The foundation of Barrick’s exploration strategy is a deep organizational understanding that discovery through exploration is a long-term investment and the main value driver for the business – not a process. Barrick’s exploration strategy has multiple elements that all need to be in balance to deliver on its business plan for growth and long-term sustainability.

First, Barrick seeks to deliver projects of a short- to medium-term nature that will drive improvements in mine plans. Second, it seeks to make new discoveries that have the potential to add to Barrick's Tier One Gold Asset portfolio. Third, Barrick works to optimize the value of its major undeveloped projects and finally, it seeks to identify emerging opportunities early in their value chain and secure them by an earn-in or outright acquisition, where appropriate.

During 2023, exploration work expanded in all regions with the addition of new projects, while ongoing work continues to return encouraging results at all stages of the target pipeline.