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Reserves & Resources

Annual Report 2024

Reserves and Resources

During 2024, Barrick’s attributable proven and probable gold mineral reserves grew by 17.4 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. before annual depletion of 4.6 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. .

The year-on-year change was led by the conversion of Reko Diq copper-gold resources to mineral reserves, adding 13 million ounces of gold at 0.28g/tPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. on an attributable basis following the completion of the feasibility study.

Attributable Gold ReservesPlease see pages 119-126 and 136 of Barrick’s Annual Report 2024 for corresponding endnotes.

Attributable Copper ReservesPlease see pages 119-126 and 136 of Barrick’s Annual Report 2024 for corresponding endnotes.

Attributable Gold Reserves
Attributable Copper Reserves

Significantly, before the addition of Reko Diq, Barrick achieved a fourth consecutive year of replacing annual depletion at a 4% higher grade, continuing to demonstrate the benefits of focusing on asset quality and further extending the mine life of existing operations. This resulted in proven and probable gold reserves of 89 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. at an average grade of 0.99g/t for 2024, increasing from 77 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. at an average grade of 1.65g/t in 2023. For 2024, this comprises proven gold mineral reserves of 270 million tonnes at 1.75g/t, representing 15 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. of gold, and probable gold reserves of 2,500 million tonnes at 0.90g/t, representing 74 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. of gold.

Barrick’s 2024 gold mineral reserves are estimated using an updated gold price assumption of $1,400/oz, except at Tongon and Hemlo Open Pit where mineral reserves were estimated using a gold price assumption of $1,650 per ounce.Please see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places.

Since the 2019 year end, Barrick has organically replaced over 180%Please see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. of the company’s gold reserve depletion, adding almost 46 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. of attributable proven and probable reserves (77 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. of proven and probable reserves on a 100% basis), excluding both acquisitions and divestments.

Attributable proven and probable copper reserves grew by 13 million tonnes of copperPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. year-over-year before annual depletion of 330 thousand tonnes of copperPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. , representing a year-on-year growth of 224% at more than 13% higher grade on an attributable basis. This represents an addition of more than 20 million tonnesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. of proven and probable copper reserves on a 100% basis since 2023. These additions are due to the completion of the Lumwana and Reko Diq feasibility studies affirming both as Tier OnePlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. Copper Assets/Projects. The Lumwana Super Pit Expansion feasibility study added 5.5 million tonnes of copper reserves to the project, resulting in proven and probable copper reserves of 8.3 million tonnes of copperPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. at 0.52%Please see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. . The Reko Diq feasibility study added 7.3 million tonnes of copperPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. at 0.48% to attributable copper reserves. This resulted in proven and probable copper reserves of 18 million tonnesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. at an average grade of 0.45% for 2024, increasing from 5.6 million tonnesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. at an average grade of 0.39% in 2023Please see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. . For 2024, this breaks down into proven copper mineral reserves of 380 million tonnes at 0.42%, representing 1.6 million tonnes of copperPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. and probable copper reserves of 3,600 million tonnes at 0.46%, representing 17 million tonnes of copperPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. .

For Barrick-operated assets, copper mineral reserves for 2024 are estimated using a copper price of $3.00 per pound, consistent with 2023Please see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. . Tonnes and metal content are reported to a rounding standard of two significant digits, with grades reported to two decimal places.

The Africa and Middle East region replaced 138% of the regional 2024 gold reserve depletion, led by Bulyanhulu and Loulo-Gounkoto with extensions of the high-grade Reef 2 and Yalea underground orebodies respectively combined with growth of the Faraba open pit. Overall, this delivered a 2.3 million ouncePlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. increase in attributable proven and probable reserves across the region, before depletion. North Mara also contributed to the strong results through the extension of the Gokona underground and Gena open pit. At Kibali, the ongoing conversion drilling in the 9000 and 11000 lodes in KCD underground replaced 98% of depletion with ongoing development to establish further underground drill platforms for 2025.

The Latin America and Asia Pacific region, led by Pueblo Viejo, replaced 115% of the regional 2024 gold reserve depletion before the addition of Reko Diq, which added 0.78 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. to attributable proven and probable reserves before depletion, as a result of additional pit design pushbacks unlocked by the additional TSF capacity in the new Naranjo facility. Porgera grew attributable gold reserves by 22% year-on-year with the successful conversion of the open pit Link cutback adjacent to the West Wall cutback.

In North America, the ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and the Reona cut-back in Phoenix added 1.54 million ouncesPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. of gold to proven and probable reserves on an attributable basis before annual depletion, which were partially offset by reductions in Cortez driven by metallurgical model updates in Crossroads and Robertson. This resulted in attributable proven and probable mineral reserves for the region of 30 million ounces at 2.71g/tPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. , representing a more than 10% increase in the grade year-over-year (2.45g/t in 2023), as a result of the high-grade growth additions and reductions of low-grade at Cortez.

Barrick’s attributable measured and indicated gold resources for 2024 remained consistent, at 180 million ounces at 1.06g/tPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. , with a further 41 million ounces at 0.9g/tPlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. of inferred resources, up 5% from 2023.

For Barrick-operated assets, 2024 gold mineral resources are estimated using an updated gold price assumption of $1,900/oz.

Continued growth of the gold mineral resource base is expected to be realized through prefeasibility-study drilling at FourmilePlease see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. , while also completing the foundational studies for the planned Bullion Hill northern access portal.

Attributable measured and indicated copper resources for 2024 stand at 24 million tonnes of copper at 0.39%Please see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. with a further 3.9 million tonnes of copper at 0.3%Please see page 120 of Barrick’s Annual Report 2024 for corresponding endnotes. of inferred resources, reflecting the conversion and upgrade of copper mineral resources at Lumwana.

For Barrick-operated assets, copper mineral resources for 2024 are estimated using a copper price of $4.00 per pound, consistent with 2023.

All mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, while inferred mineral resource grades are reported to one decimal place.

2024 mineral reserves and mineral resources are estimated using the combined value of gold, copper and silver. Accordingly, mineral reserves and mineral resources are reported for all assets where copper or silver is produced and sold as a primary product or a by-product.

Annual Report 2024

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