All amounts expressed in U.S. dollars
Toronto – Barrick Gold Corporation (“Barrick” or the “Company”) (NYSE:GOLD)(TSX:ABX) today announced the declaration of a dividend in respect of performance for the fourth quarter of 2021 and announced a new performance dividend policy to begin in 2022.

Barrick’s Board of Directors declared a dividend of $0.10 per share for the fourth quarter of 2021 that will be paid on March 15, 2022 to shareholders of record at the close of business on February 28, 2022.1 This represents an increase of 11% on the previous base quarterly dividend of $0.09 per share.

Barrick has now established a performance dividend policy that will enhance the return to shareholders when the Company’s liquidity is strong.

The amount of the performance dividend on a quarterly basis will be based on the amount of net cash on Barrick’s Consolidated Balance Sheet as per the following schedule:

Performance Dividend Level Threshold Level Quarterly Base Dividend Quarterly Performance Dividend Quarterly Total Dividend
Level I Net cash less than $0 $0.10 per share $0.00 per share $0.10 per share
Level II Net cash greater than $0 and less than $0.5 billion $0.10 per share $0.05 per share $0.15 per share
Level III Net cash greater than $0.5 billion and less than $1 billion $0.10 per share $0.10 per share $0.20 per share
Level IV Net cash greater than $1 billion $0.10 per share $0.15 per share $0.25 per share
“Our strong operating performance and financial strength has allowed us to further increase our base quarterly dividend and provide our shareholders with guidance on additional performance dividends going forward,” said senior executive vice-president and chief financial officer Graham Shuttleworth. “In addition to the enhanced dividend, the announcement of a share repurchase program highlights that Barrick continues to be committed to returning value to our shareholders.”

Enquiries:
President and CEO
Mark Bristow

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All amounts expressed in U.S. dollars

Toronto – Barrick Gold Corporation (“Barrick” or the “Company”) (NYSE:GOLD)(TSX:ABX) announced today that it plans to undertake a share repurchase program to allow for the buyback of some of its common shares.

Barrick’s Board of Directors has authorized a share repurchase 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.

“We believe that the shares are trading in a price range that does not reflect the value of the Company’s mining and financial assets and future business prospects,” said Mark Bristow, President and Chief Executive Officer. “We have the financial strength to undertake this 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 common shares that may be purchased, if any, and the timing of any such purchases, will be determined by Barrick based on a number of factors, including the Company’s financial performance, prevailing market prices of the common shares, 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.

Enquiries:
President and CEO
Mark Bristow

and
Barrick Delivers on Guidance, Opens New Exploration Frontiers.
Toronto – Driven by strong performances from its Africa & Middle East and Latin America regions, Barrick’s production in 2021 was in line with guidance for the third successive year. The Company also more than replaced its gold reserves net of depletion at a better grade.

Announcing the annual results, the Company said its reserve replenishment was attributable to continued brownfields exploration success and it was extending its drive for fresh discoveries into new prospective territories. Among other initiatives, it has set up a specialist Asia-Pacific team to identify and evaluate opportunities in that region.

Free cash flow from the operations remained robust and at the year’s end, net cash stood at $130 million after the record cash distribution of $1.4 billion to shareholders. The fourth quarter dividend was increased by 11% to 10 cents per share. Under the Company’s new dividend policy, a base dividend will in future be coupled to a performance dividend linked to the net cash on the balance sheet.1 The Board also approved a share buyback program of up to $1 billion, given our belief that the shares are trading in a price range that does not reflect the value of the Company’s mining and financial assets and future business prospects.

Speaking at the results presentation, president and chief executive Mark Bristow said three years after the Randgold merger, Barrick was clearly achieving its goal of industry-leading value creation and sustainable profitability.

“By any measure, Barrick is clearly the stand-out in its sector. We have what is undoubtedly the best asset base, with six Tier One11 mines, and more waiting in the wings. We have a long record of exploration success and a high-quality target pipeline. In an industry running out of raw material, we keep expanding our reserves. Our strong balance sheet will fund our investment in growth projects. All our mines have 10-year business plans, based not on wishful thinking but on geological understanding, engineering and commercial reality,” he said.

Bristow said Barrick’s 10-year production forecast was based solely on its existing mines and did not take into account the many real growth opportunities that were within its reach. In addition to the potential for further exploration success, the Company is advancing its pipeline of large growth projects, including Donlin Gold, Pascua-Lama and Norte Abierto, while at the same time working on the resumption of operations at Porgera, currently penciled in for July this year.

“All Barrick’s mines have earned their social license to operate, and we work hard to maintain them. Sustainability is at the heart of our business, and it’s not a virtue-signaling exercise. Caring about the people and the environments impacted by our operations is a moral imperative, but it also makes good commercial sense, as Barrick’s partnership philosophy has proved time and again. This year we’ll again be publishing a detailed Sustainability Report which, among other things, objectively rates our performance against all critical ESG metrics. We’re in the 95th percentile of the Dow Jones Sustainability World Index and in the top 5% for environmental policy and management, mineral waste management, closure and social impact,” he said.

Financial and Operating Highlights
Financial Results Q4 2021 Q3 2021 2021 2020
Realized gold price3 ($ per ounce) 1,793 1,771 1,790 1,778
Net earnings ($ millions) 726 347 2,022 2,324
Adjusted net earnings4 ($ millions) 626 419 2,065 2,042
Net cash provided by operating activities ($ millions) 1,387 1,050 4,378 5,417
Free cash flow2 ($ millions) 718 481 1,943 3,363
Net earnings per share ($) 0.41 0.20 1.14 1.31
Adjusted net earnings per share4 ($) 0.35 0.24 1.16 1.15
Attributable capital expenditures5 ($ millions) 552 456 1,951 1,651
Operating Results Q4 2021 Q3 2021 2021 2020
Gold
Production6 (thousands of ounces) 1,203 1,092 4,437 4,760
Cost of sales6,7 ($ per ounce) 1,075 1,122 1,093 1,056
Total cash costs6,8 ($ per ounce) 715 739 725 699
All-in sustaining costs6,8 ($ per ounce) 971 1,034 1,026 967
Copper
Production6 (millions of pounds) 126 100 415 457
Cost of sales6,7 ($ per pound) 2.21 2.57 2.32 2.02
C1 cash costs6,9 ($ per pound) 1.63 1.85 1.72 1.54
All-in sustaining costs6,9 ($ per pound) 2.92 2.60 2.62 2.23
Key Performance Indicators
Best Assets
Barrick delivers production in line with guidance for third consecutive year
Nevada Gold Mines achieves highest quarterly production since its formation
Strong Q4 for Lumwana with Jabal Sayid at top end of production guidance range
Attributable group reserves more than replaced depletion at better grade
Reserve replacement and 10 year plan reinforced by a robust pipeline
Generative work drives a newly invigorated exploration team
Leader in Sustainability
TRIFR10 reduced by over 10% year on year
All operational sites now certified to ISO 45001 and ISO 14001
Water recycling and reuse target beat with an efficiency of 83%
Human Rights Report published in Q4
Barrick continues to set the standard in Biodiversity Management
Delivering Value
Operating cash flow of $1.4 billion and free cash flow2 of $0.7 billion for the quarter
Net cash of $130 million after record $1.4 billion distribution to shareholders in 2021
2021 net earnings of $1.14 per share and adjusted net earnings of $1.16 per share4
New performance dividend policy supported by increased base dividend of $0.10 per share
Share buyback announced for up to $1 billion
Q4 and Full Year 2021 Results Presentation
Webinar and Conference Call
President and CEO Mark Bristow will host a virtual presentation today at 11:00 EST / 16:00 GMT, 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 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.