Barrick Annual Report 2024

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# 2024

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Published: 2024-01-01T00:00:00+00:00
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## Content

# 2024
FOCUSED ON THE
FUTU R E
ANNUAL REPORT 2024
CONTENTS
IFC Focused on the Future
01 2024 Highlights
01 2025 Guidance
02 Our Global Business
03 Future-focused Growth Projects
04 Key Performance Indicators
06 The Barrick Identity
07 Reasons to Invest in Barrick
08 Letter from the Chairman
10 Board of Directors
12 Message from the President and CEO
16 Executive Committee
18 Financial Review
20 Gold Market Overview
21 Copper Market Overview
22 Our Regions and Operations
34 Reserves and Resources
36 Exploration
41 Mining Sustainably for a Better Future
50 Endnotes
51 Financial Report
Barrick Gold Corporation shares trade on
the New York Stock Exchange (NYSE) under
the symbol GOLD, and on the Toronto Stock
Exchange (TSX) under the symbol ABX.
The cover image shows the 3D geological
model of the Cortez district, Nevada,
Barrick Gold Corporation
cut out to reveal the Fourmile-Goldrush NYSE : GOLD • TSX : ABX
orebody wireframes as modelled by the www.barrick.com
Fourmile-Goldrush geological team.
Unless otherwise indicated, all amounts are expressed in US dollars.
FOCUSED ON THE FUTURE
Investment in 10-year rolling
new-generation business plans Self-funded
workforce and leaders for all mines growth
Deploying Exploration Setting the
industry’s success across Driving pace in
best assets global footprint technology sustainability
2024 2025
HIGHLIGHTS GUIDANCE*
Group gold production Net earnings Gold production
3.91Moz $2,144 3.15 – 3.50Moz
million Cost of sales
$1,460 –
Moody’s long-term Group copper production
1,560/oz
195kt
credit rating
A3
Highest rating in the gold mining industry
Total cash costsi
$1,050 –
Cash distribution to Attributable EBITDAi
1,130/oz
$5,185
shareholders**
AISCi
$1,194 million
$1,460 –
million 1,560/oz
Net cash provided by Copper production
200 – 230kt
operating activities
$4,491 85%
of water reused
y
Cost of sales
million and recycled
$2.50 – 2.80/lb
C1 cash costsi
Free cash flowi
$1.80 – 2.10/lb
$1,317 million AISCi
$2.80 – 3.10/lb
Total attributable
gold and copper capexi,ii
$3,100 –
3,600 million
* Excluding Loulo-Gounkoto.
**  Comprised of dividends declared (inclusive of
the performance dividend) and share buybacks.
Barrick Gold Corporation | Annual Report 2024 1
OUR GLOBAL BUSINESS
Barrick has one of the largest portfolios of world-class gold and copper assets in the
industry with 13 gold mines, including six of the world’s Tier Onei gold operations, and
three strategic copper mines; each with a long-term business plan based on declared
resources. Its operations and projects span 18 countries and five continents.
Nevada Gold Mines (61.5%)
Tier Onei gold mines
Carlin
Cortez (including Goldrush) Other gold mines
Turquoise Ridge Copper mines
Phoenix Pipeline projects
Donlin (50%)
Hemlo  (100%)
CANADA
Jabal Sayid (50%)
USA
Loulo-Gounkoto  (80%)1 Reko Diq (50%)
SAUDI
ARABIA
Balochistan, JAPAN
Fourmile (100%) EGYPT
PAKISTAN
DOMINICAN
Pueblo Viejo (60%) REPUBLIC MALI
SENEGAL
Tongon (89.7%)
CÔTE Kibali  (45%)
ECUADOR D’IVOIRE
DRC Porgera (24.5%)
TANZANIA
PERU
Lumwana (100%) North Mara (84%) PAPUA
ZAMBIA
NEW GUINEA
Norte Abierto (50%) Bulyanhulu (84%)
Zaldívar  (50%)
Pascua-Lama (100%) Veladero (50%)
CHILE ARGENTINA
1
 The company’s Loulo-Gounkoto Complex in Mali was placed on temporary suspension in January 2025. As a result, Barrick has excluded Loulo-Gounkoto from its 2025
production guidance. The company expects to update its guidance to include Loulo-Gounkoto when it has greater certainty regarding the timing for the restart of operations.
2 Annual Report 2024 | Barrick Gold Corporation
FUTURE-FOCUSED GROWTH PROJECTS
Pueblo Viejo, Dominican Republic Au
 Pueblo Viejo expansion to extend mine life beyond 2040
 Gold production expected to be in mid 600koz for 2025 with the target of
800koz for 2026iii (100% basis)
 Feasibility study completed and focus now on the Naranjo Tailings Storage
Facility and associated infrastructure
 Work on new homes for resettlement continues and all common
community facilities are under construction
Exploration Prefeasibility study ESIA* Feasibility study Construction Production
Lumwana Super Pit Expansion, Zambia Cu

~$2 billion project positioned to transform Lumwana into one of the
world’s major copper mines with first production targeted for 2028

Projected to produce 240kt pa copper from a 52Mt pa process plant
expansion extending mine life to more than 30 yearsiv

Feasibility study completed and adds 5.5Mt of copper resulting in P&P
attributable mineral reserves of 8.3Mt copper at 0.52%v

Project permitted and Board approval received with construction work
commencing in 2025
Exploration Prefeasibility study ESIA* Feasibility study Construction Production
Reko Diq Project, Pakistan Cu Au
 Targeting production of 240kt pa copper and 300koz pa gold (Phase 1)
and 400kt pa copper and 500koz pa gold (Phase 2)vi
 Feasibility study completed adding 7.3Mt attributable P&P copper reserves
and attributable probable gold reserves of 13Mozvii
 Board approval received (conditional on project financing) for Phase 1 and
ESIA* study submitted
 Construction scheduled to start in 2025 and first production from Phase 1
targeted for end of 2028
Exploration Prefeasibility study ESIA* Feasibility study Construction Production
Fourmile Au

100% Barrick-owned project**

Three-year prefeasibility study to start in 2025, on back of successful
drilling program

Updated mineral resource estimate shows a 192% increase in indicated
resources and a 137% growth in inferred resources with grade improving
by 35%viii

Results show potential annual operating cash flows more than 70% higher
than Goldrush***
Exploration Prefeasibility study ESIA* Feasibility study Construction Production
* Environmental and Social Impact Assessment.
**  Barrick anticipates Fourmile will be incorporated into the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.
***  Fourmile financial metrics and production metrics are based upon Barrick’s internal preliminary economic assessment which is conceptual in nature and there
is no certainty that the preliminary economic assessment will be realized.
Barrick Gold Corporation | Annual Report 2024 3
KEY PERFORMANCE INDICATORS
GOLD PRODUCTION (ATTRIBUTABLE) GOLD COST OF SALES
2022 2022
2023 2023
2024 2024
Moz 0 1.0 2.0 3.0 4.0 5.0 $/oz 0 300 600 900 1,200 1,500
GOLD TOTAL CASH COSTSi GOLD AISCi
2022 2022
2023 2023
2024 2024
$/oz 0 300 600 900 1,200 $/oz 0 300 600 900 1,200 1,500
COPPER PRODUCTION (ATTRIBUTABLE) COPPER COST OF SALES
2022 2022
2023 2023
2024 2024
kt 0 50 100 150 200 $/lb 0 0.50 1.00 1.50 2.00 2.50 3.00
COPPER C1 CASH COSTSi COPPER AISCi
2022 2022
2023 2023
2024 2024
$/lb 0 0.50 1.00 1.50 2.00 2.50 $/lb 0 0.50 1.00 1.50 2.00 2.50 3.00 3.50
SAFETY FREQUENCY RATE STATISTICS ENVIRONMENTAL INCIDENTS
0.29
2022 1.30 LTIFRi 2022 0 2 Class 1i
0.23 TRIFR i Class 2i
2023 1.14
2023 0 4
0.12
2024 0.91
2024 0 2
0 0.30 0.60 0.90 1.20 1.50 0 1.0 2.0 3.0 4.0 5.0
NET CASH PROVIDED BY OPERATING ACTIVITIES FREE CASH FLOWi
2022 2022
2023 2023
2024 2024
$ million 0 1,000 2,000 3,000 4,000 5,000 $ million 0 300 600 900 1,200 1,500
4 Annual Report 2024 | Barrick Gold Corporation
KEY PERFORMANCE INDICATORS (CONTINUED)
2024 REVENUE
2%
7%
NET EPS i
2022
2023
$ million
2024
$ 0 0.50 1.00 1.50
91%
ADJUSTED NET EPSi
2022
Gold Copper Other
2023
2024
$ 0 0.50 1.00 1.50
2024 GEOGRAPHIC DISTRIBUTION OF
GOLD PRODUCTION (ATTRIBUTABLE)
17%
DEBT, NET OF CASH
2022
2023
2024
$ million 0 200 400 600 800 46%
RETURNS TO SHAREHOLDERS*
2022
2023 37%
2024 North America Africa and Middle East
$ million 0 300 600 900 1,200 1,500 1,800 Latin America and Asia Pacific
PROJECT CAPITAL EXPENDITURESi,ii 2024 GEOGRAPHIC DISTRIBUTION OF
COPPER PRODUCTION (ATTRIBUTABLE)
2022
21%
2023
2024
$ million 0 200 400 600 800 1,000
GOLD AND COPPER PRICE
$/oz $/lb
2,500 5.00 Market
gold price
2,000 4.00
Market
1,500 3.00 copper price
2022 2023 2024
79%
*  Comprised of dividends declared (inclusive of the performance dividend)
and share buybacks. Africa and Middle East Latin America and Asia Pacific
Barrick Gold Corporation | Annual Report 2024 5
THE BARRICK IDENTITY
We are committed to partnering with our host countries and communities to
transform their natural resources into tangible benefits for mutual prosperity.
We prioritize local hiring and our highly diversified workforce is drawn
almost entirely from our host nations and equipped with world-class skills.
Our Business
Barrick is a sector-leading gold and copper producer. Our portfolio spans the
world’s most prolific gold and copper districts and is focused on high-margin,
long-life assets.
Our Purpose
We are building the world’s most valued gold and copper company by owning the
best assets, managed by the best people to deliver the best returns and benefits
to all our stakeholders.
Our Strategy
We plan for the long term and continuously invest in sustainable growth, with
worldwide exploration programs designed to deliver a steady stream of new
business opportunities.
6 Annual Report 2024 | Barrick Gold Corporation
REASONS TO
INVEST IN BARRICK
Best quality gold assets
in the industry
World-class copper projects
set to deliver into growing demand
Sustainable growth offered by
current development projects
Strong balance sheet to fund
growth and returns
Significant cash flow from
operations funds development
capital spend
Clear dividend policy based
on net cash balance
Unparalleled ability to organically
replace reserve depletion
Partnership strategy ensures
host country stakeholders benefit
from their natural resource
Barrick Gold Corporation | Annual Report 2024 7
LETTER FROM THE CHAIRMAN
We are in a period of unprecedented Those projects put us on track to grow the company
while increasing per-share returns over the long term.
disruption and uncertainty: geopolitical
We completed feasibility studies for the Reko Diq and
instability, violent conflict, trade wars, Lumwana Expansion projects. The company will soon be
inflation, climate change, biodiversity a major copper producer: Reko Diq is one of the largest
undeveloped copper-gold deposits, while Lumwana will
loss, the threat of avian flu, the explosive
become one of the world’s major copper mines.
growth of AI, and more. Never has gold
We also moved forward on the expansion of Pueblo Viejo.
seemed so attractive and important as an Investments in these projects will amount to more than
enduring source of value. It should not $10 billion. We expect them to increase Barrick’s gold
equivalent production by 30% by the end of the decadeix.
surprise that its price has been reaching
all-time highs.
At Barrick, we do not forget the painful lessons of the last
bull market for gold. As your fellow owners, we remain
disciplined and focused-obsessed with execution and with
rigorous asset allocation that will continue to grow free cash
flow per share over the long term.
Last year, we achieved the goals we set out to you. We
increased profitability, free cash flow, and mineral reserves. We
produced over 3.9 million ounces of gold (on an attributable
basis), as we guided. We continued our relentless pursuit of
operational excellence.
As ever, we continued to invest in our host communities,
protect the health and safety of our people, and safeguard
local habitats. We maintained a sterling balance sheet, with
substantial liquidity and debt net of cash close to zero. Our
diversified portfolio of Tier One assets continued to produce
free cash flow. Considering the undervalued share price,
we bought back $500 million of shares. We increased per-
share returns even as we moved forward on many important
growth projects.
8 Annual Report 2024 | Barrick Gold Corporation
LETTER FRO

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