Slide 1: Q1 2026 Results
BARRICK Qi 2026 Results May 11, 2026
Slide 2: Agenda
Agenda 1 Priorities and Q1 Review Today’s Speakers 2 Operational Performance, Growth Projects, IPO 3 Financial Results Mark Hill Helen Cai 4 Capital Allocation President and CEO Senior EVP and CFO Framework, Guidance Q1 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, not be converted to reserves; risks associated with the fact that certain of the ransomware and other cyberattacks, or similar information technology system including
Slide 4: 2026 Priorities for Delivering Value
2026 Priorities for Delivering Value 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 the IPO Execute the North American Barrick IPO by the end of 2026
Slide 5: Safety
Safety LOST-TIME INJURIES Q1 2024 8 Our highest priority 75 % Q2 2024 6 Q3 2024 0 Q4 2024 4 Q1 2025 4 Q2 2025 2 Relentless focus on eliminating fatal risk Q3 2025 4 from Q1 2024 to Q1 2026 Q4 2025 3 Q1 2026 2 DELIVER WITH VISIBLE LEADERSHIP ZERO HARM Lost-Time Injuries trending 11,000+ field-based C
Slide 6: Q1 2026 Performance
Q1 2026 Performance Improved performance and cost control drove strong cash flow, earnings, and returns to shareholders Gold Productioni Gold COS2 Gold AISCiii Realized Gold Priceiii 719 Koz 4% year-on-yearii $1,922/oz 18 % $1,708/oz 4% $4,823/oz 66 % year-on-year year-on-year year-on-year beating g
Slide 7: Strong Q1 Operational Performance
Strong Q1 Operational Performancei World-class assets underpinned by North America North American Africa & South America & Rest of World Total Gold Total Copper Barrick Middle East Asia Pacific Total Gold Copper production 457Koz 188Koz 74Koz 262Koz 719Koz production 49Kt COS/oz2 $1,783 $2,281 $1,77
Slide 8: NGM Spotlight
NGM Spotlight TOTAL UNDERGROUND TONNES MINED (millions of tonnes – annualized, 100% basis) Focus on safe and consistent Operational Delivery 19 % 2022 9.0 2023 9.0 2024 9.8 2025 10.3 Achieved a record start to the year Q1 2026 10.7 from 2022 to Q1 2026 on underground tonnes mined and (annualized) de
Slide 9: Loulo-Gounkoto Update
Loulo-Gounkoto Q1 PRODUCTION i 64 Update (thousands of ounces) Ramping up ahead of schedule Jan Feb Mar Q1 2026 Mining and processing Q1 COSTS 2,i i outperforming restart plan ($/oz) 2,801 1,933 Operation initially focused on mining higher grade underground ore COS AISC COS AISC COS AISC COS AISC Ja
Slide 10: Growth Project Pipeline: Lumwana
Growth Project Pipeline: Lumwana Construction progressing slightly ahead of schedule Initial lift of mill building wall construction completed in Q1 with mill shells delivered LUMWANA EXPANSION COPPER PRODUCTION First loads of structural steel enroute to site (Ktpa)ii 2026 capital expenditure expect
Slide 11: Growth Project Pipeline: Fourmile
Growth Project Pipeline: Fourmile Step-out drilling highlights resource upsidei NGM JV Barrick Fourmile Goldrush Fourmile Resources3 EOY2025 EOY2024 Indicated 4.6Mt @ 17.59 g/t 3.6Mt @ 11.76 g/t Resources4 2.6Moz 1.4Moz FM25-317Dii 10.1m at 54.96 g/t Inferred 25Mt @ 16.9 g/t 14Mt @ 14.1 g/t 3.6m at
Slide 12: Advancing North American IPO
Advancing North American IPO Effective and accountable organizational structure to unlock further value Mark Hill Barrick President & CEO BARRICK NORTH AMERICAN BARRICK Executive Leadership Team Executive Leadership Team Helen Seb James George Wessel Tim Joe Amanda Cai Bock McGuire Joannou Hamman Cr
Slide 13: Financial Results
Financial Resultsi Higher gold price translating to cash flow Q1 2026 Q1 2025 % Change Gold production from continuing operations (thousands of ounces) 719 693 4% Gold production from divested operationsii (thousands of ounces) 65 Total gold production (thousands of ounces) 719 758 (5)% Total copper
Slide 14: 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 Capital Allocation Priorities $7.9 billion BALANCE SHEET STRENGTH Returned since 202
Slide 15: Guidance
Guidancei 2026 Guidance (unchanged) Gold 2026 production and cost guidance on track Gold production (Moz) 2.90 – 3.25 COS2 ($/oz) 1,870 – 2,070 Gold Production TCCii ($/oz) 1,330 – 1,470 On track to meet 2026 guidance AISCii ($/oz) 1,760 – 1,950 Q2 production: 730 – 770k ounces Copper Production inc
Slide 16: 2026 Priorities for Delivering Value
2026 Priorities for Delivering Value 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 the IPO Execute the North American Barrick IPO by the end of 2026
Slide 17: Appendix
Appendix
Slide 18: Macro Environment | Market Context
Macro Environment | Market Context Inflation moderated with broadly stronger local currencies, supported by strong gold prices Q1 2026 Q1 2025 AVERAGE REALIZED GOLD PRICE i ($/OZ) Country Local CPI¹ Local FX: US$² Local CPI¹ Local FX: US$² USA 2.4% — 2.4% — Canada 1.8% 4.4% 2.3% (6.4%) Q1 2025 2,898
Slide 19: Gold Total Cash Costs Breakdown – 2025
Gold Total Cash Costsi Breakdown – 2025 By cost category – Group and regional levels South America & Africa & Barrick Group North America Asia Pacific Middle East 3% 1% 10% 7% 6% 14% 16% 24% 19% 28% 17% 15% 23% 12% 13% 12% 16% 11% 16% 16% 8% 17% 16% 18% 19% 11% 14% 18% Labor & Benefits Energy & Fuel
Slide 20: Appendix A: Outlook Assumptions/Sensitivity
Appendix A Outlook Assumptions/Sensitivity Impact on Impact on Key Outlook Assumptions 2026 Impact on 2026 guidance Hypothetical Consolidated Attributable Attributable assumption change EBITDAi EBITDAi TCC and AISCi (millions) (millions) Gold price ($/oz) 4,500 Copper price ($/lb) 5.50 Gold price se
Slide 21: Appendix B: Fourmile Significant Intercepts Table
Appendix B Fourmile Significant Intercepts Tablei Fourmile Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 2.4 m; internal dilution is less than 20% total width. Drill Holeii Azimuth Dip Interval (m) Width (m) True Width (m)i
Slide 22: Technical Information Endnote (continued)
Technical Information Endnote 4 (continued) The scientific and technical information contained in this presentation has been reviewed and approved by Jesse • Group: Proven mineral reserves of 390 million tonnes grading 1.38 g/t, representing 17 million ounces of gold and Clark, BSc (Hons), MSc, SMER
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 24: 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 performance measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, proper
Slide 25: EBITDA, attributable EBITDA, and attributable EBITDA margin
EBITDA, attributable EDITDA, and attributable EBITDA margin EBITDA is a non-GAAP financial measure, which exclude the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of Barrick’s ability to gene
Slide 26: 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 Barrick’s attributable
Slide 27: Total cash costs per ounce and All-in sustaining costs per ounce
“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 sustaining costs” per ounce ($ millions, except per oz information in dollars) For the three months ended Footnote 3/31/26 12/31/25 3/31/25 CO
Slide 28: C1 cash costs per pound and All-in sustaining costs per pound
“C1 cash costs” per pound and “All-in sustaining costs” per pound “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures related to Barrick’s copper mine operations. Management believes that “C1 cash costs” per pound enables investors to better
Slide 29: Realized price
Realized price “Realized price” is a non-GAPP financial measures which excludes treatment and refining charges, and cumulative catch-up adjustment to revenue relating to Barrick’s streaming arrangements from sales. Management believes this measure provides investors and analysts with a more accurate
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