Mr. Mark Bristow reports

BARRICK ON TRACK TO ACHIEVE 2023 TARGETS

Barrick Gold Corp. had preliminary Q1 sales of 950,000 ounces of gold and 89 million pounds of copper as well as preliminary Q1 production of 950,000 ounces of gold and 88 million pounds of copper. As previously guided, Barrick's gold production in 2023 is expected to increase through the year, with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year. Barrick remains on track to achieve its full-year gold and copper guidance. All amounts are expressed in U.S. dollars.

The average market price for gold in Q1 was $1,890 per ounce while the average market price for copper in Q1 was $4.05 per pound.

As previously guided, preliminary Q1 gold production was lower than Q4 2022, primarily as a result of lower production at Carlin, mainly due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations. This was combined with lower grades at Kibali due to mine sequencing. Compared with Q4 2022, Q1 gold cost of sales per ounce is expected to be 3 per cent to 5 per cent higher, total cash costs per ounce are expected to be 13 per cent to 15 per cent higher and all-in sustaining costs per ounce are expected to be 9 per cent to 11 per cent higher. The higher total cash costs per ounce reflect the lower ounces produced and sold relative to the prior quarter, while the increase in all-in sustaining costs per ounce was also driven by lower sales volumes, partially offset by lower sustaining capital expenditures.

Preliminary Q1 copper production was lower than Q4 2022, driven by lower production at Lumwana and Zaldivar, as expected. Compared with Q4 2022, Q1 copper cost of sales per pound is expected to be up to 2 per cent higher and C1 cash costs per pound are expected to be 19 per cent to 21 per cent higher, mainly due to lower mining rates as the new fleet at Lumwana continues to ramp up, as well as higher labour costs at Zaldivar. All-in sustaining costs per pound are expected to be 14 per cent to 16 per cent lower as lower sustaining capital expenditures more than offset the increase in C1 cash costs per pound.

Barrick will provide additional discussion and analysis regarding its first quarter 2023 production and sales when the company reports its quarterly results before North American markets open on May 3, 2023.

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

First quarter 2023 results

Barrick will release its Q1 2023 results before market open on May 3, 2023. President and chief executive officer Mark Bristow will host a live presentation of the results that day at 11 a.m. EDT/3 p.m. UTC, with an interactive webinar linked to a 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 2023 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 (United States and Canada toll-free) and 1-604-674-8052 (international toll) (access code: 9942).

Technical information

The scientific and technical information contained in this news release has been reviewed and approved by Craig Fiddes, SME-RM, lead, resource modelling, Nevada Gold Mines; Chad Yuhasz, PGeo, mineral resource manager, Latin America and Asia Pacific; and Richard Peattie, MPhil, FAusIMM, mineral resources manager, Africa and Middle East -- each a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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