Barrick Mining Corporation · TSX:ABX
Barrick Mining — Q4 2025 Earnings Presentation
24 slides from Barrick Mining's earnings presentation, Feb 5, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results February 5, 2026
Slide 2: Agenda and Today's Speakers
Agenda Today’s Speakers 1 Q4 2025 Highlights 2 Safety & Health 3 Operational Highlights 4 Financial Highlights Mark Hill Graham Shuttleworth 5 Capital Allocation President and CEO Senior EVP & CFO 6 Regional Results 7 Guidance 8 Reserves & Resources Q4 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: Q4 2025 Highlights
Q4 2025 Highlights Successful operational delivery fuels record financial performance Net earnings per share Attributable EBITDA1 Operating cash flow $1.43 151% year-on-year $3.08B 82% year-on-year $2.73B 96% year-on-year Quarterly dividendi 2025 share repurchases Free cash flow2 $0.42/sh $1.50B $1.
Slide 5: Safety & Health
Safety & Health Group 2025 Injury Frequency Rates We are all responsible for safety (reduction from 2024) ▪ Despite a stronger emphasis on safety, four of our LTIFR4 0.09 (-31%) colleagues sadly lost their lives in 2025 ─ In December, a team member lost his life at Kibali TRIFR4 0.71 (-24%) ▪ We hav
Slide 6: Operational Highlights
Operational Highlights Successful delivery of 2025 plan Gold Q4 2025 Q3 2025 % Change FY 2025 FY 2024 % Change Operating Results Attributable production (koz) 871 829 5% 3,255 3,911 (17)% ▪ Q4 gold production 5% higher than Q3 at Gold COS5 ($/oz) (Barrick’s share) 1,904 1,562 22% 1,697 1,442 18% 871
Slide 7: Financial Highlights
Financial Highlights Another record quarter and year ▪ Q4 revenues increased 45% q/q, including Summary Financials Q4 2025 Q3 2025 % Change FY 2025 FY 2024 % Change sales from Loulo-Gounkoto Revenue ($ millions) 5,997 4,148 45% 16,956 12,922 31% ─ Full-year revenues increased 31% vs 2024 to $16.96 b
Slide 8: Financial Highlights
Net earnings ($ millions) 64% Financial Highlights Attributable EBITDA1 ($ millions) Attributable EBITDA margin1 ($/oz) 59% 3,084 +53% Demonstrating leverage to the gold price 55% 2,406 51% +85% 2,022 ▪ Attributable EBITDA1 increased 53% q/q; 1,690 attributable EBITDA1 margin increased to 64% 1,361
Slide 9: Capital Allocation
Full Year 2025 Capital Allocation Capital Allocation ($ millions) Sustaining Base dividend up 75% versus a year ago Buybacks capitali,9 $1.5B $1.6B ▪ Generated $7.7 billion of operating cash flow ▪ Reinvested $3.0 billion back into the business Dividends Growth ▪ Repurchased $1.5 billion of shares i
Slide 10: North America
North America NGM drives strong finish to year Regional Results Q4 2025 Q3 2025 % Change FY 2025 FY 2024 % Change Gold producedi (000s oz) 595 536 11% 2,093 2,145 (2)% ▪ Carlin production increased 25% q/q Gold sold (000s oz) 608 543 12% 2,112 2,140 (1)% COS5 ($/oz) 1,663 1,567 6% 1,653 1,512 9% ▪ P
Slide 11: Doubled Gold Resource at Fourmile
Doubled Gold Resource at Fourmilei,10 Fourmile Goldrush NGM JV Barrick Fourmile Resources10 EOY2025 EOY2024 4.6Mt @ 17.59 g/t 3.6Mt @ 11.76 g/t Indicated Resources 2.6Moz 1.4Moz 25Mt @ 16.9 g/t 14Mt @ 14.1 g/t Inferred Resources 13Moz 6.4Moz FM25-291Dii 3.7 m at 34.47 g/t 8.3 m at 20.56 g/t 3.5 m at
Slide 12: South America & Asia Pacific
South America & Asia Pacific Regional Results Q4 2025 Q3 2025 % Change FY 2025 FY 2024 % Change Veladero drives strong finish to year Gold producedi (000s oz) 72 73 (1)% 322 298 8% Gold sold (000s oz) 69 68 1% 317 313 1% COS5 ($/oz) 1,553 1,438 8% 1,363 1,277 7% ▪ Restructured to focus on opportunit
Slide 13: Africa & Middle East
Africa & Middle East Successful dispute resolution in Mali Regional Results Q4 2025 Q3 2025 % Change FY 2025 FY 2024 % Change Gold producedi (000s oz) 204 220 (7)% 840 1,468 (43)% ▪ AME Gold production finished within guidance for Gold sold (000s oz) 283 226 25% 889 1,345 (34)% the 7th consecutive y
Slide 14: Copper
Copper Strong finish for Lumwana Summary Results Q4 2025 Q3 2025 % Change FY 2025 FY 2024 % Change Copper producedi (kt) 62 55 13% 220 195 13% ▪ Luwmana production increased 11% q/q Copper sold (kt) 67 52 29% 224 177 27% COS5 ($/lb) 3.37 2.68 26% 2.91 2.99 (3)% ▪ Copper production ended at the top e
Slide 15: Guidance
Guidancei Steady production growth ▪ 2026 gold production up slightly at mid-point after FY 2025 2026 Guidancei accounting for divestitures Gold – 45% / 55% first half / second half split Gold production (000s oz) 3,255 2,900 – 3,250 – Loulo-Gounkoto ramping up during the year COS4 ($/oz) 1,697 1,87
Slide 16: Reserves & Resources
Reserves & Resources GOLD Solid foundation for future growth 47% 85Moz Proven and probable ▪ 85 million ounces of attributable proven and probable gold reserves as of December 31, 202511 150Moz Measured and indicated 31% ▪ 64% increase in proven and probable gold 22% equivalent ounces (“GEO”)i since
Slide 17: Barrick
BARRICK
Slide 18: Appendix A: Assumptions/Outlook
Appendix A Assumptions/Outlook Key Outlook Assumptions 2026 2027 2028 Gold price ($/oz) 4,500 1,500 1,500 Copper price ($/lb) 5.50 3.25 3.25 Oil price (WTI) ($/barrel) 70 70 70 AUD exchange rate (AUD:USD) 0.75 0.75 0.75 ARS exchange rate (USD:ARS) 1,513 1,621 1,621 CAD exchange rate (USD:CAD) 1.30 1
Slide 19: Appendix B: Fourmile Significant Intercepts
Appendix B Fourmile Significant Intercepts Tablei Fourmile Drill Results Drill Holeii Azimuth Dip Interval (m) Width (m) True With (m)iii Au (g/t) i. All intercepts calculated using a 3.4 g/t Au cutoff and FM25-260DW1 152 (82) 1335.3 - 1338.7 3.4 3.4 37.16 are uncapped; minimum downhole intercept wi
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: Endnote
Endnote 4 “Total Recordable Injury Frequency Rate” or “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 inj
Slide 22: Endnote
Endnote 8 “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, property, plant and equipment, and investments; acquis
Slide 23: Endnote
Endnote 11 Proven and probable reserve gains from cumulative net change in reserves from year end 2022 to year end 2025. Reserve replacement percentage is calculated from the cumulative net change in reserves from 2022 to 2025 divided by the cumulative depletion in reserves from year end 2022 to yea
Slide 24: Endnote cont.
Endnote 11 cont. Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz of proven and probable gold reserves from December 31, 2024 to December 2025 as a result of the divestiture of Barrick’s Hemlo gold mine and Barrick’s interests in the Tongon gold mine effective