Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference
in this MD&A, 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”, “anticipated”,
“aim”, “strategy”, “ramp up”, “target”, “plan”, “opportunities”,
“guidance”, “forecast”, “outlook”, “project”, “develop”,
“progress”, “continue”, “temporary”, “committed”, “estimate”,
“potential”, “prospective”, “future”, “focus”, “ongoing”,
“following”, “subject to”, “scheduled”, “may”, “will”, “can”,
“could”, “would”, “should” and similar expressions identify
forward-looking statements. In particular, this MD&A
contains forward-looking statements including, without
limitation, with respect to: Barrick’s forward-looking
production and cost guidance, including our three-year gold
and copper production outlook; anticipated production
growth from Barrick’s organic project pipeline and reserve
replacement; estimates of future cost of sales per ounce for
gold and per pound for copper, total cash costs per ounce
and C1 cash costs per pound, and all-in sustaining costs
per ounce/pound; cash flow forecasts; projected capital,
operating and exploration expenditures; the share buyback
program and performance dividend policy; mine life and
production rates; contingent consideration from the sale of
the Hemlo gold mine and the Tongon gold mine; anticipated
timing for development of the Goldrush Project; our plans,
timelines, and expected completion and benefits of our
growth projects, including the Goldrush Project, Fourmile,
Ren, Pueblo Viejo plant expansion and mine life extension
project, Veladero Phase 8 Leach Pad, Reko Diq, solar
power project at Kibali, and the Lumwana Super Pit
Expansion; anticipated production at Goldrush, Ren, Reko
Diq and Lumwana; the doubling of mineral resources at
Fourmile; capital expenditures related to upgrades and
ongoing management initiatives; Barrick’s global
exploration strategy and planned exploration activities;
Barrick’s strategic copper business; our pipeline of high
confidence projects at or near existing operations; the
resumption of operations at Loulo-Gounkoto following the
resolution of disputes with the Government of Mali,
including adoption of the 2023 Mining Code; the
incorporation of Fourmile into the NGM joint venture at fair
market value; potential mineralization and metal or mineral
recoveries; Barrick’s intention to explore and potential
benefits and expected timing of an initial public offering of
its North American gold assets; our ability to convert
resources into reserves and future reserve replacement;
asset sales, joint ventures and partnerships; Barrick’s
strategy, plans, targets and goals in respect of sustainability
issues, including climate change, greenhouse gas (“GHG”)
emissions reduction targets, human rights, safety
performance, community development and resettlement,
and responsible water use; Barrick’s search for a
permanent President and Chief Executive Officer; 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 MD&A 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); risks associated with projects in
the early stages of evaluation and for which additional
engineering and other analysis is required; risks related to
the possibility that future exploration results will not be
consistent with the Company’s expectations, that quantities
or grades of reserves will be diminished, and that resources
may not be converted to reserves; risks associated with the
fact that certain of the initiatives described in this MD&A are
still in the early stages and may not materialize; changes in
mineral production performance, exploitation and
exploration successes; 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; the speculative nature of mineral
exploration and development; lack of certainty with respect
to foreign legal systems, corruption and other factors that
are inconsistent with the rule of law; changes in national
and local government legislation, taxation, controls or
regulations and/or changes in the administration of laws,
policies and practices, including the expropriation or
nationalization of property and political or economic
developments in Canada, the United States or other
countries in which Barrick does or may carry on business in
the future; risks relating to political instability in certain of
the jurisdictions in which Barrick operates; timing of receipt
of, or failure to comply with, necessary permits and
approvals; non-renewal of key licenses by governmental
authorities; failure to comply with environmental and health
and safety laws and regulations; increased costs and
physical and transition risks related to climate change,
including extreme weather events, resource shortages,
emerging policies and increased regulations related to GHG
emission levels, energy efficiency and reporting of risks; the
Company's ability to achieve its sustainability goals,
including its climate-related goals and GHG emissions
reduction targets, in particular its ability to achieve its Scope
3 emissions targets which require reliance on entities within
Barrick's value chain, but outside of the Company's direct
control, to achieve such targets within the specified time
frames; contests over title to properties, particularly title to
undeveloped properties, or over access to water, power and
other required infrastructure; the liability associated with
risks and hazards in the mining industry, and the ability to
maintain insurance to cover such losses; 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 related to operations near
communities that may regard Barrick’s operations as being
detrimental to them; litigation and legal and administrative
proceedings; operating or technical difficulties in connection
with mining or development activities, including
geotechnical challenges, tailings dam and storage facilities
failures, and disruptions in the maintenance or provision of
required infrastructure and information technology systems;
increased costs, delays, suspensions and technical
