Mr. Mark Bristow reports

BARRICK'S EMBEDDED GROWTH PROJECTS TO DRIVE VALUE WITH 30% RISE IN PRODUCTION

With the potential embedded in its growth project portfolio, Barrick Gold Corp. plans to double its copper production by the end of the decade and continue to increase it to an estimated one billion pounds, or 450,000 tonnes, of copper per annum by 2031, says president and chief executive Mark Bristow.

All amounts are expressed in United States dollars.

Speaking to investors on an update call, Mr. Bristow said this substantial growth in copper production, combined with the output from Barrick's sector-leading gold portfolio, was expected to increase the group's attributable production by approximately 30 per cent to 6.8 million gold equivalent ounces by 2031.

"The value of these projects, and in particular of our substantial and growing copper business, is currently underestimated by the market. If it was properly appreciated, Barrick would be commanding a premium to our peers," he said.

Reko Diq in Pakistan is positioned to rank as one the world's top-10 copper mines when it reaches full production, and the prefeasibility study on the Lumwana super pit expansion is projected to deliver a potential of 240,000 tonnes of copper production per annum from a 50 million tonne (Mt) process plant expansion over a 36-year life of mine. The accelerated Lumwana work program is now targeting to complete a full feasibility study by the end of 2024, which brings forward the company's expected production from the super pit to 2028. The Reko Diq project also remains on schedule to deliver an updated feasibility study by the end of 2024. Together, the Reko Diq and Lumwana super pit feasibility studies will underpin potential reserve updates and the transition to construction.

"Within our gold growth portfolio, the wholly owned Fourmile project is a best-in-class development project located in the world's most prolific gold district adjacent to existing infrastructure, with ongoing drilling demonstrating significant potential to increase in grade and size. Accordingly, we are assessing options for independent exploration decline access in support of a prefeasibility study, which would later be reutilized for development and production complementing the current Goldrush development. The results of our preliminary economic assessment indicate that this could support a potential production profile of 300,000t to 400,000 ounces per annum, over and above the existing Cortez profile of 950,000 ounces to 1.2 million ounces per year (100-per-cent basis) over 10 years," says Simon Bottoms, mineral resource management and evaluation executive.

Mr. Bristow said Nevada gold mines, the world's largest gold mining complex, was expected to grow its annual production to 3.7 million ounces (100 per cent basis) toward the end of the decade, driven by its three Tier 1 assets, and near-mine exploration pointed to the extension of that horizon to 15 years and beyond.

In the Carlin district, the current 10-year production profile is expected to be between 1.4 Moz and 1.6 Moz per year (100 per cent basis), and the company has identified an exciting potential high-grade opportunity at Horsham on the northeast side of the known high-grade controlling structures in the Leeville complex that it will advance over the next few years, and is expected to extend this profile well past the 10-year window.

Similarly at Turquoise Ridge, the company expects to build on the already significant reserves and resources base with multimillion-ounce potential growth opportunities at Cricket corridor to the east, BBT corridor to the south and Getchell fault zone to the west. This will potentially further add to the existing 10-year production profile of 550,000 oz to 700,000 oz per year (100 per cent basis).

In Latin America, the Pueblo Viejo expansion project is transforming a Tier 1 mine headed for closure into a long-life, low-cost producer. While in Papua New Guinea, the company is working toward the restart of Porgera by the end of this year, and restarted drilling will target the resource definition of the Wangima pit, with similar geology to the existing underground and open pit, which has the potential to underpin an approximately 20-year mine life.

"The Africa and Middle East region, our most consistent production and reserve replacement performer, now also presents us with the exciting growth opportunities as we leverage our partnership model in Tanzania and Saudi Arabia," Mr. Bristow said.

See Appendix A for additional details on the growth studies under way for the Reko Diq project, Lumwana super pit expansion project, Fourmile project and the Porgera mine.

Appendix A

Appendix B -- outlook assumptions:

• Barrick's five-year indicative base case outlook is based on its current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. Barrick's outlook is based on its current reserves and resources as disclosed in its Q4 2022 report, and assumes that the company will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the group gold and copper segments, and where applicable for a specific region, the company's indicative outlook is subject to change and assumes the following:
  • New open-pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for prestripping prior to first ore production in 2027.
  • Production from the proposed Pueblo Viejo plant expansion and tailings facility project starting in 2023.
  • Tongon will enter care and maintenance by 2026.
  • Production attributable to Porgera is based on the assumption that the mine's current care and maintenance status will be temporary, and that the suspension of operations will not have a significant impact on Barrick's future production.
• Barrick's five-year indicative base case outlook excludes:
  • Production from Fourmile;
  • Production from Pierina and Golden Sunlight, which are currently in care and maintenance;
  • Production from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto or Alturas.
• Barrick's 10-year base case production profile is subject to change and is based on the same assumptions as the current five-year outlook detailed above, except that the next five years of the 10-year outlook assume attributable production from exploration and mineral resource management projects in execution at Nevada gold mines and Hemlo.
• Barrick's five-year and 10-year production profile in this presentation also assumes the restart of Porgera, as well as an indicative gold and copper production profile for Reko Diq, and an indicative copper production profile for the Lumwana super pit expansion, both of which are conceptual in nature.
• Barrick's 15-year production profile for Nevada gold mines is based on the same assumptions as the 10-year base case production profile detailed above.

Technical information

The scientific and technical information contained in this press 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; Richard Peattie, MPhil, FAusIMM, mineral resources manager, Africa and Middle East; Mr. Bottoms, CGeol, MGeol, FGS, FAusIMM, mineral resource management and evaluation executive; John Steele, CIM, metallurgy, engineering and capital projects executive; and Joel Holliday, FAusIMM, executive vice-president, exploration, each a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101.

Unless otherwise noted, such mineral reserve and mineral resource estimates are as of Dec. 31, 2022.

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