Mr. Mark Bristow reports

BARRICK ACHIEVES 2020 PRODUCTION TARGETS

Barrick Gold Corp. has released preliminary full-year and fourth quarter 2020 results, which indicate that it has met its 2020 guidance targets. Preliminary gold production for the full year of 4.8 million ounces is at the midpoint of the 4.6-million-to-5.0-million-ounce guidance range, while preliminary copper production of 457 million pounds is also within the guidance range of 440 million to 500 million pounds. All amounts are expressed in U.S. dollars.

The preliminary Q4 results show sales for the quarter of 1.19 million ounces of gold and 108 million pounds of copper, as well as preliminary Q4 production of 1.21 million ounces of gold and 119 million pounds of copper. The average market price for gold in Q4 was $1,874 per ounce, while the average market price for copper was $3.25 per pound.

Preliminary Q4 gold production was higher than Q3 2020, mainly due to a strong performance from Pueblo Viejo, the ramp-up of mining operations at Bulyanhulu and continuing improvement at Turquoise Ridge. Preliminary Q4 gold sales were lower than Q3 2020 as third quarter sales included the export of the remaining stockpiled concentrate in Tanzania. Q4 gold cost of sales per ounce and total cash costs per ounce are expected to be in line with the prior quarter and gold all-in sustaining costs per ounce are expected to be 3 to 5 per cent lower than in Q3 2020.

Preliminary Q4 copper production was higher than Q3 2020 following completion of plant maintenance at Lumwana in the third quarter. Preliminary Q4 copper sales were lower than the previous quarter, primarily due to the timing of shipments at Lumwana. Q4 copper cost of sales per pound is expected to be 4 to 6 per cent higher, Q4 copper C1 cash costs per pound are expected to be 10 to 12 per cent higher and copper all-in sustaining costs per pound are expected to be 4 to 6 per cent higher than Q3 2020. Driving these changes are higher operating costs at Lumwana and Zaldivar, partially offset by lower depreciation and lower sustaining capital at Lumwana.

Barrick will provide additional discussion and analysis regarding its fourth quarter production and sales when the company reports its quarterly and full-year 2020 results before North American markets open on Feb. 18, 2021.

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

                                  Three months ended                 12 months ended
                                       Dec. 31, 2020                   Dec. 31, 2020  
                              Production       Sales     Production            Sales
Gold (equity
ounces (000))
Carlin (61.5%)                       260         259          1,024            1,024
Cortez (61.5%)                       118         116            491              491
Turquoise Ridge (61.5%)               91          90            330              332
Phoenix (61.5%)                       26          26            126              126
Long Canyon (61.5%)                   51          51            160              161
Nevada Gold Mines (61.5%)            546         542          2,131            2,134
Pueblo Viejo (60%)                   159         153            542              541
Loulo-Gounkoto (80%)                 123         126            544              542
Kibali (45%)                          92          89            364              364
Tongon (89.7%)                        66          64            255              255
North Mara (84%)                      61          63            261              269
Veladero (50%)                        58          51            226              186
Hemlo                                 57          57            223              224
Bulyanhulu (84%)                      23          20             44              103
Buzwagi (84%)                         21          21             84              174
Porgera (47.5%)                        0           0             86               87
Total gold                         1,206       1,186          4,760            4,879
Copper (equity pounds
(millions))
Lumwana                               78          65            276              277
Zaldivar (50%)                        23          25            106              106
Jabal Sayid (50%)                     18          18             75               74
Total copper                         119         108            457              457

Fourth quarter and full-year 2020 results

Barrick will release its fourth quarter and full-year 2020 results before market open on Feb. 18, 2021. President and chief executive officer Mark Bristow will host an interactive webinar on the results at 11 a.m. Eastern Standard Time/4 p.m. Co-ordinated Universal Time. The presentation will be linked to the webinar and conference call. Participants will be able to ask questions.

U.S. and Canada (toll-free):   1-800-319-4610

United Kingdom (toll-free):   0-808-101-2791

International (toll):  1-416-915-3239

The fourth quarter and full-year 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.

We seek Safe Harbor.