Mr. Deni Nicoski reports

BARRICK REPORTS PRELIMINARY THIRD QUARTER PRODUCTION RESULTS

Barrick Gold Corp. had preliminary third quarter sales of 1.20 million ounces of gold and 114 million pounds of copper, as well as preliminary third quarter production of 1.15 million ounces of gold and 106 million pounds of copper. The average market price for gold in the third quarter was $1,213 per ounce, while the average market price for copper was $2.77 per pound.

All amounts are expressed in U.S. dollars unless otherwise indicated.

Preliminary third quarter gold sales of 1.20 million ounces and gold production of 1.15 million ounces were approximately 16 per cent and 8 per cent higher than the second quarter, respectively, primarily due to improved throughput and grade at Barrick Nevada. Third quarter gold cost of sales per ounce (1) is expected to be approximately 3 to 5 per cent lower, cash costs per ounce (2) 1 to 3 per cent lower and all-in sustaining costs per ounce (2) approximately 7 to 9 per cent lower, as compared with the second quarter.

Barrick is maintaining its 2018 consolidated gold production guidance of 4.5 million to 5.0 million ounces, at a cost of sales of $810 to $850 per ounce (1), cash costs (2) of $540 to $575 per ounce and all-in sustaining costs (2) of $765 to $815 per ounce (3). Barrick expects gold production to be approximately 1.25 million ounces in the fourth quarter.

Preliminary third quarter copper sales of 114 million pounds and copper production of 106 million pounds were approximately 54 per cent and 28 per cent higher than the second quarter of the year, respectively, primarily as a result of higher production at Lumwana, driven by a steady improvement in grade and recovery, and improved crusher reliability. Barrick expects a quarter-over-quarter decrease in its consolidated copper cost of sales per pound (1) of approximately 10 to 12 per cent, C1 cash costs per pound (2) of approximately 7 to 9 per cent and all-in sustaining costs per pound (2) of approximately 10 to 12 per cent, as compared with the second quarter.

Barrick is maintaining its 2018 copper production guidance of 345 million to 410 million pounds, at a cost of sales of $2 to $2.30 per pound (1), C1 cash costs (2) of $1.80 to $2 per pound and all-in sustaining costs (2) of $2.55 to $2.85 per pound (3).

Barrick now expects its full-year 2018 effective tax rate to be approximately 48 to 50 per cent, assuming a gold price of $1,200 per ounce for the remainder of the year. The increase from Barrick's previous guidance range of 44 to 46 per cent is due to lower-than-anticipated sales from operations in lower-tax jurisdictions, in particular Barrick Nevada, while costs in non-tax-effected entities have remained relatively stable. The company expects an effective tax rate in the third quarter of around 59 per cent, which is higher than the company's year-to-date effective tax rate, as a result of adjusting its first-half 2018 tax expense from 44 per cent to 49 per cent.

Barrick will provide additional discussion and analysis regarding third quarter production and sales when the company reports quarterly results on Oct. 24, 2018, followed by a conference call and webcast on Oct. 25 at 8 a.m. ET. The attached table includes preliminary gold and copper production and sales results from the company's operations.

                         Three months ended Sept. 30, 2018        Nine months ended Sept. 30, 2018
                          Production                 Sales         Production                Sales

Gold (equity ounces (000s))                                                                     
Barrick Nevada (4)               545                   596              1,480                1,502           
Pueblo Viejo (60%)               151                   147                415                  420             
Lagunas Norte                     64                    67                195                  201             
Veladero (50%) (5)                49                    50                201                  206             
Turquoise Ridge (75%)             79                    75                194                  196             
Acacia (63.9%)                    87                    87                250                  247             
Kalgoorlie (50%)                  75                    77                256                  259             
Porgera (47.5%)                   53                    62                134                  141             
Hemlo                             41                    39                119                  120             
Golden Sunlight                    5                     4                 21                   20              
Total gold                     1,149                 1,204              3,265                3,312           
Copper (equity 
pounds (millions))                                                               
Lumwana                           64                    65                159                  157             
Zaldivar (50%)                    28                    28                 75                   73              
Jabal Sayid (50%)                 14                    21                 40                   43              
Total copper                     106                   114                274                  273             

Technical information

The scientific and technical information contained in this press release has been reviewed and approved by Geoffrey Locke, PEng, manager, metallurgy, Barrick, who is a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Third quarter 2018 results

Barrick will release its third quarter 2018 results on Oct. 24, 2018, followed by a conference call and webcast on Oct. 25 at 8 a.m. ET.

Toll-free (United States and Canada):  1-800-319-4610

International:  1-416-915-3239

The webcast and presentation materials will be available on Barrick's website. The conference call will be available for replay by phone at 1-855-669-9658 (U.S. and Canada toll-free) and 1-604-674-8052 (international), access code 2579.

(1) Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40 per cent for Pueblo Viejo and 36.1 per cent for Acacia from cost of sales), divided by attributable gold ounces. Cost of sales applicable to copper per pound is calculated using cost of sales applicable to copper including Barrick's proportionate share of cost of sales attributable to equity method investments (Zaldivar and Jabal Sayid), divided by consolidated copper pounds (including Barrick's proportionate share of copper pounds from the company's equity method investments). Cost of sales includes depreciation.

(2) Cash costs per ounce and all-in sustaining costs per ounce are non-GAAP (generally accepted accounting principles) financial measures which are calculated based on the definition published by the World Gold Council (WGC) (a market development organization for the gold industry comprising and financed by 24 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 Barrick's gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis.

(3) The 2018 guidance is based on gold, copper, WTI (West Texas Intermediate) oil price and Brent oil price assumptions of $1,200 per ounce, $2.75 per pound, $65 per barrel and $75 per barrel, respectively, and a U.S.-dollar-to-Australian-dollar exchange rate of 0.75:1, a Canadian-dollar-to-U.S.-dollar exchange rate of 1.25:1, an Argentine-peso-to-U.S.-dollar exchange rate of 30:1 and a Chilean-peso-to-U.S.-dollar exchange rate of 625:1.

(4) Includes Barrick's 60-per-cent equity share of South Arturo.

(5) Reflects Barrick's 50-per-cent equity share of Veladero.

We seek Safe Harbor.