Mr. Mark Bristow reports

STRONGER Q2 PUTS BARRICK ON TRACK TO ACHIEVE 2023 TARGETS

Barrick Gold Corp. had preliminary Q2 sales of 1.00 million ounces of gold and 101 million pounds of copper as well as preliminary Q2 production of 1.01 million ounces of gold and 107 million pounds of copper. As previously guided, Barrick's gold and copper production in 2023 is expected to increase through the year, with the second half being higher than the first six months of 2023. The company remains on track to achieve full-year gold and copper guidance. All dollar amounts are expressed in U.S. dollars.

The average market price for gold in Q2 was $1,976 per ounce while the average market price for copper in Q2 was $3.84 per pound. The company's second quarter realized copper price is expected to be 3 per cent to 5 per cent below the average second quarter market price for copper, primarily as a result of provisional pricing adjustments that reflect the decrease in the copper price over the course of Q2.

Preliminary Q2 gold production was higher than Q1, primarily as a result of higher production at Carlin, driven by a return to normal throughput levels following significant maintenance undertaken in the first four months of the year as well as higher grades at both Kibali and Veladero. This was offset by lower production at Cortez due to mine sequencing; Turquoise Ridge due to planned autoclave maintenance; and Pueblo Viejo, where tie-in work and commissioning of the plant expansion project impacted production. Compared with Q1, Q2 gold cost of sales per ounce is expected to be 3 per cent to 5 per cent lower, total cash costs per ounce are expected to be 1 per cent to 3 per cent lower, and all-in sustaining costs per ounce are expected to be up to 2 per cent lower.

Preliminary Q2 copper production was higher than Q1, driven primarily by Lumwana. Compared with Q1, Q2 copper cost of sales per pound is expected to be 11 per cent to 13 per cent lower, C1 cash costs per pound are expected to be 15 per cent to 17 per cent lower, and all-in sustaining costs per pound are expected to be 7 per cent to 9 per cent lower. Barrick will provide additional discussion and analysis regarding its second quarter 2023 production and sales when the company reports its quarterly results before North American markets open on Aug. 8, 2023.

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

Second quarter 2023 results

Barrick will release its Q2 2023 results before market open on Aug. 8, 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 Q2 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 0205).

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