Mr. Mark Bristow reports

BARRICK REPORTS HIGHER Q4 GOLD PRODUCTION

Barrick Gold Corp. has released preliminary full-year and fourth quarter 2023 production results. On the back of higher Q4 production, preliminary gold production for the full year of 4.05 million ounces was consistent with the company's forecast as guided in Barrick's third quarter release. Preliminary copper production of 420 million pounds for 2023 was within the guidance range of 420 million to 470 million pounds. All amounts are expressed in U.S. dollars.

The preliminary Q4 results show sales of 1.04 million ounces of gold and 117 million pounds of copper as well as preliminary Q4 production of 1.05 million ounces of gold and 113 million pounds of copper. The average market price for gold in Q4 was $1,971 per ounce and the average market price for copper in Q4 was $3.70 per pound.

Preliminary Q4 gold production was an improvement on Q3 and was the highest quarter for the year, with stronger performances from Cortez, Phoenix and Pueblo Viejo. This was partially offset by lower production at Loulo-Gounkoto, as planned, which still finished the year at the top end of the guidance range. Compared with Q3, Q4 gold cost of sales per ounce is expected to be 6 per cent to 8 per cent higher, total cash costs per ounce are expected to be 7 per cent to 9 per cent higher, and all-in sustaining costs per ounce are expected to be 8 per cent to 10 per cent higher than the prior quarter.

Preliminary Q4 copper production was in line with Q3, with consistent production across all three sites. Compared with Q3, Q4 copper cost of sales per pound is expected to be 8 per cent to 10 per cent higher, C1 cash costs per pound are expected to be 5 per cent to 7 per cent higher, and all-in sustaining costs per pound are expected to be 2 per cent to 4 per cent lower, principally on the back of lower capitalized waste stripping at Lumwana.

Barrick will provide additional discussion and analysis regarding its full-year and Q4 2023 production and sales when the company reports its quarterly and full-year results before North American markets open on Feb. 14, 2024.

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

Fourth quarter and full-year 2023 results

Barrick will release its Q4 and full-year 2023 results before market open on Feb. 14, 2024. President and chief executive officer Mark Bristow will host a live presentation of the results that day at 11 a.m. EST with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Dial-in information

United States and Canada (toll-free):   1-800-319-4610

United Kingdom (toll-free):  0808-101-2791

International (toll):  1-416-915-3239

The Q4 and full-year 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: 0603).

Technical information

The scientific and technical information contained in this news release has been reviewed and approved by Craig Fiddes, SME-RM, manager, 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.