Barrick Reports Full Year and Fourth Quarter 2025 Results
PRESS RELEASE
Barrick Reports Full Year and Fourth Quarter 2025 Results
Record shareholder returns and another record quarterly financial performance mark successful delivery of 2025 operating plan
- Q4 gold production 5% higher than Q3 at 871,000 ounces1, 2025 gold and copper production in line with guidance
- Record quarterly cash flow with operating cash flow of $2.73 billion and free cash flow2 of $1.62 billion—up 13% and 9%, respectively, over Q3
- Highest ever quarterly net earnings per share of $1.43 and adjusted net earnings per share2 of $1.04—up 88% and 79%, respectively, on Q3
- New dividend policy targets total payout of 50% of attributable free cash flow, including 40% increase in quarterly base dividend to $0.175 per share, plus performance year end top-up
- $0.42 per share quarterly dividend declared—a 140% increase over the third quarter
- Repurchased $1.50 billion of shares in 2025, representing about 3.0% of Barrick’s issued and outstanding shares, including $500 million in Q4
- Doubled gold resource at Fourmile project in Nevada with further increases expected in 20263
- 2026 production guidance: 2.90–3.25 million ounces1 of gold and 190,000–220,000 tonnes1 of copper
- Following rigorous analysis, the Board has decided to move forward with preparations for an initial public offering (“IPO”) of Barrick’s North American gold assets in order to maximize shareholder value
All amounts expressed in U.S. dollars Toronto, February 5, 2026 – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today reported fourth quarter operating and financial results for the period ending December 31, 2025. Barrick produced 871,000 ounces1 of gold and 62,000 tonnes1 of copper in the quarter and the Company generated $6.00 billion in revenue, as well as $2.73 billion in operating cash flow and $1.62 billion in free cash flow.2 Net earnings per share for the quarter of $1.43 and adjusted net earnings per share2 of $1.04 increased 88% and 79%, respectively, from Q3.
For the full year 2025, Barrick reported revenues of $16.96 billion, operating cash flow of $7.69 billion and free cash flow2 of $3.87 billion, increasing 31%, 71% and 194%, respectively, from 2024. Net earnings per share of $2.93 and adjusted net earnings per share2 of $2.42 for the full year increased 140% and 92%, respectively, from 2024. Full-year gold production was 3.26 million ounces1 while full-year copper production was 220,000 tonnes1, consistent with the guidance provided at the start of the year.
“We reported record quarterly cash flow, delivered on our gold and copper production guidance, and successfully executed our 2025 operating plan. These achievements contributed to record adjusted net earnings per share2 in 2025 and the highest shareholder returns in this company’s history. On the back of this financial strength, the Board approved a further 40% increase to our quarterly base dividend and a dividend framework to allow shareholders to further participate in our performance,” said Mark Hill, President and Chief Executive Officer. “The outstanding finish to 2025 showcases the strength of Barrick’s operations and the commitment of its people. The agreement in Mali to secure the release of our colleagues was a major success and I commend all who were involved for this tremendous result.”
Mark Hill continued: “As we progress towards an IPO of our North America business to maximize value, we remain steadfast in our focus on operational performance and improving safety. By maintaining a collaborative culture and operational rigor, we are well-positioned to carry our current momentum forward and continue unlocking value from our premier asset portfolio in 2026.”
Operational Highlights
Gold production in Q4 was 5% higher than Q3 at 871,000 ounces1, with cost of sales (“COS”)4 of $1,904 per ounce, total cash costs (“TCC”)2 of $1,205 per ounce and all-in sustaining costs (“AISC”)2 of $1,581 per ounce. Gold COS4 per ounce and AISC2 per ounce were 22% and 3% higher than Q3, respectively. Nevada Gold Mines performed well across the board in Q4, led by a 25% increase in Carlin’s production over Q3. Throughput at Pueblo Viejo rose to another record high and partially offset reduced recoveries from stockpiled material in the flotation and Carbon-In-Leach circuits.
Full year 2025 gold production was 17% lower than 2024 at 3.26 million ounces1, in line with guidance, with COS4 of $1,697 per ounce, TCC2 of $1,199 per ounce and AISC2 of $1,637 per ounce—all slightly above guidance due to higher royalites driven by the higher realized gold price.2 TCC2 and AISC2 were also affected by higher consumable prices, partially driven by tariff impacts.
Copper production in Q4 was 13% higher than Q3 at 62,000 tonnes1, with COS5 of $3.37 per pound, C1 cash costs2 of $2.45 per pound and AISC2 of $3.61 per pound. Copper COS5 per pound and AISC2 per pound were 26% and 15% higher than Q3, respectively.
Full year 2025 copper production was 13% higher than 2024 at 220,000 tonnes1, in line with guidance. Copper COS5 for full year 2025 was $2.91 per pound with C1 cash costs2 of $2.14 per pound and AISC2 of $3.20 per pound—3%, 5% and 7% lower than 2024, respectively. COS5 and AISC2 were slightly above guidance as a result of higher royalties due to the higher realized copper price.2
Despite a stronger emphasis on safety, two of our colleagues sadly lost their lives in Q4. In addition to the previously disclosed fatal injury at Bulyanhulu on October 21, a team member lost his life at Kibali on December 15. Our thoughts remain with the families, friends and colleagues of the team members who passed away in 2025. We have conducted full investigations into these tragic incidents and have taken actions in an effort to prevent their recurrence. We remain unequivocally committed to prioritizing safety to ensure every person goes home safe and healthy every day.
BARRICK YEAR-END 2025 2 PRESS RELEASE
Financial Highlights
Barrick achieved another record quarterly financial performance, with operating cash flow and free cash flow2 of $2.73 billion and $1.62 billion—up 13% and 9% over Q3, respectively. In Q4, Barrick achieved net earnings of $2.41 billion ($1.43 per share) and adjusted net earnings2 of $1.75 billion ($1.04 per share) compared to net earnings of $1.30 billion ($0.76 per share) and adjusted net earnings2 of $982 million ($0.58 per share) in the prior quarter. Revenues of $6.00 billion in Q4 increased 45% from $4.15 billion in Q3.
Full-year 2025 net earnings were $4.99 billion ($2.93 per share), compared to net earnings of $2.14 billion ($1.22 per share) in 2024—up 133% and 140%, respectively. Adjusted net earnings2 in 2025 were $4.14 billion ($2.42 per share), compared to $2.21 billion ($1.26 per share) in 2024—up 87% and 92%, respectively. Full-year revenue increased 31% to $16.96 billion, compared to $12.92 billion in 2024. Operating cash flow in 2025 increased 71% to $7.69 billion, compared to $4.49 billion in 2024. Free cash flow2 for 2025 was $3.87 billion, up 194% from $1.32 billion in 2024.
In addition, the previously announced sales of Hemlo and Tongon closed successfully in Q4, bringing proceeds from non-core asset sales to $2.6 billion in 2025, including Donlin and Alturas. Our strong cash flow generation, together with these proceeds from non-core asset sales, increased Barrick’s year-end cash balance of $6.71 billion by 65% over 2024—even after delivering record shareholder returns and funding growth projects in 2025.
Key Growth Projects
At Barrick’s 100%-owned Fourmile project in Nevada, the team succeeded in doubling the declared gold mineral resource for the second consecutive year—now reporting 2.6 million ounces of indicated resources (4.6 million tonnes at 17.59 grams per tonne) and 13 million ounces of inferred resources (25 million tonnes at 16.9 grams per tonne).3 Ongoing prefeasibility studies point to the potential for significant additional resource growth.3 2026 is expected to be a critical year at Fourmile, with drilling spend expected to increase to $150–$160 million compared to $91 million in 2025. Planned access via the Bullion Hill Decline is progressing, with development on track to begin in Q4 2026.
The Lumwana expansion remains slightly ahead of schedule, with deliveries of the 2026 mining fleet already underway. At Pueblo Viejo, more than 300 families have now moved into the new community Nuevos Horizontes (‘New Horizons’), and the tailings storage facility construction is on track to support the expansion. The Reko Diq copper-gold project continued to advance site works in Q4, although in light of a recent increase in security incidents management is currently reviewing all aspects of the project.
Quarterly Dividend and New Dividend Policy
Barrick’s Board of Directors approved a $0.42 per share quarterly dividend, representing an increase of 140% over the third quarter, and announced a new dividend policy.
During Q4 2025, the Company repurchased $500 million of its shares, with full year 2025 buybacks totaling $1.5 billion, representing about 3.0% of Barrick’s issued and outstanding shares. In total, Barrick returned $2.39 billion to shareholders in 2025—a company record.
BARRICK YEAR-END 2025 3 PRESS RELEASE
In Q4 2025 and going forward, the Company’s new dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis, comprised of a fixed base quarterly dividend of $0.175 per share and a performance top-up component at each year end based on the attributable free cash flow during the year. The dividend paid in any given year may be higher or lower than the 50% target based on the strength of cash flow, capital needs, balance sheet considerations and other factors.
Reserves and Resources
2025 gold mineral reserves and resources were calculated using a gold price assumption of $1,500 and $2,000 per ounce, increased from $1,400 and $1,900 in 2024, respectively. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places.
As of December 31, 2025, Barrick’s proven and probable gold mineral reserves were 85 million ounces6 at an average grade of 0.98 g/t, compared to 89 million ounces7 in 2024 at an average grade of 0.99 g/t. This represents a year-over-year attributable gold mineral reserves decrease of 4.1 million ounces, owing to the divestitures of Tongon and Hemlo (2.2 million-ounce reduction), alongside annual depletion (3.7 million ounces), partially offset by 1.8 million ounces of additions associated with exploration and changes in commodity prices. Although depletion was higher than net conversion by 1.9 million ounces for 2025, the three-year rolling average gold mineral reserve replacement stands close to 190% adding more than 24 million ounces to gold mineral reserves (excluding both acquisitions and divestments), primarily supported by 17 million ounces of net change in the prior year.7
Barrick’s attributable measured and indicated gold resources for 2025 stand at 150 million ounces6 at 1.01 g/t along with inferred resources of 43 million ounce6 at 1.0 g/t. Measured and indicated mineral resources reduced by 20 million ounces as a result of the divestiture of Donlin and a further 2.2 million ounces as a result of the divestiture of Alturas. Overall divestitures in 2025 accounted for a reduction of 26 million ounces of measured and indicated mineral resources and 7.3 million ounces of inferred mineral resources, respectively.
Copper mineral reserves for Barrick-operated assets as of December 31, 2025 are estimated using a copper price assumption of $3.25 per pound, increased from $3.00 per pound in 2024. Copper mineral resources for 2025 are estimated using a price of $4.50 per pound, also increased from $4.00 per pound in 2024. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places.
Attributable proven and probable copper mineral reserves remained at 18 million tonnes of copper6 at 0.46% in 2025 on an attributable basis compared to 18 million tonnes of copper7 at 0.45% in 2024. Barrick’s attributable measured and indicated copper resources for 2025 stand at 24 million tonnes of copper6 at 0.39%, with a further 4.2 million tonnes6 at 0.3% of inferred resources, reflecting increases due to changes in commodity pricing.
2026 Guidance
Following the operational review launched in Q3 2025, mine plan ownership was transitioned back to site teams and responsible regional leaders. These teams developed deliverable, ground-up plans informed by past performance and improved confidence levels. Our 2026 guidance is based on these plans.
BARRICK YEAR-END 2025 4 PRESS RELEASE
Gold production guidance for 2026 is 2.90–3.25 million ounces.1 This compares to actual 2025 gold production of 3.26 million ounces1, or 3.03 million ounces when the divested assets Hemlo and Tongon are excluded. Gold cost guidance for 2026, including COS4 of $1,870–$2,070, TCC2 of $1,330–$1,470 and AISC2 of $1,760–$1,950, is based on a gold price assumption of $4,500 per ounce.8
Copper production guidance for 2026 is 190,000–220,000 tonnes1, compared to actual production of 220,000 tonnes1 in 2025, at copper COS5 of $3.05–$3.35 per pound, C1 cash costs2 of $2.20–$2.45 per pound and AISC2 of $3.45–$3.75 per pound. Copper cost guidance is based on a copper price assumption of $5.50 per pound.8
Update on Preparations of North America Gold IPO
As announced on December 1, 2025, the Board authorized Barrick’s management team to explore the IPO of an entity that will hold Barrick’s premier North American gold assets (“NewCo”). Following a rigorous financial and operational analysis by Barrick’s management and its advisors, the Board has concluded that the IPO of NewCo represents the best path for maximizing value for Barrick’s shareholders. The Board has authorized Barrick’s management to begin preparations for the IPO of NewCo and expects the IPO to be completed by late 2026.
NewCo will hold Barrick’s joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as Barrick’s wholly owned Fourmile gold discovery in Nevada. Barrick intends to retain a significant controlling interest in NewCo following the IPO and continue to benefit financially through its majority ownership of NewCo. Barrick will continue to own and drive value in the Company’s other world-class gold and copper assets. Barrick expects to provide further details of the IPO in the coming months.
The completion of the IPO will be subject to market conditions and other customary conditions, including any required regulatory approvals and final approval of the IPO by the Barrick Board of Directors.
Presentation and Webcast
The management team will host a live webcast and presentation today at 11:00 AM ET followed by a question-and-answer session with analysts. To join the webcast, please register here. Presentation materials will be available on Barrick’s website prior to the event with a replay available soon after.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
Investor Relations Contact Media Contact
Barrick Mining Corporation Brunswick Group Cleve Rueckert, +1 775 397 5443 Carole Cable, +44 (0) 20 7404 5959 [email protected] [email protected]
BARRICK YEAR-END 2025 5 PRESS RELEASE
Financial and Operating Highlights
12/31/25 9/30/25 % Change 12/31/25 12/31/24 % Change Financial Results ($ millions)
| Revenues | 5,997 | 4,148 | 45% | 16,956 | 12,922 | 31% |
| Cost of sales | 2,712 | 1,890 | 43% | 8,265 | 7,961 | 4% |
| Net earningsa | 2,406 | 1,302 | 85% | 4,993 | 2,144 | 133% |
| Adjusted net earningsb | 1,754 | 982 | 79% | 4,139 | 2,213 | 87% |
| Attributable EBITDAb | 3,084 | 2,022 | 53% | 8,157 | 5,185 | 57% |
| Attributable EBITDA marginb | 64 % | 59% | 8% | 58% | 48% | 21% |
| Minesite sustaining capital expendituresb,c | 458 | 395 | 16% | 1,896 | 2,217 | (14)% |
| Project capital expendituresb,c | 630 | 532 | 18% | 1,870 | 924 | 102% |
| Total consolidated capital expendituresc,d | 1,107 | 943 | 17% | 3,821 | 3,174 | 20% |
| Total attributable capital expenditurese | 906 | 757 | 20% | 3,011 | 2,607 | 15% |
| Net cash provided by operating activities | 2,726 | 2,422 | 13% | 7,689 | 4,491 | 71% |
| Net cash provided by operating activities marginf | 45% | 58% | (22)% | 45% | 35% | 29% |
| Free cash flowb | 1,619 | 1,479 | 9% | 3,868 | 1,317 | 194% |
| Attributable free cash flowb | 1,060 | 1,154 | (8)% | 2,837 | 1,091 | 160% |
| Net earnings per share (basic and diluted) | 1.43 | 0.76 | 88% | 2.93 | 1.22 | 140% |
| Adjusted net earnings (basic)bper share | 1.04 | 0.58 | 79% | 2.42 | 1.26 | 92% |
| Weighted average diluted common shares (millions of shares) | 1,684 | 1,703 | (1)% | 1,707 | 1,751 | (3)% |
| Debt (current and long-term) | 4,703 | 4,714 | 0% | 4,703 | 4,729 | (1)% |
| Cash and equivalents | 6,706 | 5,037 | 33% | 6,706 | 4,074 | 65% |
| Debt, net of cash | (2,003) | (323) | 520% | (2,003) | 655 | (406)% |
a. Net earnings represents net earnings attributable to the equity holders of the Company.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 2 of this press release.
c. Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs.
d. Total consolidated capital expenditures also includes capitalized interest of $19 million and $55 million, respectively, for Q4 2025 and 2025 (Q3 2025: $16 million; 2024: $33 million; 2023: $41 million).
e. These amounts are presented on the same basis as our guidance.
f. Represents net cash provided by operating activities divided by revenue.
For the three months ended For the years ended
| 12/31/25 | 9/30/25 % Change | 12/31/25 | 12/31/24 % Change | |
| Operating Results | ||||
| Gold | ||||
| Gold production (thousands of ounces)a 871 829 5% 3,255 3,911 (17)% | ||||
| Gold sold (thousands of ounces)a 960 837 15% 3,318 3,798 (13)% | ||||
| Market gold price ($/oz) 4,135 3,457 20% 3,432 2,386 44% | ||||
| Realized gold pricea,b ($/oz) 4,177 3,457 21% 3,501 2,397 46% | ||||
| Gold COS (Barrick’s share)a,c ($/oz) 1,904 1,562 22% 1,697 1,442 18% | ||||
| Gold TCCa,b ($/oz) 1,205 1,137 6% 1,199 1,065 13% | ||||
| Gold AISCa,b ($/oz) 1,581 1,538 3% 1,637 1,484 10% | ||||
| Revenue ($ millions)a 4,111 2,943 40% 11,844 9,281 28% | ||||
| Attributable EBITDA ($ millions)b 2,708 1,777 52% 7,041 4,667 51% | ||||
| Copper | ||||
| Copper production (thousands of tonnes)a 62 55 13% 220 195 13% | ||||
| Copper sold (thousands of tonnes)a 67 52 29% 224 177 27% | ||||
| Market copper price ($/lb) 5.03 4.44 13% 4.51 4.15 9% | ||||
| Realized copper pricea,b ($/lb) 5.42 4.39 23% 4.72 4.15 14% | ||||
| Copper COS (Barrick’s share)a,d ($/lb) 3.37 2.68 26% 2.91 2.99 (3)% | ||||
| Copper C1 cash costsa,b ($/lb) 2.45 1.96 25% 2.14 2.26 (5)% | ||||
| Copper AISCa,b ($/lb) 3.61 3.14 15% 3.20 3.45 (7)% | ||||
| Revenue ($ millions)a 769 472 63% 2,199 1,484 48% | ||||
| Attributable EBITDA ($ millions)b 376 245 53% 1,116 518 115% |
a. On an attributable basis.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 2 of this press release.
c. Gold COS/oz 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).
d. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
BARRICK YEAR-END 2025 6 PRESS RELEASE
Regional Summarya and 2026 Guidanceb
For the three months ended For the twelve months ended 2026
| 12/31/25 | 9/30/25 12/31/24 | 12/31/25 | 12/31/24 Guidance | |
| Gold | ||||
| North Americac | ||||
| Gold produced (000s oz) 595 536 576 2,093 2,145 1,770 - 1,980 | ||||
| Gold sold (000s oz) 608 543 567 2,112 2,140 | ||||
| COS ($/oz)d 1,663 1,567 1,522 1,653 1,512 1,820 - 2,010 | ||||
| TCC ($/oz)e 1,169 1,149 1,129 1,217 1,130 1,270 - 1,410 | ||||
| AISC ($/oz)e 1,460 1,450 1,448 1,601 1,536 1,690 - 1,870 | ||||
| Revenue ($ millions) 2,604 1,910 1,539 7,557 5,262 | ||||
| Attributable EBITDA ($ millions)e 1,730 1,117 651 4,430 2,761 | ||||
| South America & Asia Pacificc | ||||
| Gold produced (000s oz) 72 73 95 322 298 260 - 300 | ||||
| Gold sold (000s oz) 69 68 103 317 313 | ||||
| COS ($/oz)d 1,553 1,438 1,263 1,363 1,277 1,870 - 2,070 | ||||
| TCC ($/oz)e 983 931 885 901 928 1,170 - 1,300 | ||||
| AISC ($/oz)e 1,898 1,532 1,395 1,502 1,380 1,500 - 1,660 | ||||
| Revenue ($ millions) 289 226 281 1,066 779 | ||||
| Attributable EBITDA ($ millions)e 155 158 64 676 171 | ||||
| Africa & Middle East | ||||
| Gold produced (000s oz) 204 220 409 840 1,468 870 - 970 | ||||
| Gold sold (000s oz) 283 226 295 889 1,345 | ||||
| COS ($/oz)d 2,527 1,587 1,303 1,924 1,368 1,990 - 2,200 | ||||
| TCC ($/oz)e 1,364 1,170 944 1,270 1,000 1,490 - 1,640 | ||||
| AISC ($/oz)e 1,575 1,424 1,389 1,543 1,333 1,840 - 2,040 | ||||
| Revenue ($ millions) 1,218 807 788 3,221 3,240 | ||||
| Attributable EBITDA ($ millions)e 823 502 454 1,935 1,735 | ||||
| Total Gold | ||||
| Gold produced (000s oz) 871 829 1,080 3,255 3,911 2,900 - 3,250 | ||||
| Gold sold (000s oz) 960 837 965 3,318 3,798 | ||||
| COS ($/oz)d 1,904 1,562 1,428 1,698 1,442 1,870 - 2,070 | ||||
| TCC ($/oz)e 1,205 1,137 1,046 1,199 1,065 1,330 - 1,470 | ||||
| AISC ($/oz)e 1,581 1,538 1,451 1,637 1,484 1,760 - 1,950 | ||||
| Revenue ($ millions) 4,111 2,943 2,608 11,844 9,281 | ||||
| Attributable EBITDA ($ millions)e 2,708 1,777 1,169 7,041 4,667 | ||||
| Total Copper | ||||
| Copper produced (kt) 62 55 64 220 195 190 - 220 | ||||
| Copper sold (kt) 67 52 54 224 177 | ||||
| COS ($/lb)f 3.37 2.68 2.62 2.91 2.99 3.05 - 3.35 | ||||
| C1 cash costs ($/lb)e 2.45 1.96 2.04 2.14 2.26 2.20 - 2.45 | ||||
| AISC ($/lb)e 3.61 3.14 3.07 3.20 3.45 3.45 - 3.75 | ||||
| Revenue ($ millions) 769 472 436 2,199 1,484 | ||||
| Attributable EBITDA ($ millions)e 376 245 123 1,116 518 |
a. All figures in this table are on an attributable basis.
b. See “Outlook Assumptions and Economic Sensitivity Analysis” in endnote 8 of this press release.
c. Starting Q4 2025, we have presented Pueblo Viejo as part of North America instead of South America & Asia Pacific. Comparative information has been restated.
d. Gold COS/oz 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).
e. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 2 of this press release.
f. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
BARRICK YEAR-END 2025 7 PRESS RELEASE
Technical Information
The scientific and technical information contained in this press release has been reviewed 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 – South America & Asia Pacific; 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, 2025.
Endnotes
Endnote 1
On an attributable basis.
Endnote 2 – Non-GAAP Financial Measures
Free Cash Flow and Attributable Free Cash Flow
“Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. “Attributable free cash flow” starts with free cash flow and adds our attributable share of free cash flow from our equity investees and subtracts the free cash flow attributable to the non-controlling interests. 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 and attributable free cash flow are 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. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Attributable Free Cash Flow
For the three months ended For the years ended
| ($ millions) | 12/31/25 | 9/30/25 | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|---|---|
| Net cash provided by operating activities | 2,726 | 2,422 | 7,689 | 4,491 | 3,732 |
| Capital expenditures | (1,107) | (943) | (3,821) | (3,174) | (3,086) |
| Consolidated free cash flow | 1,619 | 1,479 | 3,868 | 1,317 | 646 |
| Free cash flow applicable to equity investees | 172 | 191 | 585 | 553 | 465 |
| Non-controlling interests | (731) | (516) | (1,616) | (779) | (712) |
| Attributable free cash flow | 1,060 | 1,154 | 2,837 | 1,091 | 399 |
Adjusted Net Earnings and Adjusted Net Earnings per Share
“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. Furthermore, foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The tax effect and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick’s shares on a post-tax basis, consistent with net earnings. Adjusted net earnings and adjusted net earnings per share 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. 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. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures 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.
BARRICK YEAR-END 2025 8 PRESS RELEASE
Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share
| ($ millions, except per share amounts in dollars) | 12/31/25 | 9/30/25 | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|---|---|
| Net earnings attributable to equity holders of the Company | 2,406 | 1,302 | 4,993 | 2,144 | 1,272 |
| Impairment (reversals) charges related to non-current assetsa | 5 | 3 | 12 | (457) | 312 |
| Acquisition/disposition gainsb | (1,146) | (250) | (1,107) | (24) | (364) |
| Loss on currency translation | 6 | (3) | 3 | 39 | 93 |
| Significant tax adjustmentsc | 80 | (119) | (89) | 137 | 220 |
| Other expense adjustmentsd | 559 | 47 | 823 | 249 | 96 |
| Non-controlling intereste | (101) | 0 | (116) | (170) | (98) |
| Tax effecte | (55) | 2 | (380) | 295 | (64) |
| Adjusted net earnings | 1,754 | 982 | 4,139 | 2,213 | 1,467 |
| Net earnings per sharef | 1.43 | 0.76 | 2.93 | 1.22 | 0.72 |
| Adjusted net earnings per sharef | 1.04 | 0.58 | 2.42 | 1.26 | 0.84 |
a. There were no significant impairment charges or reversals in 2025. Net impairment reversals for 2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.
b. Acquisition/disposition gains for 2025 relate to gain on sale of our 50% interest in the Donlin Gold project in Q2 2025, and sale of our Hemlo gold mine, our interest in the Tongon gold mine and the Alturas project, all occurring in Q4 2025. Q4 2025 was further impacted by the accounting impact of regaining control of the Loulo-Gounkoto complex on December 16, 2025, which largely offset the losses recognized earlier in 2025 relating to the deconsolidation and recognition of an investment at fair value following the change of control after it was placed under a temporary provisional administration on June 16, 2025. The acquisition/ disposition gains in Q3 2025 mainly related to the revaluation of our 80% equity investment in Loulo-Gounkoto, as it was deconsolidated and an investment at fair value was recognized in Q2 2025, as described above.
c. Significant tax adjustments in Q4 2025 include the resolution of uncertain tax positions, the impact of prior year adjustments and the recognition of deferred tax assets. Significant tax adjustments in 2025 primarily relate to the foreign currency remeasurement of tax balances, the resolution of uncertain tax positions and the recognition of deferred tax assets. For Q3 2025, significant tax adjustments include the foreign currency remeasurement of deferred tax balances and the recognition of deferred tax assets. Significant tax adjustments for 2024 primarily relate to the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets.
d. Other expense adjustments for Q4 2025 and 2025 mainly relate to the settlement payment to the Government of Mali in November 2025 and the fair value increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto. 2025 was further impacted by reduced operations costs at Loulo-Gounkoto. Other expense adjustments for 2024 mainly relate to a payment to the Government of Mali to advance negotiations, a customs and royalty settlement at Tongon, interest and penalties recognized following the settlement of the Zaldívar Tax Assessments in Chile, a provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick, and an accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership.
e. Non-controlling interest for 2025 primarily relates to other expense adjustments and tax effect for 2025 primarily relates to acquisition/disposition gains.
f. Calculated using weighted average number of shares outstanding under the basic method of earnings per share.
Capital Expenditures
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/pound. 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 on these non-GAAP financial performance measures 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. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.
Reconciliation of the Classification of Capital Expenditures
For the three months ended For the years ended
| ($ millions) | 12/31/25 | 9/30/25 | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|---|---|
| Minesite sustaining capital expenditures | 458 | 395 | 1,896 | 2,217 | 2,076 |
| Project capital expenditures | 630 | 532 | 1,870 | 924 | 969 |
| Capitalized interest | 19 | 16 | 55 | 33 | 41 |
| Total consolidated capital expenditures | 1,107 | 943 | 3,821 | 3,174 | 3,086 |
Total cash costs per ounce and All-in sustaining costs per ounce
“Total cash costs” per ounce (TCC/oz) and “All-in sustaining costs” per ounce (AISC/oz) 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
BARRICK YEAR-END 2025 9 PRESS RELEASE
operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. TCC/oz start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and costs allocated to by-products. AISC/oz start with TCC/oz and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs related to the current mine plan and reclamation cost accretion and amortization. Barrick believes that the use of TCC/oz and AISC/oz 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 the gold operations portion of our business. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is generated by a mine and therefore Barrick believes these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of Barrick’s cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization. TCC/oz and AISC/oz 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 on these non-GAAP financial performance measures 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. The following table reconciles these non- GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Gold Cost of Sales to Total cash costs and All-in sustaining costs, including on a per ounce basis
For the three months ended For the years ended
| ($ millions, except per ounce information in dollars) | Footnote | 12/31/25 | 9/30/25 | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|---|---|---|
| Cost of sales applicable to gold production | 2,423 | 1,690 | 7,357 | 7,226 | 7,178 | |
| Depreciation | (503) | (384) | (1,588) | (1,641) | (1,756) | |
| Total cash cost applicable to equity method investments | 111 | 114 | 435 | 316 | 260 | |
| Costs allocated to by-products | (130) | (80) | (334) | (247) | (252) | |
| Other | a | (258) | 5 | (237) | 14 | 18 |
| Non-controlling interests | b | (487) | (393) | (1,655) | (1,623) | (1,578) |
| Total cash costs | 1,156 | 952 | 3,978 | 4,045 | 3,870 | |
| General & administrative costs | 64 | 77 | 222 | 115 | 126 | |
| Minesite exploration and evaluation costs | c | 8 | 7 | 27 | 37 | 40 |
| Minesite sustaining capital expenditures | d | 458 | 395 | 1,896 | 2,217 | 2,076 |
| Sustaining leases | 4 | 7 | 26 | 30 | 30 | |
| Rehabilitation - accretion and amortization (operating sites) | e | 16 | 17 | 66 | 66 | 63 |
| Non-controlling interest, copper operations and other | f | (191) | (171) | (787) | (874) | (824) |
| All-in sustaining costs | 1,515 | 1,284 | 5,428 | 5,636 | 5,381 | |
| Ounces sold - attributable basis (koz) | g | 960 | 837 | 3,318 | 3,798 | 4,024 |
| COS/oz | h,i | 1,904 | 1,562 | 1,697 | 1,442 | 1,334 |
| TCC/oz | i | 1,205 | 1,137 | 1,199 | 1,065 | 960 |
| AISC/oz | i | 1,581 | 1,538 | 1,637 | 1,484 | 1,335 |
a. Other - Other adjustments for Q4 2025 and 2025 include the removal of the fair value increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto of $283 million and $283 million, respectively (Q3 2025: $nil; 2024: $nil; 2023: $nil).
b. Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production of $741 million and $2,308 million, respectively, for Q4 2025 and 2025; (Q3 2025: $540 million; 2024: $2,189 million; 2023: $2,192 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon up until its sale on December 1, 2025, North Mara and Bulyanhulu. Refer to note 5 to the Financial Statements for further information.
c. Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 49 of Barrick’s Q4 and Year End 2025 MD&A.
d. Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures.
e. Rehabilitation - accretion and amortization - Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provisions of our gold operations, split between operating and non-operating sites.
f. Non-controlling interest and copper operations - Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interests of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon up until its sale on December 1, 2025, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investments in Kibali and Porgera. Figures remove the impact of Pierina up until December 31, 2023. The impact is summarized as the following:
BARRICK YEAR-END 2025 10 PRESS RELEASE
| ($ millions) | For the three months ended | For the years ended | ||||
|---|---|---|---|---|---|---|
| Non-controlling interest, copper operations and other | 12/31/25 | 9/30/25 | 12/31/25 | 12/31/24 | 12/31/23 | |
| General & administrative costs | (10) | (13) | (35) | (14) | (9) | |
| Minesite exploration and evaluation costs | (3) | (1) | (7) | (10) | (14) | |
| Rehabilitation - accretion and amortization (operating sites) | (5) | (5) | (21) | (21) | (21) | |
| Minesite sustaining capital expenditures | (173) | (152) | (724) | (829) | (780) | |
| All-in sustaining costs total | (191) | (171) | (787) | (874) | (824) |
g. Ounces sold - attributable basis - Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.
h. COS/oz - Gold COS/oz 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).
i. Per ounce figures - COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to rounding.
C1 cash costs per pound and All-in sustaining costs per pound
“C1 cash costs” per pound (C1 cash costs/lb) and “All-in sustaining costs” per pound (AISC/lb) are non-GAAP financial performance measures related to our copper mine operations. We believe that C1 cash costs/lb 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/lb excludes royalties, production taxes and non-routine charges as they are not direct production costs. AISC/lb is similar to the gold AISC 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. AISC/lb includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, production taxes, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures 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. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis
For the three months ended For the years ended
| ($ millions, except per pound information in dollars) | 12/31/25 | 9/30/25 | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|---|---|
| Cost of sales | 281 | 193 | 875 | 706 | 726 |
| Depreciation/amortization | (88) | (69) | (285) | (245) | (259) |
| Treatment and refinement charges | 53 | 44 | 179 | 162 | 191 |
Cash cost of sales applicable to equity method
| investments | 174 | 91 | 439 | 352 | 356 |
| Less: royalties | (37) | (25) | (108) | (67) | (62) |
| Costs allocated to by-products | (22) | (7) | (46) | (25) | (19) |
| C1 cash cost of sales | 361 | 227 | 1,054 | 883 | 933 |
| General & administrative costs | 11 | 12 | 39 | 17 | 22 |
| Rehabilitation - accretion and amortization | 1 | 1 | 6 | 9 | 9 |
| Royalties | 37 | 25 | 108 | 67 | 62 |
| Minesite exploration and evaluation costs | 3 | 1 | 7 | 4 | 7 |
| Minesite sustaining capital expenditures | 116 | 93 | 356 | 356 | 266 |
| Sustaining leases | 2 | 2 | 9 | 11 | 12 |
| All-in sustaining costs | 531 | 361 | 1,579 | 1,347 | 1,311 |
| Tonnes sold - attributable basis (thousands of tonnes) | 67 | 52 | 224 | 177 | 185 |
| Pounds sold - attributable basis (millions pounds) | 147 | 116 | 494 | 391 | 408 |
| COS/lba,b | 3.37 | 2.68 | 2.91 | 2.99 | 2.90 |
| C1 cash costs per pounda | 2.45 | 1.96 | 2.14 | 2.26 | 2.28 |
| AISC/lba | 3.61 | 3.14 | 3.20 | 3.45 | 3.21 |
a. COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.
b. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).
EBITDA, Adjusted EBITDA, Attributable EBITDA, Attributable EBITDA Margin and Net Leverage
EBITDA is a non-GAAP financial 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. 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 the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments.
BARRICK YEAR-END 2025 11 PRESS RELEASE
Attributable EBITDA further removes the non-controlling interest portion. Barrick believes 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. Barrick believes 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 on these non-GAAP financial performance measures 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. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA
For the three months ended For the years ended ($ millions) 12/31/25 9/30/25 12/31/25 12/31/24 12/31/23 Net earnings 3,213 1,904 7,154 3,088 1,953
| Income tax expense 794 477 1,651 1,520 861 | ||
| Finance costs, neta 42 21 138 143 83 | ||
| Depreciation 599 460 1,906 1,915 2,043 | ||
| EBITDA 4,648 2,862 10,849 6,666 4,940 | ||
| Impairment charges (reversals) of non-current assetsb 5 3 12 (457) 312 | ||
| Acquisition/disposition gainsc (1,146) (250) (1,107) (24) (364) | ||
| Loss on currency translation 6 (3) 3 39 93 | ||
| Other expense adjustmentsd 559 47 823 249 96 | ||
| Income tax expense, net finance costsa, and depreciation from equity investees 238 197 732 532 397 | ||
| Adjusted EBITDA 4,310 2,856 11,312 7,005 5,474 | ||
| Non-controlling Interests (1,226) (834) (3,155) (1,820) (1,487) | ||
| Attributable EBITDA 3,084 2,022 8,157 5,185 3,987 | ||
| Revenues - as adjustede 4,810 3,405 13,950 10,724 9,411 | ||
| Attributable EBITDA marginf 64 % 59 % 58 % 48 % 42 % | ||
| As at 12/31/25 | As at 12/31/24 As at 12/31/23 | |
| Net leverageg -0.2:1 0.1:1 0.1:1 |
a. Finance costs exclude accretion.
b. There were no significant impairment charges or reversals in 2025. Net impairment reversals for 2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.
c. Acquisition/disposition gains for 2025 relate to gain on sale of our 50% interest in the Donlin Gold project in Q2 2025, and sale of our Hemlo gold mine, our interest in the Tongon gold mine and the Alturas project, all occurring in Q4 2025. Q4 2025 was further impacted by the accounting impact of regaining control of the Loulo-Gounkoto complex on December 16, 2025, which largely offset the losses recognized earlier in 2025 relating to the deconsolidation and recognition of an investment at fair value following the change of control after it was placed under a temporary provisional administration on June 16, 2025. The acquisition/ disposition gains in Q3 2025 mainly related to the revaluation of our 80% equity investment in Loulo-Gounkoto, as it was deconsolidated and an investment at fair value was recognized in Q2 2025, as described above.
d. Other expense adjustments for Q4 2025 and 2025 mainly relate to the settlement payment to the Government of Mali in November 2025 and the fair value increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto. 2025 was further impacted by reduced operations costs at Loulo-Gounkoto. Other expense adjustments for 2024 mainly relate to a payment to the Government of Mali to advance negotiations, a customs and royalty settlement at Tongon, interest and penalties recognized following the settlement of the Zaldívar Tax Assessments in Chile, a provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick, and an accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership.
e. Refer to Reconciliation of Sales to Realized Price per pound/ounce on page 69 of Barrick’s Q4 and Year End 2025 MD&A.
f. Represents attributable EBITDA divided by revenues - as adjusted.
g. Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.
BARRICK YEAR-END 2025 12 PRESS RELEASE