Q1 gold production and costs were consistent with full year guidance; debt net of cash was reduced by a further 17% from the end of Q4 to $1.85 billion with no significant maturities until 2033; operating cash flow increased to $889

Q1Report

BARRICK MAKES SOLID START TO YEAR Prompt and Effective Actions Shield People and Business from Pandemic

ALL AMOUNTS EXPRESSED IN US DOLLARS

	NOILLIB 58.1$ OT HSAC FO TEN TBED *%71 h
	* QUARTER ON QUARTER
	OPERATING $889 CASH FLOW MILLION
	FREE CASH $438 FLOW1 MILLION
	MASSAWA SALE CREATES VALUE FOR ALL STAKEHOLDERS
	QUARTERLY $0.07 MAINTAINED DIVIDEND PER SHARE
6 EXPLORATION DRIVE EXTENDS ASSET BASE		8 PEERLESS RECORD OF STRATEGIC DELIVERY

Toronto, May 6, 2020 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) built on the solid foundation it laid last year with a robust first quarter performance from all operations in the face of the challenges presented by the global Covid-19 pandemic.

Q1 gold production and costs were consistent with full year guidance; debt net of cash was reduced by a further 17% from the end of Q4 to $1.85 billion with no significant maturities until 2033; operating cash flow increased to $889 million and free cash flow¹ to $438 million from Q4; net earnings per share was 22 cents; adjusted net earnings per share² was 16 cents; and the quarterly dividend of 7 cents per share was maintained.

President and CEO Mark Bristow said operational and financial delivery were on plan despite the fact that the group’s prime focus during the latter part of the quarter had been on ensuring the safety of Barrick’s people, communities and business in the face of the novel coronavirus pandemic, while also coping with the restrictive conditions imposed by governments.

“Our sustainability and regional teams have done a great job in taking timely action to introduce comprehensive and carefully considered measures at all our sites and offices to manage and mitigate any impacts of Covid-19 on our employees and contractors. A key focus of this plan is on prevention, and all sites are working actively to head off an outbreak,” he said.

CONTINUED ON PAGE 2

3 4 STEPPING UP CLEAN ENERGY COVID-19 CURBS COSTS RESPONSE

Key Performance Indicators

Solid start to the year from all operations

Financial and Operating Highlights

Gold production and costs were consistent

Financial Results	Q1 2020	Q4 2019 Q1 2019
Realized gold price3,4 ($ per ounce) Net earnings5 ($ millions) Adjusted net earnings2 ($ millions) Net cash provided by operating activities ($ millions) Free cash flow1 ($ millions) Net earnings per share ($) Adjusted net earnings per share2 ($) Total attributable capital expenditures6 ($ millions)	1,589	1,483 1,307 1,387 111 300 184 875 520 429 146 0.78 0.06 0.17 0.11 393 361
	400
	285
	889
	438
	0.22
	0.16
	364
Operating Results Gold	Q1 2020	Q4 2019 Q1 2019
Production4 (000s of ounces) Cost of sales (Barrick's share)4,7 ($ per ounce) Total cash costs4,8 ($ per ounce) All-in sustaining costs4,8 ($ per ounce) Copper	1,250	1,439 1,367 1,046 947 692 631 923 825
	1,020
	692
	954
Production9 (millions of pounds) Cost of sales (Barrick's share)9,10 ($ per pound) C1 cash costs9,11 ($ per pound) All-in sustaining costs9,11 ($ per pound)	115	117 106 2.26 2.21 1.90 1.66 2.82 2.46
	1.96
	1.55
	2.04

with full year guidance Debt, net of cash, down a further 17% to $1.85 billion with no significant maturities until 2033 Operating Cash Flow increased to $889 million and Free Cash Flow¹ to $438 million from Q4 Net earnings per share of 22 cents and adjusted net earnings per share² of 16 cents for the quarter Copper costs per pound significantly lower demonstrating resilience of business Successful completion of Massawa sale creates value for all stakeholders Signing of framework agreement in Tanzania paves way for exporting concentrate Continued focus on safety delivers improvements in injury rates 2019 Annual Report highlights ten-year plan as Barrick looks to next phase of value creation Proactive engagement with all stakeholders ensures protection of our people and supports sustainability of the business during Covid-19 pandemic Barrick's sustainability vision demonstrated by publication of industry-first ESG scorecard Brownfields exploration success points to life of mine extensions Global exploration portfolio expanded with new projects and targets Barrick declares $0.07 quarterly dividend per share

CONTINUED FROM PAGE 1 framework agreement with the government paved the way for the resumption of concentrate exports.

“In Barrick’s spirit of partnership, we have extended Covid-19 support to our local communities and our host countries and Brownfields exploration continues to replenish reserves are working closely with their health authorities. To date we depleted by mining while Barrick’s generative exploration have donated more than $20 million to our host countries, programs are identifying new projects and targets, and many of whom have limited healthcare facilities, to fund the expanding its global reach. Among other things, Barrick has purchase of medical equipment and PPE.”

formed an alliance with Japan Gold, holder of the largest exploration property portfolio in Japan.

Highlights of the quarter included the closing of the sale of the Massawa project, which has created immediate value for all Since the end of the quarter, the government of Papua New stakeholders, including Barrick. In Tanzania, the signing of the Guinea has announced that it will not renew Barrick Niugini Limited’s 20-year Special Mining Lease for the Porgera gold

BARRICK FIRST QUARTER 2020 2 PRESS RELEASE

mine. Barrick has said it will contest the move, which it regards safety; social and economic development; human rights; the as tantamount to nationalization without due process. In the environment; and governance.

meantime, BNL has placed Porgera on temporary care and maintenance. In addition, due to the uncertainty related to the “Overall we scored a B grade, which we believe accurately timing and scope of future developments on the mine’s reflects our improvement in sustainability performance over operating outlook, we are withdrawing our full year 2020 the year but also acknowledges that there is still some work guidance for Porgera at this time. As this is a rapidly evolving to be done,” Bristow said.

situation, we will reassess on an ongoing basis and provide further updates in due course, while maintaining operational

Conference Call and Webinar

readiness.

Please join us for an interactive webinar today at 11:00 EDT/ Bristow said regardless of new discoveries, organic growth 15:00 UTC to discuss the results.

from its existing asset base — which includes six Tier One gold mines — would sustain Barrick’s recently published ten- Webinar year plan that projects annual production of around five million US and Canada, 1 800 319 4610 ounces of gold (subject to adjustment based on the outcome UK, 0808 101 2791 of the process with the Government of Papua New Guinea International, +1 416 915 3239 with respect to the Porgera Special Mining Lease extension).

A Tier One gold mine is one which has a life of at least 10 The webinar will remain on the website for later viewing and years and produces more than 500,000 ounces of gold per the conference call will be available for replay by telephone annum in the lower half of the industry cost range.

at 1 855 669 9658 (US and Canada toll-free) and +1 604 674 8052 (international toll), access code 4363.

Barrick has also published an industry-first ESG scorecard to transparently report on its performance in terms of health and

PRO-ACTIVE PREPARATION, RAPID RESPONSE BUFFER COVID-19 IMPACT

Barrick’s deeply embedded health and safety culture, “Fortunately, Barrick had the management capacity to take combined with its flat organizational structure and agile immediate and effective action based on well-established management style, cushioned the initial impact of the health and safety resources and procedures. The streamlined coronavirus pandemic on its people, communities and corporate structure we introduced last year, the strong business. regional executive teams we established, and the transfer of greater authority to the operations all contributed to fast President and CEO Mark Bristow says while crises of one decision-making and prompt execution. We could also draw kind or another are endemic in big mining organizations, on the experience Randgold gained in dealing with two Ebola Covid-19 is a true Black Swan event. outbreaks in Africa,” he says.

BARRICK FIRST QUARTER 2020 3 PRESS RELEASE

Group sustainability executive Grant Beringer says Barrick is against the pandemic. To date, Barrick has provided host employing a ‘4 P’ strategy to protect its employees, governments with funding of more than $20 million, mainly to contractors and communities. The four Ps are Proactive acquire specialized medical equipment. In addition, the Response, Preparedness, Prevention and Perspective. company’s operations and subsidiaries have also been individually involved in a number of diverse but effective local Among many other things, these headings cover updating charitable initiatives where the need for intervention has been Emergency Response Plans at each site, introducing a identified.

Trigger/Threat Action Response Plan and the establishment of Outbreak Control Teams for all mines. Temperature Barrick has also taken steps to ensure that its operations screening is carried out at all access points to the sites and continue to enjoy an uninterrupted supply chain, proactively offices, rapid antibody test kits are being rolled out across the engaging with key suppliers to mitigate volatility and group, and social distancing and hygiene protocols have been uncertainty. With an integrated supply chain stretching over put in place. multiple continents, dedicated international logistics partners and strong relationships with key suppliers, Barrick has been “We believe that education and communication are key afforded the flexibility to deal with the challenges in an agile components of an effective Covid-19 campaign. Our manner.

workforce is regularly updated on the latest developments and our plans. Fact sheets with specific information on symptoms, “Not only have we focused on remaining active in ensuring hygiene and social distancing, designed to prevent we have alternate procurement and logistic arrangements in scaremongering or self-medication with potentially hazardous place, we have also increased the stocks of consumables and substances, have been distributed to everybody at Barrick. other fast moving items at our mines. At the same time, the Daily situation reports from each region are circulated team has been there to assist in procuring those often scarce throughout the organization.” PPE and other medical supplies needed by our host countries,” says Barrick’s group supply chain and commercial Beringer says Barrick is also engaging closely with its host executive Riaan Grobler.

authorities and communities to support them in their fight

In the Dominican Republic, the Quisqueya 1 power plant has been converted to accept natural gas instead of heavy fuel oil. It is expected to cut Pueblo Viejo’s CO2 emissions by 260,000 tonnes per year.

CLEARING THE AIR, CURBING THE COST

Barrick’s clean energy strategy is playing a significant Metallurgy, engineering and capital projects executive John and growing part in reducing the impact of its operations Steele says the company is investing in cleaner energy on the environment. At the same time, it is also steadily projects across all its operations with the aim of cutting more reducing their cost profile. than 1.5 million tonnes of CO2 per year from their GHG emissions. This marks a major advance in a journey that has taken Barrick and legacy company Randgold from diesel and

BARRICK FIRST QUARTER 2020 4 PRESS RELEASE

coal through heavy fuel oil and then to natural gas, hydro annual CO2 saving of 650,000 tonnes. Permit approval is electric and solar power. expected in the fourth quarter of this year. NGM has also started a permitting process for a 200MW solar plant. The The group’s second solar power plant is currently being 100MW first phase of the project is expected to save 130,000 installed at Loulo in Mali. When the 20MW station is tonnes of CO2 annually.

commissioned in September this year, it is expected to reduce “Nevada Gold Mines is committed to providing its operations diesel consumption by 10 million litres and CO2 emissions by 27,000 tonnes per year. low-cost, secure power generation through northeastern Nevada’s power grid now and into the future. The conversion Kibali in the DRC relies mainly on the hydropower generated of NGM’s TS Power Plant and the potential for an additional by its three stations, but in a move to further reduce diesel solar power facility illustrates this commitment while reducing consumption, a 9MW battery has been installed to provide the mines’ carbon emissions,” said Greg Walker, executive power surge capacity which is currently supplied by managing director, NGM.

generators. This will reduce the need for thermal power topups at an estimated saving of 4.5 million litres of diesel and In the Dominican Republic, the Quisqueya 1 power plant has 8,000 tonnes of CO2 per year. Despite its remote location, the been converted to accept natural gas instead of heavy fuel inclusion of seasonal hydro power allows Kibali to deliver oil. It is expected to cut Pueblo Viejo’s CO2 emissions by power at an annual average of 10 cents per kWh. 260,000 tonnes per year.

Nevada Gold Mines (NGM) has two power generation In Latin America, construction of the 23 kilometre cross-Andes facilities in northern Nevada with the TS Power Plant in powerline, which will link Veladero in Argentina with the Dunphy and the Western 102 Power Plant outside of Reno. Chilean grid, is underway. Sustainable power from the Chilean The TS Power Plant began operations in 2008 and has a grid — which globally has the largest percentage of renewable capacity of 215MW power generation from its original coal- energy in its supply — will replace 25MW of diesel-fired fired process. The Western 102 Power Plant has a capacity generation on site. This is expected to save 32 million litres of 115MW, supplying power from natural gas fired generators, of fuel per year, as well as the considerable cost of trucking and a 1MW Solar Facility. it up the Andes, and cut CO2 emissions by 83,000 tonnes.

NGM has embarked on a project to replace the last of its coalpowered stations with natural gas to achieve an estimated

Participatory environmental monitoring sessions for local communities helps build the trust critical to our social license to operate.

BARRICK PUBLISHES INDUSTRY-FIRST ESG SCORECARD

Long before ESG became a metric, its principles were scorecard. Developed with the assistance of independent embedded in every aspect of Barrick’s and Randgold’s sustainability consultants, it rates Barrick’s performance businesses, helping management to make better against its peers on social and economic development; health decisions, de-risk projects, discover new opportunities, and safety; the environment and human rights; and maintain a social license and deliver real value to governance.

stakeholders.

Group sustainability executive Grant Beringer says Barrick is Following the very comprehensive post-merger Sustainability committed to transparently measuring and reporting its Report Barrick published last year, this year’s even more performance.

detailed report features the mining industry’s first ESG

BARRICK FIRST QUARTER 2020 5 PRESS RELEASE

“The 2019 scorecard gave Barrick a B grade, which reflects “We are committed to improving our performance and our the improvements in sustainability performance we have grade, and will be tracking our progress on a monthly basis. made across the group through the year; however, we have An updated scorecard will be published at the end of Q2 this not yet met all the high standards we have set for ourselves, year.”

and there is still work to be done,” he says.

President and CEO Mark Bristow (centre) visits the Golden Sunlight mine in Montana, USA, earlier this year.

GOLDEN SUNLIGHT CLOSURE SOLUTION SECURES SULPHIDE FEEDSTOCK FOR NGM

Conventional closure methods would have left Barrick’s In addition, in a unique win-win deal, Nevada Gold Mines has Golden Sunlight mine in Montana with the burden of water agreed to purchase the concentrate from Golden Sunlight. treatment in perpetuity. Golden Sunlight will receive a stable long-term price for its concentrate while NGM has secured a new fuel supply (with Barrick engineers worked out, however, that the tailings were a gold price upside) for its refractory process plants for at least a significant sulphide resource (as well as containing some the next five years.

gold) that could be used to produce a sulphide concentrate through flotation. This would remove a potential ground water pollutant, minimizing its post-closure water treatment needs and reducing the mine’s overall environmental liability.

NEW EXPLORATION DRIVE EXTENDS ASSET BASE, BRINGS NEXT TIER ONE DISCOVERY CLOSER

Since geology was reinstated as the flywheel of the reserves as well as stepping up the search for the next Barrick engine, the group’s exploration teams have made big discovery.

significant advances in replenishing the company’s

BARRICK FIRST QUARTER 2020 6 PRESS RELEASE

“As a geology centric organization, we understand that major President and CEO Mark Bristow says in order for Barrick to discoveries are increasingly rare,” says executive VP be a global leader it needs a global presence.

exploration and growth Rob Krcmarov. “What is required now is a much deeper geological insight at both the orebody and “We’re already on the ground in all of the world’s major gold district level.” destinations aside from Russia and East Europe. We’re looking at a future built around our existing big operations in During the past quarter, significant advances have been made Central, East and West Africa, in Nevada, the world’s most on three projects. At Turquoise Ridge in Nevada, upgrading prolific goldfield, in the massively underexplored Dominican the geological understanding has already identified multiple Republic, and along the Andean trend. But we’re also looking targets, including open-ended mineralization and untested at new frontiers such as Japan, where we’ve formed an alliance with the holder of the largest exploration portfolio in structural intersections in favorable host rock below the mine.

In the DRC, new trends that have emerged in the central and the country. What’s particularly interesting to us is that while northern parts of the Kibali permit have shown the potential Japan hosts one of the world’s highest-grade gold mines, it has seen no modern exploration,” he says.

for high grade mineralization. In Tanzania, a full relog and remodel of the Gokona/Nyabigena deposit has materially changed the understanding of the controls on mineralization, leading to the identification of multiple open targets with the potential to grow the resources beyond depletion for the foreseeable future.

REVITALIZED VELADERO POISED FOR NEW FUTURE

The life of the Veladero gold mine in Argentina has been ten years and total cash costs per ounce⁸ at the lower half of extended to at least 10 years following a comprehensive the industry range.

review of its strategy and business plan, says Barrick

president and CEO Mark Bristow. Bristow said the next step in Veladero’s transformation would be to connect the mine to cleaner, cheaper power from the Bristow was briefing an Argentinian audience of local media, grid in neighboring Chile. Once commissioned in the second government authorities and local business and community half of this year, this could halve the mine’s carbon footprint leaders on the mine’s progress from Barrick’s offices in Chile, and potentially reduce its cut-off grade, creating an via a video conference to comply with the Covid-19 related opportunity to further increase the mineable reserves. travel restrictions imposed by Argentina.

Projects related to revitalizing Veladero, such as the leach “Our review included the reinterpretation of the mine’s geology pad expansion, have created new employment opportunities, and an ongoing infill drilling campaign. We established with the number of direct employees and contractors rising exploration and resource management teams to identify by 1,400 to almost 5,000 since January 2019, and the number satellite orebodies with the potential to deliver an increase in of local suppliers increasing almost threefold¹². In line with resources and reserves. Our aim is to extend Veladero’s life Barrick’s local employment policy, 99% of Barrick’s workforce of mine beyond 2030 and elevate it to a Tier One mine,” he at Veladero are Argentinian.

said. Barrick defines a Tier One mine as one that will produce at least 500,000 ounces per annum, has a life of more than Since 2005, Veladero has contributed some $9.5 billion to the Argentinian economy through taxes, royalties, salaries and

BARRICK FIRST QUARTER 2020 7 PRESS RELEASE

payments to local suppliers. The mine has established a new that process. Realizing that potential requires the government community fund which, depending on production, is expected and the industry to work together towards long-term goals and to generate more than $88 million for local infrastructure to guard against short-term fiscal measures which could development over the next decade. destroy this opportunity,” Bristow said.

“Argentina has the potential to rebuild its economy for its people and Veladero can make a significant contribution to

Barrick has completed the transaction of combining its Massawa gold project in Senegal with Teranga Gold Corporation’s Sabodala gold mine.

A PEERLESS RECORD OF STRATEGIC DELIVERY

Barrick Completes Massawa Transaction In the 15 months since the Randgold merger, Barrick’s Strategic Matters Group has driven the historic Nevada Gold Mines joint venture transaction, and the successful

In line with its strategy of focusing on Tier One assets, Barrick

sales of Kalgoorlie in Western Australia and the Massawa

has completed the transaction of combining its Massawa gold project in Senegal. It also worked with Barrick’s Africa and project in Senegal with Teranga Gold Corporation’s Sabodala Middle East team to secure the Acacia minorities buyout, gold mine. Barrick and its Senegalese partner previously held create a new joint venture with the government of Tanzania a 90% interest in the Massawa project.

and settle all outstanding disputes.

Mark Bristow said Massawa was one of the largest The group is led by senior executive vice-president Kevin unexploited gold deposits in West Africa and its legacy Thomson, who describes it as a small team of highly company, Randgold Resources, had developed this over a experienced people, based in the Toronto corporate office, period of years to the point where its value could now be with a deep industry knowledge and uniquely specialized, optimally realized for the benefit of all its stakeholders which diversified and complementary skillsets that enable it to go includes the Senegal Government.

well beyond a typical corporate development function.

“Teranga is best placed to achieve this as it already owns the “It operates on a tightly integrated basis with the rest of the nearby Sabodala mine and Sabodala’s combination with organization, and interacts constantly with Barrick’s technical, Massawa is expected to deliver significant synergies. Barrick exploration, tax, financial and legal teams across the globe, will participate in the upside of the combined asset through as well as leading banks and law firms,” he says.

the 11% interest it acquired in Teranga through this transaction,” he said.

“The group has an unparalleled record of success in executing and delivering major strategic initiatives. Among other things, it has achieved some of the highest transaction multiples in the industry through the divestment of non-core assets over the past five years.”

BARRICK FIRST QUARTER 2020 8 PRESS RELEASE

THE LONG GAME WINS

In another first for the gold mining industry, Barrick has “Barrick has been able to make this confident statement of published its ten-year plans in its 2019 annual report intent thanks to the work we’ve done to strengthen the geology which appeared in March. function and introduce mineral resource management across the organization. At the same time, we’ve transferred They show that the company’s strong asset foundation will ownership of and responsibility for the orebodies to the mines. support its targeted production for at least the next ten years Geological updates are regularly used to update mine plans through organic growth. Only capital related to our current and real Life of Mine optimization is based on high-confidence operating assets, sustaining projects in progress as well as geological models as well as operating plans, ounce profiles, existing exploration and mineral resource management and operating and capital cost forecasts,” he says.

initiatives will be required, which will be funded by cash flows at a $1,200/oz average gold price. The plans will be rolled on “Our long-term strategy prizes quality above quantity, hence an annual basis. its focus on Tier One assets. We define a Tier One mine as one that will produce at least 500,000 ounces per annum, has The ten-year mine plans are based on reserves and a life of more than ten years and total cash costs per ounce⁸ geologically understood resource extensions. A $1,200/oz at the lower half of the industry range. The fact that we have long-term gold price is currently used to allocate capital. six of these mines in our portfolio is the surest guarantor of our ten-year production forecast.”

President and CEO Mark Bristow says Barrick is making its plans public to provide investor confidence in its sustainability and to demonstrate that it’s the “go-to” gold company for gearing on the high gold price.

Group Gold Production... 10 Year Plan

i Gold capital expenditures includes project and sustaining capital expenditures across all gold operations but does not include capital expenditure related to the copper operations.

ii Excludes Porgera.

iii Costs per ounce and total capital expenditures are stated prior to any adjustment related to Porgera.

iv Production attributable to Porgera is based on the assumption that the mine’s current care and maintenance status will be temporary, and that the suspension of operations will not have a significant impact on Barrick’s future production.

Barrick's ten-year gold production profile is based on its current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution (subject to adjustment based on the outcome of the process with the Government of Papua New Guinea with respect to the Porgera Special Mining Lease extension). Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. This ten-year outlook is subject to change and is based on the same assumptions as the current five-year outlook detailed in endnote 25 for the initial five years. The subsequent five years is also subject to change and assumes attributable production from Fourmile (starting in 2028) as well as exploration and mineral resource management projects in execution at Nevada Gold Mines, Hemlo and Porgera.

Barrick is closely monitoring the global Covid-19 pandemic and Barrick’s guidance may be impacted if the operation or development of our mines and projects is disrupted due to efforts to slow the spread of the virus.

BARRICK FIRST QUARTER 2020 9 PRESS RELEASE

PUEBLO VIEJO’S EXPANSION TO BOOST DOMINICAN ECONOMY FOR DECADES TO COME

The proposed expansion of the Pueblo Viejo gold mine Pueblo Viejo’s impact on the environment. An agribusiness will extend its life as well as its significant contribution project is also planned as an additional benefit for the to the Dominican Republic’s economy until 2040 and communities impacted by the expansion.

beyond, says Mark Bristow, president and CEO of operator Barrick.

Pueblo Viejo pays another $185 million in taxes, bringing its total cash distribution to the Speaking to local media and businessmen, Bristow said the

Dominican Government to +$2 billion

project would require an initial investment of $1.3 billion to expand the process plant and the tailings facility¹⁴. Extending In the first four months of 2020, the Pueblo Viejo gold mine its life would unlock the mine’s potential to increase exports paid $185 million in direct taxes and $9 million in indirect taxes by $22 billion and generate more than $4 billion in taxes at a to the Dominican Government. These payments include gold price of $1,500 per ounce. The mine’s workforce (which advances of income taxes, net profit interest and royalties on is 97% Dominican) is expected to grow as the project develops the sales of gold and silver paid in the first quarter of 2020, and it will increase opportunities for women (currently 12% of as well as the final settlement of the 2019 fiscal year. the workforce). It will also further promote the development of the local economy based on the mine’s suppliers and In an early payment in April to help contribute to the stability contractors.

of the Dominican economy and aid the country in combating and containing the spread of the Covid-19 pandemic, Pueblo “Our aim is to continue contributing to the social and economic Viejo paid $113 million to the Internal Tax Collector, despite development of the Dominican Republic by applying our the Dominican Government extending its deadline for certain sustainability philosophy to create long-term value for all our tax declarations. This brings Pueblo Viejo’s total tax payments stakeholders, especially the governments and people of our to the Government to more than $2 billion since 2013. host countries. Without this project, mining at Pueblo Viejo would have ceased in the next two years,” he said.

Pueblo Viejo's exports in the first quarter of this year represented 37% of the country's total exports of national The expansion will enable the mine to exploit the lower grades goods, with a value of $399 million of a total of $1,081 million¹⁵. in the orebody and is not intended to process ore from outside the current concession area.

Pueblo Viejo has also committed nearly $1 million in supporting actions to mitigate the impact of Covid-19 in the In the meantime, Bristow noted, the conversion of the mine’s Dominican Republic and the communities near its operations. Quisqueya 1 power plant to natural gas had successfully been commissioned. This will cut greenhouse gases by an estimated 30% and nitrogen oxide by 85%, further reducing

BARRICK FIRST QUARTER 2020 10 PRESS RELEASE

MODERNIZING AND STREAMLINING OPERATIONS AT HEMLO

Hemlo has moved to an underground contracting mining provided by Barrick. The Barminco plan includes employing model in order to secure the mine’s future viability and more than 300 local people at the operation.

to extend its Life of Mine.

Having recognized the importance of changing the way the Barminco, a leader in modern underground mining skills, won mine operates and committing to a more modern mining the tender and will be providing contract mining services, with methodology to ensure Hemlo’s future profitability, Barrick, the objective of improving productivity through industry- together with contractor Barminco, consulted closely with leading technology and more efficient mining methods at the employees, the Biigtigong Nishnaabeg and Netmizaagamig underground operation. Nishnaabeg First Nations groups, as well as representatives of the Marathon, Manitouwadge and White River Barminco’s scope includes undertaking mine development, communities, before signing the letter of intent for contract production and haulage, and utilizing mining equipment mining services.

BARRICK FIRST QUARTER 2020 11 PRESS RELEASE

Appendix 1 2020 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS

2020 forecast 2020 forecast cost 2020 forecast total 2020 forecast all-in attributable production of sales¹⁶ ($/oz) cash costs⁸ ($/oz) sustaining costs⁸ ($/oz) (000s ozs)

Carlin (61.5%)¹⁷ 1,000 - 1,050 920 - 970 760 - 810 1,000 - 1,050 Cortez (61.5%) 450 - 480 980 - 1,030 640 - 690 910 - 960 Turquoise Ridge (61.5%) 430 - 460 900 - 950 540 - 590 690 - 740 Phoenix (61.5%) 100 - 120 1,850 - 1,900 700 - 750 920 - 970 Long Canyon (61.5%) 130 - 150 910 - 960 240 - 290 450 - 500 Nevada Gold Mines (61.5%) 2,100 - 2,250 970 - 1,020 660 - 710 880 - 930 Hemlo 200 - 220 960 - 1,010 800 - 850 1,200 - 1,250 North America 2,300 - 2,450 970 - 1,020 660 - 710 900 - 950

Pueblo Viejo (60%) 530 - 580 840 - 890 520 - 570 720 - 770 Veladero (50%) 240 - 270 1,220 - 1,270 670 - 720 1,250 - 1,300 Porgera (47.5%)¹⁸ Latin America & Asia Pacific 800 - 900 930 - 980 610 - 660 890 - 940

Loulo-Gounkoto (80%) 500 - 540 1,050 - 1,100 620 - 670 970 - 1,020 Kibali (45%) 340 - 370 1,030 - 1,080 600 - 650 790 - 840 North Mara (84%)¹⁹ 240 - 270 750 - 800 570 - 620 830 - 880

Tongon (89.7%) 240 - 260 1,390 - 1,440 680 - 730 740 - 790 Bulyanhulu (84%)¹⁹ 30 - 50 1,210 - 1,260 790 - 840 1,110 - 1,160 Buzwagi (84%)¹⁹ 80 - 100 850 - 900 820 - 870 850 - 900

Africa & Middle East 1,450 - 1,600 1,040 - 1,090 640 - 690 870 - 920

Total Attributable to Barrick20,21,22 4,600 - 5,000 980 - 1,030 650 - 700 920 - 970

COPPER PRODUCTION AND COSTS

2020 forecast 2020 forecast cost 2020 forecast C1 2020 forecast all-in attributable production of sales¹⁶ ($/lb) cash costs¹¹ ($/lb) sustaining costs¹¹ ($/lb) (M lbs)

Lumwana 250 - 280 2.20 - 2.40 1.50 - 1.70 2.30 - 2.60 Zaldívar (50%) 120 - 135 2.40 - 2.70 1.65 - 1.85 2.30 - 2.60 Jabal Sayid (50%) 60 - 70 1.75 - 2.00 1.40 - 1.60 1.50 - 1.70 Total Copper 440 - 500 2.10 - 2.40 1.50 - 1.80 2.20 - 2.50

ATTRIBUTABLE CAPITAL EXPENDITURES

($ millions)

Attributable minesite sustaining 1,300 - 1,500 Attributable project 300 - 400 Total attributable capital expenditures²³ 1,600 - 1,900

2020 Outlook Assumptions and Economic Sensitivity Analysis

2020 Guidance Impact on EBITDA Assumption Hypothetical Change (millions)²⁴ Impact on AISC^8,11 Gold revenue, net of royalties¹³ $1,350/oz +/- $100/oz +/- $339 +/- $3/oz Copper revenue, net of royalties $2.75/lb +/- $0.50/lb +/- $169 +/- $0.02/lb

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