Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) grew attributable
proven and probable gold mineral reserves by 17.4 million ounces4
(23%) before 2024 depletion. Attributable proven and probable
mineral reserves now stand at 89 million ounces at 0.99g/t2,
increasing from 77 million ounces at 1.65g/t3 in 2023. The
year-on-year change was led by the conversion of Reko Diq
copper-gold resources to mineral reserves, adding 13 million ounces
of gold at 0.28g/t2 on an attributable basis, following the
completion of the feasibility study. Significantly, before the
addition of Reko Diq, Barrick delivered a fourth consecutive year
of replacing annual depletion at a 4% higher grade, continuing to
demonstrate the results of an unremitting focus on asset quality
and further extending the life of our existing operations.
Since the end of 2019, Barrick has replaced more
than 180%4 of the company’s depleted gold reserves, adding almost
46 million ounces4 of attributable proven and probable reserves (77
million ounces4 of proven and probable reserves on a 100% basis)
across Barrick-managed assets.
Attributable measured and indicated gold resources
for 2024 remain consistent, at 180 million ounces at 1.06g/t2,
with a further 41 million ounces at 0.9g/t2 of inferred
resources, up 5% from 2023.
At the same time, copper mineral reserves grew by
224% year-on-year on an attributable basis, at more than 13% higher
grade to 18 million tonnes of copper at 0.45%2, from 5.6 million
tonnes of copper at 0.39% in 20233. This resulted from the
completion of the Lumwana and Reko Diq feasibility studies
affirming both as Tier One6 Copper projects. The Lumwana Super Pit
Expansion feasibility study added 5.5 million tonnes of copper
reserves to the project, resulting in proven and probable copper
reserves of 8.3 million tonnes of copper at 0.52%2. The Reko Diq
feasibility study added 7.3 million tonnes of copper at 0.48% to
attributable copper reserves. This represents an addition of more
than 20 million tonnes2 of proven and probable copper reserves on a
100% basis since 2023.
Attributable measured and indicated copper
resources for 2024 stand at 24 million tonnes of copper at 0.39%2,
with a further 3.9 million tonnes of copper at 0.3%2 of inferred
resources, reflecting the conversion and upgrade of copper mineral
resources at Lumwana.
For 2024, mineral reserves are based on an updated
gold price assumption of $1,400/oz1 and a consistent copper price
of $3.00/lb1. Mineral resources are reported inclusive of reserves
and for 2024 are based on an updated gold price of $1,900/oz1 and a
consistent copper price of $4.00/lb1.
President and chief executive Mark Bristow said
Barrick’s strategy of investing in organic growth through
exploration and mineral resource management has set the company
apart from its peers within the industry, positioning Barrick as a
champion for value creation as we continue to grow our production
profile organically.
“In order for our industry to help build a better
world, we have to invest in our own future, with transformational
projects like the Lumwana Super Pit Expansion, Pueblo Viejo
Expansion, Reko Diq and Fourmile. Barrick’s vision for these
projects extends beyond mining, ensuring the benefits of these
investments provide multi-generational benefits to our host
countries and local communities through the development of local
service provider partnerships and investment in the sustainability
of our operating environments,” said Bristow.
Mineral Resource Management and Evaluation
Executive Simon Bottoms said that since the end of 2019, Barrick
has successfully added 111 million ounces4 of attributable gold
equivalent reserves at a cost of approximately $10 per ounce5,
demonstrating the value proposition of our strategy.
“The company's reserve prices of $1,400/oz for
gold1 and $3.00/lb for copper1 are designed to extract the optimum
value from our geologically defined orebodies whilst delivering the
highest value, demonstrating the quality differentiation of our
Tier One6 assets. This approach is complemented by our reserve
replacement strategy, where we aim to add value by delineating ore
body extensions and satellites at our long-term reserve prices
rather than diluting the quality of our reserves through lifting
reserve prices beyond the relative levels of cost inflation,” said
Bottoms.
Gold mineral reserves in the Africa & Middle
East region, after annual depletion, grew to 19 million ounces
at 3.35g/t2 in 2024 from 18.8 million ounces at 3.24g/t3 in
2023. This was predominantly driven by both Bulyanhulu and
Loulo-Gounkoto, with extensions of the high-grade Reef 2 and Yalea
underground orebodies respectively, combined with growth of the
Faraba open pit. Overall, this delivered a 2.3 million ounce2
increase in attributable proven and probable reserves across the
region, before depletion. North Mara also contributed to the strong
results through the extension of the Gokona underground and Gena
open pit. At Kibali, the ongoing conversion drilling in the 9000
and 11000 lodes in KCD underground replaced 98% of depletion, with
ongoing development to establish further underground drill
platforms for 2025.
The Latin America & Asia Pacific region, led by
Pueblo Viejo, replaced 115% of the regional 2024 gold reserve
depletion before the addition of Reko Diq, which added 0.78 million
ounces2 to attributable proven and probable reserves before
depletion as a result of additional pit design pushbacks unlocked
by the additional TSF capacity in the new Naranjo facility. Porgera
grew attributable gold reserves by 22% year-on-year with the
successful conversion of the open pit Link cutback adjacent to the
West Wall cutback.
In North America, the ongoing growth programs at
Turquoise Ridge, Leeville Underground in Carlin and the Reona
cut-back in Phoenix, added 1.54 million ounces2 of gold to proven
and probable reserves on an attributable basis before annual
depletion, which were partially offset by reductions in Cortez
driven by metallurgical model updates in Crossroads and Robertson.
This resulted in attributable proven and probable mineral reserves
for the region of 30 million ounces at 2.71g/t2, representing a
more than 10% increase in the grade year-over-year (2.45g/t in
2023) as a result of the high-grade growth additions and reductions
of low-grade at Cortez. At the same time, attributable gold
measured and indicated mineral resources for the region now stands
at 66 million ounces at 2.18g/t2, due to the removal of Long Canyon
mineral resources, as the site is planned to progress into full
closure during 2025. Meanwhile, attributable inferred gold mineral
resources for the region grew to 21 million ounces at 3.3 g/t2,
driven by Fourmile’s mineral resource7 growth in the southernmost
portion of the orebody immediately adjacent to the existing
Goldrush mine. Looking forward to 2025, Barrick plans to commence
prefeasibility-study drilling at the end of the first quarter of
2025 which will target continued extension of the Fourmile mineral
resource along strike to the north, while also completing the
foundational studies for the planned Bullion Hill northern access
portal.
Enquiries:
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Technical Information
The scientific and technical information
contained in this press release has been reviewed and approved by:
Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource
Management and Evaluation Executive; Craig Fiddes, SME-RM, Lead -
Resource Modeling, Nevada Gold Mines; Peter Jones, MAIG, Manager of
Resource Geology Latin America and Asia Pacific; and Richard
Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa &
Middle East — each a “Qualified Person” as defined in National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
Endnote 1
|
Commodity |
Proven and Probable Reserve Price Assumptions |
Measured, Indicated and Inferred Resource Price
Assumptions |
|
2023 |
2024 |
2023 |
2024 |
|
Gold |
$1,300/oz i |
$1,400/oz i, iii |
$1,700/oz |
$1,900/oz |
|
Copperii |
$3.00/lb ii |
$3.00/lb ii,iii |
$4.00/lb |
$4.00/lb |
|
Silver |
$18.00/oz |
$20.00/oz |
$21.00/oz |
$24.00/oz |
- Except at Tongon
and Hemlo Open Pit where gold mineral reserves for 2024 are based
upon a price assumption of $1,650/oz.
- Except at
Zaldivar, where mineral reserves and resources are based on
Antofagasta’s price assumptions. For mineral reserves, the copper
price assumption used by Antofagasta is $3.80/lb for 2024 and was
$3.50/lb for 2023. For mineral resources, the copper price
assumption used by Antofagasta is $4.40/lb for 2024 and was
$4.20/lb for 2023.
- Except at Norte Abierto where
mineral reserves for 2024 are reported by Newmont within a
$1,200/oz, $2.75/lb copper and $22/oz Ag pit design, before
application of updated 2023 project economics using escalated
operating and capital costs resulting in Newmont guidance of
$1,600/oz for gold, $4.00/lb for copper and $23/oz for silver for
assumed mineral reserve commodity prices. Mineral resources
for 2024 are reported by Newmont within a $1,400/oz, $3.25/lb
copper and $20/oz Ag pit shell, before application of updated 2023
project economics using escalated operating and capital costs
resulting in Newmont guidance of $1,600/oz for gold, $4.00/lb for
copper and $23/oz for silver for assumed mineral resource commodity
price.
Endnote 2
Estimated in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects as required
by Canadian securities regulatory authorities. Estimates are as of
December 31, 2024, unless otherwise noted. Proven mineral
reserves of 270 million tonnes grading 1.75g/t, representing 15
million ounces of gold, and 380 million tonnes grading 0.42%,
representing 1.6 million tonnes of copper. Probable reserves of
2,500 million tonnes grading 0.90g/t, representing 74 million
ounces of gold, and 3,600 million tonnes grading 0.46%,
representing 17 million tonnes of copper. Measured resources of 450
million tonnes grading 1.68g/t, representing 24 million ounces of
gold, and 600 million tonnes grading 0.38%, representing 2.3
million tonnes of copper. Indicated resources of 4,800 million
tonnes grading 1.01g/t, representing 150 million ounces of gold,
and 5,400 million tonnes grading 0.39%, representing 22 million
tonnes of copper. Inferred resources of 1,400 million tonnes
grading 0.9g/t, representing 41 million ounces of gold, and 1,300
million tonnes grading 0.3%, representing 3.9 million tonnes of
copper. Totals may not appear to sum correctly due to rounding.
Complete mineral reserve and mineral resource data for all mines
and projects referenced in this press release, including tonnes,
grades, and ounces, can be found in the Mineral Reserves and
Mineral Resources Tables included on the following pages of this
press release.
Endnote 3
Estimated in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects as required
by Canadian securities regulatory authorities. Estimates are as of
December 31, 2023, unless otherwise noted. Proven mineral
reserves of 250 million tonnes grading 1.85g/t, representing 15
million ounces of gold, and 320 million tonnes grading 0.41%,
representing 1.3 million tonnes of copper. Probable reserves of
1,200 million tonnes grading 1.61g/t, representing 61 million
ounces of gold, and 1,100 million tonnes grading 0.38%,
representing 4.3 million tonnes of copper. Measured resources of
430 million tonnes grading 1.76g/t, representing 24 million ounces
of gold, and 580 million tonnes grading 0.39%, representing 2.2
million tonnes of copper. Indicated resources of 4,800 million
tonnes grading 1.00g/t, representing 150 million ounces of gold,
and 4,900 million tonnes grading 0.39%, representing 19 million
tonnes of copper. Inferred resources of 1,500 million tonnes
grading 0.8g/t, representing 39 million ounces of gold, and 2,000
million tonnes grading 0.4%, representing 7.1 million tonnes of
copper. Totals may not appear to sum correctly due to rounding.
Complete mineral reserve and mineral resource data for all mines
and projects referenced in this press release as of December 31,
2023, including tonnes, grades, and ounces, can be found on pages
33-45 of Barrick’s 2023 Annual Information Form / Form 40-F on file
with the Canadian provincial securities regulators on SEDAR+ at
www.sedarplus.ca and the Securities and Exchange Commission on
EDGAR at www.sec.gov.
Endnote 4
Proven and probable reserve gains calculated
from cumulative net change in reserves from year end 2019 to
2024.
Reserve replacement percentage is calculated
from the cumulative net change in reserves from 2020 to 2024
divided by the cumulative depletion in reserves from year end 2019
to 2024 as shown in the tables below:
|
Year |
Attributable P&P
Gold (Moz) |
Attributable Gold Acquisition
& Divestments (Moz) |
Attributable Gold
Depletion(Moz) |
Attributable Gold Net Change
(Moz) |
Reported Reserve Price USD/oz for GEO
conversion |
|
2019a |
71 |
— |
— |
— |
— |
|
2020b |
68 |
(2.2) |
(5.5) |
4.2 |
$1,200 |
|
2021c |
69 |
(0.91) |
(5.4) |
8.1 |
$1,200 |
|
2022d |
76 |
— |
(4.8) |
12 |
$1,300 |
|
2023e |
77 |
— |
(4.6) |
5 |
$1,300 |
|
2024f |
89 |
— |
(4.6) |
17 |
$1,400 |
|
2020 – 2024 Total |
N/A |
(3.1) |
(25) |
46 |
N/A |
|
Year |
Attributable P&P Copper (Mlb) |
Attributable Copper
Acquisition & Divestments
(Mlb) |
Attributable Copper Depletion
(Mlb) |
Attributable Copper Net Change (Mlb) |
Reported Reserve Price USD/lb for GEO
conversion |
|
2019a |
13,494 |
— |
— |
— |
— |
|
2020b |
12,691 |
— |
(834) |
31 |
$2.75 |
|
2021c |
12,233 |
— |
(636) |
178 |
$2.75 |
|
2022d |
12,252 |
— |
(623) |
642 |
$3.00 |
|
2023e |
12,391 |
— |
(589) |
728 |
$3.00 |
|
2024f |
40,201 |
— |
(731) |
28,542 |
$3.00 |
|
2020 – 2024 Total |
N/A |
— |
(3,413) |
30,121 |
N/A |
Attributable Proven and Probable organic gold
equivalent reserve additions calculated from the cumulative net
change in reserves from year-end 2020 to 2024 using reserve prices
for gold equivalent ounce (GEO) conversion as shown in the
tables above to result in the Attributable Net Change GEO tabulated
below:
|
Year |
Attributable P&P GEO |
Attributable Acquisition &
Divestments GEO |
Attributable DepletionGEO |
Attributable Net Change GEO (using
reported reserve prices) |
|
2019 |
— |
— |
— |
— |
|
2020 |
97 |
(2.2) |
(7.4) |
4.2 |
|
2021 |
97 |
(0.91) |
(6.9) |
8.5 |
|
2022 |
104 |
— |
(6.3) |
13 |
|
2023 |
105 |
— |
(6.0) |
6.7 |
|
2024 |
176 |
— |
(6.1) |
6.7 |
|
2020 – 2024 Total |
N/A |
(3.1) |
(33) |
111 |
Totals may not appear to sum correctly due to
rounding.
Attributable acquisitions and divestments
includes the following: a decrease of 2.2 Moz in proven and
probable gold reserves from December 31, 2019 to December 31, 2020,
as a result of the divestiture of Barrick's Massawa gold project
effective March 4, 2020; and a decrease of 0.91 Moz in proven and
probable gold reserves from December 31, 2020 to December 31, 2021,
as a result of the change in Barrick’s ownership interest in
Porgera from 47.5% to 24.5% and the net impact of the asset
exchange of Lone Tree to i-80 Gold for the remaining 50% of South
Arturo that Nevada Gold Mines did not already own.
All estimates are estimated in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects as required by Canadian securities regulatory
authorities.
- Estimates as of
December 31, 2019, unless otherwise noted, Proven reserves of 280
million tonnes grading 2.42 g/t, representing 22 million ounces of
gold and 420 million tonnes grading 0.4%, representing 3,700
million pounds of copper (which is equal to 1.7 million tonnes of
copper). Probable reserves of 1,000 million tonnes grading 1.48
g/t, representing 49 million ounces of gold and 1,200 million
tonnes grading 0.38%, representing 9,800 million pounds of copper
(which is equal to 4.4 million tonnes of copper). Conversions may
not recalculate due to rounding.
- Estimates as of
December 31, 2020, unless otherwise noted: Proven reserves of 280
million tonnes grading 2.37g/t, representing 21 million ounces of
gold, and 350 million tonnes grading 0.39%, representing 3,000
million pounds of copper (which is equal to 1.4 million tonnes of
copper). Probable reserves of 990 million tonnes grading 1.46g/t,
representing 47 million ounces of gold, and 1,100 million tonnes
grading 0.39%, representing 9,700 million pounds of copper (which
is equal to 4.4 million tonnes of copper). Conversions may not
recalculate due to rounding.
- Estimates as of
December 31, 2021, unless otherwise noted, Proven mineral reserves
of 240 million tonnes grading 2.20g/t, representing 17 million
ounces of gold and 380 million tonnes grading 0.41%, representing
3,400 million pounds of copper (which is equal to 1.6 million
tonnes of copper), and probable reserves of 1,000 million tonnes
grading 1.60g/t, representing 53 million ounces of gold and 1,100
million tonnes grading 0.37%, representing 8,800 million pounds of
copper (which is equal to 4.0 million tonnes of copper).
Conversions may not recalculate due to rounding.
- Estimates as of
December 31, 2022, unless otherwise noted. Proven mineral reserves
of 260 million tonnes grading 2.26g/t, representing 19 million
ounces of gold and 390 million tonnes grading 0.40%, representing
3,500 million pounds of copper (which is equal to 1.6 million
tonnes of copper), and probable reserves of 1,200 million tonnes
grading 1.53g/t, representing 57 million ounces of gold and 1,100
million tonnes grading 0.37%, representing 8,800 million pounds of
copper (which is equal to 4.0 million tonnes of copper).
Conversions may not recalculate due to rounding.
- Estimates are as
of December 31, 2023, unless otherwise noted. Proven mineral
reserves of 250 million tonnes grading 1.85g/t, representing 15
million ounces of gold, and 320 million tonnes grading 0.41%,
representing 1.3 million tonnes of copper. Probable reserves of
1,200 million tonnes grading 1.61g/t, representing 61 million
ounces of gold, and 1,100 million tonnes grading 0.38%,
representing 4.3 million tonnes of copper.
- Estimates are as
of December 31, 2024, unless otherwise noted. Proven mineral
reserves of 270 million tonnes grading 1.75g/t, representing 15
million ounces of gold, and 380 million tonnes grading 0.42%,
representing 1.6 million tonnes of copper. Probable reserves of
2,500 million tonnes grading 0.90g/t, representing 74 million
ounces of gold, and 3,600 million tonnes grading 0.46%,
representing 17 million tonnes of copper.
Endnote 5
Attributable organic gold equivalent reserve
$/oz additions are calculated from the cumulative net change in
reserves from year-end 2019 using reserve prices for gold
equivalent ounce (GEO) conversion as outlined in Endnote 4, divided
by the total attributable Barrick group expenditure on exploration,
reserve conversion and technical studies from preliminary economic
assessment, pre-feasibility and feasibility during the same
period.
Endnote 6
A Tier One Gold Asset is an asset with a
$1,400/oz reserve with potential to deliver a minimum 10-year life,
annual production of at least 500,000 ounces of gold and with costs
per ounce in the lower half of the industry cost curve. A Tier One
Copper Asset is an asset with a $3.00/lb reserve with potential for
+5Mt contained copper in support of at least 20 years life, annual
production of at least 200ktpa, with costs per pound in the lower
half of the industry cost curve. Tier One Assets must be located in
a world class geological district with potential for organic
reserve growth and long-term geologically driven addition.
Endnote 7
Fourmile is currently 100% owned by Barrick. As
previously disclosed, Barrick anticipates Fourmile being
contributed to the Nevada Gold Mines joint venture if certain
criteria are met following the completion of drilling and the
requisite feasibility work.
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, 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 “growth”, “potential”,
“deliver”, “future”, “support”, “estimated”, “represent”, “target”,
“plan”, “extend”, “continues”, “would” and similar expressions
identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without
limitation, with respect to: Barrick’s ability to convert resources
into reserves and future reserve replacement; potential
mineralization and metal or mineral recoveries; Barrick’s focus on
Tier One Assets and its potential for growth while delivering
sustainable returns; the potential for Reko Diq and Lumwana to
become Tier One Assets; Barrick’s forward-looking production
guidance, including our five and ten year outlooks for gold and
copper; our plans and expected completion and benefits of our
growth projects, including the Lumwana Super Pit, Reko Diq,
Fourmile and new Naranjo tailings storage facility at Pubelo Viejo;
mine life and production rates, including anticipated production
growth from Barrick’s organic project pipeline and reserve
replacement; Barrick’s decision regarding additional drilling and
commencement of a pre-feasibility study at Fourmile; Barrick’s
global exploration strategy and planned exploration activities; our
pipeline of high confidence projects at or near existing
operations; potential mineralization and metal or mineral
recoveries; the potential for further growth at Nevada Gold Mines
including at Turquoise Ridge, Leeville Underground and Reona;
Barrick’s sustainability strategy; and expectations regarding
future price assumptions, financial performance and other outlook
or guidance.
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 press release 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; failure to comply with environmental and health and
safety laws and regulations; 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 the jurisdictions in which the Company or
its affiliates do or may carry on business in the future; timing of
receipt of, or failure to comply with, necessary permits and
approvals; uncertainty whether some or all of the targeted
investments and projects will meet the Company’s capital allocation
objectives and internal hurdle rate; the possibility that future
exploration results will not be consistent with the Company’s
expectations; risks that exploration data may be incomplete and
considerable additional work may be required to complete further
evaluation, including but not limited to drilling, engineering and
socioeconomic studies and investment; disruption of supply routes
which may cause delays in construction and mining activities,
including disruptions in the supply of key mining inputs due to the
invasion of Ukraine by Russia; 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; risks associated with new diseases, epidemics and
pandemics; the impact of inflation, including global inflationary
pressures driven by supply chain disruptions and global energy cost
increases following the invasion of Ukraine by Russia; litigation
and legal and administrative proceedings; 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.
Barrick disclaims 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.
|
Gold Mineral Reserves1,2,3,5 |
|
|
|
|
|
|
|
|
As at December 31, 2024 |
PROVEN9 |
|
PROBABLE9 |
|
TOTAL9 |
|
|
|
Tonnes |
Grade |
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Based on attributable ounces |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
3.74 |
0.00064 |
|
— |
— |
— |
|
0.0053 |
3.74 |
0.00064 |
|
Bulyanhulu underground |
|
0.61 |
7.06 |
0.14 |
|
16 |
6.96 |
3.6 |
|
17 |
6.96 |
3.8 |
|
Bulyanhulu (84.00%) total |
|
0.62 |
7.03 |
0.14 |
|
16 |
6.96 |
3.6 |
|
17 |
6.96 |
3.8 |
|
Jabal Sayid surface |
|
0.14 |
0.66 |
0.0030 |
|
— |
— |
— |
|
0.14 |
0.66 |
0.0030 |
|
Jabal Sayid underground |
|
8.7 |
0.32 |
0.089 |
|
4.5 |
0.46 |
0.066 |
|
13 |
0.37 |
0.16 |
|
Jabal Sayid (50.00%) total |
|
8.8 |
0.32 |
0.092 |
|
4.5 |
0.46 |
0.066 |
|
13 |
0.37 |
0.16 |
|
Kibali surface |
|
6.4 |
2.00 |
0.41 |
|
17 |
2.17 |
1.2 |
|
24 |
2.13 |
1.6 |
|
Kibali underground |
|
7.0 |
4.45 |
1.0 |
|
16 |
3.74 |
1.9 |
|
23 |
3.96 |
2.9 |
|
Kibali (45.00%) total |
|
13 |
3.28 |
1.4 |
|
33 |
2.93 |
3.2 |
|
47 |
3.03 |
4.6 |
|
Loulo-Gounkoto surface4 |
|
11 |
2.43 |
0.83 |
|
15 |
3.30 |
1.6 |
|
26 |
2.95 |
2.5 |
|
Loulo-Gounkoto underground4 |
|
7.6 |
5.13 |
1.3 |
|
23 |
4.82 |
3.6 |
|
31 |
4.90 |
4.9 |
|
Loulo-Gounkoto (80.00%) total4 |
|
18 |
3.56 |
2.1 |
|
39 |
4.22 |
5.2 |
|
57 |
4.00 |
7.3 |
|
North Mara surface |
|
5.3 |
3.90 |
0.66 |
|
25 |
1.51 |
1.2 |
|
30 |
1.92 |
1.9 |
|
North Mara underground |
|
2.0 |
3.37 |
0.22 |
|
5.9 |
4.43 |
0.84 |
|
7.9 |
4.16 |
1.1 |
|
North Mara (84.00%) total |
|
7.3 |
3.75 |
0.88 |
|
31 |
2.07 |
2.0 |
|
38 |
2.39 |
2.9 |
|
Tongon surface (89.70%) |
|
3.2 |
2.10 |
0.21 |
|
4.8 |
2.63 |
0.40 |
|
8.0 |
2.41 |
0.62 |
|
AFRICA AND MIDDLE EAST TOTAL |
52 |
2.91 |
4.8 |
|
130 |
3.52 |
15 |
|
180 |
3.35 |
19 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
110 |
0.65 |
2.4 |
|
480 |
0.59 |
9.2 |
|
600 |
0.60 |
12 |
|
Porgera surface |
|
0.11 |
2.07 |
0.0076 |
|
7.2 |
2.88 |
0.67 |
|
7.3 |
2.87 |
0.68 |
|
Porgera underground |
|
0.69 |
6.42 |
0.14 |
|
3.2 |
6.48 |
0.66 |
|
3.9 |
6.47 |
0.81 |
|
Porgera (24.50%) total |
|
0.81 |
5.80 |
0.15 |
|
10 |
3.98 |
1.3 |
|
11 |
4.11 |
1.5 |
|
Pueblo Viejo surface (60.00%) |
|
48 |
2.27 |
3.5 |
|
130 |
2.06 |
8.8 |
|
180 |
2.11 |
12 |
|
Reko Diq surface (50.00%) |
|
— |
— |
— |
|
1,400 |
0.28 |
13 |
|
1,400 |
0.28 |
13 |
|
Veladero surface (50.00%) |
|
24 |
0.66 |
0.51 |
|
49 |
0.68 |
1.1 |
|
73 |
0.67 |
1.6 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
190 |
1.09 |
6.6 |
|
2,100 |
0.49 |
33 |
|
2,300 |
0.54 |
40 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin surface |
|
4.1 |
1.60 |
0.21 |
|
58 |
2.39 |
4.4 |
|
62 |
2.33 |
4.6 |
|
Carlin underground |
|
0.050 |
6.17 |
0.010 |
|
20 |
7.69 |
4.8 |
|
20 |
7.69 |
4.8 |
|
Carlin (61.50%) total |
|
4.1 |
1.66 |
0.22 |
|
77 |
3.73 |
9.3 |
|
82 |
3.62 |
9.5 |
|
Cortez surface |
|
1.0 |
2.78 |
0.090 |
|
63 |
1.02 |
2.1 |
|
64 |
1.05 |
2.2 |
|
Cortez underground |
|
— |
— |
— |
|
28 |
6.78 |
6.1 |
|
28 |
6.78 |
6.1 |
|
Cortez (61.50%) total |
|
1.0 |
2.78 |
0.090 |
|
91 |
2.79 |
8.2 |
|
92 |
2.79 |
8.3 |
|
Hemlo surface |
|
— |
— |
— |
|
25 |
0.93 |
0.75 |
|
25 |
0.93 |
0.75 |
|
Hemlo underground |
|
0.29 |
3.84 |
0.036 |
|
6.2 |
4.30 |
0.86 |
|
6.5 |
4.28 |
0.90 |
|
Hemlo (100%) total |
|
0.29 |
3.84 |
0.036 |
|
31 |
1.60 |
1.6 |
|
32 |
1.62 |
1.6 |
|
Phoenix surface (61.50%) |
|
5.2 |
0.64 |
0.11 |
|
87 |
0.63 |
1.8 |
|
92 |
0.63 |
1.9 |
|
Turquoise Ridge surface |
|
16 |
2.26 |
1.2 |
|
11 |
1.92 |
0.66 |
|
27 |
2.12 |
1.8 |
|
Turquoise Ridge underground |
|
6.3 |
11.32 |
2.3 |
|
16 |
9.48 |
4.8 |
|
22 |
10.00 |
7.1 |
|
Turquoise Ridge (61.50%) total |
|
22 |
4.82 |
3.4 |
|
27 |
6.42 |
5.5 |
|
49 |
5.69 |
8.9 |
|
NORTH AMERICA TOTAL |
|
33 |
3.69 |
3.9 |
|
310 |
2.61 |
26 |
|
350 |
2.71 |
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
270 |
1.75 |
15 |
|
2,500 |
0.90 |
74 |
|
2,800 |
0.99 |
89 |
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Copper Mineral
Reserves1,2,3,5 |
|
|
|
|
|
|
|
|
As at December 31, 2024 |
PROVEN9 |
|
PROBABLE9 |
|
TOTAL9 |
|
|
|
Tonnes |
Cu Grade |
Contained Cu |
|
Tonnes |
Cu Grade |
Contained Cu |
|
Tonnes |
Cu Grade |
Contained Cu |
|
Based on attributable tonnes |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
0.38 |
0.000020 |
|
— |
— |
— |
|
0.0053 |
0.38 |
0.000020 |
|
Bulyanhulu underground |
|
0.61 |
0.41 |
0.0025 |
|
16 |
0.35 |
0.057 |
|
17 |
0.35 |
0.060 |
|
Bulyanhulu (84.00%) total |
|
0.62 |
0.41 |
0.0025 |
|
16 |
0.35 |
0.057 |
|
17 |
0.35 |
0.060 |
|
Jabal Sayid surface |
|
0.14 |
2.68 |
0.0037 |
|
|
|
|
|
0.14 |
2.68 |
0.0037 |
|
Jabal Sayid underground |
|
8.7 |
2.12 |
0.18 |
|
4.5 |
2.16 |
0.097 |
|
13 |
2.14 |
0.28 |
|
Jabal Sayid (50.00%) total |
|
8.8 |
2.13 |
0.19 |
|
4.5 |
2.16 |
0.097 |
|
13 |
2.14 |
0.28 |
|
Lumwana surface (100%) |
|
140 |
0.49 |
0.68 |
|
1,500 |
0.53 |
7.6 |
|
1,600 |
0.52 |
8.3 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
150 |
0.59 |
0.87 |
|
1,500 |
0.53 |
7.8 |
|
1,600 |
0.54 |
8.7 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
110 |
0.19 |
0.22 |
|
480 |
0.23 |
1.1 |
|
600 |
0.22 |
1.3 |
|
Reko Diq surface (50.00%) |
|
— |
— |
— |
|
1,500 |
0.48 |
7.3 |
|
1,500 |
0.48 |
7.3 |
|
Zaldívar surface (50.00%) |
|
110 |
0.44 |
0.48 |
|
66 |
0.41 |
0.27 |
|
180 |
0.43 |
0.75 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
220 |
0.31 |
0.70 |
|
2,100 |
0.42 |
8.6 |
|
2,300 |
0.41 |
9.4 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
|
6.9 |
0.16 |
0.011 |
|
110 |
0.18 |
0.20 |
|
120 |
0.18 |
0.21 |
|
NORTH AMERICA TOTAL |
|
6.9 |
0.16 |
0.011 |
|
110 |
0.18 |
0.20 |
|
120 |
0.18 |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
380 |
0.42 |
1.6 |
|
3,600 |
0.46 |
17 |
|
4,000 |
0.45 |
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
|
|
|
|
|
|
|
|
|
Silver Mineral
Reserves1,2,3,5 |
|
|
|
|
|
|
|
|
As at December 31, 2024 |
|
PROVEN9 |
|
PROBABLE9 |
|
TOTAL9 |
|
|
|
Tonnes |
Ag Grade |
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Based on attributable ounces |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
7.29 |
0.0012 |
|
— |
— |
— |
|
0.0053 |
7.29 |
0.0012 |
|
Bulyanhulu underground |
|
0.61 |
6.98 |
0.14 |
|
16 |
5.51 |
2.9 |
|
17 |
5.56 |
3.0 |
|
Bulyanhulu (84.00%) total |
|
0.62 |
6.98 |
0.14 |
|
16 |
5.51 |
2.9 |
|
17 |
5.56 |
3.0 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
0.62 |
6.98 |
0.14 |
|
16 |
5.51 |
2.9 |
|
17 |
5.56 |
3.0 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
110 |
1.91 |
7.0 |
|
480 |
1.43 |
22 |
|
600 |
1.52 |
29 |
|
Pueblo Viejo surface (60.00%) |
|
48 |
12.44 |
19 |
|
130 |
12.69 |
54 |
|
180 |
12.62 |
73 |
|
Veladero surface (50.00%) |
|
24 |
12.92 |
10.0 |
|
49 |
13.96 |
22 |
|
73 |
13.62 |
32 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
190 |
6.04 |
36 |
|
670 |
4.60 |
98 |
|
850 |
4.92 |
130 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
|
5.2 |
7.87 |
1.3 |
|
87 |
7.78 |
22 |
|
92 |
7.78 |
23 |
|
NORTH AMERICA TOTAL |
|
5.2 |
7.87 |
1.3 |
|
87 |
7.78 |
22 |
|
92 |
7.78 |
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
190 |
6.09 |
38 |
|
770 |
4.98 |
120 |
|
960 |
5.20 |
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Gold Mineral
Resources1,3,5,6,7,8 |
|
|
|
|
|
|
|
|
|
|
As at December 31, 2024 |
MEASURED (M)9 |
|
INDICATED (I)9 |
|
(M) + (I)9 |
|
INFERRED10 |
|
|
Tonnes |
Grade |
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Contained ozs |
|
Tonnes |
Grade |
Contained ozs |
|
Based on attributable ounces |
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
0.0053 |
3.74 |
0.00064 |
|
— |
— |
— |
|
0.00064 |
|
— |
— |
— |
|
Bulyanhulu underground |
2.8 |
7.94 |
0.72 |
|
28 |
7.16 |
6.5 |
|
7.2 |
|
11 |
7.2 |
2.5 |
|
Bulyanhulu (84.00%) total |
2.8 |
7.93 |
0.72 |
|
28 |
7.16 |
6.5 |
|
7.2 |
|
11 |
7.2 |
2.5 |
|
Jabal Sayid surface |
0.14 |
0.66 |
0.0030 |
|
— |
— |
— |
|
0.0030 |
|
— |
— |
— |
|
Jabal Sayid underground |
9.1 |
0.39 |
0.11 |
|
6.4 |
0.50 |
0.10 |
|
0.22 |
|
1.1 |
0.6 |
0.021 |
|
Jabal Sayid (50.00%) total |
9.2 |
0.40 |
0.12 |
|
6.4 |
0.50 |
0.10 |
|
0.22 |
|
1.1 |
0.6 |
0.021 |
|
Kibali surface |
9.5 |
2.14 |
0.65 |
|
26 |
2.17 |
1.8 |
|
2.5 |
|
8.2 |
2.2 |
0.58 |
|
Kibali underground |
11 |
4.43 |
1.5 |
|
29 |
3.45 |
3.3 |
|
4.8 |
|
4.3 |
2.5 |
0.35 |
|
Kibali (45.00%) total |
20 |
3.34 |
2.1 |
|
56 |
2.85 |
5.1 |
|
7.3 |
|
12 |
2.3 |
0.93 |
|
Loulo-Gounkoto surface4 |
12 |
2.41 |
0.95 |
|
19 |
3.34 |
2.1 |
|
3.0 |
|
2.8 |
2.4 |
0.22 |
|
Loulo-Gounkoto underground4 |
18 |
4.21 |
2.4 |
|
38 |
4.22 |
5.1 |
|
7.6 |
|
12 |
2.0 |
0.81 |
|
Loulo-Gounkoto (80.00%) total4 |
30 |
3.48 |
3.4 |
|
57 |
3.93 |
7.2 |
|
11 |
|
15 |
2.1 |
1.0 |
|
North Mara surface |
7.8 |
3.19 |
0.80 |
|
36 |
1.60 |
1.9 |
|
2.7 |
|
2.0 |
1.6 |
0.10 |
|
North Mara underground |
6.8 |
2.17 |
0.48 |
|
29 |
2.29 |
2.1 |
|
2.6 |
|
8.9 |
1.6 |
0.47 |
|
North Mara (84.00%) total |
15 |
2.71 |
1.3 |
|
65 |
1.91 |
4.0 |
|
5.3 |
|
11 |
1.6 |
0.57 |
|
Tongon surface (89.70%) |
3.8 |
2.24 |
0.28 |
|
4.8 |
2.71 |
0.42 |
|
0.70 |
|
1.5 |
2.3 |
0.11 |
|
AFRICA AND MIDDLE EAST TOTAL |
81 |
3.05 |
7.9 |
|
220 |
3.34 |
23 |
|
31 |
|
52 |
3.1 |
5.2 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alturas surface (100%) |
— |
— |
— |
|
58 |
1.16 |
2.2 |
|
2.2 |
|
130 |
0.8 |
3.6 |
|
Norte Abierto surface (50.00%) |
190 |
0.63 |
3.9 |
|
1,100 |
0.53 |
19 |
|
22 |
|
370 |
0.4 |
4.4 |
|
Pascua Lama surface (100%) |
43 |
1.86 |
2.6 |
|
390 |
1.49 |
19 |
|
21 |
|
15 |
1.7 |
0.86 |
|
Porgera surface |
— |
— |
— |
|
28 |
2.35 |
2.1 |
|
2.1 |
|
17 |
1.7 |
0.94 |
|
Porgera underground |
0.74 |
6.87 |
0.16 |
|
4.0 |
6.42 |
0.82 |
|
0.98 |
|
1.9 |
6.4 |
0.38 |
|
Porgera (24.50%) total |
0.74 |
6.87 |
0.16 |
|
32 |
2.86 |
2.9 |
|
3.1 |
|
19 |
2.2 |
1.3 |
|
Pueblo Viejo surface (60.00%) |
61 |
2.09 |
4.1 |
|
190 |
1.87 |
11 |
|
15 |
|
7.5 |
1.6 |
0.38 |
|
Reko Diq surface (50.00%) |
— |
— |
— |
|
1,800 |
0.25 |
15 |
|
15 |
|
640 |
0.2 |
3.9 |
|
Veladero surface (50.00%) |
26 |
0.65 |
0.53 |
|
85 |
0.65 |
1.8 |
|
2.3 |
|
16 |
0.5 |
0.29 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
320 |
1.08 |
11 |
|
3,700 |
0.60 |
70 |
|
81 |
|
1,200 |
0.4 |
15 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carlin surface |
8.8 |
1.29 |
0.37 |
|
96 |
2.06 |
6.4 |
|
6.7 |
|
29 |
1.3 |
1.2 |
|
Carlin underground |
0.086 |
8.55 |
0.024 |
|
33 |
7.92 |
8.5 |
|
8.6 |
|
19 |
7.3 |
4.5 |
|
Carlin (61.50%) total |
8.9 |
1.36 |
0.39 |
|
130 |
3.57 |
15 |
|
15 |
|
48 |
3.7 |
5.7 |
|
Cortez surface |
1.6 |
2.79 |
0.15 |
|
100 |
0.97 |
3.2 |
|
3.3 |
|
31 |
0.6 |
0.63 |
|
Cortez underground |
— |
— |
— |
|
39 |
6.30 |
8.0 |
|
8.0 |
|
15 |
5.6 |
2.8 |
|
Cortez (61.50%) total |
1.6 |
2.79 |
0.15 |
|
140 |
2.45 |
11 |
|
11 |
|
46 |
2.3 |
3.4 |
|
Donlin surface (50.00%) |
— |
— |
— |
|
270 |
2.24 |
20 |
|
20 |
|
46 |
2.0 |
3.0 |
|
Fourmile underground (100%) |
— |
— |
— |
|
3.6 |
11.76 |
1.4 |
|
1.4 |
|
14 |
14.1 |
6.4 |
|
Hemlo surface |
— |
— |
— |
|
50 |
1.00 |
1.6 |
|
1.6 |
|
5.0 |
0.7 |
0.12 |
|
Hemlo underground |
3.9 |
4.37 |
0.55 |
|
9.8 |
4.04 |
1.3 |
|
1.8 |
|
3.5 |
4.5 |
0.50 |
|
Hemlo (100%) total |
3.9 |
4.37 |
0.55 |
|
60 |
1.49 |
2.9 |
|
3.4 |
|
8.5 |
2.3 |
0.62 |
|
Phoenix surface (61.50%) |
5.2 |
0.64 |
0.11 |
|
240 |
0.49 |
3.9 |
|
4.0 |
|
16 |
0.4 |
0.19 |
|
Turquoise Ridge surface |
16 |
2.22 |
1.2 |
|
29 |
1.69 |
1.6 |
|
2.7 |
|
14 |
1.1 |
0.51 |
|
Turquoise Ridge underground |
6.6 |
12.01 |
2.5 |
|
18 |
9.91 |
5.8 |
|
8.4 |
|
3.7 |
8.5 |
1.0 |
|
Turquoise Ridge (61.50%) total |
23 |
5.02 |
3.7 |
|
47 |
4.87 |
7.4 |
|
11 |
|
18 |
2.6 |
1.5 |
|
NORTH AMERICA TOTAL |
43 |
3.58 |
4.9 |
|
900 |
2.12 |
61 |
|
66 |
|
200 |
3.3 |
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
450 |
1.68 |
24 |
|
4,800 |
1.01 |
150 |
|
180 |
|
1,400 |
0.9 |
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Copper Mineral
Resources1,3,5,6,7,8 |
|
|
|
|
|
|
|
|
|
|
As at December 31, 2024 |
MEASURED (M)9 |
|
INDICATED (I)9 |
|
(M) + (I)9 |
|
INFERRED10 |
|
|
|
Tonnes |
Grade |
Contained Cu |
|
Tonnes |
Grade |
Contained Cu |
|
Contained Cu |
|
Tonnes |
Grade |
Contained Cu |
|
Based on attributable tonnes |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
(Mt) |
|
(Mt) |
(%) |
(Mt) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
0.38 |
0.000020 |
|
— |
— |
— |
|
0.000020 |
|
— |
— |
— |
|
Bulyanhulu underground |
|
2.8 |
0.37 |
0.010 |
|
28 |
0.36 |
0.10 |
|
0.11 |
|
11 |
0.3 |
0.036 |
|
Bulyanhulu (84.00%) total |
|
2.8 |
0.37 |
0.010 |
|
28 |
0.36 |
0.10 |
|
0.11 |
|
11 |
0.3 |
0.036 |
|
Jabal Sayid surface |
|
0.14 |
2.68 |
0.0037 |
|
— |
— |
— |
|
0.0037 |
|
— |
— |
— |
|
Jabal Sayid underground |
|
9.1 |
2.49 |
0.23 |
|
6.4 |
2.23 |
0.14 |
|
0.37 |
|
1.1 |
0.5 |
0.0058 |
|
Jabal Sayid (50.00%) total |
|
9.2 |
2.50 |
0.23 |
|
6.4 |
2.23 |
0.14 |
|
0.37 |
|
1.1 |
0.5 |
0.0058 |
|
Lumwana surface (100%) |
|
170 |
0.45 |
0.77 |
|
1,800 |
0.50 |
9.2 |
|
10 |
|
230 |
0.4 |
0.91 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
190 |
0.55 |
1.0 |
|
1,900 |
0.51 |
9.4 |
|
10 |
|
240 |
0.4 |
0.95 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
170 |
0.21 |
0.36 |
|
1,000 |
0.21 |
2.2 |
|
2.5 |
|
360 |
0.2 |
0.66 |
|
Reko Diq surface (50.00%) |
|
— |
— |
— |
|
2,000 |
0.43 |
8.4 |
|
8.4 |
|
690 |
0.3 |
2.2 |
|
Zaldívar surface (50.00%) |
|
240 |
0.39 |
0.94 |
|
290 |
0.36 |
1.0 |
|
2.0 |
|
15 |
0.3 |
0.048 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
410 |
0.31 |
1.3 |
|
3,300 |
0.35 |
12 |
|
13 |
|
1,100 |
0.3 |
3.0 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
|
6.9 |
0.16 |
0.011 |
|
300 |
0.17 |
0.51 |
|
0.52 |
|
18 |
0.2 |
0.028 |
|
NORTH AMERICA TOTAL |
|
6.9 |
0.16 |
0.011 |
|
300 |
0.17 |
0.51 |
|
0.52 |
|
18 |
0.2 |
0.028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
600 |
0.38 |
2.3 |
|
5,400 |
0.39 |
22 |
|
24 |
|
1,300 |
0.3 |
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Silver Mineral
Resources1,3,5,6,7,8 |
|
|
|
|
|
|
|
|
|
|
As at December 31, 2024 |
MEASURED (M)9 |
|
INDICATED (I)9 |
|
(M) + (I)9 |
|
INFERRED10 |
|
|
|
Tonnes |
Ag Grade |
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Contained Ag |
|
Tonnes |
Ag Grade |
Contained Ag |
|
Based on attributable ounces |
|
(Mt) |
(g/t) |
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
(Moz) |
|
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
|
0.0053 |
7.29 |
0.0012 |
|
— |
— |
— |
|
0.0012 |
|
— |
— |
— |
|
Bulyanhulu underground |
|
2.8 |
6.87 |
0.62 |
|
28 |
5.56 |
5.1 |
|
5.7 |
|
11 |
5.7 |
2.0 |
|
Bulyanhulu (84.00%) total |
|
2.8 |
6.87 |
0.62 |
|
28 |
5.56 |
5.1 |
|
5.7 |
|
11 |
5.7 |
2.0 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
2.8 |
6.87 |
0.62 |
|
28 |
5.56 |
5.1 |
|
5.7 |
|
11 |
5.7 |
2.0 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
|
190 |
1.62 |
10 |
|
1,100 |
1.23 |
43 |
|
53 |
|
370 |
1.0 |
11 |
|
Pascua-Lama surface (100%) |
|
43 |
57.21 |
79 |
|
390 |
52.22 |
660 |
|
740 |
|
15 |
17.8 |
8.8 |
|
Pueblo Viejo surface (60.00%) |
|
61 |
11.47 |
22 |
|
190 |
11.22 |
68 |
|
91 |
|
7.5 |
6.8 |
1.6 |
|
Veladero surface (50.00%) |
|
26 |
13.08 |
11 |
|
85 |
13.91 |
38 |
|
49 |
|
16 |
15.8 |
8.2 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
320 |
11.81 |
120 |
|
1,700 |
14.36 |
810 |
|
930 |
|
410 |
2.3 |
30 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix surface (61.50%) |
|
5.2 |
7.87 |
1.3 |
|
240 |
6.40 |
50 |
|
52 |
|
16 |
4.2 |
2.2 |
|
NORTH AMERICA TOTAL |
|
5.2 |
7.87 |
1.3 |
|
240 |
6.40 |
50 |
|
52 |
|
16 |
4.2 |
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
330 |
11.70 |
120 |
|
2,000 |
13.28 |
860 |
|
990 |
|
440 |
2.4 |
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Summary Gold Mineral
Reserves1,2,3,5 |
|
For the years ended December 31 |
2024 |
2023 |
|
|
Ownership |
Tonnes |
Grade9 |
Ounces |
Ownership |
Tonnes |
Grade9 |
Ounces |
|
Based on attributable ounces |
% |
(Mt) |
(g/t) |
(Moz) |
% |
(Mt) |
(g/t) |
(Moz) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
84.00 |
% |
0.0053 |
3.74 |
0.00064 |
84.00 |
% |
0.0088 |
5.89 |
0.0017 |
|
Bulyanhulu underground |
84.00 |
% |
17 |
6.96 |
3.8 |
84.00 |
% |
18 |
6.05 |
3.4 |
|
Bulyanhulu Total |
84.00 |
% |
17 |
6.96 |
3.8 |
84.00 |
% |
18 |
6.05 |
3.4 |
|
Jabal Sayid surface |
50.00 |
% |
0.14 |
0.66 |
0.0030 |
50.00 |
% |
0.064 |
0.38 |
0.00078 |
|
Jabal Sayid underground |
50.00 |
% |
13 |
0.37 |
0.16 |
50.00 |
% |
14 |
0.34 |
0.15 |
|
Jabal Sayid Total |
50.00 |
% |
13 |
0.37 |
0.16 |
50.00 |
% |
14 |
0.34 |
0.15 |
|
Kibali surface |
45.00 |
% |
24 |
2.13 |
1.6 |
45.00 |
% |
24 |
2.05 |
1.6 |
|
Kibali underground |
45.00 |
% |
23 |
3.96 |
2.9 |
45.00 |
% |
24 |
4.10 |
3.1 |
|
Kibali Total |
45.00 |
% |
47 |
3.03 |
4.6 |
45.00 |
% |
47 |
3.07 |
4.7 |
|
Loulo-Gounkoto surface4 |
80.00 |
% |
26 |
2.95 |
2.5 |
80.00 |
% |
24 |
2.84 |
2.1 |
|
Loulo-Gounkoto underground4 |
80.00 |
% |
31 |
4.90 |
4.9 |
80.00 |
% |
33 |
4.81 |
5.1 |
|
Loulo-Gounkoto Total4 |
80.00 |
% |
57 |
4.00 |
7.3 |
80.00 |
% |
57 |
3.99 |
7.2 |
|
North Mara surface |
84.00 |
% |
30 |
1.92 |
1.9 |
84.00 |
% |
30 |
1.90 |
1.8 |
|
North Mara underground |
84.00 |
% |
7.9 |
4.16 |
1.1 |
84.00 |
% |
9.3 |
3.60 |
1.1 |
|
North Mara Total |
84.00 |
% |
38 |
2.39 |
2.9 |
84.00 |
% |
39 |
2.30 |
2.9 |
|
Tongon surface |
89.70 |
% |
8.0 |
2.41 |
0.62 |
89.70 |
% |
5.5 |
1.98 |
0.35 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
180 |
3.35 |
19 |
|
180 |
3.24 |
19 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
Norte Abierto surface |
50.00 |
% |
600 |
0.60 |
12 |
50.00 |
% |
600 |
0.60 |
12 |
|
Porgera surface |
24.50 |
% |
7.3 |
2.87 |
0.68 |
24.50 |
% |
5.0 |
3.55 |
0.57 |
|
Porgera underground |
24.50 |
% |
3.9 |
6.47 |
0.81 |
24.50 |
% |
2.9 |
6.96 |
0.65 |
|
Porgera Total |
24.50 |
% |
11 |
4.11 |
1.5 |
24.50 |
% |
7.9 |
4.81 |
1.2 |
|
Pueblo Viejo surface |
60.00 |
% |
180 |
2.11 |
12 |
60.00 |
% |
170 |
2.14 |
12 |
|
Reko Diq surface |
50.00 |
% |
1,400 |
0.28 |
13 |
50.00 |
% |
— |
— |
— |
|
Veladero surface |
50.00 |
% |
73 |
0.67 |
1.6 |
50.00 |
% |
89 |
0.70 |
2.0 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
2,300 |
0.54 |
40 |
|
870 |
0.96 |
27 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
Carlin surface |
61.50 |
% |
62 |
2.33 |
4.6 |
61.50 |
% |
65 |
2.39 |
5.0 |
|
Carlin underground |
61.50 |
% |
20 |
7.69 |
4.8 |
61.50 |
% |
17 |
8.34 |
4.6 |
|
Carlin Total |
61.50 |
% |
82 |
3.62 |
9.5 |
61.50 |
% |
82 |
3.64 |
9.7 |
|
Cortez surface |
61.50 |
% |
64 |
1.05 |
2.2 |
61.50 |
% |
110 |
0.82 |
2.8 |
|
Cortez underground |
61.50 |
% |
28 |
6.78 |
6.1 |
61.50 |
% |
27 |
7.27 |
6.3 |
|
Cortez Total |
61.50 |
% |
92 |
2.79 |
8.3 |
61.50 |
% |
130 |
2.13 |
9.0 |
|
Hemlo surface |
100 |
% |
25 |
0.93 |
0.75 |
100 |
% |
27 |
0.97 |
0.84 |
|
Hemlo underground |
100 |
% |
6.5 |
4.28 |
0.90 |
100 |
% |
6.8 |
4.12 |
0.90 |
|
Hemlo Total |
100 |
% |
32 |
1.62 |
1.6 |
100 |
% |
34 |
1.60 |
1.7 |
|
Phoenix surface |
61.50 |
% |
92 |
0.63 |
1.9 |
61.50 |
% |
100 |
0.58 |
1.9 |
|
Turquoise Ridge surface |
61.50 |
% |
27 |
2.12 |
1.8 |
61.50 |
% |
22 |
2.36 |
1.7 |
|
Turquoise Ridge underground |
61.50 |
% |
22 |
10.00 |
7.1 |
61.50 |
% |
20 |
10.66 |
6.9 |
|
Turquoise Ridge Total |
61.50 |
% |
49 |
5.69 |
8.9 |
61.50 |
% |
43 |
6.29 |
8.6 |
|
NORTH AMERICA TOTAL |
|
350 |
2.71 |
30 |
|
390 |
2.45 |
31 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
2,800 |
0.99 |
89 |
|
1,400 |
1.65 |
77 |
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
|
Summary Copper Mineral
Reserves1,2,3,5 |
|
For the years ended December 31 |
2024 |
2023 |
|
|
Ownership |
Tonnes |
Cu Grade9 |
Contained Tonnes |
Ownership |
Tonnes |
Cu Grade9 |
Contained Tonnes |
|
Based on attributable tonnes |
% |
(Mt) |
(%) |
(Mt) |
% |
(Mt) |
(%) |
(Mt) |
|
AFRICA AND MIDDLE EAST |
|
|
|
|
|
|
|
|
|
Bulyanhulu surface |
84.00 |
% |
0.0053 |
0.38 |
0.000020 |
84.00 |
% |
0.0088 |
0.29 |
0.000026 |
|
Bulyanhulu underground |
84.00 |
% |
17 |
0.35 |
0.060 |
84.00 |
% |
18 |
0.36 |
0.063 |
|
Bulyanhulu Total |
84.00 |
% |
17 |
0.35 |
0.060 |
84.00 |
% |
18 |
0.36 |
0.063 |
|
Jabal Sayid surface |
50.00 |
% |
0.14 |
2.68 |
0.0037 |
50.00 |
% |
0.064 |
2.63 |
0.0017 |
|
Jabal Sayid underground |
50.00 |
% |
13 |
2.14 |
0.28 |
50.00 |
% |
14 |
2.22 |
0.30 |
|
Jabal Sayid Total |
50.00 |
% |
13 |
2.14 |
0.28 |
50.00 |
% |
14 |
2.23 |
0.30 |
|
Lumwana surface |
100 |
% |
1,600 |
0.52 |
8.3 |
100 |
% |
510 |
0.58 |
3.0 |
|
AFRICA AND MIDDLE EAST TOTAL |
|
1,600 |
0.54 |
8.7 |
|
540 |
0.62 |
3.3 |
|
LATIN AMERICA AND ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
Norte Abierto surface (50.00%) |
50.00 |
% |
600 |
0.22 |
1.3 |
50.00 |
% |
600 |
0.22 |
1.3 |
|
Reko Diq surface (50.00%) |
50.00 |
% |
1,500 |
0.48 |
7.3 |
50.00 |
% |
— |
— |
— |
|
Zaldívar surface (50.00%) |
50.00 |
% |
180 |
0.43 |
0.75 |
50.00 |
% |
180 |
0.42 |
0.74 |
|
LATIN AMERICA AND ASIA PACIFIC TOTAL |
|
2,300 |
0.41 |
9.4 |
|
780 |
0.26 |
2.0 |
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
Phoenix surface |
61.50 |
% |
120 |
0.18 |
0.21 |
61.50 |
% |
140 |
0.17 |
0.23 |
|
NORTH AMERICA TOTAL |
|
120 |
0.18 |
0.21 |
|
140 |
0.17 |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
4,000 |
0.45 |
18 |
|
1,500 |
0.39 |
5.6 |
|
|
|
|
|
|
|
|
|
|
|
See “Mineral Reserves and Resources Endnotes”. |
Mineral Reserves and Resources
Endnotes
- Mineral reserves
(“reserves”) and mineral resources (“resources”) have been
estimated as at December 31, 2024 (unless otherwise noted) in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“NI 43-101”) as required by
Canadian securities regulatory authorities. For United States
reporting purposes, the SEC has adopted amendments to its
disclosure rules to modernize the mineral property disclosure
requirements for issuers whose securities are registered with the
SEC under the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”). These amendments became effective February 25,
2019 (the “SEC Modernization Rules”) with compliance required for
the first fiscal year beginning on or after January 1, 2021. The
SEC Modernization Rules replace the historical property disclosure
requirements for mining registrants that were included in SEC
Industry Guide 7, which was rescinded from and after the required
compliance date of the SEC Modernization Rules. As a result of the
adoption of the SEC Modernization Rules, the SEC now recognizes
estimates of “measured”, “indicated” and “inferred” mineral
resources. In addition, the SEC has amended its definitions of
“proven mineral reserves” and “probable mineral reserves” to be
substantially similar to the corresponding Canadian Institute of
Mining, Metallurgy and Petroleum definitions, as required by NI
43-101. U.S. investors should understand that “inferred” mineral
resources have a great amount of uncertainty as to their existence
and great uncertainty as to their economic and legal feasibility.
In addition, U.S. investors are cautioned not to assume that any
part or all of Barrick’s mineral resources constitute or will be
converted into reserves. Mineral resource and mineral reserve
estimations have been prepared by employees of Barrick, its joint
venture partners or its joint venture operating companies, as
applicable, under the supervision of Craig Fiddes, SME-RM, Lead,
Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil,
FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter
Jones, MAIG, Manager Resource Geology – Latin America & Asia
Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral
Resource Management and Evaluation Executive. For 2024, reserves
have been estimated based on an assumed gold price of US$1,400 per
ounce, an assumed silver price of US$20.00 per ounce, and an
assumed copper price of US$3.00 per pound and long-term average
exchange rates of 1.30 CAD/US$, except at Tongon, and Hemlo open
pit, both where mineral reserves for 2024 were estimated using
$1,650/oz; at Zaldívar, where mineral reserves for 2024 were
calculated using Antofagasta guidance and an updated assumed copper
price of US$3.80 per pound and at Norte Abierto where mineral
reserves are reported by Newmont within a $1,200/oz, $2.75/lb
copper and $22/oz Ag pit design, before application of updated 2023
project economics using escalated operating and capital costs
resulting in Newmont guidance of $1,600/oz gold, $4.00/lb copper
and $23/oz silver for assumed mineral reserve commodity prices. For
2023, reserves have been estimated based on an assumed gold price
of US$1,300 per ounce, an assumed silver price of US$18.00 per
ounce, and an assumed copper price of US$3.00 per pound and
long-term average exchange rates of 1.30 CAD/US$, except at Tongon,
where mineral reserves for 2023 were calculated using $1,500/oz;
Hemlo, where mineral reserves for 2023 were calculated using
$1,400/oz and at Zaldívar, where mineral reserves for 2023 were
calculated using Antofagasta guidance and an updated assumed copper
price of US$3.50 per pound. Reserve estimates incorporate current
and/or expected mine plans and cost levels at each property.
Varying cut-off grades have been used depending on the mine and
type of ore contained in the reserves. Barrick’s normal data
verification procedures have been employed in connection with the
calculations. Verification procedures include industry-standard
quality control practices. Resources as at December 31, 2024
have been estimated using varying cut-off grades,
depending on both the type of mine or project, its maturity and ore
types at each property.
- In confirming
our annual reserves for each of our mineral properties, projects,
and operations, we conduct a reserve test on December 31 of each
year to verify that the future undiscounted cash flow from reserves
is positive. The cash flow ignores all sunk costs and only
considers future operating and closure expenses as well as any
future capital costs.
- All mineral
resource and mineral reserve estimates of tonnes, Au oz, Ag oz and
Cu tonnes are reported to the second significant digit.
- Mineral
resources and mineral reserves for the Loulo-Gounkoto Complex have
been estimated under the 1991 Malian Mining Code and the Loulo and
Gounkoto Mining Conventions under which the Complex has operated to
date. Any update to applicable terms as a result of ongoing
engagements with the Government of Mali will be incorporated after
a definitive agreement is reached.
- 2024
polymetallic mineral resources and mineral reserves are estimated
using the combined value of gold, copper & silver and
accordingly are reported as gold, copper and silver mineral
resources and mineral reserves.
- For 2024,
mineral resources have been estimated based on an assumed gold
price of US$1,900 per ounce, an assumed silver price of US$24.00
per ounce, and an assumed copper price of US$4.00 per pound and
long-term average exchange rates of 1.30 CAD/US$, except Zaldívar,
where mineral resources for 2024 were estimated using Antofagasta
guidance and an assumed copper price of US$4.40 per pound and Norte
Abierto where mineral resources are reported by Newmont within a
$1,400/oz, $3.25/lb copper and $20/oz Ag pit shell, before
application of updated 2023 project economics using escalated
operating and capital costs resulting in Newmont guidance of
$1,600/oz gold, $4.00/lb copper and $23/oz silver for assumed
mineral resource commodity price. For 2023, mineral resources were
estimated based on an assumed gold price of US$1,700 per ounce, an
assumed silver price of US$21.00 per ounce, and an assumed copper
price of US$4.00 per pound and long-term average exchange rates of
1.30 CAD/US$, except at Zaldívar, where mineral resources for 2023
were calculated using Antofagasta guidance and an assumed copper
price of US$4.20.
- Mineral
resources which are not mineral reserves do not have demonstrated
economic viability.
- Mineral
resources are reported inclusive of mineral reserves.
- All measured and
indicated mineral resource estimates of grade and all proven and
probable mineral reserve estimates of grade for Au g/t, Ag g/t and
Cu % are reported to two decimal places.
- All inferred
mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are
reported to one decimal place.
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