Mr. Mark Bristow reports

RESOURCES GROW AS BARRICK'S FOCUS ON GEOLOGY DELIVERS DIVIDENDS

Barrick Gold Corp. has released its annual reserve and resource declaration with its Q4 and year-end results to Dec. 31, 2020. Attributable mineral reserves reflect a 76-per-cent replacement of depletion, with a consistent reserve grade maintained year on year, after adjustment for the disposal of Massawa. Similarly, excluding the impact of Massawa, the net reduction in reserves year on- ear is approximately 2 per cent. Attributable group reserves, reported at $1,200 per ounce (1), stand at 1,300 million tonnes at 1.66 grams per tonne for 68 million ounces (2) of gold. All amounts are expressed in U.S. dollars.

Armed with the introduction of on-site mineral resource management and an intensified focus on geology, Barrick has spent the two years since the Randgold merger improving knowledge of its orebodies. At the same time, it has transferred ownership and responsibility for the orebodies to the mines, empowering and integrating the on-site mineral resource, geology and planning teams.

Barrick's mineral resource management and evaluation executive, Rod Quick, says the company has made significant progress in developing life-of-mine optimizations based on high-confidence geological models as well as operating plans, ounce profiles and cost forecasts.

"As our understanding of the orebodies increases, the potential for sustainable resource to reserves conversion will grow, but it will take time for the group to reach the replacement levels of the Africa and Middle East region," Mr. Quick said.

Total attributable group gold resources increased in 2020, net of depletion and excluding the impact of the disposal of Massawa. Inclusive of reserves and reported at a gold price of $1,500/oz (1), attributable measured and indicated resources stood at 3,300 million tonnes at 1.52 g/t for 160 million ounces (2), with a further 980 million tonnes at 1.4 g/t for 43 million ounces (2) in the inferred category.

Copper mineral reserves for 2020 are calculated using a copper price of $2.75 per pound and mineral resources are calculated at $3.50 per pound, both rates unchanged from 2019. Attributable measured and indicated copper resources were 25 billion pounds (2) at an average grade of 0.36 per cent, and inferred copper resources (2) were 2.2 billion pounds at an average grade of 0.2 per cent. Attributable proven and probable copper reserves were 13 billion pounds (2) at an average grade of 0.39 per cent.

Technical information

The scientific and technical information contained in this press release has been reviewed and approved by Craig Fiddes, SME-RM, manager -- resource modelling, Nevada Gold Mines; Chad Yuhasz, PGeo, mineral resource manager, Latin America and Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, mineral resources manager: Africa and Middle East; and Rodney Quick, MSc, PrSciNat, mineral resource management and evaluation executive -- each a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

(1) Unchanged from 2019.

(2) Estimated in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of Dec. 31, 2020, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.37 g/t, representing 21 million ounces of gold, and 350 million tonnes grading 0.39 per cent, representing 3,000 million pounds of copper. Probable reserves of 990 million tonnes grading 1.46 g/t, representing 47 million ounces of gold, and 1,100 million tonnes grading 0.39 per cent, representing 9,700 million pounds of copper. Measured resources of 530 million tonnes grading 2.11 g/t, representing 36 million ounces of gold, and 600 million tonnes grading 0.36 per cent, representing 4,800 million pounds of copper. Indicated resources of 2,800 million tonnes grading 1.41 g/t, representing 130 million ounces of gold, and 2,500 million tonnes grading 0.36 per cent, representing 20,000 million pounds of copper. Inferred resources of 980 million tonnes grading 1.4 g/t, representing 43 million ounces of gold, and 440 million tonnes grading 0.2 per cent, representing 2,200 million pounds of copper. Complete mineral reserve and mineral resource data for all mines and projects referenced, including tonnes, grades and ounces, can be found on pages 137 to 144 of Barrick's fourth quarter and year-end 2020 report.

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