All amounts expressed in US dollars

Toronto — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today announced preliminary full year and fourth quarter 2020 results which indicate that it has met its 2020 guidance targets. Preliminary gold production for the full year of 4.8 million ounces is at the midpoint of the 4.6 to 5.0 million ounce guidance range, while preliminary copper production of 457 million pounds is also within the guidance range of 440 to 500 million pounds.

The preliminary Q4 results show sales for the quarter of 1.19 million ounces of gold and 108 million pounds of copper, as well as preliminary Q4 production of 1.21 million ounces of gold and 119 million pounds of copper. The average market price for gold in Q4 was $1,874 per ounce, while the average market price for copper was $3.25 per pound.

Preliminary Q4 gold production was higher than Q3 2020, mainly due to a strong performance from Pueblo Viejo, the ramp-up of mining operations at Bulyanhulu and ongoing improvement at Turquoise Ridge. Preliminary Q4 gold sales were lower than Q3 2020 as third quarter sales included the export of the remaining stockpiled concentrate in Tanzania. Q4 gold cost of sales per ounce1 and total cash costs per ounce2 are expected to be in line with the prior quarter and gold all-in sustaining costs per ounce2 are expected to be 3-5% lower than in Q3 2020.

Preliminary Q4 copper production was higher than Q3 2020 following completion of plant maintenance at Lumwana in the third quarter. Preliminary Q4 copper sales were lower than the previous quarter, primarily due to the timing of shipments at Lumwana. Q4 copper cost of sales per pound1 is expected to be 4-6% higher, Q4 copper C1 cash costs per pound2 are expected to be 10-12% higher and copper all-in sustaining costs per pound2 are expected to be 4-6% higher than Q3 2020. Driving these changes are higher operating costs at Lumwana and Zaldívar, partially offset by lower depreciation and lower sustaining capital at Lumwana.

Barrick will provide additional discussion and analysis regarding its fourth quarter production and sales when the Company reports its quarterly and full year 2020 results before North American markets open on February 18, 2021.

The following table includes preliminary gold and copper production and sales results from Barrick's operations:

Three months ended
December 31, 2020 Twelve months ended
December 31, 2020
Production Sales Production Sales
Gold (equity ounces (000))
Carlin3 (61.5%) 260 259 1,024 1,024
Cortez (61.5%) 118 116 491 491
Turquoise Ridge (61.5%) 91 90 330 332
Phoenix (61.5%) 26 26 126 126
Long Canyon (61.5%) 51 51 160 161
Nevada Gold Mines (61.5%) 546 542 2,131 2,134
Pueblo Viejo (60%) 159 153 542 541
Loulo-Gounkoto (80%) 123 126 544 542
Kibali (45%) 92 89 364 364
Tongon (89.7%) 66 64 255 255
North Mara (84%) 61 63 261 269
Veladero (50%) 58 51 226 186
Hemlo 57 57 223 224
Bulyanhulu (84%) 23 20 44 103
Buzwagi (84%) 21 21 84 174
Porgera (47.5%) 0 0 86 87
Total Gold 1,206 1,186 4,760 4,879

Copper (equity pounds (millions))
Lumwana 78 65 276 277
Zaldívar (50%) 23 25 106 106
Jabal Sayid (50%) 18 18 75 74
Total Copper 119 108 457 457

Fourth Quarter and Full Year 2020 Results
Barrick will release its fourth quarter and full year 2020 results before market open on February 18, 2021. President and CEO Mark Bristow will host an interactive webinar on the results at 11:00 EST / 16:00 UTC. The presentation will be linked to the webinar and conference call. Participants will be able to ask questions.

Go to the webinar
US and Canada (toll-free) 1 800 319 4610
UK (toll-free) 0808 101 2791
International (toll) +1 416 915 3239

The fourth quarter and full year 2020 presentation materials will be available on Barrick’s website at www.barrick.com.

The webinar will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada) and +1 604 674 8052 (international), access code 5232.