Fourmile Project Continues To Show Outstanding Potential

TORONTO - In the third quarter Barrick Gold Corporation dealt with ongoing challenges and made significant progress on many fronts to keep its annual production and cost guidance within reach on the back of the strong performance anticipated in Q4. Gold production was in line with that of the previous quarter while copper production was up 12% quarter on quarter. The Company said it was on track for a materially improved Q4, driven by the continuing ramp-up of the Pueblo Viejo plant expansion, increased throughput at Nevada Gold Mines and higher grades at Kibali.

Improved margins across the gold operations reflected the higher gold price and cost discipline. Net earnings per share rose by 33% year on year, operating cash flow totaled $1.18 billion and free cash flow of $444 million was up 31% quarter on quarter. Debt net of cash was reduced by 27% quarter on quarter.

President and Chief Executive, Mark Bristow, said. “The Company was again planning to replace mineral reserves net of depletion in 2024 by a significant margin, driven by the contributions from the Reko Diq copper-gold project and the Lumwana Super Pit expansion project. The feasibility studies for both projects are on track for completion by the year-end. Long lead items are being ordered and key project team members are being recruited.

The Fourmile project in Nevada continues to show exciting value potential, and significant new satellite orebody opportunities have been highlighted at Loulo and Kibali. In addition, our exploration teams are working on very promising new prospects across our portfolio.”

Barrick is continuing to invest in its leadership and employee skills development, expanding its bench strength across all three regions. Over the last five years the Company had reduced its closure liabilities by more than $1 billion through the continuous review and optimization of closure projects. In addition, in 2023 two Tailings Storage Facilities (TSF) conformed to the Safe Closure requirements as per the Global Industry Standard on Tailings Management (GISTM) with a further five expected to conform by the end of this year.