An anonymous director reports

SOLID Q1 PUTS BARRICK ON TRACK TO ACHIEVE 2021 PRODUCTION TARGETS

Barrick Gold Corp. had preliminary Q1 sales of 1.09 million ounces of gold and 113 million pounds of copper, as well as preliminary Q1 production of 1.10 million ounces of gold and 93 million pounds of copper, in line with its plan. The company remains on track to achieve 2021 guidance (1).

The average market price for gold in Q1 was $1,794 per ounce, while the average market price for copper in Q1 was $3.86 per pound.

As expected, preliminary Q1 gold production was lower than Q4 2020, mainly due to mine sequencing at Carlin and Cortez as well as lower grades at Pueblo Viejo, in line with the mine and stockpile processing plan as the development of the expansion project advances. Lower grades and production from Tongon, consistent with the updated extension of the mine life to 2023, were offset by higher grades at Loulo-Gounkoto. As previously guided, the company's gold production in the second half of 2021 is expected to be higher than the first half. Accordingly, Q1 2021 gold cost of sales per ounce (2) is expected to be slightly higher, total cash costs per ounce (3) are expected to be 2 to 4 per cent higher and all-in sustaining costs per ounce (3) are expected to be 8 to 10 per cent higher than Q4 2020.

Preliminary Q1 2021 copper production was 22 per cent lower than Q4 2020 as expected. Copper sales were 5 per cent higher than the previous quarter as Lumwana sold a portion of its stockpiled concentrate. The company continues to expect its copper production in the second half of 2021 to be stronger than the first half, mainly driven by higher grades from Lumwana. Q1 copper cost of sales per pound (2) is expected to be 1 to 3 per cent higher and C1 cash costs per pound (3) are expected to be in line with the prior quarter. Copper all-in sustaining costs per pound (3) are expected to be 6 to 8 per cent lower than Q4 2020, largely due to the increased sales.

Barrick will provide additional discussion and analysis regarding its first quarter production and sales when the company reports its quarterly results before North American markets open on May 5, 2021.

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

  
 
                  Three months ended March 31, 2021

                                         Production            Sales
Gold (equity ounces (000))
Carlin4 (61.5%)                                 229              231
Cortez (61.5%)                                  100              102
Turquoise Ridge (61.5%)                          92               92
Long Canyon (61.5%)                              39               39
Phoenix (61.5%)                                  25               24
Nevada Gold Mines (61.5%)                       485              488
Loulo-Gounkoto (80%)                            154              151
Pueblo Viejo (60%)                              137              141
Kibali (45%)                                     86               86
North Mara (84%)                                 62               56
Tongon (89.7%)                                   48               48
Hemlo                                            47               47
Bulyanhulu (84%)                                 33               28
Veladero (50%)                                   32               31
Buzwagi (84%)                                    17               17
Total gold                                    1,101            1,093

Copper (equity pounds (millions))
Lumwana                                          51               69
Zaldivar (50%)                                   24               27
Jabal Sayid (50%)                                18               17
Total copper                                     93              113

First quarter 2021 results

Barrick will release its Q1 2021 results before the market open on May 5, 2021. President and chief executive officer Mark Bristow will host an interactive webinar on the results at 11 a.m. EDT/3 p.m. UTC. The presentation will be linked to the webinar and conference call. Participants will be able to ask questions.

• United States and Canada (toll-free): 1-800-319-4610;
• United Kingdom (toll-free): 0808-101-2791;
• International (toll): 1-416-915-3239.

The Q1 2021 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 toll-free) and 1-604-674-8052 (international toll), access code 6460.

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 the Middle East -- each a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

(1) Porgera was placed on temporary care and maintenance in April, 2020, and is not currently included in the company's full-year 2021 guidance. On April 9, 2021, the government of Papua New Guinea and Barrick Niugini Ltd. (BNL), the operator of the Porgera joint venture, signed a framework agreement in which they agreed on a partnership for Porgera's future ownership and operation. The company expects to update its guidance to include Porgera following both the execution of definitive agreements to implement the framework agreement and the finalization of a timeline for the resumption of full mine operations.

(2) Gold cost of sales per ounce is calculated as the cost of sales across the company's gold operations (excluding sites in care and maintenance) divided by ounces sold (both on an attributable basis based on Barrick's ownership share). Copper cost of sales per pound is calculated as the cost of sales across the company's copper operations divided by pounds sold (both on an attributable basis based on Barrick's ownership share).

(3) References to attributable basis mean the company's 100-per-cent share of Hemlo and Lumwana, its 89.7-per-cent share of Tongon, its 84-per-cent share of North Mara, Bulyanhulu and Buzwagi, its 80-per-cent share of Loulo-Gounkoto, its 61.5-per-cent share of Nevada Gold Mines, its 60-per-cent share of Pueblo Viejo, its 50-per-cent share of Veladero, Zaldivar and Jabal Sayid, and its 45-per-cent share of Kibali.

We seek Safe Harbor.