Mr. Mark Bristow reports

BARRICK ON TRACK TO ACHIEVE 2024 TARGETS

Barrick Gold Corp. has preliminary Q1 production of 940,000 ounces of gold and 40,000 tonnes of copper, as well as preliminary Q1 sales of 910,000 ounces of gold and 39,000 tonnes of copper. As previously guided, Barrick's gold and copper production in 2024 is expected to progressively increase each quarter through the year, with the Pueblo Viejo plant expansion ramping up from Q2 and the Porgera mine restart continuing in line with plans. Barrick remains on target to achieve its full-year gold and copper guidance.

All amounts are expressed in United States dollars.

The average market price for gold in Q1 was $2,070 per ounce while the average market price for copper in Q1 was $3.83 per pound.

As planned, preliminary Q1 gold production was lower than Q4 2023, mainly as a result of planned maintenance at Nevada Gold Mines and mine sequencing at various sites. In line with the company's plans, as a result of the lower production, Q1 gold cost of sales per ounce is expected to be 4 per cent to 6 per cent higher, total cash costs per ounce are expected to be 6 per cent to 8 per cent higher and all-in sustaining costs per ounce are expected to be 7 per cent to 9 per cent higher compared with Q4 2023. Costs are expected to drop in the successive quarters of the year as production ramps up.

Preliminary Q1 copper production was lower than Q4 2023, driven primarily by lower grades mined at Lumwana in accordance with the mine plan. Compared with Q4 2023, driven by the lower production and in line with plans, Q1 copper cost of sales per pound is expected to be 9 per cent to 11 per cent higher, C1 cash costs per pound are expected to be 10 per cent to 12 per cent higher, while all-in sustaining costs per pound are expected to be 14 per cent to 16 per cent higher. Costs are expected to drop in the successive quarters of the year as production ramps up.

Barrick will provide additional discussion and analysis regarding its first quarter 2024 production and sales when the company reports its quarterly results before North American markets open on May 1, 2024.

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

First quarter 2024 results

Barrick will release its Q1 2024 results before market open on May 1, 2024. Mark Bristow, president and chief executive officer, will host a live presentation of the results that day at 11 a.m. Eastern Time, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

United States and Canada (toll-free): 1-844-763-8274  1-844-763-8274

United Kingdom (toll):  44-20-3795-9972

International (toll):  1-647-484-8814

The Q1 2024 presentation materials will be available on Barrick's website at the company'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 0799 followed by the pound key.

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; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, mineral resource management and evaluation executive (in this capacity, Mr. Bottoms is responsible on an interim basis for scientific and technical information relating to the Latin America and Asia Pacific region); and Richard Peattie, MPhil, FAusIMM, mineral resources manager: Africa and Middle East -- each is a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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