Slide 1: Q2 2026 Results
Q2 2026 Results August 10, 2026
Slide 2: Agenda
Agenda 1 Priorities and Q2 Review Today’s Speakers 2 Operational Performance, Growth Projects, IPO 3 Financial Results Mark Hill Helen Cai 4 Framework, Guidance President and CEO Senior EVP and CFO Capital Allocation Q2 2026 RESULTS │ 2
Slide 3: Cautionary Statement on Forward-Looking Information
Cautionary Statement on Forward-Looking Information Certain information contained or incorporated by reference in this presentation, that quantities or grades of reserves will be diminished, and that resources may technology system failures, delays and/or disruptions; the impact of global including
Slide 4: Agreement with Newmont
Agreement with Newmont • Agreement positions both companies to maximize value of the Joint Venture. • Early contribution of JV excluded properties; $1.95B payment from Newmont to Barrick. • Newmont has consented to Barrick's North American IPO. • All disputes with regard to NGM are resolved. Q2 2026
Slide 5: 2026 Priorities for Delivering Value
2026 Priorities for Delivering Value On track to achieve full year 2026 production and cost guidance 1 Safety Continue to improve safety performance Operational 2 Delivery Consistently deliver production and cost guidance 3 Growth Advance projects at Pueblo Viejo, Lumwana, and Fourmile Complete 4 th
Slide 6: Safety
Safety LOST-TIME INJURIES Q2 2024 6 Our highest priority Q3 2024 0 6 Q4 2024 4 Q1 2025 4 Q2 2025 2 Frequency improving; Q3 2025 Q4 2025 3 4 Lost-time injuries in Q2 severity in focus Q1 2026 2 (majority classified not high potential) Q2 2026 6 LEADERSHIP IN THE FIELD ELIMINATING HAZARDS 17,000+ Crit
Slide 7: Q2 2026 Performance
Q2 2026 Performance Consistent execution delivers strong cash flow, earnings, and returns to shareholders Gold Productioni Gold COSii Gold AISCiii Realized Gold Priceiii 796 Koz $ 1,993/oz 20 % $ 1,866/oz 11 % $ 4,417/oz 34 % beating guidance year-on-yeariv year-on-year year-on-year year-on-year 730
Slide 8: Strong Q2 Operational Performance
Strong Q2 Operational Performancei World-class assets underpinned by North America North American Africa & South America Rest of Total Gold Total Copper Barrick Middle East & Asia Pacific World Total Gold Copper production 494Koz 243Koz 59Koz 302Koz 796Koz production 56Kt COS/ozii $1,900 $2,175 $2,0
Slide 9: Growth
Growth Lumwana Fourmile 3 major growth projects Good progress on the mill expansion, Ramped up drilling to 20 active rigs in Q2, advanced on schedule which is expected to double copper focused on resource conversion drilling productioni Bullion Hill decline development contract was awarded to Barmin
Slide 10: North American IPO
North American IPO Unlocking value from a new gold platform Advancing IPO of a minority stake in a newly formed company holding Barrick’s North American gold assetsi NEVADA GOLD MINES Targeting completion by end of 2026, subject to market conditions and approvals Newmont’s consent to Barrick’s North
Slide 11: Financial Results
Financial Resultsi Higher gold price translating to cash flow Q2 2026 Q2 2025 Change Gold production from continuing operations (thousands of ounces) 796 736 8% Gold production from divested operationsii (thousands of ounces) n/a 61 n/a Total gold production (thousands of ounces) 796 797 0% Total co
Slide 12: Capital Allocation Framework
Capital Allocation New dividend policy adopted in February 2026i Framework $3 billion buyback approved in May 2026 A disciplined approach to balance sheet strength, sustaining capital, growth and shareholder returns $3 billion returned to shareholders in the three quarters since new leadership began
Slide 13: Guidance
Guidancei Gold 2026 Guidance 2026 production and cost guidance on track; Gold production (Moz) 2.90 – 3.25 total attributable capex lowered COSii ($/oz) 1,870 – 2,070 Gold Production TCCiii ($/oz) 1,330 – 1,470 On track to meet 2026 guidance AISCiii ($/oz) 1,760 – 1,950 Copper Production increasing
Slide 14: 2026 Priorities for Delivering Value
2026 Priorities for Delivering Value On track to achieve full year 2026 production and cost guidance 1 Safety Continue to improve safety performance Operational 2 Delivery Consistently deliver production and cost guidance 3 Growth Advance projects at Pueblo Viejo, Lumwana, and Fourmile Complete 4 th
Slide 15: BARRICK
BARRICK
Slide 16: Appendix
Appendix
Slide 17: Appendix A: Outlook Assumptions/Sensitivity
Appendix A Outlook Assumptions/Sensitivity Production Outlook Assumptions We expect Cortez, Loulo-Gounkoto, Kibali, North Mara and Phoenix to deliver higher year-over-year performances in 2027 relative to 2026, together with stable delivery across the rest of the portfolio. In 2028, the increase in
Slide 18: Technical Information Endnote (continued)
Technical Information Endnote 3 (continued) The scientific and technical information contained in this presentation has been reviewed and approved by Richard • South America and Asia Pacific region: Proven mineral reserves of 270 million tonnes grading 0.73 g/t, representing Peattie, MPhil, FAusIMM,
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 20: Adjusted net earnings and adjusted net earnings per share
Adjusted net earnings and adjusted net earnings per share “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant an
Slide 21: EBITDA, adjusted EBITDA, attributable adjusted EBITDA, and net leverage
EBITDA, adjusted EDITDA, attributable adjusted EBITDA, attributable adjusted EBITDA margin, and net leverage EBITDA is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is
Slide 22: Free cash flow, attributable free cash flow, and attributable operating cash flow
Free cash flow, attributable free cash flow, and attributable operating cash flow “Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. “Attributable free cash flow” starts with free cash flow and adds our attributable shar
Slide 23: Total cash costs and All-in sustaining costs
“Total cash costs” Reconciliation of Gold Cost of Sales to Total cash costs and All-in sustaining costs, including on a per ounce basis per ounce and “All-in ($ millions, except per oz information in dollars) For the three months ended For the six months ended sustaining costs” per ounce Footnote 6/
Slide 24: C1 cash costs and All-in sustaining costs
“C1 cash costs” per pound and “All-in sustaining costs” per pound “C1 cash costs” per pound (C1 cash costs/lb) and “All-in sustaining costs” per pound (AISC/lb) are non-GAAP financial measures related to our copper mine operations. Barrick believes that C1 cash costs/lb enables investors to better u
Slide 25: Realized price
Realized price “Realized price” is a non-GAAP financial measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. Barrick believes this provides investors and analysts with a more accurate measure with whi
Slide 26: Capital expenditures
Capital expenditures These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expendit