FORWARD-LOOKING INFORMATION
Certain information contained in this Annual Information Form, including any information as to Barrick’s 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”, “vision”, “target”, “plan”, “opportunities”, “objective”, “pursuit”, “assume”, “goal”, “aim”, “intend”, “intention”, “project”, “continue”, “budget”, “ongoing”, “estimate”, “potential”, “strategy”, “prospective”, “following”, “future”, “commitment”,“ramp-up”, “guidance”, “outlook”, “forecast”, “may”, “will”, “can”, “could”, “should”, “schedule”, “would” **and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this Annual Information Form 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 Annual Information Form are still in the early stages and may not materialize; |
| • | risks associated with the proposed initial public offering of a Barrick entity and any corporate reorganization associated therewith; |
| • | 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 changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with other countries, result in retaliatory policies, lead to increased costs and/or limited availability for raw materials, components and equipment, or impact Barrick’s existing operations and growth projects; |
| • | expropriation or nationalization of property and political or economic developments in Canada, the United States, Argentina, Chile, the Dominican Republic, the Democratic Republic of the Congo (the “DRC”), Ecuador, Jamaica, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania, or Zambia 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 relating to greenhouse gas (“GHG”) emissions levels, energy efficiency and reporting of risks related to climate change; |
| • | 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 requires 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 Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to Barrick’s handling of environmental matters or dealings with individuals or community groups, whether true or not; |
| • | risks relating 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 challenges associated with the construction of capital projects; |
| • | risks associated with working with partners in jointly controlled assets; |
| • | risks relating to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East, and sanctions imposed on individuals and entities as a result thereof; |
| • | risk of loss due to acts of war, terrorism, sabotage and civil disturbances; |
| • | risks associated with artisanal and illegal mining; |
| • | risks associated with Barrick infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; |
| • | 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; |
| • | the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions and global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; |
| • | adverse changes in the Company’s credit ratings; |
| • | risks related to exchange and capital controls; |
| • | fluctuations in the currency markets (such as Canadian and Australian dollars, Chilean, Argentine and Dominican pesos, British pound, Peruvian sol, Zambian kwacha, South African rand, Tanzanian shilling, West African CFA, Congolese franc, Papua New Guinean kina and Pakistani rupee versus the U.S. dollar); |
| • | changes in U.S. dollar interest rates that could impact the mark-to-market value of outstanding derivative instruments and variable rate debt obligations; |
| • | risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); |
| • | risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; |
| • | uncertainty as to whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; |
| • | whether benefits expected from recent transactions are realized; |
| • | business opportunities that may be presented to, or pursued by, the Company; |
| • | the Company’s ability to successfully integrate acquisitions or complete divestitures; |
| • | risks related to competition in the mining industry; |
| • | employee relations, including loss of key employees; |
| • | availability and increased costs associated with mining inputs and labor; |
| • | risks associated with diseases, epidemics and pandemics; |
| • | risks related to the failure of internal controls; and |
| • | risks related to the impairment of the Company’s goodwill and assets. |
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 the Company’s 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, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this Annual Information Form are qualified by these cautionary statements. Specific reference is made to “Narrative Description of the Business – Mineral Reserves and Mineral Resources” and “Risk Factors” and to the MD&A (which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov as an exhibit to Barrick’s Form 40-F) for a 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 Annual Information Form.
The Company may, from time to time, make oral forward-looking statements. The Company advises that the above paragraph and the risk factors described in this Annual Information Form and in the Company’s other documents filed with the Canadian securities regulatory authorities and the SEC should be read for a description of certain factors that could cause the actual results of the Company to materially differ from those in the oral forward-looking statements. The Company disclaims any intention or obligation to update or revise any oral or written forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
