Toronto — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q2 sales of 1.07 million ounces of gold and 96 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 96 million pounds of copper. We remain on track to achieve 2021 guidance1, with both the Africa & Middle East and Latin America & Asia Pacific regions trending to the higher end of their regional gold guidance and North America to the lower end.

The average market price for gold in Q2 was $1,816 per ounce, while the average market price for copper in Q2 was $4.40 per pound.

Preliminary Q2 gold production was lower than Q1, with planned maintenance shutdowns at Nevada Gold Mines’ (“NGM”) processing facilities further impacted by a mechanical mill failure at Carlin’s Goldstrike roaster, as well as planned maintenance at Pueblo Viejo. The Goldstrike roaster is currently operating at a reduced rate and work to repair the mill is expected to be completed in Q3, with actions being taken to mitigate the impact on NGM’s full year production. As previously guided, Barrick’s gold production in the second half of 2021 is forecast to be higher than the first half. Q2 gold cost of sales per ounce2 is expected to be 2 to 4% higher, total cash costs per ounce3 are expected to be 1 to 3% higher and all-in sustaining costs per ounce3 are expected to be 6 to 8% higher than Q1.

Preliminary Q2 copper production was slightly higher than Q1. Copper sales in Q2 were in line with production, but 15% lower than the previous quarter, as Lumwana sold a higher portion of its stockpiled concentrate in Q1 2021. We continue to expect the Company’s copper production in the second half of 2021 to be stronger than the first half, mainly driven by higher grades from Lumwana. Q2 copper cost of sales per pound2 is expected to be 14 to 16% higher, C1 cash costs per pound3 are expected to be 13 to 15% higher and copper all-in sustaining costs per pound3 are expected to be 20 to 22% higher than Q1, largely due to lower sales at Lumwana and maintenance at Zaldivar, as well as the impact of a higher copper price translating into higher royalty costs.

Barrick will provide additional discussion and analysis regarding its second quarter production and sales when the company reports its quarterly results before North American markets open on August 9, 2021.

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

Three months ended Six months ended
June 30, 2021 June 30, 2021
Production Sales Production Sales
Gold (equity ounces (000))
Carlin4 (61.5%) 190 192 419 423
Cortez (61.5%) 110 110 210 212
Turquoise Ridge (61.5%) 78 79 170 171
Long Canyon (61.5%) 46 46 85 85
Phoenix (61.5%) 28 28 53 52
Nevada Gold Mines (61.5%) 452 455 937 943
Loulo-Gounkoto (80%) 143 145 297 296
Pueblo Viejo (60%) 117 118 254 259
Kibali (45%) 91 93 177 179
North Mara (84%) 63 66 125 122
Tongon (89.7%) 48 49 96 97
Hemlo 42 42 89 89
Bulyanhulu (84%) 35 36 68 64
Veladero (50%) 31 48 63 79
Buzwagi (84%) 19 18 36 35
Total Gold 1,041 1,070 2,142 2,163
Copper (equity pounds (millions))
Lumwana 56 58 107 127
Zaldívar (50%) 22 20 46 47
Jabal Sayid (50%) 18 18 36 35
Total Copper 96 96 189 209
Second Quarter 2021 Results
Barrick will release its Q2 2021 results before market open on August 9, 2021. President and CEO Mark Bristow will host a virtual presentation on the results at 11:00 EDT / 15:00 UTC, 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.

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 toll-free) and +1 604 674 8052 (international toll), access code 7159.