Barrick reports Q3 preliminary production results with continued improvement at Pueblo Viejo

TORONTO — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q3 production of 943 thousand ounces of gold and 48 thousand tonnes of copper, as well as preliminary Q3 sales of 967 thousand ounces of gold and 42 thousand tonnes of copper. The Company continues to expect a materially stronger Q4 to deliver 2024 production within the range of its full year gold and copper guidance.

The average market price for gold in Q3 was $2,474 per ounce while the average market price for copper in Q3 was $4.18 per pound.

Preliminary Q3 gold production was in line with Q2. Pueblo Viejo delivered a 23% sequential improvement on continued plant optimization, whilst North Mara had a stronger quarter driven by higher grades. At Carlin, the Gold Quarry roaster expansion, completed during a Q3 shutdown, is expected to underpin higher throughput and recoveries in Q4. Turquoise Ridge improved versus Q2, with a stronger underground mining performance more than offsetting a planned shutdown of the Sage autoclave in Q3. At Kibali, underground development during Q3 opened up access to more high-grade underground headings, which are expected to be further supplemented by higher open pit grades and volumes to drive a stronger performance in Q4. Compared to Q2, Q3 gold cost of sales per ounce¹ is expected to be 1% to 3% higher, total cash costs per ounce² is expected to be 3% to 5% higher and all-in sustaining costs per ounce² are expected to be 0% to 2% higher, in part reflecting higher royalties from the higher gold price received.

As expected, preliminary Q3 copper production was higher than Q2, driven primarily by higher grades and recoveries at Lumwana following improved ore access driven by the ramp up in stripping activities in Q2, with further improvements expected in Q4. Compared to Q2, Q3 copper cost of sales per pound¹ is expected to be 5% to 7% higher, C1 cash costs per pound² are expected to be 13% to 15% higher, while all-in sustaining costs per pound² are expected to be 2% to 4% lower, primarily due to a decrease in capitalized waste stripping at Lumwana.

Barrick will provide additional discussion and analysis regarding its third quarter 2024 production and sales when the Company reports its quarterly results before North American markets open on November 7, 2024.

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

	Three months ended September 30, 2024	Nine months ended September 30, 2024
	Production	Sales	Production	Sales
Gold (attributable ounces (000))
Carlin (61.5%)	182	183	589	592
Cortez (61.5%)	98	99	319	321
Turquoise Ridge (61.5%)	76	77	210	209
Phoenix (61.5%)	29	28	88	89
Nevada Gold Mines (61.5%)	385	387	1,206	1,211
Loulo-Gounkoto (80%)	144	135	422	412
Pueblo Viejo (60%)	98	96	259	257
North Mara (84%)	75	78	175	174
Kibali (45%)	71	77	229	230
Veladero (50%)	57	78	170	179
Bulyanhulu (84%)	37	37	124	121
Hemlo	30	28	104	105
Tongon (89.7%)	28	32	109	113
Porgera (24.5%)	18	19	33	31
Total Gold	943	967	2,831	2,833
Copper (attributable tonnes (000))
Lumwana	30	26	77	73
Zaldívar (50%)	10	10	29	28
Jabal Sayid (50%)	8	6	25	22
Total Copper	48	42	131	123

 

Third Quarter 2024 Results

Barrick will release its Q3 2024 results before market open on November 7, 2024. President and CEO Mark Bristow will host a live presentation of the results that day in London, UK at 11:00 EST/16:00 UTC, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Go to the webinar
US and Canada (toll-free), 1 844 763 8274
UK (toll), +44 20 3795 9972
International (toll), +1 647 484 8814

The Q3 2024 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 +1 412 317 0088 (international toll), replay access code 8607451.

Enquiries:

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