Mr. Mark Bristow reports

BARRICK'S FOURMILE PROJECT SHOWS FURTHER WORLD-CLASS POTENTIAL

Barrick Gold Corp. today updated its mineral resource estimate for its wholly owned Fourmile project in Nevada, resulting in a 192-per-cent increase in indicated resources (1.4 million ounces grading 11.76 grams per tonne (g/t)), a 137-per-cent increase in inferred resources (6.4 million ounces grading 14.1 g/t) and a 35-per-cent increase in grade relative to Barrick's 2023 year-end mineral resource estimate (1).

The increases reflect the addition of 25 new drill holes to the 2023 mineral resource estimate across the southernmost portion of the orebody, immediately adjacent to the Goldrush project at Cortez, which is part of the Nevada Gold Mines (NGM) joint venture.

Speaking today at Barrick's investor day in New York, president and chief executive Mark Bristow said that the Fourmile project was a truly world-class asset and could be compared with the original Goldstrike deposit, the foundational asset of Barrick, which is now part of NGM's Carlin.

"Our strategy of investing in organic growth through exploration and mineral resource management has set us apart from the industry. We believe in creating real value through discovery and development rather than relying on an increase in the gold price to justify high-premium mergers and acquisitions," he said.

"Since the formation of the NGM joint venture in 2019, we have added more than 19 million ounces of proven and probable mineral reserves to the life of mine plan on a 100-per-cent basis (2). This does not yet reflect the additional exploration upside that we see today, including Greater Leeville and Hanson in Cortez Underground," said Mr. Bristow.

Mineral resource management and evaluation executive Simon Bottoms added that the updated mineral resource estimate for Fourmile only covers approximately one-third of the overall orebody as defined by drilling to date.

"To illustrate the potential value that a truly world-class orebody like Fourmile has, we have completed a preliminary economic assessment using conservative mining rates and costs, all of which draw directly from the current Goldrush mine plan. The results highlight the potential for annual operating cash flows resulting from Fourmile to be more than 70 per cent higher than the already world-class Goldrush project (3). For the next stage of the project, we plan to start a three-year prefeasibility study in 2025, which will not only continue to define substantial resources and reserves across the entire orebody from surface drilling, while the northern Bullion Hill access is permitted and developed, but will also undertake pilot autoclave and roaster test work," Mr. Bottoms said.

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, John Steele, CIM, 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, except Fourmile, which is as of Nov. 22, 2024.

(1) Estimated in accordance with NI 43-101, Standards of Disclosure for Mineral Projects, as required by Canadian securities regulatory authorities.

(2) Proven and probable reserve gains at Nevada Gold Mines calculated from cumulative net change in reserves from year-end 2019 to 2023, as shown in an attached table (100-per-cent basis).

(3)

Fourmile financial metrics and production metrics are based upon Barrick's internal preliminary economic assessment, which is conceptual in nature, because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment for Fourmile is based upon $1,900 per oz minable stope optimizer. The assumptions outlined within the preliminary economic assessment have formed the basis for the continuing study and are made by a qualified person. Fourmile is currently 100 per cent owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.

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