ABX.TO · 2022-05-04

$0.10 per share performance component in line with its new dividend policy. President and chief executive Mark Bristow said the Company’s net cash balance at the end of Q1 stood at $743 million, reflecting cash flow from the operations,

Corporate Actions

Q1 Results Release

BARRICK RAISES DIVIDEND ON BACK OF STRONG CASH POSITION

ALL AMOUNTS EXPRESSED IN U.S. DOLLARS ON TRACK TO ACHIEVE Toronto, May 4, 2022 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced a $0.20 2022 PRODUCTION TARGETS per share quarterly dividend, the first to include a $0.10 per share performance component in line with its new dividend policy.

EXCITING EXPLORATION RESULTS President and chief executive Mark Bristow said the

IN ALL REGIONS

Company’s net cash balance at the end of Q1 stood at $743 million, reflecting cash flow from the operations, the continuing sale of non-core assets, and its share of a further $0.6 billion in cash distributions by Kibali.

Q1 OPERATING CASH FLOW Q1 FREE CASH FLOW¹ Since agreement on the repatriation of revenue from Kibali was reached with the Democratic Republic $1,004 MILLION $393 MILLION of Congo (DRC) last year, Kibali has delivered $1.2 billion (on a 100% basis) in the form of dividends and debt repayments, inclusive of distributions received subsequent to March 31, 2022.

Q1 NET EPS $0.25 Q1 NET CASH²

Bristow said as guided earlier, Q1 was a softer $743 MILLION

Q1 ADJUSTED NET EPS³ $0.26 quarter, particularly when compared to Q4 of 2021, which included a record-breaking performance from Nevada Gold Mines. With a stronger performance expected in the second half of the year, Barrick remains on track to meet its 2022 production $0.20 PER SHARE DIVIDEND FOR Q1 guidance.

INCLUSIVE OF $0.10 PER SHARE PERFORMANCE DIVIDEND

CONTINUED ON PAGE 3

4 5 7 9 STRATEGY TRUE HOLISTIC NEW ROADMAP SECURES PARTNERSHIP AT APPROACH TO TO NET ZERO SUCCESS REKO DIQ ESG

Key Performance Indicators

Financial and Operating Highlights Best Assets

Financial Results	Q1 2022	Q4 2021 Q1 2021
Realized gold price4 ($ per ounce) Net earnings ($ millions) Adjusted net earnings3 ($ millions) Net cash provided by operating activities ($ millions) Free cash flow1 ($ millions) Net earnings per share ($) Adjusted net earnings per share3 ($) Attributable capital expenditures5,6 ($ millions)	1,876 438 463 1,004 393 0.25 0.26 478	1,793 1,777 726 538 626 507 1,387 1,302 718 763 0.41 0.30 0.35 0.29 552 424
Operating Results	Q1 2022	Q4 2021 Q1 2021
Gold Production7 (000s of ounces) Cost of sales (Barrick's share)7,8 ($ per ounce) Total cash costs7,9 ($ per ounce) All-in sustaining costs7,9 ($ per ounce)	990 1,190 832 1,164	1,203 1,101 1,075 1,073 715 716 971 1,018
Copper Production6 (millions of pounds) Cost of sales (Barrick's share)7,8 ($ per pound) C1 cash costs7,10 ($ per pound) All-in sustaining costs7,10 ($ per pound)	101 2.21 1.81 2.85	126 93 2.21 2.11 1.63 1.60 2.92 2.26

First quarter puts Barrick on track to achieve

2022 production targets

Strong performance from Loulo-Gounkoto on the back of solid throughput, recovery and grade
Pueblo Viejo new Tailings Storage Facility permitting makes significant progress
Reko Diq framework agreement signed with Pakistan paving the way for the next potential Tier One¹¹ asset development
New senior appointments strengthen management team as it expands globally
Exciting exploration results in all regions with significant new potential highlighted in Nevada, Argentina, and the Loulo District

Leader in Sustainability

2021 Sustainability Report published highlighting our integrated approach to ESG
33% decrease in LTIFR¹² quarter on quarter
Updated GHG Reduction Roadmap outlining our journey to Net Zero by 2050
Funding the reintroduction of white rhinos to the Garamba National Park in the DRC

Delivering Value Q1 2022 Results Presentation

Operating cash flow of $1,004 million and free

Webinar and Conference Call

cash flow¹ of $393 million for the quarter President and CEO Mark Bristow will host a virtual presentation on the results today at 11:00 EDT, with an ▪ Net earnings per share of $0.25 and adjusted interactive webinar linked to a conference call. Participants net earnings per share³ of $0.26 for the will be able to ask questions.

quarter Go to the webinar

Kibali distributes a further $0.6 billion in

US and Canada (toll-free), 1 800 319 4610 UK (toll-free), 0808 101 2791 cash during the quarter (100% basis)

International (toll), +1 416 915 3239

Net cash² of $743 million results in a $0.20

The Q1 2022 presentation materials will be available on per share dividend for Q1 2022, inclusive of Barrick’s website at www.barrick.com and the webinar will a $0.10 per share performance dividend¹⁴ remain on the website for later viewing.

BARRICK FIRST QUARTER 2022 2 PRESS RELEASE

CONTINUED FROM PAGE 1 footprint. The past quarter again produced promising results from all regions, with significant new potential identified in Highlights of the quarter included the framework agreement Nevada, Argentina and Africa’s Loulo district.”

with Pakistan on restarting the Reko-Diq copper-gold project.

Bristow is scheduled to meet the country’s new prime minister Bristow said the Company’s latest annual Sustainability later this month to review progress.

Report highlights its integrated approach to ESG, based on its belief that the challenges of poverty, climate change and Also significant was the progress made in securing a new biodiversity are intertwined and should be addressed tailings storage facility for the Pueblo Viejo project in the holistically. The report notes that last year Barrick spent $5.5 Dominican Republic. The project is designed to unlock billion with host country suppliers, equating to 81% of its approximately 9 million ounces of measured and indicated global procurement expenditure. Host country nationals resources and convert them into additional proven and accounted for 96% of its total workforce and 78% of its probable reserves, extending the mine’s life by more than 20 management, and the drive to employ more women is years.¹³ succeeding.

“Barrick controls what are unquestionably the mining Some $850 million has been spent on or budgeted for industry’s best gold assets as well as some substantial renewable energy and greenhouse gas (GHG) emissions copper mines. Reko Diq is one of the largest undeveloped reduction projects. These are outlined in the report in an copper-gold porphyry deposits in the world, and if the updated GHG emissions reduction roadmap leading to a Net conditions to closing are satisfied, it will be a very significant Zero target by 2050. Barrick, for the first time, has disclosed addition to this portfolio, even before it goes into production, its Scope 3 emissions and Scope 3 roadmap to engage and by boosting reserves and resources as the updated feasibility assist its suppliers with their GHG emissions reductions. study unfolds,” Bristow said.

“Sustainability has long been an integral part of the way “In addition to its size and quality, Barrick’s asset base is Barrick does business and our commitment to its effective distinguished by our continued success in more than management is key to our goal of building the world’s most replacing the reserves depleted by mining through valued gold and copper mining company,” Bristow said.

brownfields exploration. At the same time, we continue to hunt for new Tier One assets across our expanding global

NEW PERFORMANCE DIVIDEND POLICY DOUBLES BARRICK’S QUARTERLY DIVIDEND

Barrick today announced the declaration of a dividend in respect of performance for the first quarter of 2022 that incorporates an enhancement to the base dividend as a result of achieving Level III under the Company’s Performance Dividend Policy.

Barrick’s Board of Directors declared a dividend of $0.20 per cash on its Consolidated Balance Sheet at March 31, 2022 of share for the first quarter of 2022 that will be paid on June 15, greater than $0.5 billion and less than $1 billion as per the 2022 to shareholders of record at the close of business on following schedule:

May 31, 2022.¹⁴ This dividend comprises a base quarterly

Performance Quarterly Quarterly Quarterly dividend of $0.10 per share and a performance dividend

Dividend	Threshold	Base	Performance	Total
enhancement of an additional $0.10 per share. Level	Level	Dividend	Dividend	Dividend
	Net cash	$0.10	$0.00	$0.10

Level I <$0 per share per share per share “Our strong operating performance and robust net cash balance has allowed us to provide an enhanced dividend to Net cash $0.10 $0.05 $0.15 Level II >$0 and our shareholders,” says senior executive vice-president and <$0.5B per share per share per share chief financial officer Graham Shuttleworth. “We believe this Net cash

$0.10	$0.10	$0.20
shows the benefit of the Performance Dividend Policy that we Level III >$0.5B
per share	per share	per share

and <$1B announced in February, including the guidance it provides to Net cash $0.10 $0.15 $0.25 our shareholders on future dividend streams.” Level IV >$1B per share per share per share

The $0.10 per share enhancement to the base quarterly dividend was achieved as a result of Barrick reporting net

BARRICK FIRST QUARTER 2022 3 PRESS RELEASE

STRATEGY SECURES BARRICK’S ABILITY TO SUCCEED AMID GLOBAL GEOPOLITICAL DYNAMICS AND IN CHALLENGING JURISDICTIONS

While Barrick’s core strategy — the creation and delivery of real, sustainable value to its stakeholders — is fixed, the actions needed to secure its consistent execution are subject to a rigorous review process.

This starts at the beginning of each year with a week-long steadily and profitably through civil wars, coups d’état, strategic planning and team effectiveness review for the complex logistics and delicate negotiations with host group’s top executives, led by president and chief executive governments,” he says.

Mark Bristow. Risks and opportunities are carefully assessed, and the outputs needed to manage them effectively are “It’s our partnership philosophy that has enabled us to identified. These outputs are then rolled out through similar achieve this. Mining is a long-term business and we therefore planning sessions at all operational and corporate sites, need the ability to benefit our host countries for the length of ensuring a group-wide alignment with the agreed objectives our investment and beyond. We secure this essential social and actions. licence to operate by demonstrating that the value we create is equitably shared with our local stakeholders and that we This year’s group strategy session took particular note of the are a major contributor to the state’s coffers — in short, a importance of risk management in a global environment welcome and responsible citizen and neighbour.”

which, says Bristow, is probably in greater political, social and economic disarray than any previous period since World War Bristow says with mature mining regions offering fewer II. opportunities for major discoveries, new Tier One assets will inevitably have to be sought in developing countries, where “We’re still dealing with the fall-out of the Covid-19 pandemic, Barrick is already operating successfully.

inflation in developed countries is rising to levels not experienced in a generation and in Eastern Europe a major “Our decision to proceed with the reconstitution of the Reko war, the like of which we never expected to see again, is Diq project in Pakistan, a Tier One copper and gold asset in ongoing, with huge personal cost and potentially devastating the making by any measure, is based on this track record and economic consequences for the major countries dependent on our confidence in our ability to deliver yet another worldon Russian oil and gas,” says Bristow. class mine in a remote region. Our drive to expand our Asia- Pacific presence and grow our copper portfolio also sit firmly “Fortunately for Barrick, managing risks in challenging geo- within this strategy,” he says.

political jurisdictions is one of our core competencies, largely gained in Africa, where our mines have continued to operate

INVESTING IN THE BEST PEOPLE FOR THE BEST FUTURE

“Getting the optimal results from the industry’s best assets requires people who not only possess skills and drive but are also sufficiently diverse in terms of race, age and gender to lead Barrick into the new world” explains the Group Human Resources executive, Darian Rich.

Thanks to Barrick’s long-established policy of recruiting host workers, with Veladero currently training 20 female truck country nationals, 96% of its workforce and 78% of its drivers. In Africa and the Middle East, competency-based managers are local hires. Its drive for gender diversity in a training programs continue to upskill workers.

traditionally male-dominated industry has also started producing results, with women accounting for 24% of new Preparing the group’s future generation of leaders requires hires during the past quarter and 11% of Barrick’s global deep succession planning, reflected in a number of key workforce. recent changes. With Willem Jacobs retiring in June 2022, the region’s chief financial officer, Sebastiaan Bock, is Similarly, the employee age shift continues and 56% of the stepping up as chief operating officer for Africa and the workforce are now under the age of 40 and 16% under the Middle East. Greg Walker is being succeeded as executive age of 30. In the past quarter, 38% of new hires were managing director of Nevada Gold Mines at the end of 2022 younger than 30. and, in the corporate office, Poupak Bahamin has been appointed general counsel while Rich Haddock transitions to Last quarter, the North America region participated in 36 a legal advisor role. Rich will remain a valuable resource recruiting events at schools and universities while Latin through March 2024 to provide continuity of support for Reko America’s internship programs cater for graduates as well as Diq and other projects.

BARRICK FIRST QUARTER 2022 4 PRESS RELEASE

MANAGING COSTS AMID HIGH INFLATION AND GEOPOLITICAL CONFLICT

Rising inflation, exacerbated by the conflict between Russia and Ukraine and the sanctions imposed on Russia, has had a direct impact on Barrick’s business in terms not only of fuel and gas prices but also the cost and availability of input commodities.

To mitigate inflation and manage supply risks, Barrick is Barrick is also cultivating alternative suppliers, particularly in employing a proven multi-pronged strategy, says group developing countries, as back-up to its main supply chain commercial and supply chain executive Riaan Grobler. partners and as a cost-base benchmark. Its long-standing policy of local procurement in host countries, which now “Our procurement strategy is built on a thorough stands at 65% of its global procurement, is serving Barrick understanding of our key cost drivers, commodities and well as a hedge against inflation, particularly in terms of the services. The recent groupwide roll-out of SAP has improved cost of logistics, tariffs and inventory.

the visibility of these factors and allowed real-time decisionmaking. At the same time, we are identifying technical levers To manage price and supply volatility, Barrick has built up a that could drive internal efficiencies,” he says. strategic inventory of key commodities and Barrick optimizes this inventory and its cost through improved demand and “Secondly, we have built strong collaborative relationships maintenance planning. Where possible it also leverages new with leading global supply chain partners, with a dedicated projects to renegotiate supply contracts. The proposed freight forwarding capacity that spans five continents. They 200MW solar power project in Nevada, for example, has pool their buying power to ensure that we have fixed-price allowed Barrick to reduce the costs of the existing energy agreements with key suppliers. A big part of the cost of supplier for Nevada Gold Mines.

logistics is in the efficiency of the movement of goods from port to destination and we leverage global logistics through our partnership structures to do cross-continent bookings of charters and to consolidate freight from multiple ports.”

TRUE PARTNERSHIP WILL DELIVER REKO DIQ PROJECT

The groundbreaking partnership agreement between Barrick, the federal government of Pakistan and the provincial government of Balochistan should unlock the enormous value of Reko Diq, one of the world’s largest undeveloped copper and gold deposits, says president and chief executive Mark Bristow.

Speaking on a recent investor call, Bristow said the project owned enterprises and 25% by the government of represented a unique mining opportunity, which would be a Balochistan. The Company has similar partnerships in other major addition to Barrick’s Tier One asset base, while also countries which have proved to be catalysts in developing bringing significant economic and social benefits to Pakistan local economies.

and Balochistan.

Bristow said that, following the finalization of the underlying The agreement in principle recently reached between the agreements, legalization and closing, Barrick would update parties provides for the reconstitution and restart of the the 2010 feasibility study.

project, which has been on hold since 2011. It will be operated and owned 50% by Barrick, 25% by Pakistani state-

BARRICK FIRST QUARTER 2022 5 PRESS RELEASE

“Reko Diq’s fundamentals have not changed materially since The development of Reko Diq will make Balochistan the then. Subject to the updated feasibility study, it is still largest recipient of foreign investment in Pakistan. During envisaged as a conventional open pit and milling operation peak construction periods, the project is expected to employ producing a high-quality copper-gold concentrate. We are 7,500 people and once in production will create about 4,000 planning a two-phase construction approach, starting with an long-term jobs. Barrick’s policy of prioritizing local approximately 40 million tonne per annum plant, which could employment and suppliers will have a positive downstream be doubled within five years. The staged development will impact on the local economy.

optimize returns, manage upfront capital, lower execution risk and bring forward production and cash flows in the long run. “At Barrick we know that our long-term success depends on If all goes according to plan, we anticipate first production in sharing the benefits we create equitably with our host five to six years’ time,” he said. governments and communities. That’s why we wanted Balochistan’s share of the venture to be fully funded, 10% by “Offering a unique combination of large scale, low strip and the project and 15% by the government of Pakistan. It’s equally important to us that Balochistan and its people should good grade, Reko Diq will be a multi-generational mine, with a life of at least 40 years. The contemplated mine plan is see the benefits from day one. Even before construction based on four porphyry deposits within our land package and begins, we will be implementing a range of social development programs, supported by upfront commitments to our exploration licence area holds additional deposits with future upside potential.” the development of the skills required for mining, the improvement of education, healthcare, food security and, Noting that since 2010 there had been game-changing importantly, access to potable water in a region where the technological advances in renewable energy alternatives, groundwater has a high saline content,” Bristow said.

some of which are particularly well-suited to the area, Bristow said a Barrick team was already assessing various solar, wind and battery configurations to maximize the mine’s renewable power generation. This could also deliver a range of economic and operational benefits.

KIBALI POWERS AHEAD WHILE BARRICK PLANS FURTHER INVESTMENTS IN DRC

Africa’s largest gold mine, Kibali in the DRC, has made a strong start to 2022 and is on track to equal its 2021 production this year. Last year it again replaced the reserves depleted by mining and its prolific KZ trend of orebodies continues to deliver opportunities for significant open pit and underground growth.

Speaking to media and other stakeholders in Kinshasa, strategy, the mine also launched the Garamba Alliance in Barrick president and chief executive Mark Bristow said Kibali partnership with the US Agency for International had notched up a number of other key deliverables during the Development (USAID).

current quarter. These include the signing of a cahier de charge with the surrounding communities to formalize their Since the project that became Kibali was acquired in 2009, its role in identifying and overseeing the mine’s investment in probable mineral reserves were doubled to more than 10 social development projects. million ounces¹⁵ of gold in 2010. Construction then started the following year, three hydropower plants were built and the Another section of the Durba road to Watsa has been infrastructure — including the road to the Ugandan border — completed and the resettlement of the Kalimva-Ikamva and was developed. The mine went into production in 2013 and Pamao villages has started with the first group of people still today has more than 10 years of mine life ahead, with moving into their new homes. On the health and safety front, 2021 total proven and probable mineral reserves of 83Mt at there were zero lost time injuries during the quarter, the 3.60g/t for 9.6Moz¹⁶ of gold, before considering extensions to malaria and HIV programs continued to deliver infection rate known orebodies and new discoveries. Since 2009, Kibali reductions and 60% of our employees have been vaccinated has invested almost $4 billion in the DRC in the form of against Covid-19, versus a national average of 1%. royalties, taxes and permits; infrastructure and community development; salaries; and payments to local suppliers and In addition to Kibali’s long-standing support for conservation contractors, which have created a thriving regional economy. measures in one of DRC’s leading national parks, African Parks and Barrick are looking to reintroduce the white rhino “Barrick is continuing to invest in the DRC, not only by to the Garamba National Park. In what will be the largest developing the many new growth opportunities which are exercise of its kind, the plan envisages the relocation of extending Kibali’s life, but also through pursuing greenfields around 50 white rhinos to Garamba creating a new exploration and other opportunities across the country as we population group which is critical in the long-term plan to search for our next world-class discovery,” Bristow said. protect this species. In line with Barrick’s development

BARRICK FIRST QUARTER 2022 6 PRESS RELEASE

HOLISTIC APPROACH TO ESG WILL MAKE LASTING IMPACT

Barrick has an integrated approach to sustainability to address each of the Environmental, Social and Governance (ESG) components concurrently, says group sustainability executive Grant Beringer in the Company’s 2021 Sustainability Report.

“The challenges of fighting poverty, climate change and updated GHG Reduction Roadmap, outlining the projects that biodiversity loss are deeply connected, and we have no decrease emissions against Barrick’s 2018 baseline by at option but to tackle them together through a holistic and least 30% by 2030, while maintaining a steady production integrated approach to sustainability management, if we are profile, as well as its course to be Net-Zero by 2050. It also to make a lasting, positive impact on any of them,” he says. details Barrick’s first-ever disclosure of its Scope 3 emissions and Scope 3 roadmap to engaging and assisting its suppliers “While excellent management of environmental aspects is with their GHG emissions reduction. Barrick’s water efficiency critical for sustainable delivery, this only focuses on one side rate, a measure of the amount of water it reuses and of the issue. That is why this report has a strong focus on the recycles, was 82% for 2021.

‘silent S’ in ESG, demonstrating that responsible mining is an enormous lever for delivering social upliftment and Meanwhile, its new Biodiversity Standard, focused on driving development.” positive biodiversity outcomes in critically important areas, has resulted in a significant increase in key species Barrick achieved a ‘B’ grade for a third consecutive year in its populations in the Garamba National Park in the Democratic industry-first Sustainability Scorecard and recorded Republic of Congo near its Kibali mine. Barrick, through its significant improvements across most of its key metrics. partnership with African Parks and the Congolese Institute for Highlights for the year include the certification of all the Conservation of Nature (ICCN), is also the sole sponsor operational sites to the ISO 45001 and ISO 14001 standards to reintroduce white rhino to the park in 2022.

and the procurement of goods and services worth $1.67 billion from local suppliers close to Barrick’s operations. In “Conserving biodiversity is fundamental to planetary survival, total, $5.5 billion was spent on host country suppliers, essential to tackling climate change and has an important equating to 81% of Barrick’s global procurement spend. role to play in the war on poverty. We strive not only to Further details of Barrick’s economic value contribution, preserve and maintain biodiversity within our permits but to including taxes paid, is included in its standalone Tax partner with NGOs and other organizations, to protect and Contribution Report for 2021. Host country nationals now restore critical biodiversity in some of the world’s most comprise 96% of its workforce and the group maintained its ecologically sensitive places,” says Beringer.

downward trend in the Total Recordable Injury Frequency Rate.¹⁷ The latest report is now aligned to the Sustainability Accounting Standards Board’s (SASB) reporting Additionally, approximately $850 million has been spent or requirements for metals and mining and continues to conform budgeted for renewable energy and GHG emissions to the Global Reporting Initiative’s ‘GRI Standards: Core reduction projects, all of which meet the Company’s required option’ as well as the Task Force on Climate-related Financial 15% internal rate of return. The report also contains an Disclosures (TCFD) framework.

BARRICK FIRST QUARTER 2022 7 PRESS RELEASE

FUNDING THE RE-INTRODUCTION OF WHITE RHINOS TO THE GARAMBA NATIONAL PARK IN THE DRC

Measurable conservation action focused on threatened species abatement and restoration

Barrick wants to restore the white rhino population at the following years of armed conflict, civil wars and poaching that Garamba National Park in the DRC and has partnered with has resulted in steep declines in its wildlife populations. African Parks and the Congolese Institute for the Conservation of Nature (ICCN) to fund the transfer of at least Barrick has provided support to the park since 2015, with a 50 rhinos from South Africa in 2022. view to protecting and restoring its biodiversity and resulting in a notable improvement in the herd size of the endangered The Garamba National Park, located 70km north of the Kibali Kordofan giraffe, which has grown from 22 individuals in 2012 mine in the north-east of the DRC, covers an area greater to 65 last year. Similarly, buffalo populations have also than 5,000km² and is adjacent to four contiguous reserves steadily grown with average herd sizes ranging from 20 to with an additional 10,000km². It is one of Africa’s oldest nearly 500 individuals. Furthermore, there has not been an national parks and a UNESCO World Heritage Site. The park instance of elephant poaching since September 2020.

has been placed on the list of World Heritage Sites in danger,

BARRICK FIRST QUARTER 2022 8 PRESS RELEASE

UPDATED GHG ROADMAP OUTLINES JOURNEY TO 2050

Sun to help power journey to Net Zero

Solar power will account for approximately a third of the total facility with battery storage in Nevada. The facility is expected reduction in the GHG emissions that Barrick plans to achieve to satisfy approximately 15% of Nevada Gold Mines’ (NGM) by 2030, according to the latest GHG Reduction Roadmap total electricity requirements and should reduce Barrick’s published in its 2021 Sustainability Report. GHG emissions by 254kt per year, which is equivalent to taking almost 34,000 cars off the road.

Barrick’s GHG Reduction Roadmap outlines the renewable energy projects that are contributing to or have the potential Other projects being investigated include expansions to the to help meet its target of reducing total emissions by 30% by solar plants at Loulo (54kt estimated reduction of CO2e) and 2030 as well as its course to be Net Zero by 2050. Solar Nevada (254kt CO2e), as well as additional solar installations power is expected to account for 681kt of the 2,262kt Barrick at Jabal Sayid (11kt estimated reduction of CO2e), Kibali needs to reduce its total annual GHG emissions to 5,279kt (12kt estimated reduction of CO2e) and Pueblo Viejo (69kt CO2e by 2030 against a 2018 baseline of 7,541kt CO2e. estimated reduction of CO2e). Approximately $850 million has been spent or budgeted for renewable energy and GHG In addition to the 20MW solar power plant at Loulo (27kt emissions reduction projects, all of which meet the estimated reduction of CO2e per year) completed in 2020, Company’s required 15% internal rate of return.

work has begun on an estimated $262 million 200MW solar

Roadmap to Net Zero

BARRICK FIRST QUARTER 2022 9 PRESS RELEASE

PUEBLO VIEJO MOVES FORWARD WITH LIFE OF MINE EXTENSION PROJECT

The Dominican Government has completed its strategic review of the location of the new Tailings Storage Facility (TSF) for the Pueblo Viejo mine in the Dominican Republic. The new TSF forms part of the expansion project that is designed to extend the Tier One mine’s life to beyond 2040 and support annual production in excess of 800,000 ounces.¹³

The government, through their process, have identified a improve the livelihoods of the communities. Barrick is select number of alternatives for further assessment. At the committed to following international standards and will adhere same time, Barrick conducted its own alternatives to the Global Industry Standard on Tailings Management in assessment, completed by a multidisciplinary team of terms of design, construction, operation, and closure of the external subject matter experts from various independent tailings storage facility.

consulting companies.

The new TSF would enable operations at Pueblo Viejo to Several sites were initially identified and after various continue beyond 2040. As a major creator of value for the screening phases, which considered environmental, social, Dominican Republic, the project will stop the decline in and technical factors, potentially feasible sites were identified production, and will facilitate the continued payment of taxes, for further evaluation. The two separate assessments exportation, jobs, national and local purchases, and social independently identified four alternative sites, of which two benefits the mine brings to the country.

sites, located in the Sanchez Ramirez Province, would be put forward for further investigation. In 2021, the Tier One mine paid $527 million in direct and indirect taxes which brings total tax payments since 2013 to Barrick president and chief executive Mark Bristow said that more than $3 billion.

although these alternative sites existed as determined by the reviews, the final location and construction of the facility “Our goal in the Dominican Republic, as elsewhere in the would be subject to the completion of an Environmental and world, is to create long-term value for all our stakeholders Social Impact Assessment (ESIA) in accordance with through our strategy of sustainable development. Pueblo Dominican Republic legislation and international standards. Viejo’s expansion project is expected to increase total direct Once completed, the ESIA would be submitted to the and indirect taxes to over $9 billion from the beginning of government for evaluation and final decision. commercial production in 2013 through to the extended life of mine beyond 2040¹⁸,” Bristow said.

The ESIA will identify and implement mechanisms to mitigate potential environmental impacts as well as initiatives to

BARRICK FIRST QUARTER 2022 10 PRESS RELEASE

BARRICK ANNUAL REPORT PUBLISHED

The 2021 Annual Report was published in March

Barrick’s 2021 Annual Report, Annual Information Form and Form 40-F are available on SEDAR (www.sedar.com) and Bristow says Barrick has mapped out and is advancing on a EDGAR (www.sec.gov), respectively. Updated National clear road to achievable GHG emissions reduction targets Instrument 43-101 technical reports for each of the Kibali and its long-standing commitment to ESG principles informs Gold Mine and the Cortez Complex, current as of December all its business decisions.

31, 2021, are also available on SEDAR and EDGAR.

“The Social component of ESG tends to be overshadowed by To access the above-mentioned documents, please visit its Environmental counterpart, but for Barrick it is the sociowww.barrick.com. Shareholders may also receive a copy of economic state of our less-developed host countries that is Barrick’s audited financial statements without charge upon critically important, and much of our sustainability strategy is request to Barrick’s Investor Relations Department, 161 Bay directed at ensuring that our host communities are not Street, Suite 3700, Toronto, Ontario, M5J 2S1 or to negatively impacted by the world’s transition to a green [email protected]. economy.”

“Our drive to employ the next generation of mining talent remained steady, with 56% of our workforce now under the age of 40 and 19%^[19] under 30. Throughout the period we also continued to increase our gender diversity, and last year 17% of new hires globally were women. Barrick believes in empowering our people to thrive in a decentralized structure with lean regional teams designed for agility and focused on creating value for all our stakeholders,” says Bristow.

Barrick set to deliver substantial future free cash flows

Barrick is built on a foundation of six Tier One gold mines with rolling 10-year plans which secure the Company’s ability to generate substantial free cash flows^[1] for the next decade and beyond, says executive chairman John Thornton.

Barrick expands global footprint in hunt for high-quality

assets Writing in the Company’s 2021 Annual Report, Thornton notes that in September 2018, when the Randgold merger Barrick is continuing to invest in its future through the was announced, Barrick had net debt in excess of $4 billion. development of capital projects that will expand and enhance Since then, it has not only moved into a net cash position but an operating platform which already holds some of the has returned $2.5 billion of cash to shareholders, including industry’s best assets, says president and chief executive last year’s record distribution of $1.4 billion.

Mark Bristow.

“As previously announced, after careful consideration of our Writing in the Company’s 2021 Annual Report Bristow says capital allocation, the board has settled on a new dividend that, while building on this value foundation, Barrick was also policy comprising a base dividend with an additional expanding its presence into new prospective areas in its hunt performance dividend linked to the net cash on the balance for high-quality assets. sheet, starting in 2022. We believe this will give our shareholders guidance on future dividend streams¹⁴,” he “A specialist Asia-Pacific team, set up to look at opportunities says.

in that region, has acquired exploration permits in Japan and are hunting for additional opportunities in that region. We are “The board has also approved a $1 billion share buyback also investigating projects across the Nubian and Arabian plan which will afford us the opportunity to acquire our shares Shields in North Africa and the Middle East. We have put a when they are trading below what we consider to be their particularly strong focus on exploration in Latin America, intrinsic value.”^[20]

where our teams are testing a portfolio of targets on the El Indio belt along the border between Argentina and Chile. We have also added ground in Peru and started fieldwork on new S&P UPGRADES BARRICK TO projects in Guyana and Suriname.”

BBB+ WITH STABLE OUTLOOK

“We are working on a well-defined strategy to grow our S&P Global Ratings has upgraded Barrick’s long-term business in Canada where I believe we are under-invested. A corporate credit rating to BBB+ from BBB, with a stable significant exploration portfolio has been secured in the outlook. This follows a similar upgrade to Baa1 by Moody’s country’s Uchi Belt and the team is also looking at other Investors Service in October 2020.

opportunities in the country.”

BARRICK FIRST QUARTER 2022 11 PRESS RELEASE

Appendix 1 2022 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS

2022 forecast 2022 forecast all-in 2022 forecast cost 2022 forecast total attributable production sustaining costs⁹ of sales⁸ ($/oz) cash costs⁹ ($/oz)

(000s oz) ($/oz)

Carlin (61.5%)²¹ 950 - 1,030 900 - 980 730 - 790 1,020 - 1,100 Cortez (61.5%)²² 480 - 530 970 - 1,050 650 - 710 1,010 - 1,090

Turquoise Ridge (61.5%) 330 - 370 1,110 - 1,190 770 - 830 930 - 1,010

Phoenix (61.5%) 90 - 120 2,000 - 2,080 720 - 780 890 - 970

Long Canyon (61.5%) 40 - 50 1,420 - 1,500 540 - 600 540 - 620

Nevada Gold Mines (61.5%) 1,900 - 2,100 1,020 - 1,100 710 - 770 990 - 1,070

Hemlo 160 - 180 1,340 - 1,420 1,140 - 1,200 1,510 - 1,590

North America 2,100 - 2,300 1,050 - 1,130 740 - 800 1,040 - 1,120

Pueblo Viejo (60%) 400 - 440 1,070 - 1,150 670 - 730 910 - 990

Veladero (50%) 220 - 240 1,210 - 1,290 740 - 800 1,270 - 1,350 Porgera (47.5%)²³ — — — —

Latin America & Asia Pacific 620 - 680 1,140 - 1,220 700 - 760 1,040 - 1,120

Loulo-Gounkoto (80%) 510 - 560 1,070 - 1,150 680 - 740 940 - 1,020

Kibali (45%) 340 - 380 990 - 1,070 600 - 660 800 - 880

North Mara (84%) 230 - 260 820 - 900 670 - 730 930 - 1,010

Tongon (89.7%) 170 - 200 1,700 - 1,780 1,220 - 1,280 1,400 - 1,480

Bulyanhulu (84%) 180 - 210 950 - 1,030 630 - 690 850 - 930

Africa & Middle East 1,450 - 1,600 1,070 - 1,150 720 - 780 950 - 1,030

Total Attributable to Barrick24,25,26 4,200 - 4,600 1,070 - 1,150 730 - 790 1,040 - 1,120

COPPER PRODUCTION AND COSTS

2022 forecast 2022 forecast all-in 2022 forecast cost 2022 forecast C1 attributable production sustaining costs¹⁰ of sales⁸ ($/lb) cash costs¹⁰($/lb)

(Mlbs) ($/lb)

Lumwana 250 - 280 2.20 - 2.50 1.60 - 1.80 3.10 - 3.40

Zaldívar (50%) 100 - 120 2.70 - 3.00 2.00 - 2.20 2.50 - 2.80

Jabal Sayid (50%) 70 - 80 1.40 - 1.70 1.30 - 1.50 1.30 - 1.60 Total Attributable to Barrick²⁵ 420 - 470 2.20 - 2.50 1.70 - 1.90 2.70 - 3.00

ATTRIBUTABLE CAPITAL EXPENDITURES

($ millions)

Attributable minesite sustaining⁶ 1,350 - 1,550 Attributable project⁶ 550 - 650 Total attributable capital expenditures⁷ 1,900 - 2,200

2022 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

2022 Guidance Impact on EBITDA²⁷ Impact on TCC and Assumption Hypothetical Change (millions) AISC^9,10 Gold price sensitivity $1,700/oz +/- $100/oz +/- $580 +/- $5/oz

Copper price sensitivity $4.00/lb +/- $0.25/lb +/- $60 +/- $0.01/lb

BARRICK FIRST QUARTER 2022 12 PRESS RELEASE

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