Slide 1: Results for Q4 and Year Ending 31 December 2024
Results for Q4 and Year Ending 31 December 2024…
Slide 2: 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,
Slide 3: Group Highlights Q4 2024
Group Highlights… Q4 2024 Increased Q4 marginsi across the group on higher gold prices, higher production and lower costs $0.57 104% Q/Q $1.22 69% Y/Y Net earnings per share Net earnings per share 2024 production within guidance on back of solid Q4 $0.46 53% Q/Q $1.26 50% Y/Y Q4 adjusted Net
Slide 4: Group Operating Results
Q4 Q3 Group Operating Results… Gold operating results 2024 2024 2024 2023 Attributable production (koz) 1,080 943 3,911 4,054 Cost of sales ($/oz)5 1,428 1,472 1,442 1,334 ■ Q4 gold production up 15% q/q supporting good finish for the year Total cash costs ($/oz)4 1,046 1,104 1,065 960 ■ Copper prod
Slide 5: Group Financial Results
Group Financial Results… Financial Results Q4 Q3 2024 2023 2024 2024 3,645 3,368 12,922 11,397 Revenue ($ million) Net earnings ($ million) 996 483 2,144 1,272 Highest adjusted net earnings1 in a Adjusted net earnings 794 529 2,213 1,467 decade ($ million)1 Strong operating cash flows of $1.4 billio
Slide 6: Safety and Environment
Safety… Environment… Zero Class 1 environmental incidents11 recorded for the Total Recordable quarter and 2024 Injury Comparison 200 Average water use efficiency for the quarter and 2024 was 150 85%, above the annual target of 80% 15% Focus on safe closure of tailings storage facilities continues 10
Slide 7: North America
North America… Barrick’s Fourmile proceeds to prefeasibility study on back of successful drilling program Cooperation between Carlin and Cortez in Q4 to optimize the roaster feed and maximise total ounce production secured bottom end of guidance Recut open pit business for Carlin and Cortez, reducin
Slide 8: Nevada Gold Mines operating results
Nevada Gold Mines… operating results Q4 Q3 Nevada Gold Mines (61.5%) 2024 2024 2024 2023 Carlin Ore tonnes processed (000) 5,609 5,125 23,959 35,590 Successful completion of the Gold Quarry Roaster Average grade processed (g/t) 3.43 2.91 2.84 1.98 upgrade project, unlocking an additional 20% capacit
Slide 9: Key Growth Project: Fourmile gold project
Key Growth Project…Fourmile gold projecti Proceeding to Prefeasibility Study 2024 mineral resource and PEA covers approximately one-third of the known orebody, as defined by drilling to date Incremental silicification of breccias from Rose through to Dorothy result in increasing grades and better ge
Slide 10: New and emerging opportunities across North America
New and emerging opportunities across North America Hemlo Nevada Gold Canada – Regional generative programs deliver highly prospective district-scale opportunities across Mines Mega TRUG Southern Superior with drilling in progress at Norris Mega Feeder and Patris. Turquoise N Ridge Western USA – Exp
Slide 11: Latin America & Asia Pacific
Latin America & Asia Pacific… Q/q improvement at Pueblo Viejo across flotation, CIL2 circuit stability and recovery step up Reko Diq 13 million ounces and 7.3 million tonnes attributable gold (50%) INDIA and copper reserves added from Reko Diq13 PAKISTAN, Veladero delivers best production in last fi
Slide 12: Pueblo Viejo
Pueblo Viejo… Dominican Republic Q4 Q3 Pueblo Viejo (60%) 2024 2024 2024 2023 ■ Pueblo Viejo plant expansion and mine life Ore tonnes processed (000) 1,377 1,605 5,730 5,332 extension is designed to increase throughput to Average grade processed (g/t) 2.31 2.58 2.46 2.39 14Mt p.a. and to sustain gol
Slide 13: Pueblo Viejo expansion
2025 Projects Pueblo Viejo… Continued focus on maximizing throughput and recovery Flash recycle implementation to allow for additional sulfides to be processed in expansion the autoclave, contributing to overall throughput and recovery Deslime pump upgrades provide a mechanism to improve milling and
Slide 14: Community Upliftment: Pueblo Viejo Resettlement
Community Upliftment…Pueblo Viejo Resettlement >3,000 community 2 open public Social & economic meetings with consultations with assessments 4 years of planning families, city >750 participants in presented and and consultations councils and local the first round and discussed leaders 720 in the sec
Slide 15: Peru and Ecuador
Peru and Ecuador… Cascabel (14.4 Mt Cu & 36.6 Moz Au) Llurimagua (16.9 Mt Cu) Building on an outstanding record ECUADOR of discovery and delivery Southern Jurassic AOI Peru Mirador (6.8 Mt Cu & 3.9 Moz Au) Fruta del Norte (10.6 Moz Au) Libelula: Drilling commences across a large gold La Granja(22 Mt
Slide 16: Reko Diq Copper-Gold Project Feasibility
Reko Diq Copper-Gold Unlocking a transformative Tier One Asset12 Project Feasibility (100% basis)13 2024 P&P Mineral Reserve13 3Bt @ 0.48% for 15Mt Cu (100% basis) 2.9Bt @ 0.28g/t for 26Moz Au Mine Life (yrs) based on reserves 37 Phase 1 (5 yrs) Phase 2 (32 yrs) Throughput (Mtpa) 45 90 460 (2034-204
Slide 17: Pakistan, Reko Diq District
Pakistan, Reko Diq District… Discovering new resources to provide optionality to the LOM Reko Diq District Exploration District-scale review including major sampling program identifying multiple EL249 EL249 opportunities Bukit Pasir N High impact targets to be prioritized ML19 according to grade, de
Slide 18: Africa & Middle East
Lumwana Super Pit Expansion permitted Africa & Middle East… Engineering partners appointed for Lumwana and on track with early works design and long lead item fabrication Jabal Sayid 50% Barrick signs Memorandum of Understanding with EGYPT SAUDI IRL, a subsidiary of Zambian Government’s ARABIA Indus
Slide 19: Loulo-Gounkoto Gold Mining Complex
Loulo-Gounkoto Gold Mining Complex… Loulo-Gounkoto (80%) Q4 2024 Q3 2024 2024 2023 Mali Ore tonnes processed (000) 1,050 1,016 4,163 4,049 ■ Production increased 8% q/q, exceeding guidance for the year Average grade processed (g/t) 5.13 4.80 4.73 4.61 ■ Gold sales declined 65% q/q due to restriction
Slide 20: Kibali Gold Mine
Kibali Gold Mine… Kibali (45%) Q4 Q3 2024 2023 2024 2024 DRC Ore tonnes processed (000) 971 965 3,827 3,700 Average grade processed (g/t) 2.88 2.58 2.82 3.21 ■ Gold production increased 13% q/q driven by higher Recovery rate (%) 89 % 89 % 89 % 90 % grades and slightly higher throughput – highest ann
Slide 21: North Mara & Bulyanhulu Gold Mines
North Mara & Bulyanhulu Gold Mines… Tanzania North Mara (84%) Q4 Q3 2024 2023 2024 2024 North Mara Gold produced (oz 000) 90 75 265 253 ■ Increased production by 20% q/q on higher grades Cost of sales ($/oz)5 1,018 1,108 1,266 1,206 and higher throughput Total cash costs ($/oz)4 771 850 989 944 ■ Co
Slide 22: Lumwana Copper Mine
Lumwana Copper Mine… Zambia ■ Quarterly record production up 53% q/q driven by Lumwana (100%) Q4 Q3 2024 2023 higher throughput, higher grades as planned and higher 2024 2024 recoveries Copper produced (thousand 46 30 123 118 ■ C1 cash costs6 declined 25% q/q due to higher grades tonnes) and recover
Slide 23: Lumwana Super Pit
Lumwana Super Pit… Lumwana Feasibility Results Transformation into a Top 25 2024 Mineral Reserve14 (100% attrib.) P&P: 1.6Bt @ 0.52% for 8.3Mt Cu Copper Producer14 Mine Life (yrs) 31 Throughput (Mtpa) 52 (54 peak design) Avg Cu Produced (ktpa)i 240 Average Annual TTMiii (Mt) 287 LOM Super Pit Design
Slide 24: Africa & Middle East Exploration
Africa & Middle East Exploration… Expanding footprints in multiple world class terrains and emerging brownfield discoveries Loulo / Gounkoto Saudi Arabia & Egypt Baboto Complex continues to Pursuing growth opportunities exhibit characteristics of a system N with the potential to deliver a large Jaba
Slide 25: Peerless replacement of reserve depletion
Peerless replacement of reserve depletion… Since year end 2019 >180% 15 of company’s gold Attributable Proven & Probable reserve depletion replaced – adding almost 46Moz Million Oz Gold Mineral Reserves15 of attributable proven and probable reserves15 100 (excluding acquisitions and divestments) 90
Slide 26: Positioning Barrick to capitalize on the copper fundamentals
Positioning Barrick to capitalize on the copper fundamentals… Group attributable copper reserves growth Attributable Proven & Probable Million Tonnes represents 224% increase in attributable 20 Copper Mineral Reserves15 metal at >13% higher grade year-on-year15 18 16 Lumwana FS adds 5.5Mt of copper
Slide 27: Organic Growth Strategy sets us apart
Organic Growth Strategy sets us apart… Since Year End 2019, Barrick has grown Gold Equivalent Reserves comparable to many of the largest gold sector acquisitions… But at significantly lower cost! Organic Reserve Replacement Inorganic Gold Sector M&Ai, ii Program GEOi Attributable 120 Large-Scale, Hi
Slide 28: 5-Year GEO Production Forecast and Gold Costs
5-Year GEO Production Forecasti and Gold Costs… Gold Production (Attributable), koz Gold Cost of Sales5, Gold Total Cash Costs4 and Total Capital Expenditures9 (Attributable), $ mln Gold AISC4, $/oz North America LATAM and AP Africa and Middle East Copper production, GEO * 7000 Assuming production f
Slide 29: Showcasing the unrealized value
Showcasing the unrealized value… Barrick Market Capi $28.5bn Analyst Consensus Market Based Implied NAVi,ii P/NAV Multiple Valueiv Nevada Gold Mines (61.5% share) $13.5bn 1.58xiii $21.3bn Barrick Copper Assets (including Reko $8.7bn At Least 1.0xv At least $8.7bn Diq 50% share & Lumwana expansion) C
Slide 30: Building Barrick for the Future
Building Barrick for the Future… 30% growth in GEOs by end of decade supported by current reserves17 Pueblo Viejo gold mine expansion – 800koz p.a. for 20 years18 2 Feasibility studies now completed and progressed to development – Lumwana copper mine expansion Reko Diq copper-gold projecti Fourmile
Slide 31: Connect with us
BARRICK GOLD CORPORATION Corporate Office: TD Canada Trust Tower 161 Bay Street, Suite 3700 Toronto, Canada M5J 2S1 Tel: +1 416 861-9911 Toll-free throughout North America: 1 800 720-7415 Connect with us 31
Slide 32: Appendix A – Leeville Significant Intercepts
Appendix A – Leeville Significant Intercepts Select Leeville Drill Resultsa True Width Drill Holeb Azimuth Dip Interval (m) Width (m) Au (g/t) (m)c NTC-24024 68 (50) 104.2-113.6 9.4 8.6 33.37 a. All intercepts calculated using a 3.4 g/t Au cut-off and are uncapped; minimum downhole intercept width i
Slide 33: Appendix B – Reko Diq, Gurich Growth Plan Significant Intercepts
Appendix B – Reko Diq, Gurich Growth Plan Significant Intercepts Select Reko Diq Drill Resultsa Drill Holeb Azimuth Dip Interval (m) Width (m) Au (g/t) Cu (%) RD-925 200 (70) 102-700 598 0.1 0.43 340-510 170 0.13 0.57 a. All intercepts calculated using a 0.3% Cu cutoff and are uncapped; maximum inte
Slide 34: Appendix C – Assumptions/Outlook
Appendix C – Assumptions/Outlook Key Outlook Assumptions 2025 2026 2027+ Gold Price ($/oz) 2,400 2,400 2,400 Copper Price ($/lb) 4.00 4.00 4.00 Oil Price (WTI) ($/barrel) 80 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 1,000 1,000 1,000 CAD Exchange Rate (USD:CAD) 1.3
Slide 35: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, AIG, Mana
Slide 36: Endnotes
Endnotes… 4. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial measures. “Total cash costs” per ounce starts with cost of sales related to gold production and removes depreciation, the non- controlling interest of cost of sales, and includes by-product credi
Slide 37: Endnotes
Endnotes… 10. Total reportable incident frequency rate ("TRIFR") is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated
Slide 38: Endnotes
Endnotes… 15. Proven and probable reserve gains from cumulative net change in reserves from year end 2019 to 2024. Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2024 divided by the cumulative depletion in reserves from year end 2019 to 2024 as s
Slide 39: Endnotes
Endnotes… Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick's Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in