well, increasing our footprint around Bulyanhulu through the acquisition of six highly prospective licences. We’re also updating the geological models in the North Mara region and identifying potential targets elsewhere in Tanzania.”

“In the first half of the year we’ve contributed $337 million to the Malian economy in the form of taxes, royalties, dividends, salaries and payments to local suppliers, taking the lifetime contribution of Barrick, previously Randgold, to $8.5 billion. We’re particularly proud of the fact the Gara West pit is being mined for us by two Malian contractors we have mentored,” says Barrick president and chief executive Mark Bristow.

three water supply systems during the quarter. The Loulo agricultural college, designed as the foundation of a sustainable regional agribusiness, has already trained 21 women and 143 men and created 30 farms.

Since the opening of the mine, Loulo-Gounkoto has built 20 schools in its neighboring villages, taking student enrollment from 500 to more than 5,000. Seventy-eight of them are currently benefiting from the complex’s bursary program and Loulo-Gounkoto is also supporting teachers’ salaries.

Reko Diq is one of the world’s largest undeveloped copper-gold deposits. An agreement in principle reached between the government of Pakistan, the provincial government of Balochistan and Barrick earlier this year provides for the reconstitution and restart of the project, which has been on hold since 2011. It will be operated by Barrick and owned 50% by Barrick, 25% by the Balochistan Provincial Government and 25% by Pakistani state-owned enterprises.

The definitive agreements underlying the framework agreement between Barrick and the governments of Pakistan and Balochistan are being finalized. Once this has been completed and the necessary legalization steps have been taken, Barrick will update the original feasibility study, a process expected to take two years. Construction of the first phase will follow that, with first production of copper and gold expected in 2027/2028.

“During the negotiations the federal government and Barrick confirmed that Balochistan and its people should receive their fair share of the benefits as part of the Pakistan ownership group,” Bristow said.

“At Barrick, we know that our long-term success depends on sharing the benefits we create equitably with our host governments and communities. At Reko Diq, Balochistan’s shareholding will be fully funded by the project and the Federal Government, allowing the province to reap the dividends, royalties and other benefits of its 25% ownership without having to contribute financially to the project’s construction or operation. It’s equally important that Balochistan and its people should see these benefits from

Kibali is not only Africa’s largest gold mine, it is also a global leader in automation, sustainability initiatives, clean energy and skills training.

“Thanks to Barrick’s policy of local employment and advancement, 94% of Kibali’s workforce, including its management, are Congolese nationals. It is now also driving the employment of women in the traditionally male-dominated mining industry through targeted recruitment campaigns and development programs designed to equip them for rewarding careers at all levels of the organization,” says Barrick president and chief executive Mark Bristow.

Kibali is on track to meet its full-year production guidance and has again posted an injury-free quarter. Its three world-class hydropower stations are mitigating the impact of higher fuel prices and significantly reducing the mine’s carbon footprint. Bristow said the stations were built well before climate change became a priority issue, demonstrating Barrick’s long-standing commitment to sustainability in all its activities.

Kibali’s gold reserves have grown net of depletion for three successive years, and ongoing conversion drilling is expected to continue this trend, despite producing in excess of 5.7Moz of gold to date.¹⁵ Ongoing exploration is delivering new growth opportunities with the potential to grow the mineral resource base beyond the original feasibility study.

The sustainability-linked metrics incorporated into the revolving credit facility 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 greenhouse gas emissions intensity, water use efficiency (reuse and recycling rates), and Total Recordable Injury Frequency Rate (TRIFR).¹⁶ 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.