Mr. Mark Bristow reports

PROPOSED BILLION-DOLLAR INVESTMENT IN PUEBLO VIEJOA WILL BOOST ITS CONTRIBUTION TO ECONOMY

The proposed expansion of Pueblo Viejo, already one of the world's Tier 1 (1) gold mines, includes an expansion of the mine's processing plant and tailings capacity with an estimated initial capital investment of more than a $1-billion (100-per-cent basis) and the potential to extend the life of the mine into the 2030s and beyond (2). Barrick Gold Corp. expects to complete a feasibility study for the expansion project during 2020. The proposed capital investment would more than double the contribution the mine has already made to the Dominican Republic. (All amounts are expressed in U.S. dollars.)

Barrick Gold's president and chief executive officer, Mark Bristow, speaking at a local media briefing here today, said the proposed investment was further evidence of the joint venture partner's long-term commitment to the social and economic development of the Dominican Republic.

"We look forward to continue making a significant and growing contribution to our communities and other stakeholders and to unlocking the enormous value of its mineral potential while addressing the historical third party environmental issues," he said. Barrick manages the mine, which is a joint venture with Newmont Goldcorp.

Bristow noted that the joint venture partner had already invested $5.2-billion in Pueblo Viejo, which represents almost 20 per cent of the total foreign direct investment in the Dominican Republic over the past 10 years. Direct cash taxes paid by the mine amounted to $1.6-billion, which represents 57 per cent of the cash distributions compared with 43 per cent earned by the joint venture partners. Since 2013, the mine has accounted for 30 per cent of the country's exports, and generated a net added value of $5.7-billion and a total net added value of $8.5-billion, equal to 2 per cent of the Dominican gross domestic product.

"Some 96 per cent of the mine's employees are Dominicans, and this has also had a significant impact on the lives of the more than 90,000 people in neighbouring communities who have benefited from its community upliftment programs. It has also promoted the development of the local economy, spending more than $123-million with local contractors and suppliers over the past six years," Mr. Bristow said.

"We look forward to building on what we have already achieved here and to continue creating value for all our stakeholders, notably the government and people of the Dominican Republic and our shareholders."

About Barrick Gold Corp.

On Jan. 1, 2019, a new Barrick was born as a result of the merger between Barrick Gold and Randgold Resources Ltd.

The merger has created a sector-leading gold company, which owns five of the industry's top-10 Tier 1 gold assets: Cortez and Goldstrike in Nevada, in the United States (100 per cent); Kibali in the Democratic Republic of the Congo (45 per cent); Loulo-Gounkoto in Mali (80 per cent); Pueblo Viejo in the Dominican Republic (60 per cent); and two with the potential to become the gold assets of the first level: Goldrush/Fourmile (100 per cent) and Turquoise Ridge (75 per cent), both in the United States. With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, the Ivory Coast, the Democratic Republic of the Congo, the Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, the United States and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world's most prolific gold districts.

Endnotes:

(1) A Tier 1 gold asset is a mine with a stated life in excess of 10 years with 2017 production of at least 500,000 ounces of gold and 2017 total cash cost per ounce within the bottom half of Wood Mackenzie's cost curve tools (excluding state-owned and privately owned mines). For purposes of determining Tier 1 gold assets, total cash cost per ounce is based on data from Wood Mackenzie as of Aug. 31, 2018, except in respect of Barrick's mines, where Barrick may rely on its internal data, which are more current and reliable. The Wood Mackenzie calculation of total cash cost per ounce may not be identical to the manner in which Barrick calculates comparable measures. Total cash cost per ounce is a non-generally accepted accounting principle financial performance measure with no standardized meaning under international financial reporting standards and therefore may not be comparable with similar measures presented by other issuers. Total cash cost per ounce should not be considered by investors as an alternative to operating profit, net profit attributable to shareholders or to other IFRS measures. Barrick believes that total cash cost per ounce is a useful indicator for investors and management of a mining company's performance as it provides an indication of a company's profitability and efficiency, the trends in cash costs as the company's operations mature, and a benchmark of performance to allow for comparison against other companies. Wood Mackenzie is an independent third party research and consultancy firm that provides data for, among others, the metals and mining industry. Wood Mackenzie does not have any affiliation to Barrick.

(2) For additional detail regarding Pueblo Viejo, see the technical report on the Pueblo Viejo mine, Sanchez Ramirez province, Dominican Republic, dated March 19, 2018, and filed on SEDAR and EDGAR on March 23, 2018.

Technical information

The scientific and technical information contained in this press release has been reviewed and approved by John Steele, CIM (Canadian Institute of Mining, Metallurgy and Petroleum), metallurgy, engineering and capital project executive, who is a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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