08:34 AM EDT, 03/15/2024 (MT Newswires) -- Barrick Gold Corp. ( GOLD ) has "a solid base from which to grow its production and value", President and Chief Executive Officer Mark Bristow said in the 2023 Annual Report published Friday.

Bristow said the company increased its gold reserves to 77 million ounces in 2023 and replaced 112% of its annual gold equivalent production.

Since 2019, the company has organically added 29 million ounces of attributable reserves, which, on a 100% basis, represent 44 million ounces of reserve addition across all Barrick-managed mines, Bristow added.

Year-on-year operating cash flow increased by 7%, free cash flow jumped by 50% and adjusted net earnings rose by 12%, the executive said.

"Our proven ability to replace the ounces of gold and pounds of copper we mine, and the organic growth opportunities embedded in our business, give us the confidence to believe that we can deliver on and continue to extend our 10-year gold and copper production forecast without dilutionary acquisitions. As a result of this, we also continue to forecast an increase of more than 30% in gold equivalent production by the end of this decade," Bristow said.