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North America

NORTH AMERICA

Our largest gold producing region is North America.

Nevada Gold Mines is the single largest gold mining complex in the world and anchors the production from this region. Barrick operates and owns 61.5% of this joint venture, which includes three of the company’s Tier One assets — Carlin, Cortez and Turquoise Ridge. In 2020, attributable gold production from NGM was 2.1 million ounces.

The development of the Goldrush project and a third shaft at Turquoise Ridge continues to advance on schedule and within budget. Together with Barrick’s Fourmile project, these growth initiatives will secure the Tier One status of Cortez and Turquoise Ridge well into the future.

Gold Cost of Sales, Total Cash Costs and AISC See page 143 of the Annual Report 2020 for corresponding endnotes.

Gold Cost of Sales, Total Cash Costs and AISC

Attributable Gold Production

Attributable Gold Production

2021 and 2022 are years of investment in the future of NGM, with additional drilling programs and development under way to increase orebody knowledge and test exploration upside. Areas with strong resource expansion potential include North Leeville, Rita K and Ren at Carlin, the corridor between the legacy Turquoise Ridge and Twin Creeks properties, the Fourmile and Goldrush projects, and the land between Pipeline and Robertson at Cortez. Notably at Barrick’s 100%-owned Fourmile project, the deposit remains open in multiple directions and underground development could provide drill platforms as soon as 2023. Evaluation is ongoing to potentially accelerate first gold pour from Fourmile within our Life of Mine plans.

At Donlin, drilling in 2021 will focus on confirming our understanding of target mineralized zones and the assumptions in our updated geological model.

North America 5-Year Gold Outlook See Key Assumptions on page 47 of the Annual Report 2020 and page 143 for corresponding endnotes. (1) Gold capital expenditure includes project and sustaining capital expenditure across all gold operations but not copper operations. (2) Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,700/oz for 2021 and $1,200/oz for 2022 onwards. Our realized gold price in 2020 was $1,778/oz — please see page 143 of the Annual Report 2020 for corresponding endnotes. (4) Phoenix and Long Canyon.

North America 5-Year Gold Outlook

Attributable Gold Mineral Reserves and Resources See page 143 of the Annual Report 2020 for corresponding endnotes. Mineral resources are inclusive of mineral reserves.

Attributable Gold Mineral Reserves and Resources

Completing Barrick’s portfolio in the North America region is Hemlo in Ontario, Canada. Hemlo, which transitioned to a fully underground operation during 2020, remains firmly on track to becoming a Tier Two asset. A new underground portal is currently under development to access the Upper C Zone, with mining expected to start in the second half of 2021. Improving flexibility with a third mining front at Hemlo will allow underground throughput to ramp-up to a steady state of 1.9 million tonnes per annum from 2022 onwards. In addition, we have planned drilling programs to potentially add resources to extend the Life of Mine beyond 2030.