Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results November 10, 2025 Q3 2025 RESULTS │ 1
Slide 2: Agenda and Today's Speakers
Agenda Today’s Speakers 1 Q3 2025 Highlights 2 Safety & Health 3 Operational Highlights 4 Group Financial Highlights Mark Hill Graham Shuttleworth 5 Capital Allocation Group COO & Senior EVP & CFO Interim President and CEO 6 Regional Results 7 2025 Guidance 8 Q&A Q3 2025 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, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, o
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights Delivering record adjusted net earnings, operating and free cash flow Net earnings per share Attributable EBITDA3 Operating cash flow $0.76 171% year-on-year $2.02B 57% year-on-year $2.4B 105% year-on-year Quarterly dividendi Share buybacks in Q3 Free cash flow5 $0.175/sh $589M $1
Slide 5: Safety & Health
2025 Recordable Injuries Safety & Health We are all responsible for safety 2 ▪ After nearly twelve months fatality free, unfortunately 5 2 1 three fatal incidents were recently recorded: 1 1 1 5 2 1 2 2 ‒ An incident at Kibali in June resulted in the employee 1 1 3 2 2 2 succumbing to injuries after
Slide 6: Operational Highlights
Operational Highlights Higher production q/q on lower costs Gold Q3 2025 Q2 2025 % Change Q3 2024 % Change Operating Results Attributable production (koz) 829 797 4% 943 (12)% ▪ Q3 gold production 4% higher than Q2 at Gold COS1 ($/oz) (Barrick’s share) 1,562 1,654 (6)% 1,472 6% 829,000 ounces Gold T
Slide 7: Group Financial Highlights
Group Financial Highlights Record quarterly cash flow ▪ Revenues of $4.1 billion increased 13% from Q2 Summary Financials Q3 2025 Q2 2025 % Change Q3 2024 % Change and 23% from Q3 2024 Revenue ($ millions) 4,148 3,681 13% 3,368 23% ▪ Record quarterly cash flow from operations of Net earnings ($ mill
Slide 8: Group Financial Highlights
Net earnings ($ millions) Group Financial Highlights Attributable EBITDA3 ($ millions) Attributable EBITDA margin3 (%) Attributable EBITDA3 +20% q/q 55% 59% 51% 2,022 +20% 1,690 ▪ Attributable EBITDA3 increased driven by a 7% 1,302 1,361 increase in EBITDA margins3 +61% 811 ▪ Record Q3 cash flow ena
Slide 9: Capital Allocation
YTD 2025 Capital Allocation Capital Allocation Base dividend increased by 25% Buybacks Sustaining $1.0B capitali ,14 2025 buyback program increased $1.2B YTD 2025 highlights ▪ Generated $5 billion in operating cash flow Dividends $596M ▪ Invested >$2 billion into the business Growth capital ▪ Increa
Slide 10: North America
North America Barrick’s value foundation Regional Results Q3 2025 Q2 2025 % Change Q3 2024 % Change Gold produced (000s oz) 429 413 4% 415 3% ▪ Gold production increased 4% from Q2 driven Gold sold (000s oz) 435 408 7% 415 5% by Cortez and Turquoise Ridge (6)% 1% COS1 ($/oz) 1,596 1,697 1,579 ‒ Reco
Slide 11: Fourmile
Fourmile Pathway to delivering one of this century’s most significant gold discoveries 2024 Mineral Resource N Fourmile 2025 Resource Conversion Target Area FM25-244Diii 14.6 m @ 35.57 g/t Modelled Exploration Upside Goldrush 2025 intercepts that confirm FM25-232Diii Fourmile 2024 Resourceii continu
Slide 12: LATAM & Asia Pacific
LATAM & Asia Pacific Regional Results Q3 2025 Q2 2025 % Change Q3 2024 % Change ▪ Growth at Pueblo Viejo, offset by planned lower Gold produced (000s oz) 180 180 0% 173 4% production at Veladero, delivers steady Gold sold (000s oz) (4)% (9)% performance 176 184 193 COS1 ($/oz) 1,446 1,494 (3)% 1,375
Slide 13: Africa & Middle East
Africa & Middle East Regional Results Q3 2025 Q2 2025 % Change Q3 2024 % Change ▪ Q3 saw the highest production and lowest Gold produced (000s oz) 220 204 8% 355 (38)% realised costs YTD, despite higher royalties. This Gold sold (000s oz) 226 178 27% 359 (37)% led to a significant jump in EBITDA and
Slide 14: Copper
Copper Summary Results Q3 2025 Q2 2025 % Change Q3 2024 % Change ▪ Production declined 7% q/q, mainly due to a Copper produced (kt) 55 59 (7)% 48 15% September shut at Lumwana Copper sold (kt) 52 54 (4)% 42 24% ‒ Lumwana mining volumes increased 11% q/q COS1 ($/lb) 2.68 2.56 5% 3.23 (17)% on improve
Slide 15: 2025 Guidance
2025 Guidancei Performing in line with Full Year 9M 2025 2025 Guidance expectations Gold ▪ 2025 gold production tracking in the bottom Gold produced (000s oz) 2,384 3,150 – 3,500 half of guidance range COS1 ($/oz) 1,613 1,510 – 1,610 ‒ Q4 is expected to be the strongest production TCC2 ($/oz) 1,197
Slide 16: Focused on five strategic pillars
Focused on five strategic pillars Premier Portfolio Tier One8, long-life assets Resource Stability Disciplined replacement for long-term planning and growth Project Discipline Accretive growth projects meeting rigorous investment thresholds Financial Strength Resilient balance sheet to fund growth a
Slide 17: Barrick
BARRICK
Slide 18: Appendix A: Fourmile Significant Intercept Table
Appendix A Fourmile Significant Intercept Tablei Fourmile Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t) downhole intercept width is 2.4 m; internal dilution is less than 2
Slide 19: Appendix B: Assumptions/Outlook
Appendix B Assumptions/Outlook Key Outlook Assumptions 2025 Gold price ($/oz) 2,400 Copper price ($/lb) 4.00 Oil price (WTI) ($/barrel) 80 AUD exchange rate (AUD:USD) 0.75 ARS exchange rate (USD:ARS) 1,000 CAD exchange rate (USD:CAD) 1.30 CLP exchange rate (USD:CLP) 900 EUR exchange rate (EUR:USD) 1
Slide 20: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Tricia Evans, BSc, SMERM, Mineral Resource Manager: North America; Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr. Sci. Nat, Resource Geology Lead – North Americ
Slide 21: Endnotes 3 and 4
Endnote 3 EBITDA is a non-GAAP financial performance measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash
Slide 22: Endnotes 5, 6 and 7
Endnote 5 “Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management 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
Slide 23: Endnotes 9, 10 and 11
Endnote 9 Fourmile financial metrics and production metrics are based upon preliminary economic assessment which is preliminary in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would ena