Barrick Gold (GOLD) 6-KCurrent report (foreign)

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TORONTO, May 3, 2023 — The completion of major processing plant maintenance at Nevada Gold Mines, the conversion of the Goldstrike autoclave to a carbon-in-leach process, a much-improved performance from Turquoise Ridge and the steady ramp-up of throughput at Pueblo Viejo’s expanded plant will boost production in the second half of the year and keep Barrick on track to achieve its 2023 guidance, the company said today.

Reporting on the results for the first quarter, president and chief executive Mark Bristow said production, while lower than Q4 2022, was on plan, and free cash flow¹ had still increased, demonstrating the value of Barrick’s Tier One² asset portfolio. Net earnings per share for the quarter were $0.07, while adjusted net earnings per share³ were $0.14, and the quarterly dividend was maintained at $0.10 per share.

“At NGM we have introduced a flatter and more responsive organizational structure and instilled the Barrick style of leadership in what is still a relatively new management team. Through this process we have passed a major milestone in our journey to unlock Nevada’s full potential and strengthen its 15-year business plan,” he said.

“In the Dominican Republic, construction of Pueblo Viejo’s expanded process plant was 93% complete at the end of Q1 and we’re ramping up to full capacity by July. Currently our biggest growth project, it has been designed to extend the mine’s Tier One life to beyond 2040 at an expected average annual production rate of 800,000 ounces⁴ of gold.”

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Financial and Operating Highlights

Q1 2023 Results Presentation

Webinar and Conference Call

Mark Bristow will host a live presentation of the results today at 11:00 AM ET, 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 Q1 2023 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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The development of another major project, Reko Diq in Pakistan, is also advancing steadily with continued progress on the updating of the feasibility study and the establishment of a Community Development Committee as well as a school. Scheduled to go into production in 2028, Reko Diq hosts one of the world’s largest undeveloped copper-gold deposits.

The Africa and Middle East region finished Q1 with gold production ahead of plan, setting the foundation for another year of delivery. At the Loulo-Gounkoto complex in Mali, the first high-grade stope at the new Gounkoto underground mine was successfully mined ahead of schedule. At North Mara in Tanzania, mining has started at the new Gena open pit. During the quarter, Barrick committed $30 million to a new education initiative in partnership with the Tanzanian government.

“While we continue to build our peerless asset base, we are also casting our net wider and stepping up the hunt for fresh opportunities. During the past quarter, we have opened up

The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022 and will be paid on June 15, 2023 to shareholders of record at the close of business on May 31, 2023.

The Goldrush, Robertson and Cortez Hills mining projects will all bolster the Cortez complex, with further growth to come from Barrick’s wholly owned Fourmile project, which includes the new Dorothy target, and from Hanson, below the Cortez Hills underground mine.

Carlin is also well-endowed with opportunities, notably around the Leeville mine with expansion from Fallon, Miramar, Horsham and Upper Rita K. Other opportunities around the northern Carlin trend include upside from Ren and Corona. Turquoise Ridge is exploring the BBT corridor and Getchell, while at Phoenix, NGM is investigating the expansion of copper production at Copper Canyon.

The NGM team has identified three key innovation and optimization action areas: developing a pipeline of future leaders; focusing on further mining efficiencies; and increasing process throughput.

The NGM complex is a long-life business which needs to attract the best new-generation people for its future operations and leadership by providing opportunities that align with their career ambitions and their core values. Once

The reinvention of Pueblo Viejo is all the more remarkable says Mark Bristow, because at the time of the merger with Randgold in January 2019, the mine was facing closure: its vast resources could not be converted to reserves because it did not have the necessary tailings storage capacity.

“We tackled the mine’s challenges head-on. Chief among these was securing a site for a new tailings storage facility, which required lengthy consultation and negotiation with the regulatory authorities as well as the affected communities. Once the site was selected, we completed an Environmental and Social Impact Assessment in line with the government’s terms of reference, and we expect a decision towards the middle of this year,” Bristow said.

“Equally remarkable has been Pueblo Viejo’s steady upward trajectory, in the midst of the expansion project, in all other areas of its business. Despite having to manage multiple tieins, the team has achieved record throughput levels from 2019 to 2022. At the same time, it has also been transitioning to a local and more diverse workforce, in line with Barrick’s

Barrick continues to invest in the development of a multicultural and multigenerational workforce aligned to a changing world.

The Group sources and trains a vast majority of its employees from its host countries in Africa, the Middle East, South and Central America, as well as in Canada and the United States.

Our diverse workforce is the product of Barrick’s strategy of local employment and stakeholder recognition in the countries in which we operate, says Mark Bristow: 96% of its workforce are host country or community hires, as are 78% of its management. The age profile is also trending younger, with 54% of employees now under the age of 40 and 17% younger than 30.

“Within each region, we have launched a comprehensive frontline development program that focuses on building appropriate business and leadership skills, ensuring consistency of competencies and aligning values with the Barrick DNA. We are also building relationships with partner universities to provide us with a pipeline of talent well into the future,” says human resources executive Darian Rich.

Bristow says by using the SDGs as the central framework of its sustainability reporting, Barrick is better able to link an integrated approach to sustainability management, and to avoid the siloed thinking and mere box-ticking approach that can be a consequence of taking an ESG compliance-driven approach. Barrick’s latest Sustainability Report, its fifth since the merger with Randgold in 2019, still complies with important key reporting frameworks, but its primary lens for understanding and measuring its progress in sustainability aligns with a focus on the SDGs — an often-forgotten global commitment.

“Our sustainability approach allows us to tackle the challenges of alleviating poverty, managing changes to the climate and preserving biodiversity holistically and concurrently — because they are inextricably connected,” Bristow says.

For example, Barrick generated more than $10.7 billion¹² in economic value and created 21,000 jobs in 2022 (SDG 8: Decent Work and Economic Growth). Additionally, 96% of its employees and 78% of its senior site managers are host country nationals, and $1.4 billion¹² worth of goods and services were procured from suppliers in the communities closest to its mines. In total, Barrick spent over $6.1 billion¹² on host country suppliers in 2022.

“We strive not only to protect and restore biodiversity within our permits, but also to partner with NGOs such as African Parks to make a positive contribution to nature in the countries in which we operate, some of which host unique but vulnerable ecosystems,” he says.

“To achieve this, we have committed Barrick, through our Biodiversity Policy and Standard, to have a net neutral impact on any key biodiversity features at our sites, as well as to take measurable conservation actions to help conserve high-value biodiversity sites in our host countries.”

Beringer cites Barrick’s partnership with the Garamba National Park and African Parks in the DRC as a prime example of its commitment to protecting nature as well as its holistic approach to sustainability.

Since 2015, Barrick has provided financial and in-kind support for a comprehensive conservation program designed to restore the park’s former megaherbivore abundance. The latest Barrick-sponsored initiative will see the return of white rhinos, last spotted there in 2006, to the park.

“Our engagement with Garamba also includes livelihood support for the communities that depend on it. In addition to its 500 employees, we have helped the park to provide economic opportunities for some 10,000 people through agricultural projects, while the four hospitals it supports treat more than 12,000 patients annually.”

“Attuned to the cyclicality of markets, Barrick’s strategy of building its future by continuing to invest in sustainably profitable growth, organic as well as external, has equipped us well to deal with challenging circumstances. In the current climate of uncertainty, we are proving again that our people are truly world class and are more than capable of making Barrick the world’s most valued gold and copper company,” he added.

“Our focus in 2023 will be on expanding Barrick’s value foundation, already one of the industry’s best, within and beyond our current borders. The Reko Diq project in Pakistan will almost double our current copper production and will add to our gold production when it is fully operational. We are also extending our presence in North and South America and we are particularly excited by new opportunities in North Africa and the Middle East.”

Thornton says that at a time when environmental management and human rights are coming under increasingly critical scrutiny, Barrick’s sustainability strategy has long been embedded in its business plans.

Porgera hosts an orebody with measured and indicated resources of 10 million ounces¹⁴ and inferred resources of 3.4 million ounces.¹⁴ After the initial ramp up and optimization of the Wangima pit, the mine is forecast to produce an average of 700,000 ounces per year, achieving a milestone towards its potential Tier One status.

The New Porgera Progress Agreement, signed on March 31, confirms that all parties are committed to reopening the mine at the earliest opportunity, in line with the terms of the Porgera Project Commencement Agreement and the New Porgera Limited Shareholders Agreement, both concluded in 2022. The New Porgera project team will now move ahead with the filings for a special mining lease and progressing the other conditions set out in the Commencement Agreement for the reopening of the mine.

The equity in New Porgera is shared 51% by Papua New Guinea (“PNG”) stakeholders, including local landowners and the Enga provincial government. Economic benefits will be

Mark Bristow says the mutually beneficial partnership between the company and its local stakeholders, notably the government, contractors, service providers, employees and the community, has demonstrated that it is possible to build and operate a successful world-class mine, run by host country nationals, in one of Africa’s remotest corners.

In the 13 years since the acquisition of the property which became Kibali, it has invested more than $4.6 billion¹² in the DRC, with payments to local contractors and suppliers alone amounting to almost $2.4 billion, $1.4 billion going to the government in the form of royalties, taxes and permits, salaries amounting to $621 million, and the investment of $196 million in infrastructure development and community support.

“Kibali has multiple partnerships with local businesses, many of which we have actively mentored, such as the all-

Called ‘The Barrick-Twiga Future Forward Education Program’, the objective is to build 1,090 classrooms, 1,640 ablution blocks and 270 dormitories across 161 schools nationwide, helping to accommodate approximately 49,000 of the estimated 190,000 students who are expected to start their A-levels in July this year. The first $10 million was committed in April and the balance will be rolled out with the program.

“We believe that education is key to the development of the country. Both the Bulyanhulu and North Mara gold mines continue to support the education sector through the building of classrooms and the improvement of education infrastructure around the mines, which has seen some of them consistently feature among the top schools in these regions,” Bristow said.

North Mara has already spent $1.9 million on 87 primary and secondary schools in the Tarime District, 14 of which are the best performing schools in the district. Bulyanhulu has spent $1.8 million on 80 educational projects around the mine and is currently building a Vocational Education Training College

“North America is Barrick’s value foundation and the true benefits of our creation of the NGM complex are now becoming evident in the form of mineral resource growth and new discoveries. The quality and prospectivity of its portfolio cannot be overstated,” he said.

“In Central America, the plant expansion project we initiated at the Pueblo Viejo gold mine in the Dominican Republic is rapidly taking shape. With its unlocked reserve base now standing at 20 million ounces¹⁵, the life of the mine — one of the six Tier One assets in our gold portfolio — has been extended beyond 2040 and it will maintain an average annual production rate above 800,000 ounces over that time.⁴

“Another of our Tier One assets, the Loulo-Gounkoto complex in Mali, which has produced more than 9 million ounces of gold since 2005, is set to maintain its current rate of production for the next 10 years, with its life extending to 2037.”¹⁶

Bristow said Barrick was also achieving its strategic objective of significantly expanding its copper holdings. Work on the reconstituted Reko Diq project in Pakistan — one of the largest and highest quality undeveloped copper-gold deposits in the world — has started, and the revitalized Lumwana mine in Zambia has commenced a prefeasibility study on the Super Pit expansion. When both of these projects are completed in 2028, they will elevate Barrick into the front rank of copper producers.

“Brownfields exploration continues to unlock potential around our existing assets while greenfields work has started delivering real value. We’re continuing to expand our global exploration footprint with active programs elsewhere in North America as well as in Latin America, Saudi Arabia and Egypt,” he said.

“One of the highlights of last year was the continued growth in our gold reserves and resources, driven by our strategy of investing in organic growth through exploration and mineral resource management. Barrick’s ability over time to more than replace the ounces we mine reinforces our sustainability and our sector-leading production profile.”

In a ceremony at Barrick’s Bamako office, the country’s director of large enterprises presented both Loulo and Gounkoto with certificates of recognition honoring what was described as their high level of tax citizenship and expressing the hope that this productive partnership between the mines and the government would continue.

Solar energy will power the plants’ pumps and operate the filtering equipment, sending water from wells to reserve tanks.

“This system will reduce our electricity expense by 50% to 60%, which is a huge savings,” says Oscar Varela, president of the Rodeo Neighborhood Association.

Two photovoltaic kits of 12 horsepower with 32 panels generating 9.9 kilowatts, and one 17 horsepower kit comprising 60 panels of 18.6 kilowatts, were built in the Rodeo and Bella Vista water treatment plants. In case of any power failure in the panels, the plants are automatically reconnected to the power grid.

“The idea of powering the water treatment plants with solar energy is an innovation that emerged as we have been working to refurbish a total of ten plants in the region over the