Results for Q2 2025 Barrick Mining

    Results for Q2 2025 Barrick Mining

    F5 days ago 2

    Loading...

    NYSE : B
TSX : ABX
Sustainably profitable.
Unrivalled growth.
Results for Q2 2025…
    1/34

    Loading...

    2
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, other than statements of
historical fact, are forward-looking statements. The words “expect”, “target”, “plan”, “guidance”, “ramp up”, “on track”, “project”, “continue”, “additional”, “growth”, “expand”, “potential”, “focus”, “during”, “ongoing”, “scheduled”, “will”, “can”, “could”, and similar expressions
identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance, including our five and ten year outlooks and anticipated production
growth from Barrick’s organic project pipeline and reserve replacement; estimates of future costs and projected future cash flows, capital, operating and exploration expenditures and mine life and production rates; our ability to convert resources into reserves and
replace reserves net of depletion from production; mine life and production rates; our plans and expected completion and benefits of our growth projects, including timing for completion of Phase 8A of the Veladero leach pad extension, ramp up of the Reko Diq and
Lumwana Super Pit expansion projects, the Pueblo Viejo plant expansion and mine life extension project and the El Naranjo Tailings Storage Facility; the ability for Fourmile to double its mineral resource in 2025; expected benefits from the sale of Barrick’s 50%
interest in Donlin; Barrick’s planned divestment of Tongon and Hemlo; targeted timing for first production at Reko Diq, the Lumwana Super Pit and the Upper West project at Bulyanhulu; the potential for existing assets, including Fourmile, to become Tier One assets;
Barrick’s global exploration strategy and planned exploration activities, including in North America, Latin America, Africa and the Middle East, and Asia Pacific Regions; Barrick’s copper strategy; our pipeline of high confidence projects at or near existing operations; the
status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and the temporary nature of the provisional administration and transfer of operational control to an external administrator at Loulo-Gounkoto;
potential mineralization and metal or mineral recoveries; joint ventures and partnerships; Barrick’s strategy, plans, targets, goals and expected benefits in respect of environmental and social governance issues, including local community development, resettlement
(including planned resettlement activities at Pueblo Viejo), climate change and our renewable energy initiatives, health and safety and biodiversity initiatives (including safe closure targets); and expectations regarding future price assumptions, financial performance
and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this presentation
in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to
differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other
commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be
consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this presentation are still in the early
stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not
limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law;
disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism,
sabotage and civil disturbances; risks associated with artisanal and illegal mining; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of valueadded tax refunds received in Chile in connection with the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in
the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by, or failure to obtain key licenses from, governmental
authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations
relating to greenhouse gas (“GHG”) emission levels, energy efficiency and reporting of risks; Barrick’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets; contests over title to properties, particularly title to
undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the
actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard
Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and
disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in
jointly controlled assets; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cybersecurity incidents, including those caused by computer viruses, malware,
ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows;
the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes
in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory
policies, lead to increased costs for raw materials and components, or impact Barrick's existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to
the demands placed on the Company’s management, the ability of management to implement its business strategy and increased political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the
Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or
complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability of and increased costs associated with, mining inputs and labor; and risks associated with diseases, epidemics and pandemics;
risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental
hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that
forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on
file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forwardlooking statements contained in this presentation.
We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
    2/34

    Loading...

    3
$0.47  124% y/y
Net earnings per share
Group Highlights Q2 2025…
$0.15/sh
Quarterly dividendi
$0.47  47% y/y
Highest Adjusted net earnings 
per share7 since 2013
$1.69b  31% y/y
Attributable EBITDA2
$268 million
Share buybacks in Q2
$4.8 billion cash
$73 million Net cashii
Fourmile poised to 
double mineral 
resource in 2025
Unlocked $1 billion 
in value from Donlin
Tongon & Hemlo
sales processes advancing
i. Including a $0.05/sh dividend enhancement reflecting net cash of $73 million
ii. Cash, net of debt
All regions on track to deliver 
2025 production and AISC4 guidance
    3/34

    Loading...

    4
Group Operating 
Results…
Q2 gold production 5% higher than Q1; in line with 
full year guidance
Gold AISC4 declined by 5% q/q 
Nevada Gold Mines production increased by 11% 
from Q1 driven by operational improvements
Pueblo Viejo production increased by 28% from Q1 
driven by increased throughput and 
debottlenecking activities, supporting delivery of full 
year guidance 
Q2 copper production 34% higher than Q1, on 
improved mining rates at Lumwana with unit costs 
down significantly
Gold operating results Q2 2025 Q1 2025 Q2 2024
Attributable production (koz) 797 758 948
Cost of sales ($/oz)3 1,654 1,629 1,441
Total cash costs ($/oz)4 1,239 1,220 1,059
AISC ($/oz)4 1,684 1,775 1,498
Copper operating 
results Q2 2025 Q1 2025 Q2 2024
Attributable production (kt) 59 44 43
Cost of sales ($/lb)3 2.56 2.92 3.05
C1 cash costs ($/lb)1 1.80 2.25 2.18
AISC ($/lb)1 2.90 3.06 3.67
    4/34

    Loading...

    5
Group Financial Results…
Q2 Attributable EBITDA2 margin increased to 55% 
delivering highest adjusted net earnings in over a 
decade
Operating cash flow before interest and income 
taxes increased 35% q/q
Free cash flow6 also higher q/q, notwithstanding 
lift in capital investment as Lumwana and Reko
Diq ramp up 
Net earnings per share of $0.47 and adjusted net 
earnings7 of $0.47 per share increased 74% and 
34% respectively q/q
$1 billion in proceeds from sale of Donlin 
Financial Results Q2 2025 Q1 2025 Q2 2024
Revenue ($ million) 3,681 3,130 3,162
Net earnings ($ million) 811 474 370
Adjusted net earnings
($ million)7
800 603 557
Attributable EBITDA 
($ million)2
1,690 1,361 1,289
Net cash provided by 
operating activities 
($ million)
1,329 1,212 1,159
Free cash flow 
($ million)6
395 375 340
Net earnings per share ($) 0.47 0.27 0.21
Adjusted net earnings
per share ($)7
0.47 0.35 0.32
Total attributable capital 
expenditures ($ million)8
717 631 694
    5/34

    Loading...

    6
Disciplined Capital Allocation 
and Shareholder Returns
H1 2025 highlights:
Generated $2.5 billion in operating cash flow
Investing to ensure the long-term sustainability of 
our Tier One5 assets
Consistent reserve replacement and LOM 
extensions
Building world class growth projects for the future
Strong balance sheet with net cash position
Returned $753 million to shareholdersii
Clear and consistent capital returns framework
Sustaining 
capital
$805mln
Growth capital
$524mln
Dividends
$342mln
Buybacks
$411mln
H1 2025 Capital Allocationi
i. Attributable sustaining and growth capital 
ii. Includes dividends and buybacks
    6/34

    Loading...

    7
25
14 17 17 14 11
10
11 9 11
9
7
8
6
4
4
3
2
1
0
10
20
30
40
50
Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025
Total Injuries q/q
MTI RDI LTI Fatality
Health & Safety…
50% decrease in Lost Time 
Injuries compared to 2024 YTD
37% decrease in Total Injuries
compared to 2024 YTD
Group Safety Performancei Leading Indicators
0
5000
10000
15000
20000
25000
30000
35000
40000
Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25
Critical Control Verifications
CCVs Completed
70,000 Critical Control Verifications 
(CCVs) completed year to date
Leading Indicators show positive gains in 
Critical Control Verification, completion 
of Safety Actions, Near Miss Reporting 
i. “MTI” refers to a Medical Treatment Injury, and “RDI” refers to a Restricted Duty Injury
    7/34

    Loading...

    8
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 
to predominantly underground mining 
Cortez Hills underground successfully transitioned 
to self-perform development 
Goldrush ramp-up further progressed and with 
high-grade ore from Cortez Pits phase 1 where 
mining ends in Q4 - a strong H2 is expected from 
Cortez
Turquoise Ridge underground continued to deliver 
with higher ore tonnes and grades planned in H2
Exceptional drill results at Fourmile support 
potential to significantly increase modelled extents of 
declared mineral resource
    8/34

    Loading...

    9
Nevada Gold Mines…
operating results
Carlin
■ Higher underground volumes and higher tonnes processed drove 
a 17% q/q increase in gold production
■ Gold Quarry roaster shutdown completed during the quarter sets 
up for improved processing volumes in H2
■ Lower costs per ounce q/q driven by higher volumes; sustaining 
capital declined 50% q/q on timing of new fleet deliveries in Q1
Cortez
■ Higher underground volumes and grades drove 44% increase in 
processing grade and 17% increase in production
■ Costs increased q/q on higher volumes shipped and processed at 
Carlin facilities
Turquoise Ridge
■ Mining and processing grades increased 12% and 16% q/q 
respectively
■ Sage Autoclave completed a planned shutdown in Q2, setting up 
for strong delivery in H2 as mining continues in the high-grade 
zone
Nevada Gold Mines (61.5%) Q2 2025 Q1 2025 Q2 2024
Ore tonnes processed (000) 5,941 6,143 6,446
Average grade processed (g/t) 2.97 2.51 2.63
Recovery rate (%) 82 % 82 % 83 %
Gold produced (oz 000) 381 342 401
Gold sold (oz 000) 376 345 400
Income ($ millions) 624 453 363
EBITDA ($ millions)2 742 566 484
Capital expenditures ($ millions)i,8 201 257 234
Minesite sustaining9 151 209 199
Project9 48 48 34
Cost of sales ($/oz)3 1,685 1,643 1,464
Total cash costs ($/oz)4 1,319 1,269 1,104
AISC ($/oz)4 1,749 1,899 1,636
i. Includes capitalized interest.
    9/34

    Loading...

    10
LEGEND
FM25-235Dii
8.2 m @ 11.12 g/t
24.7 m @ 62.23 g/t 
3.0 m @ 4.71 g/t
17
35
Au (g/t)
North
100% Barrick
NGM
FM18-50Dii
7.6m @ 75.6g/t
FM20-169Dii
9.6m @ 80.1g/t 
FM20-151Dii
5.8m @ 27.1g/t
3.0m @ 39.6g/t 
Fourmile Goldrush
Fourmile 2024 Resourcei
Classification Tonnes 
(Mt)
Grade 
(g/t)
Ounces 
(Moz)
Indicated 3.6 11.76 1.4
Inferred 14 14.1 6.4
2025 Resource Conversion 
Target Area Projection
LEGEND
2025 intercepts that confirm 
continuity of mineralization
FM25-235Dii
8.2m @ 11.12g/t
24.7m @ 62.23g/t 
3m @ 4.71g/t
3.5
7
10
14
17
35
Au (g/t)
Exploration upside 
confirmed by drilling
2024 Inf/Ind Resource Footprint
Previous years results
i See endnote 14
ii See appendix A for significant intercept table
FM25-282Dii
9.9m @ 39.19g/t 
18.4m @ 59.42g/t
4.9m @ 25.37g/t 
Fourmile Prefeasibility…ongoing drilling outlines 
potential to double mineral resource in 2025
750m
N
FM25-308Dii
5.8m @ 41.24g/t
FM25-232Dii
19.5m @ 36.54g/t 
FM25-308Dii
9.1m @ 25.93g/t
20.1m @ 12.28g/t
    10/34

    Loading...

    11
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 on track for completion in Q1 2026
Zaldívar permitted to extend mine life to 2051
Reko Diq development continues to advance 
with Fluor given full notice to proceed and onsite 
construction ramping up
Porgera gold production achieved and AISC
4
within guidance
    11/34

    Loading...

    12
Pueblo Viejo…
Dominican Republic
Throughput increased by 24% q/q following 
completion of plant throughput projects in Q1, 
supporting delivery of full year guidance
Gold production increased 28% q/q driven by 
increased throughput 
Costs of sales per ounce declined by 8% q/q
Process plant expansion - ramp up of process 
plant tonnes continues while focus shifts to 
recovery optimization in H211
El Naranjo Tailings Storage Facility advancing as 
planned
Access roads underway with engineering 
design optimization work ongoing
Pueblo Viejo (60%) Q2 2025 Q1 2025 Q2 2024
Ore tonnes processed (000) 1,611 1,294 1,496
Average grade processed (g/t) 2.34 2.17 2.38
Recovery rate (%) 77 % 82 % 76 %
Gold produced (oz 000) 95 74 80
Gold sold (oz 000) 93 76 79
Income ($ millions) 142 84 54
EBITDA ($ millions)2 188 128 93
Capital expenditures ($ millions) i,8 56 46 62
Minesite sustaining9 37 36 32
Project9 16 8 20
Cost of sales ($/oz)3 1,715 1,863 1,630
Total cash costs ($/oz)4 1,147 1,189 1,024
AISC ($/oz)4 1,552 1,668 1,433
i. Includes capitalized interest.
    12/34

    Loading...

    13
68
88 87
80
90 87
69
82 80
87 92 93
Crushing Availabilities Milling Availabilities Flotation Availabilities
Plant Availabilities (%)
Q3 2024 Q4 2024 Q1 2025 Q2 2025
Pueblo Viejo delivering 
results…
Throughput debottlenecking projects 
completed as planned in Q1 2025
Reliability improvement program stepped up 
availabilities of crushing, milling and flotation in 
Q2
Plant outperformed targeted throughput in 
Q2
Expecting to ramp up to 12.8Mtpa in 2026
Ongoing optimisation and testwork underway 
to enhance flotation performance and blending 
strategy 
Blend being managed to optimise older 
higher grade stockpile feed to the plant
(with planned 
Shutdown) 
i. On 100% basis
24
29 32 33 35
Q1 2025 Q2 2025 Q3 2025 Q4 2025 2026
Process Tonnes (ktpd)
i
Q1 planned 
shutdown
    13/34

    Loading...

    14
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 with communities resolving all key issues through a commission and 
mediated by the Public Defender with the Catholic Church
Photograph taken in July 2025
    14/34

    Loading...

    15
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
input
Early works progressed on site infrastructure and 
regulatory approvals remained on track
Production: Phase 1 estimated at 240,000t 
copper and 297,000oz gold per year and Phase 
2, 460,000t copper and 520,000oz gold (100% 
basis), with significant upside potential10
Financing: Limited recourse funding of 
approximately $3 billion; Barrick’s equity share for 
construction of Phase 1 financing expected to be 
$1.4-1.7 billion (exclusive of capitalization of 
financing costs)
Reserve mine life of 37 years generating:
$90bn in operating cash flow,ii,10
$70bn in free cash flowii,6,10
$54bn of revenue within Pakistan
i. Independent Technical Review Board
ii. On a 100% basis
    15/34

    Loading...

    16
Veladero
Alqo
Pueblo Viejo
Dominican Republic
Ccoropuro
Ecuador
Jamaica
Greenfield projects
Brownfield projects
Magmatic arcs
Peru generative
LATAM and Asia Pacific Exploration…
Discovery-Focused Growth
Balanced portfolio with exciting targets advancing through 
disciplined execution
Porgera
Reko Diq
Japan
Pakistan (Reko Diq): Bukit Pasir drilling extends 
new Cu–Au porphyry discovery; district-wide 
target evaluation and ranking ongoing
Argentina: encouraging drill results at two 
targets to support Veladero’s LOM
Dominican Republic: priority areas defined at 
Pueblo Viejo, drilling to commence in August at 
top-ranked target. Ground geophysics advancing 
across key regional AOIs
Papua New Guinea: Geological review 
progressing, supporting Porgera-focused growth
Peru: ongoing drilling at the Ccoropuro Cu 
porphyry project. Alqo project and regional 
generative work progressing rapidly
    16/34

    Loading...

    17
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 again received the Top Dividend Payer award 
in Tanzania
Gold sales lower than gold production during Q2 as 20% of 
quarter’s production set aside to be sold to the Bank of 
Tanzania pursuant to new legislation
Mali –
On 16 June, the Bamako Commercial Court placed Loulo-
Gounkoto under provisional administration for a six-month 
period
Barrick retains its 80% legal ownership but has 
deconsolidated Loulo and Gounkoto for reporting purposes
Continuing arbitration and committed to a constructive 
solution
    17/34

    Loading...

    18
Kibali…
DRC
Gold production increased 19% q/q driven by an 
increase in underground tonnes mined and higher 
processing grades
Costs per ounce declined on higher volumes and 
lower royalties as the 3% export duty previously 
discussed in Q1 was repealed
Solar power and battery storage system 
commissioned; projected to increase renewable 
energy mix to 85% from 81%
Kibali (45%) Q2 2025 Q1 2025 Q2 2024
Ore tonnes processed (000) 946 931 966
Average grade processed (g/t) 2.73 2.36 2.95
Recovery rate (%) 90 % 90 % 89 %
Gold produced (oz 000) 75 63 82
Gold sold (oz 000) 69 67 81
Income ($ millions) 89 72 84
EBITDA ($ millions)2 121 104 120
Capital expenditures ($ millions) 8 30 32 34
Minesite sustaining9 10 12 16
Project9 20 20 18
Cost of sales ($/oz)3 1,565 1,691 1,313
Total cash costs ($/oz)4 1,094 1,212 868
AISC ($/oz)4 1,273 1,426 1,086
    18/34

    Loading...

    19
North Mara & Bulyanhulu…
Tanzania
North Mara
Production trending in line with the plan as mining 
transitions to higher grades in underground in Q3
Successfully completed mining of Gena open pit; prestripping at Gokona underway - first since 2015
Transitioning to a predominantly underground feed plan 
from Q3
Commissioned Battery Energy Storage System to 
reduce emissions and power costs
Growth opportunities include the Rama and Gena 
expansion studies, supporting a potential 350koz p.a, 
10-year production profile
Bulyanhulu
Production improved over Q1 with operational execution 
aligned to 2025 plan
Upper West project advancing well and on track for first 
production by year-end
North Mara (84%) Q2 2025 Q1 2025 Q2 2024
Gold produced (oz 000) 62 67 54
Cost of sales ($/oz)3 1,430 1,257 1,570
Total cash costs ($/oz)4 1,073 986 1,266
AISC ($/oz)4 1,292 1,258 1,491
Bulyanhulu (84%) Q2 2025 Q1 2025 Q2 2024
Gold produced (oz 000) 38 37 45
Cost of sales ($/oz)3 1,722 1,714 1,438
Total cash costs ($/oz)4 1,189 1,212 985
AISC ($/oz)4 1,885 1,831 1,243
    19/34

    Loading...

    20
Lumwana…
Zambia
Production increased 63% q/q and is expected 
to remain at the Q2 run rate through the balance 
of 2025
Cost of sales and C1 cash costs1 declined 20% 
and 29% q/q respectively
2025 capital spend is now expected to be $350 
million (from $0.6 billion) with no impact on the 
project schedule
Lumwana Super Pit Expansion is on track and 
expected to deliver within budget 
Lumwana (100%) Q2 2025 Q1 2025 Q2 2024
Ore tonnes processed (000) 7,082 5,237 6,523
Average grade processed (g/t) 0.67 % 0.57 % 0.45 %
Recovery rate (%) 92 % 91 % 85 %
Copper produced (t 000) 44 27 25
Copper sold (t 000) 39 34 25
Income ($ millions) 144 95 37
EBITDA ($ millions)2 213 155 107
Capital expenditures ($ millions)8 151 70 117
Minesite sustaining9 78 50 102
Project9 72 20 15
Cost of sales ($/lb)3 2.25 2.80 3.15
C1 cash costs ($/lb)1 1.58 2.22 2.14
AISC ($/lb)1 2.79 3.20 4.36
    20/34

    Loading...

    21
North 
Mara
Bulyanhulu
Kibali
CAR South Sudan
DRC
Tanzania
Kenya
Uganda
Rwanda
Burundi
500km
Zambia
Ango
la
Malawi
Mozambique Lumwana
N
Greenfields exploration continues to deliver prospective 
opportunities in the gold districts around Kibali, North Mara and 
Bulyanhulu and in the copper districts of Zambia and the DRC
AME exploration…
2024 $1,400 Reserve Pit
RKDD0047i
13.00m @ 5.52 g/t
RHRC0217i
20.00m @ 4.64 g/t
ADD045i
8.90m @ 4.24 g/t
AGDD0190i
19.00m @ 4.51 g/t
11.00m @ 5.44 g/t
>2g/t blocks
Looking North
NGD940ii
50m @ 5.89 g/t
NGD917ii
8m @ 3.91 g/t
NGD956 7.5m @ 6.86 g/t ii
8m @ 6.46 g/t
NGD838ii
41m @ 6.97 g/t
18m @ 4.75 g/t
Current $1500 
Gena Pit Design
Current 
Depletion 
Surface
Kibali, ARK 
deposits
North Mara, Nyabigena down plunge
400m
300m
i. See Appendix B for significant intercept table
ii. See Appendix C for significant intercept table
    21/34

    Loading...

    22
A portfolio of growth projects poised to 
deliver transformational value
The ability to replace the gold and copper 
we mine organically
GROWTH PROJECTS…
a sustainable and resilient business
GOLDRUSH –
NGM 
>400kz gold p.a.
(100%) once in full 
production in 202812
REN - NGM
avg 140koz gold 
p.a.(100%) from 
202713
FOURMILE 
has the potential to be 
a globally significant
Tier One Gold Asset
PUEBLO VIEJO 
EXPANSION
~ 800koz gold p.a. 
(100%) from 202611
REKO DIQ 
Phase 1: 240kt copper 
and 297koz gold p.a
from 2028.
Phase 2 : increases to 
460kt copper and 
520koz gold (2034-
2043) (100%).10
LUMWANA 
SUPERPIT 
EXPANSION
240kt copper p.a.
from 202812
LoM >30years
ADVANCED 
EXPLORATION 
TARGETS
30% increase in Gold Equivalent Ounces by 2029i,ii
i. Projected Growth. Refer to Appendix D.
ii. GEOs from copper assets (including copper from Reko Diq) are calculated using gold price of $1,400/oz for 2025 to 2029; and copper price of $3.00/lb for 2025 to 2029. Loulo-Gounkoto is excluded from 2025, but 
included from 2026 onwards. We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations.
    22/34

    Loading...

    23
Barrick…a world class global mining, exploration and 
development company focused on 5 key strategic pillars
Resource Sustainability
Premier Portfolio
Disciplined Investments
Balance Sheet Strength
Global Excellence
Focus on our portfolio of long life Tier One gold assets 
and growing copper portfolio
Disciplined Reserve & Resource replacement to 
facilitate long term planning and organic growth
A resilient balance sheet founded on a sustainably profitable 
business capable of delivering our capital return objectives
Industry leading global exploration programmes allowing 
us to seek new growth opportunities across the world’s 
most prolific mineral and metal belts
Exceptional growth assets that meet Barrick’s 
conservative investment filters and can be supported 
by the existing business 
1
2
3
4
5
    23/34

    Loading...

    24
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
    24/34

    Loading...

    25
i. All intercepts calculated using a 3.4 g/t Au cutoff and are 
uncapped; minimum downhole intercept width is 2.4 m; internal 
dilution is less than 20% total width.
ii. Fourmile drill hole nomenclature: Project area (FM – Fourmile) 
followed by the year (23 for 2023 and 24 for 2024) then hole 
number.
iii. True width (TW) for FM drillholes has been estimated based on 
the latest geological and ore controls model and it is subject to 
refinement as additional data becomes available. .
The drilling results for Fourmile contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole 
assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an 
independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and 
assay protocols used in connection with drilling and sampling at Fourmile conform to industry accepted quality control methods.
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
FM20-151D 93 -76 1035.4 – 1041.2 5.8 3.8 27.10
1054.6 – 1057.7 3.0 2.2 39.55
FM20-169D 67 -77 1145.3 – 1154.9 9.6 7.9 80.1
FM25-235D 112 -68
974.8 - 983.0 8.2 7.0 11.12
989.1 – 1013.8 24.7 20.0 62.23
1024.8 – 1027.8 3.0 2.5 4.71
FM25-282D 96 -73
747.1 – 757.0 9.9 9.9 39.19
789.3 – 794.2 4.9 4.0 25.37
832.6 – 851.0 18.4 15.2 59.42
FM25-232D 141 -83 1158.2 – 1177.7 19.5 18.0 36.54
FM25-308D 145 -82
725.2 – 731.0 5.8 5.8 41.24
1005.4 – 1014.5 9.1 7.5 25.93
1036.6 – 1056.7 20.1 17.0 12.28
    25/34

    Loading...

    26
i. All intercepts calculated using a 0.5 g/t Au cutoff and are 
uncapped; minimum intercept width is 2 m; internal dilution is 
equal to or less than 25% total width.
ii. Kibali drill hole nomenclature: prospect initial (A=Agbarabo) 
followed by the type of drilling (RC=Reverse Circulation, 
DD=Diamond, GC=Grade control) with no designation of the 
year. 
iii. True widths of intercepts are uncertain at this stage.
iv. Weighted average is calculated by fence using significant 
intercepts, over the strike length. 
v. All including intercepts, calculated using a 0.5g/t Au cutoff and 
are uncapped, minimum intercept width is 1m, no internal 
dilution, with grade significantly above (>40%) the overall 
intercept grade.
Appendix B – Kibali Significant Intercepts Tablei
Kibali Drill Results from Q1 2025 Including
Core Drill Holeii Azimuth Dip Interval (m) Width (m3)
iii Au (g/t) Interval (m) Width 
(m) Au (g/t)
ADD045 135 -75
287.60 - 308.00
401.00 - 403.00
406.00 - 412.80
462.00 - 467.00
539.00 - 551.00
561.10 - 570.00
20.40
2.00
6.80
5.00
12.00
8.90
1.63
2.41
2.15
6.15
2.23
4.24
AGDD0190 140 -72
105.00 – 124.00
133.90 – 136.00
180.00 – 182.00
193.00 – 204.00
19.00
2.10
2.00
11.00
4.51
2.32
9.06
5.44
116.40 – 119.33
180.00 – 181.00
194.00 – 195.00
2.93
1.00
1.00
17.33
16.28
38.05
RHRC0217 226 -69 121.00 – 141.00 20.00 4.64 128.00 – 130.00
137.00 – 138.00
2.00
1.00
15.77
12.81
RKDD0047 132 -66 257.70 – 260.00
273.00 – 286.00
2.30
13.00
2.30
5.52 280.00 – 283.00 3 14.25
The drilling results for the Kibali property contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All
drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS,
an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security
of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the
Kibali property conform to industry accepted quality control methods.
    26/34

    Loading...

    27
i. All intercepts calculated using a 0.5 g/t Au cutoff and are 
uncapped; minimum intercept width is 2 m; internal dilution is 
equal to or less than 25% total width.
ii. Kibali drill hole nomenclature: prospect initial (A=Agbarabo) 
followed by the type of drilling (RC=Reverse Circulation, 
DD=Diamond, GC=Grade control) with no designation of the 
year. 
iii. True widths of intercepts are uncertain at this stage.
iv. Weighted average is calculated by fence using significant 
intercepts, over the strike length. 
v. All including intercepts, calculated using a 0.5g/t Au cutoff and 
are uncapped, minimum intercept width is 1m, no internal 
dilution, with grade significantly above (>40%) the overall 
intercept grade.
Appendix B (cont) – Kibali Significant Intercepts Tablei
Kibali Drill Results from Q1 2025 Including
Core Drill Holeii Azimuth Dip Interval (m) Width 
(m3)
iii Au (g/t) Interval (m) Width (m) Au (g/t)
ADD009 0 -90
78.00 – 86.00
176.00 – 194.00
224.00 – 244.00
272.00 – 276.00
8.00
18.00
20.00
4.00
0.63
1.49
3.04
1.22
226.00 – 230.00 4 9.9
ADD051 138 -67
450.85 – 455.50
464.37 – 466.40
550.60 – 552.70
562.00 – 569.00
4.65
2.03
2.10
7.00
3.81
2.03
2.10
7.00
AGDD0090 140 -70
143.00 – 150.85
196.00 – 198.00
206.00 – 211.00
217.00 – 219.80
232.00 – 240.00
277.00 – 279.00
7.85
2.00
5.00
2.80
8.00
2.00
3.68
0.81
0.92
1.26
8.09
1.86
143.00 – 144.00
232.00 – 236.30
1.00
4.30
9.05
12.35
AGDD0190 140 -72
105.00 – 124.00
133.90 – 136.00
180.00 – 182.00
193.00 – 204.00
19.00
2.10
2.00
11.00
4.51
2.32
9.06
5.44
116.40 – 119.33
180.00 – 181.00
194.00 – 195.00
2.93
1.00
1.00
17.33
16.28
38.05
The drilling results for the Kibali property contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill
hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an
independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of
samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Kibali
property conform to industry accepted quality control methods.
    27/34

    Loading...

    28
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; 
significant intercepts are required to have overall internal 
dilution less than 20% total width
ii. North Mara drill hole nomenclature: NGD: Nyabigena Drilling.
iii. True width of intercepts are uncertain at this stage.
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)
NGD838 358 -55 480 - 521 41 6.97
569 - 587 18 4.75
NGD917 345 -57 340 - 348 8 3.91
357 - 364.5 7.5 6.86
NGD940 0 -60 409 – 459 50 5.89 
NGD956 358 -54 477 - 485 8 6.46
NGD838 358 -55 480 - 521 41 6.97
569 - 587 18 4.75
The drilling results for North Mara contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill 
hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS. 
Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in 
connection with drilling and sampling on North Mara conform to industry accepted quality control methods.
    28/34

    Loading...

    29
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) 1.30 1.30 1.30
CLP exchange rate (USD:CLP) 900 900 900
EUR exchange rate (EUR:USD) 1.10 1.10 1.10
Gold equivalent ounces calculated from our copper assets are calculated using a gold price of $1,400/oz and copper price of $3.00/lb. Barrick’s five-year indicative production profile for gold
equivalent ounces is based on the following assumptions:
Barrick’s five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. This
outlook is based on our current reserves and resources and assumes that we will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth,
new project initiatives and divestitures are not included. For the company’s gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and
assumes the following: new open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for pre-stripping prior to first ore
production in 2027; and production from the Zaldívar CuproChlor® Chloride Leach Project (Antofagasta is the operator of Zaldívar).
Our five-year indicative outlook excludes production from Fourmile, as well as Pierina and Golden Sunlight, both of which are currently in care and maintenance; and production from long-term
greenfield optionality from Donlin, El Alto, Norte Abierto and Alturas. Barrick’s five-year production profile in this presentation also assumes an indicative gold and copper production
profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature.
Loulo-Gounkoto has been excluded from Barrick’s 2025 guidance but included from 2026 onwards as a result of the temporary suspension of operations. We expect to update our guidance to
include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations. Refer to the MD&A accompanying Barrick’s financial statements filed from time to time
on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
    29/34

    Loading...

    30
End Notes…
1. “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 to other copper producers who present
results on a similar basis. “C1 cash costs” per pound excludes royalties and non-routine charges as they are not direct production costs. “All-in sustaining costs” per
pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables
investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce
copper. “All-in sustaining costs” per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite
exploration and evaluation costs, royalties, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details
including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on
pages 46–58 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
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 Lead – North America; Richard Peattie, MPhil, FAusIMM,
Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS,
FAusIMM, Mineral Resource Management and Evaluation Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as
defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Unless
otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2024.
Technical Information
    30/34

    Loading...

    31
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 cash flow to fund working capital
needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts
for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market
values to determine the approximate total enterprise value of a company. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition
gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of income tax expense, finance costs, finance
income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. We believe
these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are
adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information
will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity
method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily
reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and
copper pounds produced. Attributable EBITDA margin is calculated as attributable EBITDA divided by revenues - as adjusted. We believe this ratio will assist analysts,
investors and other stakeholders of Barrick to better understand the relationship between revenues and EBITDA or operating profit. Net leverage is calculated as debt,
net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of
Barrick in monitoring our leverage and evaluating our balance sheet. EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage are intended to
provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of
financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash
flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage
differently. Further details including a detailed reconciliation of this non- GAAP financial measure to its most directly comparable GAAP measure are incorporated by
reference and provided on pages 58–59 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on
EDGAR at www.sec.gov.
3. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both
on an attributable basis using Barrick's ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds
sold (both on an attributable basis using Barrick’s ownership share).
    31/34

    Loading...

    32
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 mining companies from around the
world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining
operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. “Total cash costs” per ounce start with our cost
of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. “All-in sustaining costs” per
ounce start with “Total cash costs” per ounce and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and
evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. Barrick
believes that the use of “Total cash costs” per ounce and “All-in sustaining costs” per ounce will assist analysts, investors and other stakeholders of Barrick in
understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to
generate free cash flow from current operations and to generate free cash flow on an overall company basis. “Total cash costs” per ounce and “All-in sustaining costs”
per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as
determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details including
a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 46–
58 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
5. 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 $3.00/lb reserve with potential for +5Mt contained
copper in support at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be
located in a world-class geological district with potential for organic reserve growth and long-term geologically driven addition.
6. “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 flow is intended to provide additional information
only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may
calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial
statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Further details including a detailed reconciliation of this non-GAAP
financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on page 45 of the MD&A accompanying Barrick’s second
quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
    32/34

    Loading...

    33
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; acquisition/disposition gains/losses; foreign
currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business;
and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the
reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful
measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating
performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are
intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards as issued by the International
Accounting Standards Board (“IFRS”) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The
measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures
differently. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by
reference and provided on pages 44–45 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on
EDGAR at www.sec.gov.
8. Attributable capital expenditures are presented on the same basis as guidance and also includes capitalized interest.
9. These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial
measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure.
Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending
at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management
believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce.
Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently.
Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and
provided on pages 45–46 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at
www.sec.gov.
    33/34

    Loading...

    34
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, 2023, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at
www.sec.gov on March 17, 2023.
12. Refer to the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.
12. Refer to the Technical Report on the Lumwana Expansion Project, Republic of Zambia, dated February 19, 2025, and filed on SEDAR+ at www.sedarplus.ca and
EDGAR at www.sec.gov on February 19, 2025.
13. Refer to the Technical Report on the Carlin Complex, Eureka and Elko County, Nevada, USA, dated March 14, 2025, and filed on SEDAR+ at www.sedarplus.ca and
EDGAR at www.sec.gov on March 14, 2025.
14. Estimates are as of December 31, 2024, unless otherwise noted. Complete mineral reserve and mineral resource data for all mines and projects referenced in this
presentation, including tonnes, grades, and ounces, can be found in the Mineral Reserves and Mineral Resources Tables included on pages 36-45 of Barrick’s 2024
Annual Information Form/Form 40-F filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
    34/34

    Results for Q2 2025 Barrick Mining

    • 1. NYSE : B TSX : ABX Sustainably profitable. Unrivalled growth. Results for Q2 2025…
    • 2. 2 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, other than statements of historical fact, are forward-looking statements. The words “expect”, “target”, “plan”, “guidance”, “ramp up”, “on track”, “project”, “continue”, “additional”, “growth”, “expand”, “potential”, “focus”, “during”, “ongoing”, “scheduled”, “will”, “can”, “could”, and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance, including our five and ten year outlooks and anticipated production growth from Barrick’s organic project pipeline and reserve replacement; estimates of future costs and projected future cash flows, capital, operating and exploration expenditures and mine life and production rates; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates; our plans and expected completion and benefits of our growth projects, including timing for completion of Phase 8A of the Veladero leach pad extension, ramp up of the Reko Diq and Lumwana Super Pit expansion projects, the Pueblo Viejo plant expansion and mine life extension project and the El Naranjo Tailings Storage Facility; the ability for Fourmile to double its mineral resource in 2025; expected benefits from the sale of Barrick’s 50% interest in Donlin; Barrick’s planned divestment of Tongon and Hemlo; targeted timing for first production at Reko Diq, the Lumwana Super Pit and the Upper West project at Bulyanhulu; the potential for existing assets, including Fourmile, to become Tier One assets; Barrick’s global exploration strategy and planned exploration activities, including in North America, Latin America, Africa and the Middle East, and Asia Pacific Regions; Barrick’s copper strategy; our pipeline of high confidence projects at or near existing operations; the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and the temporary nature of the provisional administration and transfer of operational control to an external administrator at Loulo-Gounkoto; potential mineralization and metal or mineral recoveries; joint ventures and partnerships; Barrick’s strategy, plans, targets, goals and expected benefits in respect of environmental and social governance issues, including local community development, resettlement (including planned resettlement activities at Pueblo Viejo), climate change and our renewable energy initiatives, health and safety and biodiversity initiatives (including safe closure targets); and expectations regarding future price assumptions, financial performance and other outlook or guidance. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this presentation in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this presentation are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of valueadded tax refunds received in Chile in connection with the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by, or failure to obtain key licenses from, governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to greenhouse gas (“GHG”) emission levels, energy efficiency and reporting of risks; Barrick’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick's existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and increased political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability of and increased costs associated with, mining inputs and labor; and risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forwardlooking statements contained in this presentation. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
    • 3. 3 $0.47  124% y/y Net earnings per share Group Highlights Q2 2025… $0.15/sh Quarterly dividendi $0.47  47% y/y Highest Adjusted net earnings per share7 since 2013 $1.69b  31% y/y Attributable EBITDA2 $268 million Share buybacks in Q2 $4.8 billion cash $73 million Net cashii Fourmile poised to double mineral resource in 2025 Unlocked $1 billion in value from Donlin Tongon & Hemlo sales processes advancing i. Including a $0.05/sh dividend enhancement reflecting net cash of $73 million ii. Cash, net of debt All regions on track to deliver 2025 production and AISC4 guidance
    • 4. 4 Group Operating Results… Q2 gold production 5% higher than Q1; in line with full year guidance Gold AISC4 declined by 5% q/q Nevada Gold Mines production increased by 11% from Q1 driven by operational improvements Pueblo Viejo production increased by 28% from Q1 driven by increased throughput and debottlenecking activities, supporting delivery of full year guidance Q2 copper production 34% higher than Q1, on improved mining rates at Lumwana with unit costs down significantly Gold operating results Q2 2025 Q1 2025 Q2 2024 Attributable production (koz) 797 758 948 Cost of sales ($/oz)3 1,654 1,629 1,441 Total cash costs ($/oz)4 1,239 1,220 1,059 AISC ($/oz)4 1,684 1,775 1,498 Copper operating results Q2 2025 Q1 2025 Q2 2024 Attributable production (kt) 59 44 43 Cost of sales ($/lb)3 2.56 2.92 3.05 C1 cash costs ($/lb)1 1.80 2.25 2.18 AISC ($/lb)1 2.90 3.06 3.67
    • 5. 5 Group Financial Results… Q2 Attributable EBITDA2 margin increased to 55% delivering highest adjusted net earnings in over a decade Operating cash flow before interest and income taxes increased 35% q/q Free cash flow6 also higher q/q, notwithstanding lift in capital investment as Lumwana and Reko Diq ramp up Net earnings per share of $0.47 and adjusted net earnings7 of $0.47 per share increased 74% and 34% respectively q/q $1 billion in proceeds from sale of Donlin Financial Results Q2 2025 Q1 2025 Q2 2024 Revenue ($ million) 3,681 3,130 3,162 Net earnings ($ million) 811 474 370 Adjusted net earnings ($ million)7 800 603 557 Attributable EBITDA ($ million)2 1,690 1,361 1,289 Net cash provided by operating activities ($ million) 1,329 1,212 1,159 Free cash flow ($ million)6 395 375 340 Net earnings per share ($) 0.47 0.27 0.21 Adjusted net earnings per share ($)7 0.47 0.35 0.32 Total attributable capital expenditures ($ million)8 717 631 694
    • 6. 6 Disciplined Capital Allocation and Shareholder Returns H1 2025 highlights: Generated $2.5 billion in operating cash flow Investing to ensure the long-term sustainability of our Tier One5 assets Consistent reserve replacement and LOM extensions Building world class growth projects for the future Strong balance sheet with net cash position Returned $753 million to shareholdersii Clear and consistent capital returns framework Sustaining capital $805mln Growth capital $524mln Dividends $342mln Buybacks $411mln H1 2025 Capital Allocationi i. Attributable sustaining and growth capital ii. Includes dividends and buybacks
    • 7. 7 25 14 17 17 14 11 10 11 9 11 9 7 8 6 4 4 3 2 1 0 10 20 30 40 50 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Total Injuries q/q MTI RDI LTI Fatality Health & Safety… 50% decrease in Lost Time Injuries compared to 2024 YTD 37% decrease in Total Injuries compared to 2024 YTD Group Safety Performancei Leading Indicators 0 5000 10000 15000 20000 25000 30000 35000 40000 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Critical Control Verifications CCVs Completed 70,000 Critical Control Verifications (CCVs) completed year to date Leading Indicators show positive gains in Critical Control Verification, completion of Safety Actions, Near Miss Reporting i. “MTI” refers to a Medical Treatment Injury, and “RDI” refers to a Restricted Duty Injury
    • 8. 8 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 to predominantly underground mining Cortez Hills underground successfully transitioned to self-perform development Goldrush ramp-up further progressed and with high-grade ore from Cortez Pits phase 1 where mining ends in Q4 - a strong H2 is expected from Cortez Turquoise Ridge underground continued to deliver with higher ore tonnes and grades planned in H2 Exceptional drill results at Fourmile support potential to significantly increase modelled extents of declared mineral resource
    • 9. 9 Nevada Gold Mines… operating results Carlin ■ Higher underground volumes and higher tonnes processed drove a 17% q/q increase in gold production ■ Gold Quarry roaster shutdown completed during the quarter sets up for improved processing volumes in H2 ■ Lower costs per ounce q/q driven by higher volumes; sustaining capital declined 50% q/q on timing of new fleet deliveries in Q1 Cortez ■ Higher underground volumes and grades drove 44% increase in processing grade and 17% increase in production ■ Costs increased q/q on higher volumes shipped and processed at Carlin facilities Turquoise Ridge ■ Mining and processing grades increased 12% and 16% q/q respectively ■ Sage Autoclave completed a planned shutdown in Q2, setting up for strong delivery in H2 as mining continues in the high-grade zone Nevada Gold Mines (61.5%) Q2 2025 Q1 2025 Q2 2024 Ore tonnes processed (000) 5,941 6,143 6,446 Average grade processed (g/t) 2.97 2.51 2.63 Recovery rate (%) 82 % 82 % 83 % Gold produced (oz 000) 381 342 401 Gold sold (oz 000) 376 345 400 Income ($ millions) 624 453 363 EBITDA ($ millions)2 742 566 484 Capital expenditures ($ millions)i,8 201 257 234 Minesite sustaining9 151 209 199 Project9 48 48 34 Cost of sales ($/oz)3 1,685 1,643 1,464 Total cash costs ($/oz)4 1,319 1,269 1,104 AISC ($/oz)4 1,749 1,899 1,636 i. Includes capitalized interest.
    • 10. 10 LEGEND FM25-235Dii 8.2 m @ 11.12 g/t 24.7 m @ 62.23 g/t 3.0 m @ 4.71 g/t 17 35 Au (g/t) North 100% Barrick NGM FM18-50Dii 7.6m @ 75.6g/t FM20-169Dii 9.6m @ 80.1g/t FM20-151Dii 5.8m @ 27.1g/t 3.0m @ 39.6g/t Fourmile Goldrush Fourmile 2024 Resourcei Classification Tonnes (Mt) Grade (g/t) Ounces (Moz) Indicated 3.6 11.76 1.4 Inferred 14 14.1 6.4 2025 Resource Conversion Target Area Projection LEGEND 2025 intercepts that confirm continuity of mineralization FM25-235Dii 8.2m @ 11.12g/t 24.7m @ 62.23g/t 3m @ 4.71g/t 3.5 7 10 14 17 35 Au (g/t) Exploration upside confirmed by drilling 2024 Inf/Ind Resource Footprint Previous years results i See endnote 14 ii See appendix A for significant intercept table FM25-282Dii 9.9m @ 39.19g/t 18.4m @ 59.42g/t 4.9m @ 25.37g/t Fourmile Prefeasibility…ongoing drilling outlines potential to double mineral resource in 2025 750m N FM25-308Dii 5.8m @ 41.24g/t FM25-232Dii 19.5m @ 36.54g/t FM25-308Dii 9.1m @ 25.93g/t 20.1m @ 12.28g/t
    • 11. 11 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 on track for completion in Q1 2026 Zaldívar permitted to extend mine life to 2051 Reko Diq development continues to advance with Fluor given full notice to proceed and onsite construction ramping up Porgera gold production achieved and AISC 4 within guidance
    • 12. 12 Pueblo Viejo… Dominican Republic Throughput increased by 24% q/q following completion of plant throughput projects in Q1, supporting delivery of full year guidance Gold production increased 28% q/q driven by increased throughput Costs of sales per ounce declined by 8% q/q Process plant expansion - ramp up of process plant tonnes continues while focus shifts to recovery optimization in H211 El Naranjo Tailings Storage Facility advancing as planned Access roads underway with engineering design optimization work ongoing Pueblo Viejo (60%) Q2 2025 Q1 2025 Q2 2024 Ore tonnes processed (000) 1,611 1,294 1,496 Average grade processed (g/t) 2.34 2.17 2.38 Recovery rate (%) 77 % 82 % 76 % Gold produced (oz 000) 95 74 80 Gold sold (oz 000) 93 76 79 Income ($ millions) 142 84 54 EBITDA ($ millions)2 188 128 93 Capital expenditures ($ millions) i,8 56 46 62 Minesite sustaining9 37 36 32 Project9 16 8 20 Cost of sales ($/oz)3 1,715 1,863 1,630 Total cash costs ($/oz)4 1,147 1,189 1,024 AISC ($/oz)4 1,552 1,668 1,433 i. Includes capitalized interest.
    • 13. 13 68 88 87 80 90 87 69 82 80 87 92 93 Crushing Availabilities Milling Availabilities Flotation Availabilities Plant Availabilities (%) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Pueblo Viejo delivering results… Throughput debottlenecking projects completed as planned in Q1 2025 Reliability improvement program stepped up availabilities of crushing, milling and flotation in Q2 Plant outperformed targeted throughput in Q2 Expecting to ramp up to 12.8Mtpa in 2026 Ongoing optimisation and testwork underway to enhance flotation performance and blending strategy Blend being managed to optimise older higher grade stockpile feed to the plant (with planned Shutdown) i. On 100% basis 24 29 32 33 35 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2026 Process Tonnes (ktpd) i Q1 planned shutdown
    • 14. 14 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 with communities resolving all key issues through a commission and mediated by the Public Defender with the Catholic Church Photograph taken in July 2025
    • 15. 15 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 input Early works progressed on site infrastructure and regulatory approvals remained on track Production: Phase 1 estimated at 240,000t copper and 297,000oz gold per year and Phase 2, 460,000t copper and 520,000oz gold (100% basis), with significant upside potential10 Financing: Limited recourse funding of approximately $3 billion; Barrick’s equity share for construction of Phase 1 financing expected to be $1.4-1.7 billion (exclusive of capitalization of financing costs) Reserve mine life of 37 years generating: $90bn in operating cash flow,ii,10 $70bn in free cash flowii,6,10 $54bn of revenue within Pakistan i. Independent Technical Review Board ii. On a 100% basis
    • 16. 16 Veladero Alqo Pueblo Viejo Dominican Republic Ccoropuro Ecuador Jamaica Greenfield projects Brownfield projects Magmatic arcs Peru generative LATAM and Asia Pacific Exploration… Discovery-Focused Growth Balanced portfolio with exciting targets advancing through disciplined execution Porgera Reko Diq Japan Pakistan (Reko Diq): Bukit Pasir drilling extends new Cu–Au porphyry discovery; district-wide target evaluation and ranking ongoing Argentina: encouraging drill results at two targets to support Veladero’s LOM Dominican Republic: priority areas defined at Pueblo Viejo, drilling to commence in August at top-ranked target. Ground geophysics advancing across key regional AOIs Papua New Guinea: Geological review progressing, supporting Porgera-focused growth Peru: ongoing drilling at the Ccoropuro Cu porphyry project. Alqo project and regional generative work progressing rapidly
    • 17. 17 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 again received the Top Dividend Payer award in Tanzania Gold sales lower than gold production during Q2 as 20% of quarter’s production set aside to be sold to the Bank of Tanzania pursuant to new legislation Mali – On 16 June, the Bamako Commercial Court placed Loulo- Gounkoto under provisional administration for a six-month period Barrick retains its 80% legal ownership but has deconsolidated Loulo and Gounkoto for reporting purposes Continuing arbitration and committed to a constructive solution
    • 18. 18 Kibali… DRC Gold production increased 19% q/q driven by an increase in underground tonnes mined and higher processing grades Costs per ounce declined on higher volumes and lower royalties as the 3% export duty previously discussed in Q1 was repealed Solar power and battery storage system commissioned; projected to increase renewable energy mix to 85% from 81% Kibali (45%) Q2 2025 Q1 2025 Q2 2024 Ore tonnes processed (000) 946 931 966 Average grade processed (g/t) 2.73 2.36 2.95 Recovery rate (%) 90 % 90 % 89 % Gold produced (oz 000) 75 63 82 Gold sold (oz 000) 69 67 81 Income ($ millions) 89 72 84 EBITDA ($ millions)2 121 104 120 Capital expenditures ($ millions) 8 30 32 34 Minesite sustaining9 10 12 16 Project9 20 20 18 Cost of sales ($/oz)3 1,565 1,691 1,313 Total cash costs ($/oz)4 1,094 1,212 868 AISC ($/oz)4 1,273 1,426 1,086
    • 19. 19 North Mara & Bulyanhulu… Tanzania North Mara Production trending in line with the plan as mining transitions to higher grades in underground in Q3 Successfully completed mining of Gena open pit; prestripping at Gokona underway - first since 2015 Transitioning to a predominantly underground feed plan from Q3 Commissioned Battery Energy Storage System to reduce emissions and power costs Growth opportunities include the Rama and Gena expansion studies, supporting a potential 350koz p.a, 10-year production profile Bulyanhulu Production improved over Q1 with operational execution aligned to 2025 plan Upper West project advancing well and on track for first production by year-end North Mara (84%) Q2 2025 Q1 2025 Q2 2024 Gold produced (oz 000) 62 67 54 Cost of sales ($/oz)3 1,430 1,257 1,570 Total cash costs ($/oz)4 1,073 986 1,266 AISC ($/oz)4 1,292 1,258 1,491 Bulyanhulu (84%) Q2 2025 Q1 2025 Q2 2024 Gold produced (oz 000) 38 37 45 Cost of sales ($/oz)3 1,722 1,714 1,438 Total cash costs ($/oz)4 1,189 1,212 985 AISC ($/oz)4 1,885 1,831 1,243
    • 20. 20 Lumwana… Zambia Production increased 63% q/q and is expected to remain at the Q2 run rate through the balance of 2025 Cost of sales and C1 cash costs1 declined 20% and 29% q/q respectively 2025 capital spend is now expected to be $350 million (from $0.6 billion) with no impact on the project schedule Lumwana Super Pit Expansion is on track and expected to deliver within budget Lumwana (100%) Q2 2025 Q1 2025 Q2 2024 Ore tonnes processed (000) 7,082 5,237 6,523 Average grade processed (g/t) 0.67 % 0.57 % 0.45 % Recovery rate (%) 92 % 91 % 85 % Copper produced (t 000) 44 27 25 Copper sold (t 000) 39 34 25 Income ($ millions) 144 95 37 EBITDA ($ millions)2 213 155 107 Capital expenditures ($ millions)8 151 70 117 Minesite sustaining9 78 50 102 Project9 72 20 15 Cost of sales ($/lb)3 2.25 2.80 3.15 C1 cash costs ($/lb)1 1.58 2.22 2.14 AISC ($/lb)1 2.79 3.20 4.36
    • 21. 21 North Mara Bulyanhulu Kibali CAR South Sudan DRC Tanzania Kenya Uganda Rwanda Burundi 500km Zambia Ango la Malawi Mozambique Lumwana N Greenfields exploration continues to deliver prospective opportunities in the gold districts around Kibali, North Mara and Bulyanhulu and in the copper districts of Zambia and the DRC AME exploration… 2024 $1,400 Reserve Pit RKDD0047i 13.00m @ 5.52 g/t RHRC0217i 20.00m @ 4.64 g/t ADD045i 8.90m @ 4.24 g/t AGDD0190i 19.00m @ 4.51 g/t 11.00m @ 5.44 g/t >2g/t blocks Looking North NGD940ii 50m @ 5.89 g/t NGD917ii 8m @ 3.91 g/t NGD956 7.5m @ 6.86 g/t ii 8m @ 6.46 g/t NGD838ii 41m @ 6.97 g/t 18m @ 4.75 g/t Current $1500 Gena Pit Design Current Depletion Surface Kibali, ARK deposits North Mara, Nyabigena down plunge 400m 300m i. See Appendix B for significant intercept table ii. See Appendix C for significant intercept table
    • 22. 22 A portfolio of growth projects poised to deliver transformational value The ability to replace the gold and copper we mine organically GROWTH PROJECTS… a sustainable and resilient business GOLDRUSH – NGM >400kz gold p.a. (100%) once in full production in 202812 REN - NGM avg 140koz gold p.a.(100%) from 202713 FOURMILE has the potential to be a globally significant Tier One Gold Asset PUEBLO VIEJO EXPANSION ~ 800koz gold p.a. (100%) from 202611 REKO DIQ Phase 1: 240kt copper and 297koz gold p.a from 2028. Phase 2 : increases to 460kt copper and 520koz gold (2034- 2043) (100%).10 LUMWANA SUPERPIT EXPANSION 240kt copper p.a. from 202812 LoM >30years ADVANCED EXPLORATION TARGETS 30% increase in Gold Equivalent Ounces by 2029i,ii i. Projected Growth. Refer to Appendix D. ii. GEOs from copper assets (including copper from Reko Diq) are calculated using gold price of $1,400/oz for 2025 to 2029; and copper price of $3.00/lb for 2025 to 2029. Loulo-Gounkoto is excluded from 2025, but included from 2026 onwards. We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations.
    • 23. 23 Barrick…a world class global mining, exploration and development company focused on 5 key strategic pillars Resource Sustainability Premier Portfolio Disciplined Investments Balance Sheet Strength Global Excellence Focus on our portfolio of long life Tier One gold assets and growing copper portfolio Disciplined Reserve & Resource replacement to facilitate long term planning and organic growth A resilient balance sheet founded on a sustainably profitable business capable of delivering our capital return objectives Industry leading global exploration programmes allowing us to seek new growth opportunities across the world’s most prolific mineral and metal belts Exceptional growth assets that meet Barrick’s conservative investment filters and can be supported by the existing business 1 2 3 4 5
    • 24. 24 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
    • 25. 25 i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 2.4 m; internal dilution is less than 20% total width. ii. Fourmile drill hole nomenclature: Project area (FM – Fourmile) followed by the year (23 for 2023 and 24 for 2024) then hole number. iii. True width (TW) for FM drillholes has been estimated based on the latest geological and ore controls model and it is subject to refinement as additional data becomes available. . The drilling results for Fourmile contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Fourmile conform to industry accepted quality control methods. 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 FM20-151D 93 -76 1035.4 – 1041.2 5.8 3.8 27.10 1054.6 – 1057.7 3.0 2.2 39.55 FM20-169D 67 -77 1145.3 – 1154.9 9.6 7.9 80.1 FM25-235D 112 -68 974.8 - 983.0 8.2 7.0 11.12 989.1 – 1013.8 24.7 20.0 62.23 1024.8 – 1027.8 3.0 2.5 4.71 FM25-282D 96 -73 747.1 – 757.0 9.9 9.9 39.19 789.3 – 794.2 4.9 4.0 25.37 832.6 – 851.0 18.4 15.2 59.42 FM25-232D 141 -83 1158.2 – 1177.7 19.5 18.0 36.54 FM25-308D 145 -82 725.2 – 731.0 5.8 5.8 41.24 1005.4 – 1014.5 9.1 7.5 25.93 1036.6 – 1056.7 20.1 17.0 12.28
    • 26. 26 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 m; internal dilution is equal to or less than 25% total width. ii. Kibali drill hole nomenclature: prospect initial (A=Agbarabo) followed by the type of drilling (RC=Reverse Circulation, DD=Diamond, GC=Grade control) with no designation of the year. iii. True widths of intercepts are uncertain at this stage. iv. Weighted average is calculated by fence using significant intercepts, over the strike length. v. All including intercepts, calculated using a 0.5g/t Au cutoff and are uncapped, minimum intercept width is 1m, no internal dilution, with grade significantly above (>40%) the overall intercept grade. Appendix B – Kibali Significant Intercepts Tablei Kibali Drill Results from Q1 2025 Including Core Drill Holeii Azimuth Dip Interval (m) Width (m3) iii Au (g/t) Interval (m) Width (m) Au (g/t) ADD045 135 -75 287.60 - 308.00 401.00 - 403.00 406.00 - 412.80 462.00 - 467.00 539.00 - 551.00 561.10 - 570.00 20.40 2.00 6.80 5.00 12.00 8.90 1.63 2.41 2.15 6.15 2.23 4.24 AGDD0190 140 -72 105.00 – 124.00 133.90 – 136.00 180.00 – 182.00 193.00 – 204.00 19.00 2.10 2.00 11.00 4.51 2.32 9.06 5.44 116.40 – 119.33 180.00 – 181.00 194.00 – 195.00 2.93 1.00 1.00 17.33 16.28 38.05 RHRC0217 226 -69 121.00 – 141.00 20.00 4.64 128.00 – 130.00 137.00 – 138.00 2.00 1.00 15.77 12.81 RKDD0047 132 -66 257.70 – 260.00 273.00 – 286.00 2.30 13.00 2.30 5.52 280.00 – 283.00 3 14.25 The drilling results for the Kibali property contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Kibali property conform to industry accepted quality control methods.
    • 27. 27 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 m; internal dilution is equal to or less than 25% total width. ii. Kibali drill hole nomenclature: prospect initial (A=Agbarabo) followed by the type of drilling (RC=Reverse Circulation, DD=Diamond, GC=Grade control) with no designation of the year. iii. True widths of intercepts are uncertain at this stage. iv. Weighted average is calculated by fence using significant intercepts, over the strike length. v. All including intercepts, calculated using a 0.5g/t Au cutoff and are uncapped, minimum intercept width is 1m, no internal dilution, with grade significantly above (>40%) the overall intercept grade. Appendix B (cont) – Kibali Significant Intercepts Tablei Kibali Drill Results from Q1 2025 Including Core Drill Holeii Azimuth Dip Interval (m) Width (m3) iii Au (g/t) Interval (m) Width (m) Au (g/t) ADD009 0 -90 78.00 – 86.00 176.00 – 194.00 224.00 – 244.00 272.00 – 276.00 8.00 18.00 20.00 4.00 0.63 1.49 3.04 1.22 226.00 – 230.00 4 9.9 ADD051 138 -67 450.85 – 455.50 464.37 – 466.40 550.60 – 552.70 562.00 – 569.00 4.65 2.03 2.10 7.00 3.81 2.03 2.10 7.00 AGDD0090 140 -70 143.00 – 150.85 196.00 – 198.00 206.00 – 211.00 217.00 – 219.80 232.00 – 240.00 277.00 – 279.00 7.85 2.00 5.00 2.80 8.00 2.00 3.68 0.81 0.92 1.26 8.09 1.86 143.00 – 144.00 232.00 – 236.30 1.00 4.30 9.05 12.35 AGDD0190 140 -72 105.00 – 124.00 133.90 – 136.00 180.00 – 182.00 193.00 – 204.00 19.00 2.10 2.00 11.00 4.51 2.32 9.06 5.44 116.40 – 119.33 180.00 – 181.00 194.00 – 195.00 2.93 1.00 1.00 17.33 16.28 38.05 The drilling results for the Kibali property contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Kibali property conform to industry accepted quality control methods.
    • 28. 28 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; significant intercepts are required to have overall internal dilution less than 20% total width ii. North Mara drill hole nomenclature: NGD: Nyabigena Drilling. iii. True width of intercepts are uncertain at this stage. 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) NGD838 358 -55 480 - 521 41 6.97 569 - 587 18 4.75 NGD917 345 -57 340 - 348 8 3.91 357 - 364.5 7.5 6.86 NGD940 0 -60 409 – 459 50 5.89 NGD956 358 -54 477 - 485 8 6.46 NGD838 358 -55 480 - 521 41 6.97 569 - 587 18 4.75 The drilling results for North Mara contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on North Mara conform to industry accepted quality control methods.
    • 29. 29 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) 1.30 1.30 1.30 CLP exchange rate (USD:CLP) 900 900 900 EUR exchange rate (EUR:USD) 1.10 1.10 1.10 Gold equivalent ounces calculated from our copper assets are calculated using a gold price of $1,400/oz and copper price of $3.00/lb. Barrick’s five-year indicative production profile for gold equivalent ounces is based on the following assumptions: Barrick’s five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. This outlook is based on our current reserves and resources and assumes that we will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the company’s gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following: new open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for pre-stripping prior to first ore production in 2027; and production from the Zaldívar CuproChlor® Chloride Leach Project (Antofagasta is the operator of Zaldívar). Our five-year indicative outlook excludes production from Fourmile, as well as Pierina and Golden Sunlight, both of which are currently in care and maintenance; and production from long-term greenfield optionality from Donlin, El Alto, Norte Abierto and Alturas. Barrick’s five-year production profile in this presentation also assumes an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature. Loulo-Gounkoto has been excluded from Barrick’s 2025 guidance but included from 2026 onwards as a result of the temporary suspension of operations. We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations. Refer to the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
    • 30. 30 End Notes… 1. “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 to other copper producers who present results on a similar basis. “C1 cash costs” per pound excludes royalties and non-routine charges as they are not direct production costs. “All-in sustaining costs” per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. “All-in sustaining costs” per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 46–58 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. 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 Lead – North America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2024. Technical Information
    • 31. 31 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 cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced. Attributable EBITDA margin is calculated as attributable EBITDA divided by revenues - as adjusted. We believe this ratio will assist analysts, investors and other stakeholders of Barrick to better understand the relationship between revenues and EBITDA or operating profit. Net leverage is calculated as debt, net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of Barrick in monitoring our leverage and evaluating our balance sheet. EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage differently. Further details including a detailed reconciliation of this non- GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 58–59 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. 3. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).
    • 32. 32 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 mining companies from around the world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. “Total cash costs” per ounce start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. Barrick believes that the use of “Total cash costs” per ounce and “All-in sustaining costs” per ounce will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 46– 58 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. 5. 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 $3.00/lb reserve with potential for +5Mt contained copper in support at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world-class geological district with potential for organic reserve growth and long-term geologically driven addition. 6. “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 flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on page 45 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
    • 33. 33 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; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 44–45 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. 8. Attributable capital expenditures are presented on the same basis as guidance and also includes capitalized interest. 9. These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 45–46 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
    • 34. 34 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, 2023, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023. 12. Refer to the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022. 12. Refer to the Technical Report on the Lumwana Expansion Project, Republic of Zambia, dated February 19, 2025, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025. 13. Refer to the Technical Report on the Carlin Complex, Eureka and Elko County, Nevada, USA, dated March 14, 2025, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 14, 2025. 14. Estimates are as of December 31, 2024, unless otherwise noted. Complete mineral reserve and mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades, and ounces, can be found in the Mineral Reserves and Mineral Resources Tables included on pages 36-45 of Barrick’s 2024 Annual Information Form/Form 40-F filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.


    • Previous
    • Next
    • f Fullscreen
    • esc Exit Fullscreen