An anonymous director reports

ANOTHER SOLID QUARTER KEEPS BARRICK ON TRACK FOR FULL-YEAR PRODUCTION TARGETS

Barrick Gold Corp. had preliminary third quarter sales of 1.25 million ounces of gold and 116 million pounds of copper, as well as preliminary third quarter production of 1.16 million ounces of gold and 103 million pounds of copper. Group gold production for the first nine months of 2020 was 3.6 million ounces, and the company remains on track to achieve full-year production guidance (1). All amounts expressed in U.S. dollars.

The average market price for gold in the third quarter was $1,909 per ounce, while the average market price for copper in the third quarter was $2.96 per pound.

Preliminary third quarter gold production was slightly higher than the second quarter of 2020, notwithstanding the fact that there was no third quarter production at Porgera in Papua New Guinea which was placed on care and maintenance on April 25, 2020. Excluding Porgera, third quarter gold production was 3 per cent higher than the second quarter mainly due to stronger performances from Carlin and Pueblo Viejo following the completion of scheduled plant maintenance in the prior quarter. Preliminary third quarter gold sales were slightly higher than the previous quarter and exceeded third quarter production following the export of the remaining stockpiled concentrate in Tanzania. Third quarter gold cost of sales per ounce (2) is expected to be in line, total cash costs per ounce (3) are expected to be 2 to 4 per cent lower and gold all-in sustaining costs per ounce (3) are expected to be 5 to 7 per cent lower, than in the second quarter of 2020.

Preliminary third quarter copper production and sales were both lower than the previous quarter, primarily as a result of lower throughput at Lumwana following plant maintenance completed in the quarter. Third quarter copper cost of sales per pound (2) is expected to be 4 to 6 per cent lower and C1 cash costs per pound (3) are expected to be 5 to 7 per cent lower than the prior quarter. Copper all-in sustaining costs per pound (3) are expected to be 6 to 8 per cent higher than the second quarter of 2020 as a result of higher capitalized stripping at Lumwana.

Barrick will provide additional discussion and analysis regarding its third quarter production and sales when the company reports its quarterly results before North American markets open on Nov. 5, 2020.

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

                                         Three months ended               Nine months ended               
                                             Sept. 30, 2020                  Sept. 30, 2020

                                 Production           Sales      Production           Sales
Gold (equity ounces (000))
Carlin (4) (61.5%)                      276             275             764             765
Cortez (61.5%)                          113             115             373             375
Turquoise Ridge (61.5%)                  76              76             239             242
Phoenix (61.5%)                          30              31             100             100
Long Canyon (61.5%)                      43              45             109             110
Nevada Gold Mines (61.5%)               538             542           1,585           1,592
Loulo-Gounkoto (80%)                    139             136             421             416
Pueblo Viejo (60%)                      129             129             383             388
Kibali (45%)                             91              91             272             275
North Mara (84%)                         67              69             200             206
Tongon (89.7%)                           64              65             189             191
Hemlo                                    55              55             166             167
Veladero (50%)                           44              43             168             135
Buzwagi (84%)                            21              73              63             153
Bulyanhulu (84%)                          7              46              21              83
Porgera (47.5%)                           0               0              86              87
Total gold                            1,155           1,249           3,554           3,693
                                                             
Copper (equity pounds (millions))                            
Lumwana                                  62              74             198             212
Zaldivar (50%)                           24              21              83              81
Jabal Sayid (50%)                        17              21              57              56
Total copper                            103             116             338             349

Third quarter 2020 results

Barrick will release its Q3 2020 results before market open on Nov. 5, 2020. President and chief executive officer Mark Bristow will again host an interactive webinar on the results at 11 a.m. EST/4 p.m. UTC. The presentation will be linked to the webinar and conference call. Participants will be able to ask questions.

Go to the 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 Q3 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 5232.

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, mineral resource manager, Latin America and Asia Pacific; and Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, 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 its proportionate share of cost of sales attributable to equity method investments (Zaldivar and Jabal Sayid), divided by consolidated copper pounds (including its proportionate share of copper pounds from our equity method investments).

(3) Total cash costs per ounce, all-in sustaining costs per ounce and all-in 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 (a market development organization for the gold industry comprising and financed by 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 the company's gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis.

Total cash costs start with the company's cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes byproduct credits. All-in sustaining costs start with total cash costs and include sustaining capital expenditures, sustaining leases, general and administrative costs, mine site exploration and evaluation costs, and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels.

The company believes that its use of total cash costs, all-in sustaining costs and all-in costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing its operating performance and also its ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS (international financial reporting standards) and the amount of free cash flow that is being generated by a mine and therefore it believes these measures are useful non-GAAP operating metrics and supplement the company's IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization.

(4) Includes Nevada Gold Mines' 60-per-cent equity share of South Arturo.

We seek Safe Harbor.