Barrick Gold (GOLD) reportes preliminary Q1 sales of 1.09 million ounces of gold and 113 million pounds of copper

Barrick Gold Corporation (NYSE: GOLD)(TSX: ABX) (“Barrick” or the “Company”) today reported preliminary Q1 sales of 1.09 million ounces of gold and 113 million pounds of copper, as well as preliminary Q1 production of 1.10 million ounces of gold and 93 million pounds of copper, in line with our plan. We remain on track to achieve 2021 guidance¹.

The average market price for gold in Q1 was $1,794 per ounce, while the average market price for copper in Q1 was $3.86 per pound.

As expected, preliminary Q1 gold production was lower than Q4 2020 mainly due to mine sequencing at Carlin and Cortez as well as lower grades at Pueblo Viejo, in line with the mine and stockpile processing plan as the development of the expansion project advances. Lower grades and production from Tongon, consistent with the updated extension of the mine life to 2023, were offset by higher grades at Loulo-Gounkoto. As previously guided, the Company’s gold production in the second half of 2021 is expected to be higher than the first half. Accordingly, Q1 2021 gold cost of sales per ounce² is expected to be slightly higher, total cash costs per ounce³ are expected to be 2 to 4% higher and all-in sustaining costs per ounce³ are expected to be 8 to 10% higher than Q4 2020.

Preliminary Q1 2021 copper production was 22% lower than Q4 2020 as expected. Copper sales were 5% higher than the previous quarter as Lumwana sold a portion of its stockpiled concentrate. We continue to expect the Company’s copper production in the second half of 2021 to be stronger than the first half, mainly driven by higher grades from Lumwana. Q1 copper cost of sales per pound² is expected to be 1 to 3% higher and C1 cash costs per pound³ are expected to be in line with the prior quarter. Copper all-in sustaining costs per pound³ are expected to be 6 to 8% lower than Q4 2020, largely due to the increased sales.

Barrick will provide additional discussion and analysis regarding its first quarter production and sales when the company reports its quarterly results before North American markets open on May 5, 2021.

The following table includes preliminary gold and copper production and sales results from Barrick's operations:

First Quarter 2021 Results

Barrick will release its Q1 2021 results before market open on May 5, 2021. President and CEO Mark Bristow will host an interactive webinar on the results at 11:00 EDT / 15:00 UTC. The presentation will be linked to the webinar and conference call. Participants will be able to ask questions.

Go to the webinarUS and Canada (toll-free) 1 800 319 4610UK (toll-free) 0808 101 2791International (toll) +1 416 915 3239

The Q1 2021 presentation materials will be available on Barrick’s website at www.barrick.com.

The webinar will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada toll-free) and +1 604 674 8052 (international toll), access code 6460.

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