Mr. Mark Bristow reports

TANZANIAN ASSETS DELIVER ON PRODUCTION GUIDANCE AS BARRICK CONTINUES TO UNLOCK VALUE

The North Mara and Bulyanhulu gold mines both produced near the top end of their production guidance in 2020, their first full year under Barrick Gold Corp.'s management. Including Buzwagi, the Tanzanian assets delivered a combined output of 462,472 ounces for the year.

The mines have been successfully revived, with North Mara delivering significant improvements and underground production restarted at Bulyanhulu. The mines, managed through the Twiga joint venture with the Government of Tanzania, paid a maiden dividend of $250-million in October, 2020.

North Mara posted a record throughput in Q4 and Bulyanhulu recommenced processing of underground ore during the quarter. Bulyanhulu is scheduled to be in full production when its ramp-up is completed, expected during the first half of 2021. Both mines performed creditably on the health, safety and environmental front, with Bulyanhulu gaining ISO 14001 certification for the first time.

Speaking at a briefing for local media here today, Barrick president and chief executive Mark Bristow said the mines' strong performance was the product of the speed and effectiveness with which the company's Africa and Middle East regional team was unlocking the unrealized value of these assets, despite the challenges presented by the COVID-19 pandemic.

"These mines are now very different businesses. North Mara's life-of-mine production profile has been vastly improved and implementation of its comprehensive water management plan is on track. Bulyanhulu's resurrection was a particularly exceptional achievement, considering that both its shaft and plant had to be refurbished extensively. The new mine plan is designed to deliver a long-term value-driven operation," Mr. Bristow said.

"We're optimizing our 10-year plan to make the combined North Mara and Bulyanhulu mines the seventh Tier 1 asset in the Barrick portfolio by bringing them into the lower half of the industry's cost curve. At the same time, we continue to improve relations with our host communities, securing Barrick's social licence to operate in Tanzania. Past grievances have been resolved and the remaining land-legacy issues are being addressed. Fully functional community-development committees have been established to focus on education, health, water and agribusiness, and 21 agribusiness groups from 11 villages are already being supported at North Mara. Barrick also proved its value as a partner through its tangible support for the government's pandemic containment campaign."

During 2020, Barrick invested $800-million in the Tanzanian economy in the form of taxes, permits, infrastructure development, salaries and payments to local suppliers. In line with its group-wide policy of employing host-country nationals, the company continued to recruit locally, with over 600 new workers employed during the year at Bulyanhulu alone. Tanzanian nationals now make up 96 per cent of the mines' total work force.

Capital and exploration expenditures exceeded $180-million for the year, of which half were related to growth projects, and this investment is continuing into 2021. Mr. Bristow said Tanzania's large-scale mineralized systems held the potential for world-class discoveries and, in addition to brownfield exploration designed to increase and convert the existing mines' resources, Barrick had also initiated greenfield programs to generate new targets.

About Barrick's Tanzania operations

Barrick assumed control of the operations of the former Acacia Mining in September, 2019.

The North Mara gold mine is located in northwest Tanzania in the Tarime district of the Mara region. It is around 100 kilometres east of Lake Victoria and 20 km south of the Kenyan border. North Mara started commercial production in 2002. The mine is currently an underground operation (Gokona). The process plant has the capacity to process an average of 8,000 tonnes of ore per day.

The Bulyanhulu gold mine is situated in northwest Tanzania, in the Kahama district of the Shinyanga region, approximately 55 km south of Lake Victoria and 150 km southwest of the city of Mwanza. Bulyanhulu is a narrow-vein gold mine containing gold, silver and copper mineralization in sulphides. The mineralization of Bulyanhulu is associated with a number of steeply dipping veins. Bulyanhulu commenced commercial production in 2001.

The Buzwagi gold mine closure remains on track with closure plans submitted to government.

Technical information

The scientific and technical information contained in this news release has been reviewed and approved by Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, mineral resources manager, Africa and Middle East, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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