Barrick Gold : Q1 Report

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2021

Q1Report

ROBUST Q1 PERFORMANCE BY CORE MINES

SETS BARRICK ON COURSE

FOR ANNUAL TARGET

ALL AMOUNTS EXPRESSED IN US DOLLARS

Toronto, May 5, 2021 - Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today reported its results for the first quarter of 2021, noting that with gold and copper production on plan, it was well positioned to achieve its annual guidance.

Production in the latter half of the year is expected to be higher than the first, mainly due to mine sequencing at Nevada Gold Mines, the commissioning of the new leach pad facility at Veladero in Argentina, the ramp- up of underground mining at Bulyanhulu and higher anticipated grades at Lumwana in Zambia.

Barrick's Tier One1 gold mines all delivered strong financial performances in Q1 while revenue from its copper mines rose by 31% due to higher copper prices. Net cash2 increased by $0.5 billion despite an advanced tax payment to the state of Nevada on the back of operating cash flow of $1.3 billion and free cash flow3 of $0.8 billion.

The company announced a 9 cents per share quarterly dividend, which will be topped up by a three-tranche return of capital distribution totaling $750 million through the course of the year. This would take the per share yield based on yesterday's closing share price to 3.5% for 2021.4,5

ON TRACK TO ACHIEVE

2021 PRODUCTION TARGETS

OPERATING CASH FLOW	FREE CASH FLOW3
$1.3 BILLION	$0.8 BILLION

REVENUECOPPER h31%*

NET EPS	ADJUSTED NET EPS6
30 CENTS	29 CENTS

QUARTERLY DIVIDEND	1ST RETURN OF CAPITAL**
9 CENTS SHARE	14 CENTS SHARE
PER	PER

• Quarter on quarter
• Distribution per share amount is based on issued and outstanding shares as of March 31, 2021, and is subject to change

4		5		6		8
MRM AND		ESG IN ACTION		PARTNERSHIP		THIRD
EXPLORATION				AT PORGERA		UNDERGROUND
UNLOCKING						MINE ON TRACK
VALUE						AT LOULO-
						GOUNKOTO

Key Performance Indicators

Financial and Operating Highlights

Financial Results	Q1 2021	Q4 2020	Q1 2020
Realized gold price7,8	1,777	1,871	1,589
($ per ounce)
Net earnings9	538	685	400
($ millions)
Adjusted net earnings6	507	616	285
($ millions)
Net cash provided by operating	1,302	1,638	889
activities ($ millions)
Free cash flow3	763	1,092	438
($ millions)
Net earnings per share	0.30	0.39	0.22
($)
Adjusted net earnings	0.29	0.35	0.16
per share6 ($)
Attributable capital	424	445	364
expenditures10 ($ millions)
Debt, net of cash	(519)	(33)	1,852
($ millions)
Operating Results	Q1 2021	Q4 2020	Q1 2020
Gold
Production8	1,101	1,206	1,250
(000s of ounces)
Cost of sales (Barrick's share)8,11	1,073	1,065	1,020
($ per ounce)
Total cash costs8,12	716	692	692
($ per ounce)
All-in sustaining costs8,12	1,018	929	954
($ per ounce)
Copper
Production8	93	119	115
(millions of pounds)
Cost of sales (Barrick's share)8,13	2.11	2.06	1.96
($ per pound)
C1 cash costs8,14	1.60	1.61	1.55
($ per pound)
All-in sustaining costs8,14	2.26	2.42	2.04
($ per pound)

Q1 2021 Results Presentation

President and CEO Mark Bristow will host an interactive webinar on the results at 11:00 EDT / 15:00 UTC. The presentation will be linked to the webinar and conference call. Participants will be able to ask questions.

Go to the webinar

US and Canada (toll-free) 1 800 319 4610

UK (toll-free) 0808 101 2791

International (toll) [phone]

The Q1 2021 presentation materials will be available on Barrick's website at www.barrick.comand the webinar will remain on the website for later viewing.

• Solid start to the 2021 year puts Barrick on track to achieve production targets
• Strong financial results from Tier One assets with leading margins
• Copper revenues increased 31% compared to the prior quarter due to stronger copper prices driving solid profitability with disciplined cost control
• Net cash2 increased by $0.5 billion even after advance tax payment in Nevada
• Operating cash flow of $1.3 billion and free cash flow3 of $0.8 billion
• Net earnings per share of 30 cents and adjusted net earnings per share6 of 29 cents
• Framework agreement in PNG puts Porgera on track to resume operations
• Sustainability Report highlights improvements against most ESG metrics
• Exploration delivers exciting drill results from multiple targets
• Donlin approves 2021 follow-up drill program after successful 2020 results
• Turquoise Ridge Third Shaft sinking reaches final station
• Goldrush exploration development intersects first ore, in line with guidance
• First $250 million ($0.14 per share) return of capital distribution15 announced in addition to a $0.09 quarterly dividend

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Major growth projects advanced during the quarter include the plant and tailings expansion of the Tier One Pueblo Viejo mine in the Dominican Republic, the third shaft at Turquoise Ridge in Nevada and Goldrush exploration development, also in Nevada, which has intersected first ore.

President and chief executive Mark Bristow said Barrick's intensified focus on exploration was paying dividends, with exciting brownfields and generative results from multiple targets across the group. Kibali in the Democratic Republic of Congo was on course to replace reserves depleted by mining for the third successive year and there were also particularly encouraging results from Nevada, Loulo-Gounkoto in Mali, PV in Dominican Republic and Jabal Sayid in Saudi Arabia.

Bristow said, "As detailed in Barrick's recently published Sustainability Report for 2020, the company has improved its ESG performance against virtually all metrics. It has increased its 2030 emissions reduction target from 10% to 30%, with the ultimate aim of achieving net zero emissions by 2050.

"When we announced the merger between Barrick and Randgold back in September 2018, we said that its rationale was to combine the industry's best assets with its best managers to build the most valued gold business. Our management team's record speaks for itself, and as far as assets are concerned, Barrick majority-owns and operates five of the world's 10 largest gold mines16, with a sixth in the form of Turquoise Ridge waiting in the wings. Each of our core mines has a high-confidence10-year plan in place - and those are plans, not forecasts, which we plan to grow," he said.

"The rise in the gold price has prompted a resurgence of the short-termism which has plagued the market, with some investors focusing on short-term gains rather than sustainable growth. But Barrick is building a business for the long term and our focus remains firmly on the future and on the creation and delivery of long-term value to our shareholders and all our other stakeholders."

BARRICK ANNOUNCES FIRST $250 MILLION RETURN OF

CAPITAL TRANCHE AND QUARTERLY DIVIDEND

Barrick today announced that the first $250 million ($0.14 per share)15 tranche of a return of capital distribution totaling $750 million will be paid on June 15, 2021 to shareholders of record at the close of business on May 28, 2021.

In addition, Barrick announced that its Board of Directors has declared a dividend for the first quarter of 2021 of $0.09 per share, which will also be paid on June 15, 2021 to shareholders of record at the close of business on May 28, 20214.

This follows the approval by shareholders at Barrick's Annual and Special Meeting on May 4, 2021 of the total $750 million return of capital distribution. The remaining distribution of $500 million is expected to be effected in two equal tranches to shareholders of record on dates to be determined in August and November 2021.

Senior executive vice-president and chief financial officer Graham Shuttleworth said that the return of capital

distribution and quarterly dividend demonstrates Barrick's commitment to shareholder returns in line with the strategy outlined at the time of the Randgold merger in September 2018. Since that time dividends have tripled, and together with this capital distribution, establishes one of the industry's leading returns for shareholders in 2021.

"Based on the current number of outstanding shares, the distribution of this first tranche represents approximately 14 cents per share15, with the three tranches to be distributed during 2021 representing approximately 42 cents per share in total15. In addition to the current quarterly dividend of 9 cents per share, these distributions are providing Barrick's shareholders with a significantly enhanced return in 2021," said Shuttleworth.

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INTEGRATION OF EXPLORATION, MINERAL RESOURCE

MANAGEMENT AND PLANNING UNLOCKS VALUE

Built on its core strategy of continuing exploration success, Barrick's 10-year plan has been bolstered further by significant advances in resource replacement and prospect development during the first quarter of the year.

Mineral resource management and evaluation executive, Rodney Quick, says the post-merger focus on orebody knowledge across all operating functions, a greatly improved understanding of geological frameworks and the application of leading-edge technologies are identifying and unlocking opportunities for expanding existing asset bases as well as for new discoveries. These factors are effectively combined under Barrick's unique approach to integrated exploration, mineral resource management and planning.

Better understanding of the orebodies has required a great deal of work at the Nevada Gold Mines (NGM) joint venture and this is now beginning to pay off. Drilling programs are currently under way at all priority targets, including Leeville, Sphinx, Carlin Basin and Pipeline-Robertson. Leeville is yielding robust high-grade results and newly identified controls are opening up peripheral targets. At Robertson, step-out drilling suggests considerable near-surface upside and the potential for additional discoveries. Exploration declines at Goldrush, now in ore, are continuing to test extensions.

During the past quarter, notable advances were also made at Loulo-Gounkoto, Kibali and Jabal Sayid.

In the greater Loulo district, new styles of mineralization have been found in Senegal, a potential discovery is emerging at Yalea Ridge and there are exciting drill intercepts beneath the Loulo 1 orebody. There are also at least three major structures immediately south of Gounkoto with extensive anomalism pointing to a potentially significant orebody nearby.

At Kibali, Kalimva is showing some very promising results and a recent reinterpretation of the geological framework has highlighted an area with many structural similarities to the world-class KCD orebody immediately to the east.

At Jabal Sayid, a wide and high-grade intercept well outside the known orebody, points to potentially significant mine life extensions.

On the new discoveries front, generative and grassroots exploration is building a pipeline of targets across all regions, with a particular focus on Latin America, says Rob Krcmarov, Barrick's exploration and growth executive.

"There's a high turnover of projects being evaluated, with the emphasis on geological models and prospectivity. The Zambrana target along strike from Pueblo Viejo is returning encouraging results and at Veladero, drilling at Lama East appears to have intersected strong near surface mineralisation, confirming the potential of the unexplored region between Veladero and Lama. Drilling is continuing to refine our understanding of the controls on mineralization at Alturas-Del Carmen and Pascua-Lama," he says.

Barrick also continues to review new business opportunities, capable of meeting its investment criteria, outside its existing portfolio.

BIODIVERSITY ACTION PLANS PROTECT ECOSYSTEMS, PROMOTE CONSERVATION AROUND BARRICK MINES

Barrick has implemented biodiversity action plans at all its operational sites to manage their impact on sensitive ecosystems as well as to support conservation efforts in the wilderness areas around some of its mines.

In its latest conservation initiative, Barrick has entered into an agreement with the government of Mali to assume responsibility for the rehabilitation of the neglected Fina Reserve. Classified as a biosphere reserve by UNESCO in 1982, Fina has since suffered from under-investment and mismanagement.

Under the agreement, the company will invest $5 million in Fina over the next five years to establish anti-poaching programs, rehabilitate the lands and forests as well as reintroduce lost animal species. In line with Barrick's partnership philosophy, it has established a board of governors which includes prominent Malian businesspeople

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and representatives of Africa Parks. The expert NGO, Bios, has been appointed to manage the park and an introductory meeting has been held with local communities.

"Our ultimate aim is to transform Fina into an internationally recognized national park for Mali," says group sustainability executive Grant Beringer.

In the Democratic Republic of Congo, Barrick already supports the Garamba National Park, one of Africa's oldest

and a UNESCO World Heritage Site. Garamba is home to the DRC's largest elephant population as well as the critically endangered Kordofan giraffe. The company provides elephant tracking collars, fuel for observation and anti- poaching aircraft as well as funding the improvement of roads, bridges and other infrastructure. Since the program began in September 2019, not a single incident of elephant poaching has been recorded. The next step will be the reintroduction of white rhino and giant eland to the park.

The recent collaring of an elephant in Garamba National Park in the DRC. Since 2014, the Kibali mine has partnered with the park to promote conservation and combat poaching.

ESG IN ACTION: TANZANIA SHOWS THE WAY

When Barrick took over operational control of its Tanzanian assets under two years ago, it faced daunting challenges: a government that was actively hostile to the mining industry in general and the former operator in particular; serious environmental issues which had halted production at North Mara; long-standing land disputes; allegations of human rights abuses; and a non-existent social licence to operate.

Since then, Barrick has formed a pioneering partnership with the government, through which they will share the economic benefits generated by the mines. These have not only been brought back into production but have been set on course to potentially become another Tier One complex for the company. Barrick has settled the land disputes and resolved other grievances and is dealing with historical human rights accusations in an open and transparent way.

Barrick has an absolute and unwavering commitment to minimizing the environmental impact of its operations, and its first priority was to fix the Tailings Storage Facility (TSF) and the water management situation at North Mara, says Grant Beringer, group sustainability executive.

The company will invest $65 million in water management initiatives, which has included an upgrade of the water treatment plant, increasing its capacity 16-fold, and has drained the excess water from the TSF, bringing it back to within its permit levels. The next big project is a brine plant, the first of its kind in African mining, which will reduce the volume of salts and increase their concentration to allow for safe storage in the TSF. This plant is scheduled for commissioning in the third quarter of this year.

Community development committees have been established at the mines, and through consultation with these and the

authorities, Barrick reached agreement on land compensation rates. To date, almost all the compensation has been paid in a process overseen by the government, the local authorities and the affected communities.

Barrick has worked with independent specialists Avanzar to update its human rights policies, standards and procedures, and to develop human rights workshops for managers and supervisors, the first of which was held in January of this year. Avanzar has also conducted a human rights impact assessment.

The international security provider has been replaced by a local company with close community ties, the mines' relationship with the police has been reviewed to establish clear boundaries, and arms and ammunition are no longer stored on site.

"While there is still a lot of work to be done, we are encouraged by the progress we have made in establishing Barrick's social licence to operate in Tanzania and in transforming moribund mines into a valuable addition to our global portfolio. The fact that ESG is so deeply ingrained in Barrick meant that we did not have to invent a strategy for dealing with Tanzania - we simply applied our existing principles and procedures," he says.

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