Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) - A strong finish to 2023 boosted Barrick's full-year gold production to 4.05 million ounces and its copper output to 420 million pounds1 while its Tier One2 gold mines capitalized on a record gold price to deliver a robust financial performance.

Commenting on the annual results here today, president and chief executive Mark Bristow said despite picking up the pace in the latter half of the year, Barrick couldn't quite make up for the challenges it faced in the first half, and gold production fell slightly short of the annual guidance as flagged with the Q3 results. Nevada Gold Mines had a stronger fourth quarter on the back of higher grades and operational improvements, while Pueblo Viejo advanced the commissioning of the expansion plant, addressing most of the equipment failures.

'In true Barrick fashion, we kept our focus, dealt with the challenges, progressed our long-term strategic plans and delivered on some of our key objectives. Most significantly, we have sustained our industry-leading organic growth outlook and are still projecting a 30% increase in gold equivalent3 production by the end of this decade,' he said.

The 2023 financial results again demonstrated the ability of Barrick's peerless asset portfolio to create value, Bristow said. Operating cash flows increased year-on-year by 7% to $3.7 billion and free cash flow4 was up by 50% at $646 million. Net earnings increased by 200% to $0.72 per share, and adjusted net earnings5 increased by 12% to $0.84 per share, while the quarterly dividend was maintained at 10 cents per share. Barrick has one of the strongest balance sheets in the industry with almost no net debt.6

Barrick also maintained its record of substantial reserve growth, replacing 109% of its gold reserve depletion and 124% of copper depletion. Since 2019, the continuing success of its brownfields exploration programs has added almost 29 million ounces of attributable proven and probable gold reserves. On a 100% basis across all Barrick-managed properties, this represents an addition of 44 million reserve ounces.14

And importantly, just before the end of the year, Nevada's Cortez received the U.S. government's Record of Decision for the Goldrush project and immediately started work on its surface infrastructure accesses. Goldrush is forecast to produce approximately 130,000 ounces of gold this year, rising to 400,000 by 2028.16 The adjoining Barrick-owned Fourmile project is also believed to have Tier One potential with more work and drilling scheduled to advance this project to a PFS decision by the end of 2024.

In the Dominican Republic, the commissioning of the Pueblo Viejo expansion project is on track to be ramped up in Q2 2024 after reconstruction of the feed conveyor. The project is designed to transform Pueblo Viejo into a mine capable of sustaining average annual gold production of more than 800,000 ounces beyond 2040.17 Feasibility work advanced on the giant Reko Diq copper-gold project in Pakistan and the Lumwana Super Pit project in Zambia-both targeting production in 2028. These projects will rank among the world's largest copper mines, significantly advancing Barrick's strategic objective of increasing the size and enhancing the quality of its growing copper portfolio.

'If you revisit the strategy we published at the time of the merger five years ago, it's clear that we've met all the targets we set ourselves under the three main headings of asset quality, operational excellence and sustainable profitability. The mining industry is now entering a new era dominated by the demand for the so-called critical minerals and metals, often led by promoters rather than by responsible miners. To survive and grow in this new dynamic will need clear strategies and strong partnerships-both core to Barrick. That is why I believe we'll continue to demonstrate that our long-term vision differentiates us from our peers and sets us up to outperform them,' Bristow said.

Webinar and Conference Call

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

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

Best Assets

Group 2023 reserve depletion replacement: 109% gold, 124% copper, 112% gold equivalent ounces7

Since 2019, Barrick has added almost 29 million ounces of attributable proven and probable gold reserves (44 million ounces on a 100% basis across Barrick managed assets)14

Mining and processing operations resume at Porgera, with first gold production targeted in Q1 2024

Higher Q4 gold production delivers full year gold production of 4.05 million ounces1

Highest annual production for Cortez in last four years

Annual production at Turquoise Ridge 12% higher versus 2022 on the back of improved underground and plant availability and recoveries

Veladero delivers a strong full-year performance, beating production and cost guidance

Another strong quarter for copper production results in full year copper production of 420 million pounds1

Africa & Middle East region delivers on guidance for fifth consecutive year

Leader in Sustainability

Year-on-year improvement in LTIFR (21%) and TRIFR (12%)15

Exceeded water efficiency target (recycling and reuse) for the year

Annual reclamation and rehabilitation targets exceeded

Pueblo Viejo supports local communities following devastating 1-in-500-year tropical storm event

Reko Diq delivers on its commitment to responsible development of the mega-project, hitting its first-year Community Development targets

Delivering Value 7% increase in operating cash flow versus 2022 to $3.7 billion for the year

Free cash flow4 higher by 50% to $646 million for 2023

Increase in net earnings per share and adjusted net earnings per share5 to $0.27 for the quarter $0.10 per share dividend declared

Barrick Declares Q4 Dividend

Barrick today announced the declaration of a dividend of $0.10 per share for the fourth quarter of 2023. The dividend is consistent with the Company's Performance Dividend Policy announced at the start of 2022.

The Q4 2023 dividend will be paid on March 15, 2024 to shareholders of record at the close of business on February 29, 2024.

'The performance of our business and the continued strength of our balance sheet allowed us to maintain the distribution of a robust dividend to our shareholders in 2023, whilst still ensuring Barrick has 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 15, 2023. The Company did not repurchase any common shares under its 2023 share repurchase program. Barrick repurchased $424 million in common shares under its 2022 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.

Meeting Two Needs With One Deed

Barrick's holistic and integrated approach to sustainability management is underpinned by the knowledge that sustainability aspects are interconnected and that the challenges of fighting poverty, climate change and biodiversity loss are deeply connected and we have no option but to tackle them together.

This approach is not only based on science, but links to the objectives of the United Nations' Sustainable Development Goals (SDGs) and seeks to deliver outcomes which are achievable, demonstrable, and align with global sustainability priorities.

Grant Beringer, group sustainability executive, points to Barrick's ongoing work in Tanzania as proof of the effectiveness of this strategy where the now-closed Buzwagi mine is undergoing environmental rehabilitation while looking for a new lease on life as a Special Economic Zone that will continue to enhance the livelihoods of the surrounding communities for years to come.

Beringer says that Barrick achieved and exceeded its reclamation target in 2023 with 985ha of disturbed land being rehabilitated. 'This achievement highlights the importance of developing 5-year reclamation plans for each site, focusing on rehabilitating mines while they are still operational and reducing our closure liabilities,' he says.

At Buzwagi, a feasibility study commissioned in 2021 showed that the creation of a Special Economic Zone had the potential to replace the mine as the region's economic driver and could sustainably create 3,000 jobs annually, generate more than $150,000 each year from service levies for the local municipality and deliver approximately $4.5 million in employment taxes each year.

Additionally, Barrick has invested $1.3 million in the KUWASA Water Supply Project where an additional 8.5km of pipeline will be connected to the existing KUWASA line and will supply approximately 34 litres of water per second to approximately 335,000 people living in the Buzwagi area.

Addressing the potable water needs for communities near North Mara is another example of how Barrick's approach to sustainability can meet more than one need at once. Barrick invested $65 million in water treatment plants to ensure the mine's tailings storage facility was managed within its designed capacity. However, once it achieved that objective, a portion of the water treatment plants are being used to provide potable water for over 35,000 residents in the area.

'Mining, if done well, is a powerful force for good in the global drive for social and economic development. North Mara now has a total of 172 local and regional suppliers, representing a 200% increase from 58 suppliers in 2019. This is in addition to our ongoing investment in schools and education in Tanzania as well as our continued engagement with a number of NGOs on longstanding legacy issues,' Beringer says.

On the environmental front, Beringer says Barrick is developing a bespoke biodiversity impact measurement tool that will standardize biodiversity metrics and track progress against each site's stated biodiversity action plans (BAPs). The tool is expected to be completed by Q2 and will be piloted at five sites before the end of the year. 'Every BAP includes a social dimension to ensure communities also benefit from our biodiversity projects, such as the expected increase in eco-tourism to the DRC's Garamba National Park following the reintroduction of white rhino there,' he says.

Veladero: Back from the Brink and Going Strong

At the time of the merger in 2019 the Veladero gold mine in Argentina was seen as a liability rather than an asset: its performance was at best lackluster, it had a checkered environmental record, a shaky grip on its geology and difficult relationships with its stakeholders.

Argentina's continuing financial crisis compounded these problems, setting up 2023 as a very challenging year for the mine. Yet in the face of all these odds, Veladero comfortably exceeded its production guidance and beat its guidance on costs. What changed?

Following the merger, Barrick set out to revitalize Veladero by reinterpreting its geology, comprehensively reviewing its business plan and adopting the Barrick approach to partnering with communities and authorities.

Execution of the revival strategy required disciplined execution by the new leadership team, agile, business-orientated decision-making and tackling the in-country issues head-on. It also called for the rightsizing of the cost base, which meant deferring some projects.

The consequent performance improvement in 2023 was supported by the Libertadores powerline's first full year of operation. The line supplies renewable power from neighbouring Chile's national grid, reducing GHG emissions and adding cost efficiencies.

The previously deferred Phase 7B of the leach pad will now be completed this year and planning has started for Phase 8. These will support the foundation for another year of delivery in 2024 and extend the mine's life by two to 10 years at an annual average production rate of approximately 400,000 ounces.

Mark Hill, chief operating officer of Barrick's Latin America and Asia Pacific region, says that recent changes to Argentina's government have also improved Veladero's prospects.

'We are optimistic that the new administration intends to promote mining investment with a stable regulatory and economic framework. We will continue to work closely with both federal and local governments, employing the Barrick partnership model that has served us so well in other jurisdictions,' he says.

Goldrush ROD In Hand, Cortez is Poised for Growth

Cortez received the long-anticipated Record of Decision (ROD) for the Goldrush project on 8 December and immediately started work on the surface infrastructure accesses. The mine can now complete the construction of the first ventilation raise, alleviating current ventilation constraints and allowing the expansion of the mining and development areas.

The upgrade to power supply and surface infrastructure, and development and installation of the surface dewatering infrastructure can now also commence.

Goldrush Underground is forecast to produce approximately 130,000 ounces of gold this year, reaching commercial production in 2026 and growing to approximately 400,000 ounces by 2028.16 The mine is anticipated to create 500 jobs during the construction and 570 jobs during operations.

Nevada Gold Mines' (NGM) executive managing director Peter Richardson said that NGM's strong social license to operate and the many partnerships it has cultivated in Nevada were instrumental in the government's approval of the ROD.

'Our teams worked tirelessly to show the many benefits of the Goldrush project to all the stakeholders through numerous community and government engagements, including several mine tours. We hosted two tours specifically for Native Americans and the project was ultimately unopposed by their tribal governments,' he said. NGM met with the state's wildlife agency and the Bureau of Land Management (BLM) and identified improvements to strengthen protections for sage-grouse, a sensitive species in the Western U.S. These protections were implemented in addition to NGM's work restoring habitat for the sage-grouse on more than 40,000 acres degraded by wildfire and invasive plant species near the Cortez mining district and were included in the Final Environmental Impact Statement for the mine.

'NGM is the largest economic driver in Northern Nevada. The governor and the federal legislative delegation all understand the value we bring to Nevada through taxes paid, strong employment and meaningful socio-economic support for our local communities. When the Goldrush permitting was held up in Washington, the governor and a bi-partisan group of regulators succeeded in progressing the process by stressing the project's economic and employment benefits to the Department of the Interior and the BLM.'

Richardson said the permitting experience NGM has gained through Cortez will help drive its next growth projects at Robertson and Fourmile. Robertson already makes a major contribution to Cortez's reserve base and has the potential for continued growth through near-mine extensions. The Barrick-owned Fourmile is the highest-grade undeveloped gold deposit in North America. The now-completed Goldrush permits allow access to the Fourmile orebody, but the project team continues to assess the mining and access options.

Investing in Diversity Pays Off for Barrick

Barrick continues to invest in the development of a multicultural and multigenerational workforce aligned to a changing world. Its diverse workforce is the product of Barrick's strategy of local employment and stakeholder recognition in the countries in which it operates: 96% of its workforce are host country or community hires, as are 78% of its management.

This is achieved through a variety of career and development opportunities through promotions, secondments, employee exchange programs, on-the-job training and leadership programs.

At the same time, it acknowledges and encourages the important role women should be playing in this traditionally male-dominated business. 'There's a strong commercial as well as a moral motivation to make gender diversity part of our human resource strategy. The communities in which we operate include large numbers of capable and committed women who just need an opportunity to show what they can contribute,' says Darian Rich, Barrick's human resource executive.

In the Dominican Republic, for example, 50% of new hires were women in the fourth quarter and the gender balance there has increased to 25% of the total Dominican workforce. 'Local employment at our Pueblo Viejo mine increased to 54% in the fourth quarter while our national employment remained steady at 98%,' says Rich.

Additionally, Pueblo Viejo's Apprentices and Job Ready Programs which provides training in diesel technology, electricity and instrumentation, industrial maintenance, mechanical maintenance and welding, saw 194 participants graduate with 85% of these sourced from the local community and 76% were women. As a result of the program, 84% of the graduates were hired in permanent roles, of which 78% were women.

In Tanzania Barrick launched a program to train 10 women as truck operators, all of whom successfully completed the course in November 2023 and received a Certificate of Competence. They are now undergoing on-the-job shadow training.

'We want to have the right skills in the right jobs, but we also want to make sure that we have an appropriately diverse workforce, and that by investing in the local community, in particular women, we are building a new generation workforce to take Barrick into the future,' says Rich.

A year of accolades

Barrick's commitment to gender equality and world-class employment practices was acknowledged globally in 2023 through the following awards:

Dominican Republic

The prestigious Igualando Republica Dominicana Stamp for Gender Equality Practices (Platinum Level) - for achieving the Gold Level for three consecutive years. This award is organized by the National Ministry of Women and the Development Program of the United Nations and recognizes the top Dominican companies that lead gender inclusion and promote social and economic autonomy for Dominican women. Pueblo Viejo was one of only five companies to receive this recognition and the first mining company to receive the Platinum Level award.

Soraya Madera, Pueblo Viejo mine superintendent was recognized as Golden Woman by Women in Mining Central America.

Cote d'Ivoire

Tongon was recognized as the Best Local Job-creating Company in the Poro region by Agence Emploi Journes.

Tanzania

North Mara received the Employer of the Year Award from the Association of Tanzania Employers for cultivating a favourable work environment and advocating for progressive, inclusive business practices and establishing decent work standards. At the same ceremony, North Mara also scooped the Best Corporate Social Responsibility Award, Best Large Organization Employer of the Year Award and Overall, Best in Private Sector Award. Bulyanhulu, meanwhile picked up the Best at Management During Crisis Award.

Barrick Tanzania was named the Top Employer in Tanzania by the Top Employer Institute and was also recognized by the Gender Desk of the Tanzania Police Force for its contribution to Fighting Gender-Based Violence and Violence Against Children.

Saudi Arabia

Ma'aden Barrick Copper Company received the Saudi Labour Award in the industrial, energy and mining sector from the Ministry of Human Resources and Social Development.

How Barrick Turned a Struggling Lumwana Into an Asset With World-Class Potential

Since Barrick refocused its strategy in 2019, the once struggling Lumwana mine has been restructured and re-engineered into a significant potential contributor to Barrick's expanding copper portfolio.

For nearly a decade, Lumwana showed poor production performance and efficiencies, with rising costs causing record losses and ultimately impairments. The mine was left financially unsustainable following years of high-grade mining and lack of reinvestment.

Today, plant throughput has increased 23% to close to a record 27 million tonnes per annum in 2023 while mining has increased by 53% and will continue to grow as the mine ramps up in preparation for the Super Pit expansion that has now been accelerated with first production scheduled for 2028. Additionally, mining costs have come down by 35% following the reinvestment in an Ultra Fleet and the transition to owner mining. General and administrative expenses have been reduced by 24% despite the ramp up in certain departments in anticipation of the expansion project. This has all been achieved by a 99%-Zambian labour force, which carried a significant expatriate contingent before 2019.

The development of the Super Pit will transform Lumwana into one of the world's major copper mines, with projected annual production of around 240,000 tonnes per year over a +30-year life.18 It is a key component of the Zambian government's drive to revive the country's copper industry over the next 10 years. The estimated cost of the project is almost $2 billion and construction is scheduled to start towards the end of this year.

Since 2019, Barrick has contributed almost $3 billion to the Zambian economy in the form of royalties, taxes, salaries and the procurement of goods and services from local businesses.

Local procurement of $472 million in 2023 made up more than 81% of total spend for Lumwana. Barrick has also launched a Business Accelerator Program designed to build the business capacity of the Zambian contractors in its supply chain, equipping them to grow and diversify their enterprises and remain sustainable beyond Lumwana's life of mine.

In line with the Company's partnership philosophy, Barrick's REDD+ initiative will uplift communities through conservation of the natural forest surrounding the mine. Resources have already been allocated and engagement with the communities is underway.

Passing of Gustavo Cisneros

It was with great sadness that the Board announced the passing of Gustavo Cisneros on December 29, 2023. Mr Cisneros was an independent member of the Board from 2003, chairing its Environmental, Social, Governance and Nominating Committee, and serving as a member of the Compensation Committee.

He was also a member of Barrick's International Advisory Board, which advises the Board on geopolitical and other strategic issues.

Barrick Chairman John Thornton paid tribute to Mr Cisneros as a business leader of international stature who had built his family-owned Cisneros into a worldwide media, entertainment, telecommunications and consumer products group.

'Gustavo was an irreplaceable source of wisdom, judgment and insight for decades. He had an uncanny ability to get right to the core of the matter, to see around corners and to give sound, practical, forward leaning advice when one most needed it. His generous and entrepreneurial spirit and his personal and professional integrity will be missed by all of us. Our deepest sympathies, thoughts and prayers are with his wife, Patricia Phelps de Cisneros, his children, Carolina, Guillermo and Adriana, and their families with whom the entire Barrick family shares this heartbreaking loss,' he said.

Recommissioning Starts as Porgera Prepares to Resume Operations in Q1 2024

Following the formal completion of the Porgera Project Commencement Agreement in December, work started on the recommissioning of the Porgera gold mine in Papua New Guinea, which has been in care and maintenance since April 2020.

Barrick president and chief executive Mark Bristow, who was closely involved in the negotiations that eventually delivered the restart agreement, said the mine's new ownership structure was in line with the Company's host country partnership business model.

Operated by Barrick through Barrick Niugini Limited (BNL), a joint venture with Zijin Mining, Porgera joins the Company's sector-leading gold asset portfolio with the potential for a Tier One production profile.

Contact:

Tel: +1 416 682 3860

Fax: +1 514 985 8843

Email: shareholderinquires@tmx.com

Web: www.tsxtrust.com

Kathy du Plessis

Tel: +44 207 557 7738

Email: barrick@dpapr.com

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes 'forward-looking statements'. All statements, other than statements of historical fact, are forward-looking statements. The words 'believe', 'expect', 'strategy', 'target', 'plan', 'focus', 'scheduled', 'commitment' 'opportunities', 'foundation', 'guidance', 'project', 'expand', 'invest', 'continue', 'progress', 'develop', 'on track', 'estimate', 'growth', 'potential', 'future', 'extend', 'will', 'could', 'would', 'should', 'may' and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's forward-looking production guidance and our five and ten-year production profiles for gold and copper; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates, including annual production expectations from Pueblo Viejo, Goldrush and Lumwana and anticipated production growth from Barrick's organic project pipeline and reserve replacement; Barrick's global exploration strategy and planned exploration activities; our ability to identify new Tier One assets and the potential for existing assets to attain Tier One status; Barrick's copper strategy; our plans and expected completion and benefits of our growth projects; potential mineralization and metal or mineral recoveries; targeted first production for the Reko Diq project; the resumption of operations at the Porgera mine and expected restart of mining and processing in the first quarter of 2024; our pipeline of high confidence projects at or near existing operations, including Fourmile and Robertson; the potential to extend Veladero's life of mine through the Phase 7B and Phase 8 leach pad projects; Barrick's partnership with the Government of Tanzania under the framework agreement; Lumwana's ability to further extend the life of mine through the development of a Super Pit, targeted timing for construction and first production and the estimated capital costs; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, economic contributions and education, employment and procurement initiatives, climate change and biodiversity initiatives; the potential to transform Buzwagi into a Special Economic Zone; Barrick's talent management strategy; Barrick's performance dividend policy and share buyback program and expectations regarding future price assumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company's expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to greenhouse gas emission levels, energy efficiency and reporting of risks; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick's infrastructure, information technology systems and the implementation of Barrick's technological initiatives, including risks related to cyber-attacks, cybersecurity breaches, or similar network or system disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company's management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls and risks related to the impairment of the Company's goodwill and assets.

In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

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