Ms. Kathy du Plessis reports

BARRICK SET FOR STRONG FINISH TO THE YEAR

Barrick Gold Corp. has released preliminary Q3 sales of 1.03 million ounces (Moz) of gold and 101 million pounds (Mlb) of copper, as well as preliminary Q3 production of 1.04 million ounces of gold and 112 million pounds of copper. Q3 production was higher than Q2, although lower than previous plans for the quarter, especially at Pueblo Viejo where equipment design deficiencies contributed to the delayed ramp-up of the expansion project. The company continues to expect a significant increase in fourth-quarter production volume.

All amounts are expressed in United States dollars.

The average market price for gold in Q3 was $1,928 per ounce while the average market price for copper in Q3 was $3.79 per pound.

Preliminary Q3 gold production was higher than Q2 primarily as a result of higher production at Cortez, driven by higher oxide production from the Crossroads open pit and Cortez Hills underground. In addition, production was higher at Turquoise Ridge due to planned autoclave maintenance in the previous quarter and at Kibali driven by improved grades. This was offset by lower production at Carlin due to lower grades resulting from an increase in stockpiled ore processed. Compared with Q2, Q3 gold cost of sales per ounce is expected to be 2 per cent to 4 per cent lower, total cash costs per ounce are expected to be 4 per cent to 6 per cent lower and all-in sustaining costs per ounce are expected to be up to 6 per cent to 8 per cent lower.

Preliminary Q3 copper production was higher than Q2, driven primarily by Lumwana. Compared with Q2, Q3 copper cost of sales per pound is expected to be 5 per cent to 7 per cent lower, C1 cash costs per pound are expected to be 9 per cent to 11 per cent lower, while all-in sustaining costs per pound are expected to be 2 per cent to 4 per cent higher, primarily due to an increase in capitalized stripping at Lumwana.

Barrick will provide additional discussion and analysis regarding its third quarter 2023 production and sales when the company reports its quarterly results before North American markets open on Nov. 2, 2023.

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

Third quarter 2023 results

Barrick will release its Q3 2023 results before market open on Nov. 2, 2023. Mark Bristow, president and chief executive officer will host a live presentation of the results that day in London at 11 ET/15 GMT, 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 Q3 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 (U.S. and Canada, toll-free) and 1-604-674-8052 (international, toll), access code: 0392.

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.

We seek Safe Harbor.