Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this fact sheet, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "target", "plan", "objective", "assume", "intend", "intention", "project", "goal", "continue", "budget", "estimate", "potential", "may", "will", "can", "could", "would" and similar expressions identify forward-looking statements. In particular, this fact sheet contains forward-looking statements including, without limitation, with respect to: (i) the Company’s goal to be the world’s most valued gold mining business; (ii) the potential for Goldrush/Fourmile and Turquoise Ridge to become Tier One Gold Assets; (iii) our plans and expected completion and benefits of our growth projects, including construction of a third shaft at Turquoise Ridge, the Pueblo Viejo plant and tailings facility expansions and the development of the third underground mine at Loulo-Gounkoto; (iv) the benefits expected to be realized from the Nevada Gold Mines joint venture; (v) mine life and production rates; (vi) potential mineralization and metal or mineral recoveries; and (vii) expectations regarding future price assumptions, financial performance and other outlook or guidance. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this fact sheet in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; non-renewal of key licenses by governmental authorities; timing of receipt of, or failure to comply with, necessary permits and approvals; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global COVID-19 pandemic; disruption of supply routes which may cause delays in construction and mining activities; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The scientific and technical information contained in this fact sheet has been reviewed and approved by Steven Yopps, MMSA, Director - Metallurgy, North America; Craig Fiddes, Manager of Growth Projects, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America and Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager: Africa and Middle East; Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive; and John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive – each a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Tier One Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
(ii) 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. Group proven reserves of 280 million tonnes grading 2.42g/t, representing 22 million ounces of gold; probable reserves of 1,000 million tonnes grading 1.48g/t, representing 49 million ounces of gold; measured resources of 530 million tonnes grading 2.21g/t, representing 37 million ounces of gold; indicated resources of 2,800 million tonnes grading 1.43g/t, representing 130 million ounces of gold; inferred resources of 940 million tonnes grading 1.3g/t, representing 39 million ounces of gold. Carlin proven reserves of 56 million tonnes grading 4.37g/t, representing 7.9 million ounces of gold; probable reserves of 65 million tonnes grading 2.42g/t, representing 5.1 million ounces of gold; measured resources of 68 million tonnes grading 4.35g/t, representing 9.5 million ounces of gold; indicated resources of 140 million tonnes grading 1.93g/t, representing 8.9 million ounces of gold; inferred resources of 15 million tonnes grading 2.6g/t, representing 1.2 million ounces of gold. Cortez proven reserves of 5.0 million tonnes grading 3.25g/t, representing 0.52 million ounces of gold; probable reserves of 64 million tonnes grading 2.73g/t, representing 5.6 million ounces of gold; measured resources of 5.9 million tonnes grading 3.26g/t, representing 0.62 million ounces of gold; indicated resources of 110 million tonnes grading 3.51g/t, representing 12 million ounces of gold; inferred resources of 49 million tonnes grading 1.4g/t, representing 2.2 million ounces of gold. Kibali proven reserves of 9.3 million tonnes grading 4.13g/t, representing 1.2 million ounces of gold; probable reserves of 22 million tonnes grading 4.23g/t, representing 2.9 million ounces of gold; measured resources of 14 million tonnes grading 4.02g/t, representing 1.9 million ounces of gold; indicated resources of 43 million tonnes grading 3.30g/t, representing 4.6 million ounces of gold; inferred resources of 12 million tonnes grading 3.2g/t, representing 1.2 million ounces of gold. Loulo-Gounkoto proven reserves of 17 million tonnes grading 3.83g/t, representing 2.1 million ounces of gold; probable reserves of 28 million tonnes grading 4.77g/t, representing 4.3 million ounces of gold; measured resources of 24 million tonnes grading 4.09g/t, representing 3.2 million ounces of gold; indicated resources of 36 million tonnes grading 4.69g/t, representing 5.4 million ounces of gold; inferred resources of 15 million tonnes grading 3.9g/t, representing 1.9 million ounces of gold. Pueblo Viejo proven reserves of 10 million tonnes grading 2.68g/t, representing 0.87 million ounces of gold; probable reserves of 61 million tonnes grading 2.46g/t, representing 4.8 million ounces of gold; measured resources of 80 million tonnes grading 2.41g/t, representing 6.2 million ounces of gold; indicated resources of 120 million tonnes grading 2.25g/t, representing 9.0 million ounces of gold; inferred resources of 33 million tonnes grading 2.1g/t, representing 2.2 million ounces of gold. Turquoise Ridge proven reserves of 28 million tonnes grading 5.38g/t, representing 4.8 million ounces of gold; probable reserves of 23 million tonnes grading 4.59g/t, representing 3.5 million ounces of gold; measured resources of 38 million tonnes grading 4.95g/t, representing 6.0 million ounces of gold; indicated resources of 42 million tonnes grading 3.72g/t, representing 5.0 million ounces of gold; inferred resources of 13 million tonnes grading 2.7g/t, representing 1.1 million ounces of gold. 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 on pages 36-44 of Barrick’s Annual Information Form for the year ended December 31, 2019 available
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
(iii) "Adjusted net earnings" and adjusted net earnings per share are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; gains (losses) and other one-time costs relating to acquisitions or dispositions; foreign currency translation gains (losses); significant tax adjustments not related to current period earnings; unrealized gains (losses) on non-hedge derivative instruments; and the tax effect and non-controlling interest of these items. Barrick uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Barrick believes that adjusted net earnings is a useful measure of our performance because these adjusting items do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further details and a reconciliation of these non-GAAP measures, please refer to page 63-64 of the MD&A accompanying Barrick’s fourth quarter 2019 audited financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
(iv) Nevada Gold Mines is owned 61.5% by Barrick (the operator) and 38.5% by Newmont. Kibali is owned 45% by Barrick (the operator), 45% by AngloGold Ashanti and 10% by SOKIMO. Loulo-Gounkoto is owned 80% by Barrick (the operator) and 20% by the Government of Mali. Pueblo Viejo is owned 60% by Barrick (the operator) and 40% by Newmont.
Measured and indicated mineral resources are inclusive of proven and probable mineral reserves.
(vi) For additional detail regarding Pueblo Viejo, see the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, and filed
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.