Geophysical Survey Accomplished as Exploration Advances at Siberian Tiger

Talking on the Gold Discussion board Americas , Bristow mentioned whereas Barrick was alert to probably value-accretive alternatives generated by the consolidation of the {industry}, it had the uncommon luxurious of doing so from an asset base that might help natural progress properly into the longer term.

“5 years in the past, we got down to construct a sustainably worthwhile gold and copper enterprise targeted on world-class property.  We didn’t have to purchase them at a premium: they have been embedded within the merged portfolio of Barrick and Randgold and we simply needed to unlock their worth,” he mentioned.

“Now we have six Tier One ² gold mines with extra within the making and our long-term plans are primarily based on high quality orebodies with industry-leading grades that drive enhancing value profiles.  Alongside our peerless gold portfolio, we’re additionally constructing a considerable copper enterprise, each to feed the rising demand for this strategic steel and since it enhances our progress optionality to incorporate copper-gold porphyries.”

Bristow listed three world-class gold alternatives, all in Nevada, which he described because the world’s premier mining jurisdiction.  The not too long ago commissioned Goldrush is ramping as much as a focused 400,000 ounces each year by 2028. ³ Bordering on Goldrush is the 100% Barrick-owned Fourmile, which is returning grades double these of Goldrush and is one other Tier One mine within the making. ⁴ Nonetheless in Nevada, the 14-million-ounce Leeville venture is growing into a significant progress driver that would double or triple Carlin’s reserves, extending its life past 2045. ⁵

On the copper facet of the enterprise, two transformative tasks are on observe for first manufacturing in 2028. The Reko Diq copper-gold venture in Pakistan is designed to provide 400,000 tonnes of copper and 500,000 ounces of gold per 12 months within the second part of its growth. ⁴ The Lumwana Tremendous Pit venture in Zambia will double the mine’s manufacturing over a +30-year life. ⁴

“Mining is a consumptive {industry} which requires fixed substitute of the ounces it depletes. Barrick leads the {industry} in orebody growth and has greater than changed the gold reserves it has mined over the previous 5 years. ⁶ Much more considerably, the ounces which have been added are on the identical or higher grade than the reserves that have been mined,” Bristow mentioned.

He famous that since 2019, Barrick had additionally constructed an industry-leading steadiness sheet, lowering internet debt by $3.5 billion, investing $11.2 billion in +10 12 months life-of-mine plans for its key mines and returning greater than $5 billion to shareholders. Its sturdy working money flows would supply the monetary flexibility to fund its progress tasks.

“Contemplating all this, it is extraordinary how undervalued Barrick’s shares are. Based mostly on analysts’ consensus internet asset worth calculations, the worth of simply our curiosity in Nevada Gold Mines and our copper portfolio virtually exceeds our present market capitalization. ⁷ Which means that the remainder of our enterprise is simply valued at $3.3 billion, and that features our curiosity in three Tier One gold mines exterior Nevada, the world-class Fourmile venture, and the event tasks within the pipeline. ⁷ It additionally doesn’t consider our exploration groups’ unparallelled success in discovering new ounces.  At our present share worth, the case for investing in Barrick must be compelling,” he mentioned.

Barrick enquiries

Investor and media relations
Kathy du Plessis
+44 20 7557 7738
E-mail: barrick@dpapr.com

Web site: www.barrick.com

Technical Data

The scientific and technical info contained on this presentation has been reviewed and permitted by Craig Fiddes, SME-RM, Lead, Useful resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Assets Supervisor: Africa and Center East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Useful resource Administration and Analysis Government (on this capability Mr. Bottoms can be accountable on an interim foundation for scientific and technical info referring to the Latin America and Asia Pacific area); John Steele, CIM, Metallurgy, Engineering and Capital Initiatives Government; and Joel Holliday, FAusIMM, Government Vice-President, Exploration—every a “Certified Individual” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives .
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All mineral reserve and mineral useful resource estimates are estimated in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives . Except in any other case famous, such mineral reserve and mineral useful resource estimates are as of December 31, 2023.

Endnotes

1 State of affairs assumes an indicative manufacturing profile for Reko Diq and Lumwana, each of that are conceptual in nature. Doesn’t embody Fourmile. Seek advice from the under desk for the whole checklist of Barrick’s outlook assumptions.

Gold equal ounces calculated from our copper property are calculated utilizing a gold worth of $1,300/oz and copper worth of $3.00/lb. Barrick’s ten-year indicative manufacturing profile for gold equal ounces is predicated on the next assumptions:

Barrick’s five-year indicative outlook is predicated on our present working asset portfolio, sustaining tasks in progress and exploration/mineral useful resource administration initiatives in execution. This outlook is predicated on our present reserves and assets and assumes that we’ll proceed to have the ability to convert assets into reserves. Further asset optimization, additional exploration progress, new venture initiatives and divestitures are usually not included. For the corporate’s gold and copper segments, and the place relevant for a selected area, this indicative outlook is topic to alter and assumes the next: new open pit manufacturing permitted and commencing at Hemlo within the second half of 2025, permitting three years for allowing and two years for pre-stripping previous to first ore manufacturing in 2027; Tongon will enter care and upkeep by 2027; and manufacturing from the Zaldívar CuproChlor® Chloride Leach Challenge (Antofagasta is the operator of Zaldívar).

Our five-year indicative outlook excludes: manufacturing from Fourmile; Pierina, and Golden Daylight, each of that are at present in care and upkeep; and manufacturing from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto and Alturas.

Barrick’s ten-year indicative manufacturing profile is topic to alter and is predicated on the identical assumptions as the present five-year outlook detailed above, besides that the following 5 years of the ten-year outlook assumes attributable manufacturing from Fourmile in addition to exploration and mineral useful resource administration tasks in execution at Nevada Gold Mines and Hemlo.

Barrick’s five-year and ten-year manufacturing profile on this presentation additionally assumes an indicative gold and copper manufacturing profile for Reko Diq and an indicative copper manufacturing profile for the Lumwana Tremendous Pit growth, each of that are conceptual in nature.

2 A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for five million ounces to help a minimal 10-year life, annual manufacturing of at the very least 500,000 ounces of gold and with all-in sustaining prices per ounce within the decrease half of the {industry} value curve. Tier One Belongings should be positioned in a world class geological district with potential for natural reserve progress and long-term geologically pushed addition.

3 Seek advice from the Technical Report on the Cortez Complicated, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.

4 Indicative manufacturing profiles from Fourmile and Lumwana and recovered manufacturing profiles from Reko Diq are conceptual in nature and topic to alter following completion of Fourmile’s pre-feasibility research, Lumwana’s feasibility research and Reko Diq’s up to date feasibility research, respectively. Fourmile is at present 100% owned by Barrick. As beforehand disclosed, Barrick anticipates Fourmile being contributed to the Nevada Gold Mines three way partnership, at truthful market worth, if sure standards are met.

5 “14 million ounce Leeville venture” refers to whole historic gold manufacturing of the Leeville Complicated from 2005 to 2023 of 8.5 million ounces (100% foundation) plus estimated year-end 2023 possible mineral reserves of the Leeville Complicated of 5.4 million ounces of gold (100% foundation).

Estimates of Leeville Complicated mineral reserves as of December 31, 2023 on a 100% foundation: Possible mineral reserves of 20 million tonnes grading 8.48g/t, representing 5.4 million ounces of gold. Presently, no confirmed mineral reserves are reported for Leeville Complicated.  Leeville Complicated includes:

• Pete Bajo: Possible mineral reserves of two.0 million tonnes grading 7.39g/t, representing 0.47 million ounces of gold​
• Rita Okay: Possible mineral reserves of three.5 million tonnes grading 6.26g/t, representing 0.70 million ounces of gold​
• Leeville: Possible mineral reserves of 14 million tonnes grading 9.17g/t, representing 4.2 million ounces of gold​

6 Confirmed and possible reserve features calculated from cumulative internet change in reserves from 12 months finish 2019 to 2023. Reserve substitute proportion is calculated from the cumulative internet change in reserves from 12 months finish 2019 to 2023 divided by the cumulative depletion in reserves from 12 months finish 2019 to 2023 as proven within the desk under.

Attributable acquisitions and divestments consists of the next: a lower of two.2 Moz in confirmed and possible gold reserves from December 31, 2019 to December 31, 2020, because of the divestiture of Barrick’s Massawa gold venture efficient March 4, 2020; and a lower of 0.91 Moz in confirmed and possible gold reserves from December 31, 2020 to December 31, 2021, because of the change in Barrick’s possession curiosity in Porgera from 47.5% to 24.5% and the web impression of the asset trade of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines didn’t already personal.

All estimates are estimated in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives as required by Canadian securities regulatory authorities.

1. Estimates as of December 31, 2019, except in any other case famous. Confirmed reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and Possible reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold.
2. Estimates as of December 31, 2020, except in any other case famous. Confirmed reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold and Possible reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold.
3. Estimates as of December 31, 2021, except in any other case famous. Confirmed mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold and Possible reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold.
4. Estimates as of December 31, 2022, except in any other case famous. Confirmed mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold and Possible reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold.
5. Estimates are as of December 31, 2023, except in any other case famous. Confirmed mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold. Possible reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold

i. Per CIBC Mining Comps as of September 13, 2024.​
ii. Per CIBC Mining Comps as of September 13, 2024, company changes apportioned throughout property proportional to NAV.​
iii. Based mostly on Agnico’s P/NAV a number of, per CIBC Mining Comps as of September 13, 2024.​
iv. Implied worth equal to analyst NAV instances the market primarily based P/NAV a number of​.
v. In step with the copper peer common of 1.1x, per CIBC Mining Comps as of September 13, 2024.
Information sources: Firm Disclosure, Fraser Institute and S&P CapitalIQ.

Cautionary Assertion   on Ahead-Wanting Data
Sure info contained or integrated by reference on this presentation, together with any info as to our technique, tasks, plans or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, apart from statements of historic truth, are forward-looking statements. The phrases “count on”, “technique”, “goal”, “steering”, “ramp up”, “design”, “venture”, “proceed”, “extra”, “progress”, “potential”, “future”, “focus”, “on observe”, “growing”, “scheduled”, “within the making”, “will”, “can”, “may” and related expressions establish forward-looking statements. Specifically, this presentation comprises forward-looking statements together with, with out limitation, with respect to: Barrick’s forward-looking manufacturing steering, together with our 5 and ten 12 months outlooks, and anticipated manufacturing progress from Barrick’s natural venture pipeline and reserve substitute; the estimated internet asset worth of our portfolio, together with Reko Diq and the Lumwana Tremendous Pit growth, and the market primarily based P/NAV multiples at which these property would commerce and implied worth; the monetary efficiency of the Lumwana Tremendous Pit growth; the potential to extend reserves at Carlin two to 3 instances from exploration and the flexibility to increase its lifetime of mine; estimates of future prices and projected future money flows, capital, working and exploration expenditures and mine life and manufacturing charges; materials will increase in manufacturing volumes at Pueblo Viejo, Porgera and Lumwana; our means to transform assets into reserves and change reserves internet of depletion from manufacturing; mine life and manufacturing charges; our plans and anticipated completion and advantages of our progress tasks, together with the ramp up at Goldrush, timing for the pre-feasibility research resolution and anticipated gold manufacturing at Fourmile, anticipated annual manufacturing, focused first manufacturing and completion of the feasibility research at Reko Diq, the Pueblo Viejo plant growth and the anticipated timeline for the completion of a feasibility research and first manufacturing for the Lumwana Tremendous Pit and its means to increase its lifetime of mine; estimated copper manufacturing at Reko Diq and from the Lumwana Tremendous Pit growth, together with projected mining charges; estimates of future prices and projected future money flows, capital, working and exploration expenditures and mine life and manufacturing charges; the potential for Reko Diq, Lumwana and Fourmile to change into Tier One property and the potential for Lumwana to change into a high 25 copper asset; Barrick’s world exploration technique and deliberate exploration actions; Barrick’s copper technique; our pipeline of excessive confidence tasks at or close to current operations; potential mineralization and steel or mineral recoveries; joint ventures and partnerships; Barrick’s technique, plans, targets and targets in respect of environmental and social governance points; and expectations concerning future worth assumptions, monetary efficiency and different outlook or steering.

Ahead-looking statements are essentially primarily based upon quite a few estimates and assumptions together with materials estimates and assumptions associated to the components set forth under that, whereas thought-about affordable by the Firm as on the date of this presentation in gentle of administration’s expertise and notion of present circumstances and anticipated developments, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies. Identified and unknown components may trigger precise outcomes to vary materially from these projected within the forward-looking statements and undue reliance shouldn’t be positioned on such statements and data. Such components embody, however are usually not restricted to: the potential to transform all or a part of the mineral useful resource for the Tremendous Pit growth right into a mineral reserve following the completion of the feasibility research; dangers associated to competitors within the mining {industry}; fluctuations within the spot and ahead worth of gold, copper or sure different commodities (comparable to silver, diesel gasoline, pure fuel and electrical energy); dangers related to tasks within the early phases of analysis and for which extra engineering and different evaluation is required; dangers associated to the chance that future exploration outcomes is not going to be according to the Firm’s expectations, that portions or grades of reserves can be diminished, and that assets is probably not transformed to reserves; dangers related to the truth that sure of the initiatives described on this presentation are nonetheless within the early phases and should not materialize; adjustments in mineral manufacturing efficiency, exploitation and exploration successes; dangers that exploration information could also be incomplete and appreciable extra work could also be required to finish additional analysis, together with however not restricted to drilling, engineering and socioeconomic research and funding; the speculative nature of mineral exploration and growth; lack of certainty with respect to overseas authorized methods, corruption and different components which might be inconsistent with the rule of regulation; disruption of provide routes which can trigger delays in building and mining actions, together with disruptions within the provide of key mining inputs because of the invasion of Ukraine by Russia and conflicts within the Center East; danger of loss as a result of acts of conflict, terrorism, sabotage and civil disturbances; dangers related to artisanal and unlawful mining; adjustments in nationwide and native authorities laws, taxation, controls or laws and/or adjustments within the administration of legal guidelines, insurance policies and practices; expropriation or nationalization of property and political or financial developments in Canada, the US or different international locations wherein Barrick does or could keep it up enterprise sooner or later; dangers referring to political instability in sure of the jurisdictions wherein Barrick operates; timing of receipt of, or failure to adjust to, obligatory permits and approvals; non-renewal of or failure to acquire key licenses by governmental authorities; failure to adjust to environmental and well being and security legal guidelines and laws; elevated prices and bodily and transition dangers associated to local weather change, together with excessive climate occasions, useful resource shortages, rising insurance policies and elevated laws referring to greenhouse fuel emission ranges, vitality effectivity and reporting of dangers; Barrick’s means to realize its sustainability targets, together with its climate-related targets and greenhouse fuel emissions discount targets; the legal responsibility related to dangers and hazards within the mining {industry}, and the flexibility to keep up insurance coverage to cowl such losses; harm to the Firm’s popularity because of the precise or perceived incidence of any variety of occasions, together with destructive publicity with respect to the Firm’s dealing with of environmental issues or dealings with group teams, whether or not true or not; dangers associated to operations close to communities which will regard Barrick’s operations as being detrimental to them; litigation and authorized and administrative proceedings; working or technical difficulties in reference to mining or growth actions, together with geotechnical challenges, tailings dam and storage amenities failures, and disruptions within the upkeep or provision of required infrastructure and data know-how methods; elevated prices, delays, suspensions and technical challenges related to the development of capital tasks; dangers related to working with companions in collectively managed property; dangers associated to disruption of provide routes which can trigger delays in building and mining actions; dangers related to Barrick’s infrastructure, info know-how methods and the implementation of Barrick’s technological initiatives, together with dangers associated to cybersecurity incidents, together with these brought on by laptop viruses, malware, ransomware and different cyberattacks, or related info know-how system failures, delays and/or disruptions; worker relations together with lack of key staff; availability and elevated prices related to mining inputs and labor; and dangers related to illnesses, epidemics and pandemics. As well as, there are dangers and hazards related to the enterprise of mineral exploration, growth and mining, together with environmental hazards, industrial accidents, uncommon or sudden formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the chance of insufficient insurance coverage, or incapability to acquire insurance coverage, to cowl these dangers).

Many of those uncertainties and contingencies can have an effect on our precise outcomes and will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are usually not ensures of future efficiency. The entire forward-looking statements made on this presentation are certified by these cautionary statements. Particular reference is made to the newest Kind 40-F/Annual Data Kind on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of a few of the components underlying forward-looking statements and the dangers which will have an effect on Barrick’s means to realize the expectations set forth within the forward-looking statements contained on this presentation.

We disclaim any intention or obligation to replace or revise any forward-looking statements whether or not because of new info, future occasions or in any other case, besides as required by relevant regulation.