Barrick Gold reports preliminary Q3 sales of 1.00 million ounces of gold and 120 million pounds of copper

October 13, 2022October 13, 2022 arnbethnic

Strong year-to-date copper performance and higher gold grades in Q4 expected to drive delivery of 2022 production guidance

Barrick Gold Corporation today reported preliminary Q3 sales of 1.00 million ounces of gold and 120 million pounds of copper, as well as preliminary Q3 production of 0.99 million ounces of gold and 123 million pounds of copper. Access to high grade ore that was previously expected in late Q3 at Nevada Gold Mines is now scheduled for Q4, which should drive a strong finish to the year. Barrick remains on track to achieve 2022 production guidance¹, with gold expected to be at the low end of the range and copper expected to be at the midpoint.

The average market price for gold in Q3 was $1,729 per ounce and the closing price at the end of the quarter was $1,672 per ounce. The average market price for copper in Q3 was $3.51 per pound. The Company’s third quarter realized copper price² is expected to be 7 to 9% below the third quarter average market price for copper, primarily as a result of provisional pricing adjustments³ that reflect the decrease in the copper price near the end of Q3.

Preliminary Q3 gold production was lower than Q2 as a strong performance from Pueblo Viejo was offset by lower production at Veladero, Carlin and Turquoise Ridge. In addition, production at Long Canyon was lower than Q2 following the completion of Phase 1 mining in May 2022, as previously disclosed. Compared to Q2, Q3 gold cost of sales per ounce⁴ is expected to be in line with the prior quarter, while total cash costs per ounce⁵ and all-in sustaining costs per ounce⁵ are both expected to be 3% to 5% higher.

Preliminary Q3 copper production was higher than Q2, driven by strong performance from Lumwana. Compared to Q2, Q3 copper cost of sales per pound⁴, C1 cash costs per pound⁵ and all-in sustaining costs per pound⁵are all expected to be 8 to 10% higher, mainly due to slightly lower grade and a higher strip ratio at Lumwana, as well as higher input costs at Zaldívar.

Barrick will provide additional discussion and analysis regarding its third quarter 2022 production and sales when the Company reports its quarterly results before North American markets open on November 3, 2022.

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

All amounts expressed in US dollars

	Three months ended September 30, 2022 Production	Three months ended September 30, 2022 Sales	Nine months ended September 30, 2022 Production	Nine months ended September 30, 2022 Production
Gold (attributable ounces (000))
Carlin (61.5%)	229	226	701	702
Cortez (61.5%)	98	99	310	312
Turquoise Ridge (61.5%)	62	64	204	204
Long Canyon (61.5%)	6	6	52	52
Phoenix (61.5%)	30	29	79	75
Nevada Gold Mines (61.5%)	425	424	1,346	1,345
Loulo-Gounkoto (80%)	130	129	408	407
Pueblo Viejo (60%)	121	124	330	330
Kibali (45%)	83	88	240	238
North Mara (84%)	71	70	193	195
Bulyanhulu (84%)	48	50	147	156
Veladero (50%)	41	44	145	146
Tongon (89.7%)	41	41	117	119
Hemlo	28	27	95	94
Total Gold	988	997	3,021	3,030
Copper (attributable pounds (millions))
Lumwana	82	79	214	220
Zaldívar (50%)	23	24	73	74
Jabal Sayid (50%)	18	17	57	52
Total Copper	123	120	344	346

Third Quarter 2022 Results

Barrick will release its Q3 2022 results before market open on November 3, 2022. President and CEO Mark Bristow will host a live presentation of the results that day in London, UK, at 11:00 EDT / 15:00 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 Q3 2022 presentation materials will be available on Barrick’s website at www.barrick.com.