Mr. Mark Bristow reports

BARRICK REPORTS Q3 PRELIMINARY PRODUCTION RESULTS WITH CONTINUED IMPROVEMENT AT PUEBLO VIEJO

Barrick Gold Corp. had preliminary Q3 production of 943,000 ounces of gold and 48,000 tonnes of copper as well as preliminary Q3 sales of 967,000 ounces of gold and 42,000 tonnes of copper. The company continues to expect a materially stronger Q4 to deliver 2024 production within the range of its full-year gold and copper guidance. All amounts are expressed in U.S. dollars.

The average market price for gold in Q3 was $2,474 per ounce while the average market price for copper in Q3 was $4.18 per pound.

Preliminary Q3 gold production was in line with Q2. Pueblo Viejo delivered a 23-per-cent sequential improvement on continued plant optimization whilst North Mara had a stronger quarter driven by higher grades. At Carlin, the Gold Quarry roaster expansion, completed during a Q3 shutdown, is expected to underpin higher throughput and recoveries in Q4. Turquoise Ridge improved versus Q2, with a stronger underground mining performance more than offsetting a planned shutdown of the Sage autoclave in Q3. At Kibali, underground development during Q3 opened up access to more high-grade underground headings, which are expected to be further supplemented by higher open-pit grades and volumes to drive a stronger performance in Q4. Compared with Q2, Q3 gold cost of sales per ounce is expected to be 1 per cent to 3 per cent higher, total cash costs per ounce is expected to be 3 per cent to 5 per cent higher and all-in sustaining costs per ounce are expected to be 0 per cent to 2 per cent higher, in part reflecting higher royalties from the higher gold price received.

As expected, preliminary Q3 copper production was higher than Q2, driven primarily by higher grades and recoveries at Lumwana following improved ore access driven by the ramp-up in stripping activities in Q2, with further improvements expected in Q4. Compared with Q2, Q3 copper cost of sales per pound is expected to be 5 per cent to 7 per cent higher and C1 cash costs per pound are expected to be 13 per cent to 15 per cent higher, while all-in sustaining costs per pound are expected to be 2 per cent to 4 per cent lower, primarily due to a decrease in capitalized waste stripping at Lumwana.

Barrick will provide additional discussion and analysis regarding its third quarter 2024 production and sales when the company reports its quarterly results before North American markets open on Nov. 7, 2024.

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

Third quarter 2024 results

Barrick will release its Q3 2024 results before market open on Nov. 7, 2024. President and chief executive officer Mark Bristow will host a live presentation of the results that day in London, United Kingdom, at 11 a.m. EST/4 p.m. UTC, 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 Q3 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) (replay access code: 8607451).

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 American and Asia-Pacific regions); 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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