DBRS Releases Report on Barrick Gold Corporation

DBRS has today released a report on Barrick Gold Corporation (Barrick or the Company) and related companies that provides further detail on the recent downgrade of the long-term ratings of Barrick Gold Corporation (Barrick or the Company) and its related companies to BBB (high) and changing the trend of the ratings to Negative.

Barrick is the world’s largest gold producer, with low-cost operations and an above-average reserve life at its gold mines, and is also a growing copper producer. The downgrades reflected the persistently high cost of the Company’s Lumwana copper operations, ongoing concerns over the cost and completion dates of its Pascua-Lama gold mine and other investment projects, the deterioration of gold and copper prices and increased uncertainty with respect to gold prices going forward, all of which have led to higher debt levels, the recognition of large-scale impairments of the accounting value of the Company’s assets and a deterioration of its credit metrics.

The Negative trend reflects the lack of clear resolution on how the Company will be able to restrain the growth of its indebtedness and deteriorating credit metrics while trying to resolve the project completion issues it faces at Pascua-Lama and the Jabal Sayid copper mine and in the face of potentially deteriorating gold and copper prices.

DBRS expects the Negative trend of the Company’s ratings may be resolved if it makes clear progress in reversing the growth in indebtedness and provides sound plans for the completion of its unfinished major capital projects over the next year. Otherwise, a further downgrade of the Barrick’s ratings may occur.

Today’s report and the August 9, 2013, press release announcing the rating changes are available at www.dbrs.com or by contacting us at info@dbrs.com.