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Kibali

The Kibali gold mine is located in the northeast of the Democratic Republic of Congo (DRC), approximately 220 kilometres east of the capital of the Haut Uele province, Isiro, 150 kilometres west of the Ugandan border town of Arua and 1 800 kilometres from the Kenyan port of Mombasa. The mine is owned by Kibali Goldmines SA (Kibali) which is a joint venture company effectively owned 45% by each of Barrick and AngloGold Ashanti, and 10% by Société Miniére de Kilo-Moto (SOK IMO). The mine is operated by Barrick.

2019 Outlook

Production
330,000 - 350,000
Ounces ? Barrick's 45% share
Cost of sales
per ounce ? 2019 forecast cost of sales does not include the impact of the Randgold purchase price allocation.

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% Acacia, 40% South Arturo, 20% Loulo-Gounkoto and 10.3% of Tongon from cost of sales), divided by attributable gold ounces sold. 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 sold (including our proportionate share of copper pounds sold from our equity method investments).
$890 - $940
All-in sustaining
costs per ounce ? “All-in sustaining costs” per ounce is a non-GAAP financial performance measure intended to provide additional information only, and does not have any standardized meaning under IFRS. This measure should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on 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.
$670 - $730

2018 Performance

Gold produced
in 2018
363,263
Ounces ? 45% basis
Cost of sales
per ounce
$1,011
Total Cash Costs
per ounce ? Refer to explanation of non-GAAP measures provided and to the reconciliation of non-GAAP measures provided on page 19 of Randgold's Q4 2018 report.
$594

Reserves and Resources

Mineral Resources tabulations as at December 31, 2018, and reported inclusive of that material which is then modified to estimate Ore Reserves.
 
Proven and probable
gold reserves (non-attributable 100% basis) ? Proven reserves of 20 million tonnes grading 4.1 g/t representing 2.7 million ounces of gold. Probable reserves of 42 million tonnes grading 4.1 g/t representing 5.6 million ounces of gold.

Open pit Ore Reserves were reported at a gold price of $1 000/oz except KCD open pit which is reported inside a $1 100 pit design at an average cut-off of 0.96g/t, and include both dilution and ore loss factors. Open pit Ore Reserves were estimated by Nicholas Coomson, an officer of the company and Competent Person under JORC and reviewed by Simon Bottoms, a Qualified Person under CIM. Underground Ore Reserves are reported at a gold price of $1 000/oz and a cut-off of 2.4g/t and include dilution and ore loss factors. Underground Ore Reserves were estimated by Andrew Fox, an external consultant and a Competent Person under JORC and reviewed by Simon Bottoms, a Qualified Person under CIM.

Mineral Resources and Ore Reserve numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. The Mineral Resource and Ore Reserve estimates have been prepared according to JORC Code. The Qualified Person has reconciled the Ore Reserves to CIM Standards, and there are no material differences. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
8.3
Million Ounces
Measured and Indicated
gold resources (non-attributable 100% basis) ? Measured resources of 20 million tonnes grading 4.6 g/t representing 3.0 million ounces of gold. Indicated resources of 99 million tonnes grading 3.0 g/t representing 10 million ounces of gold.

Open pit Mineral Resources are the insitu Mineral Resources falling within the $1 500/oz pit shell reported at an average cut-off of 0.73g/t. Underground Mineral Resources in the KCD deposit are insitu Mineral Resources, that meet a cut-off of 1.6g/t within a minimum mineable stope shape, reported at and a gold price of $1 500/oz. KCD Mineral Resources were generated by Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM. Mineral Resources for Pakaka and Gorumbwa were generated by Rolly Wassonga, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM. Mineral Resources for Kombokolo and Pamou were generated by Rolly Wassonga, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM.

Mineral Resources and Ore Reserve numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding. The Mineral Resource and Ore Reserve estimates have been prepared according to JORC Code. The Qualified Person has reconciled the Ore Reserves to CIM Standards, and there are no material differences. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
13
Million Ounces
Inferred
gold resources (non-attributable 100% basis) ? Inferred resources of 53 million pounds grading 2.5 g/t representing 4.3 million ounces of gold.Open pit Mineral Resources are the insitu Mineral Resources falling within the $1 500/oz pit shell reported at an average cut-off of 0.73g/t. Underground Mineral Resources in the KCD deposit are insitu Mineral Resources, that meet a cut-off of 1.6g/t within a minimum mineable stope shape, reported at and a gold price of $1 500/oz. KCD Mineral Resources were generated by Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM. Mineral Resources for Pakaka and Gorumbwa were generated by Rolly Wassonga, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM. Mineral Resources for Kombokolo and Pamou were generated by Rolly Wassonga, an officer of the company, under the supervision of Simon Bottoms, an officer of the company and Competent Person under JORC and Qualified Person under CIM. Mineral Resources and Ore Reserve numbers are reported as per JORC 2012 and as such are reported to the second significant digit. Accordingly numbers may not add due to rounding.

The Mineral Resource and Ore Reserve estimates have been prepared according to JORC Code. The Qualified Person has reconciled the Ore Reserves to CIM Standards, and there are no material differences. Refer to the comments and disclaimer on page 22 of Randgold's Q4 2018 report.
4.2
Million Ounces