Sustainability Focus Drives Barrick’s Performance

Barrick Gold Corporation

Second Quarter 2022 Results
All amounts expressed in US dollars

TORONTO, Aug. 08, 2022 (GLOBE NEWSWIRE) -- A stronger Q2 performance across the portfolio has kept Barrick on course to achieve its annual gold and copper production guidance while continuing to progress its key growth projects.

Gold production for the quarter was higher than Q1 at 1.04 million ounces — driven mainly by Carlin and Turquoise Ridge in Nevada, Veladero in Argentina, and Bulyanhulu and North Mara in Tanzania — and is expected to grow further in the second half of the year. Copper production came to 120 million pounds.

Operating cash flow was $924 million and free cash flow¹ was $169 million for the quarter. Net earnings per share were $0.27 and adjusted net earnings per share² were $0.24. A dividend of $0.20 per share was declared for the quarter on the back of the strong operating performance and net cash of $636 million.³ During the quarter, Barrick repurchased $182 million in shares under the $1 billion share buy-back scheme introduced earlier this year. It also repatriated the balance of Kibali’s surplus cash from the Democratic Republic of Congo.

In the Dominican Republic, the Pueblo Viejo expansion project advanced with the commencement of the public consultation process and the selection of a preferred site for the new tailings storage facility, subject to the completion of an environmental and social impact assessment. The massive project has the potential to extend the mine’s life to 2040 and beyond with an estimated minimum average annual production of 800,000 ounces.¹²

In Nevada, the public review period of the Goldrush project has started with the record of decision expected in the first half of 2023, when the production timetable will be confirmed. The definitive agreements underlying the framework agreement between Barrick and the governments of Pakistan and Balochistan on the Reko Diq project are being finalized. Once this process has been completed and the necessary legalization steps have been taken, Barrick will update its feasibility study on what is one of world’s largest undeveloped copper-gold deposits, with first production expected in 2027/2028.

Barrick is continuing to expand its global exploration footprint with a strengthened team. In North America the search has extended from Nevada to active projects in Canada. The intensified exploration drive in Latin America led to an entry into the Guiana Shield, and in Africa & the Middle East, new projects have been initiated in Zambia, Tanzania and Egypt. A new Asia Pacific team is making progress at Reko Diq, as well as Japan, while also looking for fresh opportunities elsewhere in this region.

Reviewing the quarter, president and chief executive Mark Bristow said the critical scrutiny of ESG and sustainability disclosures was intensifying in a climate of skepticism about so-called greenwashing. Against this background, Barrick’s annual Sustainability Scorecard, an industry first, continues to report the group’s performance transparently and objectively against a wide range of standard metrics.

“We’ve taken the leadership in integrating the various aspects of ESG and managing these complex issues in a measured and holistic manner,” he said.

“There are challenging times ahead, but Barrick faces them with strong and agile leadership, a robust balance sheet, solid Life of Mine plans, a reliable cash flow and a strategy focused on sustainability and value creation.”

KEY PERFORMANCE INDICATORS

Financial and Operating Highlights

Financial Results	Q2 2022	Q1 2022	Q2 2021
Realized gold price4,5  ($ per ounce)	1,861	1,876	1,820
Net earnings ($ millions)	488	438	411
Adjusted net earnings2  ($ millions)	419	463	513
Net cash provided by operating activities ($ millions)	924	1,004	639
Free cash flow1  ($ millions)	169	393	(19	)
Net earnings per share ($)	0.27	0.25	0.23
Adjusted net earnings per share2 ($)	0.24	0.26	0.29
Attributable capital expenditures6,7 ($ millions)	587	478	518
Operating Results	Q2 2022	Q1 2022	Q2 2021
Gold
Production5  (000s of ounces)	1,043	990	1,041
Cost of sales (Barrick's share)5,8  ($ per ounce)	1,216	1,190	1,107
Total cash costs5,9  ($ per ounce)	855	832	729
All-in sustaining costs5,9  ($ per ounce)	1,212	1,164	1,087
Copper
Production5  (millions of pounds)	120	101	96
Cost of sales (Barrick's share)5,8  ($ per pound)	2.11	2.21	2.43
C1 cash costs5,10  ($ per pound)	1.70	1.81	1.83
All-in sustaining costs5,10  ($ per pound)	2.87	2.85	2.74

Best Assets

• Stronger Q2 performance across the portfolio keeps Barrick on track to achieve 2022 production targets

• Goldrush Notice of Availability published in Federal Register starting the public comment period

• Significant progress made with the Pueblo Viejo expansion project and additional tailings storage facility

• Copper portfolio delivers with growing prospectivity

• Continued focus on brownfields and greenfields exploration, driven by energized new leadership, delivers results
  

Leader in Sustainability

• Launched sustainability-linked credit facility

• Progress made with newly developed Scope 3 emissions reduction roadmap

• North Mara received award for the best community health outreach program in Tanzania

• Public hearings completed for Pueblo Viejo’s new tailings storage facility

• Year-on-year improvement in water reuse and recycling

• Seamless leadership succession underpins Barrick’s management bench strength

Delivering Value

• Operating cash flow of $924 million and free cash flow¹ of $169 million for the quarter

• Net earnings per share of $0.27 and adjusted net earnings per share² of $0.24 for the quarter

• Remaining surplus cash balance repatriated from Kibali

• Net cash of $636 million³ supports a $0.20 per share dividend for Q2 2022

• ~$182 million of shares repurchased under our $1 billion buy-back program¹¹

Q2 2022 Results Presentation
Webinar and Conference Call

President and CEO Mark Bristow will host a virtual presentation on the results today at 11:00 EDT, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Go to the webinar

US and Canada (toll-free), 1 800 319 4610

UK (toll-free), 0808 101 2791

International (toll), +1 416 915 3239

The Q2 2022 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

QUARTERLY DIVIDEND OF $0.20 PER SHARE MAINTAINED

Barrick today announced the declaration of a dividend of $0.20 per share in respect of performance for the second quarter of 2022.

The dividend, which is unchanged from Q1, is consistent with the Company’s Performance Dividend Policy announced at the start of the year.

The Q2 2022 dividend will be paid on September 15, 2022 to shareholders of record at the close of business on August 31, 2022.¹³

“On the back of our strong operating performance, we are once again able to provide a leading dividend yield to our shareholders, whilst still maintaining a strong balance sheet,” says senior executive vice-president and chief financial officer Graham Shuttleworth. “We believe this continues to show the benefit of the dividend policy that we announced in February 2022, including the guidance it provides to our shareholders on future dividend streams.”

NGM BUILDING NEW GROWTH OPPORTUNITIES

Three years after establishing the joint venture that created the world’s largest gold mining complex, Nevada Gold Mines (“NGM”) is stepping out on its next phase by identifying new opportunities for discoveries and additions.

In one of the largest and most complex mergers in the history of the industry, assets, operations, systems, people and cultures were combined successfully to build a business that will unlock the full potential of the region and create value for all stakeholders, deliver real jobs and be a key partner to Nevada. Its workforce of more than 7,000 already makes it one of the state’s largest employers.

In its short life, NGM has produced 10 million ounces of gold¹⁵ and generated significant free cash. Greatly improved knowledge of the orebodies support robust 10-year plans and increased the pre-merger life of mine substantially. At the existing operations, brownfields exploration is replacing reserves depleted by mining and identifying new targets while the greenfields team is hunting further afield for a new Tier One¹⁴ discovery in North America to further augment the existing NGM portfolio.

NGM’s journey to its next growth phase is being guided by a strengthened management team, led by Christine Keener, who joined Barrick earlier this year as chief operating officer of its North America region. Peter Richardson has been appointed incoming executive managing director of NGM, replacing Greg Walker who retires at the end of the year.

A new North America organizational structure, incorporating NGM, has been designed to integrate and strengthen mineral resource management, operational and project leadership to drive continued performance improvements and support regional growth.

NGM continues to invest in people, both current and future employees, through education partnerships and training programs. It supports the College of Southern Nevada and the Clark County School District, where high school students can get certificates in industrial maintenance or diesel technology, and has renewed its partnership with Discovery Education® for the Nevada Department of Education’s outreach program. It is also working with the University of Nevada and the Great Basin College in Elko to develop mining-centered programs. Internally, NGM has established training mines and facilities for underground and surface mining, and process operations.

During the first half of the year, NGM posted and improved operational performance at all of its sites apart from Cortez, which is transitioning from Pipeline to Cortez Pits and the next phase of Crossroads. Going forward, the Goldrush project will drive further improvements at Cortez.

BARRICK EXTENDS GLOBAL EXPLORATION REACH

Barrick continues to expand its global exploration footprint as a renewed and re-energized team hunts down opportunities across an expanding global footprint.

In North America, the search has expanded from Nevada to active projects in Canada. The intensified exploration drive in Latin America led to an entry into the Guiana Shield, and in Africa & the Middle East, new projects have been initiated in Zambia, Tanzania and Egypt. A new Asia Pacific team is making progress towards the reconstitution and restart of Reko Diq in Pakistan, as well as Japan, while also looking for other fresh opportunities.

President and chief executive Mark Bristow said in pursuit of Barrick’s global growth strategy, significant changes have been made in the senior management of the exploration team, led by Joel Holliday.

Three of the four regional exploration teams – Latin America, Africa & Middle East and Asia Pacific – are now being managed by new vice-presidents, two of whom were internal appointments. In Canada, the recently created positions of exploration manager and new opportunities manager were filled and a dedicated growth manager for the Latin America and Asia Pacific regions has been appointed.

“Our geological teams now have strength in depth and we’re building a pipeline of high-potential managers and technical specialists. The highly experienced new appointees are already driving significant change and this renewed energy and focus is already delivering robust results,” Bristow said.

The exploration strategy is designed to:

• deliver short to medium term projects that will support improvements in mine plans;

• make new discoveries for Barrick’s Tier One gold and copper portfolio;

• optimize the value of major undeveloped projects; and

• identify and secure emerging opportunities early in their value curve.

PUEBLO VIEJO EXPANSION PROJECT CONTINUES TO ADVANCE

Pueblo Viejo’s conversion into a long-life mine is progressing after discussions with the Dominican Republic’s government identified a site for the new tailings storage facility and the terms of reference for the environmental and social impact assessment were published.

The mine was heading for closure because its vast resources could not be converted to reserves due to limitations on its current tailings storage facility. The massive integrated expansion has the potential to extend the mine's life to 2040 and beyond with an estimated minimum average annual production of 800,000 ounces.¹²

This means that Pueblo Viejo, long the country’s largest corporate taxpayer, will be able to continue delivering value to its Dominican stakeholders for generations to come. In line with Barrick’s partnership philosophy, it is engaging with the local communities and authorities to keep them informed about the project.

In spite of a contractor workforce of 3,500 being added to the mine’s 2,700 permanent employees, Pueblo Viejo is maintaining an exemplary safety record. At the end of this year’s second quarter, the project had been injury free for 5 million hours or 10 months.

BARRICK BUILDS ON TRANSFORMED TANZANIAN ASSETS

Barrick has been recognized as the largest contributor to Tanzanian government revenue in 2021, confirming its position as a key partner in the socio-economic development of the country.

Since the company took control of North Mara and Bulyanhulu in September 2019, its total in-country investment has totaled $1.995 billion.¹⁵ In the first half of this year, it has paid $158 million in taxes, royalties and levies, $42 million in distributions to the Government of Tanzania in the form of dividends and shareholder loans as well as $210 million to local suppliers. It has also now paid $140 million of its $300 million settlement with the government.

Barrick has committed $6 for every ounce of gold sold by the two mines to improving healthcare, education, infrastructure and access to potable water in their communities. A further $70 million has been allocated to investment in value-adding national projects, including mining related training and scientific facilities at Tanzanian universities.

“When we took over these mines they were a moribund burden on the government and their investors. In a very short time, we redesigned and re-engineered them, creating what are in effect two new mines. They are well placed to deliver their annual production guidance and have the potential to achieve a combined Tier One status in Barrick’s portfolio, meaning that they are capable of producing at least 500,000 ounces of gold annually for more than 10 years at the lower end of the cost spectrum as a combined complex,” president and chief executive Mark Bristow says.

“We are continuing to replace resources depleted by mining and we are targeting new opportunities as well, increasing our footprint around Bulyanhulu through the acquisition of six highly prospective licences. We’re also updating the geological models in the North Mara region and identifying potential targets elsewhere in Tanzania.”

Bulyanhulu now has a life of more than 20 years and continues to deliver a significant growth in reserves over and above depletion. Development of its new Deep West extension is scheduled to start this quarter. North Mara’s open pit has been successfully ramped up and the new Gena pushback is planned for the second half of the year. An investment of $65 million in water treatment and management has reduced the volume in North Mara’s tailings dam from 7 million m³ to less than 800,000 m³, returning it to its designed and legislated capacity.

In July, Bristow met with the elected Chairmen of the 11 villages around North Mara, as well as elders, officials, the District Commissioner and the local Member of Parliament, following a similar meeting in March. The Chairmen made constructive suggestions on solidifying the relationship and reaffirmed their satisfaction with Barrick’s sustainability and partnership policies and practices.

During the past quarter, Bulyanhulu was named the overall winner of the Tanzanian OSHA (Occupational Safety and Health Authority) award for 2022 while North Mara received the award for the best community health outreach program. An investment in a landmark potable water project, scheduled for completion in October, will benefit more than 30,000 people in four villages around North Mara.

In line with Barrick’s policy of local employment, Tanzanian nationals now account for 96% of the two mines’ workforces and 64% of their senior management are Tanzanians. The mines are also driving the increased employment of women in a traditionally male-dominated industry through targeted recruitment and development programs.

AFTER 25 YEARS OF DELIVERING VALUE TO MALI BARRICK CONTINUES TO INVEST IN THE FUTURE

Barrick continues to invest in creating value for all stakeholders and in supporting the communities that host its mines, through among other things, the commissioning of the Gounkoto underground mine and the Gara West open pit, the continuing replacement of reserves, the extension of the solar power plant and the further strengthening of local partnerships as instances of the company’s long-term commitment to the country.

“In the first half of the year we’ve contributed $337 million to the Malian economy in the form of taxes, royalties, dividends, salaries and payments to local suppliers, taking the lifetime contribution of Barrick, previously Randgold, to $8.5 billion. We’re particularly proud of the fact the Gara West pit is being mined for us by two Malian contractors we have mentored,” says Barrick president and chief executive Mark Bristow.

At the halfway mark of the year, the complex is on track to meet its production guidance for 2022, replace annual reserve depletion to further extend its mine life, and maintain its exemplary safety record, with no lost time injuries or major environmental events during the past quarter.

It continues to invest in sustainable economic community projects, establishing a motel, a farm for Kenieba women and three water supply systems during the quarter. The Loulo agricultural college, designed as the foundation of a sustainable regional agribusiness, has already trained 21 women and 143 men and created 30 farms.

Since the opening of the mine, Loulo-Gounkoto has built 20 schools in its neighboring villages, taking student enrollment from 500 to more than 5,000. Seventy-eight of them are currently benefiting from the complex’s bursary program and Loulo-Gounkoto is also supporting teachers’ salaries.

“First as Randgold and now as Barrick, we’ve been operating in Mali for 25 years and we plan to be here for at least as long again. The strong and mutually rewarding partnerships we have forged with the government, local business partners and our host communities are the key to our success and an example to Africa’s other mining countries,” Bristow says.

REKO DIQ ALLIANCE BETWEEN PAKISTAN AND BARRICK SET TO CREATE LONG-TERM VALUE

Pakistan’s finance minister Miftah Ismail and Barrick president and chief executive Mark Bristow said after their meeting in Islamabad that they shared a clear vision of the national strategic importance of the Reko Diq copper-gold project and were committed to developing it as a world-class mine that would create value for the country and its people through multiple generations.

Reko Diq is one of the world’s largest undeveloped copper-gold deposits. An agreement in principle reached between the government of Pakistan, the provincial government of Balochistan and Barrick earlier this year provides for the reconstitution and restart of the project, which has been on hold since 2011. It will be operated by Barrick and owned 50% by Barrick, 25% by the Balochistan Provincial Government and 25% by Pakistani state-owned enterprises.

The definitive agreements underlying the framework agreement between Barrick and the governments of Pakistan and Balochistan are being finalized. Once this has been completed and the necessary legalization steps have been taken, Barrick will update the original feasibility study, a process expected to take two years. Construction of the first phase will follow that, with first production of copper and gold expected in 2027/2028.

“During the negotiations the federal government and Barrick confirmed that Balochistan and its people should receive their fair share of the benefits as part of the Pakistan ownership group,” Bristow said.

“At Barrick, we know that our long-term success depends on sharing the benefits we create equitably with our host governments and communities. At Reko Diq, Balochistan’s shareholding will be fully funded by the project and the Federal Government, allowing the province to reap the dividends, royalties and other benefits of its 25% ownership without having to contribute financially to the project’s construction or operation. It’s equally important that Balochistan and its people should see these benefits from day one. Even before construction starts, when the legalization process has been completed we will implement a range of social development programs, supported by an upfront commitment to the improvement of healthcare, education, food security and the provision of potable water in a region where the groundwater has a high saline content.”

Finance minister Ismail said the development of Reko Diq represented the largest direct foreign investment in Balochistan and one of the largest in Pakistan.

“Like Barrick, we believe that the future of mining lies in mutually beneficial partnerships between host countries and world-class mining companies. The Reko Diq agreement exemplifies this philosophy and also signals to the international community that Pakistan is open for business,” he said.

Subject to the updated feasibility study, Reko Diq is envisaged as a conventional open pit and milling operation, producing a high-quality copper-gold concentrate. It will be constructed in two phases, starting with a plant that will be able to process approximately 40 million tonnes of ore per annum which could be doubled in five years following first production from phase one. With its unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational mine with a life of at least 40 years. During peak construction the project is expected to employ 7,500 people and once in production it will create 4,000 long-term jobs. Barrick’s policy of prioritizing local employment and suppliers will have a positive impact on the downstream economy.

KIBALI DRIVES SUSTAINABLE VALUE CREATION

The Kibali gold mine’s investment in the Democratic Republic of Congo now exceeds $4 billion and it has created a thriving regional economy in a remote part of the country through partnering with and mentoring local entrepreneurs, uplifting host communities and upgrading essential infrastructure.

Kibali is not only Africa’s largest gold mine, it is also a global leader in automation, sustainability initiatives, clean energy and skills training.

“Thanks to Barrick’s policy of local employment and advancement, 94% of Kibali’s workforce, including its management, are Congolese nationals. It is now also driving the employment of women in the traditionally male-dominated mining industry through targeted recruitment campaigns and development programs designed to equip them for rewarding careers at all levels of the organization,” says Barrick president and chief executive Mark Bristow.

Kibali is on track to meet its full-year production guidance and has again posted an injury-free quarter. Its three world-class hydropower stations are mitigating the impact of higher fuel prices and significantly reducing the mine’s carbon footprint. Bristow said the stations were built well before climate change became a priority issue, demonstrating Barrick’s long-standing commitment to sustainability in all its activities.

Kibali’s gold reserves have grown net of depletion for three successive years, and ongoing conversion drilling is expected to continue this trend, despite producing in excess of 5.7Moz of gold to date.¹⁵ Ongoing exploration is delivering new growth opportunities with the potential to grow the mineral resource base beyond the original feasibility study.

Local sustainability projects include the construction of a world-class aquaponics farm and the erection of a vocational and technical training center to promote capacity building in the community. Implementation of the cahier des charges mechanism has started, following its approval by the government. This will add to the current commitment of investing 0.3% of revenue in community projects identified in consultation with the mine’s community development committees.

Kibali also continues to invest in the future of Africa’s biodiversity through its support for the Garamba National Park which has seen a substantial increase in the giraffe population and the near-elimination of elephant poaching. It is also sponsoring a project for the re-introduction of white rhino into the park, critical in the long-term campaign to protect this endangered species.

“Kibali’s journey has created enormous value for all its stakeholders and it’s a standout example of what mutually beneficial partnerships can achieve. Its great gold endowment means that it has a long future ahead as an engine for economic growth and community development,” Bristow says.

BARRICK EXTENDS REVOLVING CREDIT FACILITY AND ESTABLISHES SUSTAINABILITY-LINKED METRICS

Barrick has completed an amendment and restatement of the company’s undrawn $3.0 billion revolving credit facility, including an extension of the termination date by one year to May 2027, replacement of LIBOR with SOFR as the floating rate mechanism related to the interest rate for any US dollar funds drawn down, and the establishment of sustainability-linked metrics.

The sustainability-linked metrics incorporated into the revolving credit facility are made up of annual environmental and social performance targets directly influenced by Barrick’s actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 greenhouse gas emissions intensity, water use efficiency (reuse and recycling rates), and Total Recordable Injury Frequency Rate (TRIFR).¹⁶ Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set.

Senior executive vice-president and chief financial officer Graham Shuttleworth said, “The extension of the termination date of our undrawn credit facility, combined with our strong balance sheet, highlights the current strength of Barrick’s liquidity, while the establishment of sustainability-linked metrics, along with Barrick’s recently released 2021 Sustainability Report, continues to show Barrick’s commitment to ESG.”

Barrick’s long-term credit is currently rated BBB+ and Baa1 by S&P Global Ratings and Moody’s Investors Service, respectively.

Appendix 1
2022 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS
	2022 forecast attributable production (000s oz)	2022 forecast cost of sales8 ($/oz)	2022 forecast total cash costs9 ($/oz)	2022 forecast all-in sustaining costs9 ($/oz)
Carlin (61.5%)17	950 - 1,030	900 - 980	730 - 790	1,020 - 1,100
Cortez (61.5%)18	480 - 530	970 - 1,050	650 - 710	1,010 - 1,090
Turquoise Ridge (61.5%)	330 - 370	1,110 - 1,190	770 - 830	930 - 1,010
Phoenix (61.5%)	90 - 120	2,000 - 2,080	720 - 780	890 - 970
Long Canyon (61.5%)	40 - 50	1,420 - 1,500	540 - 600	540 - 620
Nevada Gold Mines (61.5%)	1,900 - 2,100	1,020 - 1,100	710 - 770	990 - 1,070
Hemlo	160 - 180	1,340 - 1,420	1,140 - 1,200	1,510 - 1,590
North America	2,100 - 2,300	1,050 - 1,130	740 - 800	1,040 - 1,120
Pueblo Viejo (60%)	400 - 440	1,070 - 1,150	670 - 730	910 - 990
Veladero (50%)	220 - 240	1,210 - 1,290	740 - 800	1,270 - 1,350
Porgera (47.5%)19	—	—	—	—
Latin America & Asia Pacific	620 - 680	1,140 - 1,220	700 - 760	1,040 - 1,120
Loulo-Gounkoto (80%)	510 - 560	1,070 - 1,150	680 - 740	940 - 1,020
Kibali (45%)	340 - 380	990 - 1,070	600 - 660	800 - 880
North Mara (84%)	230 - 260	820 - 900	670 - 730	930 - 1,010
Tongon (89.7%)	170 - 200	1,700 - 1,780	1,220 - 1,280	1,400 - 1,480
Bulyanhulu (84%)	180 - 210	950 - 1,030	630 - 690	850 - 930
Africa & Middle East	1,450 - 1,600	1,070 - 1,150	720 - 780	950 - 1,030
Total Attributable to Barrick20,21,22	4,200 - 4,600	1,070 - 1,150	730 - 790	1,040 - 1,120
COPPER PRODUCTION AND COSTS
	2022 forecast attributable production (Mlbs)	2022 forecast cost of sales8 ($/lb)	2022 forecast C1 cash costs10 ($/lb)	2022 forecast all-in sustaining costs10 ($/lb)
Lumwana	250 - 280	2.20 - 2.50	1.60 - 1.80	3.10 - 3.40
Zaldívar (50%)	100 - 120	2.70 - 3.00	2.00 - 2.20	2.50 - 2.80
Jabal Sayid (50%)	70 - 80	1.40 - 1.70	1.30 - 1.50	1.30 - 1.60
Total Attributable to Barrick21	420 - 470	2.20 - 2.50	1.70 - 1.90	2.70 - 3.00
ATTRIBUTABLE CAPITAL EXPENDITURES
	($ millions)
Attributable minesite sustaining6	1,350 - 1,550
Attributable project6	550 - 650
Total attributable capital expenditures7	1,900 - 2,200

2022 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

	2022 Guidance Assumption	Hypothetical Change	Impact on EBITDA23 (millions)	Impact on TCC and AISC9,10
Gold price sensitivity	$1,700/oz	+/- $100/oz	+/- $580	+/- $5/oz
Copper price sensitivity	$4.00/lb	+/- $0.25/lb	+/- $60	+/- $0.01/lb

Appendix 2
Production and Cost Summary - Gold

			For the three months ended
			6/30/22			3/31/22		% Change	6/30/21	% Change
Nevada Gold Mines LLC (61.5%)a
Gold produced (000s oz attributable basis)			462			459		1%	452	2%
Gold produced (000s oz 100% basis)			751			747		1%	735	2%
Cost of sales ($/oz)			1,171			1,169		0%	1,111	5%
Total cash costs ($/oz)b			856			820		4%	717	19%
All-in sustaining costs ($/oz)b			1,238			1,118		11%	1,014	22%
Carlin (61.5%)c
Gold produced (000s oz attributable basis)			243			229		6%	190	28%
Gold produced (000s oz 100% basis)			394			373		6%	309	28%
Cost of sales ($/oz)			1,042			1,015		3%	1,043	0%
Total cash costs ($/oz)b			862			829		4%	852	1%
All-in sustaining costs ($/oz)b			1,192			1,139		5%	1,310	(9)%
Cortez (61.5%)d
Gold produced (000s oz attributable basis)			97			115		(16)%	110	(12)%
Gold produced (000s oz 100% basis)			158			187		(16)%	178	(12)%
Cost of sales ($/oz)			1,168			1,113		5%	1,167	0%
Total cash costs ($/oz)b			850			784		8%	793	7%
All-in sustaining costs ($/oz)b			1,538			1,150		34%	1,029	49%
Turquoise Ridge (61.5%)
Gold produced (000s oz attributable basis)			75			67		12%	78	(4)%
Gold produced (000s oz 100% basis)			122			109		12%	128	(4)%
Cost of sales ($/oz)			1,289			1,436		(10)%	1,131	14%
Total cash costs ($/oz)b			928			1,030		(10)%	752	23%
All-in sustaining costs ($/oz)b			1,195			1,281		(7)%	904	32%
Phoenix (61.5%)c
Gold produced (000s oz attributable basis)			26			23		13%	28	(7)%
Gold produced (000s oz 100% basis)			43			37		13 %	45	(7)%
Cost of sales ($/oz)			2,114			2,253		(6)%	1,864	13%
Total cash costs ($/oz)b			895			835		7%	279	221%
All-in sustaining costs ($/oz)b			1,152			1,027		12%	401	187%
Long Canyon (61.5%)
Gold produced (000s oz attributable basis)			21			25		(16)%	46	(54)%
Gold produced (000s oz 100% basis)			34			41		(16)%	75	(54)%
Cost of sales ($/oz)			1,280			1,093		17%	691	85%
Total cash costs ($/oz)b			450			342		32%	168	168%
All-in sustaining costs ($/oz)b			459			366		25%	191	140%
Pueblo Viejo (60%)
Gold produced (000s oz attributable basis)			105			104		1%	117	(10)%
Gold produced (000s oz 100% basis)			175			174		1%	195	(10)%
Cost of sales ($/oz)			1,154			1,077		7%	904	28%
Total cash costs ($/oz)b			724			682		6%	533	36%
All-in sustaining costs ($/oz)b			1,024			948		8%	723	42%
Loulo-Gounkoto (80%)
Gold produced (000s oz attributable basis)		140			138		1%		143	(2)%
Gold produced (000s oz 100% basis)		175			172		1%		179	(2)%
Cost of sales ($/oz)		1,093			1,088		0%		993	10%
Total cash costs ($/oz)b		730			721		1%		610	20%
All-in sustaining costs ($/oz)b		1,013			982		3%		1,073	(6)%
Kibali (45%)
Gold produced (000s oz attributable basis)		81			76		7%		91	(11)%
Gold produced (000s oz 100% basis)		180			168		7%		202	(11)%
Cost of sales ($/oz)		1,164			1,137		2%		1,038	12%
Total cash costs ($/oz)b		738			744		(1)%		645	14%
All-in sustaining costs ($/oz)b		946			996		(5)%		894	6%
Veladero (50%)
Gold produced (000s oz attributable basis)		58			46		26%		31	87%
Gold produced (000s oz 100% basis)		116			92		26%		62	87%
Cost of sales ($/oz)		1,369			1,348		2%		1,231	11%
Total cash costs ($/oz)b		861			847		2%		774	11%
All-in sustaining costs ($/oz)b		1,461			1,588		(8)%		1,698	(14)%
Porgera (47.5%)e
Gold produced (000s oz attributable basis)		—			—		—%		—	—%
Gold produced (000s oz 100% basis)		—			—		—%		—	—%
Cost of sales ($/oz)		—			—		—%		—	—%
Total cash costs ($/oz)b		—			—		—%		—	—%
All-in sustaining costs ($/oz)b		—			—		—%		—	—%
Tongon (89.7%)
Gold produced (000s oz attributable basis)		41			35		17%		48	(15)%
Gold produced (000s oz 100% basis)		46			39		17%		53	(15)%
Cost of sales ($/oz)		2,025			2,036		(1)%		1,446	40%
Total cash costs ($/oz)b		1,558			1,667		(7)%		1,045	49%
All-in sustaining costs ($/oz)b		1,655			1,803		(8)%		1,162	42%
Hemlo
Gold produced (000s oz)		36			31		16%		42	(14)%
Cost of sales ($/oz)		1,698			1,727		(2)%		1,603	6%
Total cash costs ($/oz)b		1,489			1,503		(1)%		1,314	13%
All-in sustaining costs ($/oz)b		1,804			1,982		(9)%		1,937	(7)%
North Mara (84%)
Gold produced (000s oz attributable basis)		66			56		18%		63	5%
Gold produced (000s oz 100% basis)		79			66		18%		75	5%
Cost of sales ($/oz)		1,060			852		24%		975	9%
Total cash costs ($/oz)b		756			709		7%		816	(7)%
All-in sustaining costs ($/oz)b		957			874		9%		952	1%
Buzwagi (84%)f
Gold produced (000s oz attributable basis)									19
Gold produced (000s oz 100% basis)									22
Cost of sales ($/oz)									1,315
Total cash costs ($/oz)b									1,244
All-in sustaining costs ($/oz)b									1,242
Bulyanhulu (84%)
Gold produced (000s oz attributable basis)	54			45			20%		35	54%
Gold produced (000s oz 100% basis)	65			53			20%		42	54%
Cost of sales ($/oz)	1,163			1,216			(4)%		1,164	0%
Total cash costs ($/oz)b	836			847			(1)%		776	8%
All-in sustaining costs ($/oz)b	1,094			984			11%		916	19%
Total Attributable to Barrickg
Gold produced (000s oz)	1,043			990			5%		1,041	0%
Cost of sales ($/oz)h	1,216			1,190			2%		1,107	10%
Total cash costs ($/oz)b	855			832			3%		729	17%
All-in sustaining costs ($/oz)b	1,212			1,164			4%		1,087	11%

1. These results represent our 61.5% interest in Carlin (including NGM's 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.

2. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.

3. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM's 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 31, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.

4. Includes Goldrush.

5. As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data is provided.

6. With the end of mining at Buzwagi in the third quarter of 2021, we have ceased to include production or non-GAAP cost metrics for Buzwagi from October 1, 2021 onwards.

7. Excludes Pierina, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.

8. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).
   
   

Production and Cost Summary - Copper

	For the three months ended
	6/30/22	3/31/22	% Change	6/30/21	% Change
Lumwana
Copper production (Mlbs)	75	57	32%	56	34%
Cost of sales ($/lb)	2.01	2.20	(9)%	2.36	(15)%
C1 cash costs ($/lb)a	1.68	1.86	(10)%	1.72	(2)%
All-in sustaining costs ($/lb)a	3.28	3.16	4%	2.92	12%
Zaldívar (50%)
Copper production (Mlbs attributable basis)	25	25	0%	22	14%
Copper production (Mlbs 100% basis)	50	51	0%	44	14%
Cost of sales ($/lb)	2.88	2.85	1%	3.56	(19)%
C1 cash costs ($/lb)a	2.17	2.15	1%	2.68	(19)%
All-in sustaining costs ($/lb)a	2.65	2.64	0%	3.15	(16)%
Jabal Sayid (50%)
Copper production (Mlbs attributable basis)	20	19	5%	18	11%
Copper production (Mlbs 100% basis)	40	38	5%	36	11%
Cost of sales ($/lb)	1.45	1.30	12%	1.47	(1)%
C1 cash costs ($/lb)a	1.09	1.10	(1)%	1.27	(14)%
All-in sustaining costs ($/lb)a	1.19	1.17	2%	1.39	(14)%
Total Attributable to Barrick
Copper production (Mlbs attributable basis)	120	101	19%	96	25%
Cost of sales ($/lb)b	2.11	2.21	(5)%	2.43	(13)%
C1 cash costs ($/lb)a	1.70	1.81	(6)%	1.83	(7)%
All-in sustaining costs ($/lb)a	2.87	2.85	1%	2.74	5%

1. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.

2. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
   

Appendix 3
Financial and Operating Highlights

	For the three months ended												For the six months ended
	6/30/22		3/31/22		% Change			6/30/21		% Change			6/30/22		6/30/21		% Change
Financial Results ($ millions)
Revenues	2,859		2,853		0	%		2,893		(1)%			5,712		5,849		(2)%
Cost of sales	1,850		1,739		6	%		1,704		9	%		3,589		3,416		5	%
Net earningsa	488		438		11	%		411		19	%		926		949		(2)%
Adjusted net earningsb	419		463		(10)%			513		(18)%			882		1,020		(14)%
Adjusted EBITDAb	1,527		1,645		(7)%			1,719		(11)%			3,172		3,519		(10)%
Adjusted EBITDA marginc	53	%	58	%	(9)%			59	%	(10)%			56	%	60	%	(7)%
Minesite sustaining capital expendituresb,d	523		420		25	%		452		16	%		943		857		10	%
Project capital expendituresb,d	226		186		22	%		203		11	%		412		334		23	%
Total consolidated capital expendituresd,e	755		611		24	%		658		15	%		1,366		1,197		14	%
Net cash provided by operating activities	924		1,004		(8)%			639		45	%		1,928		1,941		(1)%
Net cash provided by operating activities marginf	32	%	35	%	(9)%			22	%	45	%		34	%	33	%	3	%
Free cash flowb	169		393		(57)%			(19	)	989	%		562		744		(24)%
Net earnings per share (basic and diluted)	0.27		0.25		8	%		0.23		17	%		0.52		0.53		(2)%
Adjusted net earnings (basic)b per share	0.24		0.26		(8)%			0.29		(17)%			0.50		0.57		(12)%
Weighted average diluted common shares (millions of shares)	1,777		1,779		0	%		1,779		0	%		1,778		1,779		0	%
Operating Results
Gold production (thousands of ounces)g	1,043		990		5	%		1,041		0	%		2,033		2,142		(5)%
Gold sold (thousands of ounces)g	1,040		993		5	%		1,070		(3)%			2,033		2,163		(6)%
Market gold price ($/oz)	1,871		1,877		0	%		1,816		3	%		1,874		1,805		4	%
Realized gold priceb,g ($/oz)	1,861		1,876		(1)%			1,820		2	%		1,868		1,798		4	%
Gold cost of sales (Barrick’s share)g,h ($/oz)	1,216		1,190		2	%		1,107		10	%		1,203		1,090		10	%
Gold total cash costsb,g ($/oz)	855		832		3	%		729		17	%		844		723		17	%
Gold all-in sustaining costsb,g ($/oz)	1,212		1,164		4	%		1,087		11	%		1,188		1,052		13	%
Copper production (millions of pounds)g	120		101		19	%		96		25	%		221		189		17	%
Copper sold (millions of pounds)g	113		113		0	%		96		18	%		226		209		8	%
Market copper price ($/lb)	4.32		4.53		(5)%			4.40		(2)%			4.43		4.12		8	%
Realized copper priceb,g ($/lb)	3.72		4.68		(21)%			4.57		(19)%			4.20		4.32		(3)%
Copper cost of sales (Barrick’s share)g,i ($/lb)	2.11		2.21		(5)%			2.43		(13)%			2.16		2.26		(4)%
Copper C1 cash costsb,g ($/lb)	1.70		1.81		(6)%			1.83		(7)%			1.75		1.71		2	%
Copper all-in sustaining costsb,g ($/lb)	2.87		2.85		1	%		2.74		5	%		2.86		2.48		15	%
	As at 6/30/22		As at 3/31/22		% Change			As at 6/30/21		% Change
Financial Position ($ millions)
Debt (current and long-term)	5,144		5,144		0	%		5,152		0	%
Cash and equivalents	5,780		5,887		(2)%			5,138		12	%
Debt, net of cash	(636	)	(743	)	(14)%			14		(4,643)%

1. Net earnings represents net earnings attributable to the equity holders of the Company.

2. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.

3. Represents adjusted EBITDA divided by revenue.

4. Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.

5. Total consolidated capital expenditures also includes capitalized interest of $6 million and $11 million, respectively, for the three and six month periods ended June 30, 2022 (March 31, 2022: $5 million and June 30, 2021: $3 million and $6 million, respectively).

6. Represents net cash provided by operating activities divided by revenue.

7. On an attributable basis.

8. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).

9. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
   
   

Consolidated Statements of Income

Barrick Gold Corporation (in millions of United States dollars, except per share data) (Unaudited)	Three months ended June 30,								Six months ended June 30,
		2022				2021				2022				2021
Revenue (notes 5 and 6)	$	2,859			$	2,893			$	5,712			$	5,849
Costs and expenses (income)
Cost of sales (notes 5 and 7)		1,850				1,704				3,589				3,416
General and administrative expenses		30				47				84				85
Exploration, evaluation and project expenses		100				77				167				138
Impairment (reversals) charges (notes 9b and 13)		3				2				5				(87	)
Loss on currency translation		6				7				9				11
Closed mine rehabilitation		(128	)			6				(125	)			29
Income from equity investees (note 12)		(89	)			(104	)			(188	)			(207	)
Other expense (income) (note 9a)		2				26				(9	)			45
Income before finance costs and income taxes	$	1,085			$	1,128			$	2,180			$	2,419
Finance costs, net		(89	)			(91	)			(177	)			(178	)
Income before income taxes	$	996			$	1,037			$	2,003			$	2,241
Income tax expense (note 10)		(279	)			(343	)			(580	)			(717	)
Net income	$	717			$	694			$	1,423			$	1,524
Attributable to:
Equity holders of Barrick Gold Corporation	$	488			$	411			$	926			$	949
Non-controlling interests (note 16)	$	229			$	283			$	497			$	575
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 8)
Net income
Basic	$	0.27			$	0.23			$	0.52			$	0.53
Diluted	$	0.27			$	0.23			$	0.52			$	0.53

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2022 available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income

Barrick Gold Corporation (in millions of United States dollars) (Unaudited)	Three months ended June 30,						Six months ended June 30,
		2022				2021			2022				2021
Net income	$	717			$	694		$	1,423			$	1,524
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit or loss:
Realized losses on derivatives designated as cash flow hedges, net of tax $nil, $nil, $nil and $nil		—				3			—				3
Currency translation adjustments, net of tax $nil, $nil, $nil and $nil		1				—			1				—
Items that will not be reclassified to profit or loss:
Actuarial loss on post employment benefit obligations, net of tax $nil, $nil, $nil and $3		(1	)			—			(1	)			—
Net change on equity investments, net of tax $2, ($3), ($6) and $5		(26	)			10			32				(37	)
Total other comprehensive (loss) income		(26	)			13			32				(34	)
Total comprehensive income	$	691			$	707		$	1,455			$	1,490
Attributable to:
Equity holders of Barrick Gold Corporation	$	462			$	424		$	958			$	915
Non-controlling interests	$	229			$	283		$	497			$	575

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2022 available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flow

Barrick Gold Corporation  (in millions of United States dollars) (Unaudited)	Three months ended June 30,								Six months ended June 30,
		2022				2021				2022				2021
OPERATING ACTIVITIES
Net income	$	717			$	694			$	1,423			$	1,524
Adjustments for the following items:
Depreciation		476				500				936				1,007
Finance costs, net		101				100				199				194
Impairment (reversals) charges (notes 9b and 13)		3				2				5				(87	)
Income tax expense (note 10)		279				343				580				717
Income from equity investees (note 12)		(89	)			(104	)			(188	)			(207	)
Gain on sale of non-current assets		(20	)			(7	)			(22	)			(10	)
Loss on currency translation		6				7				9				11
Change in working capital (note 11)		(34	)			(197	)			(165	)			(249	)
Other operating activities (note 11)		(126	)			(76	)			(203	)			(116	)
Operating cash flows before interest and income taxes		1,313				1,262				2,574				2,784
Interest paid		(129	)			(131	)			(152	)			(153	)
Income taxes paid1		(260	)			(492	)			(494	)			(690	)
Net cash provided by operating activities		924				639				1,928				1,941
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 5)		(755	)			(658	)			(1,366	)			(1,197	)
Sales proceeds		22				1				23				5
Investment sales		122				—				382				—
Divestitures (note 4)		—				19				—				19
Dividends received from equity method investments (note 12)		310				35				669				161
Shareholder loan repayments from equity method investments (note 12)		—				—				—				1
Net cash used in investing activities		(301	)			(603	)			(292	)			(1,011	)
FINANCING ACTIVITIES
Lease repayments		(4	)			(4	)			(10	)			(10	)
Debt repayments		—				—				—				(7	)
Dividends		(353	)			(159	)			(531	)			(317	)
Return of capital (note 15)		—				(250	)			—				(250	)
Share buyback program (note 15)		(173	)			—				(173	)			—
Funding from non-controlling interests (note 16)		—				6				—				12
Disbursements to non-controlling interests (note 16)		(232	)			(206	)			(499	)			(471	)
Pueblo Viejo JV partner shareholder loan		35				43				80				64
Net cash used in financing activities		(727	)			(570	)			(1,133	)			(979	)
Effect of exchange rate changes on cash and equivalents		(3	)			—				(3	)			(1	)
Net increase (decrease) in cash and equivalents		(107	)			(534	)			500				(50	)
Cash and equivalents at the beginning of period		5,887				5,672				5,280				5,188