The preliminary This fall outcomes present gross sales of 1.04 million ounces of gold and 117 million kilos of copper, in addition to preliminary This fall manufacturing of 1.05 million ounces of gold and 113 million kilos of copper. The typical market value for gold in This fall was $1,971 per ounce and the common market value for copper in This fall was $3.70 per pound.
Preliminary This fall gold manufacturing was an enchancment on Q3 and was the very best quarter for the yr with stronger performances from Cortez, Phoenix and Pueblo Viejo. This was partially offset by decrease manufacturing at Loulo-Gounkoto, as deliberate, which nonetheless completed the yr on the high finish of the steerage vary. In comparison with Q3, This fall gold price of gross sales per ounce 2 is predicted to be 6% to eight% increased, whole money prices per ounce 3 are anticipated to be 7% to 9% increased and all-in sustaining prices per ounce 3 are anticipated to be 8% to 10% increased than the prior quarter.
Preliminary This fall copper manufacturing was in keeping with Q3, with constant manufacturing throughout all three websites. In comparison with Q3, This fall copper price of gross sales per pound 2 is predicted to be 8% to 10% increased, C1 money prices per pound 3 are anticipated to be 5% to 7% increased and all-in sustaining prices per pound 3 is predicted to be 2% to 4% decrease, principally on the again of decrease capitalized waste stripping at Lumwana.
Barrick will present further dialogue and evaluation concerning its full yr and This fall 2023 manufacturing and gross sales when the Firm studies its quarterly and full yr outcomes earlier than North American markets open on February 14, 2024.
The next desk contains preliminary gold and copper manufacturing and gross sales outcomes from Barrick’s operations:
| Three months ended December 31, 2023 |
Twelve months ended December 31, 2023 |
|||
| Manufacturing | Gross sales | Manufacturing | Gross sales | |
| Gold (attributable ounces (000)) | ||||
| Carlin (61.5%) | 224 | 220 | 868 | 865 |
| Cortez (61.5%) | 162 | 164 | 549 | 548 |
| Turquoise Ridge (61.5%) | 84 | 86 | 316 | 318 |
| Phoenix (61.5%) | 41 | 39 | 123 | 120 |
| Lengthy Canyon (61.5%) | 2 | 2 | 9 | 9 |
| Nevada Gold Mines (61.5%) | 513 | 511 | 1,865 | 1,860 |
| Loulo-Gounkoto (80%) | 127 | 127 | 547 | 546 |
| Kibali (45%) | 93 | 92 | 343 | 343 |
| Pueblo Viejo (60%) | 90 | 89 | 335 | 335 |
| North Mara (84%) | 59 | 61 | 253 | 254 |
| Veladero (50%) | 55 | 46 | 207 | 182 |
| Tongon (89.7%) | 42 | 42 | 183 | 185 |
| Bulyanhulu (84%) | 41 | 41 | 180 | 180 |
| Hemlo | 34 | 33 | 141 | 139 |
| Whole Gold | 1,054 | 1,042 | 4,054 | 4,024 |
| Copper (attributable kilos (thousands and thousands)) | ||||
| Lumwana | 73 | 70 | 260 | 249 |
| Zaldívar (50%) | 23 | 26 | 89 | 92 |
| Jabal Sayid (50%) | 17 | 21 | 71 | 67 |
| Whole Copper | 113 | 117 | 420 | 408 |
Fourth Quarter and Full 12 months 2023 Outcomes
Barrick will launch its This fall and full yr 2023 outcomes earlier than market open on February 14, 2024. President and CEO Mark Bristow will host a reside presentation of the outcomes that day at 11:00 EST with an interactive webinar linked to a convention name. Contributors will be capable to ask questions.
Go to the webinar
US and Canada (toll-free) 1 800 319 4610
UK (toll-free) 0808 101 2791
Worldwide (toll) +1 416 915 3239
The This fall and full yr 2023 presentation supplies shall be out there on Barrick’s web site at www.barrick.com .
The webinar will stay on the web site for later viewing, and the convention name shall be out there for replay by phone at 1 855 669 9658 (US and Canada toll-free) and +1 604 674 8052 (worldwide toll), entry code 0603.
Enquiries:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
barrick@dpapr.com
Web site: www.barrick.com
Technical Data
The scientific and technical data contained on this information launch has been reviewed and accepted by: Craig Fiddes, SME-RM, Supervisor – Useful resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Useful resource Supervisor, Latin America and Asia Pacific; and Richard Peattie, MPhil, FAusIMM, Mineral Sources Supervisor: Africa & Center East — every a “Certified Particular person” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives .
Endnote 1
Porgera was positioned on non permanent care and upkeep from April 25, 2020 to December 22, 2023 and was not included in our full yr 2023 steerage. On December 22, 2023, following the granting of the brand new Particular Mining Lease to New Porgera Restricted, the Porgera Challenge Graduation Settlement was formally accomplished. The Firm expects to incorporate Porgera in our 2024 steerage when it studies its full yr and fourth quarter outcomes on February 14, 2024.
Endnote 2
Gold price of gross sales per ounce is calculated as price of gross sales throughout our gold operations (excluding websites in care and upkeep) divided by ounces offered (each on an attributable foundation primarily based on Barrick’s possession share). Copper price of gross sales per pound is calculated as price of gross sales throughout our copper operations divided by kilos offered (each on an attributable foundation primarily based on Barrick’s possession share).
References to attributable foundation means our 100% share of Hemlo and Lumwana, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 80% share of Loulo-Gounkoto, our 61.5% share of Nevada Gold Mines, our 60% share of Pueblo Viejo, our 50% share of Veladero, Zaldívar and Jabal Sayid and our 45% share of Kibali.
Endnote 3
Whole money prices per ounce and all-in sustaining prices per ounce are non-GAAP monetary measures that are calculated primarily based on the definition printed by the World Gold Council (“WGC”) (a market improvement group for the gold business comprised of and funded by gold mining corporations from around the globe, together with Barrick). The WGC is just not a regulatory group. Administration makes use of these measures to watch the efficiency of our gold mining operations and its skill to generate optimistic money circulate, each on a person website foundation and an general firm foundation.
Whole money prices begin with our price of gross sales associated to gold manufacturing and removes depreciation, the non-controlling curiosity of price of gross sales and contains by-product credit. All-in sustaining prices begin with whole money prices and embrace sustaining capital expenditures, sustaining leases, basic and administrative prices, minesite exploration and analysis prices and reclamation price accretion and amortization. These further prices mirror the expenditures made to take care of present manufacturing ranges.
We imagine that our use of whole money prices and all-in sustaining prices will help analysts, buyers and different stakeholders of Barrick in understanding the prices related to producing gold, understanding the economics of gold mining, assessing our working efficiency and likewise our skill to generate free money circulate from present operations and to generate free money circulate on an general firm foundation. As a result of capital-intensive nature of the business and the lengthy helpful lives over which these things are depreciated, there is usually a important timing distinction between web earnings calculated in accordance with IFRS and the quantity of free money circulate that’s being generated by a mine and due to this fact we imagine these measures are helpful non-GAAP working metrics and complement our IFRS disclosures. These measures will not be consultant of all of our money expenditures as they don’t embrace revenue tax funds, curiosity prices or dividend funds. These measures don’t embrace depreciation or amortization.
Whole money prices per ounce and all-in sustaining prices per ounce are supposed to offer further data solely and wouldn’t have standardized definitions beneath IFRS and shouldn’t be thought of in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. These measures will not be equal to web revenue or money circulate from operations as decided beneath IFRS. Though the WGC has printed a standardized definition, different corporations could calculate these measures otherwise.
C1 money prices per pound and all-in sustaining prices per pound are non-GAAP monetary measures associated to our copper mine operations. We imagine that C1 money prices per pound allows buyers to raised perceive the efficiency of our copper operations compared to different copper producers who current outcomes on an identical foundation. C1 money prices per pound excludes royalties and manufacturing taxes and non-routine fees as they aren’t direct manufacturing prices. All-in sustaining prices per pound is much like the gold all-in sustaining prices metric and administration makes use of this to raised consider the prices of copper manufacturing. We imagine this measure allows buyers to raised perceive the working efficiency of our copper mines as this measure displays all the sustaining expenditures incurred in an effort to produce copper. All-in sustaining prices per pound contains C1 money prices, sustaining capital expenditures, sustaining leases, basic and administrative prices, minesite exploration and analysis prices, royalties and manufacturing taxes, reclamation price accretion and amortization and write-downs taken on stock to web realizable worth.
Barrick will present a full reconciliation of those non-GAAP monetary measures when the Firm studies its full yr and fourth quarter outcomes on February 14, 2024.
Cautionary Statements Concerning Preliminary Fourth Quarter and Full 12 months Manufacturing, Gross sales and Prices for 2023, and Ahead-Trying Data
Barrick cautions that, whether or not or not expressly acknowledged, all full yr and fourth quarter figures contained on this press launch together with, with out limitation, manufacturing ranges, gross sales and related prices are preliminary, and mirror our anticipated full yr and fourth quarter outcomes as of the date of this press launch. Precise reported full yr and fourth quarter manufacturing ranges, gross sales and related prices are topic to administration’s ultimate evaluation, in addition to evaluation by the Firm’s impartial accounting agency, and will fluctuate considerably from these expectations due to plenty of components, together with, with out limitation, further or revised data, and adjustments in accounting requirements or insurance policies, or in how these requirements are utilized. Barrick will present further dialogue and evaluation and different vital details about its full yr and fourth quarter manufacturing ranges, gross sales and related prices when it studies precise outcomes on February 14, 2024. For an entire image of the Firm’s monetary efficiency, it is going to be essential to evaluation all the data within the Firm’s full yr and fourth quarter monetary report and associated MD&A. Accordingly, readers are cautioned to not rely solely on the data contained herein.
Lastly, Barrick cautions that this press launch incorporates forward-looking statements with respect to: (i) Barrick’s manufacturing; and (ii) prices per ounce for gold and per pound for copper.
Ahead-looking statements are essentially primarily based upon plenty of estimates and assumptions together with materials estimates and assumptions associated to the components set forth under that, whereas thought of affordable 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 important enterprise, financial, and aggressive uncertainties and contingencies. Identified or unknown components 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 knowledge.
Such components embrace, however will not be restricted to: fluctuations within the spot and ahead value of gold, copper, or sure different commodities (comparable to silver, diesel gasoline, pure gasoline, and electrical energy); the speculative nature of mineral exploration and improvement; adjustments in mineral manufacturing efficiency, exploitation, and exploration successes; the timeline for the resumption of mining and processing operations and anticipated manufacturing from Porgera; 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; whether or not advantages anticipated from current transactions are realized; portions or grades of reserves shall be diminished, and that assets is probably not transformed to 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, tailings dam and storage services failures, and disruptions within the upkeep or provision of required infrastructure and knowledge expertise techniques; dangers that exploration information could also be incomplete and appreciable further work could also be required to finish additional analysis, together with however not restricted to drilling, engineering and socioeconomic research and funding; failure to adjust to environmental and well being and security legal guidelines and rules; elevated prices and bodily dangers, together with excessive climate occasions and useful resource shortages, associated to local weather change; timing of, receipt of, or failure to adjust to, vital permits and approvals; non-renewal of key licenses by governmental authorities; uncertainty whether or not some or all of focused investments and tasks will meet the Firm’s capital allocation aims and inner hurdle price; the affect of inflation, together with world inflationary pressures pushed by provide chain disruptions and world vitality price will increase following the invasion of Ukraine by Russia; the affect of world liquidity and credit score availability on the timing of money flows and the values of belongings and liabilities primarily based on projected future money flows; fluctuations within the foreign money markets; 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, the US, and different jurisdictions during which the Firm or its associates do or could keep on enterprise sooner or later; lack of certainty with respect to international authorized techniques, corruption and different components which are inconsistent with the rule of regulation; harm to the Firm’s repute because of the precise or perceived prevalence of any variety of occasions, together with adverse publicity with respect to the Firm’s dealing with of environmental issues or dealings with neighborhood teams, whether or not true or not; the chance that future exploration outcomes won’t be in line with the Firm’s expectations; danger of loss resulting from acts of warfare, terrorism, sabotage and civil disturbances; dangers related to artisanal and unlawful mining; dangers related to illnesses, epidemics and pandemics, together with the results and potential results of the worldwide Covid-19 pandemic; litigation and authorized and administrative proceedings; contests over title to properties, notably title to undeveloped properties, or over entry to water, energy and different required infrastructure; enterprise alternatives that could be introduced to, or pursued by, the Firm; our skill to efficiently combine acquisitions or full divestitures; dangers related to working with companions in collectively managed belongings; worker relations together with lack of key staff; and availability and elevated prices related to mining inputs and labor. 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 surprising formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the danger of insufficient insurance coverage, or incapability 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 will not be 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 Kind 40-F/Annual Data Kind on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of a few of the components underlying forward-looking statements and the dangers that will have an effect on Barrick’s skill to realize the expectations set forth within the forward-looking statements contained on this press launch.
Barrick disclaims any intention or obligation to replace or revise any forward-looking statements whether or not on account of new data, future occasions or in any other case, besides as required by relevant regulation.
