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Marketwired
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Barrick Reports First Quarter 2017 Results / All amounts expressed in U.S. dollars unless otherwise indicated

TORONTO, ONTARIO -- (Marketwired) -- 04/24/17 --

--  Barrick reported first quarter net earnings attributable to equity
    holders ("net earnings") of $679 million ($0.58 per share), and adjusted
    net earnings(1) of $162 million ($0.14 per share).
--  The Company reported first quarter revenues of $1.99 billion, net cash
    provided by operating activities ("operating cash flow") of $495
    million, and free cash flow(2) of $161 million.
--  Gold production in the first quarter was 1.31 million ounces, at a cost
    of sales applicable to gold of $833 per ounce, and all-in sustaining
    costs(3) of $772 per ounce.
--  We announced a Strategic Cooperation Agreement with Shandong Gold,
    including the sale of 50 percent of Veladero for $960 million. As a next
    step, both companies will jointly explore the potential development of
    Pascua-Lama, and will evaluate additional investment opportunities.
--  We further optimized our portfolio through the creation of a new joint
    venture with Goldcorp at the Cerro Casale project.
--  Total debt was reduced by $178 million in the first quarter.
--  Full-year gold production is now expected to be 5.3-5.6 million ounces,
    down from our previous range of 5.6-5.9 million ounces. Approximately
    two-thirds of this reduction is attributable to the anticipated sale of
    50 percent of Veladero. Cost of sales and all-in sustaining cost
    guidance for the full year remains unchanged.
--  A comprehensive plan to strengthen and improve the Veladero mine's
    operating systems is now under review by federal and provincial
    authorities in Argentina. Our adjusted guidance assumes normal leaching
    activities will resume in June, pending government approval and the
    lifting of judicial restrictions.
--  Barrick will hold its first Sustainability Briefing for investors on May
    9, 2017. Visit www.barrick.com for webcast information.

Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) ("Barrick" or the "Company") today reported strong first quarter results, with operating cash flow of $495 million, free cash flow(2) of $161 million, and production and costs in line with expectations. Our focus remains on maintaining and growing industry-leading margins, driven by innovation and our digital transformation, managing our portfolio and allocating capital and talent with discipline and rigor, and leveraging our distinctive partnership culture as a competitive advantage.

Reflecting our focus on operational excellence and Best-in-Class performance, the integration of our Cortez and Goldstrike mines in Nevada is on track, with stronger-than-anticipated first quarter results and the accelerated rollout of digital mining solutions. Higher capital expenditures in the first quarter were in line with plan, and underscore our commitment to disciplined investment in 2017, as we re-invest in our business to deliver high margin ounces and growth in free cash flow per share over the long term.

We further optimized our portfolio through the creation of distinctive new partnerships. In early April, we announced a partnership with Shandong Gold Group that will help us generate more value from the Veladero mine in the short term, while potentially unlocking the untapped mineral wealth of the El Indio Belt in Argentina and Chile over the long term. In addition, we announced the creation of a new joint venture with Goldcorp at the Cerro Casale project in Chile, and new exploration partnerships with ATAC Resources and Osisko Mining, opening up new avenues to grow the long-term value of our portfolio.

FINANCIAL HIGHLIGHTS

First quarter net earnings were $679 million ($0.58 per share), compared to a net loss of $83 million ($0.07 per share) in the prior-year period. A significant improvement in net earnings was largely due to approximately $1.125 billion of net impairment reversals ($522 million net of tax effect and non-controlling interest) recorded in the first quarter of 2017, reflecting the indicative fair value of the Cerro Casale project resulting from our divestment of 25 percent, and the associated partnership agreement with Goldcorp. Net earnings also benefited from lower currency translation losses compared to the first quarter of 2016, when the Company recorded $91 million of currency translation losses, primarily related to Australian entities.

Adjusted net earnings(1) for the first quarter were $162 million ($0.14 per share), compared to $127 million ($0.11 per share) in the prior-year period. Higher adjusted net earnings reflect the impact of higher gold and copper prices, partially offset by higher depreciation, higher exploration and evaluation expenses, and slightly higher direct mining costs.

Operating cash flow increased to $495 million, compared to $451 million in the first quarter of 2016. Higher operating cash flow was driven by higher gold and copper prices, as well as lower interest payments, reflecting the impact of significant debt reduction completed over the past year. These favorable movements were partially offset by unfavorable working capital movements compared to the prior-year period. Free cash flow(2) for the first quarter was $161 million, compared to $181 million in the first quarter of 2016. Lower free cash flow primarily reflects higher planned sustaining capital expenditures in the first quarter (see page 3 for details), as well as increased project spending at Barrick Nevada, primarily related to the development of Crossroads and the Cortez Hills lower zone, in addition to Goldrush project expenditures. These increases were partially offset by higher operating cash flow.

RESTORING A STRONG BALANCE SHEET

Achieving and maintaining a strong balance sheet remains a top priority. We intend to reduce our total debt from $7.9 billion at the start of 2017, to $5 billion by the end of 2018-half of which we are targeting this year. We will achieve this by using cash flow from operations, further portfolio optimization, and the creation of new joint ventures and partnerships.

In the first quarter, total debt was reduced by $178 million. In early April, the company announced the sale of 50 percent of the Veladero mine in Argentina to Shandong Gold for $960 million, the majority of which will be allocated to debt reduction.

At the end of the first quarter, Barrick had a consolidated cash balance of approximately $2.3 billion.(4) The Company now has less than $100 million in debt due before 2019.(5) About $5 billion, or 64 percent of our outstanding total debt of $7.8 billion, does not mature until after 2032.

OPERATING HIGHLIGHTS AND OUTLOOK

Barrick produced 1.31 million ounces of gold in the first quarter at a cost of sales of $833 per ounce, in line with plan. This compares to 1.28 million ounces at a cost of sales of $810 per ounce in the prior-year period.

All-in sustaining costs(3) in the first quarter were $772 per ounce, compared to $706 per ounce in the first quarter of 2016. Approximately 90 percent of this increase, or roughly $58 per ounce, is a result of higher sustaining capital expenditures compared to the prior-year period. Significant items in the first quarter included planned capitalized stripping at Barrick Nevada, increased expenditures at Veladero relating to phase 4B and 5B of the leach pad, and other equipment purchases. Over the same period, cash costs(3) decreased, from $553 per ounce in the first quarter of 2016 to $545 per ounce in the first quarter of 2017.

Gold production in the first quarter was impacted by the timing of autoclave maintenance at the Pueblo Viejo mine in the Dominican Republic. Heavy rains, road closures. and power outages associated with the El Nino weather pattern also impacted production at the Lagunas Norte mine in Peru. Both operations remain on track to achieve their original full-year production guidance.

The Company produced 95 million pounds of copper in the first quarter, at a cost of sales of $1.73 per pound, and all-in sustaining costs(6) of $2.19 per pound. This compares to 111 million pounds, at a cost of sales of $1.34 per pound, and all-in sustaining costs(6) of $1.97 per pound in the first quarter of 2016. Lower copper production in the first quarter was primarily the result of lower production at the Lumwana mine in Zambia, as a result of lower tonnes processed, combined with lower grades.

Please see page 29 of Barrick's first quarter MD&A for individual operating segment performance details.

We now expect full-year gold production of 5.3-5.6 million ounces, down from our previous range of 5.6-5.9 million ounces. A significant portion of this reduction is attributable to the anticipated sale of 50 percent of Veladero, which is expected to close at the end of the second quarter. Our updated guidance assumes no change to Acacia's full-year guidance as a result of the export ban on concentrates currently affecting Acacia's operations in Tanzania. It also assumes the resumption of normal processing activities at Veladero in June, subject to government approval of proposed modifications to the mine's operating systems (see Page 4 - Veladero Update).

We continue to expect full-year cost of sales attributable to gold to be $780-$820 per ounce, and all-in sustaining costs(3) of $720-$770 per ounce.

Our copper production guidance for 2017 is unchanged at 400-450 million pounds, at a cost of sales applicable to copper between $1.50-1.70 per pound, and all-in sustaining costs(6) of $2.10-$2.40 per pound.

Please see Appendix 1 of this press release for individual mine site guidance updates.

Gold                             First Quarter        Current       Original
                                          2017  2017 Guidance  2017 Guidance
----------------------------------------------------------------------------
Production(7) (000s of ounces)           1,309    5,300-5,600    5,600-5,900
Cost of sales applicable to
 gold ($ per ounce)                        833        780-820        780-820
All-in sustaining costs(3) ($
 per ounce)                                772        720-770        720-770

Copper
----------------------------------------------------------------------------
Production(7) (millions of
 pounds)                                    95        400-450        400-450
Cost of sales applicable to
 copper ($ per pound)                     1.73      1.50-1.70      1.50-1.70
All-in sustaining costs(6) ($
 per pound)                               2.19      2.10-2.40      2.10-2.40

----------------------------------------------------------------------------
Total Capital Expenditures(8)
 ($ millions)                              310    1,300-1,500    1,300-1,500
----------------------------------------------------------------------------

Veladero Update

On March 28, a coupling on a pipe carrying gold-bearing solution at the Veladero mine heap leach facility failed. Solution released from the rupture was contained within the operating site and did not result in any impact to the environment or people. The Company promptly notified San Juan provincial authorities, who inspected the site on March 29. On March 30, the Government of San Juan province temporarily restricted the addition of cyanide to the Veladero mine's heap leach facility, pending the completion of works to strengthen and improve the mine's operating systems.

Barrick presented its proposed work plan to San Juan provincial authorities on April 21, following extensive consultation with both federal and provincial officials and regulators. The provincial government has indicated it will take approximately two weeks to review the Company's proposals, a process that will also include federal authorities, including the national Ministry of Environment and Sustainable Development. Initial work on the proposed modifications to the heap leach facility has already begun, concurrent with the review by provincial and federal authorities. Our updated guidance assumes a resumption of normal leaching activities at the mine in June, subject to approval by the Government of San Juan province, the lifting of operating restrictions by the San Juan provincial court, and the resolution of regulatory and legal matters by the federal and provincial courts (for more information about these matters, please see Note 17 "Contingencies" of Barrick's first quarter financial statements and the notes thereto). This assumption is based on our assessment of the time required to complete the proposed modifications to the leach pad. The timing of approval for the resumption of leaching activities will depend on the actual progress of work, any potential new requirements, and a final evaluation of the completed modifications by provincial authorities. In parallel with the submission of a new technical plan for the operation, Barrick has also presented an updated community investment and engagement plan to the Government of San Juan and federal authorities for review.

On a 100 percent basis, we now expect full-year production at Veladero of 630,000-730,000 ounces of gold, at a cost of sales of $740-$790 per ounce, and all-in sustaining costs(3) of $890-$990 per ounce. Barrick's share of full-year production, assuming 50 percent ownership from July 1, is expected to be 430,000-480,000 ounces of gold. This compares to our original 2017 guidance of 770,000-830,000 ounces (100 percent basis), at a cost of sales of $750-$800 per ounce, and all-in sustaining costs(3) of $840-$940 per ounce.

PORTFOLIO OPTIMIZATION AND PARTNERSHIPS

The creation of new partnerships and joint ventures is a core element of our strategy to grow free cash flow per share over the long term. So far this year, we have entered into four new partnerships in support of this long-term strategy.

Strategic Cooperation Agreement with Shandong

On April 6, Barrick announced that it had entered into a strategic cooperation agreement with Shandong Gold Group Co., Ltd., the leading underground mining company in China, based in Jinan, Shandong province. As a first step in the new partnership, Shandong Gold Mining Co., Ltd, the listed company of Shandong Gold Group, will acquire 50 percent of Barrick's Veladero mine in San Juan province, Argentina, for $960 million. As a second step, Barrick and Shandong will form a working group to explore the joint development of the Pascua-Lama deposit. As a third step, both companies will evaluate additional investment opportunities on the highly prospective El Indio Gold Belt on the border of Argentina and Chile, which hosts a cluster of world-class gold mines and projects including Veladero, Pascua-Lama, and Alturas. The transaction is expected to close at the end of the second quarter.

Cerro Casale Joint Venture

On March 28, Barrick announced that it has reached an agreement with Goldcorp Inc. to form a new partnership at the Cerro Casale Project in Chile. Under the terms of the agreement, Goldcorp has agreed to purchase a 25 percent interest in Cerro Casale from Barrick, as well as Kinross Gold Corporation's 25 percent interest, resulting in a 50/50 joint venture between Barrick and Goldcorp. The agreement brings a fresh perspective to the project, along with the potential for synergies in the district. It also allows us to direct capital elsewhere in our portfolio, while ensuring Barrick shareholders retain exposure to the optionality associated with one of the largest undeveloped gold and copper deposits in the world. The resulting increase in carrying value illustrates how Barrick's partnership approach is surfacing value associated with otherwise dormant options within our asset portfolio.

ATAC Resources Exploration Earn-In and Private Placement

On April 10, ATAC Resources announced that it had reached an earn-in agreement with Barrick at ATAC's Orion project in the Yukon, Canada. The Orion Project hosts the Orion and Anubis Carlin-type gold discoveries, in addition to eight other early stage Carlin-type gold prospects. These form part of the largest Carlin-type mineralized system in North America outside of Nevada. Barrick has extensive experience and expertise with Carlin-type deposits in Nevada. Barrick has the option to spend C$35 million over five years to acquire a 60 percent interest in the project, after which the companies would form a joint venture. We will then have the option to earn an additional 10 percent by spending a further C$20 million at the project. Barrick will also purchase ATAC common shares through a charity flow-through private placement for a total cost to Barrick of C$6.3 million, increasing Barrick's shareholding in ATAC from approximately 9.2 percent to 19.9 percent.

Osisko Mining Exploration Earn-In

On March 27, Osisko Mining Inc. announced that it had commenced its previously announced earn-in agreement with Barrick on the Kan property in northern Quebec. Under the earn-in agreement, Barrick must commit $15 million in exploration expenditures by December 31, 2020, to earn a 70 percent interest in the Kan property, subject to certain annual expenditure thresholds. Following the formation of a joint venture, Barrick may earn a further five percent interest by funding an additional $5 million of project level expenditures. The Labrador Trough in northern Quebec is home to numerous well known iron ore deposits and base metal prospects. We believe it has been under appreciated for its gold potential, and could develop into a core mineral district for Barrick. The partnership will leverage the on-the-ground experience and expertise of Osisko in this region, with Barrick Exploration team members embedded at the project.

SUSTAINABILTIY BRIEFING

Barrick will hold its first Sustainability Briefing for investors on Tuesday, May 9. Speakers will include Board Member and Chair of our Corporate Responsibility Committee, Nancy Lockhart, along with our Chief Operating Officer, Chief Sustainability Officer, and other leaders. Please join us for the live webcast from 10 a.m. to 12 p.m. at www.barrick.com.

TECHNICAL INFORMATION

The scientific and technical information contained in this press release has been reviewed and approved by Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick, who is a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

APPENDIX 1 - Updated 2017 Operating and Capital Expenditure Guidance

----------------------------------------------------------------------------
GOLD PRODUCTION AND COSTS
----------------------------------------------------------------------------
                                                   All-in
                   Production   Cost of sales    sustaining   Cash costs(3)
                  (millions of  ($ per ounce) costs(3) ($ per ($ per ounce)
                    ounces)                        ounce)
----------------------------------------------------------------------------
Barrick Nevada    2.180-2.260      820-860        630-680        480-510
Pueblo Viejo                       650-680
 (60%)            0.625-0.650                     540-570        420-440
Veladero          0.430-0.480      740-790        890-990        520-560
Lagunas Norte     0.380-0.420      710-780        540-600        430-470
----------------------------------------------------------------------------
Sub-total         3.600-3.800      770-810        650-710        470-500
----------------------------------------------------------------------------
Acacia (63.9%)    0.545-0.575      860-910        880-920        580-620
KCGM (50%)        0.360-0.400      750-790        680-720        600-630
Turquoise Ridge                    550-600
 (75%)            0.260-0.280                     630-710        440-470
Porgera (47.5%)   0.240-0.260      780-840        900-970        650-700
Hemlo             0.205-0.220      830-890        890-990        660-710
Golden Sunlight   0.035-0.050     900-1,200      950-1,040       900-950
----------------------------------------------------------------------------
Total Gold       5.300-5.600(9)    780-820        720-770        510-535
----------------------------------------------------------------------------

COPPER PRODUCTION AND COSTS
----------------------------------------------------------------------------
                                                   All-in
                   Production   Cost of sales    sustaining      C1 cash
                  (millions of  ($ per pound) costs(6) ($ percosts(6) ($ per
                    pounds)                        pound)         pound)
----------------------------------------------------------------------------
Zaldivar (50%)      120-135       2.00-2.20      1.90-2.10     approx. 1.50
Lumwana             250-275       1.20-1.40      2.10-2.30      1.40-1.60
Jabal Sayid          35-45        2.10-2.80      2.10-2.60      1.50-1.90
 (50%)
----------------------------------------------------------------------------
Total Copper       400-450(9)     1.50-1.70      2.10-2.40      1.40-1.60
----------------------------------------------------------------------------


CAPITAL EXPENDITURES
----------------------------------------------
                         ($ millions)
----------------------------------------------
Mine site                 1,050-1,200
 sustaining
Project                     250-300
----------------------------------------------
Total Capital             1,300-1,500
 Expenditures
----------------------------------------------

APPENDIX 2 - 2017 Outlook Assumptions and Economic Sensitivity Analysis

----------------------------------------------------------------------------
                                                      Impact on  Impact on
                    2017    Hypothetical  Impact on    Cost of     All-in
                  Guidance     Change      Revenue      sales    sustaining
                 Assumption              (millions)  (millions)  costs(3,6)
----------------------------------------------------------------------------
Gold revenue,     $1,050/oz  +/- $100/oz  +/- $415     +/- $11
 net of
 royalties                                                        +/- $3/oz
Copper revenue,   $2.25/lb   + $0.50/lb    + $166       + $11
 net of
 royalties(10)                                                   + $0.03/lb
Copper revenue,   $2.25/lb   - $0.50/lb    - $133       - $9
 net of
 royalties(10)                                                   - $0.03/lb
----------------------------------------------------------------------------
Gold all-in
 sustaining
 costs(3)
 WTI crude oil     $55/bbl   +/- $10/bbl     n/a       +/- $16
  price(11)                                                       +/- $4/oz
 Australian       0.75: 1     +/- 10%       n/a       +/- $22
  dollar
  exchange rate                                                   +/- $5/oz
 Canadian dollar  1.32: 1     +/- 10%       n/a       +/- $25
  exchange rate                                                   +/- $6/oz
----------------------------------------------------------------------------
Copper all-in
 sustaining
 costs(6)
 WTI crude oil     $55/bbl   +/- $10/bbl     n/a       +/- $4
  price(11)                                                     +/- $0.01/lb
 Chilean peso      675: 1     +/- 10%       n/a       +/- $5
  exchange rate                                                 +/- $0.01/lb
----------------------------------------------------------------------------

ENDNOTE 1

"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. The Company 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. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share

($ millions, except per share amounts in          For the three months ended
 dollars)                                                           March 31
----------------------------------------------------------------------------
                                                         2017           2016
----------------------------------------------------------------------------
Net earnings (loss) attributable to equity
 holders of the Company                                 $ 679         $ (83)
Impairment charges (reversals) related to
 intangibles, goodwill, property, plant and
 equipment, and investments(1)                        (1,125)              1
Acquisition/disposition (gains)/losses                      3              8
Foreign currency translation (gains)/losses                 3            139
Significant tax adjustments                               (3)             51
Other expense adjustments                                   6             68
Unrealized gains on non-hedge derivative
 instruments                                                3            (6)
Tax effect and non-controlling interest(2)                596           (51)
----------------------------------------------------------------------------
Adjusted net earnings                                   $ 162          $ 127
----------------------------------------------------------------------------
Net earnings (loss) per share(3)                         0.58         (0.07)
Adjusted net earnings per share(3)                       0.14           0.11
----------------------------------------------------------------------------
(1) Net impairment reversals for the current year primarily relate to
    impairment reversals at the Cerro Casale project upon reclassification
    of the project's net assets as held-for-sale as at March 31, 2017.
(2) Tax effect and non-controlling interest primarily relates to the
    impairment reversals at the Cerro Casale project discussed above.
(3) Calculated using weighted average number of shares outstanding under the
    basic method of earnings per share.

ENDNOTE 2

"Free cash flow" is a non-GAAP financial performance measure which excludes capital expenditures from Net cash provided by operating activities. Barrick believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. Free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

For the three months ended
($ millions)                                                        March 31
----------------------------------------------------------------------------
                                                         2017           2016
----------------------------------------------------------------------------
Net cash provided by operating activities               $ 495          $ 451
Capital expenditures                                    (334)          (270)
----------------------------------------------------------------------------
Free cash flow                                          $ 161          $ 181
----------------------------------------------------------------------------

ENDNOTE 3

"Cash costs" per ounce and "All-in sustaining costs" per ounce are non-GAAP financial performance measures. "Cash costs" per ounce starts with cost of sales related to gold production, but excludes the impact of depreciation, the non-controlling interest of cost of sales, and includes by-product credits. "All-in sustaining costs" per ounce begin with "Cash costs" per ounce and add further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. Barrick believes that the use of "cash costs" per ounce and "all-in sustaining costs" per ounce will assist investors, analysts and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. "Cash costs" per ounce and "All-in sustaining costs" per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Gold Cost of Sales to Cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis

($ millions, except per ounce                     For the three months ended
 information in dollars)                                            March 31
----------------------------------------------------------------------------
                                      Footnote           2017           2016
----------------------------------------------------------------------------
Cost of sales related to gold
 production                                           $ 1,238        $ 1,202
  Depreciation                                          (385)          (368)
  By-product credits                      1              (41)           (38)
  Realized (gains)/losses on hedge and
   non-hedge derivatives                  2                 -             31
  Non-recurring items                     3                 -           (10)
  Other                                   4              (20)           (10)
  Non-controlling interests (Pueblo
   Viejo and Acacia)                      5              (81)           (85)
----------------------------------------------------------------------------
Cash costs                                              $ 711          $ 722
----------------------------------------------------------------------------
  General & administrative costs                           72             58
  Minesite exploration and evaluation
   costs                                  6                 7              8
  Minesite sustaining capital
   expenditures                           7               262            175
  Rehabilitation - accretion and
   amortization (operating sites)         8                17             17
  Non-controlling interest, copper
   operations and other                   9              (61)           (56)
----------------------------------------------------------------------------
All-in sustaining costs                               $ 1,008          $ 924
----------------------------------------------------------------------------
  Project exploration and evaluation
   and project costs                      6                68             47
  Community relations costs not
   related to current operations                            1              2
  Project capital expenditures            7                56             40
  Rehabilitation - accretion and
   amortization (non-operating sites)     8                 3              2
  Non-controlling interest and copper
   operations                             9               (7)           (17)
----------------------------------------------------------------------------
All-in costs                                          $ 1,129          $ 998
----------------------------------------------------------------------------
Ounces sold - equity basis (000s
 ounces)                                 10             1,305          1,306
----------------------------------------------------------------------------
Cost of sales per ounce                 11,12            $833          $ 810
----------------------------------------------------------------------------
Cash costs per ounce                     12             $ 545          $ 553
Cash costs per ounce (on a co-product
 basis)                                 12,13           $ 568          $ 577
----------------------------------------------------------------------------
All-in sustaining costs per ounce        12             $ 772          $ 706
All-in sustaining costs per ounce (on
 a co-product basis)                    12,13           $ 795          $ 730
----------------------------------------------------------------------------
All-in costs per ounce                   12             $ 865          $ 764
All-in costs per ounce (on a co-
 product basis)                         12,13           $ 888          $ 788
----------------------------------------------------------------------------

1   By-product credits
    Revenues include the sale of by-products for our gold and copper mines
    for the three months ended March 31, 2017 of $41 million (2016: $28
    million) and energy sales from the Monte Rio power plant at our Pueblo
    Viejo mine for the three months ended March 31, 2017 of $nil (2016: $10
    million) up until its disposition on August 18, 2016.
2   Realized (gains)/losses on hedge and non-hedge derivatives
    Includes realized hedge losses of $6 million for the three months ended
    March 31, 2017 (2016: $24 million), and realized non-hedge gains of $6
    million for the three months ended March 31, 2017 (2016: $7 million
    losses). Refer to Note 5 of the Financial Statements for further
    information.
3   Non-recurring items
    Non-recurring items in the first quarter of 2016 consist of $10 million
    in abnormal costs at Veladero relating to the administrative fine in
    connection with the cyanide incident that occurred in 2015. These costs
    are not indicative of our cost of production and have been excluded from
    the calculation of cash costs.
4   Other
    Other adjustments for the three months ended March 31, 2017 include
    adding the net margins related to power sales at Pueblo Viejo of $nil
    (2016: $2 million), adding the cost of treatment and refining charges of
    $1 million (2016: $4 million) and the removal of cash costs and by-
    product credits associated with our Pierina mine, which is mining
    incidental ounces as it enters closure, of $21 million (2016: $14
    million).
5   Non-controlling interests (Pueblo Viejo and Acacia)
    Non-controlling interests include non-controlling interests related to
    gold production of $116 million for the three months ended March 31,
    2017 (2016: $126 million). Refer to Note 5 of the Financial Statements
    for further information.
6   Exploration and evaluation costs
    Exploration, evaluation and project expenses are presented as minesite
    sustaining if it supports current mine operations and project if it
    relates to future projects. Refer to page 25 of the MD&A accompanying
    Barrick's financial statements.
7   Capital expenditures
    Capital expenditures are related to our gold sites only and are
    presented on a 100% accrued basis. They are split between minesite
    sustaining and project capital expenditures. Project capital
    expenditures are distinct projects designed to increase the net present
    value of the mine and are not related to current production. Significant
    projects in the current year are stripping at Cortez Crossroads,
    underground development at Cortez Hills Lower Zone and the range front
    declines, Lagunas Norte Refractory Ore Project and Goldrush. Refer to
    page 24 of the MD&A.
8   Rehabilitation - accretion and amortization
    Includes depreciation on the assets related to rehabilitation provisions
    of our gold operations and accretion on the rehabilitation provision of
    our gold operations, split between operating and non-operating sites.
9   Non-controlling interest and copper operations
    Removes general & administrative costs related to non-controlling
    interests and copper based on a percentage allocation of revenue. Also
    removes exploration, evaluation and project costs, rehabilitation costs
    and capital expenditures incurred by our copper sites and the non-
    controlling interest of our Acacia and Pueblo Viejo operating segment
    and Arturo. Figures remove the impact of Pierina. The impact is
    summarized as the following:

($ millions)                                      For the three months ended
                                                                    March 31
----------------------------------------------------------------------------
Non-controlling interest, copper operations
 and other                                               2017           2016
----------------------------------------------------------------------------
General & administrative costs                          ($ 9)         ($ 10)
Minesite exploration and evaluation costs                 (1)            (2)
Rehabilitation - accretion and amortization
 (operating sites)                                        (3)            (2)
Minesite sustaining capital expenditures                 (48)           (42)
----------------------------------------------------------------------------
All-in sustaining costs total                          ($ 61)         ($ 56)
----------------------------------------------------------------------------
Project exploration and evaluation and project
 costs                                                    (6)            (4)
Project capital expenditures                              (1)           (13)
----------------------------------------------------------------------------
All-in costs total                                      ($ 7)         ($ 17)
----------------------------------------------------------------------------

10  Ounces sold - equity basis
    Figures remove the impact of Pierina as the mine is currently going
    through closure.
11  Cost of sales per ounce
    Figures remove the cost of sales impact of Pierina of $34 million for
    the three months ended March 31, 2017 (2016: $19 million), as the mine
    is currently going through closure. Cost of sales per ounce excludes
    non-controlling interest related to gold production. Cost of sales
    related to gold per ounce is calculated using cost of sales on an
    attributable basis (removing the non-controlling interest of 40% Pueblo
    Viejo and 36.1% Acacia from cost of sales), divided by attributable gold
    ounces.
12  Per ounce figures
    Cost of sales per ounce, cash costs per ounce, all-in sustaining costs
    per ounce and all-in costs per ounce may not calculate based on amounts
    presented in this table due to rounding.
13  Co-product costs per ounce
    Cash costs per ounce, all-in sustaining costs per ounce and all-in costs
    per ounce presented on a co-product basis removes the impact of by-
    product credits of our gold production (net of non-controlling interest)
    calculated as:

($ millions)                                      For the three months ended
                                                                    March 31
----------------------------------------------------------------------------
                                                         2017           2016
----------------------------------------------------------------------------
By-product credits                                       $ 41           $ 38
Non-controlling interest                                  (8)           (13)
----------------------------------------------------------------------------
By-product credits (net of non-controlling
 interest)                                               $ 33           $ 25
----------------------------------------------------------------------------

ENDNOTE 4

Includes $598 million of cash primarily held at Acacia and Pueblo Viejo, which may not be readily deployed outside of Acacia and/or Pueblo Viejo.

ENDNOTE 5

Amount excludes capital leases and includes project financing payments at Pueblo Viejo (60 percent basis) and Acacia (100 percent basis).

ENDNOTE 6

"C1 cash costs" per pound and "All-in sustaining costs" per pound are non-GAAP financial performance measures. "C1 cash costs" per pound is based on cost of sales but excludes the impact of depreciation and royalties and includes treatment and refinement charges. "All-in sustaining costs" per pound begins with "C1 cash costs" per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and royalties. Barrick believes that the use of "C1 cash costs" per pound and "all-in sustaining costs" per pound will assist investors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. "C1 cash costs" per pound and "All-in sustaining costs" per pound are intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis

($ millions, except per pound information in      For the three months ended
 dollars)                                                           March 31
----------------------------------------------------------------------------
                                                         2017           2016
----------------------------------------------------------------------------
Cost of sales                                            $ 82           $ 89
  Depreciation/amortization(1)                           (14)           (11)
  Treatment and refinement charges                         32             46
  Cash cost of sales applicable to equity
   method investments(2)                                   61             41
  Less: royalties                                         (7)           (14)
----------------------------------------------------------------------------
C1 cash cost of sales                                   $ 154          $ 151
----------------------------------------------------------------------------
  General & administrative costs                            3              7
  Rehabilitation - accretion and amortization               2              1
  Royalties                                                 7             14
  Minesite sustaining capital expenditures                 37             30
----------------------------------------------------------------------------
All-in sustaining costs                                 $ 203          $ 203
----------------------------------------------------------------------------
Pounds sold - consolidated basis (millions
 pounds)                                                   93            103
----------------------------------------------------------------------------
Cost of sales per pound(3,4)                            $1.73         $ 1.34
----------------------------------------------------------------------------
C1 cash cost per pound(3)                               $1.65         $ 1.47
----------------------------------------------------------------------------
All-in sustaining costs per pound(3)                    $2.19          $1.97
----------------------------------------------------------------------------
(1) For the three months ended March 31, 2017, depreciation excludes $18
    million (2016: $8 million) of depreciation applicable to equity method
    investments.
(2) For the three months ended March 31, 2017, figures include $46 million
    (2016: $41 million) of cash costs related to our 50% share of Zaldivar
    and $15 million (2016: $nil) of cash costs related to our 50% share of
    Jabal Sayid due to their accounting as equity method investments.
(3) Cost of sales per pound, C1 cash costs per pound and all-in sustaining
    costs per pound may not calculate based on amounts presented in this
    table due to rounding.
(4) Cost of sales related to copper per pound is calculated using cost of
    sales including our proportionate share of cost of sales attributable to
    equity method investments (Zaldivar and Jabal Sayid), divided by
    consolidated copper pounds (including our proportionate share of copper
    pounds from our equity method investments).

ENDNOTE 7

Barrick's share.

ENDNOTE 8

Barrick's share on an accrued basis.

ENDNOTE 9

Operating unit guidance ranges for production reflect expectations at each individual operating unit, but do not add up to corporate-wide guidance range total.

ENDNOTE 10

Utilizing option collar strategies, the Company has protected the downside on approximately 72 million pounds of expected remaining 2017 copper production at an average floor price of $2.30 per pound, and can participate in the upside on the same amount up to an average of $2.92 per pound. Our remaining copper production is subject to market prices.

ENDNOTE 11

Due to our hedging activities, which are reflected in these sensitivities, we are partially protected against changes in these factors.

Key Statistics
Barrick Gold Corporation
(in United States dollars)                      Three months ended March 31
                                              ------------------------------
                                                        2017           2016
----------------------------------------------------------------------------
Financial Results (millions)
Revenues                                        $      1,993   $      1,930
Cost of sales                                          1,342          1,324
Net earnings (loss)(1)                                   679            (83)
Adjusted net earnings(2)                                 162            127
Adjusted EBITDA(2)                                       904            697
Total project capital expenditures(3)                     56             40
Total capital expenditures - sustaining(3)               262            175
Net cash provided by operating activities                495            451
Free cash flow(2)                                        161            181
Per share data (dollars)
  Net earnings (loss) (basic and diluted)               0.58          (0.07)
  Adjusted net earnings (basic)(2)                      0.14           0.11
Weighted average basic common shares
 (millions)                                            1,166          1,165
Weighted average diluted common shares
 (millions)                                            1,166          1,165
----------------------------------------------------------------------------

Operating Results
Gold production (thousands of ounces)(4)               1,309          1,280
Gold sold (thousands of ounces)(4)                     1,305          1,306
Per ounce data
  Average spot gold price                       $      1,219   $      1,183
  Average realized gold price(2)                       1,220          1,181
  Cost of sales (Barrick's share)(5)                     833            810
  All-in sustaining costs(2)                             772            706
Copper production (millions of pounds)(6)                 95            111
Copper sold (millions of pounds)                          93            103
Per pound data
  Average spot copper price                     $       2.65   $       2.12
  Average realized copper price(2)                      2.76           2.18
  Cost of sales (Barrick's share)(7)                    1.73           1.34
  All-in sustaining costs(2)                            2.19           1.97
----------------------------------------------------------------------------

                                                 As at March As at December
                                                         31,            31,
                                              ------------------------------
                                                        2017           2016
----------------------------------------------------------------------------
Financial Position (millions)
Cash and equivalents                            $      2,277   $      2,389
Working capital (excluding cash)(8)                      883          1,155
----------------------------------------------------------------------------
(1) Net earnings (loss) represents net earnings attributable to the equity
    holders of the Company.
(2) Adjusted net earnings, adjusted EBITDA, free cash flow, adjusted net
    earnings per share, realized gold price, all-in sustaining costs and
    realized copper price are non-GAAP financial performance measures with
    no standardized meaning under IFRS and therefore may not be comparable
    to similar measures presented by other issuers. For further information
    and a detailed reconciliation of each non-GAAP measure to the most
    directly comparable IFRS measure, please see pages 43 to 53 of this
    MD&A.
(3) Amounts presented on a 100% accrued basis. Project capital expenditures
    are included in our calculation of all-in costs, but not included in our
    calculation of all-in sustaining costs.
(4) Includes Acacia on a 63.9% basis and Pueblo Viejo on a 60% basis, both
    of which reflect our equity share of production. 2016 includes
    production and sales from Bald Mountain and Round Mountain up to January
    11, 2016, the effective date of sale of the assets.
(5) Cost of sales per ounce (Barrick's share) is calculated as cost of sales
    - gold on an attributable basis excluding Pierina divided by gold ounces
    sold.
(6) Amounts reflect production from Jabal Sayid and Zaldivar on a 50% basis,
    which reflects our equity share of production, and 100% of Lumwana.
(7) Cost of sales per pound (Barrick's share) is calculated as cost of sales
    - copper plus our equity share of cost of sales attributable to Zaldivar
    and Jabal Sayid divided by copper pounds sold.
(8) 2017 figures exclude assets classified as held-for-sale as at March 31,
    2017.

Production and Cost Summary
                                                                 Production
                                              ------------------------------
                                               Three months ended March 31,
                                              ------------------------------
                                                        2017           2016
----------------------------------------------------------------------------
Gold (equity ounces (000s))
  Barrick Nevada                                         521            496
  Pueblo Viejo(1)                                        143            172
  Lagunas Norte                                           88            100
  Veladero                                               151            132
  Turquoise Ridge                                         55             50
  Acacia(2)                                              140            122
  Other Mines - Gold(3)                                  211            208
----------------------------------------------------------------------------
Total                                                  1,309          1,280
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Copper (equity pounds (millions))(4)                      95            111
----------------------------------------------------------------------------

                                                     Cost of Sales per unit
                                                          (Barrick's share)
                                              ------------------------------
                                               Three months ended March 31,
                                              ------------------------------
                                                        2017           2016
----------------------------------------------------------------------------
Gold Cost of Sales per ounce ($/oz)(5)
  Barrick Nevada                                $        916   $        885
  Pueblo Viejo(1)                                        694            606
  Lagunas Norte                                          573            666
  Veladero                                               846            842
  Turquoise Ridge                                        680            715
  Acacia(2)                                              816            914
----------------------------------------------------------------------------
Total                                           $        833   $        810
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Copper Cost of Sales per pound ($/lb)(6)        $       1.73   $       1.34
----------------------------------------------------------------------------

                                                 All-in sustaining costs(7)
                                              ------------------------------
                                               Three months ended March 31,
                                              ------------------------------
                                                        2017           2016
----------------------------------------------------------------------------
Gold All-in Sustaining Costs ($/oz)
  Barrick Nevada                                $        694   $        582
  Pueblo Viejo(1)                                        541            496
  Lagunas Norte                                          428            551
  Veladero                                               890            675
  Turquoise Ridge                                        714            728
  Acacia(2)                                              934            959
----------------------------------------------------------------------------
Total                                           $        772   $        706
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Copper All-in Sustaining Costs ($/lb)           $       2.19   $       1.97
----------------------------------------------------------------------------
(1) Reflects production from Pueblo Viejo on a 60% basis, which reflects our
    equity share of production.
(2) Reflects production from Acacia on a 63.9% basis, which reflects our
    equity share of production.
(3) In 2017, Other Mines - Gold includes Golden Sunlight, Hemlo, Porgera on
    a 47.5% basis and Kalgoorlie on a 50% basis. In 2016, Other Mines - Gold
    includes Golden Sunlight, Hemlo, Porgera on a 47.5% basis, Kalgoorlie on
    a 50% basis and production from Bald Mountain and Round Mountain up to
    January 11, 2016, the effective date of sale of the assets.
(4) Reflects production from Jabal Sayid and Zaldivar on a 50% basis, which
    reflects our equity share of production, and 100% of Lumwana.
(5) Cost of sales per ounce (Barrick's share) is calculated as cost of sales
    - gold on an attributable basis excluding Pierina divided by gold ounces
    sold.
(6) Cost of sales per pound (Barrick's share) is calculated as cost of sales
    - copper plus our equity share of cost of sales attributable to Zaldivar
    and Jabal Sayid divided by copper pounds sold.
(7) All-in sustaining costs is a non-GAAP financial performance measure with
    no standardized meaning under IFRS and therefore may not be comparable
    to similar measures presented by other issuers. For further information
    and a detailed reconciliation of this non-GAAP measure to the most
    directly comparable IFRS measure, please see pages 43 to 53 of this
    MD&A.

Consolidated Statements of Income

Barrick Gold Corporation                                 Three months ended
(in millions of United States dollars, except
 per share data) (Unaudited)                                      March 31,
----------------------------------------------------------------------------
                                                        2017           2016
----------------------------------------------------------------------------

Revenue (notes 5 and 6)                         $      1,993   $      1,930
----------------------------------------------------------------------------
Costs and expenses (income)
Cost of sales (notes 5 and 7)                          1,342          1,324
General and administrative expenses                       72             58
Exploration, evaluation and project expenses              75             55
Impairment (reversals) charges (note 9B and
 13)                                                  (1,125)             1
Loss on currency translation (note 9C)                     3            139
Closed mine rehabilitation                                 8             23
Income from equity investees (note 12)                   (11)            (5)
Gain on non-hedge derivatives                             (4)            (4)
Other expense (income) (note 9A)                           2             14
----------------------------------------------------------------------------
Income before finance costs and income taxes    $      1,631   $        325
Finance costs, net                                      (150)          (211)
----------------------------------------------------------------------------
Income before income taxes                      $      1,481   $        114
Income tax expense (note 10)                            (592)          (186)
----------------------------------------------------------------------------
Net income (loss)                               $        889   $        (72)
----------------------------------------------------------------------------
Attributable to:
Equity holders of Barrick Gold Corporation      $        679   $        (83)
Non-controlling interests                       $        210   $         11
----------------------------------------------------------------------------

Earnings (loss) per share data attributable to the equity holders of Barrick
 Gold Corporation (note 8)
Net income (loss)
  Basic                                         $       0.58   $      (0.07)
  Diluted                                       $       0.58   $      (0.07)
----------------------------------------------------------------------------
The notes to these unaudited condensed interim financial statements, which
 are contained in the First Quarter Report 2017 available on our website are
 an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income

Barrick Gold Corporation                                 Three months ended
(in millions of United States dollars)
 (Unaudited)                                                      March 31,
----------------------------------------------------------------------------
                                                        2017           2016
----------------------------------------------------------------------------
Net income (loss)                               $        889   $        (72)
Other comprehensive income (loss), net of
 taxes

Movement in equity investments fair value
 reserve:
Net unrealized change on equity investments,
 net of tax $nil and $nil                                  1              1

Items that may be reclassified subsequently to
 profit or loss:
Unrealized gains (losses) on derivatives
 designated as cash flow hedges, net of tax
 $nil and $1                                             (12)           (10)
Realized losses on derivatives designated as
 cash flow hedges, net of tax $nil and ($2)                1             18
Currency translation adjustments, net of tax
 $nil and $nil                                            11             91
----------------------------------------------------------------------------
Total other comprehensive income                           1            100
----------------------------------------------------------------------------
Total comprehensive income                      $        890   $         28
----------------------------------------------------------------------------
Attributable to:
Equity holders of Barrick Gold Corporation      $        680   $         17
Non-controlling interests                       $        210   $         11
----------------------------------------------------------------------------
The notes to these unaudited condensed interim financial statements, which
 are contained in the First Quarter Report 2017 available on our website are
 an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flow

Barrick Gold Corporation                                 Three months ended
(in millions of United States dollars)
 (Unaudited)                                                      March 31,
----------------------------------------------------------------------------
                                                        2017           2016
----------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income (loss)                               $        889   $        (72)
Adjustments for the following items:
  Depreciation                                           414            385
  Finance costs                                          153            215
  Impairment (reversals) charges (note 13)            (1,125)             1
  Income tax expense (note 10)                           592            186
  Net currency translation losses                          3            139
  Loss on sale of non-current
   assets/investments                                      3              9
Change in working capital (note 11)                     (196)          (161)
Other operating activities (note 11)                     (84)           (66)
----------------------------------------------------------------------------
Operating cash flows before interest and
 income taxes                                            649            636
Interest paid                                            (35)           (67)
Income taxes paid                                       (119)          (118)
----------------------------------------------------------------------------
Net cash provided by operating activities                495            451
----------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
  Capital expenditures (note 5)                         (334)          (270)
  Sales proceeds                                           7              4
Divestitures (note 4)                                      -            610
Funding of equity method investments                      (4)            (3)
----------------------------------------------------------------------------
Net cash (used in) provided by investing
 activities                                             (331)           341
----------------------------------------------------------------------------
FINANCING ACTIVITIES
Debt
  Proceeds                                                 -              3
  Repayments                                            (180)          (853)
Dividends                                                (31)           (22)
Funding from non-controlling interests                     -             13
Disbursements to non-controlling interests               (67)           (31)
Debt extinguishment costs                                  -            (37)
----------------------------------------------------------------------------
Net cash used in financing activities                   (278)          (927)
----------------------------------------------------------------------------
Effect of exchange rate changes on cash and
 equivalents                                               2              3
----------------------------------------------------------------------------
Net decrease in cash and equivalents                    (112)          (132)
Cash and equivalents at the beginning of
 period                                                2,389          2,455
----------------------------------------------------------------------------
Cash and equivalents at the end of period       $      2,277   $      2,323
----------------------------------------------------------------------------
The notes to these unaudited condensed interim financial statements, which
 are contained in the First Quarter Report 2017 available on our website are
 an integral part of these consolidated financial statements.

Consolidated Balance Sheets

Barrick Gold Corporation
(in millions of United States dollars)           As at March As at December
 (Unaudited)                                             31,            31,
----------------------------------------------------------------------------
                                                        2017           2016
----------------------------------------------------------------------------
ASSETS
Current assets
  Cash and equivalents (note 14A)               $      2,277   $      2,389
  Accounts receivable                                    231            249
  Inventories                                          1,649          1,930
  Other current assets                                   336            306
----------------------------------------------------------------------------
Total current assets (excluding assets
 classified as held for sale)                   $      4,493   $      4,874
  Assets classified as held for sale (note 4A)         3,325              -
----------------------------------------------------------------------------
Total current assets                            $      7,818   $      4,874

Non-current assets
  Equity in investees (note 12)                        1,200          1,185
  Property, plant and equipment                       12,539         14,103
  Goodwill                                             1,176          1,371
  Intangible assets                                      197            272
  Deferred income tax assets                           1,042            977
  Non-current portion of inventory                     1,495          1,536
  Other assets                                           944            946
----------------------------------------------------------------------------
Total assets                                    $     26,411   $     25,264
----------------------------------------------------------------------------
LIABILITIES AND EQUITY
Current liabilities
  Accounts payable                              $      1,022   $      1,084
  Debt (note 14B)                                        120            143
  Current income tax liabilities                         242            283
  Other current liabilities                              280            309
----------------------------------------------------------------------------
Total current liabilities (excluding
 liabilities classified as held for sale)       $      1,664   $      1,819
  Liabilities classified as held for sale
   (note 4A)                                             964              -
----------------------------------------------------------------------------
Total current liabilities                       $      2,628   $      1,819

Non-current liabilities
  Debt (note 14B)                                      7,633          7,788
  Provisions                                           2,376          2,363
  Deferred income tax liabilities                      1,224          1,520
  Other liabilities                                    1,468          1,461
----------------------------------------------------------------------------
Total liabilities                               $     15,329   $     14,951
----------------------------------------------------------------------------
Equity
  Capital stock (note 16)                       $     20,881   $     20,877
  Deficit                                            (12,430)       (13,074)
  Accumulated other comprehensive loss                  (188)          (189)
  Other                                                  321            321
----------------------------------------------------------------------------
Total equity attributable to Barrick Gold
 Corporation shareholders                       $      8,584   $      7,935
  Non-controlling interests                            2,498          2,378
----------------------------------------------------------------------------
Total equity                                    $     11,082   $     10,313
----------------------------------------------------------------------------
Contingencies and commitments (notes 5 and 17)
----------------------------------------------------------------------------
Total liabilities and equity                    $     26,411   $     25,264
----------------------------------------------------------------------------
The notes to these unaudited condensed interim financial statements, which
 are contained in the First Quarter Report 2017 available on our website are
 an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity

                                  ------------------------------------------
Barrick Gold                         Attributable to equity holders of the
 Corporation                                        company
----------------------------------------------------------------------------

(in millions of
 United States                                            Accumulated other
 dollars)            Common Shares   Capital    Retained      comprehensive
 (Unaudited)        (in thousands)     stock     deficit   income (loss)(1)
----------------------------------------------------------------------------
At January 1, 2017       1,165,574 $  20,877 $   (13,074) $            (189)
----------------------------------------------------------------------------
  Net income                     -         -         679                  -
  Total other
   comprehensive
   income                        -         -           -                  1
----------------------------------------------------------------------------
  Total
   comprehensive
   income                        -         -         679                  1
----------------------------------------------------------------------------
  Transactions with
   owners
    Dividends                    -         -         (31)                 -
    Other decrease
     in non-
     controlling
     interest                    -         -           -                  -
    Dividend
     reinvestment
     plan (note 16)            201         4          (4)                 -
----------------------------------------------------------------------------
  Total transactions
   with owners                 201         4         (35)                 -
----------------------------------------------------------------------------
At March 31, 2017        1,165,775 $  20,881 $   (12,430) $            (188)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
At January 1, 2016       1,165,081 $  20,869 $   (13,642) $            (370)
----------------------------------------------------------------------------
  Net income (loss)              -         -         (83)                 -
  Total other
   comprehensive
   income                        -         -           -                100
----------------------------------------------------------------------------
  Total
   comprehensive
   income (loss)                 -         -         (83)               100
----------------------------------------------------------------------------
  Transactions with
   owners
    Dividends                    -         -         (22)                 -
    Funding from
     non-controlling
     interests                   -         -           -                  -
    Other decrease
     in non-
     controlling
     interests                   -         -           -                  -
    Dividend
     reinvestment
     plan                      134         2          (2)                 -
----------------------------------------------------------------------------
  Total transactions
   with owners                 134         2         (24)                 -
----------------------------------------------------------------------------
At March 31, 2016        1,165,215 $  20,871 $   (13,749) $            (270)
----------------------------------------------------------------------------


Consolidated Statements of Changes in Equity

                    ----------------------------
Barrick Gold           Attributable to equity
 Corporation           holders of the company
----------------------------------------------------------------------------

(in millions of
 United States                     Total equity
 dollars)                       attributable to   Non-controlling     Total
 (Unaudited)           Other(2)    shareholders         interests    equity
----------------------------------------------------------------------------
At January 1, 2017   $      321 $         7,935  $          2,378  $ 10,313
----------------------------------------------------------------------------
  Net income                  -             679               210       889
  Total other
   comprehensive
   income                     -               1                 -         1
----------------------------------------------------------------------------
  Total
   comprehensive
   income                     -             680               210       890
----------------------------------------------------------------------------
  Transactions with
   owners
    Dividends                 -             (31)                -       (31)
    Other decrease
     in non-
     controlling
     interest                 -               -               (90)      (90)
    Dividend
     reinvestment
     plan (note 16)           -               -                 -         -
----------------------------------------------------------------------------
  Total transactions
   with owners                -             (31)              (90)     (121)
----------------------------------------------------------------------------
At March 31, 2017    $      321 $         8,584  $          2,498  $ 11,082
----------------------------------------------------------------------------

----------------------------------------------------------------------------
At January 1, 2016   $      321 $         7,178  $          2,277  $  9,455
----------------------------------------------------------------------------
  Net income (loss)           -             (83)               11       (72)
  Total other
   comprehensive
   income                     -             100                 -       100
----------------------------------------------------------------------------
  Total
   comprehensive
   income (loss)              -              17                11        28
----------------------------------------------------------------------------
  Transactions with
   owners
    Dividends                 -             (22)                -       (22)
    Funding from
     non-controlling
     interests                -               -                13        13
    Other decrease
     in non-
     controlling
     interests                -               -               (31)      (31)
    Dividend
     reinvestment
     plan                     -               -                 -         -
----------------------------------------------------------------------------
  Total transactions
   with owners                -             (22)              (18)      (40)
----------------------------------------------------------------------------
At March 31, 2016    $      321 $         7,173  $          2,270  $  9,443
----------------------------------------------------------------------------

(1) Includes cumulative translation losses at March 31, 2017: $71 million
(March 31, 2016: $87 million).
(2) Includes additional paid-in capital as at March 31, 2017: $283 million
(December 31, 2016: $283 million; March 31, 2016: $283 million) and
convertible borrowings - equity component as at March 31, 2017: $38 million
(December 31, 2016: $38 million; March 31, 2016: $38 million).
The notes to these unaudited condensed interim financial statements, which
are contained in the First Quarter Report 2017 available on our website are
an integral part of these consolidated financial statements.

HEAD OFFICE                           TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation              CST Trust Company
Brookfield Place                      P.O. Box 700, Postal Station B
TD Canada Trust Tower                 Montreal, Quebec H3B 3K3
161 Bay Street, Suite 3700            or
Toronto, Ontario M5J 2S1              American Stock Transfer & Trust
                                      Company, LLC
Telephone: +1 416 861-9911            6201 - 15 Avenue
Toll-free: 1-800-720-7415             Brooklyn, New York 11219
Fax: +1 416 861-2492                  Telephone: 1-800-387-0825
Email: investor@barrick.com           Fax: 1-888-249-6189
Website: www.barrick.com              Email: inquiries@canstockta.com
                                      Website: www.canstockta.com

SHARES LISTED
ABX - The New York Stock Exchange
The Toronto Stock Exchange

INVESTOR CONTACT                      MEDIA CONTACT
Daniel Oh                             Andy Lloyd
Senior Vice President                 Senior Vice President Communications
Investor Engagement and Governance    Telephone: +1 416 307-7414
Telephone: +1 416 307-7474            Email: alloyd@barrick.com
Email: doh@barrick.com

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this First Quarter Report 2017, 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", "contemplate", "target", "plan", "objective" "aspiration", "aim", "intend", "project", "goal", "continue", "budget", "estimate", "potential", "may", "will", "can", "should", "could", "would" and similar expressions identify forward-looking statements. In particular, this First Quarter Report 2017 contains forward-looking statements including, without limitation, with respect to: (i) Barrick's forward-looking production guidance; (ii) estimates of future cost of sales per ounce for gold and per pound for copper, all-in-sustaining costs per ounce/pound, cash costs per ounce and C1 cash costs per pound; (iii) cash flow forecasts; (iv) projected capital, operating and exploration expenditures; (v) targeted debt and cost reductions; (vi) mine life and production rates; (vii) the expected time of closing of certain announced transactions; (viii) Barrick's Best-in-Class program (including potential improvements to financial and operating performance that may result from certain Best-in-Class initiatives); (ix) the benefits of integrating the Cortez and Goldstrike operations; (x) the potential impact and benefits of Barrick's digital transformation; (xi) asset sales, joint ventures and partnerships; and (xii) 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 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 the fact that certain Best-in-Class initiatives are still in the early stages of evaluation and additional engineering and other analysis is required to fully assess their impact; risks associated with the implementation of Barrick's digital transformation initiative and the ability of the projects under this initiative to meet the Company's capital allocation objectives; the risk that the certain announced transactions may not close when planned or at all or on the terms and conditions set forth in their transaction agreements; the benefits expected from announced transactions being realized; 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; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of the Best-in-Class initiatives and targeted investments will meet the Company's capital allocation objectives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; 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 does 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; 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; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; 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; availability and increased costs associated with mining inputs and labor; and the organization of our previously held African gold operations and properties under a separate listed company. 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 First Quarter Report 2017 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.

The Company 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.

Contacts:
INVESTOR CONTACTS: Daniel Oh
Senior Vice President, Investor Engagement and Governance
+1 416 307-7474
doh@barrick.com

MEDIA CONTACT: Andy Lloyd
Senior Vice President, Communications
+1 416 307-7414
alloyd@barrick.com

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