Barrick On Track to Achieve 2023 Targets

Toronto — Barrick Gold Corporation has reported preliminary Q1 sales of 0.95 million ounces of gold and 89 million pounds of copper, as well as preliminary Q1 production of 0.95 million ounces of gold and 88 million pounds of copper. As previously guided, Barrick’s gold production in 2023 is expected to increase through the year with the first quarter being the lowest, while copper production is expected to be higher in the second half of the year. We remain on track to achieve our full year gold and copper guidance.

The average market price for gold in Q1 was $1,890 per ounce while the average market price for copper in Q1 was $4.05 per pound.

As previously guided, preliminary Q1 gold production was lower than Q4 2022 primarily as a result of lower production at Carlin, mainly due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations. This was combined with lower grades at Kibali due to mine sequencing. Compared to Q4 2022, Q1 gold cost of sales per ounce² is expected to be 3% to 5% higher, total cash costs per ounce³ are expected to be 13% to 15% higher and all-in sustaining costs per ounce³ are expected to be 9% to 11% higher. The higher total cash costs per ounce³ reflects the lower ounces produced and sold relative to the prior quarter, while the increase in all-in sustaining costs per ounce³ was also driven by lower sales volumes partially offset by lower sustaining capital expenditures.

Preliminary Q1 copper production was lower than Q4 2022, driven by lower production at Lumwana and Zaldívar, as expected. Compared to Q4 2022, Q1 copper cost of sales per pound² is expected to be up to 2% higher and C1 cash costs per pound³ are expected to be 19% to 21% higher, mainly due to lower mining rates as the new fleet at Lumwana continues to ramp up, as well as higher labor costs at Zaldívar. All-in sustaining costs per pound³ are expected to be 14% to 16% lower, as lower sustaining capital expenditures more than offset the increase in C1 cash costs per pound³.

Barrick will provide additional discussion and analysis regarding its first quarter 2023 production and sales when the Company reports its quarterly results before North American markets open on May 3, 2023.