Slide 1: Expanding Lumwana, Empowering Zambia
Expanding Lumwana, Empowering Zambia… Lumwana, September 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: A world class Gold and Copper mining company
A world class Gold and Copper mining company… 6 Tier One1 gold mines 3 copper mines i Significant gold and copper growth projects Geographical Distribution of Gold and Copper production H1 2025 (attributable basis) Copper, AME, 84% Gold AME 27% Gold, NA, Gold 51% Latam & AP 22% Copper, Latam & AP, 1
Slide 4: Growth Projects: 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 5: Lumwana is a Key Component of Barrick's Strategy
Lumwana is a Key Component of Barrick’s Strategy… World class Lumwana and Reko Diq Lumwana Expansion copper projects position Barrick to deliver substantial growth in copper Future Tier One1 copper production profile strategically production positioning Barrick on the global stage of copper producer
Slide 6: Lumwana Overview
Lumwana Overview DRC Lumwana Copper Mine Production commenced in 2011 producing >1.8Mt Cu to datei Located c.100km west of Solwezi in Zambia’s North- Western Province, one of the most prospective and investment-friendly copper jurisdictions Super Pit and Plant expansion leverages existing infrastruc
Slide 7: Health and Safety
Health and Safety LTIFR6 Driving Safety Culture delivers Results 0.70 -87% 0.50 Focused on leading indicators such as Critical Control Verifications (CCVs) to eliminate fatal risk incidents 0.31 0.31 0.28 0.29 0.27 0.21 0.21 0.23 0.19 0.10 0.08 0.09 Safety driven by Senior leadership with frequent a
Slide 8: Lumwana Milestones
Lumwana Milestones… 2021 2022 2025 2011 Re-capitalisation Successfully 2024 Exploration Barrick Purchased of new transitioned from Record Copper Memorandum of Lumwana Komatsu fleet, scaling contractor mining to Production in Q4 2024 Understanding executed operations owner mining with Government 2019
Slide 9: 2025 Update
2025 Update… H1 Performance (100% basis) H1 2025 2025 Performance Metric Actual Guidance On track to achieve on both Production and Copper Produced (kt) 70.6 125 – 155 AISC Guidance with increased efficiencies due Cost of Sales ($/lb) 2.51 2.30 – 2.60 to higher production in H2 C1 Cash Costs ($/lb)4
Slide 10: Mining Improvements
Mining Improvements… Tonnes Mined per Month (Mt) and Mining Cost ($/t) Current Top 10 excavator operators exceeding +48% Feasibility Study Tonnes Per Operating Hour (TPOH) by 7% Ultra class fleet investment drives higher production; increased efficiencies and lower unit costs 2022A 2023A 2024A 2025E
Slide 11: Drill and Blast Improvements
Drill and Blast Improvements Tele-remote Drilling Drill and Blast Improvements Drilling Performance H1 2025 High Precision drilling modules Drilling Accuracy X-Y-Zi by Installed on our production drill rigs month % during 2025 86 82 Real time data allows quantitative 75 75 evaluation of drill and bl
Slide 12: Commitment to Local Development
Commitment to Local Development… Focus on developing Zambian nationals and maintaining a world-class workforce A training-based focus, combines on site training with the leadership focused Barrick Academy 240-capacity training centre used to upskill Lumwana employees and contractors This development
Slide 13: Economic Contribution to Zambia
Economic Contribution to Zambia In-Country Investment since 2019 Lumwana continues to support the Zambian Salaries paid to nationals $0.3 billion Economy Since 2019, Lumwana has contributed more Royalties, Taxes and Permits than $4.1 billion to the Zambian economy Payments to local contractors and $
Slide 14: Zambia's Investment Climate
Zambia’s Investment Climate Lumwana Specific Updates: Duty exemption extended to expansion process plant equipment Signed MoU partnership with Government on Zambia exploration strategy Working with Government on further partnership agreements and joint infrastructure projects Key policy changes to s
Slide 15: Expansion Overview
BARRICK LUMWANA Expansion Overview NYSE: B TSX : ABX Sustainably profitable. Unrivalled growth.
Slide 16: Site Layout
Site Planned Layout Kamisengo Dam Planned Conveyors Kamisengo Current Kababisa Location Planned TSF Expansion 1 Super Pit Process Overview Plant Malundwe 3 2 Chimiwungo Accommodation Pit Operations 1 Camp 3 Process Plant 2 Overview & Chimiwungo Training Centre Manyama 4 Local 4 Airstrip Manyama Deve
Slide 17: The Expansion Journey
The Expansion Journey 2024 2022 2019 Feasibility Study completed Completion of Conceptual Study, Recognition of “Super Pit” Q4 2024. Project officially Maiden Resource estimate for potential launched by President Hakainde Kamisengo Hichilema 2019 2020 2021 2022 2023 2024 2025 2021 2023 January 2025
Slide 18: Modern Efficient Flowsheet
Modern Efficient Flowsheet.. New Tailings New Thickener Stockpile Plant Expansion Existing Tailings Existing Thickener Plant Existing Concentrate Shed Existing Stockpile New Concentrate Shed New Reagent Storage Modern, efficient, and purpose-built plant expansion Feasibility Study learnings applied
Slide 19: Geological Knowledge Reduces Risk
Geological Knowledge Reduces Risk… LOM Super Pit Design Cu % Advanced orebody knowledge Copper grade model Well understood model with close- spaced drilling banking orebody - geometry and grade variation 2024 Depletion Integrated geological models optimizing our mine plans 700m Large resource base,
Slide 20: Superpit Mine Plan
Superpit Mine Plan 2028 2032 i. 2025 - 2036 2031 2037 - 2055 iii. 2037 - 2055 ii. 2031 - 2041 20
Slide 21: Leveraging Operational Experience to Realise the Super Pit
Leveraging Operational Experience to Realise the Super Pit Mining Ramp Up 400 350 Ore Tonnes (Mt) Waste Tonnes (Mt) Mining Cost ($/t) Leveraged Operational Experience 300 Operational experience in ultra-class truck and shovel 250 mining allows for mining ramp up with fleet expansion 200 Risk-mitigat
Slide 22: Leveraging Operational Experience to Realise the Super Pit
Leveraging Operational Experience to Realise the Super Pit Pit-Rim Crushing & Conveying In-Pit Waste Dumping Ultra Class Workshop 22
Slide 23: Lumwana Super Pit Expansion
Lumwana Super Pit Expansion Copper Production (ktpa)2 Annual Cash Flow2,i Lumwana Super Pit Expansion, a low-risk brownfield ~110% expansion on track to produce an average of ~70% Incremental 240kt of copper p.a. from 20282 Incremental 240 ~60% Set to deliver a long-life, low-cost copper mine Increm
Slide 24: Delivering a Long-Life Tier One Copper Mine
Delivering a Long-Life Tier 1 Copper Mine… Annual Copper Production (kt)2 400 300 200 100 0 2019A 2020A 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E 2039E 2040E 2041E 2042E 2043E 2044E 2045E 2046E 2047E 2048E 2049E 2050E 2051E 2052E 2053
Slide 25: Delivering a Long-Life Tier One Copper Mine
Delivering a Long-Life Tier One Copper Mine Operating Cash Flow (US$ billion) – Pre vs Post Expansion2,i 45 40 $5.50/lb Cumulative OCF 35 Post Expansion Cumulative OCF 30 Pre Expansion Cumulative OCF 25 20 15 10 5 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
Slide 26: Expansion Progress
BARRICK LUMWANA Expansion Progress NYSE: B TSX : ABX Sustainably profitable. Unrivalled growth.
Slide 27: Purposeful Delivery Through Integrated Project Team
Purposeful Delivery Through Integrated Project Team The Lumwana Execution Strategy was a key focus for us during the Feasibility Study, and we have seen the plan turn into reality as we commenced with construction Q1 2025 The strategy pivots around three key pillars, forming an integrated project te
Slide 28: Project Timing Capitalizes on Price Fundamentals
Project Timing Capitalizes on Price Fundamentals Copper Expansion Projects - Key Milestones 2025 2026 2027 2028 H1 H2 H1 H2 H1 H2 H1 H2 Lumwana Earthworks Commissioning FS Complete Complete Mechanical Starts Long Lead Item 200Mt Mining Commissioning 52Mtpa Plant Equipment Earthworks Deliveries Run R
Slide 29: Short-Term Power Strategy
Short-Term Power Strategy Invested in key infrastructure and continuously exploring opportunities to de-risk mining operations during power disruptions Initiatives include 100% BESS backup, 50% emergency generating capacity installed on site and 45% imported power within the Southern African Power P
Slide 30: Powering the Expansion
Powering the Expansion Power Profile Stable and reliable power Power supply agreement fulfilling the expansion requirement signed Future generation with ZESCO projections provide further Independent power grid stability study indicated that for every MW power security generated more than a third is
Slide 31: Integrated Development Plan
Integrated Development Plan Airstrip Construction – September 2025 Building a regional hub to expand local economy Manyama town construction scheduled to start during Q4 2025 Industrial supplier park application in progress - number of business partners committed to participate Airport construction
Slide 32: Integrated Community Development
Integrated Community Development Our Approach We believe mining should leverage national assets to build diverse, thriving economies creating lasting economic and social value In creating Community Development Committees, we have partnered with communities to play an integral part in: Input & priori
Slide 33: Integrated Community Development
Integrated Community Development Mutanda Agrobarn Manyama Secondary School Mutanda Boarding School Partnership with the Mutanda Mission Centre First secondary school built in Manyama Our Manyama Township will have full in 2018 access to potable water Supports local community beekeepers Giving studen
Slide 34: REDD+ Program
REDD+ Program… Developed by United Nations Framework Convention on Climate Change Objective to reduce deforestation and degradation of forests Integrating support for alternative income-generating activities led by the community Total Project area currently ~500,000ha with ~216,000ha formally commi
Slide 35: Opportunity For Further Growth
Opportunity For Further Growth
Slide 36: Exploration and upside
Exploration and upside… Barrick’s strong exploration track record is demonstrated by the discovery and conversion of Kamisengo and Kababisa… Lumwana North Dome Exploration is fully integrated with our Operation, focused on priority areas with high-grade copper potential, within trucking Kamisengo di
Slide 37: Growth…Exploration in the Central African Copperbelt
Growth…Exploration in the Central African Copperbelt (CACB) In February 2025, Barrick signed an MOU, forming an Exploration Partnership with the Government Of Zambia, through the Industrial Development Corporation (IDC) subsidiary, Industrial Resources Limited (IRL) – exploration DRC programmes comm
Slide 38: 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 38
Slide 39: Appendix A: Past Production Records for Lumwana
Appendix A: Past Production Records for Lumwana Tonnes Copper Copper Head Grade Recovery Year Milled in Feed Produced (% Cu) (%) (t) (t) (t) 2009 13,689,505 0.94 128,960 109,413 84.8 2010 18,578,698 0.86 160,670 146,690 91.3 2011 20,985,994 0.61 128,381 117,022 91.2 2012 18,904,457 0.48 90,670 81,14
Slide 40: Appendix B – Assumptions/Outlook
Appendix B – 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 41: Endnotes
Endnotes… 1. 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 42: Endnotes
Endnotes… 5. “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 fl
Slide 43: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa & Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, in his capacity as Mineral Resource Management