Home  >  News  >  News Details

News Details

February 15, 2023

Significant Increase in Reserves and Resources Continues to Drive Barrick’s Industry-Leading Production Growth Profile

Fourth Quarter and Full Year 2022 Results
All amounts expressed in US dollars

Barrick’s strategy of investing in organic growth through exploration and mineral resource management more than replaced gold reserves for the second straight year and significantly increased copper resources year on year, providing further support for both the company’s 10-year production forecast and its growth profile.

Announcing Barrick’s results for the 2022 year and Q4, president and chief executive Mark Bristow said the company had always believed that discovering ounces was better than buying them at a premium in a sector where reserves and resources were diminishing.

“Our continued success in not only replenishing but also unlocking significant value in our asset base shows the unmatched potential of our organic growth pipeline,” he said.

Barrick returned a record $1.6 billion to shareholders in 2022 through dividends and share buybacks and has announced a further share buyback program of up to $1 billion for the next twelve months.1 During the past quarter, Moody’s upgraded the company’s long-term corporate credit rating from Baa1 to A3, making Barrick the highest-rated company in the gold mining sector.

A stronger Q4 operational performance, notably from Cortez and Carlin in Nevada, Pueblo Viejo in the Dominican Republic and Tongon in Côte d’Ivoire, contributed to annual gold production of more than 4.1 million ounces2 in a year impacted by infrastructural issues at Turquoise Ridge in Nevada and the replacement of the rock winder at Kibali in the Democratic Republic of Congo. Copper production from Lumwana in Zambia and Jabal Sayid in Saudi Arabia was well within guidance.

In one of the most significant developments of the year, work has started on the development of the massive Reko Diq copper-gold project in the Balochistan province of Pakistan. Reko Diq is expected to double the size of the company’s copper production capacity when it is commissioned in 2028. Barrick owns 50% of the project, and will operate it, with the balance shared by the Government of Balochistan and three Pakistani state-owned enterprises.

Another major project, the expansion of Pueblo Viejo’s process plant and the establishment of a new tailings storage facility, also continued to advance. Bristow noted that despite the presence of over 4,500 additional construction workers on the site, the mill achieved a record throughput for the fourth successive year, with production well within guidance. Reserve growth has added more than 20 years to the life of this Tier One mine.

On the exploration front, drilling across Barrick’s brownfields portfolio has confirmed significant growth potential at Dorothy and Greater Leeville in Nevada, Gara West in Mali, North Mara in Tanzania, and Jabal Sayid in Saudi Arabia. Greenfields exploration continues to deliver new opportunities across Barrick’s expanding global footprint.

“The past year has seen a further deterioration in geopolitics and the dawn of a new era of high inflation, high interest rates and high risk. In this period of global uncertainty, gold outperformed most asset classes. Barrick is the largest gold miner in the United States and in Africa. If you factor in the ounces produced under our management,15 we’re the largest in the world. We’ve been building our copper portfolio and when Reko Diq comes on stream it will lift us into the premier league of copper producers. Given these resources, our proven strategy and our global expertise, I believe the case for investment in Barrick is becoming increasingly compelling,” Bristow said.

Key Performance Indicators

Best Assets

  • Tier One12 assets deliver significant growth in gold reserves and resources
  • Completed the reconstitution of the Reko Diq project — one of the world’s largest undeveloped gold and copper deposits
  • Copper resource growth driven by Lumwana Super Pit and Reko Diq
  • Stronger Q4 performance from Cortez, Carlin and Tongon results in full year gold production of 4.14 million ounces2
  • Record throughput at Pueblo Viejo; reserve growth delivers a 20+ year life of mine13
  • Commissioning of Pueblo Viejo plant expansion has commenced
  • Goldrush permitting moves forward another step with Notice of Availability briefing package submitted
  • Turquoise Ridge Third Shaft commissioned
  • Strong drilling intersections across brownfields portfolio confirms growth potential (Dorothy, Morro Escondido, Gara West, Jabal Sayid, North Mara, Greater Leeville), while greenfields work continues to develop a pipeline of exciting targets

Leader in Sustainability

  • Group-wide safety review prioritises Journey to Zero roadmap
  • Zero Class 114 or high significance environmental incidents
  • Greenhouse gas emissions reduction roadmap on track
  • Water management recycling targets achieved
  • Rhino reintroduction project contributes another significant biodiversity component to the greater Garamba nature initiative

Delivering Value

  • Moody’s upgrades Barrick’s long-term credit rating from Baa1 to A3, making Barrick the highest-rated company in the gold mining industry
  • Strategic repurchase of long-term debt at a discount to par reduces future interest payments
  • Record returns of $1.6 billion to shareholders in 2022

Financial and Operating Highlights

Financial ResultsQ4 2022Q3 202220222021
Realized gold price2,3                   
($ per ounce)
1,728 1,722 1,7951,790
Net earnings
($ millions)
(735)241 4322,022
Adjusted net earnings4               
($ millions)
220 224 1,3262,065
Net cash provided by operating activities
($ millions)
795 758 3,4814,378
Free cash flow5                                 
($ millions)
(96)(34)4321,943
Net earnings per share ($)(0.42)0.14 0.241.14
Adjusted net earnings per share4 ($)0.13 0.13 0.751.16
Attributable capital expenditures6,7
($ millions)
743 609 2,4171,951
Operating ResultsQ4 2022Q3 202220222021
Gold    
Production2                             
(thousands of ounces)
1,120 988 4,1414,437
Cost of sales2,8                        
($ per ounce)
1,324 1,226 1,2411,093
Total cash costs2,9                                
($ per ounce)
868 891 862725
All-in sustaining costs2,9                
($ per ounce)
1,242 1,269 1,2221,026
Copper    
Production2                          
(millions of pounds)
96 123 440415
Cost of sales2,10                 
($ per pound)
3.19 2.30 2.432.32
C1 cash costs2,11                           
($ per pound)
2.25 1.86 1.891.72
All-in sustaining costs2,11                
($ per pound)
3.98 3.13 3.182.62

Q4 and Full Year 2022 Results Presentation
Webinar and Conference Call

President and CEO Mark Bristow will host a live presentation today at 11:00 EST / 16:00 UTC, 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 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

 

Q4 Dividend Declared with Record Annual Returns to Shareholders in 2022

Barrick today declared of a dividend of $0.10 per share for the fourth quarter of 2022. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q4 2022 dividend will be paid on March 15, 2023 to shareholders of record at the close of business on February 28, 2023.

In addition to the dividends paid in 2022, Barrick repurchased 24.25 million shares under the share buyback program that was announced in February 2022. As a result, $1.6 billion of cash was returned to shareholders through dividends and share buybacks during the year, exceeding the record $1.4 billion of distributions made in 2021.

“On the back of the company’s continuing strong operating performance, through the combination of the performance dividend policy and share buyback program, we have once again provided shareholders with record annual returns,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

 

 

Barrick Announces New Share Buyback Program

Barrick plans to undertake a new share repurchase program to buy back additional common shares.

Barrick’s Board of Directors has authorized a new program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law. In connection with the new share repurchase program, Barrick has terminated the share repurchase program announced by the Company on February 16, 2022. The Company repurchased $424 million in common shares under its 2022 share repurchase program.

“After the success of last year’s buyback program, this new program gives us a further opportunity to repurchase our shares when we believe that they are trading in a price range that does not reflect the value of the Company’s mining and financial assets and future business prospects,” said Mark Bristow, President and Chief Executive. “We continue to have the financial strength to undertake this program.”

Under the program, repurchases can be made from time to time through published markets in the United States such as the New York Stock Exchange using a variety of methods, including open market purchases, as well as by any other means permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements.

Barrick believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value. The actual number of shares that may be purchased, if any, and the timing of such purchases, will be determined by Barrick based on a number of factors, including the Company’s financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.

The repurchase program does not obligate the Company to acquire any particular number of common shares, and the program may be suspended or discontinued at any time at the Company’s discretion.

 

 

Significant Increase in Resources and Reseves Underpins Industry-Leading Production Profile Growth

Significant Increase in Resources and Reseves Underpins Industry-Leading Production Profile Growth

Barrick grew attributable proven and probable gold mineral reserves by 6.7 million ounces net of depletion in 2022, while maintaining grade despite an increase in the reserve price assumption.

Reported at $1,300/oz16, attributable proven and probable mineral reserves now stand at 76 million ounces17 at 1.67g/t, increasing from 69 million ounces18 at 1.71g/t reported at $1,200/oz16 in 2021. Led by Pueblo Viejo and the Africa & Middle East region, Barrick has now delivered a second consecutive year of gold reserve growth over and above annual depletion, with nearly 12 million ounces17 of attributable proven and probable reserve gains in 2022 before depletion.

Successful exploration at both the Lumwana and Jabal Sayid mines drove the growth of attributable proven and probable copper reserves by 640 million pounds17, notwithstanding an increase in the annual reserve price assumption to $3.00/lb.16 As a result, Barrick replaced 103% of annual global depletion at consistent quality, effectively maintaining attributable proven and probable copper mineral reserves of 12 billion pounds17 at 0.38% in 2022.

Total attributable gold mineral resources grew by nearly 10% relative to 2021, and total attributable copper mineral resources more than doubled, growing by 124% year over year, both net of annual depletion. This growth was driven by the successful completion of a preliminary economic assessment supporting the Lumwana Super Pit expansion, and the incorporation of Reko Diq following the reconstitution of the project in December 2022. Attributable measured and indicated gold resources for 2022 stand at 180 million ounces17 at 1.07g/t, with a further 42 million ounces17 at 0.8g/t of inferred resources. Attributable measured and indicated copper resources for 2022 stand at 44 billion pounds17 at 0.39%, with a further 15 billion pounds17 at 0.4% of inferred resources. Mineral resources are reported inclusive of reserves and for 2022, are based on a gold price of $1,700/oz16 and a copper price of $3.75/lb.16

President and chief executive Mark Bristow said in a sector of diminishing reserves and resources, Barrick’s strategy of investing in organic growth through exploration and mineral resource management has replenished and delivered significant value within the company’s asset base.

“While we continue to evaluate all new opportunities against our strategic filters, we have always believed that finding our ounces is better than buying them, and this year’s resource and reserve statement showcases the unmatched potential of our organic growth pipeline,” said Bristow.

Mineral Resource Management and Evaluation Executive Simon Bottoms stated that basing the company’s reserve calculations at a price of $1,300/oz for gold16 and $3.00/lb for copper16 underpins our focus on quality assets.

“The substantial growth in our mineral resources lays the long-term foundation to potentially grow our current attributable production profile of approximately 5.5 million gold equivalent ounces19 per year to approximately 6.5 million gold equivalent ounces19 per year by the end of this decade, which would include production from Reko Diq and the Lumwana Super Pit,” said Bottoms.

In Africa, the Tier One operations led the growth in 2022 reserves, where Kibali completed an updated underground feasibility study on the 11000 lode, delivering a 0.62 million ounce17 increase in attributable proven and probable reserves before depletion. Loulo-Gounkoto also delivered strong results replacing reserve depletion, which further extended the mine life by another year. Moving to Tanzania, the focus on underground expansion at Gokona in North Mara has delivered a 0.44 million ounce17 increase in 2022 attributable proven and probable reserves before depletion.

The Lumwana copper mineral resource base grew by 89%, net of depletion, relative to 2021. This follows the completion of the preliminary economic assessment on the Super Pit expansion that demonstrates strong potential for a Tier One Copper Asset12 and provides the basis for the ongoing pre-feasibility study.

Within the Latin America & Asia Pacific region, Pueblo Viejo completed a pre-feasibility study for the new Naranjo tailings storage facility (TSF), adding 6.5 million ounces of attributable proven and probable reserves13,17 net of depletion, and extending the minelife beyond 2040. As a result, 2022 attributable proven and probable gold reserves for the region have increased to 27 million ounces17 at 0.97g/t from 21 million ounces18 at 0.83g/t in 2021.

The reconstitution of the Reko Diq project added an attributable 18 billion pounds of copper17 at 0.44% with 15 million ounces gold17 at 0.26g/t to indicated resources, and an attributable 4.6 billion pounds of copper17 at 0.4% with 3.7 million ounces gold17 at 0.2g/t to inferred resources. These mineral resources reflect only three porphyries (H13, H14, H15) as well as the Tanjeel deposit within the cluster of Western Porphyries. Alongside the ongoing feasibility study update, the team is also planning to evaluate further known porphyry occurrences within the mining lease area.

In North America, the completion of pre-feasibility studies for the Robertson open pit project at Cortez, as well as a new pushback in the Hemlo open pit were significant contributors to reserve growth. As a result, Robertson’s maiden attributable proven and probable gold reserves are estimated at 1.0 million ounces17 at 0.46g/t. This represents a milestone for Cortez as a key source of oxide mill feed in the mine plan. Similarly, the new Hemlo open pit pushback is expected to commence in 2027 adding 0.86 million ounces17 of gold at 1.49g/t to probable reserves. Combined with other updates across the region, this results in the growth of North America attributable proven and probable reserves by 1.8 million ounces17 before depletion, with proven and probable attributable reserves for the region now estimated at 31 million ounces17 at 2.54g/t. At the same time, attributable gold mineral resources also grew significantly, supporting future potential reserve growth in line with our strategy to fully replace depletion for the region within a five-year period. Measured and indicated attributable gold resources increased by 2.8 million ounces17 to 73 million ounces17 at 2.16 g/t, from 70 million ounces18 at 2.22 g/t in 2021. Inferred attributable gold resources also increased to 17 million ounces17 at 1.8 g/t, from 16 million ounces18 at 2.0 g/t in 2021. Underground resource extension drilling at both Goldstrike and Leeville in Carlin were key drivers of this organic resource growth, as well as successful resource definition drilling at Goldrush and Robertson in Cortez, all of which support the potential for future reserve growth in this region.

 

 

Reko Diq Set to Transform Balochistan

Reko Diq, which upon completion is expected to be one of the largest copper mines in the world as well as a major gold producer, will have an enormously beneficial impact on the remote and neglected province of Balochistan, and serve as a catalyst for increased foreign investment throughout Pakistan.

The enormous mine, which will have a lifespan of multiple generations, is a partnership between Barrick, which owns 50% of the project and is the operator, the provincial government of Balochistan, which holds 25%, and three Pakistani state-owned enterprises, which share the remaining 25%. The shareholding structure is in line with Barrick’s policy of benefit-sharing partnerships with its host countries.

Barrick president and chief executive Mark Bristow says expanding its copper portfolio is one of the company’s key strategies and, in pursuing this, it considers the quality of potential assets in tandem with any risk factors in the jurisdictions that host them.

“Barrick is highly experienced in developing and operating profitable mines in some of the world’s frontier regions, which also happen to hold the greatest potential for new discoveries. In Pakistan, we have been impressed by the support we have received from our partners and by the efficiency with which the project agreements have been executed in a transparent process reviewed by the country’s Supreme Court,” he said.

“Reko Diq is a classic example of how mining can be at the forefront of the achievement of the United Nations’ Sustainable Development Goals. It will transform the Chagai region by creating thousands of jobs and stimulating the development of the local economy. We have already started establishing the community development committees through which we’ll be identifying and investing in development projects, and have initiated a social baseline study. We’ve also entered into an agreement with the provincial government for the disbursement of social development funds and advance royalties, which will ensure that the people of Balochistan start reaping the rewards of Reko Diq even before it goes into production.”

Completion of the feasibility study is scheduled for the end of 2024 and first production is targeted for 2028. In line with Barrick’s local recruitment policy, a Balochistan native, Ali Ehsan Rind, was appointed as country manager and a project development team is being assembled, with preference given to people from the region.

 

 

Africa & Middle East Region Shines Again

Africa & Middle East Region Shines Again

Barrick’s Africa & Middle East region (AME) delivered another stellar performance in 2022, meeting its gold and copper production guidance and continuing to grow its gold reserves over and above their annual depletion by mining.

Speaking to media at Kinshasa in the Democratic Republic of Congo (DRC), president and chief executive Mark Bristow said the latest reserve replacement underpinned AME’s ability to maintain an approximate 2.2 million ounce15,20 annual gold equivalent production run rate for the next 10 years, with the potential to extend this well beyond that horizon.19

“At the time of the merger with Randgold, the AME region had two Tier One mines. The newly proposed expansion that forms the core component of the ongoing Lumwana Super Pit pre-feasibility study has the potential to create another Tier One asset within the region, significantly increasing the mine’s production and extending the life by 40 to 60 years. In the meantime, the successful transition to owner mining is unlocking further value at Lumwana. In line with Barrick’s strategy, we are further expanding our copper portfolio and opening up exciting new frontiers through exploration and joint ventures in Saudi Arabia and Egypt on the back of our very successful Jabal Sayid partnership.

The Tanzanian gold mines, North Mara and Bulyanhulu, continued building on the complete turnaround effected by Barrick when it took over their management in September 2019, maintaining Tier One production levels with a combined output of 546,576 ounces15 in 2022. North Mara is now Tanzania’s largest taxpayer and Barrick’s footprint in Tanzania has been expanded through the acquisition of the Tembo licence. Through successful exploration, the Tongon gold mine in Côte d’Ivoire extended its life to 2026 and we continue to pursue growth through exploration to extend this further.

At the Kibali gold mine in the DRC, the mine’s three hydropower stations, supported by its battery storage system, kept energy costs at less than 5 cents per kWh during the wet season despite higher fuel prices. Plans are underway to add solar power and additional battery storage to further increase renewable energy usage.

AME’s estimated economic contribution to its host countries in 2022 exceeded $3.4 billion.15

 

 

Greening the Grid in Nevada

A celebratory groundbreaking ceremony marked the commencement of construction for a 200MW solar power plant near Dunphy, Nevada.

A celebratory groundbreaking ceremony marked the commencement of construction for a 200MW solar power plant near Dunphy, Nevada.

Nevada Gold Mines (NGM) has committed itself to achieving a 20% reduction in carbon (CO2 equivalent) emissions by 2025. The reduction will be achieved through the construction of a 200MW solar power plant and the co-fire modification of the TS power plant which will enable it to use cleaner-burning natural gas as a fuel source.

The solar facility, which will cover 500 hectares with 544,908 modules, is expected to go into commercial production in the second quarter of 2024 and will supply 17% of NGM’s annual energy needs and reduce CO2 equivalent emissions by 254,000 tonnes per annum, an 8% reduction from NGM’s 2018 baseline. The TS power plant conversion project will cut an additional 526,000 tonnes of CO2 equivalent emissions per year, a 16% reduction from NGM’s 2018 baseline.

Consistent with Barrick’s global policy of employing, partnering, and advancing host communities and countries, NGM partnered with three Nevada-based contractors and will domestically source over 90% of materials for the solar project. An engineering firm utilizing Nevada-based resources provided support for the design and permitting for the TS power plant conversion project.

Both NGM and Barrick have a strong focus on environmental management practices and are committed custodians of the unique lands, waters, flora, and fauna within the state of Nevada. These projects are key to Barrick’s roadmap targeting a 30% reduction in global emissions by 2030, while maintaining a steady production profile, with the goal of achieving net-zero by 2050.

 

 

Loulo-Gounkoto Complex Continues to Deliver Value to Stakeholders

Loulo-Gounkoto Complex Continues to Deliver Value to Stakeholders

Seventeen years after it went into production, Barrick’s Loulo-Gounkoto mining complex in Mali continues to demonstrate its value as a key socio-economic partner to the country.

In 2022 it maintained its historically consistent performance by meeting its production guidance, solidified its long-term outlook and replaced its mined ounces for the fourth successive year. The initial development of a third underground mine at Gounkoto was commissioned and is on track to start ore production from stoping in the second quarter of 2023. Key geological structures within the Loulo district have indicated the potential for further discoveries.

Speaking to media at the mine recently, Barrick president and chief executive Mark Bristow said last year the complex contributed $260 million directly to the Malian economy in the form of dividends, royalties and taxes. Indirect contributions, including payments of salaries and to suppliers, totalled $570 million.

“We continue to promote and develop our local partnerships, creating and contracting an all-Malian joint venture to mine the new Gara West open pit and engaging a Malian contractor to work with an international mining company on the pushback of the new Yalea pit. It’s worth noting that our strong partnership network has been a significant factor in enabling Loulo-Gounkoto to maintain an exemplary performance in the face of the many challenges recently experienced by Mali,” Bristow said.

In line with Barrick’s GHG emissions reduction strategy, Loulo-Gounkoto is expanding its solar power plant by 40MW, targeting an annual CO2-e savings of more than 62kt. Since its commissioning in the third quarter of 2020, the solar power plant has cut emissions by 57,000 tonnes of CO2 equivalent emissions.

 

 

All-Terrain Woman

All-Terrain Woman

Pueblo Viejo heavy equipment operator Kimin Chonjo has become the first female Dominican to operate a DI650 drill in Central America and the Caribbean. Chonjo’s achievement was confirmed by Sandvik, the manufacturer of the DI650, which is a self-contained, track-mounted, down-the-hole, diesel-powered drill rig, designed for demanding, high-capacity, large-scale production drilling applications in surface mining and quarries.

Born in the Dominican Republic, Kimin joined Pueblo Viejo in 2012 and is part of the Mine Operations team. When she started working for Pueblo Viejo, she enrolled in training programs, where she developed the skills and abilities to safely operate six different types of heavy machinery. “Being an operator and managing all this equipment fills me with great satisfaction and joy. I see myself as a warrior, showing other women that through Barrick I have the opportunity to be an all-terrain woman,” Chonjo says.

 

 

Speaking Up to Stop

Speaking Up to Stop

Open pit superintendent Heather Dahlman has been recognized by her colleagues at NGM for courageous leadership. Dahlman received the Zero Harm trophy, part of the DNA Awards program at NGM, for recognizing that safety could be improved on a particular task and stopping work — even though the task was a high priority — to improve safety around the procedure.

“For all of us at times, it can be intimidating to speak up,” says Dahlman. “But knowing it could save a life is what gives me the courage to do so, no matter what the job is. The Stop Unsafe Work Authority is the greatest tool that NGM can give us. I have the responsibility to progress safety and speak up when I see something happening — and I expect others to do the same and watch out for me. We are a team and we need each other in this journey.”

 

 

Ladies Lead in Development

Ladies Lead in Development

Fourteen women employed across Barrick’s mines in the Africa and Middle East region have completed the Professional Management Development course at the University of Cape Town’s Graduate School of Business. These women were selected based on their value-adding contributions in their respective field as well as on their future leadership potential.

 

 

2023 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS
 2023 forecast attributable production (000s ozs)2023 forecast cost of sales8 ($/oz)2023 forecast total cash costs9 ($/oz)2023 forecast all-in sustaining costs9 ($/oz)
Carlin (61.5%)21910 - 1,0001,030 - 1,110820 - 8801,250 - 1,330
Cortez (61.5%)22580 - 6501,080 - 1,160680 - 740930 - 1,010
Turquoise Ridge (61.5%)300 - 3401,290 - 1,370900 - 9601,170 - 1,250
Phoenix (61.5%)100 - 1201,860 - 1,940880 - 9401,110 - 1,190
Long Canyon (61.5%)0 - 102,120 - 2,200730 - 7901,080 - 1,160
Nevada Gold Mines (61.5%)1,900 - 2,1001,140 - 1,220790 - 8501,140 - 1,220
Hemlo150 - 1701,400 - 1,4801,210 - 1,2701,590 - 1,670
North America2,100 - 2,3001,160 - 1,240820 - 8801,170 - 1,250
     
Pueblo Viejo (60%)470 - 5201,130 - 1,210710 - 770960 - 1,040
Veladero (50%)160 - 1801,630 - 1,7101,060 - 1,1201,550 - 1,630
Porgera (47.5%)23
Latin America & Asia Pacific630 - 7001,260 - 1,340800 - 8601,110 - 1,190
     
Loulo-Gounkoto (80%)510 - 5601,100 - 1,180750 - 8101,070 - 1,150
Kibali (45%)320 - 3601,080 - 1,160710 - 770880 - 960
North Mara (84%)230 - 2601,120 - 1,200900 - 9601,240 - 1,320
Bulyanhulu (84%)160 - 1901,230 - 1,310880 - 9401,160 - 1,240
Tongon (89.7%)180 - 2101,260 - 1,3401,070 - 1,1301,240 - 1,320
Africa and Middle East1,450 - 1,6001,130 - 1,210820 - 8801,080 - 1,160
     
Total attributable to Barrick24,25,264,200 - 4,6001,170 - 1,250820 - 8801,170 - 1,250
     
COPPER PRODUCTION AND COSTS
 2023 forecast attributable production (M lbs)2023 forecast cost of sales8 ($/lb)2023 forecast C1 cash costs9 ($/lb)2023 forecast all-in sustaining costs9 ($/lb)
  Lumwana260 - 2902.45 - 2.752.00 - 2.203.20 - 3.50
  Zaldívar (50%)100 - 1103.40 - 3.702.60 - 2.802.90 - 3.20
 Jabal Sayid (50%)65 - 751.80 - 2.101.50 - 1.701.60 - 1.90
Total attributable to Barrick25420 - 4702.60 - 2.902.05 - 2.252.95 - 3.25
     
ATTRIBUTABLE CAPITAL EXPENDITURES7   
 (millions)  
Attributable minesite sustaining6,71,450 - 1,700  
Attributable project6,7750 - 900  
Total attributable capital expenditures72,200 - 2,600  

2023 Outlook Assumptions and Economic Sensitivity Analysis

 2023 guidance assumptionHypothetical changeImpact on EBITDA27 (millions)Impact on TCC and AISC9,11
Gold price sensitivity$1,650/oz+/- $100/oz‘+/-$590‘+/-$5/oz
Copper price sensitivity$3.50/lb‘+/-$0.25/lb‘+/- $110‘+/-$0.01/lb

Mineral Reserves and Mineral Resources

Gold Mineral Reserves1,2,3

       
As at December 31, 2022PROVEN PROBABLE TOTAL
  TonnesGradeContained
ozs
 TonnesGradeContained
ozs
 TonnesGradeContained
ozs
Based on attributable ounces (Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST            
Bulyanhulu underground (84.00%) 2.27.160.50 116.182.2 136.342.7
Jabal Sayid surface 0.0690.340.00076  0.0690.340.00076
Jabal Sayid underground 5.80.200.038 7.50.390.094 130.310.13
Jabal Sayid (50.00%) total 5.90.210.039 7.50.390.094 130.310.13
Kibali surface 5.42.070.36 152.191.0 202.161.4
Kibali underground 9.14.311.3 144.151.9 234.213.2
Kibali (45.00%) total 143.471.6 293.153.0 443.264.6
Loulo-Gounkoto surface 112.480.89 142.781.3 252.652.2
Loulo-Gounkoto underground 8.94.861.4 195.043.1 284.984.5
Loulo-Gounkoto (80.00%) total 203.542.3 344.084.4 543.876.7
North Mara surface 0.253.430.028 292.051.9 292.062.0
North Mara underground 0.213.680.025 9.33.421.0 9.53.431.0
North Mara (84.00%) total 0.463.550.053 392.382.9 392.403.0
Tongon surface (89.70%) 3.92.360.30 3.92.140.26 7.82.250.56
AFRICA AND MIDDLE EAST TOTAL473.174.8 1203.2413 1703.2218
LATIN AMERICA AND ASIA PACIFIC          
Norte Abierto surface (50.00%) 1100.652.4 4800.599.2 6000.6012
Porgera surface4  5.03.550.57 5.03.550.57
Porgera underground4 0.666.690.14 2.27.050.51 2.96.960.65
Porgera (24.50%) total4 0.666.690.14 7.24.641.1 7.94.811.2
Pueblo Viejo surface (60.00%) 352.292.6 1402.169.7 1702.1912
Veladero surface (50.00%) 8.00.410.11 770.741.8 850.711.9
LATIN AMERICA AND ASIA PACIFIC TOTAL1601.025.2 7100.9622 8700.9727
NORTH AMERICA            
Carlin surface 9.82.480.79 632.244.6 732.275.4
Carlin underground 119.273.3 6.07.901.5 178.794.8
Carlin (61.50%) total 216.074.1 692.736.1 903.5010
Cortez surface 0.762.650.065 1100.883.0 1100.903.1
Cortez underground5 0.609.440.18 267.746.4 267.786.5
Cortez (61.50%) total 1.45.630.25 1302.229.4 1302.269.6
Hemlo surface  181.490.86 181.490.86
Hemlo underground 0.504.930.079 4.64.870.73 5.14.880.81
Hemlo (100%) total 0.504.930.079 232.191.6 232.251.7
Phoenix surface (61.50%) 8.50.710.19 960.581.8 1000.592.0
Turquoise Ridge surface 102.290.75 0.281.380.013 112.270.77
Turquoise Ridge underground 1010.203.4 129.513.8 239.827.2
Turquoise Ridge (61.50%) total 216.264.1 139.333.8 337.438.0
NORTH AMERICA TOTAL 525.248.7 3302.1223 3802.5431
             
TOTAL 2602.2619 1,2001.5357 1,4001.6776
 
See “Mineral Reserves and Resources Endnotes”.

 

Copper Mineral Reserves1,2,3,7

As at December 31, 2022PROVEN PROBABLE TOTAL
  TonnesCu
Grade
Contained
Cu
 TonnesCu
Grade
Contained
Cu
 TonnesCu
Grade
Contained
Cu
Based on attributable pounds (Mt)(%)(Mlb) (Mt)(%)(Mlb) (Mt)(%)(Mlb)
AFRICA AND MIDDLE EAST            
Bulyanhulu underground (84.00%) 2.20.3316 110.3484 130.34100
Jabal Sayid surface 0.0692.644.0  0.0692.644.0
Jabal Sayid underground 5.82.25290 7.52.28380 132.26670
Jabal Sayid (50.00%) total 5.92.25290 7.52.28380 132.27670
Lumwana surface (100%) 890.511,000 3900.595,200 4800.586,200
AFRICA AND MIDDLE EAST TOTAL 970.611,300 4100.625,600 5100.627,000
LATIN AMERICA AND ASIA PACIFIC          
Norte Abierto surface (50.00%) 1100.19480 4800.232,400 6000.222,900
Zaldívar surface (50.00%) 1700.441,600 380.31260 2100.421,900
LATIN AMERICA AND ASIA PACIFIC TOTAL 2800.342,100 5200.232,700 8100.274,800
NORTH AMERICA            
Phoenix surface (61.50%) 110.1640 1300.16470 1400.16510
NORTH AMERICA TOTAL 110.1640 1300.16470 1400.16510
             
TOTAL 3900.403,500 1,1000.378,800 1,5000.3812,000
             
See “Mineral Reserves and Resources Endnotes”.

 

Silver Mineral Reserves1,2,3,7

As at December 31, 2022PROVEN PROBABLE TOTAL
  TonnesAg
Grade
Contained
Ag
 TonnesAg
Grade
Contained
Ag
 TonnesAg
Grade
Contained
Ag
Based on attributable ounces (Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST            
Bulyanhulu underground (84.00%) 2.26.900.48 115.912.1 136.072.6
AFRICA AND MIDDLE EAST TOTAL 2.26.900.48 115.912.1 136.072.6
LATIN AMERICA AND ASIA PACIFIC            
Norte Abierto surface (50.00%) 1101.917.0 4801.4322 6001.5229
Pueblo Viejo surface (60.00%) 3512.9415 14013.7662 17013.6076
Veladero surface (50.00%) 8.012.723.3 7714.6236 8514.4439
LATIN AMERICA AND ASIA PACIFIC TOTAL 1604.9225 7005.34120 8605.26150
NORTH AMERICA            
Phoenix surface (61.50%) 8.57.462.0 966.2419 1006.3421
NORTH AMERICA TOTAL 8.57.462.0 966.2419 1006.3421
             
TOTAL 1705.0728 8105.45140 9805.39170
             
See “Mineral Reserves and Resources Endnotes”.

 

Gold Mineral Resources1,3,8,9

As at December 31, 2022MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11
 TonnesGradeContained
ozs
 TonnesGradeContained
ozs
 Contained
ozs
 TonnesGradeContained
ozs
Based on attributable ounces(Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST             
Bulyanhulu surface0.00296.700.00062  0.00062 
Bulyanhulu underground3.310.241.1 215.883.9 5.0 178.44.6
Bulyanhulu (84.00%) total3.310.241.1 215.883.9 5.0 178.44.6
Jabal Sayid surface0.0690.340.00076  0.00076 
Jabal Sayid underground7.80.330.083 7.30.410.097 0.18 1.50.60.027
Jabal Sayid (50.00%) total7.90.330.084 7.30.410.097 0.18 1.50.60.027
Kibali surface7.42.190.52 262.061.7 2.2 4.82.10.32
Kibali underground124.631.8 243.973.1 4.9 8.42.90.79
Kibali (45.00%) total203.702.3 502.984.8 7.1 132.61.1
Loulo-Gounkoto surface122.490.97 162.901.5 2.4 6.51.90.38
Loulo-Gounkoto underground174.392.5 284.634.2 6.7 162.91.5
Loulo-Gounkoto (80.00%) total303.613.4 444.025.7 9.1 222.61.9
North Mara surface182.251.3 231.791.3 2.6 4.11.40.19
North Mara underground0.772.280.057 282.212.0 2.0 151.60.75
North Mara (84.00%) total182.251.3 502.023.3 4.6 191.60.93
Tongon surface (89.70%)4.52.570.37 5.32.320.40 0.77 0.822.50.064
AFRICA AND MIDDLE EAST TOTAL833.238.7 1803.1818 27 733.78.6
LATIN AMERICA AND ASIA PACIFIC             
Alturas surface (100%)   1800.95.4
Norte Abierto surface (50.00%)1900.633.9 1,1000.5319 22 3700.44.4
Pascua Lama surface (100%)431.862.6 3901.4919 21 151.70.86
Porgera surface40.393.980.049 142.781.3 1.3 6.12.20.43
Porgera underground40.996.160.20 5.06.040.97 1.2 1.86.60.39
Porgera (24.50%) total41.45.550.25 193.622.3 2.5 8.03.20.82
Pueblo Viejo surface (60.00%)462.083.1 1901.9912 15 4.61.80.26
Reko Diq surface (50.00%)6 1,8000.2615 15 5700.23.7
Veladero surface (50.00%)9.10.400.12 1200.712.6 2.8 140.60.27
LATIN AMERICA AND ASIA PACIFIC TOTAL2901.069.9 3,6000.6069 79 1,2000.416
NORTH AMERICA             
Carlin surface292.182.0 1401.948.5 11 601.22.4
Carlin underground247.805.9 136.742.7 8.7 137.33.2
Carlin (61.50%) total534.698.0 1502.3511 19 732.35.5
Cortez surface0.992.780.089 1600.874.4 4.5 1100.41.5
Cortez underground51.37.660.32 376.878.3 8.6 155.92.9
Cortez (61.50%) total2.35.530.40 1902.0213 13 1301.14.4
Donlin surface (50.00%)3.92.520.31 2702.2419 20 462.03.0
Fourmile underground (100%) 1.510.010.49 0.49 7.810.52.7
Hemlo surface 421.401.9 1.9 2.41.00.079
Hemlo underground0.725.110.12 114.801.6 1.8 3.05.10.50
Hemlo (100%) total0.725.110.12 522.093.5 3.6 5.43.30.58
Long Canyon surface0.303.530.034 4.92.560.41 0.44 1.10.90.029
Long Canyon underground 1.110.680.38 0.38 0.539.10.16
Long Canyon (61.50%) total0.303.530.034 6.14.050.79 0.82 1.63.60.18
Phoenix surface (61.50%)120.640.25 2300.503.6 3.9 300.30.32
Turquoise Ridge surface242.141.6 212.071.4 3.0 6.71.70.37
Turquoise Ridge underground139.493.9 198.515.3 9.2 1.96.90.42
Turquoise Ridge (61.50%) total364.725.5 405.196.6 12 8.62.90.79
NORTH AMERICA TOTAL1104.1815 9401.9358 73 3001.817
              
TOTAL4802.1333 4,7000.96150 180 1,5000.842
              
See “Mineral Reserves and Resources Endnotes”.

 

Copper Mineral Resources1,3,7,8,9

As at December 31, 2022MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11
  TonnesGradeContained
lbs
 TonnesGradeContained
lbs
 Contained
lbs
 TonnesGradeContained
lbs
Based on attributable pounds (Mt)(%)(Mlb) (Mt)(%)(Mlb) (Mlb) (Mt)(%)(Mlb)
AFRICA AND MIDDLE EAST              
Bulyanhulu surface 0.00290.320.021  0.021 
Bulyanhulu underground 3.30.4432 210.31140 170 170.4130
Bulyanhulu (84.00%) total 3.30.4432 210.31140 170 170.4130
Jabal Sayid surface 0.0692.644.0  4.0 
Jabal Sayid underground 7.82.60450 7.32.36380 830 1.51.344
Jabal Sayid (50.00%) total 7.92.60450 7.32.36380 830 1.51.344
Lumwana surface (100%) 1400.481,500 9600.5512,000 13,000 8200.58700
AFRICA AND MIDDLE EAST TOTAL 1500.592,000 9900.5612,000 14,000 8400.58,900
LATIN AMERICA AND ASIA PACIFIC              
Norte Abierto surface (50.00%) 1700.21790 1,0000.214,700 5,500 3600.21,400
Reko Diq surface (50.00%)6  1,9000.4418,000 18,000 5900.44,600
Zaldívar surface (50.00%) 3600.403,200 2000.371,600 4,800 200.4160
LATIN AMERICA AND ASIA PACIFIC TOTAL 5300.344,000 3,1000.3625,000 29,000 9700.36,200
NORTH AMERICA              
Phoenix surface (61.50%) 150.1552 3200.151,000 1,100 320.193
NORTH AMERICA TOTAL 150.1552 3200.151,000 1,100 320.193
               
TOTAL 7000.396,000 4,5000.3938,000 44,000 1,8000.415,000
               
See “Mineral Reserves and Resources Endnotes”.

 

Silver Mineral Resources1,3,7,8,9

As at December 31, 2022MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11
  TonnesAg
Grade
Contained
Ag
 TonnesAg
Grade
Contained
Ag
 Contained
Ag
 TonnesAg
Grade
Contained
Ag
Based on attributable ounces (Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST              
Bulyanhulu surface 0.00297.000.00065  0.00065 
Bulyanhulu underground 3.38.520.90 215.543.7 4.6 176.23.4
Bulyanhulu (84.00%) total 3.38.520.90 215.543.7 4.6 176.23.4
AFRICA AND MIDDLE EAST TOTAL 3.38.520.90 215.543.7 4.6 176.23.4
LATIN AMERICA AND ASIA PACIFIC              
Norte Abierto surface (50.00%) 1901.6210 1,1001.2343 53 3701.011
Pascua-Lama surface (100%) 4357.2179 39052.22660 740 1517.88.8
Pueblo Viejo surface (60.00%) 4611.6917 19012.3275 92 4.610.51.5
Veladero surface (50.00%) 9.111.393.3 12014.4254 57 1414.36.3
LATIN AMERICA AND ASIA PACIFIC TOTAL 29011.73110 1,80014.51830 940 4002.228
NORTH AMERICA              
Phoenix surface (61.50%) 126.802.7 2305.7942 45 305.65.4
NORTH AMERICA TOTAL 126.802.7 2305.7942 45 305.65.4
               
TOTAL 31011.50110 2,00013.44880 990 4502.537
               
See “Mineral Reserves and Resources Endnotes”.

 

Summary Gold Mineral Reserves1,2,3

For the years ended December 3120222021
 OwnershipTonnesGradeOuncesOwnershipTonnesGradeOunces
Based on attributable ounces%(Mt)(g/t)(Moz)%(Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST        
Bulyanhulu surface84.00%84.00%0.0001010.420.000035
Bulyanhulu underground84.00%136.342.784.00%107.762.5
Bulyanhulu Total84.00%136.342.784.00%107.762.5
Jabal Sayid surface50.00%0.0690.340.0007650.00%0.0720.340.00079
Jabal Sayid underground50.00%130.310.1350.00%130.260.11
Jabal Sayid Total50.00%130.310.1350.00%130.260.11
Kibali surface45.00%202.161.445.00%172.451.3
Kibali underground45.00%234.213.245.00%214.543.0
Kibali Total45.00%443.264.645.00%373.604.3
Loulo-Gounkoto surface80.00%252.652.280.00%222.982.1
Loulo-Gounkoto underground80.00%284.984.580.00%294.864.6
Loulo-Gounkoto Total80.00%543.876.780.00%514.066.7
North Mara surface84.00%292.062.084.00%381.732.1
North Mara underground84.00%9.53.431.084.00%6.83.440.75
North Mara Total84.00%392.403.084.00%441.992.8
Tongon surface89.70%7.82.250.5689.70%7.91.870.47
AFRICA AND MIDDLE EAST TOTAL 1703.2218 1603.2217
LATIN AMERICA AND ASIA PACIFIC        
Norte Abierto surface50.00%6000.601250.00%6000.6012
Porgera surface424.50%5.03.550.5724.50%4.83.660.56
Porgera underground424.50%2.96.960.6524.50%3.26.340.66
Porgera Total424.50%7.94.811.224.50%8.04.751.2
Pueblo Viejo surface60.00%1702.191260.00%762.225.4
Veladero surface50.00%850.711.950.00%900.772.2
LATIN AMERICA AND ASIA PACIFIC TOTAL 8700.9727 7700.8321
NORTH AMERICA        
Carlin surface61.50%732.275.461.50%842.236.0
Carlin underground61.50%178.794.861.50%198.865.4
Carlin Total61.50%903.501061.50%1003.4611
Cortez surface61.50%1100.903.161.50%391.682.1
Cortez underground561.50%267.786.561.50%277.796.7
Cortez Total61.50%1302.269.661.50%654.178.8
Hemlo surface100%181.490.86100%0.0180.320.00018
Hemlo underground100%5.14.880.81100%6.45.181.1
Hemlo Total100%232.251.7100%6.45.161.1
Long Canyon surface61.50%61.50%0.611.180.023
Phoenix surface61.50%1000.592.061.50%1000.602.0
Turquoise Ridge surface61.50%112.270.7761.50%262.051.7
Turquoise Ridge underground61.50%239.827.261.50%2110.396.9
Turquoise Ridge Total61.50%337.438.061.50%465.748.6
NORTH AMERICA TOTAL 3802.5431 3303.0432
         
TOTAL 1,4001.6776 1,3001.7169
         
See “Mineral Reserves and Resources Endnotes”.
 

Mineral Reserves and Resources Endnotes

  1. Mineral reserves (“reserves”) and mineral resources (“resources”) have been estimated as at December 31, 2022 (unless otherwise noted) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. For United States reporting purposes, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which was rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured”, “indicated” and “inferred” mineral resources. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required by NI 43-101. U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors are cautioned not to assume that any part or all of Barrick’s mineral resources constitute or will be converted into reserves. Mineral resource and mineral reserve estimations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Richard Peattie, Africa and Middle East Mineral Resource Manager, Chad Yuhasz, Latin America & Asia Pacific Mineral Resource Manager and Craig Fiddes, Manager - Resource Modeling, Nevada Gold Mines and reviewed by Simon Bottoms, Barrick’s Mineral Resource Management and Evaluation Executive. For 2022, reserves have been estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral reserves for 2022 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.30 per pound. The Zaldívar joint venture is operated by Antofagasta. Subsequent to the publication of Barrick’s press release of February 9, 2023, entitled “Focus on Tier One Assets Delivers Significant Increase in Resources and Reserves, Underpinning Industry-Leading Production Profile Growth” Antofagasta updated their assumed copper price for 2022 reserves from $3.10 per pound to $3.30 per pound, which does not change Barrick’s 2022 reserves and resources estimates for the joint venture as originally disclosed on February 9, 2023 and set forth in the tables above. For 2021, reserves were estimated based on an assumed gold price of US$1,200 per ounce, an assumed silver price of US$16.50 per ounce, and an assumed copper price of US$2.75 per pound and long-term average exchange rates of 1.30 CAD/US$., except at Zaldívar, where mineral reserves for 2021 were calculating using Antofagasta guidance and an assumed copper price of $3.10 per pound. Reserve estimates incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Barrick’s normal data verification procedures have been employed in connection with the calculations. Verification procedures include industry-standard quality control practices. Resources as at December 31, 2022 have been estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property.
  2. In confirming our annual reserves for each of our mineral properties, projects, and operations, we conduct a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk costs and only considers future operating and closure expenses as well as any future capital costs.
  3. All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu lb are reported to the second significant digit.
  4. Porgera mineral reserves and mineral resources are reported on a 24.5% interest basis, reflecting Barrick’s expected ownership interest following the implementation of the binding February 3, 2022 Commencement Agreement. The Commencement Agreement provides, among other things, for ownership of Porgera to be held in a new joint venture owned 51% by Papua New Guinea (“PNG”) stakeholders and 49% by Barrick Niugini Limited (“BNL”) or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and will retain operatorship of the mine under the terms of the Commencement Agreement. Efforts are ongoing to execute the remaining definitive agreements to implement the Commencement Agreement and finalize a timeline for the reopening of the Porgera mine and resumption of full mine operations. For additional information, see page 48 of Barrick’s Fourth Quarter and Year End Report 2022.
  5. Cortez underground includes 21 million tonnes at 7.27g/t for 4.9 million ounces of probable reserves, 29 million tonnes at 6.49g/t for 6.1 million ounces of indicated resources and 15 million tonnes at 5.9g/t for 2.8 million ounces of inferred resources related to Goldrush. As noted in endnote 9, mineral resources are reported on an inclusive basis.
  6. Reko Diq mineral resources are reported on a 50% interest basis, reflecting Barrick’s ownership interest following the completion of the transaction allowing for the reconstitution of the project on December 15, 2022. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders. Barrick is the operator of the project. For additional information, see page 9 of Barrick’s Fourth Quarter and Year End Report 2022.
  7. 2022 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper and silver mineral resources and mineral reserves.
  8. Mineral resources which are not mineral reserves do not have demonstrated economic viability.  
  9. Mineral resources are reported inclusive of mineral reserves.
  10. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places.
  11. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place.

Production and Cost Summary - Gold

 For the three months endedFor the years ended
 12/31/229/30/22Change12/31/2212/31/21Change
Nevada Gold Mines LLC (61.5%)a      
Gold produced (000s oz attributable basis)51642521%1,8622,036(9%)
Gold produced (000s oz 100% basis)83869121%3,0283,311(9%)
Cost of sales ($/oz)1,2571,2421%1,2101,07213%
Total cash costs ($/oz)b906924(2%)87670524%
All-in sustaining costs ($/oz)b1,1791,333(12%)1,21494928%
Carlin (61.5%)c      
Gold produced (000s oz attributable basis)26522916%9669235%
Gold produced (000s oz 100% basis)43237216%1,5711,5015%
Cost of sales ($/oz)1,0811,137(5%)1,06996810%
Total cash costs ($/oz)b878943(7%)87778212%
All-in sustaining costs ($/oz)b1,2171,304(7%)1,2121,08711%
Cortez (61.5%)d      
Gold produced (000s oz attributable basis)1409843%450509(12%)
Gold produced (000s oz 100% basis)22616043%731828(12%)
Cost of sales ($/oz)1,2841,05622%1,1641,1224%
Total cash costs ($/oz)b84877010%8157637%
All-in sustaining costs ($/oz)b1,0371,426(27%)1,2581,01324%
Turquoise Ridge (61.5%)      
Gold produced (000s oz attributable basis)786226%282334(16%)
Gold produced (000s oz 100% basis)12710226%459543(16%)
Cost of sales ($/oz)1,5181,5091%1,4341,12228%
Total cash costs ($/oz)b1,0891,105(1%)1,03574938%
All-in sustaining costs ($/oz)b1,3041,423(8%)1,29689245%
Phoenix (61.5%)      
Gold produced (000s oz attributable basis)30300%1091090%
Gold produced (000s oz 100% basis)48470%1771780%
Cost of sales ($/oz)1,9011,964(3%)2,0391,9226%
Total cash costs ($/oz)b946953(1%)914398130%
All-in sustaining costs ($/oz)b1,0371,084(4%)1,074533102%
Long Canyon (61.5%)      
Gold produced (000s oz attributable basis)36(50%)55161(66%)
Gold produced (000s oz 100% basis)510(50%)90261(66%)
Cost of sales ($/oz)1,8121,7692%1,28273973%
Total cash costs ($/oz)b616662(7%)435188131%
All-in sustaining costs ($/oz)b664684(3%)45423891%
Pueblo Viejo (60%)      
Gold produced (000s oz attributable basis)98121(19%)428488(12%)
Gold produced (000s oz 100% basis)163202(19%)713814(12%)
Cost of sales ($/oz)1,2151,09711%1,13289626%
Total cash costs ($/oz)b7647334%72554134%
All-in sustaining costs ($/oz)b1,0651,0630%1,02674538%
Loulo-Gounkoto (80%)      
Gold produced (000s oz attributable basis)1391307%547560(2%)
Gold produced (000s oz 100% basis)1741627%684700(2%)
Cost of sales ($/oz)1,2161,2200%1,1531,04910%
Total cash costs ($/oz)b822845(3%)77865020%
All-in sustaining costs ($/oz)b1,1021,216(9%)1,07697011%
Kibali (45%)      
Gold produced (000s oz attributable basis)978317%337366(8%)
Gold produced (000s oz 100% basis)21618417%750812(8%)
Cost of sales ($/oz)1,5701,04750%1,2431,01622%
Total cash costs ($/oz)b617731(16%)70362712%
All-in sustaining costs ($/oz)b98187612%94881816%
Veladero (50%)      
Gold produced (000s oz attributable basis)504122%19517213%
Gold produced (000s oz 100% basis)998322%38934413%
Cost of sales ($/oz)2,3091,43061%1,6281,25630%
Total cash costs ($/oz)b9548937%8908169%
All-in sustaining costs ($/oz)b1,5261,570(3%)1,5281,4932%
Porgera (47.5%)e      
Gold produced (000s oz attributable basis) %
Gold produced (000s oz 100% basis) %
Cost of sales ($/oz) %
Total cash costs ($/oz)b %
All-in sustaining costs ($/oz)b %
Tongon (89.7%)      
Gold produced (000s oz attributable basis)634154%180187(4%)
Gold produced (000s oz 100% basis)704654%201209(4%)
Cost of sales ($/oz)1,3811,744(21%)1,7481,50416%
Total cash costs ($/oz)b1,0701,462(27%)1,3961,09328%
All-in sustaining costs ($/oz)b1,4041,607(13%)1,5921,20832%
Hemlo      
Gold produced (000s oz)382836%133150(11%)
Cost of sales ($/oz)1,4511,670(13%)1,6281,693(4%)
Total cash costs ($/oz)b1,2271,446(15%)1,4091,3882%
All-in sustaining costs ($/oz)b1,5571,865(17%)1,7881,970(9%)
North Mara      
Gold produced (000s oz attributable basis)7071(1%)2632601%
Gold produced (000s oz 100% basis)8484(1%)3133091%
Cost of sales ($/oz)1,0309568%9799661%
Total cash costs ($/oz)b7587373%741777(5%)
All-in sustaining costs ($/oz)b1,30195137%1,0281,0013%
Buzwagif      
Gold produced (000s oz attributable basis)  40(100%)
Gold produced (000s oz 100% basis)  47(100%)
Cost of sales ($/oz)  1,334(100%)
Total cash costs ($/oz)b  1,284(100%)
All-in sustaining costs ($/oz)b  1,291(100%)
Bulyanhulu      
Gold produced (000s oz attributable basis)49482%19617810%
Gold produced (000s oz 100% basis)58582%23321210%
Cost of sales ($/oz)1,2371,2291%1,2111,07912%
Total cash costs ($/oz)b8968980%86870922%
All-in sustaining costs ($/oz)b1,4011,17020%1,15689130%
Total Attributable to Barrickg      
Gold produced (000s oz)1,12098813%4,1414,437(7%)
Cost of sales ($/oz)h1,3241,2268%1,2411,09314%
Total cash costs ($/oz)b868891(3%)86272519%
All-in sustaining costs ($/oz)b1,2421,269(2%)1,2221,02619%
  1. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
  2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 71 to 89 of Barrick’s Q4 2022 MD&A.
  3. Includes our share of South Arturo. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 30, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.    
  4. Starting in the first quarter of 2021, Goldrush is reported as part of Cortez as it is operated by Cortez management. Comparative periods have been restated to include Goldrush.
  5. As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data has been provided starting the third quarter of 2020.
  6. With the end of mining at Buzwagi in the third quarter of 2021, as previously reported, we have ceased to include production or non-GAAP cost metrics for Buzwagi from October 1, 2021 onwards.
  7. Excludes Pierina, Golden Sunlight, Morila (40%) and Lagunas Norte for all periods and Buzwagi starting in the fourth quarter of 2021 as these assets are producing incidental ounces while in closure or care and maintenance. Lagunas Norte was divested in June 2021 and Morila was divested in November 2020.
  8. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).

Production and Cost Summary - Copper

 For the three months endedFor the years ended
 12/31/2209/30/22Change12/31/2212/31/21Change
Lumwana      
Copper production (millions lbs)5382(35%)26724210%
Cost of sales ($/lb)3.562.1963%2.422.258%
C1 cash costs ($/lb)a2.341.7831%1.891.6217%
All-in sustaining costs ($/lb)a4.863.5039%3.632.8030%
Zaldívar (50%)      
Copper production (millions lbs attributable basis)25239%98971%
Copper production (millions lbs 100% basis)50459%1961931%
Cost of sales ($/lb)3.553.2011%3.123.19(2%)
C1 cash costs ($/lb)a2.692.4510%2.362.38(1%)
All-in sustaining costs ($/lb)a3.602.9422%2.952.940%
Jabal Sayid (50%)      
Copper production (millions lbs attributable basis)18180%7576(1%)
Copper production (millions lbs 100% basis)36370%151152(1%)
Cost of sales ($/lb)1.721.589%1.521.3810%
C1 cash costs ($/lb)a1.421.411%1.261.187%
All-in sustaining costs ($/lb)a1.541.521%1.361.332%
Total Attributable to Barrick      
Copper production (millions lbs)96123(22%)4404156%
Cost of sales ($/lb)b3.192.3039%2.432.325%
C1 cash costs ($/lb)a2.251.8621%1.891.7210%
All-in sustaining costs ($/lb)a3.983.1327%3.182.6221%
  1. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 71 to 89 of Barrick’s Q4 2022 MD&A.
  2. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

Financial and Operating Highlights

 For the three months ended For the years ended
 12/31/22 9/30/22 Change  12/31/22 12/31/21 Change 
Financial Results ($ millions)       
Revenues2,774 2,527 10% 11,013 11,985 (8)%
Cost of sales2,093 1,815 15% 7,497 7,089 6%
Net (loss) earningsa(735)241 (405)% 432 2,022 (79)%
Adjusted net earningsb220 224 (2)% 1,326 2,065 (36)%
Adjusted EBITDAb1,286 1,155 11% 5,613 7,258 (23)%
Adjusted EBITDA marginb,c46 %46%0% 51%61%(16)%
Minesite sustaining capital expendituresb,d557 571 (2)% 2,071 1,673 24%
Project capital expendituresb,d324 213 52% 949 747 27%
Total consolidated capital expendituresd,e891 792 13% 3,049 2,435 25%
Net cash provided by operating activities795 758 5% 3,481 4,378 (20)%
Net cash provided by operating activities marginf29%30%(3)% 32%37%(14)%
Free cash flowb(96)(34)(182)% 432 1,943 (78)%
Net earnings per share (basic and diluted)(0.42)0.14 (400)% 0.24 1.14 (79)%
Adjusted net earnings (basic)b per share0.13 0.13 0% 0.75 1.16 (35)%
Weighted average diluted common shares (millions of shares)1,759 1,768 (1)% 1,771 1,779 0%
Operating Results       
Gold production (thousands of ounces)g1,120 988 13% 4,141 4,437 (7)%
Gold sold (thousands of ounces)g1,111 997 11% 4,141 4,468 (7)%
Market gold price ($/oz)1,726 1,729 0% 1,800 1,799 0%
Realized gold priceb,g ($/oz)1,728 1,722 0% 1,795 1,790 0%
Gold cost of sales (Barrick’s share)g,h ($/oz)1,324 1,226 8% 1,241 1,093 14%
Gold total cash costsb,g ($/oz)868 891 (3)% 862 725 19%
Gold all-in sustaining costsb,g ($/oz)1,242 1,269 (2)% 1,222 1,026 19%
Copper production (millions of pounds)g96 123 (22)% 440 415 6%
Copper sold (millions of pounds)g99 120 (18)% 445 423 5%
Market copper price ($/lb)3.63 3.51 3% 3.99 4.23 (6)%
Realized copper priceb,g ($/lb)3.81 3.24 18% 3.85 4.32 (11)%
Copper cost of sales (Barrick’s share)g,i ($/lb)3.19 2.30 39% 2.43 2.32 5%
Copper C1 cash costsb,g ($/lb)2.25 1.86 21% 1.89 1.72 10%
Copper all-in sustaining costsb,g ($/lb)3.98 3.13 27% 3.18 2.62 21%
 As at
12/31/22
 As at
9/30/22
 Change  As at
12/31/22
 As at
12/31/21
 Change 
Financial Position ($ millions)       
Debt (current and long-term)4,782 5,095 (6)% 4,782 5,150 (7)%
Cash and equivalents4,440 5,240 (15)% 4,440 5,280 (16)%
Debt, net of cash342 (145)(336)% 342 (130)(363)%
  1. Net earnings represents net earnings attributable to the equity holders of the Company.
  2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 71 to 89 of Barrick’s Q4 2022 MD&A.
  3. Represents adjusted EBITDA divided by revenue.
  4. Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.
  5. Total consolidated capital expenditures also includes capitalized interest of $10 million and $29 million, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $8 million; 2021: $15 million).
  6. Represents net cash provided by operating activities divided by revenue.
  7. On an attributable basis.
  8. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).  
  9. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

Consolidated Statements of Income

Barrick Gold Corporation  
For the years ended December 31 (in millions of United States dollars, except per share data) 2022  2021 
Revenue (notes 5 and 6)$11,013 $11,985 
Costs and expenses (income)  
Cost of sales (notes 5 and 7) 7,497  7,089 
General and administrative expenses (note 11) 159  151 
Exploration, evaluation and project expenses (notes 5 and 8) 350  287 
Impairment charges (reversals) (notes 10 and 21) 1,671  (63)
Loss on currency translation 16  29 
Closed mine rehabilitation (note 27b) (136) 18 
Income from equity investees (note 16) (258) (446)
Other (income) expense (note 9) (268) (67)
Income before finance items and income taxes 1,982  4,987 
Finance costs, net (note 14) (301) (355)
Income before income taxes 1,681  4,632 
Income tax expense (note 12) (664) (1,344)
Net income$1,017 $3,288 
Attributable to:  
Equity holders of Barrick Gold Corporation$432 $2,022 
Non-controlling interests (note 32)$585 $1,266 
Earnings (loss) per share data attributable to the equity holders of Barrick Gold Corporation (note 13)  
Net income  
Basic$0.24 $1.14 
Diluted$0.24 $1.14 

The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income

Barrick Gold Corporation 
For the years ended December 31 (in millions of United States dollars) 2022 2021 
Net income$1,017$3,288 
Other comprehensive income (loss), net of taxes  
Items that may be reclassified subsequently to profit or loss:  
Realized losses on derivatives designated as cash flow hedges, net of tax $nil and $nil 1 3 
Currency translation adjustments, net of tax $nil and $nil 1 2 
Items that will not be reclassified to profit or loss:  
Actuarial gain on post-employment benefit obligations, net of tax $nil and ($1) 8 2 
Net change in value of equity investments, net of tax ($7) and $8 39 (44)
Total other comprehensive income (loss) 49 (37)
Total comprehensive income$1,066$3,251 
Attributable to:  
Equity holders of Barrick Gold Corporation$481$1,985 
Non-controlling interests$585$1,266 

The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flow

Barrick Gold Corporation 
For the years ended December 31 (in millions of United States dollars) 2022  2021 
OPERATING ACTIVITIES  
Net income$1,017 $3,288 
Adjustments for the following items:  
Depreciation 1,997  2,102 
Finance costs (note 14)1 301  355 
Net impairment charges (reversals) (notes 10 and 21) 1,671  (63)
Income tax expense (note 12) 664  1,344 
Income from investment in equity investees (note 16) (258) (446)
Loss on currency translation 16  29 
Gain on sale of non-current assets (note 9) (405) (213)
Change in working capital (note 15) (322) (273)
Other operating activities (note 15) (217) (203)
Operating cash flows before interest and income taxes 4,464  5,920 
Interest paid (305) (303)
Interest received1 89  35 
Income taxes paid2 (767) (1,274)
Net cash provided by operating activities 3,481  4,378 
INVESTING ACTIVITIES  
Property, plant and equipment  
Capital expenditures (note 5) (3,049) (2,435)
Sales proceeds 88  35 
Divestitures (note 4)   27 
Investment (purchases) sales 381  (46)
Dividends received from equity method investments (note 16) 869  520 
Shareholder loan repayments from equity method investments (note 16)   2 
Net cash used in investing activities  (1,711) (1,897)
FINANCING ACTIVITIES  
Lease repayments (20) (20)
Debt repayments (375) (7)
Dividends (note 31) (1,143) (634)
Return of capital (note 31)   (750)
Share buyback program (note 31) (424)  
Funding from non-controlling interests (note 32)   12 
Disbursements to non-controlling interests (note 32) (833) (1,104)
Other financing activities (note 15) 191  115 
Net cash used in financing activities (2,604) (2,388)
Effect of exchange rate changes on cash and equivalents  (6) (1)
Net increase (decrease) in cash and equivalents (840) 92 
Cash and equivalents at beginning of year (note 25a) 5,280  5,188 
Cash and equivalents at the end of year $4,440 $5,280 
  1. 2021 figures have been restated to present the change in presentation to present interest received ($35 million) separately from finance costs.
  2. Income taxes paid excludes $126 million (2021: $69 million) of income taxes payable that were settled against offsetting VAT receivables.

The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements.

Consolidated Balance Sheets

Barrick Gold CorporationAs at December
 As at December
 
(in millions of United States dollars)31, 2022 31, 2021 
ASSETS  
Current assets  
Cash and equivalents (note 25a)$4,440 $5,280 
Accounts receivable (note 18) 554  623 
Inventories (note 17) 1,781  1,734 
Other current assets (note 18) 1,690  612 
Total current assets 8,465  8,249 
Non-current assets  
Non-current portion of inventory (note 17) 2,819  2,636 
Equity in investees (note 16) 3,983  4,594 
Property, plant and equipment (note 19) 25,821  24,954 
Intangible assets (note 20a) 149  150 
Goodwill (note 20b) 3,581  4,769 
Deferred income tax assets (note 30) 19  29 
Other assets (note 22) 1,128  1,509 
Total assets$45,965 $46,890 
LIABILITIES AND EQUITY  
Current liabilities  
Accounts payable (note 23)$1,556 $1,448 
Debt (note 25b) 13  15 
Current income tax liabilities 163  285 
Other current liabilities (note 24) 1,388  338 
Total current liabilities 3,120  2,086 
Non-current liabilities  
Debt (note 25b) 4,769  5,135 
Provisions (note 27) 2,211  2,768 
Deferred income tax liabilities (note 30) 3,247  3,293 
Other liabilities (note 29) 1,329  1,301 
Total liabilities 14,676  14,583 
Equity  
Capital stock (note 31) 28,114  28,497 
Deficit (7,282) (6,566)
Accumulated other comprehensive (loss) income 26  (23)
Other 1,913  1,949 
Total equity attributable to Barrick Gold Corporation shareholders 22,771  23,857 
Non-controlling interests (note 32) 8,518  8,450 
Total equity 31,289  32,307 
Contingencies and commitments (notes 2, 17, 19 and 36)  
Total liabilities and equity$45,965 $46,890 

The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity

Barrick Gold Corporation Attributable to equity holders of the Company  
(in millions of United States dollars)Common
Shares (in
thousands)
 Capital
stock
 Deficit Accumulated
other
comprehensive
income (loss)1
 Other2 Total equity
attributable to
shareholders
 Non-
controlling
interests
 Total
equity
 
At January 1, 20221,779,331 $28,497 ($6,566)($23)$1,949 $23,857 $8,450 $32,307 
Net income  432   432 585 1,017 
Total other comprehensive income   49  49  49 
Total comprehensive income $— $432 $49 $— $481 $585 $1,066 
Transactions with owners        
Dividends (note 31)  (1,143)  (1,143) (1,143)
Reko Diq reconstitution (note 4)      329 329 
Disbursements to non-controlling interests (note 32)      (846)(846)
Dividend reinvestment plan (note 31)269 5 (5)     
Share buyback program (note 31)(24,250)(388)  (36)(424) (424)
Total transactions with owners(23,981)($383)($1,148)$— ($36)($1,567)($517)($2,084)
At December 31, 20221,755,350 $28,114 ($7,282)$26 $1,913 $22,771 $8,518 $31,289 
         
At January 1, 20211,778,190 $29,236 ($7,949)$14 $2,040 $23,341 $8,369 $31,710 
Net income  2,022   2,022 1,266 3,288 
Total other comprehensive loss   (37) (37) (37)
Total comprehensive income (loss) $— $2,022 ($37)$— $1,985 $1,266 $3,251 
Transactions with owners        
Dividends (note 31)  (634)  (634) (634)
Return of capital (note 31) (750)   (750) (750)
Acquisition of South Arturo non-controlling interest (note 4)    (85)(85)(86)(171)
Issued on exercise of stock options50        
Funding from non-controlling interests (note 32)      12 12 
Disbursements to non-controlling interests (note 32)      (1,111)(1,111)
Dividend reinvestment plan (note 31)192 5 (5)     
Share-based payments899 6   (6)   
Total transactions with owners1,141 ($739)($639)$— ($91)($1,469)($1,185)($2,654)
At December 31, 20211,779,331 $28,497 ($6,566)($23)$1,949 $23,857 $8,450 $32,307 
  1. Includes cumulative translation adjustments as at December 31, 2022: $93 million loss (December 31, 2021: $94 million loss).
  2. Includes additional paid-in capital as at December 31, 2022: $1,875 million (December 31, 2021: $1,911 million).

The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements.

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Craig Fiddes, SME-RM, Manager – Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Technical Advisor to Barrick — each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2022.

Endnotes

Endnote 1

The repurchase program does not obligate Barrick to acquire any particular number of common shares and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.

Endnote 2

On an attributable basis.

Endnote 3

“Realized price” is a non-GAAP financial performance measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold prices and to assess our gold sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our Company’s past performance and is a better indicator of its expected performance in future periods. The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Sales to Realized Price per ounce/pound

 For the three months endedFor the years ended
($ millions, except per ounce/pound information in dollars)GoldCopperGoldCopper
  12/31/22 9/30/22 12/31/229/30/2212/31/22 12/31/21 12/31/20 12/31/2212/31/2112/31/20
Sales2,535 2,277 1702009,920 10,738 11,670 868962697
Sales applicable to non-controlling interests(785)(700)00(3,051)(3,323)(3,494)000
Sales applicable to equity method investmentsa,b164 152 160134597 660 648 646707483
Sales applicable to sites in closure or care and maintenancec(11)(14)00(55)(88)(170)000
Treatment and refining charges15 3 475423 10 7 199161157
Otherd0 0 000 2 13 000
Revenues – as adjusted1,918 1,718 3773887,434 7,999 8,674 1,7131,8301,337
Ounces/pounds sold (000s ounces/millions pounds)c1,111 997 991204,141 4,468 4,879 445423457
Realized gold/copper price per ounce/pounde1,728 1,722 3.813.241,795 1,790 1,778 3.854.322.92
  1. Represents sales of $164 million and $597 million, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $152 million; 2021: $661 million; 2020: $648 million) applicable to our 45% equity method investment in Kibali and $nil and $nil, respectively (September 30, 2022: $nil; 2021: $nil; 2020: $nil) applicable to our 40% equity method investment in Morila up until its divestiture in November 2020 for gold. Represents sales of $91 million and $390 million, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $82 million; 2021: $423 million; 2020: $298 million) applicable to our 50% equity method investment in Zaldívar and $74 million and $275 million, respectively (September 30, 2022: $57 million; 2021: $305 million; 2020: $204 million) applicable to our 50% equity method investment in Jabal Sayid for copper.
  2. Sales applicable to equity method investments are net of treatment and refinement charges.
  3. Excludes Pierina, Morila up until its divestiture in November 2020, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.
  4. Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2f to the Financial Statements for more information.
  5. Realized price per ounce/pound may not calculate based on amounts presented in this table.

Endnote 4

“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share

 For the three months ended
  For the years ended
 
($ millions, except per share amounts in dollars)12/31/22 9/30/22  12/31/22 12/31/21 12/31/20 
Net (loss) earnings attributable to equity holders of the Company(735)241  432 2,022 2,324 
Impairment charges (reversals) related to non-current assetsa1,642 24  1,671 (63)(269)
Acquisition/disposition gainsb(319)(64) (405)(213)(180)
Loss on currency translation4 3  16 29 50 
Significant tax adjustmentsc(4)44  95 125 (119)
Other expense (income) adjustmentsd126 (27) 17 73 71 
Non-controlling intereste(271)4  (274)64 (12)
Tax effecte(223)(1) (226)28 177 
Adjusted net earnings220 224  1,326 2,065 2,042 
Net (loss) earnings per sharef(0.42)0.14  0.24 1.14 1.31 
Adjusted net earnings per sharef0.13 0.13  0.75 1.16 1.15 
  1. Net impairment charges for the three month period and year ended December 31, 2022 primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq. Net impairment charges for the prior year mainly relate to non-current asset reversals at Lagunas Norte.
  2. Acquisition/disposition gains for the three month period and year ended December 31, 2022 primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50%. The year ended December 31, 2022 was further impacted by the sale of a portfolio of royalties to Maverix Metals Inc. and the sale of a portfolio of royalties by NGM to Gold Royalty Corp. Acquisition/disposition gains for the prior year primarily relate to the gain on the sale of Lone Tree.
  3. Significant tax adjustments in the current year primarily relate to deferred tax recovery as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the Porgera mine continuing to be on care and maintenance; updates to the rehabilitation provision for our non-operating mines; and the recognition and derecognition of deferred tax assets. In 2021, significant tax adjustments primarily relate to deferred tax expense as a result of tax reform measures in Argentina, the foreign exchange impact on current tax expense in Peru and the remeasurement of current and deferred tax balances, the acquisition of the 40% interest in South Arturo that NGM did not already own, the sale of Lagunas Norte, the settlement of the Massawa Senegalese tax dispute and the recognition/derecognition of our deferred taxes in various jurisdictions.
  4. Other expense adjustments for the three month period and year ended December 31, 2022 mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara. The prior year was impacted by care and maintenance expenses at Porgera and a $25 million litigation settlement.
  5. Non-controlling interest and tax effect for the current year primarily relates to impairment charges (reversals) related to non-current assets.
  6. Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

Endnote 5

“Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow 

 For the three months ended
  For the years ended
 
($ millions)12/31/22 9/30/22  12/31/22 12/31/21 12/31/20 
Net cash provided by operating activities795 758  3,481 4,378 5,417 
Capital expenditures(891)(792) (3,049)(2,435)(2,054)
Free cash flow(96)(34) 432 1,943 3,363 

Endnote 6

Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.

Reconciliation of the Classification of Capital Expenditures 

 For the three months ended For the years ended
($ millions)12/31/229/30/22 12/31/2212/31/2112/31/20
Minesite sustaining capital expenditures557571 2,0711,6731,559
Project capital expenditures324213 949747471
Capitalized interest108 291524
Total consolidated capital expenditures891792 3,0492,4352,054

Endnote 7

Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu and our 50% share of Zaldívar and Jabal Sayid. Total attributable capital expenditures for 2022 actual results also includes capitalized interest of $14 million.

Endnote 8

Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).

Endnote 9

“Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis. “Total cash costs” per ounce start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. “All-in costs” per ounce start with “All-in sustaining costs” and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures (capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life) and other non-sustaining costs (primarily non-sustaining leases, exploration and evaluation costs, community relations costs and general and administrative costs that are not associated with current operations). These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs. Barrick believes that the use of “Total cash costs” per ounce, “All-in sustaining costs” per ounce and "All-in costs" per ounce will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. “Total cash costs” per ounce, “All-in sustaining costs” per ounce and "All-in costs" per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis

  For the three months ended For the years ended
($ millions, except per ounce information in dollars) Footnote12/31/22 9/30/22  12/31/22 12/31/21 12/31/20 
Cost of sales applicable to gold production 1,890 1,638  6,813 6,504 6,832 
Depreciation (506)(393) (1,756)(1,889)(1,975)
Cash cost of sales applicable to equity method investments 56 61  222 217 222 
By-product credits (69)(50) (225)(285)(228)
Non-recurring itemsa(23)0  (23)0 1 
Otherb7 (7) (23)(48)(129)
Non-controlling interestsc(393)(360) (1,442)(1,261)(1,312)
Total cash costs 962 889  3,566 3,238 3,411 
General & administrative costs 49 26  159 151 185 
Minesite exploration and evaluation costsd23 22  75 64 79 
Minesite sustaining capital expenditurese557 571  2,071 1,673 1,559 
Sustaining leases 11 12  38 41 31 
Rehabilitation - accretion and amortization (operating sites)f14 12  50 50 46 
Non-controlling interest, copper operations and otherg(239)(264) (900)(636)(594)
 All-in sustaining costs 1,377 1,268  5,059 4,581 4,717 
Global exploration and evaluation and project expensed83 55  275 223 216 
Community relations costs not related to current operations 0 0  0 0 1 
Project capital expenditurese324 213  949 747 471 
Non-sustaining leases 0 0  0 0 4 
Rehabilitation - accretion and amortization (non-operating sites)f6 5  19 13 10 
Non-controlling interest and copper operations and otherg(130)(71) (327)(240)(157)
All-in costs 1,660 1,470  5,975 5,324 5,262 
Ounces sold - equity basis (000s ounces)h1,111 997  4,141 4,468 4,879 
Cost of sales per ouncei,j1,324 1,226  1,241 1,093 1,056 
Total cash costs per ouncej868 891  862 725 699 
Total cash costs per ounce (on a co-product basis)j,k908 925  897 765 727 
All-in sustaining costs per ouncej1,242 1,269  1,222 1,026 967 
All-in sustaining costs per ounce (on a co-product basis)j,k1,282 1,303  1,257 1,066 995 
All-in costs per ouncej1,496 1,474  1,443 1,192 1,079 
All-in costs per ounce (on a co-product basis)j,k1,536 1,508  1,478 1,232 1,107 

 

a. Non-recurring items
  These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs. Non-recurring items for the three months ended and year ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory at Veladero.
   
b, Other
  Other adjustments for the three months and year ended December 31, 2022 include the removal of total cash costs and by-product credits associated with assets which are producing incidental ounces, of $7 million and $24 million, respectively (September 30, 2022: $7 million; 2021: $51 million; 2020: $104 million). This includes Pierina, Golden Sunlight, Morila up until its divestiture in November 2020, Lagunas Norte up until its divestiture in June 2021 and Buzwagi starting in the fourth quarter of 2021.
   
c. Non-controlling interests
  Non-controlling interests include non-controlling interests related to gold production of $560 million and $2,032 million, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $491 million; 2021: $1,923 million; 2020: $1,959 million). Non-controlling interests include Nevada Gold Mines, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu and Buzwagi up until the third quarter of 2021. Refer to note 5 to the Financial Statements for further information.
   
d. Exploration and evaluation costs
  Exploration, evaluation and project expenses are presented as minesite if it supports current mine operations and project if it relates to future projects. Refer to page 61 of this MD&A.
   
e. Capital expenditures
  Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Significant projects in the current year are the expansion project at Pueblo Viejo, construction of the Third Shaft at Turquoise Ridge, and the Veladero Phase 7 leach pad expansion. Refer to page 60 of Barrick’s 2022 Year-end MD&A.
   
f. Rehabilitation - accretion and amortization
  Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provisions of our gold operations, split between operating and non-operating sites.
   
g. Non-controlling interest and copper operations
  Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interests of NGM (including South Arturo), Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu and Buzwagi (up until the third quarter of 2021) operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina, Golden Sunlight, Morila up until its divestiture in November 2020, Lagunas Norte up until its divestiture in June 2021 and Buzwagi starting in the fourth quarter of 2021. The impact is summarized as the following:

 

($ millions)For the three months endedFor the years ended
Non-controlling interest, copper operations and other12/31/22 9/30/22 12/31/22 12/31/21 12/31/20 
General & administrative costs(8)(5)(31)(21)(25)
Minesite exploration and evaluation costs(8)(9)(27)(19)(25)
Rehabilitation - accretion and amortization (operating sites)(6)(3)(16)(14)(14)
Minesite sustaining capital expenditures(217)(247)(826)(582)(530)
All-in sustaining costs total(239)(264)(900)(636)(594)
Global exploration and evaluation and project costs(8)(9)(32)(19)(25)
Project capital expenditures(122)(62)(295)(221)(132)
All-in costs total(130)(71)(327)(240)(157)

 

h. Ounces sold - equity basis
  Figures remove the impact of Pierina, Golden Sunlight, Morila up until its divestiture in November 2020, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.
   
i. Cost of sales per ounce
  Figures remove the cost of sales impact of Pierina of $7 million and $24 million, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $6 million; 2021: $20 million; 2020: $18 million); Golden Sunlight of $nil and $nil, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $nil; 2021: $nil; 2020: $nil); up until its divestiture in November 2020, Morila of $nil and $nil, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $nil; 2021: $nil; 2020: $22 million); up until its divestiture in June 2021, Lagunas Norte of $nil and $nil, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $nil; 2021: $37 million; 2020: $92 million); and starting in the fourth quarter of 2021, Buzwagi of $nil and $nil, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $nil; 2021: $nil; 2020: $nil), which are producing incidental ounces. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
   
j. Per ounce figures
  Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.
   
k. Co-product costs per ounce
  Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

 

($ millions)For the three months endedFor the years ended
 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20 
By-product credits69 50 225 285 228 
Non-controlling interest(25)(16)(78)(108)(92)
By-product credits (net of non-controlling interest)44 34 147 177 136 

Endnote 10

Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

Endnote 11

“C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures related to our copper mine operations. We believe that “C1 cash costs” per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. “C1 cash costs” per pound excludes royalties and production taxes and non-routine charges as they are not direct production costs. “All-in sustaining costs” per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. “All-in sustaining costs” per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties and production taxes, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis

 For the three months ended
  For the years ended
 
($ millions, except per pound information in dollars)12/31/22 9/30/22  12/31/22 12/31/21 12/31/20 
Cost of sales197 172  666 569 556 
Depreciation/amortization(92)(59) (223)(197)(208)
Treatment and refinement charges47 54  199 161 157 
Cash cost of sales applicable to equity method investments90 81  317 313 267 
Less: royalties(16)(23) (103)(103)(54)
By-product credits(3)(2) (14)(15)(15)
C1 cash cost of sales223 223  842 728 703 
General & administrative costs8 4  30 17 18 
Rehabilitation - accretion and amortization2 0  4 6 8 
Royalties16 23  103 103 54 
Minesite exploration and evaluation costs6 8  22 14 5 
Minesite sustaining capital expenditures139 115  410 234 223 
Sustaining leases2 1  6 9 9 
All-in sustaining costs396 374  1,417 1,111 1,020 
Pounds sold - consolidated basis (millions pounds)99 120  445 423 457 
Cost of sales per pounda,b3.19 2.30  2.43 2.32 2.02 
C1 cash costs per pounda2.25 1.86  1.89 1.72 1.54 
All-in s