TORONTO — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper. As previously guided, Barrick’s gold production in 2022 is expected to increase through the year, and with the stronger Q2 performance, it remains on track to achieve 2022 gold and copper guidance1.

The average market price for gold in Q2 was $1,871 per ounce. The average market price for copper in Q2 was $4.32 per pound, however the closing price at the end of Q2 was $3.83 per pound. The Company’s second quarter realized copper price2 is expected to be 13-15% below the average second quarter market price for copper, primarily as a result of provisional pricing adjustments3 that reflect the decrease in the copper price near the end of Q2.

As expected, preliminary Q2 gold production was higher than Q1 due to a stronger performance across the portfolio, particularly at Carlin, Turquoise Ridge, Veladero, Bulyanhulu and North Mara. This was partially offset by lower production at Cortez due to mine sequencing as it transitions from the end of open pit mining at Pipeline to a new phase at Crossroads, which is expected to underpin stronger performance for the asset in the fourth quarter of 2022. Compared to Q1, Q2 gold cost of sales per ounce4 is expected to be 1% to 3% higher, total cash costs per ounce5 are expected to be 2% to 4% higher and all-in sustaining costs per ounce5 are expected to be 3% to 5% higher.

Preliminary Q2 copper production was higher than Q1, driven by Lumwana as planned, however Q2 copper sales were in line with the prior quarter due to the timing of shipments. Compared to Q1, Q2 copper cost of sales per pound4 is expected to be 4 to 6% lower and C1 cash costs per pound5 are expected to be 5 to 7% lower. Copper all-in sustaining costs per pound5 are expected to be in line to 2% higher than Q1.

Barrick will provide additional discussion and analysis regarding its second quarter 2022 production and sales when the Company reports its quarterly results before North American markets open on August 8, 2022.

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

Three months ended
June 30, 2022 Six months ended
June 30, 2022
Production Sales Production Sales
Gold (attributable ounces (000))
Carlin (61.5%) 243 246 472 476
Cortez (61.5%) 97 95 212 213
Turquoise Ridge (61.5%) 75 76 142 140
Long Canyon (61.5%) 21 21 46 46
Phoenix (61.5%) 26 25 49 46
Nevada Gold Mines (61.5%) 462 463 921 921
Loulo-Gounkoto (80%) 140 141 278 278
Pueblo Viejo (60%) 105 102 209 206
Kibali (45%) 81 77 157 150
North Mara (84%) 66 67 122 125
Veladero (50%) 58 63 104 102
Bulyanhulu (84%) 54 51 99 106
Tongon (89.7%) 41 40 76 78
Hemlo 36 36 67 67
Total Gold 1,043 1,040 2,033 2,033
Copper (attributable pounds (millions))
Lumwana 75 71 132 141
Zaldívar (50%) 25 24 50 50
Jabal Sayid (50%) 20 18 39 35
Total Copper 120 113 221 226
Second Quarter 2022 Results
Barrick will release its Q2 2022 results before market open on August 8, 2022. President and CEO Mark Bristow will host a virtual presentation on the results that day 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 2022 presentation materials will be available on Barrick’s website at www.barrick.com