Mr. Steven Haggarty reports

BARRICK REPORTS FIRST QUARTER 2018 RESULTS

Barrick Gold Corp. has released first quarter results for the period ended March 31, 2018. All amounts are expressed in U.S. dollars unless otherwise indicated. Gold production and costs for the quarter were in line with expectations, with higher production and lower costs expected in the second half of 2018 driven by the timing of capital expenditures, higher throughput and improved grades. Despite lower production levels, adjusted net earnings, operating cash flow and free cash flow all increased compared with the prior-year period, primarily driven by higher gold prices.

The company's priorities for 2018 are focused on positioning Barrick to increase free cash flow per share over the long term from a portfolio of high-quality, long-life gold assets in the Americas, with an increasing focus on organic growth in Nevada and the Dominican Republic. At the company's existing operations, the company's goal is to maintain industry-leading margins through a continuous cycle of optimization, pushing its mines to achieve greater levels of safety, efficiency and productivity, while working to mitigate increasing costs associated with more complex ore types and a shift to more underground mining. In addition, the company is making investments in digital technology and innovation that will allow it to identify and accelerate further operational improvements across its portfolio.

Outlook

The company continues to expect full-year gold production of 4.5 million to 5.0 million ounces, at a cost of sales of $810 to $850 per ounce, and all-in sustaining costs of $765 to $815 per ounce. As previously reported, the power plant that supplies electricity to the Porgera joint venture mine was damaged during an earthquake that struck Papua New Guinea on Feb. 26, 2018. The mine's processing plant is currently operating at approximately 25-per-cent capacity, supported by an existing on-site diesel power station, as well as portable generators. At this time, the operation expects to increase processing capacity in stages, with full capacity anticipated by the fourth quarter. While the impact of this event to production at Porgera remains under evaluation, the company's consolidated 2018 gold production guidance remains unchanged. Business interruption insurance is expected to mitigate a significant portion of earnings lost as a result of this event.

The company expects gold production in the second quarter to be roughly in line with the first quarter at around one million ounces, mainly due to the impact of a scheduled maintenance shutdown at the Barrick Nevada roaster.

Sustaining capital expenditures are expected to be higher in the second quarter relative to the first quarter as the North American construction season ramps up for major sustaining projects, such as tailings dam raises. Capitalized stripping at Barrick Nevada, Pueblo Viejo and Veladero, and increased underground development at Barrick Nevada, are also expected to be higher in the second quarter.

The completion of development work, stripping and maintenance in the second quarter, along with access to higher grades in the second half of the year, is expected to drive stronger production in the third and fourth quarters, at lower costs compared with the first half of 2018. In particular, the company expects higher production from Barrick Nevada and Pueblo Viejo in the second half of the year, driven by higher grades and throughput.

The company continues to expect full-year copper production of 385 million to 450 million pounds, at a cost of sales of $1.80 to $2.10 per pound, and all-in sustaining costs of $2.30 to $2.60 per pound. Lower realized grades in the first quarter at the Lumwana mine are expected to steadily improve over the course of 2018.

Total attributable capital expenditure guidance for 2018 remains unchanged at $1.40-billion to $1.60-billion, including mine site sustaining capital of $950-million to $1.10-billion, and project capital expenditures of $450-million to $550-million.

Financial highlights

The company reported net earnings of $158-million (14 cents per share) for the first quarter, compared with net earnings of $679-million (58 cents per share) in the prior-year period. Lower net earnings are primarily the result of a net impairment reversal of $1.13-billion ($522-million net of tax and non-controlling interest) recorded in the first quarter of 2017, in connection with the company's divestment of 25 per cent of the Cerro Casale project (Norte Abierto).

Adjusted net earnings for the first quarter rose by 5 per cent to $170-million (15 cents per share), compared with $162-million (14 cents per share) in the first quarter of 2017. The increase in adjusted net earnings was primarily due to higher realized gold prices and lower depreciation.

Operating cash flow for the first quarter was $507-million, compared with $495-million in the prior-year period. Higher operating cash flow was driven by higher realized gold prices, lower cash taxes and interest paid, and lower general and administrative expenses related to stock-based compensation compared with the first quarter of 2017.

Free cash flow for the first quarter was $181-million, compared with $161-million in the prior-year period, reflecting slightly higher operating cash flows, combined with slightly lower capital expenditures. In the first quarter of 2018, capital expenditures on a cash basis were $326-million, compared with $334-million in the prior-year period.

Balance sheet update

Over the past three years, the company has reduced its total debt by more than 50 per cent, from $13.1-billion at the end of 2014, to $6.4-billion by the end of 2017. In the first quarter of 2018, both S&P Global Ratings and Moody's Investors Service upgraded Barrick's credit rating, citing significant improvements in free cash flow generation and liquidity, supported by the company's low-cost portfolio and favourable geopolitical risk profile.

The company's goal remains to reduce its total debt from $6.4-billion at present, to around $5-billion by the end of 2018. To achieve this, the company will use cash flow from operations and cash on hand. Having materially strengthened the balance sheet, Barrick does not intend to sell further assets for the purposes of debt repayment. Any proceeds resulting from additional portfolio optimization will be reinvested back into the business to enhance the company's project pipeline or returned to shareholders.

At the end of the first quarter, Barrick had a consolidated cash balance of approximately $2.4-billion. The company has less than $100-million in debt due before 2020. More than three-quarters of its outstanding total debt of $6.4-billion does not mature until after 2032.

Operating highlights

Barrick produced 1.05 million ounces of gold in the first quarter of 2018 at a cost of sales of $878 per ounce, and all-in sustaining costs of $804 per ounce, in line with expectations. This compares with gold production of 1.31 million ounces in the first quarter of 2017, at a cost of sales of $833 per ounce, and all-in sustaining costs of $772 per ounce.

Lower gold production compared with the prior-year period was expected as a result of the sale of 50 per cent of the Veladero mine on June 30, 2017, lower throughput at Acacia as a result of reduced operations at Bulyanhulu, lower grades processed through the oxide mill and roaster at Barrick Nevada, and lower throughput and grade at Hemlo and Lagunas Norte. An earthquake that damaged power infrastructure in Papua New Guinea also impacted production at Porgera during the quarter.

On a per-ounce basis, cost of sales was 5 per cent higher than the prior-year period due to the impact of fewer ounces sold, and higher royalty expenses as a result of an increase in realized gold prices. Cost of sales was also impacted by higher direct mining costs, primarily due to inflation in fuel, labour and maintenance costs, partially offset by best-in-class operational and efficiency improvements. Higher all-in sustaining costs primarily reflect a planned increase in mine site sustaining capital expenditures on a per-ounce basis, combined with higher direct mining costs.

The company produced 85 million pounds of copper in the first quarter, at a cost of sales of $2.07 per pound, and all-in sustaining costs of $2.61 per pound. This compares with 95 million pounds, at a cost of sales of $1.73 per pound, and all-in sustaining costs of $2.19 per pound in the first quarter of 2017.

Copper production for the first quarter of 2018 was 11 per cent lower than the prior-year period, primarily due to lower production at Lumwana as a result of mill shutdowns and lower grades, and at Zaldivar due to fewer tonnes placed on the leach pad. This was partially offset by higher production at Jabal Sayid, driven by higher grade, throughput and recoveries.

On a per-pound basis, cost of sales applicable to copper increased as a result of higher processing and maintenance costs at Lumwana, and higher unit production costs at Zaldivar, partially offset by lower production costs at Jabal Sayid. Copper all-in sustaining costs were higher than the prior-year period, reflecting higher cost of sales combined with higher mine site sustaining capital expenditures at Zaldivar and Lumwana.

Please see page 41 of Barrick's first quarter management's discussion and analysis for individual operating segment performance details.

                          PRODUCTION RESULTS AND GUIDANCE

                                                       First quarter 2018    2018 guidance
Gold
Production (000s of ounces)                                         1,049      4,500-5,000
Cost of sales applicable to gold ($ per ounce)                       $878        $810-$850
Cash costs ($ per ounce)                                              573          540-575
All-in sustaining costs ($ per ounce)                                 804          765-815
Copper
Production (millions of pounds)                                        85          385-450
Cost of sales applicable to copper ($ per pound)                     2.07        1.80-2.10
C1 cash costs ($ per pound)                                          1.88        1.55-1.75
All-in sustaining costs ($ per pound)                                2.61        2.30-2.60
Total attributable capital expenditures ($ millions)                  326      1,400-1,600

Exploration and growth

Nevada remains the focus of the company's 2018 exploration programs and project development activities. The company's strategy is focused on increasing free cash flow from this core district over the long term through organic project development, increasing its gold resource base through exploration and optimizing the processing of existing stockpiles.

Nevada growth projects at Turquoise Ridge, Goldrush and Cortez Deep South are now in execution, and are expected to begin contributing to production from 2021. Its mine exploration programs are focused on replacing gold reserves and identifying new resources, which, in many cases, can be quickly incorporated into mine plans, driving near-term improvements in production and cash flow. In addition, Barrick Nevada currently has approximately 4.8 million ounces of proven gold reserves in existing stockpiles. To unlock the full potential of the company's Nevada asset base, the company is evaluating an increase in processing capacity that would accommodate new production from organic projects and bring forward production from stockpiles, increasing overall production levels from Nevada.

Technical information

The scientific and technical information contained in this press release has been reviewed and approved by: Steven Haggarty, PEng, senior director, metallurgy, of Barrick; Rick Sims, registered member SME, vice-president, reserves and resources, of Barrick; and Robert Krcmarov, FAusIMM, executive vice-president, exploration and growth, of Barrick -- each a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

                               KEY STATISTICS
                             (in U.S. dollars)                       
                                                         Three months ended March 31,     
                                                             2018               2017
Financial results (millions)
Revenues                                              $     1,790       $      1,993
Cost of sales                                               1,152              1,342
Net earnings (1)                                              158                679
Adjusted net earnings (2)                                     170                162
Adjusted EBITDA (2)                                           796                919
Total capital expenditures -- sustaining (3)                  231                262
Total project capital expenditures (3)                        100                 56
Net cash provided by operating activities                     507                495
Free cash flow (2)                                            181                161
Per-share data (dollars)
Net earnings (basic and diluted)                             0.14               0.58
Adjusted net earnings (basic) (2)                            0.15               0.14

Operating results
Gold production (thousands of ounces) (4)                   1,049              1,309
Gold sold (thousands of ounces) (4)                         1,071              1,305
Per-ounce data
Average spot gold price                                     1,329              1,219
Average realized gold price (2, 4)                          1,332              1,220
Cost of sales (Barrick's share) (4, 5)                        878                833
All-in sustaining costs (2, 4)                                804                772
Cash costs (2, 4)                                             573                545
Copper production (millions of pounds) (6)                     85                 95
Copper sold (millions of pounds) (6)                           85                 93
Per-pound data
Average spot copper price                                    3.16               2.65
Average realized copper price (2, 6)                         2.98               2.76
Cost of sales (Barrick's share) (6, 7)                       2.07               1.73
C1 cash costs (2, 6)                                         1.88               1.65
All-in sustaining costs (2, 6)                               2.61               2.19

(1) Net earnings represents net earnings attributable to the equity holders 
of the company.   
(2) Adjusted net earnings, adjusted EBITDA (earnings before interest, taxes, 
depreciation and amortization), free cash flow, adjusted net earnings per 
share, realized gold price, all-in sustaining costs, cash costs and realized 
copper price are non-generally accepted accounting principle financial 
performance measures with no standardized meaning under international 
financial reporting standards and therefore may not be comparable with 
similar measures presented by other issuers.
(3) Amounts presented on a consolidated accrued basis. Project capital 
expenditures are included in the company's calculation of all-in costs, but 
not included in the company's calculation of all-in sustaining costs.   
(4) Includes Acacia on a 63.9-per-cent basis, Pueblo Viejo on a 60-per-cent
basis, South Arturo on a 60-per-cent basis and Veladero on a 50-per-cent 
basis from July 1, 2017, onward, which reflects the company's equity share 
of production and sales. 
(5) Cost of sales per ounce (Barrick's share) is calculated as cost of 
sales -- gold on an attributable basis excluding Pierina divided by gold 
ounces sold. 
(6) Amounts reflect production and sales from Jabal Sayid and Zaldivar on a 
50-per-cent basis, which reflects the company's equity share of production,
and Lumwana.  
(7) Cost of sales per pound (Barrick's share) is calculated as cost of 
sales -- copper plus the company's equity share of cost of sales 
attributable to Zaldivar and Jabal Sayid divided by copper pounds sold.

We seek Safe Harbor.