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 $1.2 billion in total shareholder returns in 2024
Financial and Operating Highlights
|
Financial Results |
Q4 2024 |
Q3 2024 |
2024 |
2023 |
|
Realized gold
price10,11
($ per ounce) |
2,657 |
2,494 |
2,397 |
1,948 |
| Realized copper
price10,11
($ per pound) |
3.96 |
4.27 |
4.15 |
3.85 |
| Net
earnings12
($ millions) |
996 |
483 |
2,144 |
1,272 |
| Adjusted net
earnings3
($ millions) |
794 |
529 |
2,213 |
1,467 |
| Attributable
EBITDA4
($ millions) |
1,697 |
1,292 |
5,185 |
3,987 |
| Net cash provided by operating
activities ($ millions) |
1,392 |
1,180 |
4,491 |
3,732 |
| Free cash
flow5
($ millions) |
501 |
444 |
1,317 |
646 |
| Net earnings per share
($) |
0.57 |
0.28 |
1.22 |
0.72 |
| Adjusted net earnings per
share3 ($) |
0.46 |
0.30 |
1.26 |
0.84 |
| Total
attributable capital expenditures13,14 ($ millions) |
758 |
583 |
2,607 |
2,363 |
|
Financial Position |
As at 12/31/24 |
As at 9/30/24 |
As at 12/31/24 |
As at 12/31/23 |
|
Debt (current and long-term) ($ millions) |
4,729 |
4,725 |
4,729 |
4,726 |
| Cash and equivalents ($
millions) |
4,074 |
4,225 |
4,074 |
4,148 |
| Debt,
net of cash ($ millions) |
655 |
500 |
655 |
578 |
|
Operating Results |
Q4 2024 |
Q3 2024 |
2024 |
2023 |
|
Gold |
|
|
|
|
|
Production10
(thousands of ounces) |
1,080 |
943 |
3,911 |
4,054 |
| Cost of sales1,10
($ per ounce) |
1,428 |
1,472 |
1,442 |
1,334 |
| Total cash
costs2,10
($ per ounce) |
1,046 |
1,104 |
1,065 |
960 |
| All-in
sustaining
costs2,10
($ per ounce) |
1,451 |
1,507 |
1,484 |
1,335 |
|
Copper |
|
|
|
|
|
Production10,15
(thousands of tonnes) |
64 |
48 |
195 |
191 |
| Cost of sales10,16
($ per pound) |
2.62 |
3.23 |
2.99 |
2.90 |
| C1 cash
costs10,17
($ per pound) |
2.04 |
2.49 |
2.26 |
2.28 |
| All-in
sustaining
costs10,17
($ per pound) |
3.07 |
3.57 |
3.45 |
3.21 |
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 webinarUS/Canada (toll-free), 1 844 763 8274UK (toll),
+44 20 3795 9972International (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
DemonstratesReko 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
AdvancesFemale 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
|
GOLD PRODUCTION AND COSTS |
|
|
2025 forecast attributable production (000s ozs) |
2025 forecast cost of sales1 ($/oz) |
2025 forecast total cash costs2 ($/oz) |
2025 forecast all-in sustaining costs2 ($/oz) |
|
Carlin (61.5%) |
705 - 785 |
1,470 - 1,570 |
1,140 - 1,220 |
1,630 - 1,730 |
|
Cortez (61.5%)28 |
420 - 470 |
1,420 - 1,520 |
1,050 - 1,130 |
1,370 - 1,470 |
|
Turquoise Ridge (61.5%) |
310 - 345 |
1,370 - 1,470 |
1,000 - 1,080 |
1,260 - 1,360 |
|
Phoenix (61.5%) |
85 - 105 |
2,070 - 2,170 |
890 - 970 |
1,240 - 1,340 |
|
Nevada Gold Mines (61.5%) |
1,540 - 1,700 |
1,470 - 1,570 |
1,070 - 1,150 |
1,460 - 1,560 |
|
Hemlo |
140 - 160 |
1,500 - 1,600 |
1,200 - 1,280 |
1,600 - 1,700 |
|
North America |
1,680 - 1,860 |
1,470 - 1,570 |
1,080 - 1,160 |
1,480 - 1,580 |
| |
|
Pueblo Viejo (60%) |
370 - 410 |
1,540 - 1,640 |
910 - 990 |
1,280 - 1,380 |
|
Veladero (50%) |
190 - 220 |
1,390 - 1,490 |
890 - 970 |
1,570 - 1,670 |
|
Porgera (24.5%) |
70 - 95 |
1,510 - 1,610 |
1,210 - 1,290 |
1,770 - 1,870 |
|
Latin America & Asia Pacific |
630 - 730 |
1,490 - 1,590 |
940 - 1,020 |
1,430 - 1,530 |
| |
|
Loulo-Gounkoto (80%)29 |
— |
— |
— |
— |
|
Kibali (45%) |
310 - 340 |
1,280 - 1,380 |
940 - 1,020 |
1,130 - 1,230 |
|
North Mara (84%) |
230 - 260 |
1,370 - 1,470 |
1,020 - 1,100 |
1,400 - 1,500 |
|
Bulyanhulu (84%) |
150 - 180 |
1,470 - 1,570 |
1,010 - 1,090 |
1,540 - 1,640 |
|
Tongon (89.7%) |
110 - 140 |
1,790 - 1,890 |
1,570 - 1,650 |
1,660 - 1,760 |
|
Africa and Middle East |
820 - 910 |
1,420 - 1,520 |
1,060 - 1,140 |
1,360 - 1,460 |
|
|
| Total
Attributable to Barrick30,31,32 |
3,150 - 3,500 |
1,460 - 1,560 |
1,050 - 1,130 |
1,460 - 1,560 |
| |
|
COPPER PRODUCTION AND COSTS |
|
|
2025 forecast attributable production (000s tonnes) |
2025 forecast cost of sales16 ($/lb) |
2025 forecast C1 cash costs17 ($/lb) |
2025 forecast all-in sustaining costs17 ($/lb) |
|
Lumwana |
125 - 155 |
2.30 - 2.60 |
1.60 - 1.90 |
2.80 - 3.10 |
| Zaldívar (50%) |
40 - 45 |
3.60 - 3.90 |
2.70 - 3.00 |
3.50 - 3.80 |
|
Jabal Sayid (50%) |
25 - 35 |
2.00 - 2.30 |
1.60 - 1.90 |
1.80 - 2.10 |
|
Total Copper30,31,32 |
200 - 230 |
2.50 - 2.80 |
1.80 - 2.10 |
2.80 - 3.10 |
| |
|
ATTRIBUTABLE CAPITAL
EXPENDITURES13 |
|
|
|
|
(millions) |
|
Attributable minesite sustaining13,14 |
1,400 - 1,650 |
|
Attributable project13,14 |
1,700 - 1,950 |
| Total
attributable capital expenditures13 |
3,100 - 3,600 |
|
OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY
ANALYSIS |
|
|
2025 guidance assumption |
Hypothetical change |
Consolidated impact on EBITDA4 (millions) |
Attributable impact on EBITDA4 (millions) |
Attributable impact on TCC and AISC2,17 |
|
Gold price sensitivity |
$2,400/oz |
+/- $100/oz |
‘+/-$450 |
‘+/-$320 |
‘+/-$5/oz |
| Copper
price sensitivity |
$4.00/lb |
‘+/-$0.25/lb |
‘+/- $120 |
‘+/- $120 |
‘+/-$0.01/lb |
Production and Cost Summary - Gold
| |
For the three months ended |
For the years ended |
|
|
12/31/24 |
9/30/24 |
Change |
12/31/24 |
12/31/23 |
Change |
| Nevada Gold Mines LLC (61.5%)a |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
444 |
385 |
15 |
% |
1,650 |
1,865 |
(12 |
%) |
|
Gold produced (000s oz 100% basis) |
721 |
625 |
15 |
% |
2,684 |
3,032 |
(12 |
%) |
|
Cost of sales ($/oz) |
1,468 |
1,553 |
(5 |
%) |
1,478 |
1,351 |
9 |
% |
|
Total cash costs ($/oz)b |
1,121 |
1,205 |
(7 |
%) |
1,126 |
989 |
14 |
% |
|
All-in sustaining costs ($/oz)b |
1,453 |
1,633 |
(11 |
%) |
1,561 |
1,366 |
14 |
% |
|
Carlin (61.5%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
186 |
182 |
2 |
% |
775 |
868 |
(11 |
%) |
|
Gold produced (000s oz 100% basis) |
301 |
296 |
2 |
% |
1,261 |
1,411 |
(11 |
%) |
|
Cost of sales ($/oz) |
1,489 |
1,478 |
1 |
% |
1,429 |
1,254 |
14 |
% |
|
Total cash costs ($/oz)b |
1,240 |
1,249 |
(1 |
%) |
1,187 |
1,033 |
15 |
% |
|
All-in sustaining costs ($/oz)b |
1,657 |
1,771 |
(6 |
%) |
1,730 |
1,486 |
16 |
% |
|
Cortez (61.5%)c |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
125 |
98 |
28 |
% |
444 |
549 |
(19 |
%) |
|
Gold produced (000s oz 100% basis) |
203 |
160 |
28 |
% |
722 |
892 |
(19 |
%) |
|
Cost of sales ($/oz) |
1,405 |
1,526 |
(8 |
%) |
1,402 |
1,318 |
6 |
% |
|
Total cash costs ($/oz)b |
1,064 |
1,180 |
(10 |
%) |
1,046 |
906 |
15 |
% |
|
All-in sustaining costs ($/oz)b |
1,431 |
1,570 |
(9 |
%) |
1,441 |
1,282 |
12 |
% |
|
Turquoise Ridge (61.5%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
94 |
76 |
24 |
% |
304 |
316 |
(4 |
%) |
|
Gold produced (000s oz 100% basis) |
153 |
123 |
24 |
% |
494 |
514 |
(4 |
%) |
|
Cost of sales ($/oz) |
1,491 |
1,674 |
(11 |
%) |
1,615 |
1,399 |
15 |
% |
|
Total cash costs ($/oz)b |
1,107 |
1,295 |
(15 |
%) |
1,238 |
1,026 |
21 |
% |
|
All-in sustaining costs ($/oz)b |
1,260 |
1,516 |
(17 |
%) |
1,466 |
1,234 |
19 |
% |
|
Phoenix (61.5%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
39 |
29 |
34 |
% |
127 |
123 |
3 |
% |
|
Gold produced (000s oz 100% basis) |
64 |
46 |
34 |
% |
207 |
200 |
3 |
% |
|
Cost of sales ($/oz) |
1,474 |
1,789 |
(18 |
%) |
1,687 |
2,011 |
(16 |
%) |
|
Total cash costs ($/oz)b |
752 |
764 |
(2 |
%) |
765 |
961 |
(20 |
%) |
|
All-in sustaining costs ($/oz)b |
956 |
1,113 |
(14 |
%) |
1,031 |
1,162 |
(11 |
%) |
|
Long Canyon (61.5%)d |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
— |
— |
— |
% |
— |
9 |
(100 |
%) |
|
Gold produced (000s oz 100% basis) |
— |
— |
— |
% |
— |
15 |
(100 |
%) |
|
Cost of sales ($/oz) |
— |
— |
— |
% |
— |
1,789 |
(100 |
%) |
|
Total cash costs ($/oz)b |
— |
— |
— |
% |
— |
724 |
(100 |
%) |
|
All-in sustaining costs ($/oz)b |
— |
— |
— |
% |
— |
779 |
(100 |
%) |
| Pueblo Viejo (60%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
93 |
98 |
(5 |
%) |
352 |
335 |
5 |
% |
|
Gold produced (000s oz 100% basis) |
155 |
164 |
(5 |
%) |
586 |
559 |
5 |
% |
|
Cost of sales ($/oz) |
1,679 |
1,470 |
14 |
% |
1,576 |
1,418 |
11 |
% |
|
Total cash costs ($/oz)b |
1,030 |
957 |
8 |
% |
1,005 |
889 |
13 |
% |
|
All-in sustaining costs ($/oz)b |
1,325 |
1,221 |
9 |
% |
1,323 |
1,249 |
6 |
% |
| Loulo-Gounkoto (80%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
156 |
144 |
8 |
% |
578 |
547 |
6 |
% |
|
Gold produced (000s oz 100% basis) |
196 |
180 |
8 |
% |
723 |
683 |
6 |
% |
|
Cost of sales ($/oz) |
1,397 |
1,257 |
11 |
% |
1,218 |
1,198 |
2 |
% |
|
Total cash costs ($/oz)b |
923 |
865 |
7 |
% |
828 |
835 |
(1 |
%) |
|
All-in sustaining costs ($/oz)b |
2,136 |
1,288 |
66 |
% |
1,304 |
1,166 |
12 |
% |
| Kibali (45%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
80 |
71 |
13 |
% |
309 |
343 |
(10 |
%) |
|
Gold produced (000s oz 100% basis) |
177 |
159 |
13 |
% |
686 |
763 |
(10 |
%) |
|
Cost of sales ($/oz) |
1,413 |
1,441 |
(2 |
%) |
1,344 |
1,221 |
10 |
% |
|
Total cash costs ($/oz)b |
966 |
978 |
(1 |
%) |
905 |
789 |
15 |
% |
|
All-in sustaining costs ($/oz)b |
1,182 |
1,172 |
1 |
% |
1,123 |
918 |
22 |
% |
| Veladero (50%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
82 |
57 |
44 |
% |
252 |
207 |
22 |
% |
|
Gold produced (000s oz 100% basis) |
165 |
113 |
44 |
% |
505 |
414 |
22 |
% |
|
Cost of sales ($/oz) |
1,151 |
1,311 |
(12 |
%) |
1,254 |
1,440 |
(13 |
%) |
|
Total cash costs ($/oz)b |
828 |
951 |
(13 |
%) |
905 |
1,011 |
(10 |
%) |
|
All-in sustaining costs ($/oz)b |
1,191 |
1,385 |
(14 |
%) |
1,334 |
1,516 |
(12 |
%) |
| Porgera (24.5%)e |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
13 |
18 |
(28 |
%) |
46 |
— |
100 |
% |
|
Gold produced (000s oz 100% basis) |
53 |
72 |
(28 |
%) |
188 |
— |
100 |
% |
|
Cost of sales ($/oz) |
2,127 |
1,163 |
83 |
% |
1,423 |
— |
100 |
% |
|
Total cash costs ($/oz)b |
1,322 |
999 |
32 |
% |
1,073 |
— |
100 |
% |
|
All-in sustaining costs ($/oz)b |
2,967 |
1,214 |
144 |
% |
1,666 |
— |
100 |
% |
| Tongon (89.7%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
39 |
28 |
39 |
% |
148 |
183 |
(19 |
%) |
|
Gold produced (000s oz 100% basis) |
43 |
32 |
39 |
% |
165 |
204 |
(19 |
%) |
|
Cost of sales ($/oz) |
1,405 |
2,403 |
(42 |
%) |
1,903 |
1,469 |
30 |
% |
|
Total cash costs ($/oz)b |
1,198 |
2,184 |
(45 |
%) |
1,670 |
1,240 |
35 |
% |
|
All-in sustaining costs ($/oz)b |
1,460 |
2,388 |
(39 |
%) |
1,867 |
1,408 |
33 |
% |
| Hemlo (100%) |
|
|
|
|
|
|
|
Gold produced (000s oz) |
39 |
30 |
30 |
% |
143 |
141 |
1 |
% |
|
Cost of sales ($/oz) |
1,754 |
1,929 |
(9 |
%) |
1,754 |
1,589 |
10 |
% |
|
Total cash costs ($/oz)b |
1,475 |
1,623 |
(9 |
%) |
1,483 |
1,382 |
7 |
% |
|
All-in sustaining costs ($/oz)b |
1,689 |
2,044 |
(17 |
%) |
1,769 |
1,672 |
6 |
% |
| North Mara (84%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
90 |
75 |
20 |
% |
265 |
253 |
5 |
% |
|
Gold produced (000s oz 100% basis) |
107 |
89 |
20 |
% |
315 |
302 |
5 |
% |
|
Cost of sales ($/oz) |
1,018 |
1,108 |
(8 |
%) |
1,266 |
1,206 |
5 |
% |
|
Total cash costs ($/oz)b |
771 |
850 |
(9 |
%) |
989 |
944 |
5 |
% |
|
All-in sustaining costs ($/oz)b |
1,098 |
1,052 |
4 |
% |
1,274 |
1,335 |
(5 |
%) |
| Bulyanhulu (84%) |
|
|
|
|
|
|
|
Gold produced (000s oz attributable basis) |
44 |
37 |
19 |
% |
168 |
180 |
(7 |
%) |
|
Gold produced (000s oz 100% basis) |
53 |
44 |
19 |
% |
200 |
214 |
(7 |
%) |
|
Cost of sales ($/oz) |
1,505 |
1,628 |
(8 |
%) |
1,509 |
1,312 |
15 |
% |
|
Total cash costs ($/oz)b |
1,072 |
1,191 |
(10 |
%) |
1,070 |
920 |
16 |
% |
|
All-in sustaining costs ($/oz)b |
1,489 |
1,470 |
1 |
% |
1,420 |
1,231 |
15 |
% |
| Total
Attributable to Barrickf |
|
|
|
|
|
|
|
Gold produced (000s oz) |
1,080 |
943 |
15 |
% |
3,911 |
4,054 |
(4 |
%) |
|
Cost of sales ($/oz)g |
1,428 |
1,472 |
(3 |
%) |
1,442 |
1,334 |
8 |
% |
|
Total cash costs ($/oz)b |
1,046 |
1,104 |
(5 |
%) |
1,065 |
960 |
11 |
% |
|
All-in sustaining costs ($/oz)b |
1,451 |
1,507 |
(4 |
%) |
1,484 |
1,335 |
11 |
% |
| |
|
|
|
|
|
|
|
|
- These results represent our 61.5% interest in Carlin, Cortez,
Turquoise Ridge, Phoenix and Long Canyon until it transitioned to
care and maintenance at the end of 2023, as previously
reported.
- Further information on these non-GAAP financial measures,
including detailed reconciliations, is included on pages 59 to 75
of Barrick’s Q4 2024 MD&A.
- Includes Goldrush.
- Starting in Q1 2024, we have ceased to include production or
non-GAAP cost metrics for Long Canyon as it was placed on care and
maintenance at the end of 2023, as previously reported.
- As Porgera was placed on care and maintenance from April 25,
2020 until December 22, 2023, no operating data or per ounce data
has been provided from Q3 2020 to Q4 2023. On December 22,
2023, we completed the Commencement Agreement, pursuant to which
the PNG government and BNL, the 95% owner and operator of the
Porgera joint venture, agreed on a partnership for the future
ownership and operation of the mine. Ownership of Porgera is
held in a joint venture owned 51% by PNG stakeholders and 49% by a
Barrick affiliate, PJL. PJL is jointly owned on a 50/50 basis by
Barrick and Zijin Mining Group and therefore Barrick now holds a
24.5% ownership interest in the Porgera joint venture. Barrick
holds a 23.5% interest in the economic benefits of the mine under
the economic benefit sharing arrangement agreed with the PNG
government whereby Barrick and Zijin Mining Group together share
47% of the overall economic benefits derived from the mine
accumulated over time, and the PNG stakeholders share the remaining
53%.
- Excludes Pierina, which is producing incidental ounces while in
closure.
- Gold cost of sales per ounce is calculated as cost of sales
across our gold operations (excluding sites in closure or care and
maintenance) divided by ounces sold (both on an attributable basis
using Barrick’s ownership share).
Production and Cost Summary - Copper
| |
For the three months ended |
For the years ended |
| |
12/31/24 |
09/30/24 |
% Change |
12/31/24 |
12/31/23 |
% Change |
| Lumwana
(100%) |
|
|
|
|
|
|
|
Copper production (thousands of tonnes)a |
46 |
30 |
53 |
% |
123 |
118 |
4 |
% |
|
Cost of sales ($/lb)c |
2.27 |
3.27 |
(31 |
%) |
2.94 |
2.91 |
1 |
% |
|
C1 cash costs ($/lb)b |
1.89 |
2.53 |
(25 |
%) |
2.23 |
2.29 |
(3 |
%) |
|
All-in sustaining costs ($/lb)b |
3.14 |
3.94 |
(20 |
%) |
3.85 |
3.48 |
11 |
% |
| Zaldívar
(50%) |
|
|
|
|
|
|
|
Copper production (thousands of tonnes attributable basis)a |
11 |
10 |
10 |
% |
40 |
40 |
0 |
% |
|
Copper production (thousands of tonnes 100% basis)a |
22 |
20 |
10 |
% |
80 |
81 |
0 |
% |
|
Cost of sales ($/lb)c |
4.22 |
4.04 |
4 |
% |
4.09 |
3.83 |
7 |
% |
|
C1 cash costs ($/lb)b |
3.11 |
2.99 |
4 |
% |
3.04 |
2.95 |
3 |
% |
|
All-in sustaining costs ($/lb)b |
3.98 |
3.45 |
15 |
% |
3.58 |
3.46 |
3 |
% |
| Jabal Sayid (50%) |
|
|
|
|
|
|
|
Copper production (thousands of tonnes attributable basis)a |
7 |
8 |
(13 |
%) |
32 |
32 |
0 |
% |
|
Copper production (thousands of tonnes 100% basis)a |
15 |
16 |
(13 |
%) |
65 |
64 |
0 |
% |
|
Cost of sales ($/lb)c |
2.02 |
1.76 |
15 |
% |
1.77 |
1.60 |
11 |
% |
|
C1 cash costs ($/lb)b |
1.29 |
1.54 |
(16 |
%) |
1.37 |
1.35 |
1 |
% |
|
All-in sustaining costs ($/lb)b |
1.44 |
1.76 |
(18 |
%) |
1.56 |
1.53 |
2 |
% |
| Total Attributable to Barrick |
|
|
|
|
|
|
|
Copper production (thousands of tonnes)a |
64 |
48 |
33 |
% |
195 |
191 |
2 |
% |
|
Cost of sales ($/lb)c |
2.62 |
3.23 |
(19 |
%) |
2.99 |
2.90 |
3 |
% |
|
C1 cash costs ($/lb)b |
2.04 |
2.49 |
(18 |
%) |
2.26 |
2.28 |
(1 |
%) |
|
All-in sustaining costs ($/lb)b |
3.07 |
3.57 |
(14 |
%) |
3.45 |
3.21 |
7 |
% |
| |
|
|
|
|
|
|
|
|
- Starting in 2024, we have presented our copper production and
sales quantities in tonnes rather than pounds (1 tonne is
equivalent to 2,204.6 pounds). Production and sales amounts
for prior periods have been restated for comparative
purposes. Our copper cost metrics are still reported on a per
pound basis.
- Further information on these non-GAAP financial measures,
including detailed reconciliations, is included on pages 59 to 75
of Barrick’s Q4 2024 MD&A.
- Copper cost of sales per pound is calculated as cost of sales
across our copper operations divided by pounds sold (both on an
attributable basis using Barrick's ownership share).
Financial and Operating Highlights
| |
For the three months ended |
|
For the years ended |
| |
12/31/24 |
9/30/24 |
% Change |
|
12/31/24 |
12/31/23 |
% Change |
| Financial Results($ millions) |
|
|
|
|
|
|
|
| Revenues |
3,645 |
|
3,368 |
|
8 |
% |
|
12,922 |
|
11,397 |
|
13 |
% |
| Cost of sales |
1,995 |
|
2,051 |
|
(3 |
)% |
|
7,961 |
|
7,932 |
|
0 |
% |
| Net earningsa |
996 |
|
483 |
|
106 |
% |
|
2,144 |
|
1,272 |
|
69 |
% |
| Adjusted net earningsb |
794 |
|
529 |
|
50 |
% |
|
2,213 |
|
1,467 |
|
51 |
% |
| Attributable EBITDAb |
1,697 |
|
1,292 |
|
31 |
% |
|
5,185 |
|
3,987 |
|
30 |
% |
| Attributable EBITDA marginb |
56 |
% |
46 |
% |
22 |
% |
|
48 |
% |
42 |
% |
14 |
% |
| Minesite sustaining capital expendituresb,c |
525 |
|
511 |
|
3 |
% |
|
2,217 |
|
2,076 |
|
7 |
% |
| Project capital expendituresb,c |
362 |
|
221 |
|
64 |
% |
|
924 |
|
969 |
|
(5 |
)% |
| Total consolidated capital expendituresc,d |
891 |
|
736 |
|
21 |
% |
|
3,174 |
|
3,086 |
|
3 |
% |
| Total attributable capital
expenditurese |
758 |
|
583 |
|
30 |
% |
|
2,607 |
|
2,363 |
|
10 |
% |
| Net cash provided by operating activities |
1,392 |
|
1,180 |
|
18 |
% |
|
4,491 |
|
3,732 |
|
20 |
% |
| Net cash provided by operating activities marginf |
38 |
% |
35 |
% |
9 |
% |
|
35 |
% |
33 |
% |
6 |
% |
| Free cash flowb |
501 |
|
444 |
|
13 |
% |
|
1,317 |
|
646 |
|
104 |
% |
| Net earnings per share (basic and diluted) |
0.57 |
|
0.28 |
|
104 |
% |
|
1.22 |
|
0.72 |
|
69 |
% |
| Adjusted net earnings (basic)bper share |
0.46 |
|
0.30 |
|
53 |
% |
|
1.26 |
|
0.84 |
|
50 |
% |
| Weighted average
diluted common shares (millions of shares) |
1,742 |
|
1,752 |
|
(1 |
)% |
|
1,751 |
|
1,755 |
|
0 |
% |
| Operating Results |
|
|
|
|
|
|
|
| Gold production (thousands of ounces)g |
1,080 |
|
943 |
|
15 |
% |
|
3,911 |
|
4,054 |
|
(4 |
)% |
| Gold sold (thousands of ounces)g |
965 |
|
967 |
|
0 |
% |
|
3,798 |
|
4,024 |
|
(6 |
)% |
| Market gold price ($/oz) |
2,663 |
|
2,474 |
|
8 |
% |
|
2,386 |
|
1,941 |
|
23 |
% |
| Realized gold priceb,g($/oz) |
2,657 |
|
2,494 |
|
7 |
% |
|
2,397 |
|
1,948 |
|
23 |
% |
| Gold cost of sales (Barrick’s share)g,h($/oz) |
1,428 |
|
1,472 |
|
(3 |
)% |
|
1,442 |
|
1,334 |
|
8 |
% |
| Gold total cash costsb,g($/oz) |
1,046 |
|
1,104 |
|
(5 |
)% |
|
1,065 |
|
960 |
|
11 |
% |
| Gold all-in sustaining costsb,g($/oz) |
1,451 |
|
1,507 |
|
(4 |
)% |
|
1,484 |
|
1,335 |
|
11 |
% |
| Copper production (thousands of tonnes)g,j |
64 |
|
48 |
|
33 |
% |
|
195 |
|
191 |
|
2 |
% |
| Copper sold (thousands of tonnes)g,j |
54 |
|
42 |
|
29 |
% |
|
177 |
|
185 |
|
(4 |
)% |
| Market copper price ($/lb) |
4.17 |
|
4.18 |
|
0 |
% |
|
4.15 |
|
3.85 |
|
8 |
% |
| Realized copper priceb,g($/lb) |
3.96 |
|
4.27 |
|
(7 |
)% |
|
4.15 |
|
3.85 |
|
8 |
% |
| Copper cost of sales (Barrick’s share)g,i($/lb) |
2.62 |
|
3.23 |
|
(19 |
)% |
|
2.99 |
|
2.90 |
|
3 |
% |
| Copper C1 cash costsb,g($/lb) |
2.04 |
|
2.49 |
|
(18 |
)% |
|
2.26 |
|
2.28 |
|
(1 |
)% |
| Copper all-in
sustaining costsb,g($/lb) |
3.07 |
|
3.57 |
|
(14 |
)% |
|
3.45 |
|
3.21 |
|
7 |
% |
| |
As at 12/31/24 |
As at 9/30/24 |
% Change |
|
As at 12/31/24 |
As at 12/31/23 |
% Change |
| Financial Position($ millions) |
|
|
|
|
|
|
|
| Debt (current and long-term) |
4,729 |
|
4,725 |
|
0 |
% |
|
4,729 |
|
4,726 |
|
0 |
% |
| Cash and equivalents |
4,074 |
|
4,225 |
|
(4 |
)% |
|
4,074 |
|
4,148 |
|
(2 |
)% |
| Debt, net of cash |
655 |
|
500 |
|
31 |
% |
|
655 |
|
578 |
|
13 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net earnings represents net earnings attributable to the equity
holders of the Company.
- Further information on these non-GAAP financial measures,
including detailed reconciliations, is included on pages 59 to 75
of Barrick’s Q4 2024 MD&A.
- Amounts presented on a consolidated cash basis. Project capital
expenditures are not included in our calculation of all-in
sustaining costs.
- Total consolidated capital expenditures also includes
capitalized interest of $4 million and $33 million, respectively,
for the Q4 2024 and 2024 (Q3 2024: $4 million; 2023: $41
million).
- These amounts are presented on the same basis as our
guidance.
- Represents net cash provided by operating activities divided by
revenue.
- On an attributable basis.
- Gold cost of sales per ounce is calculated as cost of sales
across our gold operations (excluding sites in closure or care and
maintenance) divided by ounces sold (both on an attributable basis
using Barrick’s ownership share).
- Copper cost of sales per pound is calculated as cost of sales
across our copper operations divided by pounds sold (both on an
attributable basis using Barrick’s ownership share).
- Starting in 2024, we have presented our copper production and
sales quantities in tonnes rather than pounds (1 tonne is
equivalent to 2,204.6 pounds). Production and sales amounts for
prior periods have been restated for comparative purposes. Our
copper cost metrics are still reported on a per pound basis.
Consolidated Statements of Income
| Barrick Gold Corporation |
|
|
|
For the years ended December 31 (in millions of United States
dollars, except per share data) |
|
2024 |
|
|
2023 |
|
| Revenue (notes 5 and
6) |
$12,922 |
|
$11,397 |
|
| Costs and expenses (income) |
|
|
|
|
| Cost of sales (notes 5 and 7) |
|
7,961 |
|
|
7,932 |
|
| General and administrative expenses (note 11) |
|
115 |
|
|
126 |
|
| Exploration, evaluation and project expenses (notes 5 and
8) |
|
392 |
|
|
361 |
|
| Impairment (reversals) charges (notes 10 and 21) |
|
(457 |
) |
|
312 |
|
| Loss on currency translation |
|
39 |
|
|
93 |
|
| Closed mine rehabilitation (note 27b) |
|
59 |
|
|
16 |
|
| Income from equity investees (note 16) |
|
(241 |
) |
|
(232 |
) |
| Other (income) expense
(note 9) |
|
214 |
|
|
(195 |
) |
| Income before finance items and income
taxes |
|
4,840 |
|
|
2,984 |
|
| Finance costs, net
(note 14) |
|
(232 |
) |
|
(170 |
) |
| Income before income taxes |
|
4,608 |
|
|
2,814 |
|
| Income tax expense
(note 12) |
|
(1,520 |
) |
|
(861 |
) |
| Net
income |
$3,088 |
|
$1,953 |
|
| Attributable to: |
|
|
|
|
| Equity holders of Barrick Gold Corporation |
$2,144 |
|
$1,272 |
|
| Non-controlling
interests (note 32) |
$944 |
|
$681 |
|
| Earnings per share data attributable to the equity holders of
Barrick Gold Corporation (note 13) |
|
|
|
|
| Net income |
|
|
|
|
|
Basic |
$1.22 |
|
$0.72 |
|
|
Diluted |
$1.22 |
|
$0.72 |
|
|
|
The notes to these consolidated financial statements, which are
contained in the Fourth Quarter and Year End Report, available on
our website are an integral part of these consolidated financial
statements.
Consolidated Statements of Comprehensive
Income
| Barrick Gold Corporation |
|
|
For the years ended December 31 (in millions of United States
dollars) |
|
2024 |
|
|
2023 |
|
| Net income |
|
$3,088 |
|
$1,953 |
|
| Other comprehensive income (loss), net of
taxes |
|
|
|
|
| Items that may be reclassified subsequently to profit
or loss: |
|
|
|
|
|
Unrealized gains on derivatives designated as cash flow hedges, net
of tax $nil and $nil |
|
1 |
|
|
— |
|
|
Currency translation adjustments, net of tax $nil and $nil |
|
— |
|
|
(3 |
) |
| Items that will not be reclassified to profit or
loss: |
|
|
|
|
|
Actuarial loss on post-employment benefit obligations, net of tax
$nil and $nil |
|
(4 |
) |
|
— |
|
|
Net change in value of equity investments, net of tax $nil and
($2) |
|
12 |
|
|
1 |
|
|
Total other comprehensive income (loss) |
|
9 |
|
|
(2 |
) |
| Total
comprehensive income |
$3,097 |
|
$1,951 |
|
| Attributable to: |
|
|
|
|
| Equity holders of Barrick Gold Corporation |
$2,153 |
|
$1,270 |
|
| Non-controlling
interests |
$944 |
|
$681 |
|
| |
|
|
|
|
The notes to these consolidated financial statements, which are
contained in the Fourth Quarter and Year End Report, available on
our website are an integral part of these consolidated financial
statements.
Consolidated Statements of Cash Flow
| Barrick Gold Corporation |
|
|
For the years ended December 31 (in millions of United States
dollars) |
|
2024 |
|
|
2023 |
|
| OPERATING ACTIVITIES |
|
|
| Net income |
|
$3,088 |
|
|
$1,953 |
|
| Adjustments for the following items: |
|
|
|
Depreciation |
|
1,915 |
|
|
2,043 |
|
|
Finance costs, net (note 14) |
|
232 |
|
|
170 |
|
|
Impairment (reversals) charges (notes 10 and 21) |
|
(457 |
) |
|
312 |
|
|
Income tax expense (note 12) |
|
1,520 |
|
|
861 |
|
|
Income from equity investees (note 16) |
|
(241 |
) |
|
(232 |
) |
|
Loss on currency translation |
|
39 |
|
|
93 |
|
|
Gain on acquisition/sale of non-current assets (note 9) |
|
(24 |
) |
|
(364 |
) |
| Change in working capital (note 15) |
|
(382 |
) |
|
(404 |
) |
| Other operating
activities (note 15) |
|
(280 |
) |
|
(113 |
) |
| Operating cash flows
before interest and income taxes |
|
5,410 |
|
|
4,319 |
|
| Interest paid |
|
(380 |
) |
|
(300 |
) |
| Interest received |
|
237 |
|
|
237 |
|
| Income taxes
paid1 |
|
(776 |
) |
|
(524 |
) |
| Net cash
provided by operating activities |
|
4,491 |
|
|
3,732 |
|
| INVESTING ACTIVITIES |
|
|
| Property, plant and equipment |
|
|
|
Capital expenditures (note 5) |
|
(3,174 |
) |
|
(3,086 |
) |
|
Sales proceeds |
|
19 |
|
|
13 |
|
| Investment (purchases) sales |
|
97 |
|
|
(23 |
) |
| Funding of equity method investments (note 16) |
|
(59 |
) |
|
— |
|
| Dividends received from equity method investments (note
16) |
|
198 |
|
|
273 |
|
| Shareholder loan
repayments from equity method investments (note 16) |
|
155 |
|
|
7 |
|
| Net cash used
in investing activities |
|
(2,764 |
) |
|
(2,816 |
) |
| FINANCING ACTIVITIES |
|
|
| Lease repayments |
|
(14 |
) |
|
(13 |
) |
| Debt repayments |
|
— |
|
|
(43 |
) |
| Dividends (note 31) |
|
(696 |
) |
|
(700 |
) |
| Share buyback program (note 31) |
|
(498 |
) |
|
— |
|
| Funding from non-controlling interests (note 32) |
|
146 |
|
|
40 |
|
| Disbursements to non-controlling interests (note 32) |
|
(785 |
) |
|
(554 |
) |
| Pueblo Viejo JV
partner shareholder loan (note 29) |
|
52 |
|
|
65 |
|
| Net cash used
in financing activities |
|
(1,795 |
) |
|
(1,205 |
) |
| Effect of
exchange rate changes on cash and equivalents |
|
(6 |
) |
|
(3 |
) |
| Net increase (decrease) in cash and equivalents |
|
(74 |
) |
|
(292 |
) |
| Cash and equivalents
at beginning of year (note 25a) |
|
4,148 |
|
|
4,440 |
|
| Cash and
equivalents at the end of year |
|
$4,074 |
|
|
$4,148 |
|
| |
|
|
|
|
|
|
1 Income taxes paid excludes $107 million
(2023: $137 million) of income taxes payable that were settled
against offsetting value added tax (“VAT”) receivables.
The notes to these consolidated financial
statements, which are contained in the Fourth Quarter and Year End
Report, available on our website are an integral part of these
consolidated financial statements.
Consolidated Balance Sheets
| Barrick Gold Corporation |
As at December 31, 2024 |
As at December 31, 2023 |
| (in millions of United
States dollars) |
| ASSETS |
|
|
| Current assets |
|
|
|
Cash and equivalents (note 25a) |
|
$4,074 |
|
|
$4,148 |
|
|
Accounts receivable (note 18) |
|
763 |
|
|
693 |
|
|
Inventories (note 17) |
|
1,942 |
|
|
1,782 |
|
|
Other current assets (note 18) |
|
853 |
|
|
815 |
|
| Total current assets |
|
7,632 |
|
|
7,438 |
|
| Non-current assets |
|
|
|
Non-current portion of inventory (note 17) |
|
2,783 |
|
|
2,738 |
|
|
Equity in investees (note 16) |
|
4,112 |
|
|
4,133 |
|
|
Property, plant and equipment (note 19) |
|
28,559 |
|
|
26,416 |
|
|
Intangible assets (note 20a) |
|
148 |
|
|
149 |
|
|
Goodwill (note 20b) |
|
3,097 |
|
|
3,581 |
|
|
Other assets (note 22) |
|
1,295 |
|
|
1,356 |
|
| Total
assets |
|
$47,626 |
|
|
$45,811 |
|
| LIABILITIES AND EQUITY |
|
|
| Current liabilities |
|
|
|
Accounts payable (note 23) |
|
$1,613 |
|
|
$1,503 |
|
|
Debt (note 25b) |
|
24 |
|
|
11 |
|
|
Current income tax liabilities |
|
545 |
|
|
303 |
|
|
Other current liabilities (note 24) |
|
460 |
|
|
539 |
|
| Total current
liabilities |
|
2,642 |
|
|
2,356 |
|
| Non-current liabilities |
|
|
|
Debt (note 25b) |
|
4,705 |
|
|
4,715 |
|
|
Provisions (note 27) |
|
1,962 |
|
|
2,058 |
|
|
Deferred income tax liabilities (note 30) |
|
3,887 |
|
|
3,439 |
|
|
Other liabilities (note 29) |
|
1,174 |
|
|
1,241 |
|
| Total
liabilities |
|
14,370 |
|
|
13,809 |
|
| Equity |
|
|
| Capital stock (note 31) |
|
27,661 |
|
|
28,117 |
|
| Deficit |
|
(5,269 |
) |
|
(6,713 |
) |
| Accumulated other comprehensive income |
|
33 |
|
|
24 |
|
| Other |
|
1,865 |
|
|
1,913 |
|
| Total equity attributable to Barrick Gold Corporation
shareholders |
|
24,290 |
|
|
23,341 |
|
|
Non-controlling interests (note 32) |
|
8,966 |
|
|
8,661 |
|
| Total
equity |
|
33,256 |
|
|
32,002 |
|
| Contingencies and
commitments (notes 2, 17, 19 and 35) |
|
|
| Total
liabilities and equity |
|
$47,626 |
|
|
$45,811 |
|
| |
|
|
|
|
|
|
The notes to these consolidated financial statements, which are
contained in the Fourth Quarter and Year End Report, available on
our website are an integral part of these consolidated financial
statements.
Consolidated Statements of Changes in
Equity
| Barrick Gold
Corporation |
|
Attributable to equity holders of the Company |
|
|
| (in millions of United States
dollars) |
Common Shares (in thousands) |
|
|
Capital stock |
|
|
Deficit |
|
|
Accumulated other comprehensive income (loss)1 |
|
|
Other2 |
|
|
Total equity attributable to shareholders |
|
|
Non-controlling interests |
|
|
Total equity |
|
|
At January 1, 2024 |
1,755,570 |
|
$28,117 |
|
($6,713 |
) |
$24 |
|
$1,913 |
|
$23,341 |
|
$8,661 |
|
$32,002 |
|
|
Net income |
— |
|
|
— |
|
|
2,144 |
|
|
— |
|
|
— |
|
|
2,144 |
|
|
944 |
|
|
3,088 |
|
|
Total other comprehensive income |
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
— |
|
|
9 |
|
|
— |
|
|
9 |
|
|
Total comprehensive income |
— |
|
$ |
— |
|
$2,144 |
|
$9 |
|
$ |
— |
|
$2,153 |
|
$944 |
|
$3,097 |
|
|
Transactions with owners |
|
|
|
|
|
|
|
|
|
Dividends (note 31) |
— |
|
|
— |
|
|
(696 |
) |
|
— |
|
|
— |
|
|
(696 |
) |
|
— |
|
|
(696 |
) |
|
Funding from non-controlling interests (note 32) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
146 |
|
|
146 |
|
|
Disbursements to non-controlling interests (note 32) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(785 |
) |
|
(785 |
) |
|
Dividend reinvestment plan (note 31) |
205 |
|
|
4 |
|
|
(4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Share buyback program (note 31) |
(28,675 |
) |
|
(460 |
) |
|
— |
|
|
— |
|
|
(48 |
) |
|
(508 |
) |
|
— |
|
|
(508 |
) |
|
Total transactions with owners |
(28,470 |
) |
($456 |
) |
($700 |
) |
$ |
— |
|
($48 |
) |
($1,204 |
) |
($639 |
) |
($1,843 |
) |
| At December
31, 2024 |
1,727,100 |
|
$27,661 |
|
($5,269 |
) |
$33 |
|
$1,865 |
|
$24,290 |
|
$8,966 |
|
$33,256 |
|
| |
|
|
|
|
|
|
|
|
|
At January 1, 2023 |
1,755,350 |
|
$28,114 |
|
($7,282 |
) |
$26 |
|
$1,913 |
|
$22,771 |
|
$8,518 |
|
$31,289 |
|
|
Net income |
— |
|
|
— |
|
|
1,272 |
|
|
— |
|
|
— |
|
|
1,272 |
|
|
681 |
|
|
1,953 |
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
(2 |
) |
|
— |
|
|
(2 |
) |
|
— |
|
|
(2 |
) |
|
Total comprehensive income (loss) |
— |
|
$ |
— |
|
$1,272 |
|
($2 |
) |
$ |
— |
|
$1,270 |
|
$681 |
|
$1,951 |
|
|
Transactions with owners |
|
|
|
|
|
|
|
|
|
Dividends (note 31) |
— |
|
|
— |
|
|
(700 |
) |
|
— |
|
|
— |
|
|
(700 |
) |
|
— |
|
|
(700 |
) |
|
Funding from non-controlling interests (note 32) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
40 |
|
|
40 |
|
|
Disbursements to non-controlling interests (note 32) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(578 |
) |
|
(578 |
) |
|
Dividend reinvestment plan (note 31) |
220 |
|
|
3 |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total transactions with owners |
220 |
|
$3 |
|
($703 |
) |
$ |
— |
|
$ |
— |
|
($700 |
) |
($538 |
) |
($1,238 |
) |
| At December
31, 2023 |
1,755,570 |
|
$28,117 |
|
($6,713 |
) |
$24 |
|
$1,913 |
|
$23,341 |
|
$8,661 |
|
$32,002 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes cumulative translation adjustments as
at December 31, 2024: $95 million loss (December 31,
2023: $95 million loss).
2 Includes additional paid-in capital as at
December 31, 2024: $1,827 million (December 31, 2023:
$1,875 million).
The notes to these consolidated financial statements, which are
contained in the Fourth Quarter and Year End Report, available on
our website are an integral part of these consolidated financial
statements.
Technical Information
The scientific and technical information
contained in this press release has been reviewed and approved by
Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines;
Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa
and Middle East; Peter Jones, MAIG, Manager Resource Geology –
Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS,
FAusIMM, Mineral Resource Management and Evaluation Executive; and
Joel Holliday, FAusIMM, Executive Vice-President, Exploration –
each a “Qualified Person” as defined in National Instrument 43-101
– Standards of Disclosure for Mineral Projects.
All mineral reserve and mineral resource
estimates are estimated in accordance with National Instrument
43-101 – Standards of Disclosure for Mineral Projects. Unless
otherwise noted, such mineral reserve and mineral resource
estimates are as of December 31, 2024.
Endnotes
Endnote 1
Gold cost of sales per ounce is calculated as
cost of sales across our gold operations (excluding sites in
closure or care and maintenance) divided by ounces sold (both on an
attributable basis using Barrick’s ownership share).
Endnote 2
“Total cash costs” per ounce and “All-in
sustaining costs” per ounce are non-GAAP financial performance
measures which are calculated based on the definition published by
the World Gold Council (a market development organization for the
gold industry comprised of and funded by gold mining companies from
around the world, including Barrick, the “WGC”). The WGC is not a
regulatory organization. Management uses these measures to monitor
the performance of our gold mining operations and their ability to
generate positive cash flow, both on an individual site basis and
an overall company basis. “Total cash costs” per ounce start with
our cost of sales related to gold production and removes
depreciation, the noncontrolling interest of cost of sales and
includes by-product credits. “All-in sustaining costs” per ounce
start with “Total cash costs” per ounce and includes sustaining
capital expenditures, sustaining leases, general and administrative
costs, minesite exploration and evaluation costs and reclamation
cost accretion and amortization. These additional costs reflect the
expenditures made to maintain current production levels. These
definitions recognize that there are different costs associated
with the life-cycle of a mine, and that it is therefore appropriate
to distinguish between sustaining and non-sustaining costs. Barrick
believes that the use of “Total cash costs” per ounce and “All-in
sustaining costs” per ounce will assist analysts, investors and
other stakeholders of Barrick in understanding the costs associated
with producing gold, understanding the economics of gold mining,
assessing our operating performance and also our ability to
generate free cash flow from current operations and to generate
free cash flow on an overall company basis. “Total cash costs” per
ounce and “All-in sustaining costs” per ounce are intended to
provide additional information only and do not have standardized
definitions under IFRS and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with IFRS. These measures are not equivalent to net income or cash
flow from operations as determined under IFRS. Although the WGC has
published a standardized definition, other companies may calculate
these measures differently. Further details on these non-GAAP
financial performance measures are provided in the MD&A
accompanying Barrick’s financial statements filed from time to time
on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Gold Cost of Sales to
Total cash costs and All-in sustaining costs, including on a per
ounce basis
| |
|
For the three months ended |
|
For the years ended |
| ($
millions, except per ounce information in dollars) |
Footnote |
12/31/24 |
|
9/30/24 |
|
|
12/31/24 |
|
12/31/23 |
|
12/31/22 |
|
|
Cost of sales applicable to gold production |
|
1,810 |
|
1,856 |
|
|
7,226 |
|
7,178 |
|
6,813 |
|
|
Depreciation |
|
(424 |
) |
(409 |
) |
|
(1,641 |
) |
(1,756 |
) |
(1,756 |
) |
|
Cash cost of sales applicable to equity method investments |
|
90 |
|
93 |
|
|
316 |
|
260 |
|
222 |
|
|
By-product credits |
|
(58 |
) |
(58 |
) |
|
(247 |
) |
(252 |
) |
(225 |
) |
| Non-recurring items |
a |
0 |
|
0 |
|
|
0 |
|
0 |
|
(23 |
) |
| Other |
b |
4 |
|
3 |
|
|
14 |
|
18 |
|
(23 |
) |
|
Non-controlling interests |
c |
(413 |
) |
(417 |
) |
|
(1,623 |
) |
(1,578 |
) |
(1,442 |
) |
| Total
cash costs |
|
1,009 |
|
1,068 |
|
|
4,045 |
|
3,870 |
|
3,566 |
|
|
General & administrative costs |
|
9 |
|
46 |
|
|
115 |
|
126 |
|
159 |
|
|
Minesite exploration and evaluation costs |
d |
8 |
|
10 |
|
|
37 |
|
40 |
|
75 |
|
|
Minesite sustaining capital expenditures |
e |
525 |
|
511 |
|
|
2,217 |
|
2,076 |
|
2,071 |
|
|
Sustaining leases |
|
7 |
|
8 |
|
|
30 |
|
30 |
|
38 |
|
|
Rehabilitation - accretion and amortization (operating sites) |
f |
15 |
|
14 |
|
|
66 |
|
63 |
|
50 |
|
|
Non-controlling interest, copper operations and other |
g |
(173 |
) |
(199 |
) |
|
(874 |
) |
(824 |
) |
(900 |
) |
| All-in sustaining costs |
|
1,400 |
|
1,458 |
|
|
5,636 |
|
5,381 |
|
5,059 |
|
|
Ounces sold - attributable basis (000s ounces) |
h |
965 |
|
967 |
|
|
3,798 |
|
4,024 |
|
4,141 |
|
|
Cost of sales per ounce |
i,j |
1,428 |
|
1,472 |
|
|
1,442 |
|
1,334 |
|
1,241 |
|
| Total cash costs per ounce |
j |
1,046 |
|
1,104 |
|
|
1,065 |
|
960 |
|
862 |
|
| Total
cash costs per ounce (on a co-product basis) |
j,k |
1,086 |
|
1,145 |
|
|
1,109 |
|
1,002 |
|
897 |
|
| All-in sustaining costs per
ounce |
j |
1,451 |
|
1,507 |
|
|
1,484 |
|
1,335 |
|
1,222 |
|
| All-in
sustaining costs per ounce (on a co-product basis) |
j,k |
1,491 |
|
1,548 |
|
|
1,528 |
|
1,377 |
|
1,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
- Non-recurring items - These costs are
not indicative of our cost of production and have been excluded
from the calculation of total cash costs. Non-recurring items
for 2022 relate to a net realizable value impairment of leach pad
inventory at Veladero.
- Other - Other adjustments for Q4 2024
and 2024 include the removal of total cash costs and by-product
credits associated with Pierina of $nil and $nil, respectively (Q3
2024: $nil; 2023: $3 million; 2022: $24 million), which was
producing incidental ounces until December 31, 2023 while in
closure.
- Non-controlling interests -
Non-controlling interests include non-controlling interests related
to gold production of $559 million and $2,189 million,
respectively, for Q4 2024 and 2024; (Q3 2024: $556 million;
2023: $2,192 million; 2022: $2,032 million). Non-controlling
interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North
Mara and Bulyanhulu. Refer to note 5 to the Financial
Statements for further information.
- Exploration and evaluation costs -
Exploration, evaluation and project expenses are presented as
minesite if it supports current mine operations and project if it
relates to future projects. Refer to page 51 of Barrick’s Q4 2024
MD&A.
- Capital expenditures - Capital
expenditures are related to our gold sites only and are split
between minesite sustaining and project capital expenditures.
- Rehabilitation - accretion and amortization
- Includes depreciation on the assets related to
rehabilitation provisions of our gold operations and accretion on
the rehabilitation provisions of our gold operations, split between
operating and non-operating sites.
- Non-controlling interest and copper operations
- Removes general & administrative costs related
to non-controlling interests and copper based on a percentage
allocation of revenue. Also removes exploration, evaluation and
project expenses, rehabilitation costs and capital expenditures
incurred by our copper sites and the non-controlling interests of
NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and
Bulyanhulu operating segments. It also includes capital
expenditures applicable to our equity method investments in Kibali
and Porgera. Figures remove the impact of Pierina up until December
31, 2023. The impact is summarized as the following:
|
($ millions) |
For the three months ended |
For the years ended |
|
Non-controlling interest, copper operations and other |
12/31/24 |
|
9/30/24 |
|
12/31/24 |
|
12/31/23 |
|
12/31/22 |
|
|
General & administrative costs |
3 |
|
(7 |
) |
(14 |
) |
(9 |
) |
(31 |
) |
|
Minesite exploration and evaluation costs |
(2 |
) |
(2 |
) |
(10 |
) |
(14 |
) |
(27 |
) |
|
Rehabilitation - accretion and amortization (operating sites) |
(5 |
) |
(5 |
) |
(21 |
) |
(21 |
) |
(16 |
) |
|
Minesite sustaining capital expenditures |
(169 |
) |
(185 |
) |
(829 |
) |
(780 |
) |
(826 |
) |
|
All-in sustaining costs total |
(173 |
) |
(199 |
) |
(874 |
) |
(824 |
) |
(900 |
) |
| |
|
|
|
|
|
|
|
|
|
|
-
Ounces sold - attributable basis - Excludes
Pierina, which was producing incidental ounces until December 31,
2023 while in closure. It also excludes Long Canyon which is
producing residual ounces from the leach pad while in care and
maintenance.
- Cost of sales per ounce - Figures remove
the cost of sales impact of Pierina of $nil and $nil, respectively,
for Q4 2024 and 2024 (Q3 2024: $nil; 2023: $3 million; 2022: $24
million), which was producing incidental ounces up until December
31, 2023 while in closure. Gold cost of sales per ounce is
calculated as cost of sales across our gold operations (excluding
sites in closure or care and maintenance) divided by ounces sold
(both on an attributable basis using Barrick’s ownership
share).
- Per ounce figures - Cost of sales per
ounce, cash costs per ounce and all-in sustaining costs per ounce
per ounce may not calculate based on amounts presented in this
table due to rounding.
- Co-product costs per ounce
Cash costs per ounce and all-in sustaining costs
per ounce per ounce presented on a co-product basis remove the
impact of by-product credits of our gold production (net of
non-controlling interest) calculated as:
|
($ millions) |
For the three months ended |
For the years ended |
|
|
12/31/24 |
|
9/30/24 |
|
12/31/24 |
|
12/31/23 |
|
12/31/22 |
|
|
By-product credits |
58 |
|
58 |
|
247 |
|
252 |
|
225 |
|
|
Non-controlling interest |
(19 |
) |
(18 |
) |
(79 |
) |
(81 |
) |
(78 |
) |
|
By-product credits (net of non-controlling interest) |
39 |
|
40 |
|
168 |
|
171 |
|
147 |
|
| |
|
|
|
|
|
|
|
|
|
|
Endnote 3
“Adjusted net earnings” and “adjusted net
earnings per share” are non-GAAP financial performance measures.
Adjusted net earnings excludes the following from net earnings:
impairment charges (reversals) related to intangibles, goodwill,
property, plant and equipment, and investments;
acquisition/disposition gains/losses; foreign currency translation
gains/losses; significant tax adjustments; other items that are not
indicative of the underlying operating performance of our core
mining business; and tax effect and non-controlling interest of the
above items. Management uses this measure internally to evaluate
our underlying operating performance for the reporting periods
presented and to assist with the planning and forecasting of future
operating results. Management believes that adjusted net earnings
is a useful measure of our performance because impairment charges,
acquisition/disposition gains/losses and significant tax
adjustments do not reflect the underlying operating performance of
our core mining business and are not necessarily indicative of
future operating results. Adjusted net earnings and adjusted net
earnings per share are intended to provide additional information
only and does not have any standardized definition under IFRS
Accounting Standards as issued by the International Accounting
Standards Board (“IFRS”) and should not be considered in isolation
or as a substitute for measures of performance prepared in
accordance with IFRS. The measures are not necessarily indicative
of operating profit or cash flow from operations as determined
under IFRS. Other companies may calculate these measures
differently. The following table reconciles these non-GAAP
financial measures to the most directly comparable IFRS measure.
Further details on these non-GAAP financial performance measures
are provided in the MD&A accompanying Barrick’s financial
statements filed from time to time on SEDAR+ at www.sedarplus.ca
and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to Net Earnings per
Share, Adjusted Net Earnings and Adjusted Net Earnings per
Share
| |
For the three months ended |
|
For the years ended |
|
($ millions, except per share amounts in dollars) |
12/31/24 |
|
9/30/24 |
|
|
12/31/24 |
|
12/31/23 |
|
12/31/22 |
|
|
Net earnings attributable to equity holders of the Company |
996 |
|
483 |
|
|
2,144 |
|
1,272 |
|
432 |
|
|
Impairment (reversals) charges related to non-current assetsa |
(477 |
) |
2 |
|
|
(457 |
) |
312 |
|
1,671 |
|
|
Acquisition/disposition gainsb |
(17 |
) |
(1 |
) |
|
(24 |
) |
(364 |
) |
(405 |
) |
|
Loss on currency translation |
18 |
|
4 |
|
|
39 |
|
93 |
|
16 |
|
|
Significant tax adjustmentsc |
1 |
|
(30 |
) |
|
137 |
|
220 |
|
95 |
|
|
Other expense adjustmentsd |
113 |
|
97 |
|
|
249 |
|
96 |
|
17 |
|
|
Non-controlling intereste |
(159 |
) |
(7 |
) |
|
(170 |
) |
(98 |
) |
(274 |
) |
|
Tax effecte |
319 |
|
(19 |
) |
|
295 |
|
(64 |
) |
(226 |
) |
|
Adjusted net earnings |
794 |
|
529 |
|
|
2,213 |
|
1,467 |
|
1,326 |
|
|
Net earnings per sharef |
0.57 |
|
0.28 |
|
|
1.22 |
|
0.72 |
|
0.24 |
|
|
Adjusted net earnings per sharef |
0.46 |
|
0.30 |
|
|
1.26 |
|
0.84 |
|
0.75 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
- Net impairment (reversals) charges for Q4 2024 and 2024 mainly
relate to long-lived asset impairment reversals at Lumwana and
Veladero, partially offset by a goodwill impairment at
Loulo-Gounkoto. Net impairment charges for 2023 mainly relate
to a long-lived asset impairment at Long Canyon. For 2022,
net impairment charges primarily relate to a goodwill impairment at
Loulo-Gounkoto, and non-current asset impairments at Veladero and
Long Canyon, partially offset by an impairment reversal at Reko
Diq.
- Acquisition/disposition gains for Q4 2024 and 2024 relate to
miscellaneous assets. For 2023, acquisition/disposition gains
primarily relate to a gain on the reopening of the Porgera
mine. For 2022, acquisition/disposition gains primarily
relate to a gain as Barrick’s interest in the Reko Diq project
increased from 37.5% to 50%, as well as the sale of two royalty
portfolios.
- Significant tax adjustments in 2024 and 2023 primarily relate
to the resolution of uncertain tax positions; the impact of prior
year adjustments; the impact of nondeductible foreign exchange
losses; and the recognition and derecognition of deferred tax
assets.
- Other expense adjustments for Q4 2024 and 2024 mainly relate to
a payment to the Government of Mali to advance negotiations and a
customs and royalty settlement at Tongon. 2024 was further
impacted by the interest and penalties recognized following the
proposed settlement of the Zaldívar Tax Assessments in Chile, which
was recorded in Q2 2024, a provision made relating to a legacy mine
site operated by Homestake Mining Company that was closed prior to
the 2001 acquisition by Barrick, and an accrual relating to the
road construction in Tanzania per our community investment
obligations under the Twiga partnership. For 2023, other
expense adjustments mainly relate to changes in the discount rate
assumptions on our closed mine rehabilitation provision, care and
maintenance expenses at Porgera and the $30 million commitment we
made towards the expansion of education infrastructure in
Tanzania. For 2022, other expense adjustments mainly relate
to a net realizable value impairment of leach pad inventory at
Veladero, care and maintenance expenses at Porgera and supplies
obsolescence write-off at Bulyanhulu and North Mara.
- Non-controlling interest and tax effect for 2024 primarily
relates to impairment (reversals) charges related to non-current
assets.
- Calculated using weighted average number of shares outstanding
under the basic method of earnings per share.
Endnote 4
EBITDA is a non-GAAP financial performance
measure, which excludes the following from net earnings: income tax
expense; finance costs; finance income; and depreciation.
Management believes that EBITDA is a valuable indicator of our
ability to generate liquidity by producing operating cash flow to
fund working capital needs, service debt obligations, and fund
capital expenditures. Management uses EBITDA for this purpose.
Adjusted EBITDA removes the effect of impairment charges;
acquisition/disposition gains/losses; foreign currency translation
gains/losses; and other expense adjustments. We also remove the
impact of the income tax expense, finance costs, finance income and
depreciation incurred in our equity method accounted investments.
We believe these items provide a greater level of consistency with
the adjusting items included in our adjusted net earnings
reconciliation, with the exception that these amounts are adjusted
to remove any impact on finance costs/income, income tax expense
and/or depreciation as they do not affect EBITDA. We believe this
additional information will assist analysts, investors and other
stakeholders of Barrick in better understanding our ability to
generate liquidity from our full business, including equity method
investments, by excluding these amounts from the calculation as
they are not indicative of the performance of our core mining
business and not necessarily reflective of the underlying operating
results for the periods presented. We believe this additional
information will assist analysts, investors and other stakeholders
of Barrick in better understanding our ability to generate
liquidity from our attributable business and which is aligned with
how we present our forward looking guidance on gold ounces and
copper pounds produced. Attributable EBITDA margin is calculated as
attributable EBITDA divided by revenues - as adjusted. We believe
this ratio will assist analysts, investors and other stakeholders
of Barrick to better understand the relationship between revenues
and EBITDA or operating profit. Starting with the Q2 2024 MD&A,
we are presenting net leverage as a non-GAAP ratio and is
calculated as debt, net of cash divided by the sum of adjusted
EBITDA of the last four consecutive quarters. We believe this ratio
will assist analysts, investors and other stakeholders of Barrick
in monitoring our leverage and evaluating our balance sheet.
EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net
leverage are intended to provide additional information to
investors and analysts and do not have any standardized definition
under IFRS, and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the
impact of cash costs of financing activities and taxes, and the
effects of changes in operating working capital balances, and
therefore are not necessarily indicative of operating profit or
cash flow from operations as determined under IFRS. Other companies
may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA
margin and net leverage differently. Further details on these
non-GAAP financial performance measures are provided in the
MD&A accompanying Barrick’s financial statements filed from
time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at
www.sec.gov.
Reconciliation of Net Earnings to
EBITDA, Adjusted EBITDA and Attributable EBITDA
| |
For the three months ended |
|
For the years ended |
| ($
millions) |
12/31/24 |
|
9/30/24 |
|
|
12/31/24 |
|
12/31/23 |
|
12/31/22 |
|
|
Net earnings |
1,187 |
|
780 |
|
|
3,088 |
|
1,953 |
|
1,017 |
|
|
Income tax expense |
694 |
|
245 |
|
|
1,520 |
|
861 |
|
664 |
|
|
Finance costs, neta |
46 |
|
59 |
|
|
143 |
|
83 |
|
235 |
|
|
Depreciation |
484 |
|
477 |
|
|
1,915 |
|
2,043 |
|
1,997 |
|
| EBITDA |
2,411 |
|
1,561 |
|
|
6,666 |
|
4,940 |
|
3,913 |
|
| Impairment charges (reversals)
of non-current assetsb |
(477 |
) |
2 |
|
|
(457 |
) |
312 |
|
1,671 |
|
| Acquisition/disposition
gainsc |
(17 |
) |
(1 |
) |
|
(24 |
) |
(364 |
) |
(405 |
) |
| Loss on currency
translation |
18 |
|
4 |
|
|
39 |
|
93 |
|
16 |
|
| Other expense
adjustmentsd |
113 |
|
97 |
|
|
249 |
|
96 |
|
17 |
|
| Income
tax expense, net finance costsa, and depreciation from equity
investees |
201 |
|
110 |
|
|
532 |
|
397 |
|
401 |
|
| Adjusted EBITDA |
2,249 |
|
1,773 |
|
|
7,005 |
|
5,474 |
|
5,613 |
|
| Non-controlling
Interests |
(552 |
) |
(481 |
) |
|
(1,820 |
) |
(1,487 |
) |
(1,584 |
) |
| Attributable
EBITDA |
1,697 |
|
1,292 |
|
|
5,185 |
|
3,987 |
|
4,029 |
|
| Revenues - as
adjustede |
3,038 |
|
2,806 |
|
|
10,724 |
|
9,411 |
|
9,147 |
|
| Attributable EBITDA
marginf |
56 |
% |
46 |
% |
|
48 |
% |
42 |
% |
44 |
% |
|
|
|
|
|
As at 12/31/24 |
As at 12/31/23 |
As at 12/31/22 |
| Net leverageg |
|
|
|
0.1:1 |
0.1:1 |
0.1:1 |
| |
|
|
|
|
|
|
- Finance costs exclude accretion.
- Net impairment (reversals) charges for Q4 2024 and 2024 mainly
relate to long-lived asset impairment reversals at Lumwana and
Veladero, partially offset by a goodwill impairment at
Loulo-Gounkoto. Net impairment charges for 2023 mainly relate
to a long-lived asset impairment at Long Canyon. For 2022,
net impairment charges primarily relate to a goodwill impairment at
Loulo-Gounkoto, and non-current asset impairments at Veladero and
Long Canyon, partially offset by an impairment reversal at Reko
Diq.
- Acquisition/disposition gains for Q4 2024 and 2024 relate to
miscellaneous assets. For 2023, acquisition/disposition gains
primarily relate to a gain on the reopening of the Porgera
mine. For 2022, acquisition/disposition gains primarily
relate to a gain as Barrick’s interest in the Reko Diq project
increased from 37.5% to 50%, as well as the sale of two royalty
portfolios.
- Other expense adjustments for Q4 2024 and 2024 mainly relate to
a payment to the Government of Mali to advance negotiations and a
customs and royalty settlement at Tongon. 2024 was further
impacted by the interest and penalties recognized following the
proposed settlement of the Zaldívar Tax Assessments in Chile, which
was recorded in Q2 2024, a provision made relating to a legacy mine
site operated by Homestake Mining Company that was closed prior to
the 2001 acquisition by Barrick, and an accrual relating to the
road construction in Tanzania per our community investment
obligations under the Twiga partnership. For 2023, other
expense adjustments mainly relate to changes in the discount rate
assumptions on our closed mine rehabilitation provision, care and
maintenance expenses at Porgera and the $30 million commitment we
made towards the expansion of education infrastructure in
Tanzania. For 2022, other expense adjustments mainly relate
to a net realizable value impairment of leach pad inventory at
Veladero, care and maintenance expenses at Porgera and supplies
obsolescence write-off at Bulyanhulu and North Mara.
- Refer to Reconciliation of Sales to Realized Price per
pound/ounce on page 75 of Barrick’s Q4 2024 MD&A.
- Represents attributable EBITDA divided by revenues - as
adjusted.
- Represents debt, net of cash divided by adjusted EBITDA of the
last four consecutive quarters.
Endnote 5
“Free cash flow” is a non-GAAP financial measure
that deducts capital expenditures from net cash provided by
operating activities. Management believes this to be a useful
indicator of our ability to operate without reliance on additional
borrowing or usage of existing cash. Free cash flow is intended to
provide additional information only and does not have any
standardized definition under IFRS, and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. The measure is not necessarily indicative
of operating profit or cash flow from operations as determined
under IFRS. Other companies may calculate this measure differently.
Further details on this non-GAAP financial performance measure are
provided in the MD&A accompanying Barrick’s financial
statements filed from time to time on SEDAR+ at www.sedarplus.ca
and on EDGAR at www.sec.gov. The following table reconciles this
non-GAAP financial measure to the most directly comparable IFRS
measure.
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flow
| |
For the three months ended |
|
For the years ended |
|
($ millions) |
12/31/24 |
|
9/30/24 |
|
|
12/31/24 |
|
12/31/23 |
|
12/31/22 |
|
|
Net cash provided by operating activities |
1,392 |
|
1,180 |
|
|
4,491 |
|
3,732 |
|
3,481 |
|
|
Capital expenditures |
(891 |
) |
(736 |
) |
|
(3,174 |
) |
(3,086 |
) |
(3,049 |
) |
|
Free cash flow |
501 |
|
444 |
|
|
1,317 |
|
646 |
|
432 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Endnote 6
Estimated as of December 31, 2024, in accordance
with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects as required by Canadian securities regulatory
authorities. Reko Diq probable reserves of 1,400 million tonnes
grading 0.28 g/t representing 13 million ounces of gold, probable
reserves of 1,500 million tonnes grading 0.48% representing 7.3
million tonnes of copper, indicated resources of 1,800 million
tonnes grading 0.25 g/t representing 15 million ounces of gold,
inferred resources of 640 million tonnes grading 0.2 g/t
representing 3.9 million ounces of gold, indicated resources of
2,000 million tonnes grading 0.43% representing 8.4 million tonnes
of copper, and inferred resources of 690 million tonnes grading
0.3% representing 2.2 million tonnes of copper. Complete
mineral reserve and mineral resource data for all mines and
projects referenced in this press release, including tonnes,
grades, and ounces, can be found on pages 83-111 of Barrick’s
Fourth Quarter and Year-End 2024 Report.
Endnote 7
Lumwana mineral reserves are estimated in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects as required by Canadian securities
regulatory authorities. Estimates as of December 31, 2024: Proven
reserves of 140 million tonnes grading 0.49% representing 0.68
million tonnes of copper, probable reserves of 1,500 million tonnes
grading 0.53% representing 7.6 million tonnes of copper, measured
resources of 170 million tonnes grading 0.45% representing 0.77
million tonnes of copper, indicated resources of 1,800 million
tonnes grading 0.50% representing 9.2 million tonnes of
copper, and inferred resources of 230 million tonnes grading
0.4% representing 0.91 million tonnes of copper. Estimates as of
December 31, 2023: Proven mineral reserves of 88 million
tonnes grading 0.54%, representing 0.48 million tonnes of copper.
Probable reserves of 420 million tonnes grading 0.59%, representing
2.5 million tonnes of copper. Complete mineral reserve and mineral
resource data for all mines and projects referenced in this press
release, including tonnes, grades, and ounces, can be found on
pages 83-111 of Barrick’s Fourth Quarter and Year-End 2024
Report.
Endnote 8
Gold Equivalent Ounces from copper assets are
calculated using a gold price of $1,400/oz and a copper price of
$3.00/lb.
Endnote 9
TRIFR is a ratio calculated as follows: number
of reportable injuries x 1,000,000 hours divided by the total
number of hours worked. Reportable injuries include fatalities,
lost time injuries, restricted duty injuries, and medically treated
injuries. LTIFR is a ratio calculated as follows: number of
lost time injuries x 1,000,000 hours divided by the total number of
hours worked.
Endnote 10
On an attributable basis.
Endnote 11
“Realized price” is a non-GAAP financial
performance measure which excludes from sales: treatment and
refining charges; and cumulative catch-up adjustment to revenue
relating to our streaming arrangements. We believe this provides
investors and analysts with a more accurate measure with which to
compare to market gold and copper prices and to assess our gold and
copper sales performance. For those reasons, management believes
that this measure provides a more accurate reflection of our
company’s past performance and is a better indicator of its
expected performance in future periods. The realized price measure
is intended to provide additional information, and does not have
any standardized definition under IFRS and should not be considered
in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. The measure is not necessarily
indicative of sales as determined under IFRS. Other companies may
calculate this measure differently. The following table reconciles
realized prices to the most directly comparable IFRS measure.
Further details on these non-GAAP financial performance measures
are provided in the MD&A accompanying Barrick’s financial
statements filed from time to time on SEDAR+ at www.sedarplus.ca
and on EDGAR at www.sec.gov.
Reconciliation of Sales to Realized
Price per ounce/pound
| ($
millions, except per ounce/pound information in dollars) |
For the three months ended |
For the years ended |
|
Gold |
Copper |
Gold |
Copper |
|
|
12/31/24 |
|
9/30/24 |
|
12/31/24 |
9/30/24 |
12/31/24 |
|
12/31/23 |
|
12/31/22 |
|
12/31/24 |
12/31/23 |
12/31/22 |
|
Sales |
3,327 |
|
3,097 |
|
260 |
213 |
11,820 |
|
10,350 |
|
9,920 |
|
855 |
795 |
868 |
| Sales applicable to
non-controlling interests |
(1,004 |
) |
(930 |
) |
0 |
0 |
(3,579 |
) |
(3,179 |
) |
(3,051 |
) |
0 |
0 |
0 |
| Sales applicable to equity
method investmentsa,b |
240 |
|
241 |
|
165 |
141 |
849 |
|
667 |
|
597 |
|
603 |
587 |
646 |
| Sales applicable to sites in
closure or care and maintenancec |
(1 |
) |
(2 |
) |
0 |
0 |
(8 |
) |
(15 |
) |
(55 |
) |
0 |
0 |
0 |
| Treatment and refining
charges |
7 |
|
7 |
|
51 |
39 |
29 |
|
30 |
|
23 |
|
162 |
191 |
199 |
|
Otherd |
(7 |
) |
0 |
|
0 |
0 |
(7 |
) |
(15 |
) |
0 |
|
0 |
0 |
0 |
|
Revenues – as adjusted |
2,562 |
|
2,413 |
|
476 |
393 |
9,104 |
|
7,838 |
|
7,434 |
|
1,620 |
1,573 |
1,713 |
|
Ounces/pounds sold (000s ounces/millions pounds)c |
965 |
|
967 |
|
121 |
91 |
3,798 |
|
4,024 |
|
4,141 |
|
391 |
408 |
445 |
|
Realized gold/copper price per ounce/pounde |
2,657 |
|
2,494 |
|
3.96 |
4.27 |
2,397 |
|
1,948 |
|
1,795 |
|
4.15 |
3.85 |
3.85 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Represents sales of $208 million and $741 million,
respectively, for Q4 2024 and 2024 (Q3 2024: $193 million; 2023:
$667 million; 2022: $597 million) applicable to our 45% equity
method investment in Kibali and $32 million and $108 million,
respectively (Q3 2024: $48 million; 2023: $nil; 2022: $nil)
applicable to our 24.5% equity method investment in Porgera for
gold. Represents sales of $97 million and
$357 million, respectively, for Q4 2024 and 2024 (Q3
2024: $91 million; 2023: $359 million; 2022: $390 million)
applicable to our 50% equity method investment in Zaldívar and $74
million and $270 million, respectively (Q3 2024: $55 million; 2023:
$253 million; 2022: $275 million) applicable to our 50% equity
method investment in Jabal Sayid for copper.
- Sales applicable to equity method investments are net of
treatment and refinement charges.
- On an attributable basis. Excludes Pierina, which was
producing incidental ounces until December 31, 2023 while in
closure. It also excludes Long Canyon which is producing residual
ounces from the leach pad while in care and maintenance.
- Represents cumulative catch-up adjustment to revenue relating
to our streaming arrangements. Refer to note 2e to the
Financial Statements for more information.
- Realized price per ounce/pound may not calculate based on
amounts presented in this table.
Endnote 12
Net earnings represents net earnings
attributable to the equity holders of the Company.
Endnote 13
Attributable capital expenditures are presented
on the same basis as guidance, which includes our 61.5% share of
NGM, our 60% share of Pueblo Viejo, our 80% share of
Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North
Mara and Bulyanhulu, our 45% share of Kibali, our 50% share of
Zaldívar and Jabal Sayid, and our 24.5% share of Porgera. Total
attributable capital expenditures for 2024 actual results also
includes capitalized interest of $30 million.
Endnote 14
These amounts are presented on the same basis as
our guidance. Minesite sustaining capital expenditures and project
capital expenditures are non-GAAP financial measures. Capital
expenditures are classified into minesite sustaining capital
expenditures or project capital expenditures depending on the
nature of the expenditure. Minesite sustaining capital expenditures
is the capital spending required to support current production
levels. Project capital expenditures represent the capital spending
at new projects and major, discrete projects at existing operations
intended to increase net present value through higher production or
longer mine life. Management believes this to be a useful indicator
of the purpose of capital expenditures and this distinction is an
input into the calculation of all-in sustaining costs per ounce.
Classifying capital expenditures is intended to provide additional
information only and does not have any standardized definition
under IFRS, and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. Other companies may calculate these measures differently. The
following table reconciles these non-GAAP financial performance
measures to the most directly comparable IFRS measure.
Reconciliation of the Classification of
Capital Expenditures
| |
For the three months ended |
|
For the years ended |
|
($ millions) |
12/31/24 |
9/30/24 |
|
12/31/24 |
12/31/23 |
12/31/22 |
|
Minesite sustaining capital expenditures |
525 |
511 |
|
2,217 |
2,076 |
2,071 |
|
Project capital expenditures |
362 |
221 |
|
924 |
969 |
949 |
|
Capitalized interest |
4 |
4 |
|
33 |
41 |
29 |
|
Total consolidated capital expenditures |
891 |
736 |
|
3,174 |
3,086 |
3,049 |
| |
|
|
|
|
|
|
Endnote 15
Starting in 2024, we have presented our copper
production and sales quantities in tonnes rather than pounds (1
tonne is equivalent to 2,204.6 pounds). Production and sales
amounts for prior periods have been restated for comparative
purposes. Our copper cost metrics are still reported on a per
pound basis.
Endnote 16Copper cost of sales
per pound is calculated as cost of sales across our copper
operations divided by pounds sold (both on an attributable basis
using Barrick’s ownership share).
Endnote 17
“C1 cash costs” per pound and “All-in sustaining
costs” per pound are non-GAAP financial performance measures
related to our copper mine operations. We believe that “C1 cash
costs” per pound enables investors to better understand the
performance of our copper operations in comparison to other copper
producers who present results on a similar basis. “C1 cash costs”
per pound excludes royalties and non-routine charges as they are
not direct production costs. “All-in sustaining costs” per pound is
similar to the gold all-in sustaining costs metric and management
uses this to better evaluate the costs of copper production. We
believe this measure enables investors to better understand the
operating performance of our copper mines as this measure reflects
all of the sustaining expenditures incurred in order to produce
copper. “All-in sustaining costs” per pound includes C1 cash costs,
sustaining capital expenditures, sustaining leases, general and
administrative costs, minesite exploration and evaluation costs,
royalties, reclamation cost accretion and amortization and
writedowns taken on inventory to net realizable value. Further
details on these non-GAAP financial performance measures are
provided in the MD&A accompanying Barrick’s financial
statements filed from time to time on SEDAR+ at www.sedarplus.ca
and on EDGAR at www.sec.gov.
Reconciliation of Copper Cost of Sales
to C1 cash costs and All-in sustaining costs, including on a per
pound basis
|
|
For the three months ended |
|
For the years ended |
|
($ millions, except per pound information in dollars) |
12/31/24 |
|
9/30/24 |
|
|
12/31/24 |
|
12/31/23 |
|
12/31/22 |
|
| Cost of sales |
179 |
|
187 |
|
|
706 |
|
726 |
|
666 |
|
|
Depreciation/amortization |
(54 |
) |
(60 |
) |
|
(245 |
) |
(259 |
) |
(223 |
) |
|
Treatment and refinement charges |
51 |
|
39 |
|
|
162 |
|
191 |
|
199 |
|
|
Cash cost of sales applicable to equity method investments |
103 |
|
83 |
|
|
352 |
|
356 |
|
317 |
|
|
Less: royalties |
(22 |
) |
(17 |
) |
|
(67 |
) |
(62 |
) |
(103 |
) |
|
By-product credits |
(11 |
) |
(3 |
) |
|
(25 |
) |
(19 |
) |
(14 |
) |
|
C1 cash cost of sales |
246 |
|
229 |
|
|
883 |
|
933 |
|
842 |
|
|
General & administrative costs |
2 |
|
6 |
|
|
17 |
|
22 |
|
30 |
|
|
Rehabilitation - accretion and amortization |
3 |
|
2 |
|
|
9 |
|
9 |
|
4 |
|
|
Royalties |
22 |
|
17 |
|
|
67 |
|
62 |
|
103 |
|
|
Minesite exploration and evaluation costs |
2 |
|
1 |
|
|
4 |
|
7 |
|
22 |
|
|
Minesite sustaining capital expenditures |
91 |
|
71 |
|
|
356 |
|
266 |
|
410 |
|
|
Sustaining leases |
4 |
|
2 |
|
|
11 |
|
12 |
|
6 |
|
|
All-in sustaining costs |
370 |
|
328 |
|
|
1,347 |
|
1,311 |
|
1,417 |
|
| Tonnes
sold - attributable basis (thousands of tonnes) |
54 |
|
42 |
|
|
177 |
|
185 |
|
202 |
|
| Pounds
sold - attributable basis (millions pounds) |
121 |
|
91 |
|
|
391 |
|
408 |
|
445 |
|
|
Cost of sales per pounda,b |
2.62 |
|
3.23 |
|
|
2.99 |
|
2.90 |
|
2.43 |
|
|
C1 cash costs per pounda |
2.04 |
|
2.49 |
|
|
2.26 |
|
2.28 |
|
1.89 |
|
|
All-in sustaining costs per pounda |
3.07 |
|
3.57 |
|
|
3.45 |
|
3.21 |
|
3.18 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
a. Cost of sales per pound, C1
cash costs per pound and all-in sustaining costs per pound may not
calculate based on amounts presented in this table due to
rounding.b. Copper cost of sales per pound is
calculated as cost of sales across our copper operations divided by
pounds sold (both on an attributable basis using Barrick’s
ownership share).
Endnote 18
Proven and probable reserve gains calculated
from cumulative net change in reserves from year end 2019 to
2024.
Reserve replacement percentage is calculated
from the cumulative net change in reserves from 2020 to 2024
divided by the cumulative depletion in reserves from year end 2019
to 2024 as shown in the tables below:
|
Year |
Attributable P&P Gold (Moz) |
Attributable Gold Acquisition & Divestments
(Moz) |
Attributable Gold
Depletion(Moz) |
Attributable Gold Net Change (Moz) |
Reported Reserve Price USD/oz for GEO
conversion |
|
2019a |
71 |
— |
— |
— |
— |
|
2020b |
68 |
(2.2) |
(5.5) |
4.2 |
$1,200 |
|
2021c |
69 |
(0.91) |
(5.4) |
8.1 |
$1,200 |
|
2022d |
76 |
— |
(4.8) |
12 |
$1,300 |
|
2023e |
77 |
— |
(4.6) |
5 |
$1,300 |
|
2024f |
89 |
— |
(4.6) |
17 |
$1,400 |
|
2020 – 2024 Total |
N/A |
(3.1) |
(25) |
46 |
N/A |
|
Year |
Attributable P&P Copper (Mlb) |
Attributable Copper Acquisition & Divestments
(Mlb) |
Attributable Copper Depletion (Mlb) |
Attributable Copper Net Change (Mlb) |
Reported Reserve Price USD/lb for GEO
conversion |
|
2019a |
13,494 |
— |
— |
— |
— |
|
2020b |
12,691 |
— |
(834) |
31 |
$2.75 |
|
2021c |
12,233 |
— |
(636) |
178 |
$2.75 |
|
2022d |
12,252 |
— |
(623) |
642 |
$3.00 |
|
2023e |
12,391 |
— |
(589) |
728 |
$3.00 |
|
2024f |
40,201 |
— |
(731) |
28,542 |
$3.00 |
|
2020 – 2024 Total |
N/A |
— |
(3,413) |
30,121 |
N/A |
Attributable Proven and Probable organic gold
equivalent reserve additions calculated from the cumulative net
change in reserves from year-end 2020 to 2024 using reserve prices
for gold equivalent ounce (GEO) conversion as shown in the tables
above to result in the Attributable Net Change GEO tabulated
below:
|
Year |
Attributable P&P GEO |
Attributable Acquisition & Divestments
GEO |
Attributable DepletionGEO |
Attributable Net Change GEO(using reported
reserve prices) |
|
2019 |
— |
— |
— |
— |
|
2020 |
97 |
(2.2) |
(7.4) |
4.2 |
|
2021 |
97 |
(0.91) |
(6.9) |
8.5 |
|
2022 |
104 |
— |
(6.3) |
13 |
|
2023 |
105 |
— |
(6.0) |
6.7 |
|
2024 |
176 |
— |
(6.1) |
6.7 |
|
2020 – 2024 Total |
N/A |
(3.1) |
(33) |
111 |
| |
|
|
|
|
Totals may not appear to sum correctly due to
rounding.
Attributable acquisitions and divestments
includes the following: a decrease of 2.2 Moz in proven and
probable gold reserves from December 31, 2019 to December 31, 2020,
as a result of the divestiture of Barrick's Massawa gold project
effective March 4, 2020; and a decrease of 0.91 Moz in proven and
probable gold reserves from December 31, 2020 to December 31, 2021,
as a result of the change in Barrick’s ownership interest in
Porgera from 47.5% to 24.5% and the net impact of the asset
exchange of Lone Tree to i-80 Gold for the remaining 50% of South
Arturo that Nevada Gold Mines did not already own.
All estimates are estimated in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects as required by Canadian securities regulatory
authorities.
- Estimates as of December 31, 2019, unless otherwise
noted, Proven reserves of 280 million tonnes grading 2.42 g/t,
representing 22 million ounces of gold and 420 million tonnes
grading 0.4%, representing 3,700 million pounds of copper (which is
equal to 1.7 million tonnes of copper). Probable reserves of 1,000
million tonnes grading 1.48 g/t, representing 49 million ounces of
gold and 1,200 million tonnes grading 0.38%, representing 9,800
million pounds of copper (which is equal to 4.4 million tonnes of
copper). Conversions may not recalculate due to rounding.
-
Estimates as of December 31, 2020, unless otherwise noted: Proven
reserves of 280 million tonnes grading 2.37g/t, representing 21
million ounces of gold, and 350 million tonnes grading 0.39%,
representing 3,000 million pounds of copper (which is equal to 1.4
million tonnes of copper). Probable reserves of 990 million tonnes
grading 1.46g/t, representing 47 million ounces of gold, and 1,100
million tonnes grading 0.39%, representing 9,700 million pounds of
copper (which is equal to 4.4 million tonnes of copper).
Conversions may not recalculate due to rounding.
-
Estimates as of December 31, 2021, unless otherwise noted, Proven
mineral reserves of 240 million tonnes grading 2.20g/t,
representing 17 million ounces of gold and 380 million tonnes
grading 0.41%, representing 3,400 million pounds of copper (which
is equal to 1.6 million tonnes of copper), and probable reserves of
1,000 million tonnes grading 1.60g/t, representing 53 million
ounces of gold and 1,100 million tonnes grading 0.37%, representing
8,800 million pounds of copper (which is equal to 4.0 million
tonnes of copper). Conversions may not recalculate due to
rounding.
-
Estimates as of December 31, 2022, unless otherwise noted. Proven
mineral reserves of 260 million tonnes grading 2.26g/t,
representing 19 million ounces of gold and 390 million tonnes
grading 0.40%, representing 3,500 million pounds of copper (which
is equal to 1.6 million tonnes of copper), and probable reserves of
1,200 million tonnes grading 1.53g/t, representing 57 million
ounces of gold and 1,100 million tonnes grading 0.37%, representing
8,800 million pounds of copper (which is equal to 4.0 million
tonnes of copper). Conversions may not recalculate due to
rounding.
-
Estimates are as of December 31, 2023, unless otherwise noted.
Proven mineral reserves of 250 million tonnes grading 1.85g/t,
representing 15 million ounces of gold, and 320 million tonnes
grading 0.41%, representing 1.3 million tonnes of copper.
Probable reserves of 1,200 million tonnes grading 1.61g/t,
representing 61 million ounces of gold, and 1,100 million tonnes
grading 0.38%, representing 4.3 million tonnes of copper.
-
Estimates are as of December 31, 2024, unless otherwise noted.
Proven mineral reserves of 270 million tonnes grading 1.75g/t,
representing 15 million ounces of gold, and 380 million tonnes
grading 0.42%, representing 1.6 million tonnes of copper.
Probable reserves of 2,500 million tonnes grading 0.90g/t,
representing 74 million ounces of gold, and 3,600 million tonnes
grading 0.46%, representing 17 million tonnes of copper.
Endnote 19
Estimated in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects as required
by Canadian securities regulatory authorities. Estimates are as of
December 31, 2024, unless otherwise noted. Proven mineral reserves
of 270 million tonnes grading 1.75g/t, representing 15 million
ounces of gold, and 380 million tonnes grading 0.42%, representing
1.6 million tonnes of copper. Probable reserves of 2,500 million
tonnes grading 0.90g/t, representing 74 million ounces of gold, and
3,600 million tonnes grading 0.46%, representing 17 million tonnes
of copper. Measured resources of 450 million tonnes grading
1.68g/t, representing 24 million ounces of gold, and 600 million
tonnes grading 0.38%, representing 2.3 million tonnes of copper.
Indicated resources of 4,800 million tonnes grading 1.01g/t,
representing 150 million ounces of gold, and 5,400 million tonnes
grading 0.39%, representing 22 million tonnes of copper. Inferred
resources of 1,400 million tonnes grading 0.9g/t, representing 41
million ounces of gold, and 1,300 million tonnes grading 0.3%,
representing 3.9 million tonnes of copper. Totals may not appear to
sum correctly due to rounding. Complete mineral reserve and mineral
resource data for all mines and projects referenced in this press
release, including tonnes, grades, and ounces, can be found in the
Mineral Reserves and Mineral Resources Tables included on the
following pages of this press release.
Endnote 20
Estimated in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects as required
by Canadian securities regulatory authorities. Estimates are as of
December 31, 2023, unless otherwise noted. Proven mineral reserves
of 250 million tonnes grading 1.85g/t, representing 15 million
ounces of gold, and 320 million tonnes grading 0.41%, representing
1.3 million tonnes of copper. Probable reserves of 1,200 million
tonnes grading 1.61g/t, representing 61 million ounces of gold, and
1,100 million tonnes grading 0.38%, representing 4.3 million tonnes
of copper. Measured resources of 430 million tonnes grading
1.76g/t, representing 24 million ounces of gold, and 580 million
tonnes grading 0.39%, representing 2.2 million tonnes of copper.
Indicated resources of 4,800 million tonnes grading 1.00g/t,
representing 150 million ounces of gold, and 4,900 million tonnes
grading 0.39%, representing 19 million tonnes of copper. Inferred
resources of 1,500 million tonnes grading 0.8g/t, representing 39
million ounces of gold, and 2,000 million tonnes grading 0.4%,
representing 7.1 million tonnes of copper. Totals may not appear to
sum correctly due to rounding. Complete mineral reserve and mineral
resource data for all mines and projects referenced in this press
release as of December 31, 2023, including tonnes, grades, and
ounces, can be found on pages 33-45 of Barrick’s 2023 Annual
Information Form / Form 40-F on file with the Canadian provincial
securities regulators on SEDAR+ at www.sedarplus.ca and the
Securities and Exchange Commission on EDGAR at www.sec.gov.
Endnote 21
A Tier One Gold Asset is an asset with a
$1,400/oz reserve with potential to deliver a minimum 10-year life,
annual production of at least 500,000 ounces of gold and with costs
per ounce in the lower half of the industry cost curve. A Tier One
Copper Asset is an asset with a $3.00/lb reserve with potential for
+5Mt contained copper in support of at least 20 years life, annual
production of at least 200ktpa, with costs per pound in the lower
half of the industry cost curve. Tier One Assets must be located in
a world class geological district with potential for organic
reserve growth and long-term geologically driven addition.
Endnote 22
|
Commodity |
Proven and Probable Reserve Price Assumptions |
Measured, Indicated and Inferred Resource Price
Assumptions |
|
2023 |
2024 |
2023 |
2024 |
|
Gold |
$1,300/ozi |
$1,400/ozi, iii |
$1,700/oz |
$1,900/oz |
|
Copperii |
$3.00/lbii |
$3.00/lbii,iii |
$4.00/lb |
$4.00/lb |
|
Silver |
$18.00/oz |
$20.00/oz |
$21.00/oz |
$24.00/oz |
| |
|
|
|
|
- Except at Tongon and Hemlo Open Pit where gold mineral
reserves for 2024 are based upon a price assumption of
$1,650/oz.
- Except at Zaldivar, where mineral reserves and resources
are based on Antofagasta’s price assumptions. For mineral reserves,
the copper price assumption used by Antofagasta is $3.80/lb for
2024 and was $3.50/lb for 2023. For mineral resources, the copper
price assumption used by Antofagasta is $4.40/lb for 2024 and was
$4.20/lb for 2023.
- Except at Norte Abierto where mineral reserves for 2024
are reported by Newmont within a $1,200/oz, $2.75/lb copper and
$22/oz Ag pit design, before application of updated 2023 project
economics using escalated operating and capital costs resulting in
Newmont guidance of $1,600/oz for gold, $4.00/lb for copper and
$23/oz for silver for assumed mineral reserve commodity prices.
Mineral resources for 2024 are reported by Newmont within a
$1,400/oz, $3.25/lb copper and $20/oz Ag pit shell, before
application of updated 2023 project economics using escalated
operating and capital costs resulting in Newmont guidance of
$1,600/oz for gold, $4.00/lb for copper and $23/oz for silver for
assumed mineral resource commodity price.
Endnote 23
Attributable organic gold equivalent reserve
$/oz additions are calculated from the cumulative net change in
reserves from year-end 2019 using reserve prices for gold
equivalent ounce (GEO) conversion as outlined in Endnote 18,
divided by the total attributable Barrick group expenditure on
exploration, reserve conversion and technical studies from
preliminary economic assessment, pre-feasibility and feasibility
during the same period.
Endnote 24
Fourmile financial metrics and production
metrics are based upon preliminary economic assessment which is
preliminary in nature because it includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty
that the preliminary economic assessment will be realized. The
preliminary economic assessment for Fourmile is based upon
$1,900/oz mineable stope optimizer. The assumptions outlined within
the preliminary economic assessment have formed the basis for the
ongoing study and are made by the qualified person. Fourmile is
currently 100% owned by Barrick. As previously disclosed, Barrick
anticipates Fourmile being contributed to the Nevada Gold Mines
joint venture, at fair market value, if certain criteria are
met.
Endnote 25
A Technical Report on Lumwana will be prepared
in accordance with Form 43-101F1 and filed on SEDAR+ within 45 days
of Barrick’s press release dated as of February 6, 2025, entitled
“Barrick Grows Gold and Copper Reserves Significantly, Setting It
Apart From Peers as It Positions for Growth”. For further
information with respect to the
key assumptions, parameters and risks
associated with Lumwana and other technical information, please
refer to the Technical Report to be made available on SEDAR+ at
www.sedarplus.ca. and EDGAR at www.sec.gov.
Endnote 26
A Technical Report on Reko Diq will be prepared
in accordance with Form 43-101F1 and filed on SEDAR+ within 45 days
of Barrick’s press release dated as of February 6, 2025, entitled
“Barrick Grows Gold and Copper Reserves Significantly, Setting It
Apart From Peers as It Positions for Growth”. For further
information with respect to the key assumptions, parameters and
risks associated with Reko Diq and other technical information,
please refer to the Technical Report to be made available on SEDAR+
at www.sedarplus.ca and on EDGAR at www.sec.gov.
Endnote 27
Fourmile mineral resources are estimated in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects as required by Canadian securities
regulatory authorities. Estimates as of December 31, 2023:
Attributable Indicated resources of 1.5 million tonnes grading
10.04g/t representing 0.48 million ounces of gold. Inferred
resources of 8.2 million tonnes grading 10.1g/t, representing 2.7
million ounces of gold. Estimates as of December 31, 2024:
Attributable Indicated resources of 3.6 million tonnes grading
11.76g/t representing 1.4 million ounces of gold. Inferred
resources of 14 million tonnes grading 14.1g/t, representing 6.4
million ounces of gold. Complete mineral reserve and mineral
resource data for all mines and projects referenced in this press
release, including tonnes, grades, and ounces, can be found in the
Mineral Reserves and Mineral Resources Tables included on the
following pages of this press release.
Endnote 28
Includes Goldrush.
Endnote 29
As a result of the temporary suspension of
operations at Loulo-Gounkoto, we have excluded Loulo-Gounkoto from
our 2025 guidance (refer to page 9 of Barrick’s Fourth
Quarter and Year-End 2024 Report for more information). We
expect to update our guidance to include Loulo-Gounkoto when we
have greater certainty regarding the timing for the restart of
operations.
Endnote 30
Total cash costs and all-in sustaining costs per
ounce include costs allocated to non-operating sites.
Endnote 31
Operating division guidance ranges reflect
expectations at each individual operating division, and may not add
up to the company-wide guidance range total.
Endnote 32
Includes corporate administration costs.
Mineral Reserves and Resources
|
Gold Mineral Reserves1,2,3,5 |
|
|
|
|
|
|
|
| As at December 31,
2024 |
PROVEN9 |
|
PROBABLE9 |
|
TOTAL9 |
|
|
|
Tonnes |
Grade |
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
| Based
on attributable ounces |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
3.74 |
0.00064 |
|
— |
— |
— |
|
0.0053 |
3.74 |
0.00064 |
|
Bulyanhulu underground |
|
0.61 |
7.06 |
0.14 |
|
16 |
6.96 |
3.6 |
|
17 |
6.96 |
3.8 |
|
Bulyanhulu (84.00%) total |
|
0.62 |
7.03 |
0.14 |
|
16 |
6.96 |
3.6 |
|
17 |
6.96 |
3.8 |
|
Jabal Sayid surface |
|
0.14 |
0.66 |
0.0030 |
|
— |
— |
— |
|
0.14 |
0.66 |
0.0030 |
|
Jabal Sayid underground |
|
8.7 |
0.32 |
0.089 |
|
4.5 |
0.46 |
0.066 |
|
13 |
0.37 |
0.16 |
|
Jabal Sayid (50.00%) total |
|
8.8 |
0.32 |
0.092 |
|
4.5 |
0.46 |
0.066 |
|
13 |
0.37 |
0.16 |
|
Kibali surface |
|
6.4 |
2.00 |
0.41 |
|
17 |
2.17 |
1.2 |
|
24 |
2.13 |
1.6 |
|
Kibali underground |
|
7.0 |
4.45 |
1.0 |
|
16 |
3.74 |
1.9 |
|
23 |
3.96 |
2.9 |
|
Kibali (45.00%) total |
|
13 |
3.28 |
1.4 |
|
33 |
2.93 |
3.2 |
|
47 |
3.03 |
4.6 |
|
Loulo-Gounkoto surface4 |
|
11 |
2.43 |
0.83 |
|
15 |
3.30 |
1.6 |
|
26 |
2.95 |
2.5 |
|
Loulo-Gounkoto underground4 |
|
7.6 |
5.13 |
1.3 |
|
23 |
4.82 |
3.6 |
|
31 |
4.90 |
4.9 |
|
Loulo-Gounkoto (80.00%) total4 |
|
18 |
3.56 |
2.1 |
|
39 |
4.22 |
5.2 |
|
57 |
4.00 |
7.3 |
|
North Mara surface |
|
5.3 |
3.90 |
0.66 |
|
25 |
1.51 |
1.2 |
|
30 |
1.92 |
1.9 |
|
North Mara underground |
|
2.0 |
3.37 |
0.22 |
|
5.9 |
4.43 |
0.84 |
|
7.9 |
4.16 |
1.1 |
|
North Mara (84.00%) total |
|
7.3 |
3.75 |
0.88 |
|
31 |
2.07 |
2.0 |
|
38 |
2.39 |
2.9 |
|
Tongon surface (89.70%) |
|
3.2 |
2.10 |
0.21 |
|
4.8 |
2.63 |
0.40 |
|
8.0 |
2.41 |
0.62 |
|
AFRICA AND MIDDLE EAST TOTAL |
52 |
2.91 |
4.8 |
|
130 |
3.52 |
15 |
|
180 |
3.35 |
19 |
| LATIN
AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
110 |
0.65 |
2.4 |
|
480 |
0.59 |
9.2 |
|
600 |
0.60 |
12 |
|
Porgera surface |
|
0.11 |
2.07 |
0.0076 |
|
7.2 |
2.88 |
0.67 |
|
7.3 |
2.87 |
0.68 |
|
Porgera underground |
|
0.69 |
6.42 |
0.14 |
|
3.2 |
6.48 |
0.66 |
|
3.9 |
6.47 |
0.81 |
|
Porgera (24.50%) total |
|
0.81 |
5.80 |
0.15 |
|
10 |
3.98 |
1.3 |
|
11 |
4.11 |
1.5 |
|
Pueblo Viejo surface (60.00%) |
|
48 |
2.27 |
3.5 |
|
130 |
2.06 |
8.8 |
|
180 |
2.11 |
12 |
|
Reko Diq surface (50.00%) |
|
— |
— |
— |
|
1,400 |
0.28 |
13 |
|
1,400 |
0.28 |
13 |
|
Veladero surface (50.00%) |
|
24 |
0.66 |
0.51 |
|
49 |
0.68 |
1.1 |
|
73 |
0.67 |
1.6 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
190 |
1.09 |
6.6 |
|
2,100 |
0.49 |
33 |
|
2,300 |
0.54 |
40 |
| NORTH
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin surface |
|
4.1 |
1.60 |
0.21 |
|
58 |
2.39 |
4.4 |
|
62 |
2.33 |
4.6 |
|
Carlin underground |
|
0.050 |
6.17 |
0.010 |
|
20 |
7.69 |
4.8 |
|
20 |
7.69 |
4.8 |
|
Carlin (61.50%) total |
|
4.1 |
1.66 |
0.22 |
|
77 |
3.73 |
9.3 |
|
82 |
3.62 |
9.5 |
|
Cortez surface |
|
1.0 |
2.78 |
0.090 |
|
63 |
1.02 |
2.1 |
|
64 |
1.05 |
2.2 |
|
Cortez underground |
|
— |
— |
— |
|
28 |
6.78 |
6.1 |
|
28 |
6.78 |
6.1 |
|
Cortez (61.50%) total |
|
1.0 |
2.78 |
0.090 |
|
91 |
2.79 |
8.2 |
|
92 |
2.79 |
8.3 |
|
Hemlo surface |
|
— |
— |
— |
|
25 |
0.93 |
0.75 |
|
25 |
0.93 |
0.75 |
|
Hemlo underground |
|
0.29 |
3.84 |
0.036 |
|
6.2 |
4.30 |
0.86 |
|
6.5 |
4.28 |
0.90 |
|
Hemlo (100%) total |
|
0.29 |
3.84 |
0.036 |
|
31 |
1.60 |
1.6 |
|
32 |
1.62 |
1.6 |
|
Phoenix surface (61.50%) |
|
5.2 |
0.64 |
0.11 |
|
87 |
0.63 |
1.8 |
|
92 |
0.63 |
1.9 |
|
Turquoise Ridge surface |
|
16 |
2.26 |
1.2 |
|
11 |
1.92 |
0.66 |
|
27 |
2.12 |
1.8 |
|
Turquoise Ridge underground |
|
6.3 |
11.32 |
2.3 |
|
16 |
9.48 |
4.8 |
|
22 |
10.00 |
7.1 |
|
Turquoise Ridge (61.50%) total |
|
22 |
4.82 |
3.4 |
|
27 |
6.42 |
5.5 |
|
49 |
5.69 |
8.9 |
|
NORTH AMERICA TOTAL |
|
33 |
3.69 |
3.9 |
|
310 |
2.61 |
26 |
|
350 |
2.71 |
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
270 |
1.75 |
15 |
|
2,500 |
0.90 |
74 |
|
2,800 |
0.99 |
89 |
| |
| See “Mineral
Reserves and Resources Endnotes”. |
|
Copper Mineral
Reserves1,2,3,5 |
|
|
|
|
|
|
|
| As at December 31,
2024 |
PROVEN9 |
|
PROBABLE9 |
|
TOTAL9 |
|
|
|
Tonnes |
Cu Grade |
Contained Cu |
|
Tonnes |
Cu Grade |
Contained Cu |
|
Tonnes |
Cu Grade |
Contained Cu |
| Based
on attributable tonnes |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
0.38 |
0.000020 |
|
— |
— |
— |
|
0.0053 |
0.38 |
0.000020 |
|
Bulyanhulu underground |
|
0.61 |
0.41 |
0.0025 |
|
16 |
0.35 |
0.057 |
|
17 |
0.35 |
0.060 |
|
Bulyanhulu (84.00%) total |
|
0.62 |
0.41 |
0.0025 |
|
16 |
0.35 |
0.057 |
|
17 |
0.35 |
0.060 |
|
Jabal Sayid surface |
|
0.14 |
2.68 |
0.0037 |
|
|
|
|
|
0.14 |
2.68 |
0.0037 |
|
Jabal Sayid underground |
|
8.7 |
2.12 |
0.18 |
|
4.5 |
2.16 |
0.097 |
|
13 |
2.14 |
0.28 |
|
Jabal Sayid (50.00%) total |
|
8.8 |
2.13 |
0.19 |
|
4.5 |
2.16 |
0.097 |
|
13 |
2.14 |
0.28 |
|
Lumwana surface (100%) |
|
140 |
0.49 |
0.68 |
|
1,500 |
0.53 |
7.6 |
|
1,600 |
0.52 |
8.3 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
150 |
0.59 |
0.87 |
|
1,500 |
0.53 |
7.8 |
|
1,600 |
0.54 |
8.7 |
| LATIN
AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
110 |
0.19 |
0.22 |
|
480 |
0.23 |
1.1 |
|
600 |
0.22 |
1.3 |
|
Reko Diq surface (50.00%) |
|
— |
— |
— |
|
1,500 |
0.48 |
7.3 |
|
1,500 |
0.48 |
7.3 |
|
Zaldívar surface (50.00%) |
|
110 |
0.44 |
0.48 |
|
66 |
0.41 |
0.27 |
|
180 |
0.43 |
0.75 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
220 |
0.31 |
0.70 |
|
2,100 |
0.42 |
8.6 |
|
2,300 |
0.41 |
9.4 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
|
6.9 |
0.16 |
0.011 |
|
110 |
0.18 |
0.20 |
|
120 |
0.18 |
0.21 |
|
NORTH AMERICA TOTAL |
|
6.9 |
0.16 |
0.011 |
|
110 |
0.18 |
0.20 |
|
120 |
0.18 |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
380 |
0.42 |
1.6 |
|
3,600 |
0.46 |
17 |
|
4,000 |
0.45 |
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| See “Mineral
Reserves and Resources Endnotes”. |
| |
|
|
|
|
|
|
|
| Silver
Mineral Reserves1,2,3,5 |
|
|
|
|
|
|
|
|
As at December 31, 2024 |
|
PROVEN9 |
|
PROBABLE9 |
|
TOTAL9 |
|
|
|
Tonnes |
Ag Grade |
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
| Based
on attributable ounces |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
7.29 |
0.0012 |
|
— |
— |
— |
|
0.0053 |
7.29 |
0.0012 |
|
Bulyanhulu underground |
|
0.61 |
6.98 |
0.14 |
|
16 |
5.51 |
2.9 |
|
17 |
5.56 |
3.0 |
|
Bulyanhulu (84.00%) total |
|
0.62 |
6.98 |
0.14 |
|
16 |
5.51 |
2.9 |
|
17 |
5.56 |
3.0 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
0.62 |
6.98 |
0.14 |
|
16 |
5.51 |
2.9 |
|
17 |
5.56 |
3.0 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
110 |
1.91 |
7.0 |
|
480 |
1.43 |
22 |
|
600 |
1.52 |
29 |
|
Pueblo Viejo surface (60.00%) |
|
48 |
12.44 |
19 |
|
130 |
12.69 |
54 |
|
180 |
12.62 |
73 |
|
Veladero surface (50.00%) |
|
24 |
12.92 |
10.0 |
|
49 |
13.96 |
22 |
|
73 |
13.62 |
32 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
190 |
6.04 |
36 |
|
670 |
4.60 |
98 |
|
850 |
4.92 |
130 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
|
5.2 |
7.87 |
1.3 |
|
87 |
7.78 |
22 |
|
92 |
7.78 |
23 |
|
NORTH AMERICA TOTAL |
|
5.2 |
7.87 |
1.3 |
|
87 |
7.78 |
22 |
|
92 |
7.78 |
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
190 |
6.09 |
38 |
|
770 |
4.98 |
120 |
|
960 |
5.20 |
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| See “Mineral
Reserves and Resources Endnotes”. |
|
Gold Mineral
Resources1,3,5,6,7,8 |
|
|
|
|
|
|
|
|
|
| As at December 31, 2024 |
MEASURED (M)9 |
|
INDICATED (I)9 |
|
(M) + (I)9 |
|
INFERRED10 |
|
|
Tonnes |
Grade |
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
| Based
on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0053 |
3.74 |
0.00064 |
|
— |
— |
— |
|
0.00064 |
|
— |
— |
— |
|
Bulyanhulu underground |
2.8 |
7.94 |
0.72 |
|
28 |
7.16 |
6.5 |
|
7.2 |
|
11 |
7.2 |
2.5 |
|
Bulyanhulu (84.00%) total |
2.8 |
7.93 |
0.72 |
|
28 |
7.16 |
6.5 |
|
7.2 |
|
11 |
7.2 |
2.5 |
|
Jabal Sayid surface |
0.14 |
0.66 |
0.0030 |
|
— |
— |
— |
|
0.0030 |
|
— |
— |
— |
|
Jabal Sayid underground |
9.1 |
0.39 |
0.11 |
|
6.4 |
0.50 |
0.10 |
|
0.22 |
|
1.1 |
0.6 |
0.021 |
|
Jabal Sayid (50.00%) total |
9.2 |
0.40 |
0.12 |
|
6.4 |
0.50 |
0.10 |
|
0.22 |
|
1.1 |
0.6 |
0.021 |
|
Kibali surface |
9.5 |
2.14 |
0.65 |
|
26 |
2.17 |
1.8 |
|
2.5 |
|
8.2 |
2.2 |
0.58 |
|
Kibali underground |
11 |
4.43 |
1.5 |
|
29 |
3.45 |
3.3 |
|
4.8 |
|
4.3 |
2.5 |
0.35 |
|
Kibali (45.00%) total |
20 |
3.34 |
2.1 |
|
56 |
2.85 |
5.1 |
|
7.3 |
|
12 |
2.3 |
0.93 |
|
Loulo-Gounkoto surface4 |
12 |
2.41 |
0.95 |
|
19 |
3.34 |
2.1 |
|
3.0 |
|
2.8 |
2.4 |
0.22 |
|
Loulo-Gounkoto underground4 |
18 |
4.21 |
2.4 |
|
38 |
4.22 |
5.1 |
|
7.6 |
|
12 |
2.0 |
0.81 |
|
Loulo-Gounkoto (80.00%) total4 |
30 |
3.48 |
3.4 |
|
57 |
3.93 |
7.2 |
|
11 |
|
15 |
2.1 |
1.0 |
|
North Mara surface |
7.8 |
3.19 |
0.80 |
|
36 |
1.60 |
1.9 |
|
2.7 |
|
2.0 |
1.6 |
0.10 |
|
North Mara underground |
6.8 |
2.17 |
0.48 |
|
29 |
2.29 |
2.1 |
|
2.6 |
|
8.9 |
1.6 |
0.47 |
|
North Mara (84.00%) total |
15 |
2.71 |
1.3 |
|
65 |
1.91 |
4.0 |
|
5.3 |
|
11 |
1.6 |
0.57 |
|
Tongon surface (89.70%) |
3.8 |
2.24 |
0.28 |
|
4.8 |
2.71 |
0.42 |
|
0.70 |
|
1.5 |
2.3 |
0.11 |
|
AFRICA AND MIDDLE EAST TOTAL |
81 |
3.05 |
7.9 |
|
220 |
3.34 |
23 |
|
31 |
|
52 |
3.1 |
5.2 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alturas surface (100%) |
— |
— |
— |
|
58 |
1.16 |
2.2 |
|
2.2 |
|
130 |
0.8 |
3.6 |
|
Norte Abierto surface (50.00%) |
190 |
0.63 |
3.9 |
|
1,100 |
0.53 |
19 |
|
22 |
|
370 |
0.4 |
4.4 |
|
Pascua Lama surface (100%) |
43 |
1.86 |
2.6 |
|
390 |
1.49 |
19 |
|
21 |
|
15 |
1.7 |
0.86 |
|
Porgera surface |
— |
— |
— |
|
28 |
2.35 |
2.1 |
|
2.1 |
|
17 |
1.7 |
0.94 |
|
Porgera underground |
0.74 |
6.87 |
0.16 |
|
4.0 |
6.42 |
0.82 |
|
0.98 |
|
1.9 |
6.4 |
0.38 |
|
Porgera (24.50%) total |
0.74 |
6.87 |
0.16 |
|
32 |
2.86 |
2.9 |
|
3.1 |
|
19 |
2.2 |
1.3 |
|
Pueblo Viejo surface (60.00%) |
61 |
2.09 |
4.1 |
|
190 |
1.87 |
11 |
|
15 |
|
7.5 |
1.6 |
0.38 |
|
Reko Diq surface (50.00%) |
— |
— |
— |
|
1,800 |
0.25 |
15 |
|
15 |
|
640 |
0.2 |
3.9 |
|
Veladero surface (50.00%) |
26 |
0.65 |
0.53 |
|
85 |
0.65 |
1.8 |
|
2.3 |
|
16 |
0.5 |
0.29 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
320 |
1.08 |
11 |
|
3,700 |
0.60 |
70 |
|
81 |
|
1,200 |
0.4 |
15 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin surface |
8.8 |
1.29 |
0.37 |
|
96 |
2.06 |
6.4 |
|
6.7 |
|
29 |
1.3 |
1.2 |
|
Carlin underground |
0.086 |
8.55 |
0.024 |
|
33 |
7.92 |
8.5 |
|
8.6 |
|
19 |
7.3 |
4.5 |
|
Carlin (61.50%) total |
8.9 |
1.36 |
0.39 |
|
130 |
3.57 |
15 |
|
15 |
|
48 |
3.7 |
5.7 |
|
Cortez surface |
1.6 |
2.79 |
0.15 |
|
100 |
0.97 |
3.2 |
|
3.3 |
|
31 |
0.6 |
0.63 |
|
Cortez underground |
— |
— |
— |
|
39 |
6.30 |
8.0 |
|
8.0 |
|
15 |
5.6 |
2.8 |
|
Cortez (61.50%) total |
1.6 |
2.79 |
0.15 |
|
140 |
2.45 |
11 |
|
11 |
|
46 |
2.3 |
3.4 |
|
Donlin surface (50.00%) |
— |
— |
— |
|
270 |
2.24 |
20 |
|
20 |
|
46 |
2.0 |
3.0 |
|
Fourmile underground (100%) |
— |
— |
— |
|
3.6 |
11.76 |
1.4 |
|
1.4 |
|
14 |
14.1 |
6.4 |
|
Hemlo surface |
— |
— |
— |
|
50 |
1.00 |
1.6 |
|
1.6 |
|
5.0 |
0.7 |
0.12 |
|
Hemlo underground |
3.9 |
4.37 |
0.55 |
|
9.8 |
4.04 |
1.3 |
|
1.8 |
|
3.5 |
4.5 |
0.50 |
|
Hemlo (100%) total |
3.9 |
4.37 |
0.55 |
|
60 |
1.49 |
2.9 |
|
3.4 |
|
8.5 |
2.3 |
0.62 |
|
Phoenix surface (61.50%) |
5.2 |
0.64 |
0.11 |
|
240 |
0.49 |
3.9 |
|
4.0 |
|
16 |
0.4 |
0.19 |
|
Turquoise Ridge surface |
16 |
2.22 |
1.2 |
|
29 |
1.69 |
1.6 |
|
2.7 |
|
14 |
1.1 |
0.51 |
|
Turquoise Ridge underground |
6.6 |
12.01 |
2.5 |
|
18 |
9.91 |
5.8 |
|
8.4 |
|
3.7 |
8.5 |
1.0 |
|
Turquoise Ridge (61.50%) total |
23 |
5.02 |
3.7 |
|
47 |
4.87 |
7.4 |
|
11 |
|
18 |
2.6 |
1.5 |
|
NORTH AMERICA TOTAL |
43 |
3.58 |
4.9 |
|
900 |
2.12 |
61 |
|
66 |
|
200 |
3.3 |
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
450 |
1.68 |
24 |
|
4,800 |
1.01 |
150 |
|
180 |
|
1,400 |
0.9 |
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| See “Mineral
Reserves and Resources Endnotes”. |
| Copper
Mineral Resources1,3,5,6,7,8 |
|
|
|
|
|
|
|
|
|
| As at
December 31, 2024 |
MEASURED (M)9 |
|
INDICATED (I)9 |
|
(M) + (I)9 |
|
INFERRED10 |
|
|
|
Tonnes |
Grade |
Contained Cu |
|
Tonnes |
Grade |
Contained Cu |
|
Contained Cu |
|
Tonnes |
Grade |
Contained Cu |
| Based
on attributable tonnes |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
0.38 |
0.000020 |
|
— |
— |
— |
|
0.000020 |
|
— |
— |
— |
|
Bulyanhulu underground |
|
2.8 |
0.37 |
0.010 |
|
28 |
0.36 |
0.10 |
|
0.11 |
|
11 |
0.3 |
0.036 |
|
Bulyanhulu (84.00%) total |
|
2.8 |
0.37 |
0.010 |
|
28 |
0.36 |
0.10 |
|
0.11 |
|
11 |
0.3 |
0.036 |
|
Jabal Sayid surface |
|
0.14 |
2.68 |
0.0037 |
|
— |
— |
— |
|
0.0037 |
|
— |
— |
— |
|
Jabal Sayid underground |
|
9.1 |
2.49 |
0.23 |
|
6.4 |
2.23 |
0.14 |
|
0.37 |
|
1.1 |
0.5 |
0.0058 |
|
Jabal Sayid (50.00%) total |
|
9.2 |
2.50 |
0.23 |
|
6.4 |
2.23 |
0.14 |
|
0.37 |
|
1.1 |
0.5 |
0.0058 |
|
Lumwana surface (100%) |
|
170 |
0.45 |
0.77 |
|
1,800 |
0.50 |
9.2 |
|
10 |
|
230 |
0.4 |
0.91 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
190 |
0.55 |
1.0 |
|
1,900 |
0.51 |
9.4 |
|
10 |
|
240 |
0.4 |
0.95 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
170 |
0.21 |
0.36 |
|
1,000 |
0.21 |
2.2 |
|
2.5 |
|
360 |
0.2 |
0.66 |
|
Reko Diq surface (50.00%) |
|
— |
— |
— |
|
2,000 |
0.43 |
8.4 |
|
8.4 |
|
690 |
0.3 |
2.2 |
|
Zaldívar surface (50.00%) |
|
240 |
0.39 |
0.94 |
|
290 |
0.36 |
1.0 |
|
2.0 |
|
15 |
0.3 |
0.048 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
410 |
0.31 |
1.3 |
|
3,300 |
0.35 |
12 |
|
13 |
|
1,100 |
0.3 |
3.0 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
|
6.9 |
0.16 |
0.011 |
|
300 |
0.17 |
0.51 |
|
0.52 |
|
18 |
0.2 |
0.028 |
|
NORTH AMERICA TOTAL |
|
6.9 |
0.16 |
0.011 |
|
300 |
0.17 |
0.51 |
|
0.52 |
|
18 |
0.2 |
0.028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
600 |
0.38 |
2.3 |
|
5,400 |
0.39 |
22 |
|
24 |
|
1,300 |
0.3 |
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| See “Mineral
Reserves and Resources Endnotes”. |
| Silver
Mineral Resources1,3,5,6,7,8 |
|
|
|
|
|
|
|
|
|
| As at
December 31, 2024 |
MEASURED (M)9 |
|
INDICATED (I)9 |
|
(M) + (I)9 |
|
INFERRED10 |
|
|
|
Tonnes |
Ag Grade |
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
| Based
on attributable ounces |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
7.29 |
0.0012 |
|
— |
— |
— |
|
0.0012 |
|
— |
— |
— |
|
Bulyanhulu underground |
|
2.8 |
6.87 |
0.62 |
|
28 |
5.56 |
5.1 |
|
5.7 |
|
11 |
5.7 |
2.0 |
|
Bulyanhulu (84.00%) total |
|
2.8 |
6.87 |
0.62 |
|
28 |
5.56 |
5.1 |
|
5.7 |
|
11 |
5.7 |
2.0 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
2.8 |
6.87 |
0.62 |
|
28 |
5.56 |
5.1 |
|
5.7 |
|
11 |
5.7 |
2.0 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
190 |
1.62 |
10 |
|
1,100 |
1.23 |
43 |
|
53 |
|
370 |
1.0 |
11 |
|
Pascua-Lama surface (100%) |
|
43 |
57.21 |
79 |
|
390 |
52.22 |
660 |
|
740 |
|
15 |
17.8 |
8.8 |
|
Pueblo Viejo surface (60.00%) |
|
61 |
11.47 |
22 |
|
190 |
11.22 |
68 |
|
91 |
|
7.5 |
6.8 |
1.6 |
|
Veladero surface (50.00%) |
|
26 |
13.08 |
11 |
|
85 |
13.91 |
38 |
|
49 |
|
16 |
15.8 |
8.2 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
320 |
11.81 |
120 |
|
1,700 |
14.36 |
810 |
|
930 |
|
410 |
2.3 |
30 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
|
5.2 |
7.87 |
1.3 |
|
240 |
6.40 |
50 |
|
52 |
|
16 |
4.2 |
2.2 |
|
NORTH AMERICA TOTAL |
|
5.2 |
7.87 |
1.3 |
|
240 |
6.40 |
50 |
|
52 |
|
16 |
4.2 |
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
330 |
11.70 |
120 |
|
2,000 |
13.28 |
860 |
|
990 |
|
440 |
2.4 |
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| See “Mineral
Reserves and Resources Endnotes”. |
|
Summary Gold Mineral
Reserves1,2,3,5 |
| For the years ended December
31 |
2024 |
2023 |
| |
Ownership |
Tonnes |
Grade9 |
Ounces |
Ownership |
Tonnes |
Grade9 |
Ounces |
| Based
on attributable ounces |
% |
(Mt) |
(g/t) |
(Moz) |
% |
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
84.00 |
% |
0.0053 |
3.74 |
0.00064 |
84.00 |
% |
0.0088 |
5.89 |
0.0017 |
|
Bulyanhulu underground |
84.00 |
% |
17 |
6.96 |
3.8 |
84.00 |
% |
18 |
6.05 |
3.4 |
|
Bulyanhulu Total |
84.00 |
% |
17 |
6.96 |
3.8 |
84.00 |
% |
18 |
6.05 |
3.4 |
|
Jabal Sayid surface |
50.00 |
% |
0.14 |
0.66 |
0.0030 |
50.00 |
% |
0.064 |
0.38 |
0.00078 |
|
Jabal Sayid underground |
50.00 |
% |
13 |
0.37 |
0.16 |
50.00 |
% |
14 |
0.34 |
0.15 |
|
Jabal Sayid Total |
50.00 |
% |
13 |
0.37 |
0.16 |
50.00 |
% |
14 |
0.34 |
0.15 |
|
Kibali surface |
45.00 |
% |
24 |
2.13 |
1.6 |
45.00 |
% |
24 |
2.05 |
1.6 |
|
Kibali underground |
45.00 |
% |
23 |
3.96 |
2.9 |
45.00 |
% |
24 |
4.10 |
3.1 |
|
Kibali Total |
45.00 |
% |
47 |
3.03 |
4.6 |
45.00 |
% |
47 |
3.07 |
4.7 |
|
Loulo-Gounkoto surface4 |
80.00 |
% |
26 |
2.95 |
2.5 |
80.00 |
% |
24 |
2.84 |
2.1 |
|
Loulo-Gounkoto underground4 |
80.00 |
% |
31 |
4.90 |
4.9 |
80.00 |
% |
33 |
4.81 |
5.1 |
|
Loulo-Gounkoto Total4 |
80.00 |
% |
57 |
4.00 |
7.3 |
80.00 |
% |
57 |
3.99 |
7.2 |
|
North Mara surface |
84.00 |
% |
30 |
1.92 |
1.9 |
84.00 |
% |
30 |
1.90 |
1.8 |
|
North Mara underground |
84.00 |
% |
7.9 |
4.16 |
1.1 |
84.00 |
% |
9.3 |
3.60 |
1.1 |
|
North Mara Total |
84.00 |
% |
38 |
2.39 |
2.9 |
84.00 |
% |
39 |
2.30 |
2.9 |
|
Tongon surface |
89.70 |
% |
8.0 |
2.41 |
0.62 |
89.70 |
% |
5.5 |
1.98 |
0.35 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
180 |
3.35 |
19 |
|
180 |
3.24 |
19 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
Norte Abierto surface |
50.00 |
% |
600 |
0.60 |
12 |
50.00 |
% |
600 |
0.60 |
12 |
|
Porgera surface |
24.50 |
% |
7.3 |
2.87 |
0.68 |
24.50 |
% |
5.0 |
3.55 |
0.57 |
|
Porgera underground |
24.50 |
% |
3.9 |
6.47 |
0.81 |
24.50 |
% |
2.9 |
6.96 |
0.65 |
|
Porgera Total |
24.50 |
% |
11 |
4.11 |
1.5 |
24.50 |
% |
7.9 |
4.81 |
1.2 |
|
Pueblo Viejo surface |
60.00 |
% |
180 |
2.11 |
12 |
60.00 |
% |
170 |
2.14 |
12 |
|
Reko Diq surface |
50.00 |
% |
1,400 |
0.28 |
13 |
50.00 |
% |
— |
— |
— |
|
Veladero surface |
50.00 |
% |
73 |
0.67 |
1.6 |
50.00 |
% |
89 |
0.70 |
2.0 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
2,300 |
0.54 |
40 |
|
870 |
0.96 |
27 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
Carlin surface |
61.50 |
% |
62 |
2.33 |
4.6 |
61.50 |
% |
65 |
2.39 |
5.0 |
|
Carlin underground |
61.50 |
% |
20 |
7.69 |
4.8 |
61.50 |
% |
17 |
8.34 |
4.6 |
|
Carlin Total |
61.50 |
% |
82 |
3.62 |
9.5 |
61.50 |
% |
82 |
3.64 |
9.7 |
|
Cortez surface |
61.50 |
% |
64 |
1.05 |
2.2 |
61.50 |
% |
110 |
0.82 |
2.8 |
|
Cortez underground |
61.50 |
% |
28 |
6.78 |
6.1 |
61.50 |
% |
27 |
7.27 |
6.3 |
|
Cortez Total |
61.50 |
% |
92 |
2.79 |
8.3 |
61.50 |
% |
130 |
2.13 |
9.0 |
|
Hemlo surface |
100 |
% |
25 |
0.93 |
0.75 |
100 |
% |
27 |
0.97 |
0.84 |
|
Hemlo underground |
100 |
% |
6.5 |
4.28 |
0.90 |
100 |
% |
6.8 |
4.12 |
0.90 |
|
Hemlo Total |
100 |
% |
32 |
1.62 |
1.6 |
100 |
% |
34 |
1.60 |
1.7 |
|
Phoenix surface |
61.50 |
% |
92 |
0.63 |
1.9 |
61.50 |
% |
100 |
0.58 |
1.9 |
|
Turquoise Ridge surface |
61.50 |
% |
27 |
2.12 |
1.8 |
61.50 |
% |
22 |
2.36 |
1.7 |
|
Turquoise Ridge underground |
61.50 |
% |
22 |
10.00 |
7.1 |
61.50 |
% |
20 |
10.66 |
6.9 |
|
Turquoise Ridge Total |
61.50 |
% |
49 |
5.69 |
8.9 |
61.50 |
% |
43 |
6.29 |
8.6 |
|
NORTH AMERICA TOTAL |
|
350 |
2.71 |
30 |
|
390 |
2.45 |
31 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
2,800 |
0.99 |
89 |
|
1,400 |
1.65 |
77 |
|
|
|
|
|
|
|
|
|
|
| See “Mineral
Reserves and Resources Endnotes”. |
|
Summary Copper Mineral
Reserves1,2,3,5 |
| For the years ended December
31 |
2024 |
2023 |
| |
Ownership |
Tonnes |
Cu Grade9 |
Contained Tonnes |
Ownership |
Tonnes |
Cu Grade9 |
Contained Tonnes |
| Based
on attributable ounces |
% |
(Mt) |
(%) |
(Mt) |
% |
(Mt) |
(%) |
(Mt) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
84.00 |
% |
0.0053 |
0.38 |
0.000020 |
84.00 |
% |
0.0088 |
0.29 |
0.000026 |
|
Bulyanhulu underground |
84.00 |
% |
17 |
0.35 |
0.060 |
84.00 |
% |
18 |
0.36 |
0.063 |
|
Bulyanhulu Total |
84.00 |
% |
17 |
0.35 |
0.060 |
84.00 |
% |
18 |
0.36 |
0.063 |
|
Jabal Sayid surface |
50.00 |
% |
0.14 |
2.68 |
0.0037 |
50.00 |
% |
0.064 |
2.63 |
0.0017 |
|
Jabal Sayid underground |
50.00 |
% |
13 |
2.14 |
0.28 |
50.00 |
% |
14 |
2.22 |
0.30 |
|
Jabal Sayid Total |
50.00 |
% |
13 |
2.14 |
0.28 |
50.00 |
% |
14 |
2.23 |
0.30 |
|
Lumwana surface |
100 |
% |
1,600 |
0.52 |
8.3 |
100 |
% |
510 |
0.58 |
3.0 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
1,600 |
0.54 |
8.7 |
|
540 |
0.62 |
3.3 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
50.00 |
% |
600 |
0.22 |
1.3 |
50.00 |
% |
600 |
0.22 |
1.3 |
|
Reko Diq surface (50.00%) |
50.00 |
% |
1,500 |
0.48 |
7.3 |
50.00 |
% |
— |
— |
— |
|
Zaldívar surface (50.00%) |
50.00 |
% |
180 |
0.43 |
0.75 |
50.00 |
% |
180 |
0.42 |
0.74 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
2,300 |
0.41 |
9.4 |
|
780 |
0.26 |
2.0 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
Phoenix surface |
61.50 |
% |
120 |
0.18 |
0.21 |
61.50 |
% |
140 |
0.17 |
0.23 |
|
NORTH AMERICA TOTAL |
|
120 |
0.18 |
0.21 |
|
140 |
0.17 |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
4,000 |
0.45 |
18 |
|
1,500 |
0.39 |
5.6 |
|
|
|
|
|
|
|
|
|
|
| See “Mineral
Reserves and Resources Endnotes”. |
Mineral Reserves and Resources Endnotes
- Mineral reserves
(“reserves”) and mineral resources (“resources”) have been
estimated as at December 31, 2024 (unless otherwise noted) in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“NI 43-101”) as required by
Canadian securities regulatory authorities. For United States
reporting purposes, the SEC has adopted amendments to its
disclosure rules to modernize the mineral property disclosure
requirements for issuers whose securities are registered with the
SEC under the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”). These amendments became effective February 25,
2019 (the “SEC Modernization Rules”) with compliance required for
the first fiscal year beginning on or after January 1, 2021. The
SEC Modernization Rules replace the historical property disclosure
requirements for mining registrants that were included in SEC
Industry Guide 7, which was rescinded from and after the required
compliance date of the SEC Modernization Rules. As a result of the
adoption of the SEC Modernization Rules, the SEC now recognizes
estimates of “measured”, “indicated” and “inferred” mineral
resources. In addition, the SEC has amended its definitions of
“proven mineral reserves” and “probable mineral reserves” to be
substantially similar to the corresponding Canadian Institute of
Mining, Metallurgy and Petroleum definitions, as required by NI
43-101. U.S. investors should understand that “inferred” mineral
resources have a great amount of uncertainty as to their existence
and great uncertainty as to their economic and legal feasibility.
In addition, U.S. investors are cautioned not to assume that any
part or all of Barrick’s mineral resources constitute or will be
converted into reserves. Mineral resource and mineral reserve
estimations have been prepared by employees of Barrick, its joint
venture partners or its joint venture operating companies, as
applicable, under the supervision of Craig Fiddes, SME-RM, Lead,
Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil,
FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter
Jones, MAIG, Manager Resource Geology – Latin America & Asia
Pacific; and Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral
Resource Management and Evaluation Executive. For 2024, reserves
have been estimated based on an assumed gold price of US$1,400 per
ounce, an assumed silver price of US$20.00 per ounce, and an
assumed copper price of US$3.00 per pound and long-term average
exchange rates of 1.30 CAD/US$, except at Tongon, and Hemlo open
pit, both where mineral reserves for 2024 were estimated using
$1,650/oz; at Zaldívar, where mineral reserves for 2024 were
calculated using Antofagasta guidance and an updated assumed copper
price of US$3.80 per pound; and at Norte Abierto where mineral
reserves are reported by Newmont within a $1,200/oz gold, $2.75/lb
copper and $22/oz silver pit design, before application of updated
2023 project economics using escalated operating and capital costs
resulting in Newmont guidance of $1,600/oz for gold, $4.00/lb for
copper and $23/oz for silver for assumed mineral reserve commodity
prices. For 2023, reserves have been estimated based on an assumed
gold price of US$1,300 per ounce, an assumed silver price of
US$18.00 per ounce, and an assumed copper price of US$3.00 per
pound and long-term average exchange rates of 1.30 CAD/US$, except
at Tongon, where mineral reserves for 2023 were calculated using
$1,500/oz; Hemlo, where mineral reserves for 2023 were calculated
using $1,400/oz; and at Zaldívar, where mineral reserves for 2023
were calculated using Antofagasta guidance and an updated assumed
copper price of US$3.50 per pound. Reserve estimates incorporate
current and/or expected mine plans and cost levels at each
property. Varying cut-off grades have been used depending on the
mine and type of ore contained in the reserves. Barrick’s normal
data verification procedures have been employed in connection with
the calculations. Verification procedures include industry-standard
quality control practices. Resources as at December 31, 2024
have been estimated using varying cut-off grades,
depending on both the type of mine or project, its maturity and ore
types at each property.
- In confirming
our annual reserves for each of our mineral properties, projects,
and operations, we conduct a reserve test on December 31 of each
year to verify that the future undiscounted cash flow from reserves
is positive. The cash flow ignores all sunk costs and only
considers future operating and closure expenses as well as any
future capital costs.
- All mineral
resource and mineral reserve estimates of tonnes, Au oz, Ag oz and
Cu tonnes are reported to the second significant digit.
- Mineral
resources and mineral reserves for the Loulo-Gounkoto Complex have
been estimated under the 1991 Malian Mining Code and the Loulo and
Gounkoto Mining Conventions under which the Complex has operated to
date. Any update to applicable terms as a result of ongoing
engagements with the Government of Mali will be incorporated after
a definitive agreement is reached. For additional information
see page 9 of Barrick's Fourth Quarter and Year End Report
2024.
- 2024
polymetallic mineral resources and mineral reserves are estimated
using the combined value of gold, copper & silver and
accordingly are reported as gold, copper and silver mineral
resources and mineral reserves.
- For 2024,
mineral resources have been estimated based on an assumed gold
price of US$1,900 per ounce, an assumed silver price of US$24.00
per ounce, and an assumed copper price of US$4.00 per pound and
long-term average exchange rates of 1.30 CAD/US$, except Zaldívar,
where mineral resources for 2024 were estimated using Antofagasta
guidance and an assumed copper price of US$4.40 per pound, and
Norte Abierto, where mineral resources are reported by Newmont
within a $1,400/oz gold, $3.25/lb copper and $20/oz silver pit
shell, before application of updated 2023 project economics using
escalated operating and capital costs resulting in Newmont guidance
and an assumed price of $1,600/oz for gold, $4.00/lb for copper and
$23/oz for silver for assumed mineral resource commodity price. For
2023, mineral resources were estimated based on an assumed gold
price of US$1,700 per ounce, an assumed silver price of US$21.00
per ounce, and an assumed copper price of US$4.00 per pound and
long-term average exchange rates of 1.30 CAD/US$, except at
Zaldívar, where mineral resources for 2023 were calculated using
Antofagasta guidance and an assumed copper price of US$4.20.
- Mineral
resources which are not mineral reserves do not have demonstrated
economic viability.
- Mineral
resources are reported inclusive of mineral reserves.
- All measured and
indicated mineral resource estimates of grade and all proven and
probable mineral reserve estimates of grade for Au g/t, Ag g/t and
Cu % are reported to two decimal places.
- All inferred
mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are
reported to one decimal place.
Shares Listed
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Exchange
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Exchange
Transfer Agents and Registrars
TSX Trust Company301 – 100
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11219USA
Telephone: 1 800 387 0825Fax: 1 888 249 6189
Email: shareholderinquires@tmx.com Website:
www.tsxtrust.com
Corporate Office
Barrick Gold Corporation161 Bay
Street, Suite 3700Toronto, Ontario M5J 2S1Canada
Telephone: +1 416 861 9911Email:
investor@barrick.com Website: www.barrick.com
Enquiries
Investor and Media RelationsKathy du Plessis+44
207 557 7738Email: 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”, “commitment” “opportunities”,
“guidance”, “project”, “progress”, “expand”, “invest”, “continue”,
“progress”, “develop”, “on track”, “ongoing”, “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; the potential for Lumwana to become a
Tier One asset and a top 25 copper asset; the potential for
Fourmile to become a Tier One asset and world-class gold deposit;
anticipated timing for commencement of the pre-feasibility study
and development of the Bullion Hill access portal at Fourmile;
anticipated increases in mine production capacity as a result of
the Lumwana Super Pit expansion; expected financial performance of
the Lumwana Super Pit expansion and the Reko Diq project, including
forecasted cash flow, capital expenditures, and internal rates of
return; timing for construction at Reko Diq and Lumwana and
anticipated timing for first production at Reko Diq; mine life and
production rates, including anticipated production growth from
Barrick’s organic project pipeline; Barrick’s global exploration
strategy and planned exploration activities; Barrick’s copper
strategy; our plans, and expected timing, completion and benefits
of our growth projects; potential mineralization and metal or
mineral recoveries; 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; 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,
including the status of value added tax refunds received in Chile
in connection with the Pascua-Lama Project; expropriation or
nationalization of property and political or economic developments
in Canada, the United States, Mali 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 related to greenhouse gas (“GHG”) emission
levels, energy efficiency and reporting of risks; the Company’s
ability to achieve its sustainability goals, including its
climate-related goals and GHG emissions reduction targets, in
particular its ability to achieve its Scope 3 emissions targets
which require reliance on entities within Barrick’s value chain,
but outside of the Company’s direct control, to achieve such
targets within the specified timeframes; 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 cybersecurity incidents, including those caused by
computer viruses, malware, ransomware and other cyberattacks, or
similar information technology system failures, delays and/or
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;
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.
Barrick Gold (NYSE:GOLD)
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