Barrick Gold production of 4.05 million oz consistent with forecast

Toronto — Barrick Gold Corporation has reported preliminary full year and fourth quarter 2023 production results. On the back of higher Q4 production, preliminary gold production for the full year of 4.05 million ounces was consistent with our forecast as guided in our third quarter release.¹ Preliminary copper production of 420 million pounds for 2023 was within the guidance range of 420 to 470 million pounds.

The preliminary Q4 results show sales of 1.04 million ounces of gold and 117 million pounds of copper, as well as preliminary Q4 production of 1.05 million ounces of gold and 113 million pounds of copper. The average market price for gold in Q4 was $1,971 per ounce and the average market price for copper in Q4 was $3.70 per pound.

Preliminary Q4 gold production was an improvement on Q3 and was the highest quarter for the year with stronger performances from Cortez, Phoenix and Pueblo Viejo. This was partially offset by lower production at Loulo-Gounkoto, as planned, which still finished the year at the top end of the guidance range. Compared to Q3, Q4 gold cost of sales per ounce² is expected to be 6% to 8% higher, total cash costs per ounce³ are expected to be 7% to 9% higher and all-in sustaining costs per ounce³ are expected to be 8% to 10% higher than the prior quarter.

Preliminary Q4 copper production was in line with Q3, with consistent production across all three sites. Compared to Q3, Q4 copper cost of sales per pound² is expected to be 8% to 10% higher, C1 cash costs per pound³ are expected to be 5% to 7% higher and all-in sustaining costs per pound³ is expected to be 2% to 4% lower, principally on the back of lower capitalized waste stripping at Lumwana.