Mr. Mark Bristow reports

BARRICK TO GROW PRODUCTION AND VALUE ON GLOBAL ASSET FOUNDATION

"Barrick's peerless gold and rapidly growing copper portfolios now extend across all the major gold and copper districts worldwide, providing the company with a solid base from which to grow its production and value, directed by a proven strategy and supported by a broad spectrum of skills," says Barrick Gold Corp. president and chief executive Mark Bristow in the 2023 annual report published today. All amounts are expressed in U.S. dollars.

"Discovery and development are the true drivers of value and our strong focus on exploration is evident in our widespread hunt for new discoveries with Tier 1 potential as well as reserve replenishment opportunities," he says.

He notes that Barrick has a unique record of more than replacing depleted reserves. Last year, it increased its gold reserves to 77 million ounces and replaced 112 per cent of its annual gold equivalent production. Since 2019, it has organically added 29 million ounces of attributable reserves which, on a 100-per-cent basis, represents 44 million ounces of reserve addition across all Barrick-managed mines.

"Our proven ability to replace the ounces of gold and pounds of copper we mine, and the organic growth opportunities embedded in our business, give us the confidence to believe that we can deliver on and continue to extend our 10-year gold and copper production forecast without dilutionary acquisitions. As a result of this, we also continue to forecast an increase of more than 30 per cent in gold equivalent production by the end of this decade."

Year-on-year operating cash flow increased by 7 per cent, free cash flow grew by 50 per cent and adjusted net earnings rose by 12 per cent. The performance of Barrick's business and the continued strength of its balance sheet allowed the company to maintain a robust dividend for its shareholders in 2023.

"Barrick's commitment to real sustainability has long been the bedrock of the business and integrates all aspects of environmental and community responsibilities. This strategy is based on sharing the benefits of our operations with all our stakeholders and is fundamental to our social licence to operate," Mr. Bristow said.

Also in the annual report, chairman John Thornton says the foundational creed of the 2019 merger with Randgold was that the best assets run by the best people would deliver the best returns.

"Barrick's focus on Tier 1 assets and the results they are producing show unquestionably that its management ranks in the forefront of the industry's leadership. Through continuing investment in human capital, Barrick is recruiting and developing its next generation of high achievers," he says.

Barrick's 2023 annual report, annual information form and Form 40-F are now available on SEDAR+ and EDGAR, respectively. An updated National Instrument 43-101 technical report for the Turquoise Ridge complex, current as of Dec. 31, 2023, is also available on SEDAR+ and EDGAR.

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; Richard Peattie, MPhil, FAusIMM, mineral resources manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, mineral resource management and evaluation executive (in this capacity, Mr. Bottoms is also responsible on an interim basis for scientific and technical information relating to the Latin America and Asia Pacific region); John Steele, Canadian Institute of Mining, Metallurgy and Petroleum, 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 -- Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of Dec. 31, 2023.

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