Barrick to Grow Production and Value on Global Asset Foundation

Barrick’s peerless gold and rapidly growing copper portfolios now extend across all the major gold and copper districts worldwide, providing the company with a solid base from which to grow its production and value, directed by a proven strategy and supported by a broad spectrum of skills, says president and chief executive Mark Bristow in the 2023 Annual Report published today.

“Discovery and development are the true drivers of value and our strong focus on exploration is evident in our widespread hunt for new discoveries with Tier One1 potential as well as reserve replenishment opportunities,” he says.

He notes that Barrick has a unique record of more than replacing depleted reserves. Last year, it increased its gold reserves to 77 million ounces2 and replaced 112% of its annual gold equivalent production. 2,3 Since 2019, it has organically added 29 million ounces4 of attributable reserves which, on a 100% basis, represents 44 million ounces4 of reserve addition across all Barrick-managed mines.

“Our proven ability to replace the ounces of gold and pounds of copper we mine, and the organic growth opportunities embedded in our business, give us the confidence to believe that we can deliver on and continue to extend our 10-year gold and copper production forecast without dilutionary acquisitions.

As a result of this, we also continue to forecast an increase of more than 30% in gold equivalent production by the end of this decade.” 5

Year-on-year operating cash flow increased by 7%, free cash flow6 grew by 50% and adjusted net earnings7 rose by 12%. The performance of our business and the continued strength of our balance sheet allowed us to maintain a robust dividend for our shareholders in 2023.

“Barrick’s commitment to real sustainability has long been the bedrock of the business and integrates all aspects of environmental and community responsibilities.

This strategy is based on sharing the benefits of our operations with all our stakeholders and is fundamental to our social licence to operate,” Bristow said.

Also in the Annual Report, chairman John Thornton says the foundational creed of the 2019 merger with Randgold was that the best assets run by the best people would deliver the best returns.

“Barrick’s focus on Tier One assets and the results they are producing show unquestionably that its management ranks in the forefront of the industry’s leadership.

Through continuing investment in human capital, Barrick is recruiting and developing its next generation of high achievers,” he says.