Mr. Mark Bristow reports

STRONG PERFORMANCE AND STRATEGIC PROGRESS IN 2020 STILL ONLY THE START FOR BARRICK, SAYS CEO

In the face of challenges across all regions, notably the COVID-19 pandemic, Barrick Gold Corp. met all its key performance indicators in 2020 and at the same time made significant progress toward achieving its key objectives, says president and chief executive Mark Bristow in the company's 2020 annual report published today. All amounts are expressed in U.S. dollars.

"The effectiveness of Barrick's ESG [environmental, social and corporate governance] strategy -- which is powered at all levels by a long-established partnership philosophy and a close relationship with all stakeholders, from investors to host communities -- was a key factor in the past year's performance. This was particularly evident in our successful COVID-19 containment programs, which buffered the impact of the pandemic on our business and people, and also enabled us to provide much-needed and welcomed support to our host countries," he says.

Noting that the merged Barrick's foundational objective was to build a business capable of delivering the industry's best returns, Mr. Bristow says that since the announcement of the Randgold merger, the Barrick share price had grown by 118 per cent by the end of 2020 against a 92-per-cent increase in the GDX. The quarterly dividend has been trebled and the board has recommended that an additional $750-million of surplus cash be returned to shareholders as a return of capital distribution this year.

"A company that was burdened by net debt of more than $13-billion as recently as 2013 now has zero net debt, no significant maturities for the next 10 years and a robust balance sheet, with strong liquidity consisting of $5.2-billion in cash and an undrawn $3-billion credit facility," he says.

"Efficient operations and effective management enabled us to capitalize fully on the higher gold and copper prices and to pass the rewards on to our investors as well as our community stakeholders. These achievements were produced on the foundation of a solid 10-year plan built on a great asset base, a fit-for-purpose structure and management teams that more than lived up to our best people mantra."

Mr. Bristow says Barrick is still only at the beginning of an exciting and rewarding journey but it is well equipped in every way to build on what it has and to find and exploit new opportunities, including any openings offered by the continuing dynamics of the gold industry.

Barrick's 2020 annual report, annual information form and Form 40-F are now available on SEDAR and EDGAR, respectively.

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