London – Strong third quarter production from its Africa and Middle East (AME) and Latin America regions has positioned them to meet the top end of their guidance for the year. At the same time, Nevada Gold Mines (NGM) posted a quarter-on-quarter improvement and, with its Carlin mill operations now restored, is set to end 2021 with an enhanced quarter, positioning Barrick for a strong finish to the year.

The company’s Q3 results, published today, report attributable gold production for the quarter of 1.09 million ounces and 3.23 million ounces for the year to date. Attributable copper production for the quarter was 100 million pounds and 289 million pounds for the year to date. Net earnings per share were 20 cents and adjusted net earnings per share1 were 24 cents.

Presenting the results, president and chief executive Mark Bristow said the operating cash flow of $1,050 million and the free cash flow2 of $481 million for Q3 would further support an already strong balance sheet and the funding of Barrick’s capital allocation priorities. He noted that the sustainable quarterly dividend of 9 cents per share and the payment of the final $250 million3 tranche of the $750 million return of capital distribution would combine to lift the total cash return to shareholders to a record level of approximately $1.4 billion during 2021.

“More than two years after the merger, we are getting to where we want to be, with the industry’s best asset base in the form of six Tier One13 gold mines and a well-balanced portfolio of high-quality growth opportunities. In Nevada, the publication of an official Notice of Intent marks another advance in the development of the world-class Goldrush project, where the successful processing of the first bulk samples points to an additional reserve conversion by the end of the year,” he said.

“In Argentina, the commissioning of the new heap leach facility at Veladero, defined as an at-risk asset at the time of the merger, has put the mine back on track to get back to its past performance as it ramps up production. In Tanzania, we have completely revived the moribund Bulyanhulu mine and it too is now back in business and ramping up production. In Alaska, the 2021 drilling program has been completed at Donlin, one of the largest undeveloped gold deposits in the world, and we’re now updating our models and preparing for an early start to the next phase.”

The Pueblo Viejo expansion project in the Dominican Republic is at the permitting stage for the new tailings storage facility. The project is expected to extend the Tier One mine’s life to beyond 2040 and has the potential to convert approximately 9 million ounces of measured and indicated resources to proven and probable reserves.14

Bristow said results from successful brownfields exploration, particularly in North America and Africa, indicated that the group is on track to replace its gold reserves net of depletion in 2021. The drive to expand its portfolio and extend its global footprint has added new exploration projects in five countries.

Barrick has also been advancing its greenhouse gas (GHG) reduction strategy with NGM starting construction of its solar power plant with initial capacity of 100MW and the permit received to double this to 200MW, and Veladero completing construction of its cross-border link-up with the Chilean national power grid — a global leader in renewable energy.

“Barrick is driven by value creation and by any measure we’ve been successful so far. But ours is a long-term vision which looks far beyond our major operations’ current 10-year business plans and our ceaseless pursuit of new opportunities is continuing to deliver exciting future prospects,” Bristow said.

Financial and Operating Highlights
Financial Results Q3 2021 Q2 2021 Q3 2020
Realized gold price5
($ per ounce) 1,771 1,820 1,926
Net earnings
($ millions) 347 411 882
Adjusted net earnings1
($ millions) 419 513 726
Net cash provided by operating activities ($ millions) 1,050 639 1,859
Free cash flow2
($ millions) 481 (19 ) 1,311
Net earnings per share
($) 0.20 0.23 0.50
Adjusted net earnings
per share1 ($) 0.24 0.29 0.41
Attributable capital expenditures6 ($ millions) 456 518 436
Operating Results Q3 2021 Q2 2021 Q3 2020
Gold
Production7
(000s of ounces) 1,092 1,041 1,155
Cost of sales (Barrick's share)8
($ per ounce) 1,122 1,107 1,065
Total cash costs9
($ per ounce) 739 729 696
All-in sustaining costs9
($ per ounce) 1,034 1,087 966
Copper
Production7
(millions of pounds) 100 96 103
Cost of sales (Barrick's share)8
($ per pound) 2.57 2.43 1.97
C1 cash costs10
($ per pound) 1.85 1.83 1.45
All-in sustaining costs10
($ per pound) 2.60 2.74 2.31
Key Performance Indicators
Quarter-on-quarter improvement positions Barrick to deliver on annual production guidance
Strong production from the AME and Latin America regions places both regions at top end of annual guidance range
Nevada shows strong quarter on quarter performance on the back of improved run time at all major processing facilities
Carlin mill operations restored at end of the quarter setting up for strong Q4
Copper assets deliver incremental production and bolster earnings for Barrick
Goldrush Notice of Intent published, successful processing of first bulk sample supports additional reserve conversion at year end
Balance sheet strength supported by operating cash flow of $1,050 million
Net earnings per share of 20 cents; adjusted net earnings per share1 of 24 cents
Porgera makes progress towards reopening
South Arturo / Lone Tree asset swap streamlines NGM portfolio and adds value
22% year-on-year decrease in the year-to-date TRIFR11 highlights increased focus on safety
Year-to-date water efficiency (reuse and recycling) of 83%
Greenhouse gas reduction roadmap advances as NGM gets approval to double solar capacity to 200MW
Veladero completes construction of powerline from Chile
Strong project development and brownfields results from North America and AME point to reserve replacement net of depletion for the group
Drive to expand portfolio adds exploration projects in five countries
Donlin board approves additional funding to advance studies and plan for a winter drilling program
Barrick declares $0.09 quarterly dividend per share in addition to payment of third $250 million12 capital return tranche (~14 cents per share4)
Q3 2021 Results Presentation
Webinar and Conference Call
President and CEO Mark Bristow will host a live presentation of the results today from London at 15:00 GMT/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 Q3 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.

Third $250 Million Return of Capital Tranche and Quarterly Dividend
Barrick today announced that the third $250 million3 tranche (approximately $0.14 per share4) of the return of capital distribution totalling $750 million will be paid on December 15, 2021 to shareholders of record at the close of business on November 30, 2021.

This will complement the $0.09 per share dividend declared by the Barrick Board of Directors for the third quarter, which will also be paid on December 15, 2021 to shareholders of record at the close of business on November 30, 2021.12

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. The first $250 million tranche was paid on June 15, 2021 and the second $250 million tranche was paid on September 15, 2021.

“We are pleased that the combination of our quarterly dividend and the $750 million return of capital distribution have provided our shareholders with a record level of cash returns totalling approximately $1.4 billion during 2021 whilst our strong operational and financial performance during the year has allowed us to continue to invest in our business and has set us up well to continue to provide meaningful returns to shareholders going forward,” said senior executive vice-president and chief financial officer Graham Shuttleworth.