Mr. Mark Bristow reports

SOLID Q2 PERFORMANCE MEANS BARRICK IS ON TRACK TO ACHIEVE FULL-YEAR PRODUCTION TARGETS

Barrick Gold Corp. had preliminary second quarter sales of 1.22 million ounces of gold and 123 million pounds of copper, as well as preliminary second quarter production of 1.15 million ounces of gold and 120 million pounds of copper. Group gold production for the first six months of 2020 was 2.4 million ounces, at the midpoint of the company's 4.6-million-to-5.0-million-ounce guided range for the year. All amounts expressed in U.S. dollars.

President and chief executive Mark Bristow said these results positioned Barrick well to achieve its guidance for the year, despite the impact of the global COVID-19 pandemic and the resultant lockdowns (1). Comprehensive programs to counter the spread of COVID-19 are in place at all of Barrick's operations and it continues to take the necessary steps to manage the impact of the pandemic on its business.

The average market price for gold in the second quarter was $1,711 per ounce, while the average market price for copper in the second quarter was $2.43 per pound.

Preliminary second quarter gold production was, as previously guided, lower than the first quarter of 2020. This was mainly due to the impact of COVID-19 at Veladero in Argentina where quarantine restrictions were lifted in April and movement and social distancing restrictions slowed the remobilization of employees and contractors back to site, a planned maintenance shutdown at Pueblo Viejo in the Dominican Republic and reduced production at Porgera in Papua New Guinea as the mine was placed on care and maintenance on April 24, 2020. Preliminary second quarter gold sales were in line with the previous quarter, and were higher than production in the second quarter following the start of exports of concentrate stockpiled in Tanzania. Second quarter gold cost of sales per ounce (2) is expected to be 4 to 6 per cent higher, total cash costs per ounce are expected to be 2 to 4 per cent higher and gold all-in sustaining costs per ounce are expected to be 7 to 9 per cent higher, respectively, than the first quarter of 2020.

Preliminary second quarter copper production and sales were both higher than the previous quarter. Second quarter copper cost of sales per pound (2) are expected to be 5 to 7 per cent higher than the prior quarter. C1 cash costs per pound are expected to be in line and copper all-in sustaining costs per pound are expected to be 4 to 6 per cent higher, respectively, than the first quarter of 2020.

Barrick will provide additional discussion and analysis regarding its second quarter production and sales when the company reports its quarterly results before North American markets open on Aug. 10, 2020.

The attached table includes preliminary gold and copper production and sales results from Barrick's operations.

                              Three months ended     Six months ended
                                   June 30, 2020        June 30, 2020
                              Production   Sales   Production   Sales

Gold (equity ounces (000s))                                
Carlin (61.5%)                       235     234          488     490
Cortez (61.5%)                       132     132          260     260
Turquoise Ridge (61.5%)               79      79          163     166
Phoenix (61.5%)                       35      39           70      69
Long Canyon (61.5%)                   40      38           66      65
Nevada Gold Mines (61.5%)            521     522        1,047   1,050
Pueblo Viejo (60%)                   111     115          254     259
Loulo-Gounkoto (80%)                 141     157          282     280
Kibali (45%)                          90      96          181     184
Veladero (50%)                        49      35          124      92
North Mara (84%)                      68      67          133     137 
Porgera (47.5%)                       24      24           86      87
Tongon (89.7%)                        64      68          125     126
Hemlo                                 54      54          111     112
Buzwagi (84%)                         20      56           42      80
Bulyanhulu (84%)                       7      30           14      37
Total gold                         1,149   1,224        2,399   2,444
Copper (equity pounds (millions))                          
Lumwana                               72      75          136     138
Zaldivar (50%)                        28      30           59      60
Jabal Sayid (50%)                     20      18           40      35
Total copper                         120     123          235     233

Second quarter 2020 results

Barrick will release its second quarter 2020 results before market open on Aug. 10, 2020. Due to the COVID-19 pandemic, president and chief executive officer Mark Bristow will host an interactive webinar on the results at 11 a.m. EDT/3 p.m. UTC. The presentation will be linked to the webinar and conference call. Participants will be able to ask questions.

Webinar

• United States and Canada (toll-free): 1-800-319-4610;
• United Kingdom (toll-free): 0808-101-2791;
• International (toll): 1-416-915-3239.

The Q2 2020 presentation materials will be available on Barrick's website.

The webinar will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1-855-669-9658 (U.S. and Canada) and 1-604-674-8052 (international), access code 4792.

Technical information

The scientific and technical information contained in this news release has been reviewed and approved by: Steven Yopps, MMSA, manager of growth projects, Nevada Gold Mines; Chad Yuhasz, PGeo, Barrick's mineral resource manager, Latin America and Asia Pacific; and Simon Bottoms, CGeol, Barrick's mineral resources manager, Africa and Middle East -- each a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

(1) Barrick is closely monitoring the global COVID-19 pandemic and Barrick's guidance may be impacted if the operation or development of its mines and projects is disrupted due to efforts to slow the spread of the virus.

(2) 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 Pueblo Viejo, 38.5 per cent Nevada Gold Mines, 63.1 per cent South Arturo, 20 per cent Loulo-Gounkoto, 16 per cent North Mara, Bulyanhulu and Buzwagi, and 10.3 per cent of Tongon, and including the company's proportionate share of cost of sales attributable to equity method investments (Kibali) in 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 the company's proportionate share of cost of sales attributable to equity method investments (Zaldivar and Jabal Sayid), divided by consolidated copper pounds (including the company's proportionate share of copper pounds from its equity method investments).

We seek Safe Harbor.