Correct Success: Barrick’s Strong Balance Sheet and Sustainable Profitability Continues to Support Its Ten-Year Business Plan and Long-Term Success

All quantities expressed in US {dollars}

TORONTO, April 01, 2021 (GLOBE NEWSWIRE) — Regardless of the challenges posed by the worldwide Covid-19 pandemic, Barrick Gold Company (NYSE:GOLD)(TSX:ABX) (“Barrick”) has emerged even stronger and made vital progress in direction of turning into the world’s most valued gold firm since its transformational merger with Randgold Sources solely two years in the past, says Government Chairman John Thornton within the firm’s 2021 Info Round printed as we speak and accessible now at www.barrick.com/agm and in addition filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov).

Led by President and Chief Government Officer Mark Bristow, the Barrick workforce constructed on 2019’s wonderful efficiency by capitalizing absolutely on the upper gold worth, delivering on the corporate’s manufacturing steering, and ending 2020 with one of many {industry}’s strongest stability sheets. Barrick elevated the quarterly dividend three-fold because the announcement of the merger in September 2018 and proposes to return $750 million in surplus funds to shareholders via a return of capital over the course of 2021, as described within the Info Round.

Bristow stated an organization that was burdened by web debt of greater than $13 billion as lately as 2013 now had zero web debt, no vital maturities for the subsequent 10 years and a sturdy stability sheet, with sturdy liquidity consisting of $5.2 billion in money and an undrawn $three billion credit score facility.

“Environment friendly operations and efficient administration enabled us to capitalize absolutely on the upper gold and copper costs and to cross the rewards on to our buyers in addition to our group stakeholders. These achievements had been produced on the inspiration of a stable 10-year plan constructed on an awesome asset base, a fit-for-purpose construction and administration groups that greater than lived as much as our ‘finest folks’ mantra,” he stated.

Within the Info Round, Lead Unbiased Director Brett Harvey emphasised that the Board believes good company governance is foundational to Barrick’s long-term success and that the Board’s work is guided by three core ideas: stakeholder engagement, suggestions from fellow homeowners, and making use of rigorous oversight to every facet of the enterprise together with pandemic-related dangers. The Board was intently concerned with Barrick’s response to the Covid-19 pandemic and successfully managed and mitigated the impression of the pandemic on Barrick’s folks, enterprise, and communities. Working responsibly, nevertheless, is just not one thing new for Barrick. Barrick has set the sustainability normal for the {industry} as the primary mining firm to publish a Sustainability Scorecard as a part of its annual sustainability report final April.

The Info Round additionally highlights Board renewal and a rise in variety together with gender variety because the merger. Throughout these two years Barrick has added two new Administrators to the Board of ten. They’re extremely certified girls who had been recognized via a rigorous search and choice course of overseen by the Company Governance & Nominating Committee: Ms Loreto Silva, who has vital experience in large-scale infrastructure tasks and wide-ranging expertise in authorized and authorities affairs with a selected concentrate on South America; and Ms Anne Kabagambe, whose perspective on doing enterprise internationally is knowledgeable by her expertise in participating with governments, the personal sector and civil society in addition to her information of the worldwide useful resource, banking, and schooling sectors via her earlier function as an Government Director of the World Financial institution representing the pursuits of 22 Sub-Saharan African international locations. As well as, the Board has accredited amendments to Barrick’s Range Coverage to incorporate an aspirational goal for girls to symbolize at the least 30% of administrators by the top of 2022. The Info Round notes that the Company Governance & Nominating Committee is at the moment trying to find an extra compelling and certified feminine candidate to nominate to the Board.

The Info Round additionally highlights Barrick’s govt compensation insurance policies and packages, noting that they’re designed to reward sustained, industry-leading efficiency supply and to drive accountability via share possession: as significant shareholders, the chief workforce is targeted on and invested in Barrick’s long-term worth creation. Barrick’s cornerstone Efficiency Granted Share Unit (PGSU) Plan was up to date to speed up worker share possession via a phased vesting schedule and to offer entry to awards, topic to the achievement of market-leading efficiency necessities. To strengthen Barrick’s dedication to sustaining market-leading share possession necessities, Barrick’s companions at the moment are required to carry at the least 50% of their minimal share possession requirement in precise Barrick shares. As well as, 25% of all PGSU awards have been linked to Barrick’s sustainability efficiency, as assessed by its industry-leading Sustainability Scorecard, and 10% to the evolution of the corporate’s human capital technique.

Because of the ongoing unprecedented public well being issues associated to the worldwide pandemic and to mitigate well being dangers to all stakeholders, Barrick will once more maintain its 2021 Annual and Particular Assembly of Shareholders completely on-line. The corporate will monitor the scenario intently and supply a bodily location if situations permit. The Info Round particulars how you can attend, take part, and vote on the digital assembly.

Barrick’s 2021 Annual and Particular Assembly of Shareholders might be held on Could 4, 2021 at
10:00 am (Toronto time) at web.lumiagm.com/492500406. A stay webcast of the assembly may also be accessible at www.barrick.com/agm.

Enquiries:

Mark Bristow
President and CEO
+1 647 205 7694
+ 44 788 071 1386

Graham Shuttleworth
Senior EVP and CFO
+1 647 262 2095
+44 779 771 1338

Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
E-mail: barrick@dpapr.com

Web site: www.barrick.com

Cautionary Assertion on Ahead-Trying Info

Sure info contained or integrated by reference on this press launch, together with any info as to our technique, tasks, plans or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, apart from statements of historic reality, are forward-looking statements. The phrases “proceed”, “suggest”, “challenge”, “alternative”, “progress”, “consider”, “count on”, “will”, “can”, “might”, “would” and comparable expressions determine forward-looking statements. Specifically, this press launch accommodates forward-looking statements together with, with out limitation, with respect to: Barrick’s imaginative and prescient to be the world’s most valued gold firm; forward-looking manufacturing steering together with with respect to Barrick’s 10-year gold manufacturing profile and stability sheet; the proposed return of capital distribution, together with the timing and quantity of the distribution; the anticipated advantages of Barrick’s sustainability technique, Board variety initiatives, and strategy to govt compensation; Barrick’s long-term progress alternatives and potential worth to be realized from these alternatives; and the Firm’s intention to make a bodily location accessible on Could 4, 2021 for the Annual and Particular Assembly of Shareholders if circumstances associated to Covid-19 permit.

Ahead-looking statements are essentially primarily based upon numerous estimates and assumptions together with materials estimates and assumptions associated to the elements set forth under that, whereas thought-about cheap by the Firm as on the date of this press launch in mild of administration’s expertise and notion of present situations and anticipated developments, are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies. Recognized and unknown elements might trigger precise outcomes to vary materially from these projected within the forward-looking statements and undue reliance shouldn’t be positioned on such statements and data. Such elements embody, however aren’t restricted to: fluctuations within the spot and ahead worth of gold, copper or sure different commodities (corresponding to silver, diesel gasoline, pure fuel and electrical energy); the speculative nature of mineral exploration and improvement; adjustments in mineral manufacturing efficiency, exploitation and exploration successes; dangers related to tasks within the early phases of analysis and for which further engineering and different evaluation is required; disruption of provide routes which can trigger delays in development and mining actions at Barrick’s extra distant properties; diminishing portions or grades of reserves; elevated prices, delays, suspensions and technical challenges related to the development of capital tasks; working or technical difficulties in reference to mining or improvement actions, together with geotechnical challenges and disruptions within the upkeep or provision of required infrastructure and data expertise programs; failure to adjust to environmental and well being and security legal guidelines and rules; non-renewal of key licences by governmental authorities, together with non-renewal of Porgera’s Particular Mining Lease; adjustments in nationwide and native authorities laws, taxation, controls or rules and/or adjustments within the administration of legal guidelines, insurance policies and practices; expropriation or nationalization of property and political or financial developments in Canada, america and different jurisdictions through which the Firm or its associates do or could keep on enterprise sooner or later; timing of receipt of, or failure to adjust to, essential permits and approvals; uncertainty whether or not some or focused investments and tasks will meet the Firm’s capital allocation targets and inner hurdle charge; lack of certainty with respect to overseas authorized programs, corruption and different elements which might be inconsistent with the rule of regulation; dangers related to unlawful and artisanal mining; dangers related to new illnesses, epidemics and pandemics, together with the results and potential results of the worldwide Covid-19 pandemic; harm to the Firm’s status as a result of precise or perceived incidence of any variety of occasions, together with detrimental publicity with respect to the Firm’s dealing with of environmental issues or dealings with group teams, whether or not true or not; the likelihood that future exploration outcomes is not going to be per the Firm’s expectations; danger of loss on account of acts of struggle, terrorism, sabotage and civil disturbances; litigation; contests over title to properties, notably title to undeveloped properties, or over entry to water, energy and different required infrastructure; our capacity to efficiently combine acquisitions or full divestitures; dangers related to working with companions in collectively managed property; worker relations together with lack of key workers; elevated prices and bodily dangers, together with excessive climate occasions and useful resource shortages, associated to local weather change; and availability and elevated prices related to mining inputs and labor. Barrick additionally cautions that its 2021 steering could also be impacted by the unprecedented enterprise and social disruption brought on by the unfold of Covid-19. As well as, there are dangers and hazards related to the enterprise of mineral exploration, improvement and mining, together with environmental hazards, industrial accidents, uncommon or sudden formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the chance of insufficient insurance coverage, or lack of ability to acquire insurance coverage, to cowl these dangers).

Many of those uncertainties and contingencies can have an effect on our precise outcomes and will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements aren’t ensures of future efficiency. All the forward-looking statements made on this press launch are certified by these cautionary statements. Particular reference is made to the latest Type 40-F/Annual Info Type on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of a number of the elements underlying forward-looking statements and the dangers which will have an effect on the corporate’s capacity to attain the expectations set forth within the forward-looking statements contained on this press launch. We disclaim any intention or obligation to replace or revise any forward-looking statements whether or not on account of new info, future occasions or in any other case, besides as required by relevant regulation.