Slide 1: Results for Q1 2025
BARRICK Results for Q1 2025... NYSE : GOLD TSX : ABX World class mines.
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 Q1 2025
Group Highlights Q1 2025… $0.27 59% y/y $0.35 84% y/y $1,361m 50% y/y Adjusted net earnings per Net earnings per share Attributable EBITDA2 share1 $0.10/sh $143 million $623 million 5% Quarterly dividend Share buybacks Debt, net of cash Reko Diq and Fourmile gold Lumwana Expansion New Discove
Slide 4: Group Operating Results
Group Operating Results… Q1 gold production of 758koz - at top end of Gold operating results Q1 2025 Q4 2024 Q1 2024 guidance range but down q/q due to planned Attributable production (koz) 758 1,080 940 maintenance particularly at Pueblo Viejo and Carlin Cost of sales ($/oz)4 1,629 1,428 1,425 High
Slide 5: Group Financial Results
Group Financial Financial Results Q1 2025 Q4 2024 Q1 2024 Results… Revenue ($ million) 3,130 3,645 2,747 Net earnings ($ million) 474 996 295 Solid operating cash flows of $1.21 billion; 59% higher than Q1 2024 Adjusted net earnings 603 794 333 ($ million)1 Free cash flow6 up materially y/y to $375
Slide 6: Sustainability is core to our business
Sustainability is core to our business… Group Frequency Rates Leading Indicators LTIFR10 - 57% Integrated Risk Management and Critical improvement compared to Controls associated with Fatal Risks into Q1 2024 all work activities TRIFR10 - 44% improvement compared to Q1 2024 and a 15% 347 Critical Co
Slide 7: North America
North America… Nevada Gold Mines - Performance improvements continue Fourmile - outstanding drill results moves project into prefeasibility study stage Strengthened Canadian exploration team delivers promising drill targets Agreement reached to sell 50% stake in Donlin for $1bn, plus additional opti
Slide 8: Nevada Gold Mines
Nevada Gold Mines… operating results Nevada Gold Mines (61.5%) Q1 2025 Q4 2024 Q1 2024 Carlin Ore tonnes processed (000) 6,143 5,609 6,779 Goldstrike - roaster maintenance and lower grades result in lower production as per plan Average grade processed (g/t) 2.51 3.43 2.51 New fleet and organizationa
Slide 9: Fourmile 2025 PFS
Fourmile 2025 PFS… Defining a world class orebody 2025 program: 16 rigs, drilling 73 holes totaling 55km Targeting material growth to mineral resources and Bullion Hill conversion testing key geological controls16 Portal Geotech holes (3.3 km) providing additional data supporting the proposed Bullio
Slide 10: Canadian Exploration
Canadian Exploration… Active Generative Area New Exploration advancing prospective targets Opportunities Exploration team currently in the field completing framework drilling of underexplored district-scale play along known fertile structure Generative work across the Superior region using latest da
Slide 11: Latin America & Asia Pacific
Latin America & Asia Pacific Pueblo Viejo throughput projects completed successfully, ramp up remains on track to deliver on guidance Reko Diq construction begins and new discovery within mining license Construction started on Veladero Phase 8A Leachpad Porgera – gold production 62% higher q/q drive
Slide 12: Pueblo Viejo
Pueblo Viejo… Dominican Republic Pueblo Viejo (60%) Q1 2025 Q4 2024 Q1 2024 Plant expansion and mine life extension designed to increase throughput to 14Mt p.a. and sustain Ore tonnes processed (000) 1,294 1,377 1,382 gold production at >800,000 oz p.a. (100%)i Average grade processed (g/t) 2.17 2.3
Slide 13: Pueblo Viejo Expansion
2025 Projects Pueblo Viejo… Plant - continued focus on maximizing throughput and recovery Major projects completed as planned during Q1: expansion Flash recycle implementation Deslime pump upgrades Thickener centre well CIL improvement with the addition of a third kiln to boost recovery and a grit r
Slide 14: New Horizons
New Horizons… Pueblo Viejo Resettlement Project In accordance with international standards – IFC Performance Standard 5, 4 years extensive engagement with interested and affected parties conducted Many families will receive titles to their homes and land for the first time, providing generational be
Slide 15: Reko Diq Update
Plant layout model Reko Diq Update… Construction work advanced, with Fluor appointed as the lead EPCM partner to work alongside the Barrick Team in the detailed design and construction of the project Recruitment continues with majority of new hires from Reserve mine life of 37 years generating: Balo
Slide 16: Bukit Pasir
Bukit Pasir… Interpreted Western Footprint emerging new copper-gold discovery Bukit Pasir porphyry Bukit WP Tanjeel Geology H15 Pasir within Reko Diq mining licence Target H14 3 km footprint H13 2 km 4km north of Western Porphyries - potential for a large Cu-Au RD001185 Intrusive rock porphyry targe
Slide 17: Africa & Middle East
Africa & Middle East… Kibali production lower q/q but higher grades planned to be fed later in the year primarily driven by the underground Loulo-Gounkoto - Temporarily suspended operations on January 14 following ongoing dispute over existing mining conventions – negotiations continue Tanzanian min
Slide 18: Kibali
Kibali… DRC Kibali (45%) Q1 2025 Q4 2024 Q1 2024 Ore tonnes processed (000) 931 971 925 Lower Q1 gold production, driven by planned Average grade processed (g/t) 2.36 2.88 2.85 lower grades processed through the plant Recovery rate (%) 90 % 89 % 89 % Continued investment and operational Gold produce
Slide 19: ARK – KCD Target, Kibali
ARK – KCD Target, Kibali…accelerating growth in a Tier One Corridor Drilling across ARK has refined the complex geological architecture of the system and built confidence in the potential of the corridor to deliver a major discovery Representative intersections received during Q1 highlight the high
Slide 20: North Mara & Bulyanhulu
North Mara & Bulyanhulu… Tanzania North Mara Continue to deliver strong production in line with plan, up year North Mara (84%) Q1 2025 Q4 2024 Q1 2024 on year as underground mining achieved higher grades Gold produced (oz 000) 67 90 46 Completion and commissioning of the paste plant brings improved
Slide 21: Lumwana
Lumwana… operating results Zambia Lumwana (100%) Q1 2025 Q4 2024 Q1 2024 Ore tonnes processed (000) Q1 production down due to lower grades and 5,237 6,858 6,022 throughput as per plan and downtime due to mill Average grade processed (%) 0.57% 0.71% 0.41% relining, following record-breaking Q4 2024 R
Slide 22: Unlocking the Future
Unlocking the Future…AME growth through strategic expansion and brownfield exploration success Arabian-Nubian Shield AA pipeline of new opportunities is being actively assessed across the shield to strengthen and diversify the exploration portfolio Jabal Sayid Kibali The ARK-KCD corridor continues t
Slide 23: Change in Reserves Per Share over time
Change in Reserves Per Share over time… Barrick has managed to consistently and materially add to reserves per share providing investors with increased long term value17 Change GoldinReserves Gold Reserves per Share per Share Gold Equivalent Reserves Per Share 200% +82% 180% 160% +33% 140% 120% +12%
Slide 24: Best in class gold and copper assets
Best in class gold and copper assetsi… PRODUCTION - Gold Equivalent Ouncesii 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 2025 2026 2027 2028 2029 Gold Copper Reko Diq - gold and copper PUEBLO VIEJO REN - NGM GOLDRUSH – NGM LUMWANA REKO DIQ FOURMILE ADVANCED EXPANSION avg 140koz gold >400kz gold p.a.
Slide 25: Five key strategic pillars
Barrick…a world class global mining, exploration and development company focused on 5 key strategic pillars 1 Premier Portfolio Focus on our portfolio of long life Tier One gold assets and growing copper portfolio 2 Resource Sustainability Disciplined Reserve & Resource replacement to facilitate lon
Slide 26: Connect with us
BARRICK MINING 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 26
Slide 27: Appendix A – Reko Diq, Bukit Pasir Cu-Au Discovery
Appendix A – Reko Diq, Bukit Pasir Cu-Au DiscoverySignificant Intercepts1 Drill Results from Q1 20251 Including Drill Hole2 Azimuth Dip Interval (m) Width (m) 4 Au (g/t) Cu(%) Interval (m) Width (m)4 Au (g/t) Cu (%) RD-0011833 270 -70 78 -980 902 0.19 0.50 366 - 922 556 0.21 0.60 680 - 850 170 0.21
Slide 28: Appendix B – Kibali Significant Intercepts
Appendix B – Kibali Significant Intercepts1 Including5 (m) Target ID2 Azimuth Dip Interval (m) Width (m3) Au (g/t) Interval (m) Width (m3) Au (g/t) AGDD0080 143 -72 62.00 - 84.00 22.00 6.22 63.00 - 70.00 7.00 16.87 Agbarabo 141 -68 109.00 - 115.85 6.85 27.87 109.00 - 111.00 2.00 93.36 AGDD0056 141 -
Slide 29: 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 30: Endnotes
Endnotes... 1. “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; a
Slide 31: Endnotes
Endnotes... 5. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures related to our copper mine operations. We believe that “C1 cash costs” per pound enables investors to better understand the performance of our copper operations in comparison
Slide 32: Endnotes
Endnotes… 11. A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $3
Slide 33: Endnotes
Endnotes... Proven and probable reserve gains calculated 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
Slide 34: Endnotes
Endnotes... Attributable Attributable Acquisition Net Change GEO & Divestments Attributable Depletion (using reported reserve Year Attributable P&P GEO GEO GEO prices) 2019a - - - - 2020b 97 (2.2) (7.4) 4.2 2021c 97 (0.91) (6.9) 8.5 2022d 104 - (6.3) 13 2023e 105 - (6.0) 6.7 2024f 176 - (6.1) 79 201
Slide 35: Endnotes
Endnotes... Estimates of proven and probable reserves The estimates below are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. a) Estimates as of December 31, 2019: Proven reserves of 280