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Q1 Production sets Barrick on track to achieve 2022 targets

Barrick Gold Corporation reported preliminary Q1 sales of 1.0 million ounces of gold and 113 million pounds of copper, as well as preliminary Q1 production of 1.0 million ounces of gold and 101 million pounds of copper.

Barrick’s gold production in 2022 is expected to be the lowest in the first quarter increasing through the year, while copper production is expected to be higher in the second half of the year. We remain on track to achieve our full year gold and copper guidance1. The average market price for gold in Q1 was $1,877 per ounce, while the average market price for copper in Q1 was $4.53 per pound.

As expected, preliminary Q1 gold production was lower than Q4 2021 including at: Carlin and Cortez following the depletion of stockpiled higher grade underground ore processed in Q4 2021 after the mechanical mill failure at the Goldstrike roaster in Q2 2021; Kibali and Turquoise Ridge due to planned maintenance; and Tongon due to mine sequencing.

Production

As Q1 gold ounces sold are 20% lower than the previous quarter, Q1 gold cost of sales per ounce2 is expected to be 10% to 12% higher, total cash costs per ounce3 are expected to be 15% to 17% higher and all-in sustaining costs per ounce3 are expected to be 19% to 21% higher than Q4.

Preliminary Q1 copper production was lower than Q4 2021, primarily at Lumwana as planned. As previously guided, we continue to expect steadily increasing throughput at Lumwana over the course of 2022. Notwithstanding the lower production, Q1 copper sales were in line with the prior quarter.

Compared to Q4 2021, Q1 copper cost of sales per pound2 is expected to be in line with the prior quarter, while C1 cash costs per pound3 are expected to be 10 to 12% higher mainly due to lower planned grades at Lumwana, as the mine continued to focus on capitalized waste stripping to open up higher-grade mining areas and allow for future production growth over the five-year outlook. Copper all-in sustaining costs per pound3 are expected to be 1 to 3% lower than Q4.

Separately, Barrick received a further $0.3 billion from Kibali in the first quarter of 2022, which follows the $107 million that Barrick received in dividend payments from Kibali in the fourth quarter of 2021. Barrick will provide additional discussion and analysis regarding its first quarter 2022 production and sales when the Company reports its quarterly results before North American markets open on May 4, 2022.

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