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RESERVES & RESOURCES

Barrick’s reserves and resources for 2019 shows an attributable gold mineral reserve increase of approximately 15% in ounces at an 8% higher grade after depletion from mining, reflecting a busy year which included the incorporation of Randgold Resources, the formation of the Nevada Gold Mines joint venture with Newmont and the disposal of Kalgoorlie. Attributable reserves now stand at 1,300Mt at 1.68g/t for 71Moz of gold ? Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2019, unless otherwise noted. Proven reserves of 280Mt grading 2.42g/t, representing 22Moz of gold; 420Mt grading 0.4%, representing 3,700Mlb of copper; and 150Mt grading 4.31g/t, representing 21Moz of silver. Probable reserves of 1,000Mt grading 1.48g/t, representing 49Moz of gold; 1,200Mt grading 0.38%, representing 9,800Mlb of copper; and 750Mlb grading 5.18g/t, representing 120Moz of silver. Measured resources of 530Mt grading 2.21g/t, representing 37Moz of gold; 660Mt grading 0.38%, representing 5,500Mlb of copper; and 350Mt grading 12.52g/t, representing 140Moz of silver.Indicated resources of 2,800Mt grading 1.43g/t, representing 130Moz of gold; 2,400Mt grading 0.38%, representing 21,000Mlb of copper; and 2,000Mt grading 13.44g/t, representing 870Moz of silver. Inferred resources of 940Mt grading 1.3g/t, representing 39Moz of gold; 430Mt grading 0.2%, representing 2,200Mlb of copper; and 460Mt grading 3.20g/t, representing 47Moz of silver. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves for Barrick are reported (on an attributable basis), are set out in page 138 of this annual report. . This reflects reserve additions greater than mining depletion at a number of the principal assets including Kibali, Loulo-Gounkoto, Veladero, Porgera, Goldstrike underground, the Leeville/Portal underground mines, Turquoise Ridge's Mega pit, Turquoise Ridge underground and Phoenix. This was achieved through the refocus on geology as a core discipline within the business and cost improvements at the Nevada JV, which allowed for the lowering of cut-off grades and the increase in reserves.

GLOBAL ATTRIBUTABLE CONTAINED GOLD RESERVES1,ix

Global Attributable Contained Gold Reserves

GLOBAL ATTRIBUTABLE CONTAINED COPPER RESERVES1,ix

Global Attributable Contained Copper Reserves

1 The year-on-year changes are stated up to one decimal point, which differs to the rounding applied to our year-end 2019 gold and copper reserve and resource statement (refer to endnote ix).

 

Global attributable mineral resources also increased net of depletion with significant inferred mineral resource additions at Robertson and Fourmile in the Cortez district of Nevada, moving these new projects up the resource triangle. Goldrush, Robertson and Pueblo Viejo contain significant indicated and inferred mineral resources not currently in reserves and are the three growth projects from which further reserve growth can be expected in the near future, upon completion of feasibility studies. Total attributable measured and indicated mineral resources, now reported inclusive of reserves and at a $1,500/oz gold price, stand at 3,400Mt @ 1.55g/t for 170Moz, with a further 940Mt @ 1.30g/t for 39Moz in the inferred category, highlighting the potential for growth in a higher gold price environmentix. All underground mineral resources are now reported within $1,500/oz stope optimizer shells and as such have shown significant growth in ounces albeit at a lower grade, which better reflects the opportunity at higher gold prices.

The group gold mineral reserve reconciliation on the previous page explains the changes that occurred during the year.

Acquisition and disposal includes the net change to Barrick’s reserves from the Randgold merger, the formation of the Nevada joint venture, the Acacia minorities’ acquisition and the disposal of Kalgoorlie. Total depletion includes depletion from mining which was offset by gains due to extensions to mineral reserves through drilling and cut-off grade changes. Losses incurred comprise primarily the reclassification of Lagunas Norte's mineral reserves to mineral resources and the removal of the Phase Six pit pushback at Hemlo.

All assets are optimized on the full value of the deposit and as such copper and silver are reported as dedicated mineral resources and reserves for all assets where copper or silver is produced and sold as a primary product or by-product. Total attributable copper mineral reserves now stand at 1,600Mt @ 0.38% for 13 billion pounds of contained copper ? Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2019, unless otherwise noted. Proven reserves of 280Mt grading 2.42g/t, representing 22Moz of gold; 420Mt grading 0.4%, representing 3,700Mlb of copper; and 150Mt grading 4.31g/t, representing 21Moz of silver. Probable reserves of 1,000Mt grading 1.48g/t, representing 49Moz of gold; 1,200Mt grading 0.38%, representing 9,800Mlb of copper; and 750Mlb grading 5.18g/t, representing 120Moz of silver. Measured resources of 530Mt grading 2.21g/t, representing 37Moz of gold; 660Mt grading 0.38%, representing 5,500Mlb of copper; and 350Mt grading 12.52g/t, representing 140Moz of silver.Indicated resources of 2,800Mt grading 1.43g/t, representing 130Moz of gold; 2,400Mt grading 0.38%, representing 21,000Mlb of copper; and 2,000Mt grading 13.44g/t, representing 870Moz of silver. Inferred resources of 940Mt grading 1.3g/t, representing 39Moz of gold; 430Mt grading 0.2%, representing 2,200Mlb of copper; and 460Mt grading 3.20g/t, representing 47Moz of silver. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves for Barrick are reported (on an attributable basis), are set out in page 138 of this annual report. . The growth of copper mineral reserves was primarily driven by Lumwana, due to the reclassification and remodeling of the Chimiwungo pit and cost improvements, with a small additional contribution from Zaldívar.

Total attributable silver mineral reserves are 900Mt @ 5.03g/t for 150Moz of contained silver ? Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2019, unless otherwise noted. Proven reserves of 280Mt grading 2.42g/t, representing 22Moz of gold; 420Mt grading 0.4%, representing 3,700Mlb of copper; and 150Mt grading 4.31g/t, representing 21Moz of silver. Probable reserves of 1,000Mt grading 1.48g/t, representing 49Moz of gold; 1,200Mt grading 0.38%, representing 9,800Mlb of copper; and 750Mlb grading 5.18g/t, representing 120Moz of silver. Measured resources of 530Mt grading 2.21g/t, representing 37Moz of gold; 660Mt grading 0.38%, representing 5,500Mlb of copper; and 350Mt grading 12.52g/t, representing 140Moz of silver.Indicated resources of 2,800Mt grading 1.43g/t, representing 130Moz of gold; 2,400Mt grading 0.38%, representing 21,000Mlb of copper; and 2,000Mt grading 13.44g/t, representing 870Moz of silver. Inferred resources of 940Mt grading 1.3g/t, representing 39Moz of gold; 430Mt grading 0.2%, representing 2,200Mlb of copper; and 460Mt grading 3.20g/t, representing 47Moz of silver. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves for Barrick are reported (on an attributable basis), are set out in page 138 of this annual report. .

 

Geologists at Kibali inspecting rock samples.

Geologists at Kibali inspecting rock samples.

 

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