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2021 Mineral Reserves & Resources

2023 Reserves & Resources

Geologically Driven Asset Management Delivers Third Successive Year of Reserve Growth at Sustained Quality, While Unlocking Embedded Growth Portfolio

Barrick grew attributable proven and probable gold mineral reserves by 5.0 million ounces before 2023 depletion, while continuing to maintain the quality of the mineral reserve base.

Press Release / February 8, 2024

Mineral Reserves & Resources
As at December 31, 2023 (unless otherwise noted)

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Gold Mineral Reserves1,2,3,6

As at December 31, 2023PROVEN 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 surface0.00885.890.0017 0.00885.890.0017
Bulyanhulu underground1.56.790.32 165.983.1 186.053.4
Bulyanhulu (84.00%) total1.56.780.32 165.983.1 186.053.4
Jabal Sayid surface0.0640.380.00078 0.0640.380.00078
Jabal Sayid underground6.70.310.065 6.90.370.083 140.340.15
Jabal Sayid (50.00%) total6.70.310.066 6.90.370.083 140.340.15
Kibali surface5.52.020.36 182.061.2 242.051.6
Kibali underground8.34.381.2 153.941.9 244.103.1
Kibali (45.00%) total143.441.5 332.923.1 473.074.7
Loulo-Gounkoto surface112.310.82 133.301.3 242.842.1
Loulo-Gounkoto underground9.05.081.5 244.703.6 334.815.1
Loulo-Gounkoto (80.00%) total203.562.3 364.224.9 573.997.2
North Mara surface0.102.460.0080 301.901.8 301.901.8
North Mara underground2.73.010.26 6.53.840.81 9.33.601.1
North Mara (84.00%) total2.82.990.27 362.252.6 392.302.9
Tongon surface (89.70%)3.12.020.20 2.51.940.15 5.51.980.35
AFRICA AND MIDDLE EAST TOTAL483.044.7 1303.3214 1803.2419
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 underground40.666.690.14 2.27.050.51 2.96.960.65
Porgera (24.50%) total40.666.690.14 7.24.641.1 7.94.811.2
Pueblo Viejo surface (60.00%)392.282.8 1402.109.1 1702.1412
Veladero surface (50.00%)200.600.38 690.721.6 890.702.0
LATIN AMERICA AND ASIA PACIFIC TOTAL1701.035.8 7000.9421 8700.9627
NORTH AMERICA
Carlin surface3.71.800.22 612.434.8 652.395.0
Carlin underground 178.344.6 178.344.6
Carlin (61.50%) total3.71.800.22 793.739.4 823.649.7
Cortez surface1.11.860.064 1000.812.7 1100.822.8
Cortez underground 277.276.3 277.276.3
Cortez (61.50%) total1.11.860.064 1302.139.0 1302.139.0
Hemlo surface 270.970.84 270.970.84
Hemlo underground0.764.490.11 6.04.070.79 6.84.120.90
Hemlo (100%) total0.764.490.11 331.531.6 341.601.7
Phoenix surface (61.50%)3.80.810.100 970.571.8 1000.581.9
Turquoise Ridge surface162.361.2 6.92.370.52 222.361.7
Turquoise Ridge underground8.111.583.0 1210.043.9 2010.666.9
Turquoise Ridge (61.50%) total245.534.2 197.244.4 436.298.6
NORTH AMERICA TOTAL334.424.7 3602.2726 3902.4531
TOTAL2501.8515 1,2001.6161 1,4001.6577
See “Mineral Reserves and Resources Endnotes”.

 

Copper Mineral Reserves1,2,3,6

As at December 31, 2023PROVEN PROBABLE TOTAL
TonnesCu GradeContained Cu TonnesCu GradeContained Cu TonnesCu GradeContained Cu
Based on attributable pounds(Mt)(%)(Mt) (Mt)(%)(Mt) (Mt)(%)(Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface0.00880.290.000026 0.00880.290.000026
Bulyanhulu underground1.50.360.0052 160.360.058 180.360.063
Bulyanhulu (84.00%) total1.50.360.0052 160.360.058 180.360.063
Jabal Sayid surface0.0642.630.0017 0.0642.630.0017
Jabal Sayid underground6.72.340.16 6.92.120.15 142.220.30
Jabal Sayid (50.00%) total6.72.340.16 6.92.120.15 142.230.30
Lumwana surface (100%)880.540.48 4200.592.5 5100.583.0
AFRICA AND MIDDLE EAST TOTAL970.660.64 4500.612.7 5400.623.3
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%)1100.190.22 4800.231.1 6000.221.3
Zaldívar surface (50.00%)1000.450.45 770.380.29 1800.420.74
LATIN AMERICA AND ASIA PACIFIC TOTAL2100.310.66 5600.251.4 7800.262.0
NORTH AMERICA
Phoenix surface (61.50%)5.90.160.0092 1300.170.22 1400.170.23
NORTH AMERICA TOTAL5.90.160.0092 1300.170.22 1400.170.23
TOTAL3200.411.3 1,1000.384.3 1,5000.395.6
See “Mineral Reserves and Resources Endnotes”.

 

Silver Mineral Reserves1,2,3,6

As at December 31, 2023PROVEN PROBABLE TOTAL
TonnesAg GradeContained Ag TonnesAg GradeContained Ag TonnesAg GradeContained Ag
Based on attributable ounces(Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface0.00886.110.0017 0.00886.110.0017
Bulyanhulu underground1.56.850.32 166.083.2 186.143.5
Bulyanhulu (84.00%) total1.56.840.32 166.083.2 186.143.5
AFRICA AND MIDDLE EAST TOTAL1.56.840.32 166.083.2 186.143.5
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%)1101.917.0 4801.4322 6001.5229
Pueblo Viejo surface (60.00%)3913.1516 14013.2658 17013.2474
Veladero surface (50.00%)2013.438.5 6913.8331 8913.7439
LATIN AMERICA AND ASIA PACIFIC TOTAL1705.7332 6905.01110 8605.16140
NORTH AMERICA
Phoenix surface (61.50%)3.87.970.98 976.9322 1006.9723
NORTH AMERICA TOTAL3.87.970.98 976.9322 1006.9723
TOTAL1805.7933 8005.27140 9805.36170
See “Mineral Reserves and Resources Endnotes”.

 

Gold Mineral Resources1,3,6,7,8,9

As at December 31, 2023MEASURED (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 surface0.00885.890.0017 0.0017
Bulyanhulu underground3.57.800.88 256.505.3 6.2 177.64.1
Bulyanhulu (84.00%) total3.57.800.88 256.505.3 6.2 177.64.1
Jabal Sayid surface0.0640.380.00078 0.00078
Jabal Sayid underground8.80.350.098 6.80.460.10 0.20 1.30.60.026
Jabal Sayid (50.00%) total8.80.350.099 6.80.460.10 0.20 1.30.60.026
Kibali surface9.02.070.60 262.031.7 2.3 4.22.00.26
Kibali underground105.001.6 214.192.9 4.5 4.73.50.53
Kibali (45.00%) total193.632.2 473.004.6 6.8 8.82.80.79
Loulo-Gounkoto surface122.370.90 183.372.0 2.9 3.02.70.26
Loulo-Gounkoto underground194.332.7 354.384.9 7.6 132.30.95
Loulo-Gounkoto (80.00%) total313.593.6 534.036.9 10 162.41.2
North Mara surface7.73.360.83 341.631.8 2.6 3.01.60.16
North Mara underground6.42.200.45 282.232.0 2.5 6.91.70.38
North Mara (84.00%) total142.831.3 621.913.8 5.1 9.91.70.54
Tongon surface (89.70%)4.92.220.35 7.52.210.53 0.88 2.32.40.18
AFRICA AND MIDDLE EAST TOTAL823.218.4 2003.2621 30 553.96.8
LATIN AMERICA AND ASIA PACIFIC
Alturas surface (100%) 581.162.2 2.2 1300.83.6
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%)502.103.4 1901.9212 15 4.81.60.24
Reko Diq surface (50.00%)5 1,8000.2514 14 6000.23.8
Veladero surface (50.00%)220.600.42 1100.682.3 2.7 180.50.32
LATIN AMERICA AND ASIA PACIFIC TOTAL3101.0610 3,6000.6070 81 1,1000.414
NORTH AMERICA
Carlin surface8.31.370.37 1302.148.7 9.0 421.31.7
Carlin underground 317.457.3 7.3 197.34.4
Carlin (61.50%) total8.31.370.37 1603.1816 16 613.26.2
Cortez surface1.11.860.064 1500.834.0 4.0 810.51.3
Cortez underground 396.397.9 7.9 165.42.8
Cortez (61.50%) total1.11.860.064 1901.9712 12 971.34.0
Donlin surface (50.00%) 2702.2420 20 462.03.0
Fourmile underground (100%) 1.510.040.48 0.48 8.210.12.7
Hemlo surface 501.001.6 1.6 5.00.70.12
Hemlo underground0.984.400.14 114.321.5 1.6 2.65.90.50
Hemlo (100%) total0.984.400.14 611.583.1 3.2 7.72.50.62
Long Canyon surface 5.22.620.44 0.44 1.10.90.029
Long Canyon underground 1.110.680.38 0.38 0.539.10.16
Long Canyon (61.50%) total 6.44.030.82 0.82 1.63.60.18
Phoenix surface (61.50%)3.80.810.100 2500.483.8 3.9 290.30.31
Turquoise Ridge surface172.221.2 232.521.9 3.1 8.12.30.60
Turquoise Ridge underground1010.723.6 198.965.5 9.1 1.57.70.37
Turquoise Ridge (61.50%) total285.404.8 425.437.4 12 9.63.20.97
NORTH AMERICA TOTAL424.065.5 9702.0163 68 2602.118
TOTAL4301.7624 4,8001.00150 180 1,5000.839
See “Mineral Reserves and Resources Endnotes”.

 

Copper Mineral Resources1,3,6,7,8,9

As at December 31, 2023MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11
TonnesGradeContained Cu TonnesGradeContained Cu Contained Cu TonnesGradeContained Cu
Based on attributable pounds(Mt)(%)(Mt) (Mt)(%)(Mt) (Mt) (Mt)(%)(Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface0.00880.290.000026 0.000026
Bulyanhulu underground3.50.370.013 250.370.095 0.11 170.50.078
Bulyanhulu (84.00%) total3.50.370.013 250.370.095 0.11 170.50.078
Jabal Sayid surface0.0642.630.0017 0.0017
Jabal Sayid underground8.82.580.23 6.82.250.15 0.38 1.30.70.0092
Jabal Sayid (50.00%) total8.82.580.23 6.82.250.15 0.38 1.30.70.0092
Lumwana surface (100%)1600.470.75 1,2000.536.3 7.1 9100.44.0
AFRICA AND MIDDLE EAST TOTAL1700.570.99 1,2000.546.6 7.6 9300.44.1
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%)1700.210.36 1,0000.212.2 2.5 3600.20.66
Reko Diq surface (50.00%)5 1,9000.438.3 8.3 6400.32.2
Zaldívar surface (50.00%)2200.400.90 3300.361.2 2.1 210.30.070
LATIN AMERICA AND ASIA PACIFIC TOTAL4000.321.3 3,3000.3512 13 1,0000.32.9
NORTH AMERICA
Phoenix surface (61.50%)5.90.160.0092 3500.160.55 0.56 310.20.050
NORTH AMERICA TOTAL5.90.160.0092 3500.160.55 0.56 310.20.050
TOTAL5800.392.2 4,9000.3919 21 2,0000.47.1
See “Mineral Reserves and Resources Endnotes”.

 

Silver Mineral Resources1,3,6,7,8,9

As at December 31, 2023MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11
TonnesAg GradeContained Ag TonnesAg GradeContained Ag Contained Ag TonnesAg GradeContained Ag
Based on attributable ounces(Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Moz) (Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface0.00886.110.0017 0.0017
Bulyanhulu underground3.56.910.78 256.365.2 6.0 177.44.0
Bulyanhulu (84.00%) total3.56.900.78 256.365.2 6.0 177.44.0
AFRICA AND MIDDLE EAST TOTAL3.56.900.78 256.365.2 6.0 177.44.0
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%)5012.0119 19011.7472 92 4.88.11.2
Veladero surface (50.00%)2213.909.7 11013.9547 57 18158.7
LATIN AMERICA AND ASIA PACIFIC TOTAL31011.95120 1,80014.41820 940 4102.330
NORTH AMERICA
Phoenix surface (61.50%)3.87.970.98 2506.1248 49 295.45.1
NORTH AMERICA TOTAL3.87.970.98 2506.1248 49 295.45.1
TOTAL31011.84120 2,00013.32870 990 4502.739
See “Mineral Reserves and Resources Endnotes”.

 

Summary Gold Mineral Reserves1,2,3

For the years ended December 3120232022
OwnershipTonnesGradeOuncesOwnershipTonnesGradeOunces
Based on attributable ounces%(Mt)(g/t)(Moz)%(Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface84.00%0.00885.890.001784.00%
Bulyanhulu underground84.00%186.053.484.00%136.342.7
Bulyanhulu Total84.00%186.053.484.00%136.342.7
Jabal Sayid surface50.00%0.0640.380.0007850.00%0.0690.340.00076
Jabal Sayid underground50.00%140.340.1550.00%130.310.13
Jabal Sayid Total50.00%140.340.1550.00%130.310.13
Kibali surface45.00%242.051.645.00%202.161.4
Kibali underground45.00%244.103.145.00%234.213.2
Kibali Total45.00%473.074.745.00%443.264.6
Loulo-Gounkoto surface80.00%242.842.180.00%252.652.2
Loulo-Gounkoto underground80.00%334.815.180.00%284.984.5
Loulo-Gounkoto Total80.00%573.997.280.00%543.876.7
North Mara surface84.00%301.901.884.00%292.062.0
North Mara underground84.00%9.33.601.184.00%9.53.431.0
North Mara Total84.00%392.302.984.00%392.403.0
Tongon surface89.70%5.51.980.3589.70%7.82.250.56
AFRICA AND MIDDLE EAST TOTAL 1803.2419 1703.2218
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface50.00%6000.601250.00%6000.6012
Porgera surface424.50%5.03.550.5724.50%5.03.550.57
Porgera underground424.50%2.96.960.6524.50%2.96.960.65
Porgera Total424.50%7.94.811.224.50%7.94.811.2
Pueblo Viejo surface60.00%1702.141260.00%1702.1912
Veladero surface50.00%890.702.050.00%850.711.9
LATIN AMERICA AND ASIA PACIFIC TOTAL 8700.9627 8700.9727
NORTH AMERICA
Carlin surface61.50%652.395.061.50%732.275.4
Carlin underground61.50%178.344.661.50%178.794.8
Carlin Total61.50%823.649.761.50%903.5010
Cortez surface61.50%1100.822.861.50%1100.903.1
Cortez underground61.50%277.276.361.50%267.786.5
Cortez Total61.50%1302.139.061.50%1302.269.6
Hemlo surface100%270.970.84100%181.490.86
Hemlo underground100%6.84.120.90100%5.14.880.81
Hemlo Total100%341.601.7100%232.251.7
Phoenix surface61.50%1000.581.961.50%1000.592.0
Turquoise Ridge surface61.50%222.361.761.50%112.270.77
Turquoise Ridge underground61.50%2010.666.961.50%239.827.2
Turquoise Ridge Total61.50%436.298.661.50%337.438.0
NORTH AMERICA TOTAL 3902.4531 3802.5431
TOTAL 1,4001.6577 1,4001.6776
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, 2023 (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, Lead - Resource Modeling, Nevada Gold Mines and reviewed by Simon Bottoms, Barrick’s Mineral Resource Management and Evaluation Executive. For 2023, 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 Tongon, where mineral reserves for 2023 were calculated using $1,500/oz; Hemlo, where mineral reserves for 2023 were calculated using $1,400/oz and at Zaldívar, where mineral reserves for 2023 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.50 per pound. For 2022, reserves were 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 calculating using Antofagasta guidance and an assumed copper price of US$3.30 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, 2023 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 tonnes 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 ownership interest in accordance with the Porgera Project Commencement Agreement (the “Commencement Agreement”) completed on December 22, 2023. The Commencement Agreement provided, among other things, for ownership of Porgera to be held in a new joint venture called New Porgera Limited, which is owned 51% by Papua New Guinea stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and accordingly Barrick has a 24.5% ownership interest in the Porgera mine. Barrick Niugini Limited has retained operatorship of the mine. Barrick expects to include Porgera in the Company’s 2024 guidance when it reports its full year and fourth quarter results on February 14, 2024. For additional information, see Barrick’s press release entitled “Recommissioning Starts as Porgera Prepares to Resume Operations in Q1 2024” dated December 22, 2023.
  5. 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 pages 41-42 of Barrick’s Third Quarter Report 2023.
  6. 2023 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper and silver and accordingly are reported as gold, copper and silver mineral resources and mineral reserves.
  7. For 2023, mineral resources have been estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except Zaldívar, where mineral resources for 2023 were calculated using Antofagasta guidance and an assumed copper price of US$4.20 per pound. For 2022, mineral resources were estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$3.75 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for 2022 were calculated using Antofagasta guidance and an assumed copper price of US$3.75
  8. All mineral resources are reported inclusive of mineral reserves.
  9. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
  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.