Forecast Production
200,000 - 220,000
Ounces
Forecast Cost of sales per ounce
?
Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing
the non-controlling interest of 40% Pueblo Viejo, 36.1% Tanzania until September 30, 2019 (notwithstanding the completion of the
Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1%
in the income statement for the entirety of the third quarter of 2019 as a matter of convenience) and 40% South Arturo from cost of
sales (63.1% of South Arturo from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines)), divided by attributable
gold ounces. The non-controlling interest of 20% Loulo-Gounkoto and 10.3% of Tongon is also removed from cost of sales and our
proportionate share of cost of sales attributable to equity method investments (Kibali and Morila) is included commencing January
1, 2019, the effective date of the Merger. Also removes the non-controlling interest of 38.5% Nevada Gold Mines from cost of sales
from July 1, 2019 onwards. Cost of sales applicable to copper per pound is calculated using cost of sales applicable to copper
including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by
consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).
$960 - $1,010
Forecast Total cash costs per ounce
?
“Total cash costs” per ounce, “All-in sustaining costs” per ounce and "All-in costs" per ounce are non-GAAP financial performance
measures. “Total cash costs” per ounce starts with cost of sales related to gold production but removes depreciation, the noncontrolling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Total cash costs”
per ounce and add further costs which reflect the expenditures made to maintain current production levels, primarily sustaining
capital expenditures, sustaining leases, general & administrative costs, minesite exploration and evaluation costs, and reclamation
cost accretion and amortization. "All-in costs" per ounce starts with "All-in sustaining costs" per ounce and adds additional costs
that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures and other nonsustaining 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 investors, analysts and other stakeholders 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 any standardized
meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a
market development organization for the gold industry comprised of and funded by 25 gold mining companies from around the
world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. Starting
from the first quarter of 2019, we have renamed "cash costs" to "total cash costs" when referring to our gold operations. The
calculation of total cash costs is identical to our previous calculation of cash costs with only a change in the naming convention of
this non-GAAP measure. These measures should not be considered in isolation or as a substitute for measures prepared in
accordance with IFRS. Further details on these non-GAAP 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.
$800 - $850
Forecast All-in sustaining costs per ounce
?
“Total cash costs” per ounce, “All-in sustaining costs” per ounce and "All-in costs" per ounce are non-GAAP financial performance
measures. “Total cash costs” per ounce starts with cost of sales related to gold production but removes depreciation, the noncontrolling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Total cash costs”
per ounce and add further costs which reflect the expenditures made to maintain current production levels, primarily sustaining
capital expenditures, sustaining leases, general & administrative costs, minesite exploration and evaluation costs, and reclamation
cost accretion and amortization. "All-in costs" per ounce starts with "All-in sustaining costs" per ounce and adds additional costs
that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures and other nonsustaining 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 investors, analysts and other stakeholders 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 any standardized
meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a
market development organization for the gold industry comprised of and funded by 25 gold mining companies from around the
world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. Starting
from the first quarter of 2019, we have renamed "cash costs" to "total cash costs" when referring to our gold operations. The
calculation of total cash costs is identical to our previous calculation of cash costs with only a change in the naming convention of
this non-GAAP measure. These measures should not be considered in isolation or as a substitute for measures prepared in
accordance with IFRS. Further details on these non-GAAP 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.
$1,200 - $1,250