Slide 1: Barrick…Building Real Value Today
Barrick…Building Real Value Today NYSE : B TSX : ABX Sustainably profitable. Unrivalled growth. Mining Forum Americas 2025
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 $0.15/sh Net earnings per share Quarterly dividendi $0.47 47% y/y $268 million Highest Adjusted net earnings per share4 Share buybacks in Q2 since 2013 $1.69b 31% y/y $4.8 billion cash Attributable EBITDA7 $73 million Net cashii i. Including a $0.05/sh
Slide 4: Current Update
Current Update… All regions on track to deliver 2025 production and AISC5,6 guidance Unlocked over $2 billion in value from Donlin and Hemlo Fourmile poised to double mineral resource in 2025i,2 Growth projects progressing on schedule i. Potential quantities and grades are conceptual in nature, with
Slide 5: Industry leading growth in Reserves Per Share over time
Industry leading growth in Reserves Per Share over time… Barrick has managed to consistently and materially add to reserves per share9 providing investors with increased long term value Change in Gold Reserves Gold Reserves per 9Share Per Share (%) Gold Equivalent Reserves Per Share9 (%) +29% +71% 2
Slide 6: Disciplined Capital Allocation and Shareholder Returns
Disciplined Capital Allocation Cumulative Distribution to Shareholders and Shareholder Returns…… $6.7 billion returned to shareholders since Barrick / Randgold merger in 2019 and debt net of cash reduced by $4bn H1 2025 Capital Allocationi Consistent dividend payouts supported by clear performance d
Slide 7: 30% increase in Gold Equivalent Ounces by 2029
GROWTH PROJECTS… a sustainable and resilient business ADVANCED EXPLORATION A portfolio of growth projects poised to TARGETS deliver transformational value FOURMILE has the potential to be The ability to replace the gold and copper a globally significant we mine organically REKO DIQ Tier One Gold Ass
Slide 8: Pueblo Viejo Gold Mine Expansion
Pueblo Viejo Gold Mine Expansion… Pueblo Viejo Proven & Probable Mineral Reserve Reconciliation15 Dominican Republic Million Ounces (100%) 25 A stand-out Tier One gold asset with a leading cost profile 15 20 20 Increase in mineral reserves adds significantly to growth profile 15 Expansion extends mi
Slide 9: Goldrush…ramping up
Goldrush (100% basis)11 Goldrush…ramping up M&I: 53Mt @ 6.00g/t for 10Moz 2024 Mineral Resource3 INF: 24Mt @ 5.5g/t 4.5Moz NGM Mine Life (yrs) >28 Ore tonnes (ktpa) 2.1Mtpa A long-life underground mine within the Cortez Complex Avg annual production 380 – 400 (Au Koz) Anticipated annual production o
Slide 10: Lumwana Super Pit Expansion
Lumwana Super Pit Expansion… Copper Production (ktpa)12 Annual Cash Flow ($m)i, 12 ~85% Zambia ~70% 240 Incremental Incremental Lumwana Super Pit Expansion, a low-risk brownfield ~60% expansion on track to produce 240kt of copper p.a. Incremental 140 from 202812 Set to deliver a long-life, low-cost
Slide 11: Reko Diq Copper-Gold Project Feasibility
Reko Diq Copper-Gold Project Unlocking a transformative Tier One Asset Feasibility (100% basis) Copper and Gold Production13 Pakistan 600 520 500 460 400 2024 P&P Mineral Reserve14 3Bt @ 0.48% for 15Mt Cu 297 (100% basis) 2.9Bt @ 0.28g/t for 26Moz Au 300 240 200 Mine Life (yrs) based on reserves13 3
Slide 12: Pathway to Deliver this Century's Greatest Gold Discovery
2024 Mineral Resource N Fourmile 2025 Resource Conversion Pathway to Target Area Exploration Upside FM25-244Diii 14.6 m @ 35.57 g/t Goldrush Deliver this 2025 intercepts that FM25-232Diii 19.5m @ 36.54g/t Au g/t Century’s confirm continuity of mineralisation 30 NGM JV Barrick 17 Greatest Gold FM24-2
Slide 13: Fourmile PEA Update
Fourmile PEA Update… FOURMILE GOLDRUSH BULLION HILL DECLINE Au (g/t) BULLION HILL PORTAL 30 17 14 CORTEZ HILLS 10 3.5 OPEN PIT 7 Fourmile PEA Conceptual Comparison 3.5 600m Fourmile2 Goldrush (100% basis)11 2024 Mineral Resource M&I: 3.6Mt @ 11.8g/t for 1.4Moz M&I: 53Mt @ 6.00g/t for 10Moz ~$1bn INF
Slide 14: Fourmile…PFS Study Evolution
Fourmile…PFS Study Evolution Fourmile Goldrush Studies progress as the orebody grows N OVI DBH Ongoing social and environmental baseline DHC Wenban 5 updates Wenban 8 Water quality monitoring baselines Wenban 4 Ongoing geologic and resource model updates 100% Barrick NGM JV Targeting 30-35m spacing
Slide 15: Fourmile…Geometallurgy
Fourmile…Geometallurgy Metallurgical testwork continues to reinforce the amenability of Fourmile ores to processing at Fourmile Goldrush existing NGM process facilities Testwork has identified two discrete domains Approximately 80% is steep, structurally controlled, and single refractory - i.e., ame
Slide 16: Material Outperformance Since Q2 Results
Material Outperformance Since Q2 Results… The market is recognising delivery on performance and Barrick’s fundamental undervaluation and growth profile 31% 19% 8% 8/5 8/6 8/7 8/8 8/11 8/12 8/13 8/14 8/15 8/18 8/19 8/20 8/21 8/22 8/25 8/26 8/27 8/28 8/29 9/2 9/3 9/4 9/5 9/8 9/9 i Barrick Peers Gold p
Slide 17: Barrick: 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 assets1 and growing copper portfolio 2 Resource Sustainability Disciplined Reserve & Resource replacement to facilitate lo
Slide 18: 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 18
Slide 19: Appendix A – Fourmile Significant Intercept Table
Appendix A – Fourmile Significant Intercept Tablei Fourmile Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t) 1157.5 - 1162.1 4.6 4.0 15.42 FM25-231D 18 -79 1164.6 - 1175.6 11.0 10.0 35.10 1178.7 - 1190.1 11.4 10.0 24.53 FM25-232D 141 -83 1158.2 - 1177.7 1
Slide 20: Appendix B – Goldrush Significant Intercept Table
Appendix B – Goldrush Significant Intercept Tablei Goldrush Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t) GUC-23031 58 68 93.2 - 94.5 1.3 1.3 8.88 i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width
Slide 21: 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 22: Technical Information Endnotes
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Tricia Evans, SME-RM, Lead, Mineral Resources Manager North America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG,
Slide 23: Endnotes
Endnotes... 5. “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 mi
Slide 24: Endnotes
Endnotes... 8. “Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash
Slide 25: 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 26: 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
Slide 27: Endnotes
Endnotes… 15. Pueblo Viejo is 60% attributable to Barrick as the operator. On a 100% Project basis, Pueblo Viejo Proven and probable reserve net change is the cumulative net change in reserves from year-end 2019 to 2024, as shown in the table below. 100% Project Basis 100% Project Basis 100% Project