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2024 Mineral Reserves & Resources

2024 Reserves & Resources

Barrick Grows Gold and Copper Reserves Significantly, Setting It Apart From Peers as It Positions for Growth

Attributable proven and probable gold mineral reserves grow by 17.4 million ounces before 2024 depletion, while copper mineral reserves grow by 224% year-on-year on an attributable basis.

Press Release / February 6, 2025

Mineral Reserves & Resources
As at December 31, 2024 (unless otherwise noted)

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Gold Mineral Reserves1,2,3,5

As at December 31, 2024PROVEN9 PROBABLE9 TOTAL9
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 surface 0.00533.740.00064 0.00533.740.00064
Bulyanhulu underground 0.617.060.14 166.963.6 176.963.8
Bulyanhulu (84.00%) total 0.627.030.14 166.963.6 176.963.8
Jabal Sayid surface 0.140.660.0030 0.140.660.0030
Jabal Sayid underground 8.70.320.089 4.50.460.066 130.370.16
Jabal Sayid (50.00%) total 8.80.320.092 4.50.460.066 130.370.16
Kibali surface 6.42.000.41 172.171.2 242.131.6
Kibali underground 7.04.451.0 163.741.9 233.962.9
Kibali (45.00%) total 133.281.4 332.933.2 473.034.6
Loulo-Gounkoto surface4 112.430.83 153.301.6 262.952.5
Loulo-Gounkoto underground4 7.65.131.3 234.823.6 314.904.9
Loulo-Gounkoto (80.00%) total4 183.562.1 394.225.2 574.007.3
North Mara surface 5.33.900.66 251.511.2 301.921.9
North Mara underground 2.03.370.22 5.94.430.84 7.94.161.1
North Mara (84.00%) total 7.33.750.88 312.072.0 382.392.9
Tongon surface (89.70%) 3.22.100.21 4.82.630.40 8.02.410.62
AFRICA AND MIDDLE EAST TOTAL522.914.8 1303.5215 1803.3519
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 1100.652.4 4800.599.2 6000.6012
Porgera surface 0.112.070.0076 7.22.880.67 7.32.870.68
Porgera underground 0.696.420.14 3.26.480.66 3.96.470.81
Porgera (24.50%) total 0.815.800.15 103.981.3 114.111.5
Pueblo Viejo surface (60.00%) 482.273.5 1302.068.8 1802.1112
Reko Diq surface (50.00%) 1,4000.2813 1,4000.2813
Veladero surface (50.00%) 240.660.51 490.681.1 730.671.6
LATIN AMERICA AND ASIA PACIFIC TOTAL1901.096.6 2,1000.4933 2,3000.5440
NORTH AMERICA
Carlin surface 4.11.600.21 582.394.4 622.334.6
Carlin underground 0.0506.170.010 207.694.8 207.694.8
Carlin (61.50%) total 4.11.660.22 773.739.3 823.629.5
Cortez surface 1.02.780.090 631.022.1 641.052.2
Cortez underground 286.786.1 286.786.1
Cortez (61.50%) total 1.02.780.090 912.798.2 922.798.3
Hemlo surface 250.930.75 250.930.75
Hemlo underground 0.293.840.036 6.24.300.86 6.54.280.90
Hemlo (100%) total 0.293.840.036 311.601.6 321.621.6
Phoenix surface (61.50%) 5.20.640.11 870.631.8 920.631.9
Turquoise Ridge surface 162.261.2 111.920.66 272.121.8
Turquoise Ridge underground 6.311.322.3 169.484.8 2210.007.1
Turquoise Ridge (61.50%) total 224.823.4 276.425.5 495.698.9
NORTH AMERICA TOTAL 333.693.9 3102.6126 3502.7130
TOTAL 2701.7515 2,5000.9074 2,8000.9989
See “Mineral Reserves and Resources Endnotes”.

 

Copper Mineral Reserves1,2,3,5

As at December 31, 2024PROVEN9 PROBABLE9 TOTAL9
TonnesCu
Grade
Contained
Cu
TonnesCu
Grade
Contained
Cu
TonnesCu
Grade
Contained
Cu
Based on attributable tonnes (Mt)(%)(Mt) (Mt)(%)(Mt) (Mt)(%)(Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.00530.380.000020 0.00530.380.000020
Bulyanhulu underground 0.610.410.0025 160.350.057 170.350.060
Bulyanhulu (84.00%) total 0.620.410.0025 160.350.057 170.350.060
Jabal Sayid surface 0.142.680.0037 0.142.680.0037
Jabal Sayid underground 8.72.120.18 4.52.160.097 132.140.28
Jabal Sayid (50.00%) total 8.82.130.19 4.52.160.097 132.140.28
Lumwana surface (100%) 1400.490.68 1,5000.537.6 1,6000.528.3
AFRICA AND MIDDLE EAST TOTAL 1500.590.87 1,5000.537.8 1,6000.548.7
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 1100.190.22 4800.231.1 6000.221.3
Reko Diq surface (50.00%) 1,5000.487.3 1,5000.487.3
Zaldívar surface (50.00%) 1100.440.48 660.410.27 1800.430.75
LATIN AMERICA AND ASIA PACIFIC TOTAL 2200.310.70 2,1000.428.6 2,3000.419.4
NORTH AMERICA
Phoenix surface (61.50%) 6.90.160.011 1100.180.20 1200.180.21
NORTH AMERICA TOTAL 6.90.160.011 1100.180.20 1200.180.21
TOTAL 3800.421.6 3,6000.4617 4,0000.4518
See “Mineral Reserves and Resources Endnotes”.

 

Silver Mineral Reserves1,2,3,5

As at December 31, 2024 PROVEN9 PROBABLE9 TOTAL9
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 surface 0.00537.290.0012 0.00537.290.0012
Bulyanhulu underground 0.616.980.14 165.512.9 175.563.0
Bulyanhulu (84.00%) total 0.626.980.14 165.512.9 175.563.0
AFRICA AND MIDDLE EAST TOTAL 0.626.980.14 165.512.9 175.563.0
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 1101.917.0 4801.4322 6001.5229
Pueblo Viejo surface (60.00%) 4812.4419 13012.6954 18012.6273
Veladero surface (50.00%) 2412.9210.0 4913.9622 7313.6232
LATIN AMERICA AND ASIA PACIFIC TOTAL 1906.0436 6704.6098 8504.92130
NORTH AMERICA
Phoenix surface (61.50%) 5.27.871.3 877.7822 927.7823
NORTH AMERICA TOTAL 5.27.871.3 877.7822 927.7823
TOTAL 1906.0938 7704.98120 9605.20160
See “Mineral Reserves and Resources Endnotes”.

 

Gold Mineral Resources 1,3,5,6,7,8

As at December 31, 2024MEASURED (M)9 INDICATED (I)9 (M) + (I)9 INFERRED10
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 surface0.00533.740.00064 0.00064
Bulyanhulu underground2.87.940.72 287.166.5 7.2 117.22.5
Bulyanhulu (84.00%) total2.87.930.72 287.166.5 7.2 117.22.5
Jabal Sayid surface0.140.660.0030 0.0030
Jabal Sayid underground9.10.390.11 6.40.500.10 0.22 1.10.60.021
Jabal Sayid (50.00%) total9.20.400.12 6.40.500.10 0.22 1.10.60.021
Kibali surface9.52.140.65 262.171.8 2.5 8.22.20.58
Kibali underground114.431.5 293.453.3 4.8 4.32.50.35
Kibali (45.00%) total203.342.1 562.855.1 7.3 122.30.93
Loulo-Gounkoto surface4122.410.95 193.342.1 3.0 2.82.40.22
Loulo-Gounkoto underground4184.212.4 384.225.1 7.6 122.00.81
Loulo-Gounkoto (80.00%) total4303.483.4 573.937.2 11 152.11.0
North Mara surface7.83.190.80 361.601.9 2.7 2.01.60.10
North Mara underground6.82.170.48 292.292.1 2.6 8.91.60.47
North Mara (84.00%) total152.711.3 651.914.0 5.3 111.60.57
Tongon surface (89.70%)3.82.240.28 4.82.710.42 0.70 1.52.30.11
AFRICA AND MIDDLE EAST TOTAL813.057.9 2203.3423 31 523.15.2
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 surface 282.352.1 2.1 171.70.94
Porgera underground0.746.870.16 4.06.420.82 0.98 1.96.40.38
Porgera (24.50%) total0.746.870.16 322.862.9 3.1 192.21.3
Pueblo Viejo surface (60.00%)612.094.1 1901.8711 15 7.51.60.38
Reko Diq surface (50.00%) 1,8000.2515 15 6400.23.9
Veladero surface (50.00%)260.650.53 850.651.8 2.3 160.50.29
LATIN AMERICA AND ASIA PACIFIC TOTAL3201.0811 3,7000.6070 81 1,2000.415
NORTH AMERICA
Carlin surface8.81.290.37 962.066.4 6.7 291.31.2
Carlin underground0.0868.550.024 337.928.5 8.6 197.34.5
Carlin (61.50%) total8.91.360.39 1303.5715 15 483.75.7
Cortez surface1.62.790.15 1000.973.2 3.3 310.60.63
Cortez underground 396.308.0 8.0 155.62.8
Cortez (61.50%) total1.62.790.15 1402.4511 11 462.33.4
Donlin surface (50.00%) 2702.2420 20 462.03.0
Fourmile underground (100%) 3.611.761.4 1.4 1414.16.4
Hemlo surface 501.001.6 1.6 5.00.70.12
Hemlo underground3.94.370.55 9.84.041.3 1.8 3.54.50.50
Hemlo (100%) total3.94.370.55 601.492.9 3.4 8.52.30.62
Phoenix surface (61.50%)5.20.640.11 2400.493.9 4.0 160.40.19
Turquoise Ridge surface162.221.2 291.691.6 2.7 141.10.51
Turquoise Ridge underground6.612.012.5 189.915.8 8.4 3.78.51.0
Turquoise Ridge (61.50%) total235.023.7 474.877.4 11 182.61.5
NORTH AMERICA TOTAL433.584.9 9002.1261 66 2003.321
TOTAL4501.6824 4,8001.01150 180 1,4000.941
See “Mineral Reserves and Resources Endnotes”.

 

Copper Mineral Resources1,3,5,6,7,8

As at December 31, 2024MEASURED (M)9 INDICATED (I)9 (M) + (I)9 INFERRED10
TonnesGradeContained
Cu
TonnesGradeContained
Cu
Contained
Cu
TonnesGradeContained
Cu
Based on attributable tonnes (Mt)(%)(Mt) (Mt)(%)(Mt) (Mt) (Mt)(%)(Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.00530.380.000020 0.000020
Bulyanhulu underground 2.80.370.010 280.360.10 0.11 110.30.036
Bulyanhulu (84.00%) total 2.80.370.010 280.360.10 0.11 110.30.036
Jabal Sayid surface 0.142.680.0037 0.0037
Jabal Sayid underground 9.12.490.23 6.42.230.14 0.37 1.10.50.0058
Jabal Sayid (50.00%) total 9.22.500.23 6.42.230.14 0.37 1.10.50.0058
Lumwana surface (100%) 1700.450.77 1,8000.509.2 10 2300.40.91
AFRICA AND MIDDLE EAST TOTAL 1900.551.0 1,9000.519.4 10 2400.40.95
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%) 2,0000.438.4 8.4 6900.32.2
Zaldívar surface (50.00%) 2400.390.94 2900.361.0 2.0 150.30.048
LATIN AMERICA AND ASIA PACIFIC TOTAL 4100.311.3 3,3000.3512 13 1,1000.33.0
NORTH AMERICA
Phoenix surface (61.50%) 6.90.160.011 3000.170.51 0.52 180.20.028
NORTH AMERICA TOTAL 6.90.160.011 3000.170.51 0.52 180.20.028
TOTAL 6000.382.3 5,4000.3922 24 1,3000.33.9
See “Mineral Reserves and Resources Endnotes”.

 

Silver Mineral Resources1,3,5,6,7,8

As at December 31, 2024MEASURED (M)9 INDICATED (I)9 (M) + (I)9 INFERRED10
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 0.00537.290.0012 0.0012
Bulyanhulu underground 2.86.870.62 285.565.1 5.7 115.72.0
Bulyanhulu (84.00%) total 2.86.870.62 285.565.1 5.7 115.72.0
AFRICA AND MIDDLE EAST TOTAL 2.86.870.62 285.565.1 5.7 115.72.0
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%) 6111.4722 19011.2268 91 7.56.81.6
Veladero surface (50.00%) 2613.0811 8513.9138 49 1615.88.2
LATIN AMERICA AND ASIA PACIFIC TOTAL 32011.81120 1,70014.36810 930 4102.330
NORTH AMERICA
Phoenix surface (61.50%) 5.27.871.3 2406.4050 52 164.22.2
NORTH AMERICA TOTAL 5.27.871.3 2406.4050 52 164.22.2
TOTAL 33011.70120 2,00013.28860 990 4402.434
See “Mineral Reserves and Resources Endnotes”.

 

Summary Gold Mineral Reserves1,2,3,5

For the years ended December 3120242023
OwnershipTonnesGrade9OuncesOwnershipTonnesGrade9Ounces
Based on attributable ounces%(Mt)(g/t)(Moz)%(Mt)(g/t)(Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface84.00%0.00533.740.0006484.00%0.00885.890.0017
Bulyanhulu underground84.00%176.963.884.00%186.053.4
Bulyanhulu Total84.00%176.963.884.00%186.053.4
Jabal Sayid surface50.00%0.140.660.003050.00%0.0640.380.00078
Jabal Sayid underground50.00%130.370.1650.00%140.340.15
Jabal Sayid Total50.00%130.370.1650.00%140.340.15
Kibali surface45.00%242.131.645.00%242.051.6
Kibali underground45.00%233.962.945.00%244.103.1
Kibali Total45.00%473.034.645.00%473.074.7
Loulo-Gounkoto surface480.00%262.952.580.00%242.842.1
Loulo-Gounkoto underground480.00%314.904.980.00%334.815.1
Loulo-Gounkoto Total480.00%574.007.380.00%573.997.2
North Mara surface84.00%301.921.984.00%301.901.8
North Mara underground84.00%7.94.161.184.00%9.33.601.1
North Mara Total84.00%382.392.984.00%392.302.9
Tongon surface89.70%8.02.410.6289.70%5.51.980.35
AFRICA AND MIDDLE EAST TOTAL 1803.3519 1803.2419
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface50.00%6000.601250.00%6000.6012
Porgera surface24.50%7.32.870.6824.50%5.03.550.57
Porgera underground24.50%3.96.470.8124.50%2.96.960.65
Porgera Total24.50%114.111.524.50%7.94.811.2
Pueblo Viejo surface60.00%1802.111260.00%1702.1412
Reko Diq surface50.00%1,4000.281350.00%
Veladero surface50.00%730.671.650.00%890.702.0
LATIN AMERICA AND ASIA PACIFIC TOTAL 2,3000.5440 8700.9627
NORTH AMERICA
Carlin surface61.50%622.334.661.50%652.395.0
Carlin underground61.50%207.694.861.50%178.344.6
Carlin Total61.50%823.629.561.50%823.649.7
Cortez surface61.50%641.052.261.50%1100.822.8
Cortez underground61.50%286.786.161.50%277.276.3
Cortez Total61.50%922.798.361.50%1302.139.0
Hemlo surface100%250.930.75100%270.970.84
Hemlo underground100%6.54.280.90100%6.84.120.90
Hemlo Total100%321.621.6100%341.601.7
Phoenix surface61.50%920.631.961.50%1000.581.9
Turquoise Ridge surface61.50%272.121.861.50%222.361.7
Turquoise Ridge underground61.50%2210.007.161.50%2010.666.9
Turquoise Ridge Total61.50%495.698.961.50%436.298.6
NORTH AMERICA TOTAL 3502.7130 3902.4531
TOTAL 2,8000.9989 1,4001.6577
See “Mineral Reserves and Resources Endnotes”.

 

Summary Copper Mineral Reserves1,2,3,5

For the years ended December 3120242023
OwnershipTonnesCu
Grade
9
Contained
Tonnes
OwnershipTonnesCu
Grade9
Contained
Tonnes
Based on attributable tonnes%(Mt)(%)(Mt)%(Mt)(%)(Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface84.00%0.00530.380.00002084.00%0.00880.290.000026
Bulyanhulu underground84.00%170.350.06084.00%180.360.063
Bulyanhulu Total84.00%170.350.06084.00%180.360.063
Jabal Sayid surface50.00%0.142.680.003750.00%0.0642.630.0017
Jabal Sayid underground50.00%132.140.2850.00%142.220.30
Jabal Sayid Total50.00%132.140.2850.00%142.230.30
Lumwana surface100%1,6000.528.3100%5100.583.0
AFRICA AND MIDDLE EAST TOTAL 1,6000.548.7 5400.623.3
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%)50.00%6000.221.350.00%6000.221.3
Reko Diq surface (50.00%)50.00%1,5000.487.350.00%
Zaldívar surface (50.00%)50.00%1800.430.7550.00%1800.420.74
LATIN AMERICA AND ASIA PACIFIC TOTAL 2,3000.419.4 7800.262.0
NORTH AMERICA
Phoenix surface61.50%1200.180.2161.50%1400.170.23
NORTH AMERICA TOTAL 1200.180.21 1400.170.23
TOTAL 4,0000.4518 1,5000.395.6
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, 2024 (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 Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive. For 2024, reserves have been estimated based on an assumed gold price of US$1,400 per ounce, an assumed silver price of US$20.00 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, and Hemlo open pit, both where mineral reserves for 2024 were estimated using $1,650/oz; at Zaldívar, where mineral reserves for 2024 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.80 per pound and at Norte Abierto where mineral reserves are reported by Newmont within a $1,200/oz, $2.75/lb copper and $22/oz Ag pit design, before application of updated 2023 project economics using escalated operating and capital costs resulting in Newmont guidance of $1,600/oz gold, $4.00/lb copper and $23/oz silver for assumed mineral reserve commodity prices. 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. 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, 2024 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. Mineral resources and mineral reserves for the Loulo-Gounkoto Complex have been estimated under the 1991 Malian Mining Code and the Loulo and Gounkoto Mining Conventions under which the Complex has operated to date. Any update to applicable terms as a result of ongoing engagements with the Government of Mali will be incorporated after a definitive agreement is reached.
  5. 2024 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.
  6. For 2024, mineral resources have been estimated based on an assumed gold price of US$1,900 per ounce, an assumed silver price of US$24.00 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 2024 were estimated using Antofagasta guidance and an assumed copper price of US$4.40 per pound and Norte Abierto where mineral resources are reported by Newmont within a $1,400/oz, $3.25/lb copper and $20/oz Ag pit shell, before application of updated 2023 project economics using escalated operating and capital costs resulting in Newmont guidance of $1,600/oz gold, $4.00/lb copper and $23/oz silver for assumed mineral resource commodity price. For 2023, 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$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for 2023 were calculated using Antofagasta guidance and an assumed copper price of US$4.20.
  7. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
  8. Mineral resources are reported inclusive of mineral reserves.
  9. 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.
  10. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place.