Barrick Mining Corporation · TSX:ABX
Barrick Mining — Q2 2025 Earnings Presentation
34 slides from Barrick Mining's earnings presentation, Aug 11, 2025
Slide 1: Results for Q2 2025
Results for Q2 2025… NYSE : B TSX : ABX Sustainably profitable. Unrivalled growth.
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 Q2 2025
Group Highlights Q2 2025… $0.47 124% y/y $0.47 47% y/y $1.69b 31% y/y Highest Adjusted net earnings Net earnings per share Attributable EBITDA2 per share7 since 2013 $0.15/sh $268 million $4.8 billion cash Quarterly dividendi Share buybacks in Q2 $73 million Net cashii Fourmile poised to Unloc
Slide 4: Group Operating Results
Group Operating Results… Gold operating results Q2 2025 Q1 2025 Q2 2024 Q2 gold production 5% higher than Q1; in line with Attributable production (koz) 797 758 948 full year guidance Gold AISC4 declined by 5% q/q Cost of sales ($/oz)3 1,654 1,629 1,441 Nevada Gold Mines production increased by 11%
Slide 5: Group Financial Results
Group Financial Results… Financial Results Q2 2025 Q1 2025 Q2 2024 Revenue ($ million) 3,681 3,130 3,162 Q2 Attributable EBITDA2 margin increased to 55% Net earnings ($ million) 811 474 370 delivering highest adjusted net earnings in over a decade Adjusted net earnings 800 603 557 ($ million)7 Opera
Slide 6: Disciplined Capital Allocation and Shareholder Returns
Disciplined Capital Allocation and Shareholder Returns H1 2025 Capital Allocationi H1 2025 highlights: Generated $2.5 billion in operating cash flow Buybacks $411mln Investing to ensure the long-term sustainability of Sustaining our Tier One5 assets capital Consistent reserve replacement and LOM $80
Slide 7: Health & Safety
Health & Safety… Group Safety Performancei Leading Indicators Leading Indicators show positive gains in 50% decrease in Lost Time Critical Control Verification, completion Injuries compared to 2024 YTD of Safety Actions, Near Miss Reporting 37% decrease in Total Injuries 70,000 Critical Control Veri
Slide 8: North America
North America… Nevada Gold Mines Continued reduction in reportable injuries year on year and quarter on quarter Carlin operations continued progressive improvement, delivering higher grades; open pit mining tracked well on both costs and tonnes Significant milestones achieved for future transition t
Slide 9: Nevada Gold Mines
Nevada Gold Mines… operating results Nevada Gold Mines (61.5%) Q2 2025 Q1 2025 Q2 2024 Carlin Ore tonnes processed (000) 5,941 6,143 6,446 ■ Higher underground volumes and higher tonnes processed drove a 17% q/q increase in gold production Average grade processed (g/t) 2.97 2.51 2.63 ■ Gold Quarry r
Slide 10: Fourmile Prefeasibility
Fourmile Prefeasibility…ongoing drilling outlines potential to double mineral resource in 2025 100% Barrick Fourmile 2024 Resourcei NGM Classification Tonnes Grade Ounces (Mt) (g/t) (Moz) Fourmile Goldrush Indicated 3.6 11.76 1.4 FM25-308Dii Inferred 14 14.1 6.4 5.8m @ 41.24g/t FM18-50Dii 7.6m @ 75.
Slide 11: Latin America & Asia Pacific
Latin America & Asia Pacific… Pueblo Viejo Life of Mine Expansion continues to focus on housing, resettlement and the Naranjo Tailings Storage Facility Veladero on track to deliver at the upper end of guidance on production and lower end on costs. Construction of Phase 8A of the leach pad extension
Slide 12: Pueblo Viejo
Pueblo Viejo… Dominican Republic Pueblo Viejo (60%) Q2 2025 Q1 2025 Q2 2024 Ore tonnes processed (000) 1,611 1,294 1,496 Throughput increased by 24% q/q following Average grade processed (g/t) 2.34 2.17 2.38 completion of plant throughput projects in Q1, supporting delivery of full year guidance Rec
Slide 13: Pueblo Viejo delivering results
Plant Availabilities (%) Pueblo Viejo delivering results… Q3 2024 Q4 2024 Q1 2025 Q2 2025 (with planned Shutdown) 90 92 93 88 Throughput debottlenecking projects 80 87 82 87 87 80 completed as planned in Q1 2025 68 69 Reliability improvement program stepped up availabilities of crushing, milling and
Slide 14: New Horizons
New Horizons… Pueblo Viejo Resettlement Project Resettlement Action Plan progressing with asset inventories nearing completion and package presentations progressing well To date over 400 of 616 houses completed in Nuevos Horizontes; 82 families relocated since March 2025 opening Agreement signed wit
Slide 15: Reko Diq Update
Reko Diq Update… Q2 focused on onboarding Fluor and integrating engineering optimizations into the updated execution schedule Engineering study finalized; all major contracts signed and TSF design completed with ITRBi Reserve mine life of 37 years generating: input $90bn in operating cash flow,ii,10
Slide 16: LATAM and Asia Pacific Exploration
LATAM and Asia Pacific Exploration… Discovery-Focused Growth Dominican Republic Jamaica Pueblo Viejo Balanced portfolio with exciting targets advancing through disciplined execution Pakistan (Reko Diq): Bukit Pasir drilling extends new Cu–Au porphyry discovery; district-wide target evaluation and ra
Slide 17: Africa & Middle East
Africa & Middle East… Kibali – Production ramped up q/q - underground development remains a near term focus Solar and battery plant commissioned, increasing renewable energy share from 81% to 85% Step-out drilling at ARK and KCD Deeps confirmed extensions of mineralized systems Tanzania – Twiga once
Slide 18: Kibali
Kibali… DRC Kibali (45%) Q2 2025 Q1 2025 Q2 2024 Gold production increased 19% q/q driven by an Ore tonnes processed (000) 946 931 966 increase in underground tonnes mined and higher processing grades Average grade processed (g/t) 2.73 2.36 2.95 Costs per ounce declined on higher volumes and Recover
Slide 19: North Mara & Bulyanhulu
North Mara & Bulyanhulu… Tanzania North Mara North Mara (84%) Q2 2025 Q1 2025 Q2 2024 Production trending in line with the plan as mining Gold produced (oz 000) 62 67 54 transitions to higher grades in underground in Q3 Successfully completed mining of Gena open pit; pre- Cost of sales ($/oz)3 1,430
Slide 20: Lumwana
Lumwana… Zambia Lumwana (100%) Q2 2025 Q1 2025 Q2 2024 Ore tonnes processed (000) 7,082 5,237 6,523 Production increased 63% q/q and is expected to remain at the Q2 run rate through the balance Average grade processed (g/t) 0.67 % 0.57 % 0.45 % of 2025 Recovery rate (%) 92 % 91 % 85 % Cost of sales
Slide 21: AME exploration
Kibali, ARK 2024 $1,400 Reserve Pit AME exploration… deposits Greenfields exploration continues to deliver prospective RKDD0047i opportunities in the gold districts around Kibali, North Mara and 13.00m @ 5.52 g/t Bulyanhulu and in the copper districts of Zambia and the DRC RHRC0217i CAR South Sudan
Slide 22: Growth Projects
GROWTH PROJECTS… a sustainable and resilient business ADVANCED EXPLORATION A portfolio of growth projects poised to TARGETS deliver transformational value FOURMILE has the potential to be The ability to replace the gold and copper a globally significant we mine organically REKO DIQ Tier One Gold Ass
Slide 23: Barrick: five key strategic pillars
Barrick…a world class global mining, exploration and development company focused on 5 key strategic pillars Focus on our portfolio of long life Tier One gold assets 1 Premier Portfolio and growing copper portfolio Disciplined Reserve & Resource replacement to 2 Resource Sustainability facilitate lon
Slide 24: 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 24
Slide 25: Appendix A – Fourmile Significant Intercept Table
Appendix A – Fourmile Significant Intercept Tablei Select Fourmile Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Width iii (m) Au (g/t) FM18-50D 307 -82 913.8 – 921.4 7.6 5.1 75.56 i. All intercepts calculated using a 3.4 g/t Au cutoff and are 1035.4 – 1041.2 5.8 3.8 27.10
Slide 26: Appendix B – Kibali Significant Intercepts Table
Appendix B – Kibali Significant Intercepts Tablei Kibali Drill Results from Q1 2025 Including i. All intercepts calculated using a 0.5 g/t Au cutoff and are ii 3 iii Width uncapped; minimum intercept width is 2 m; internal dilution is Core Drill Hole Azimuth Dip Interval (m) Width (m ) Au (g/t) Inte
Slide 27: Appendix B (cont) – Kibali Significant Intercepts Table
Appendix B (cont) – Kibali Significant Intercepts Tablei Kibali Drill Results from Q1 2025 Including Width Core Drill Holeii Azimuth Dip Interval (m) Au (g/t) Interval (m) Width (m) Au (g/t) (m3)iii 78.00 – 86.00 8.00 0.63 176.00 – 194.00 18.00 1.49 i. All intercepts calculated using a 0.5 g/t Au cu
Slide 28: Appendix C – North Mara Significant Intercepts Table
Appendix C – North Mara Significant Intercepts Tablei Select North Mara Drill Results from 2025 Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) i. All intercepts calculated using a 0.76 g/t Au cutoff and are capped (at 200 g/t); minimum intercept width is 5.0m; 480 - 521 41 6.97 NGD
Slide 29: Appendix D – Assumptions/Outlook
Appendix D – 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: Technical Information End Notes
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by 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 Lea
Slide 31: End Notes
End Notes… 2. 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 c
Slide 32: End Notes
End Notes… 4. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold min
Slide 33: End Notes
End Notes… 7. “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; ac
Slide 34: End Notes
End Notes… 10. Refer to the Technical Report on the Reko Diq Project, Balochistan, Pakistan dated December 31, 2024 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025. 11. Refer to the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March 17, 2