Second Quarter 2021 Results
All amounts expressed in US dollars
This press release was updated to correct the table "Financial and Operating Highlights" where several figures in the columns titled Q1 2021 and Q2 2020 had been inverted due to a formatting error. The correction did not change any other information in the release.

Toronto — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) said today it had completed or progressed major capital projects in the second quarter of the year while its globally broadened exploration programmes delivered substantial reserve gains and stepped up the search for new world-class discoveries.

The new Phase 6 heap leach facility at Veladero has been commissioned on time while the third shaft at Turquoise Ridge in Nevada has been sunk to its final depth. Also in Nevada, the updated Goldrush feasibility study has confirmed that this is a world-class asset which meets Barrick’s investment criteria. In the Dominican Republic, Pueblo Viejo and its stakeholders have agreed on a government-led independent, strategic environmental assessment of Pueblo Viejo’s Mine Life Extension Project, part of a $1.3 billion1 expansion project which is expected to allow Barrick to convert approximately 9 million ounces of measured and indicated resources to proven and probable reserves, extending this Tier One2 mine’s life to 2040 and beyond.3 In Mali, Africa, the Loulo-Gounkoto complex’s third underground mine has delivered its first ore.

The success of ongoing brownfields exploration indicates that the North America and Africa & Middle East regions will both more than replace reserves after mining depletion this year. Greenfields programs are targeting new discoveries across the Barrick portfolio, which has been extended to include Egypt, Guyana, Japan, Senegal and Tanzania.

“The gold mining industry’s chronic tendency to harvest the gold price instead of investing in the future has resulted in declining reserves and a shortage of high-quality development projects. At Barrick, on the other hand, a strong exploration culture combined with its sustainable profitability strategy is expanding its asset base as we look to discover exciting new opportunities,” says president and chief executive Mark Bristow.

“We’re constantly pumping new prospects into a development and project pipeline which already contains Goldrush, Fourmile and Robertson in Nevada, Donlin in Alaska, as well as new Loulo-Gounkoto and Kibali targets in Africa.

“The fact is that the industry has not been replacing what it’s been mining. Barrick, on the other hand, is running its business for the long term instead of focusing on short-term gains and working to extend its resource-based 10-year plans to 15 and even 20 years,” he says.

Production for the second quarter of 2021 was impacted by a mechanical mill failure at Carlin but Barrick remains on course to achieve its guidance for the year. Net earnings per share were 23 cents and adjusted net earnings7 were 29 cents. A dividend of 9 cents per share has been declared for the quarter, which also sees the delivery of the $250 million (approximately 14 cents per share14) second tranche of the capital return. The balance sheet remained strong with cash in excess of $5 billion at the end of the quarter.

On the environmental front, Bristow noted the group had continued to meet and exceed its targets on water recycling as well as lowering energy and greenhouse gas intensity per tonne of ore processed.

Financial and Operating Highlights
Financial Results Q2 2021 Q1 2021 Q2 2020
Realized gold price4,5
($ per ounce) 1,820 1,777 1,725
Net earnings6
($ millions) 411 538 357
Adjusted net earnings7
($ millions) 513 507 415
Net cash provided by operating activities
($ millions) 639 1,302 1,031
Free cash flow8
($ millions) (19) 763 522
Net earnings per share
($) 0.23 0.30 0.20
Adjusted net earnings per share7
($) 0.29 0.29 0.23
Attributable capital expenditures9
($ millions) 518 424 402
Operating Results Q2 2021 Q1 2021 Q2 2020
Gold
Production5
(000s of ounces) 1,041 1,101 1,149
Cost of sales (Barrick's share)5,10
($ per ounce) 1,107 1,073 1,075
Total cash costs5,11
($ per ounce) 729 716 716
All-in sustaining costs5,11
($ per ounce) 1,087 1,018 1,031
Copper
Production5
(millions of pounds) 96 93 120
Cost of sales (Barrick's share)5,10
($ per pound) 2.43 2.11 2.08
C1 cash costs5,12
($ per pound) 1.83 1.60 1.55
All-in sustaining costs5,12
($ per pound) 2.74 2.26 2.15
Key Performance Indicators
Steady Q2 performance keeps Barrick on guidance despite mechanical mill failure at Carlin
Significant contribution from copper assets continues to differentiate Barrick from peers
Updated Goldrush feasibility study delivers a robust project that meets our investment criteria; Notice of Intent expected to be published imminently
Ongoing evaluation of Goldrush has the potential to further enhance project
Successful commissioning of Phase 6 at Veladero, in line with guidance
Third shaft at Turquoise Ridge reaches final depth
Dominican Republic Minister of Mines announces Government-led independent, strategic environmental assessment of Pueblo Viejo’s Mine Life Extension Project
Strong balance sheet with cash balance in excess of $5 billion
Net earnings per share of 23 cents and adjusted net earnings per share7 of 29 cents
Focus on safety delivers 50% reduction in Lost Time Injuries (LTI)13
Reduction in energy and greenhouse gas intensity per tonne of ore processed13
Ongoing brownfields programs point to mine life extensions and strong reserve replacement after mining depletion
Exploration portfolio expanded with new property positions in Egypt, Guyana, Japan, Senegal and Tanzania
Greenfields programs focus on new discoveries and opportunities across our priority regions
Sale of Lagunas Norte represents further step in portfolio simplification and value realisation
Continued progress at Porgera following meeting of key PNG stakeholders
Barrick declares $0.09 quarterly dividend per share and adds second $250 million capital return tranche (~14 cents per share14)
Q2 2021 Results Presentation
President and chief executive Mark Bristow will host a virtual presentation on the results at 11:00 EDT, with an interactive webinar linked to a 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 Q2 2021 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

Second $250 Million Return of Capital Tranche and Quarterly Dividend
Barrick today announced that the second $250 million tranche (approximately $0.14 per share14) of the return of capital distribution totalling $750 million will be paid on September 15, 2021 to shareholders of record at the close of business on August 31, 2021.

This will complement the $0.09 per share dividend declared by the Barrick Board of Directors for the second quarter, which will also be paid on September 15, 2021 to shareholders of record at the close of business on August 31, 2021.15

This follows the approval by shareholders at Barrick’s Annual and Special Meeting on May 4, 2021 of the total $750 million return of capital distribution. After payment of the first $250 million tranche on June 15, 2021 and the second distribution to be made on September 15, 2021, the remaining $250 million is expected to be distributed to shareholders of record on a date to be determined in November 2021.

“We are pleased to be able to provide our shareholders with one of the leading returns in the industry whilst at the same time continuing to invest in the future growth and development of our assets, underpinned by our strong operational and financial performance,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

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