Mr. Mark Bristow reports

HIGHER Q2 PRODUCTION PUTS BARRICK ON TRACK TO DELIVER 2024 TARGETS

Barrick Gold Corp. had preliminary Q2 production of 948,000 ounces of gold and 43,000 tonnes of copper as well as preliminary Q2 sales of 956,000 ounces of gold and 42,000 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 a higher weighting in the second half. The company remains on track to achieve its full-year gold and copper guidance. All amounts are expressed in U.S. dollars.

The average market price for gold in Q2 was $2,338 per ounce while the average market price for copper in Q2 was $4.42 per pound.

Preliminary Q2 gold production was higher than Q1 as a result of increased production at Turquoise Ridge, following the completed maintenance at the Sage autoclave in Q1, continued successful ramp-up at Porgera and significant increases at Tongon, North Mara and Kibali. These increases were partially offset by planned lower production at Cortez and Phoenix. Pueblo Viejo production was flat sequentially as throughput is ramped up with a shift to recovery rate optimization in H2 2024. Compared with Q1, Q2 gold cost of sales per ounce and total cash costs per ounce are both expected to be 0 per cent to 2 per cent higher. Absent the increase in the gold price in Q2, and consequential increase in royalties, total cash costs per ounce would have been lower compared with Q1. All-in sustaining costs per ounce are expected to be 1 per cent to 3 per cent higher. Costs are expected to drop in the second half of the year as production ramps up.

Preliminary Q2 copper production was higher than Q1, driven primarily by higher grades and recoveries at Lumwana following the ramp-up in stripping activities in Q1 as well as the planned shutdown in Q1. Compared with Q1 2024, Q2 copper cost of sales per pound is expected to be 4 per cent to 6 per cent lower, C1 cash costs per pound are expected to be 8 per cent to 10 per cent lower, while all-in sustaining costs per pound are expected to be 1 per cent to 3 per cent higher primarily due to increased waste stripping at Lumwana. Costs are expected to drop in the second half of the year as production ramps up.

Barrick will provide additional discussion and analysis regarding its second quarter 2024 production and sales when the company reports its quarterly results before North American markets open on Aug. 12, 2024.

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

Second quarter 2024 results

Barrick will release its Q2 2024 results before market open on Aug. 12, 2024. President and chief executive officer Mark Bristow will host a live presentation of the results that day at 11 a.m. EDT, 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

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

International (toll):  1-647-484-8814

The Q2 2024 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 1-412-317-0088 (international toll), access code 0796 followed by the number sign.

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 a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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