Barrick Delivers Strong Year-End Performance While Advancing Key Growth Projects

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Fourth Quarter and Full Year 2024 Results

All amounts expressed in US dollars

TORONTO, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) delivered a strong performance in Q4, increasing gold production by 15% and copper production by 33% over Q3 to meet its annual guidance for the year. Additionally, gold cost of sales¹ and total cash costs² for the quarter were reduced by 3% and 5%, respectively.

The results for the year, released today, report a 69% increase in net earnings to $2.14 billion, a 51% increase in adjusted net earnings³ to $2.21 billion and a 30% rise in attributable EBITDA⁴ to $5.19 billion for 2024 - the highest in over a decade. Year-on-year operating cash flow increased 20% to $4.49 billion and free cash flow⁵ more than doubled to $1.32 billion, driven by the stronger earnings. A quarterly dividend of $0.10 per share was maintained, bringing the total annual dividend paid to shareholders to $696 million, and a further $498 million was returned in buying back shares.

"Barrick remains focused on sustainable value creation for all our stakeholders and as our results today clearly demonstrate, we have the asset quality, balance sheet strength and organic growth projects to deliver on our vision well into the future,” said Barrick president and chief executive Mark Bristow.

Barrick's North America and Africa and Middle East operations met their production guidance for the year, while in the Latin America and Asia Pacific region, a slower-than-expected ramp up at Pueblo Viejo meant the region delivered slightly below guidance despite a stellar performance from Veladero. Pueblo Viejo is planning further upgrades in 2025 to continue the improvement in throughput and recovery, starting with a planned 35-day shutdown in the first quarter of the year.

"During the fourth quarter, we made steady progress in ramping up operations at Pueblo Viejo, improving recovery, despite lower production on the back of a slight decrease in grade. At Veladero and Nevada Gold Mines, we boosted production and we closed the gaps at Kibali while strengthening the management team there. Additionally, we completed two major feasibility studies to advance the transformational Lumwana and Reko Diq projects, and also significantly increased our reserves and resources,” said Bristow.

Barrick continued its strong track record of reserve additions, growing attributable proven and probable gold mineral reserves by 17.4 million ounces¹⁸ (23%) before 2024 depletion. Attributable proven and probable gold mineral reserves now stand at 89 million ounces at 0.99g/t¹⁹, increasing from 77 million ounces at 1.65g/t²⁰ in 2023. Copper mineral reserves grew by 224% year-on-year on an attributable basis, at more than 13% higher grade, to 18 million tonnes of copper at 0.45%¹⁹, from 5.6 million tonnes of copper at 0.39% in 2023.²⁰ This resulted from the completion of the Lumwana and Reko Diq feasibility studies - affirming both projects as potential Tier One²¹ copper assets. Additionally, the wholly-owned Fourmile project is advancing to prefeasibility following a successful 2024 drilling program.

For 2025, attributable gold production is expected to be in the range of 3.15-3.5 million ounces, excluding production from Loulo-Gounkoto while it is temporarily suspended. Attributable copper production for 2025 is projected to increase from 195,000 tonnes in 2024 to 200,000-230,000 tonnes, driven by increased production at Lumwana.

Bristow said Barrick remains open to a constructive engagement with the Malian government and he continues to believe that a mutually beneficial solution can be found.

"While ongoing issues in Mali remain an investor concern, which have overly weighed on the share price, Barrick's fundamental value proposition has never been stronger. As such, we have capitalized on the undervaluation of our shares by increasing our repurchases, and we have renewed our $1 billion share buyback program for the upcoming year,” said Bristow.

"Our ability to self-fund our growth pipeline is a major strength and, unlike many of our peers, we won't need costly mergers and acquisitions or to issue additional equity to grow production. Our focus on a quality Tier One²¹ asset portfolio, continuous talent development, growth potential, robust balance sheet and unparalleled track record in replacing the reserves we mine, are the key reasons why we should be the go-to stock,” he said.

Key Performance Indicators

Best Assets…

• Replaced depleted gold reserves at existing mines and added 13 million ounces attributable proven and probable reserves from Reko Diq⁶
• Significant increases in production across all regions deliver higher Q4 gold production
• Full year attributable gold production of 3.91 million ounces, in line with annual guidance
• Quarter-on-quarter improvement at Pueblo Viejo across flotation, CIL2 circuit stability and recovery step up
• Veladero delivers best production in last five years and successfully commissions Phase 7B leach pad
• Increased Q4 copper production ensures delivery at midpoint of annual guidance
• Engineering partners appointed for Lumwana and Reko Diq and on track with early works design and long lead item fabrication
• Pueblo Viejo Naranjo TSF feasibility completed and drilling ongoing to validate design
• New decline development commences at Bulyanhulu to access new reserves and increase mining flexibility
• Significant drilling results at NGM, Reko Diq, Loulo, Tanzania and Kibali confirm quality pipeline of targets with progress on early-stage targets across Barrick's expanding greenfields portfolio

Key Growth Projects…

• Reko Diq and Lumwana Feasibility Studies add 13Mt of new attributable copper reserves (73Moz of gold equivalent ounces)^6,7,8
• Barrick's Fourmile proceeds to prefeasibility study on back of successful drilling program
• Lumwana expansion permitted and Reko Diq ESIA progresses

Leader in Sustainability…

• 48% reduction in LTIFR⁹ and 20% reduction in TRIFR⁹ year-on-year
• Africa & Middle East region has again achieved its best Malaria Incident Rate (MIR) on record, lowering the MIR by a further 51% from 2023
• 824 hectares of concurrent rehabilitation completed in 2024 - exceeding target by 13%

Delivering Value…

• 20% increase in operating cash flow for 2024 to $4.5 billion
• Free cash flow⁵ for 2024 more than double 2023 at $1.3 billion
• Net earnings per share of $0.57 and adjusted net earnings per share³ of $0.46 for the quarter
• Q4 share buyback increased to $354 million - brings total to $498 million for the year
• $0.10 per share dividend declared with $1.2 billion in total shareholder returns in 2024

Financial and Operating Highlights

Q4 2024 Results Presentation

Mark Bristow will host a live presentation of the results today at 11:00 EST, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Go to the webinar

US/Canada (toll-free), 1 844 763 8274

UK (toll), +44 20 3795 9972

International (toll), +1 647 484 8814

The Q4 presentation materials will be available on Barrick's website at www.barrick.com and the webinar will remain on the website for later viewing.

Barrick Reports Share Repurchases and Declares Q4 Dividend

Barrick today announced the declaration of a dividend of $0.10 per share for the fourth quarter of 2024. The dividend is consistent with the Company's Performance Dividend Policy announced at the start of 2022.

The Q4 2024 dividend will be paid on March 17, 2025 to shareholders of record at the close of business on February 28, 2025.

In addition to the quarterly dividends, Barrick repurchased 28.675 million shares during the year under the share buyback program that was announced in February 2024, including 21 million shares during Q4 2024.

"The strong performance of our business has allowed us to provide significant returns to shareholders in 2024 through the combination of dividends and share buybacks, especially in the fourth quarter, at a compelling valuation. At the same time, Barrick continues to maintain one of the strongest balance sheets in the industry ensuring adequate liquidity to invest in our significant growth projects,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

Barrick Announces New Share Buyback Program

Barrick announced today that it plans to undertake a new share repurchase program for the buyback of its common shares.

Barrick's Board of Directors has authorized a new program for the repurchase of up to $1.0 billion of the Company's outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law. In connection with the new share repurchase program, Barrick has terminated the share repurchase program announced by the Company on February 14, 2024. The Company repurchased $498 million in common shares under its 2024 share repurchase program.

Under the program, repurchases can be made from time to time through published markets in the United States such as the New York Stock Exchange using a variety of methods, including open market purchases, as well as by any other means permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements.

Barrick believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value. The actual number of shares that may be purchased, if any, and the timing of such purchases, will be determined by Barrick based on a number of factors, including the Company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.

The repurchase program does not obligate the Company to acquire any particular number of common shares, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.

Barrick Grows Gold and Copper Reserves Significantly,

Setting It Apart From Its Peers as It Positions for Growth

Barrick grew attributable proven and probable gold mineral reserves by 17.4 million ounces¹⁸ (23%) before 2024 depletion. Attributable proven and probable mineral reserves now stand at 89 million ounces at 0.99g/t¹⁹, increasing from 77 million ounces at 1.65g/t²⁰ in 2023.

The year-on-year change was led by the conversion of Reko Diq resources to mineral reserves, adding 13 million ounces of gold at 0.28g/t¹⁹ on an attributable basis, following the completion of the feasibility study. Significantly, before the addition of Reko Diq, Barrick delivered a fourth consecutive year of replacing annual depletion at a 4% higher grade, continuing to demonstrate the results of an unremitting focus on asset quality and further extending the life of our existing operations.

Since the end of 2019, Barrick has replaced more than 180%¹⁸ of the company's depleted gold reserves, adding almost 46 million ounces¹⁸ of attributable proven and probable reserves (77 million ounces¹⁸ of proven and probable reserves on a 100% basis) across Barrick-managed assets.

Attributable measured and indicated gold resources for 2024 remain consistent, at 180 million ounces at 1.06g/t¹⁹, with a further 41 million ounces at 0.9g/t¹⁹ of inferred resources, up 5% from 2023.

At the same time, copper mineral reserves grew by 224% year-on-year on an attributable basis, at more than 13% higher grade to 18 million tonnes of copper at 0.45%¹⁹, from 5.6 million tonnes of copper at 0.39% in 2023.²⁰ This resulted from the completion of the Lumwana and Reko Diq feasibility studies affirming both projects as Tier One²¹ Copper Assets. The Lumwana Super Pit Expansion feasibility study added 5.5Mt of Cu reserves to the project, resulting in proven and probable copper reserves of 8.3 million tonnes of copper at 0.52%.¹⁹ The Reko Diq feasibility study added 7.3 million tonnes of copper at 0.48%⁶ to attributable copper reserves. This represents an addition of more than 20 million tonnes¹⁹ of proven and probable copper reserves on a 100% basis since 2023.

Attributable measured and indicated copper resources for 2024 stand at 24 million tonnes¹⁹ of copper at 0.39%, with a further 3.9Mt¹⁹ of copper at 0.3% of inferred resources, reflecting the conversion and upgrade of copper mineral resources at Lumwana.

For 2024, mineral reserves are based on an updated gold price assumption of $1,400/oz²² and a consistent copper price of $3.00/lb.²² Mineral resources are reported inclusive of reserves and for 2024 are based on an updated gold price of $1,900/oz²² and a consistent copper price of $4.00/lb.²²

President and chief executive Mark Bristow said Barrick's strategy of investing in organic growth through exploration and mineral resource management has set the group apart from its peers within the industry, positioning Barrick as a champion for value creation as we continue to grow our production profile organically.

"In order for our industry to help build a better world, we have to invest in our own future, with transformational projects like the Lumwana Super Pit and Pueblo Viejo expansions, Reko Diq and Fourmile. Barrick's vision for these projects extends beyond mining, ensuring the benefits of these investments provide multi-generational benefits to our host countries and local communities through the development of local service provider partnerships and investment in the sustainability of our operating environments,” said Bristow.

Mineral Resource Management and Evaluation Executive Simon Bottoms said that since the end of 2019, Barrick has successfully added 111 million ounces¹⁸ of attributable gold equivalent reserves at a cost of approximately $10 per ounce²³, demonstrating the value proposition of our strategy.

"The company's reserve prices of $1,400/oz for gold²² and $3.00/lb for copper²² are designed to extract the optimum value from our geologically defined orebodies whilst delivering the highest value, demonstrating the quality differentiation of our Tier One²¹ assets. This approach is complemented by our reserve replacement strategy, where we aim to add value by delineating ore body extensions and satellites at our long-term reserve prices rather than diluting the quality of our reserves through lifting reserve prices beyond the relative levels of cost inflation,” said Bottoms.

Gold mineral reserves in the Africa & Middle East region, after annual depletion, grew to 19 million ounces at 3.35g/t¹⁹ in 2024 from 18.8 million ounces at 3.24g/t²⁰ in 2023. This was predominantly driven by both Bulyanhulu and Loulo-Gounkoto, with extensions of the high-grade Reef 2 and Yalea underground orebodies respectively, combined with growth of the Faraba open pit. Overall, this delivered a 2.3 million ounce¹⁹ increase in attributable proven and probable reserves across the region, before depletion. North Mara also contributed to the strong results through the extension of the Gokona underground and Gena open pit. At Kibali, the ongoing conversion drilling in the 9000 and 11000 lodes in KCD underground replaced 98% of depletion, with ongoing development to establish further underground drill platforms for 2025.

The Latin America & Asia Pacific region, led by Pueblo Viejo, replaced 115% of the regional 2024 gold reserve depletion before the addition of Reko Diq, which added 0.78 million ounces¹⁹ to attributable proven and probable reserves before depletion as a result of additional pit design pushbacks unlocked by the additional TSF capacity in the new Naranjo facility. Porgera grew attributable gold reserves by 22% year-on-year with the successful conversion of the open pit Link cutback adjacent to the West Wall cutback.

In North America, the ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and the Reona cut-back in Phoenix, added 1.54 million ounces¹⁹ of gold to proven and probable reserves on an attributable basis before annual depletion, which were partially offset by reductions in Cortez driven by metallurgical model updates in Crossroads and Robertson. This resulted in attributable proven and probable mineral reserves for the region of 30 million ounces at 2.71g/t¹⁹, representing a more than 10% increase in the grade year-over-year (2.45g/t in 2023) as a result of the high-grade growth additions and reductions of low-grade at Cortez. At the same time, attributable gold measured and indicated mineral resources for the region now stands at 66 million ounces at 2.18g/t¹⁹, due to the removal of Long Canyon mineral resources, as the site is planned to progress into full closure during 2025. Meanwhile, attributable inferred gold mineral resources for the region grew to 21 million ounces at 3.3 g/t¹⁹, driven by Fourmile's mineral resource²⁴ growth in the southernmost portion of the orebody immediately adjacent to the existing Goldrush mine. Looking forward to 2025, Barrick plans to commence prefeasibility-study drilling at the end of the first quarter of 2025 which will target continued extension of the mineral resource along strike to the north, while also completing the foundational studies for the planned Bullion Hill northern access portal.

Transforming Lumwana Into a Top 25 Copper Producer

Barrick has completed a comprehensive feasibility study for the Super Pit Expansion at Lumwana in Zambia²⁵, transforming the mine into a long-life, high yielding, Top 25 copper producer and Tier One²¹ copper mine, capable of contending with the volatility of the copper demand cycles.

The expansion will substantially increase the mine's production capacity, extending its operational life by 17 years to 2057, and doubling the capacity of the processing plant from 27 million tonnes per annum (Mtpa) to a peak design of 54Mtpa - achieving an average copper output of 240,000 tonnes annually over the life of the mine, from a planned 52Mtpa process feed. Based on the feasibility study, the total project capital cost is estimated to be $2 billion.

Construction is set to begin in 2025, with the project promising substantial improvements in operational efficiency. The expansion has significantly grown Lumwana's mineral reserves, increasing proven and probable copper reserves from 510 million tonnes at 0.58% for 3.0 million tonnes of contained copper as of year-end 2023 to 1,600 million tonnes at 0.52% for 8.3 million tonnes of contained copper as of year-end 2024.⁷ Notably, this expansion will replace the total copper produced by Lumwana since 2009 by over 400%.²⁵

The project involves key infrastructure developments, including the expansion of existing mining operations at Chimiwungo and Malundwe, the opening of two new open pits at Kamisengo and Kababisa, and a substantial increase in mining capacity to 200Mtpa in 2026 and 300Mtpa in 2030. By 2039, the mine is projected to reach a maximum peak mining capacity of 350Mtpa, positioning Lumwana as the largest mine in Africa by total tonnes moved.

Technological advancements are central to the expansion, with plans to introduce high-level automation and modern process control systems. The parallel process circuit will enable substantial productivity improvements and reduced operating costs. A new pit-rim crusher and conveyor system will optimize hauling efficiency, cutting current ultra-class trucking haul cycles by at least 15%. The tailings storage facility will see a capacity increase from 360 million tonnes to two billion tonnes.

The expansion capitalizes on copper fundamentals and delivers a financially robust low capital intensity mine, with a projected cumulative operating cash flow of $36 billion and free cash flow of $15.2 billion⁵ over the mine's life, based on a three-year trailing copper price of $4.03 per pound.²⁵ The project will be self-funded by Barrick and current Lumwana operations, paying back the initial expansion capital in approximately two years after completion of the expansion at $4.03 per pound.

Environmental and social responsibility are key considerations of the project. Barrick has secured all necessary mining licenses over the entire project area and completed an Environmental and Social Impact Assessment, which was approved in November 2024. Additional permits are on schedule to be approved prior to construction. The Company is also investing up to $2 million through a REDD+ Project to offset environmental impacts, partnering with local chiefdoms and the Zambian government to conserve approximately 215,000 hectares of forest.

Updated Feasibility Study Demonstrates

Reko Diq's Transformative Potential

Barrick has completed the updated feasibility study for the Reko Diq project²⁶, marking a significant milestone in the development of one of the world's largest undeveloped copper-gold deposits. Reko Diq will be a major contributor to Pakistan's economy which is expected to have a transformative impact on the Balochistan province.

Barrick's share of the project represents 50%, with 25% held by three Pakistani state-owned enterprises and 25% held by the Government of Balochistan, of which 15% is on a fully funded basis and 10% is on a free carried basis.

The updated feasibility study outlines a 37-year mine life with a total estimated capital investment on a 100% basis of $8.83 billion, to be divided into two phases, with Phase 1 having an estimated total capital cost of $5.6-$6.0 billion (100% basis, exclusive of financing costs). On February 11, 2025, the Board of Directors conditionally approved the development of Phase 1 subject to the closing of up to $3 billion of limited recourse project financing. Assuming $3 billion of project financing, Barrick's share of the total partner equity contribution required for the development of Phase 1 is expected to be $1.8-$2.0 billion.

Early works construction commenced during the first quarter of 2025, with first production anticipated by the end of 2028. The project will leverage five of the fifteen identified porphyry surface expressions within the current mining lease, highlighting substantial future growth potential.

Under the updated feasibility study, Phase 1 is planned to see 45 million tonnes of mill feed processed annually (Mtpa), ramping up to 240,000 tonnes of copper and 297,000 ounces of gold (on a 100% basis).²⁶ By 2034, Phase 2 will expand operations to 90Mtpa, increasing annual production to an average of 460,000 tonnes of copper and 520,000 ounces of gold for the first ten years (2034-2043).²⁶ 2044 will see the peak mining rate of 250Mtpa and a life-of-mine strip ratio of 1.07.²⁶

Probable mineral reserves, on a 100% basis, are 3,000 million tonnes at 0.48% representing 15 million tonnes of copper and 2,900 million tonnes at 0.28g/t representing 26 million ounces of gold.⁶ The mining operation will utilize electric rope shovels, diesel hydraulic excavators and 360-tonne ultra class haul trucks. The processing plant consists of a three-stage crushing circuit, ball milling and conventional flotation.

Saline groundwater, located approximately 300-750 meters below the surface, that is not suitable for drinking or irrigation is planned as the primary water supply sourced from a nearby aquifer, with power produced through a combination of heavy fuel oil generators, solar systems and battery storage. Future integration into Pakistan's national grid is planned for Phase 2.

An Environmental and Social Impact Assessment (ESIA) was completed in December 2024 and submitted to the relevant government authorities, with approval expected during Q1 2025. Throughout the ESIA process, continuous engagement with local communities and other key stakeholders was undertaken to ensure that their concerns were considered.

Based on a three-year trailing average copper price of $4.03 per pound and gold price of $2,045 per ounce, Barrick estimates the project will deliver an internal rate of return of 21.32%, generating $90 billion in operating cash flow and $70 billion in free cash flow⁵ (on a 100% basis) over the life of mine and generating $54 billion of revenue within Pakistan.

Reko Diq is the largest foreign direct investment project in Balochistan and one of the largest in Pakistan.

Barrick Advances Fourmile Project in Nevada

The results of Barrick's 2024 drilling program at the wholly owned Fourmile project in Nevada, have been incorporated into a preliminary economic assessment, highlighting an impressive resource base and promising economic indicators that position Fourmile as a world-class gold deposit.

The 2024 mineral resource update expanded the project's mineral resources, across the southernmost portion of the orebody, immediately adjacent to the existing Goldrush mine, resulting in a 192% increase in indicated resources (to 1.4 million ounces grading 11.76 g/t), a 137% increase in inferred resources (to 6.4 million ounces at 14.1 g/t) and a 35% increase in grade relative to Barrick's 2023 year-end mineral resource estimate.^24,27    

President and chief executive Mark Bristow, stated that the Fourmile project is a truly world-class asset which can only really be compared to the original Goldstrike deposit that was the foundational asset of Barrick and is now part of Carlin within the Nevada Gold Mines joint venture.

"The current resource represents approximately one-third of the total orebody defined by drilling to date, supporting substantial growth potential, with increasing grades as drilling progresses northward,” said Bristow.

Economic projections for Fourmile are equally compelling, whereby the preliminary economic assessment demonstrates Fourmile's potential to become a Tier One mine²¹ at comparable annual mining rates and costs to the current Goldrush mine plan.²⁴ These results have encouraged Barrick to advance the project through a three-year pre-feasibility-study program.

Barrick's Mineral Resource Management and Evaluation Executive Simon Bottoms stated, "Geotechnical drilling and ongoing hydrological measurements have confirmed more favourable ground conditions with lower permeability than other typical Carlin-style deposits. This has the potential to reduce the dewatering requirements during mine development and allows for stope heights to be increased up to 25m high compared to 15m within the neighboring Goldrush mine.”

"Metallurgical test work has demonstrated compatibility with existing facilities, offering processing flexibility through both autoclave and roaster facilities. The initial mine design incorporates three semi-independent production zones, providing operational flexibility and potential for increased production rates,” said Bottoms.

Looking ahead, Barrick plans to commence pre-feasibility-study drilling at the end of the first quarter of 2025, which will provide the foundational study data to underpin the planned Bullion Hill northern access portal.

The upcoming studies will also explore materials handling options and investigate the synergies Fourmile could bring to both the existing Goldrush mine and associated processing facilities.

Ma'aden Barrick Copper Company Advances

Female Employment in Saudi Mining

In August 2020, the Kingdom of Saudi Arabia's Cabinet approved landmark amendments to the Labor Law, repealing Articles 149 and 150, which previously restricted women from working in hazardous occupations or during night shifts.

A new clause was introduced to guarantee women equal access to job opportunities as men, provided the roles are not hazardous to their health.

This progressive step aligns with Saudi Arabia's Vision 2030, a national initiative to empower women across all sectors, including mining. The Ma'aden Barrick Copper Company (MBCC), a 50/50 joint venture between Barrick and Ma'aden, exemplifies this vision by opening doors for women in the traditionally male-dominated mining industry.

Starting in 2022, MBCC began employing women in various roles, including accounting, human resources, procurement, geology, supply chain management, logistics and compliance. By the beginning of 2025, MBCC had more than doubled the number of female employees, rising from eight in 2022 to 17 - a testament to Barrick's commitment to fostering a diverse and inclusive workforce.

MBCC became the first mine in Saudi Arabia to recruit women to work in remote areas for operational roles. Women now actively contribute to the company's operations, taking on positions such as project coordinators and chemists in the process lab. Additionally, MBCC has trained 15 women across multiple disciplines, including as instrument and planning engineers in the maintenance department, and as chemists in the process plant.

Barrick's efforts extend beyond hiring to developing future talent. The Company collaborates with local universities and colleges to provide tailored training opportunities, empowering women to excel in roles critical to the mining sector.

This progress not only supports Saudi Arabia's national goals but also highlights Barrick's dedication to creating a diverse, equitable and forward-thinking workplace. By integrating talented women into their operations, MBCC and Barrick are setting a new standard for the mining industry in Saudi Arabia and beyond.

APPENDIX

2025 Operating and Capital Expenditure Guidance