ABX.TO · 2024-05-01

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today reported its first quarter results which were in line with guidance and position the Company well to meet its full year targets. Gold production is expected to ramp up steadily

Production Results Mine Development & Operations Financials

Q1 Results Release

BARRICK TO RAMP UP PRODUCTION AS IT REMAINS ON TRACK TO ACHIEVE 2024 TARGETS

TORONTO – MAY 1, 2024

ALL AMOUNTS EXPRESSED IN U.S. DOLLARS

BARRICK ON TRACK

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today

TO ACHIEVE 2024 TARGETS

reported its first quarter results which were in line with guidance and position the Company well to meet its full year targets. Gold production is expected to ramp up steadily during the year, supported by the completion of the Pueblo Viejo plant expansion and the resumption of operations at

COSTS EXPECTED TO TRACK LOWER the Porgera mine. Additionally, copper production is also on track to meet the full year’s guidance.

THROUGH THE YEAR

Reporting its Q1 results, Barrick said lower production and the consequent higher costs reflected the delayed ramp up at Pueblo Viejo following reconstruction of the conveyor, which has now been completed, in addition to planned maintenance at Nevada Gold Mines (NGM) ANOTHER SIGNIFICANT CONTRIBUTION

FROM COPPER PORTFOLIO

and mine sequencing at other sites. In the meantime, the Company was progressing its four major organic growth projects: the ramp up of the Goldrush gold mine in Nevada;

the Pueblo Viejo expansion; the Super Pit project at the Lumwana copper mine in Zambia; and the development of the giant copper-gold mine at Reko Diq in Pakistan.

CONTINUED FOCUS ON SAFETY Brownfields growth continues to support Barrick’s unique

AND OUR 'JOURNEY TO ZERO' reserve replacement record and greenfields exploration is expanding its portfolio across the world.

Financial results for the quarter show a year-over-year 143% increase in net earnings per share, a 36% rise in adjusted net earnings¹, and a 7% increase to $907 million

QUARTERLY DIVIDEND DECLARED in attributable EBITDA², with the operations delivering $760

$0.10 PER SHARE

million in operating cash flow for the quarter. The quarterly dividend was maintained at $0.10 per share.

CONTINUED ON PAGE 3

4 5 6 7 CLEAN WORLD-CLASS GOLDRUSH NEW ENERGY COPPER OPENS TRAINING TRANSITION PROJECTS ACADEMY

Key Performance Indicators

Financial and Operating Highlights Best Assets

Barrick on track to achieve 2024 targets as Pueblo

Financial Results	Q1 2024	Q4 2023 Q1 2023
Realized gold price3,4 ($ per ounce) Realized copper price3,4 ($ per pound) Net earnings5 ($ millions) Adjusted net earnings1 ($ millions) Attributable EBITDA2 ($ millions) Net cash provided by operating activities ($ millions) Free cash flow6 ($ millions) Net earnings per share ($) Adjusted net earnings per share1 ($) Attributable capital expenditures7 ($ millions)	2,075	1,986 1,902 3.78 4.20 479 120 466 247 1,068 851 997 776 136 88 0.27 0.07 0.27 0.14 660 526
	3.86
	295 333
	907
	760 32
	0.17
	0.19
	572
Operating Results	Q1 2024	Q4 2023 Q1 2023
Gold Production3 (thousands of ounces) Cost of sales (Barrick’s share)3,8 ($ per ounce) Total cash costs3,9 ($ per ounce) All-in sustaining costs3,9 ($ per ounce)	940 1,425 1,051 1,474	1,054 952 1,359 1,378 982 986 1,364 1,370
Copper Production3,10 (thousands of tonnes) Cost of sales (Barrick’s share)3,11 ($ per pound) C1 cash costs3,12 ($ per pound) All-in sustaining costs3,12 ($ per pound)	40 3.20 2.40 3.59	51 40 2.92 3.22 2.17 2.71 3.12 3.40
Financial Position	As at 3/31/24	As at As at 12/31/23 3/31/23
Debt (current and long-term) ($ millions) Cash and equivalents ($ millions) Debt, net of cash ($ millions)	4,725 3,942 783	4,726 4,777 4,148 4,377 578 400

Viejo and Porgera ramp up

Another strong performance from Loulo-Gounkoto and Veladero in Q1
Costs expected to track lower through the year on steadily increasing production
Pueblo Viejo completes conveyor rebuild, plant ramping up in Q2
Porgera produces first gold, with plant ramp-up on track to reach capacity in 2024
Another significant contribution from the copper portfolio with increasing production forecast through the year
Reko Diq and Lumwana feasibility studies on track for completion by year end with long-lead orders expected to commence in Q3
Focus shifts to Fourmile on the back of Goldrush success and exploration expands beyond brownfields targets
Brownfields growth continues as engine for organic reserve replacement with encouraging drilling results at NGM, Loulo and Kibali
Greenfield exploration, complemented by strategic partnerships, grows portfolio in the most prospective belts

Leader in Sustainability

Continued focus on safety, refining our ‘Journey to Zero’ program with Group-wide rollout of Fatal Risk Standards
Differentiated and holistic approach to sustainability reinforced in Sustainability Report to be published in May 2024
Commissioned 50% of the 200-megawatt solar facility in Nevada — an initiative supported by U.S. government incentives of over $100 million, including incentives for U.S.-manufactured solar cells

Delivering Value

Barrick’s focus on gold and copper production growth amplifies profitability in rising commodity market
Operating cash flow of $760 million for the quarter
Net earnings per share of $0.17 and adjusted net earnings per share¹ of $0.19 for the quarter
$0.10 per share dividend declared

BARRICK FIRST QUARTER 2024 2 PRESS RELEASE

CONTINUED FROM PAGE 1 things, the Company had increased its water re-use and recycle rate to 84% last quarter, commissioned the first stage Operational highlights for the quarter also included the of a 100-megawatt solar array at NGM and had a 16accelerated ramp-up of Goldrush in Nevada after its final megawatt solar array permitted at Kibali. Power purchase permitting (Record of Decision) late last year. At the nearby agreements by NGM have avoided 75% of its emissions. On Fourmile project — a potentially world-class asset 100% the biodiversity front, Barrick has a 730-hectare rehabilitation owned by Barrick — drilling for a prefeasibility study has plan for its operating sites for 2024 and also aims to relocate started to drive it up the value curve. Exploration has 72 more white rhinos to the Garamba National Park in the identified open-ended high-grade upside at Turquoise Ridge Democratic Republic of Congo, in conjunction with the Institut in Nevada, already Barrick’s highest-grade mine, and at Kibali Congolais pour la Conservation de la Nature (ICCN) and in the Democratic Republic of Congo, geologists have African Parks.

discovered a significant high-grade trend similar to the KCD deposit on which the mine was built.

Commenting on the results, president and chief executive

Q1 2024 Results Presentation

Mark Bristow said Barrick’s ability to grow its gold and copper

Webinar and Conference Call

production from its peerless asset base would amplify its profitability in the rising commodity markets. Mark Bristow will host a live presentation of the results today at 11:00 AM ET, with an interactive webinar linked to a “Our focus on exploration has placed Barrick in the unique conference call. Participants will be able to ask questions. position of more than replacing the reserves we mine year after year. Our key organic projects, such as the development Go to the webinar of Reko Diq, the extension of Pueblo Viejo’s Tier One¹³ life by US/Canada (toll-free), 1 844 763 8274 more than 20 years and the transformation of Lumwana into UK (toll), +44 20 3795 9972 one of the world’s major copper mines will secure Barrick’s International (toll), +1 647 484 8814 production profile well into the future,” he said.

The Q1 presentation materials will be available on Barrick’s Barrick’s holistic sustainability strategy remains foundational website at www.barrick.com and the webinar will remain on to all aspects of its business and continues to deliver real the website for later viewing.

value to stakeholders. Bristow noted that among many other

BARRICK DECLARES Q1 DIVIDEND

Barrick today announced the declaration of a dividend of $0.10 per share for Q1 2024.

“The continued strength of our balance sheet and our global The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. asset base provide us with the ability to maintain the distribution of a robust dividend to our shareholders, whilst still ensuring Barrick has adequate liquidity to invest in The Q1 2024 dividend will be paid on June 17, 2024 to shareholders of record at the close of business on May 31, growing our business,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

2024.

BARRICK FIRST QUARTER 2024 3 PRESS RELEASE

The Super Pit expansion project will transform Lumwana into one of the world’s largest copper mines.

WORLD-CLASS COPPER PROJECTS SET TO DELIVER INTO RISING PRICE AND DEMAND MARKET

The copper industry has traditionally suffered from underinvestment while the search for new resources to boost production has accelerated. The long lead times needed to turn discoveries into mines mean that supply is unable to meet the growing global demand, driven by the worldwide transition to renewable energy.

Foreseeing the emergence of the metal’s critical importance contributor. It is worth noting that some analysts predict that to the greening of the global grid, Barrick made the expansion gold and copper both appear to be entering a new commodity super cycle where demand outstrips supply, leading to high of its copper portfolio a strategic priority at the time of the merger with Randgold five years ago. A thorough review of its prices for years to come.

global assets highlighted two significant opportunities: the President and chief executive Mark Bristow said Reko Diq Lumwana mine in Zambia; and the dormant Reko Diq project in Pakistan. was a prime example of Barrick’s ability to recognize and realize value. “This is undoubtedly one of the best undeveloped copper-gold deposits in the world, with a truly The new Barrick team restructured and re-engineered the struggling Lumwana operation back to health and then unique combination of large scale, low strip and high-grade embarked on a Super Pit expansion project which will orebodies. Barrick has a long record of success in seeing projects of this magnitude through from construction to transform Lumwana into one of the world’s largest copper mines, with a projected annual production of around 240,000 operation, and we also bring to Reko Diq our expertise in tonnes per year over a life of more than 30 years.¹⁴ It is a key successfully partnering with host countries for the benefit of component of the Zambian government’s drive to revive the all stakeholders in developing jurisdictions globally,” he said. country’s copper industry.

“There is also an enormous opportunity here to further unlock At the same time, Barrick revisited the Reko Diq project in value, not only at Reko Diq but also in the wider region, which Pakistan, which hosts one of the world’s largest undeveloped is underexplored and highly prospective."

copper-gold deposits. Stalled at the feasibility stage almost a decade ago, Barrick revitalized the project through a Regarding Lumwana, Bristow said that well before the reconstituted ownership structure based on its trademark completion of its expansion program, the revived mine had partnership model. The Company owns 50% and will operate already contributed almost $3 billion to the Zambian economy the mine, a number of Pakistani state-owned enterprises hold since 2019 in the form of royalties, taxes, salaries and the procurement of goods and services from local businesses. 25% and, at Barrick’s insistence, the remaining 25% is held by the government of the Balochistan province to ensure that the province and its people will receive a substantial As at its other operations, Barrick has also promoted the development of a sustainable local economy around the economic benefit from the mine.

mine. Among other things, it has launched a Business Both projects are on track for first production in 2028 when Accelerator Program designed to build the commercial capacity of the contractors in its supply chain, equipping them they will lift Barrick into the upper tier of copper miners and stand alongside its peerless gold asset portfolio as a major to grow and diversify their businesses.

BARRICK FIRST QUARTER 2024 4 PRESS RELEASE

The TS Solar Power facility at Nevada Gold Mines.

POWER-BASED STRATEGIES AND TECHNOLOGY DRIVE EFFICIENCIES, CUT COSTS

Barrick’s group-wide transition to clean energy is making steady progress with the commissioning of 50% of the TS Solar Power facility at NGM in April marking another major milestone on our greenhouse gas (GHG) emissions reduction roadmap.

At Loulo-Gounkoto in Mali, the use of solar energy is also With 100 megawatts of energy-producing capacity in this first phase, the solar facility began transmitting power to NGM’s increasing with a 72-megawatt solar power facility and 38operations in April. megwatt BESS now connected to the complex’s micro-grid. Solar power accounted for 28% of the total energy blend When the second and final stage is completed in the second used in the first quarter of 2024, which is up from 14% in quarter of 2024, adding another 100 megawatts of power, the 2023 and 9% in 2022. Energy costs were down $6 million in the first quarter with this shift to solar away from heavy fuel solar array will have the capacity to produce between 15% to 20% of NGM’s annual power demand — reducing NGM’s oil.

annual GHG emissions by 8% and Barrick’s overall GHG In the Democratic Republic of Congo, Kibali’s three emissions by 5% against a 2018 baseline. The U.S.

government provided an important economic incentive for the hydropower stations provided most of the mine’s power last development of this renewable project via a $35 million tax year. At an average cost of $0.04 per kilowatt-hour, the benefit (Barrick’s share). hydropower blend is 90% cheaper than diesel fuel. The current expansion of the mine’s solar plant will increase the NGM has committed to a 20% carbon reduction by 2025 renewable energy use from 81% to 85%, with the mine which will be achieved through the TS Solar facility and the running solely on renewal power during the six-month rainy modification of NGM’s TS Power Plant providing the ability to season.

use cleaner burning natural gas as a fuel source.

In Argentina, the Libertadores powerline is supplying Up next at NGM is the development of an additional solar renewable power to Veladero from neighboring Chile’s power facility with a battery energy storage system (BESS) to national grid, reducing GHG emissions and adding cost serve as a secondary power source, mitigating the impacts of efficiencies. 2023 was the powerline’s first full year of operation — and it’s one reason Veladero exceeded its power grid disruption, and enhancing renewable energy consumption during off-peak hours. The project has been production guidance and beat its guidance on costs last year. awarded $95 million in funding from the U.S. Department of A solar plant project at Pueblo Viejo in the Dominican Republic is also underway.

Energy following a highly-competitive process that evaluated potential clean energy projects on mine land across the country. Barrick is targeting an overall 30% reduction in GHG emissions by 2030 (against our 2018 baseline with the goal of achieving net-zero emissions by 2050.

BARRICK FIRST QUARTER 2024 5 PRESS RELEASE

NEVADA GOLD MINES CELEBRATES OFFICIAL OPENING OF GOLDRUSH

The Goldrush Project is officially on track to produce 130,000 ounces¹⁵ of gold this year and will further enhance the value Nevada Gold Mines (NGM) brings to the state through taxes, employment and meaningful support for communities, said Barrick President and CEO, Mark Bristow, at the project’s opening ceremony attended by Governor Joe Lombardo and local stakeholders.

Barrick, which owns 61.5% of the project through the NGM excise tax, earmarked for education. in Nevada under the joint venture with Newmont (38.5%), is developing and will new mine tax framework.

operate the mine, scheduled to reach commercial production by 2026 and growing to approximately 400,000 ounces per Speaking at the ribbon-cutting ceremony, Bristow thanked the annum¹⁵ by 2028 (100% basis). The 24-year underground bi-partisan federal delegation and the governor for their active mine is expected to provide 500 jobs during its construction and unwavering commitment that was instrumental in and employment for 570 people once operational. obtaining the record of decision, as well as our community stakeholders for supporting the project through the permitting More than $300 million of a $1 billion capital budget (100% process. “We recognize that we have been entrusted with a basis) has been spent on the project, which is expected to tremendous economic and environmental responsibility and generate substantial tax revenue for the state both in the form we look forward to sharing the benefits of this new mine with of net proceeds from minerals tax and the gold and silver Nevada and its people,” he said.

BARRICK FIRST QUARTER 2024 6 PRESS RELEASE

Mark Bristow greets the Honourable Anthony Mavunde, Tanaznia’s Minister of Minerals, at the opening of the Barrick Academy (pictured at top).

BARRICK OPENS ACADEMY AT CLOSED BUZWAGI MINE

Barrick has officially opened its world-class training academy at the old Buzwagi mine, in line with its mine closure objective of leaving a positive legacy after mining has finished.

The Barrick Academy is designed to offer tailor-made training Academy form part of Barrick’s plan to turn Buzwagi into a Special Economic Zone. A feasibility study commissioned in programs aimed at developing Barrick’s frontline managers to grow both as individuals and as leaders in their fields, while 2021 showed that the creation of the Special Economic Zone equipping them with the skills to manage their teams more (SEZ had the potential to replace the mine as the region’s economic driver and could sustainably create 3,000 jobs effectively and to improve performance.

annually, generate more than $150,000 each year from The Academy will be training more than 2,000 foremen, service levies for the local municipality and deliver approximately $4.5 million in employment taxes a year. The supervisors and superintendents from the Africa and Middle East region in the next 24 months. Looking ahead, we are Government of Tanzania approved the conversion of the also gearing up to include our contractors and expand the mine into a SEZ through a Government Notice that was issued in February this year. A number of investors have curriculum to cover wider disciplines, including financial leadership, advanced computer literacy and safety courses. started the process of setting up manufacturing industries inside this area.

The opening of the Barrick Academy follows the construction of an airport terminal at Buzwagi’s Kahama airstrip in January “How we close our mines is just as important to us as how we this year, which has paved the way for a scheduled airline build and operate them. Our Buzwagi mine was a significant service that can serve more than 200 passengers at a time. economic powerhouse in the region for nearly 15 years It is expected to be a major catalyst for economic growth in before it poured its last gold in 2021. From our perspective, the region. however, that is not the end of the story for Buzwagi as we transform it into an alternative productive asset that will serve According to Barrick’s chief operating officer for the Africa and the community for decades to come,” Bock said.

Middle East region, Sebastiaan Bock, the airport terminal and

BARRICK FIRST QUARTER 2024 7 PRESS RELEASE

2024 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS

2024 forecast 2024 forecast cost 2024 forecast total 2024 forecast all-in attributable production of sales⁸ ($/oz) cash costs⁹ ($/oz) sustaining costs⁹ ($/oz) (000s oz)

Carlin (61.5%) 800 - 880 1,270 - 1,370 1,030 - 1,110 1,430 - 1,530 Cortez (61.5%)¹⁶ 380 - 420 1,460 - 1,560 1,040 - 1,120 1,390 - 1,490

Turquoise Ridge (61.5%) 330 - 360 1,230 - 1,330 850 - 930 1,090 - 1,190

Phoenix (61.5%) 120 - 140 1,640 - 1,740 810 - 890 1,100 - 1,200

Nevada Gold Mines (61.5%) 1,650 - 1,800 1,340 - 1,440 980 - 1,060 1,350 - 1,450

Hemlo 140 - 160 1,470 - 1,570 1,210 - 1,290 1,600 - 1,700

North America 1,750 - 1,950 1,350 - 1,450 1,000 - 1,080 1,370 - 1,470

Pueblo Viejo (60%) 420 - 490 1,340 - 1,440 830 - 910 1,100 - 1,200

Veladero (50%) 210 - 240 1,340 - 1,440 1,010 - 1,090 1,490 - 1,590 Porgera (47.5%)¹⁷ 50 - 70 1,670 - 1,770 1,220 - 1,300 1,900 - 2,000

Latin America & Asia Pacific 700 - 800 1,370 - 1,470 920 - 1,000 1,290 - 1,390

Loulo-Gounkoto (80%) 510 - 560 1,190 - 1,290 780 - 860 1,150 - 1,250

Kibali (45%) 320 - 360 1,140 - 1,240 740 - 820 950 - 1,050

North Mara (84%) 230 - 260 1,250 - 1,350 970 - 1,050 1,270 - 1,370

Bulyanhulu (84%) 160 - 190 1,370 - 1,470 990 - 1,070 1,380 - 1,480

Tongon (89.7%) 160 - 190 1,520 - 1,620 1,200 - 1,280 1,440 - 1,540

Africa & Middle East 1,400 - 1,550 1,250 - 1,350 880 - 960 1,180 - 1,280

Total Attributable to Barrick18,19,20 3,900 - 4,300 1,320 - 1,420 940 - 1,020 1,320 - 1,420

COPPER PRODUCTION AND COSTS

2024 forecast 2024 forecast cost 2024 forecast C1 2024 forecast all-in attributable production of sales¹¹ ($/lb) cash costs¹²($/lb) sustaining costs¹² ($/lb) (000s tonnes)¹⁰ Lumwana 120 - 140 2.50 - 2.80 1.85 - 2.15 3.30 - 3.60

Zaldívar (50%) 35 - 40 3.70 - 4.00 2.80 - 3.10 3.40 - 3.70

Jabal Sayid (50%) 25 - 30 1.75 - 2.05 1.40 - 1.70 1.70 - 2.00 Total Attributable to Barrick²⁰ 180 - 210 2.65 - 2.95 2.00 - 2.30 3.10 - 3.40

ATTRIBUTABLE CAPITAL EXPENDITURES²¹

($ millions)

Attributable minesite sustaining^7,21 1,550 - 1,750 Attributable project^7,21 950 - 1,150 Total attributable capital expenditures²¹ 2,500 - 2,900

2024 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

2024 guidance Impact on EBITDA² Impact on TCC and Hypothetical change assumption (millions) AISC^9,12 Gold price sensitivity $1,900/oz +/- $100/oz ‘+/-$550 ‘+/-$5/oz

Copper price sensitivity $3.50/lb +/- $0.25/lb ‘+/- $110 ‘+/-$0.01/lb

BARRICK FIRST QUARTER 2024 8 PRESS RELEASE

Production and Cost Summary - Gold

Nevada Gold Mines LLC (61.5%)^a

Gold produced (000s oz attributable basis)	420	513	(18) %	416	1 %
Gold produced (000s oz 100% basis)	683	833	(18) %	676	1 %
Cost of sales ($/oz)	1,431	1,331	8 %	1,461	(2) %
Total cash costs ($/oz)b	1,081	968	12 %	1,074	1 %
All-in sustaining costs ($/oz)b	1,536	1,366	12 %	1,436	7 %

Carlin (61.5%)

Gold produced (000s oz attributable basis)	205	224	(8) %	166	23 %
Gold produced (000s oz 100% basis)	334	363	(8) %	270	23 %
Cost of sales ($/oz)	1,371	1,219	12 %	1,449	(5) %
Total cash costs ($/oz)b	1,127	1,006	12 %	1,215	(7) %
All-in sustaining costs ($/oz)b	1,687	1,506	12 %	1,689	0 %

Cortez (61.5%)^c

Gold produced (000s oz attributable basis)	119	162	(27) %	140	(15) %
Gold produced (000s oz 100% basis)	194	263	(27) %	226	(15) %
Cost of sales ($/oz)	1,329	1,353	(2) %	1,324	0 %
Total cash costs ($/oz)b	946	909	4 %	913	4 %
All-in sustaining costs ($/oz)b	1,341	1,309	2 %	1,233	9 %

Turquoise Ridge (61.5%)

Gold produced (000s oz attributable basis)	62	84	(26) %	81	(23) %
Gold produced (000s oz 100% basis)	101	137	(26) %	131	(23) %
Cost of sales ($/oz)	1,733	1,419	22 %	1,412	23 %
Total cash costs ($/oz)b	1,359	1,046	30 %	1,034	31 %
All-in sustaining costs ($/oz)b	1,655	1,257	32 %	1,271	30 %

Phoenix (61.5%)

Gold produced (000s oz attributable basis)	34	41	(17) %	27	26 %
Gold produced (000s oz 100% basis)	54	67	(17) %	45	26 %
Cost of sales ($/oz)	1,595	1,576	1 %	2,380	(33) %
Total cash costs ($/oz)b	767	787	(3) %	1,198	(36) %
All-in sustaining costs ($/oz)b	944	981	(4) %	1,365	(31) %

Long Canyon (61.5%)^d

Gold produced (000s oz attributable basis)	—	2	(100) %	2	(100) %
Gold produced (000s oz 100% basis)	—	3	(100) %	4	(100) %
Cost of sales ($/oz)	—	2,193	(100) %	1,621	(100) %
Total cash costs ($/oz)b	—	990	(100) %	579	(100) %
All-in sustaining costs ($/oz)b	—	1,074	(100) %	629	(100) %

Pueblo Viejo (60%)

Gold produced (000s oz attributable basis)	81	90	(10) %	89	(9) %
Gold produced (000s oz 100% basis)	134	151	(10) %	149	(9) %
Cost of sales ($/oz)	1,527	1,588	(4) %	1,241	23 %
Total cash costs ($/oz)b	1,013	1,070	(5) %	714	42 %
All-in sustaining costs ($/oz)b	1,334	1,428	(7) %	1,073	24 %
BARRICK FIRST QUARTER 2024	9			PRESS RELEASE

Loulo-Gounkoto (80%)

Gold produced (000s oz attributable basis)	141	127	11 %	137	3 %
Gold produced (000s oz 100% basis)	176	159	11 %	172	3 %
Cost of sales ($/oz)	1,177	1,296	(9) %	1,275	(8) %
Total cash costs ($/oz)b	794	924	(14) %	855	(7) %
All-in sustaining costs ($/oz)b	1,092	1,168	(7) %	1,190	(8) %

Kibali (45%)

Gold produced (000s oz attributable basis)	76	93	(18) %	64	19 %
Gold produced (000s oz 100% basis)	168	206	(18) %	141	19 %
Cost of sales ($/oz)	1,200	1,141	5 %	1,367	(12) %
Total cash costs ($/oz)b	802	737	9 %	987	(19) %
All-in sustaining costs ($/oz)b	1,048	819	28 %	1,177	(11) %

Veladero (50%)

Gold produced (000s oz attributable basis)	57	55	4 %	43	33 %
Gold produced (000s oz 100% basis)	115	110	4 %	86	33 %
Cost of sales ($/oz)	1,322	1,378	(4) %	1,587	(17) %
Total cash costs ($/oz)b	961	1,021	(6) %	1,035	(7) %
All-in sustaining costs ($/oz)b	1,664	1,403	19 %	1,761	(6) %

Porgera (24.5%)^e

Gold produced (000s oz attributable basis)	4	—	— %	—	— %
Gold produced (000s oz 100% basis)	14	—	— %	—	— %
Cost of sales ($/oz)	—	—	— %	—	— %
Total cash costs ($/oz)b	—	—	— %	—	— %
All-in sustaining costs ($/oz)b	—	—	— %	—	— %

Tongon (89.7%)

Gold produced (000s oz attributable basis)	36	42	(14) %	50	(28) %
Gold produced (000s oz 100% basis)	40	47	(14) %	55	(28) %
Cost of sales ($/oz)	1,887	1,489	27 %	1,453	30 %
Total cash costs ($/oz)b	1,630	1,184	38 %	1,182	38 %
All-in sustaining costs ($/oz)b	1,773	1,586	12 %	1,284	38 %

Hemlo

Gold produced (000s oz)	37	34	9 %	41	(10) %
Cost of sales ($/oz)	1,715	1,618	6 %	1,486	15 %
Total cash costs ($/oz)b	1,476	1,407	5 %	1,291	14 %
All-in sustaining costs ($/oz)b	1,754	1,671	5 %	1,609	9 %

North Mara (84%)

Gold produced (000s oz attributable basis)	46	59	(22) %	68	(32) %
Gold produced (000s oz 100% basis)	55	71	(22) %	81	(32) %
Cost of sales ($/oz)	1,678	1,420	18 %	987	70 %
Total cash costs ($/oz)b	1,339	1,103	21 %	759	76 %
All-in sustaining costs ($/oz)b	1,753	1,449	21 %	1,137	54 %
BARRICK FIRST QUARTER 2024	10			PRESS RELEASE

Bulyanhulu (84%)

Gold produced (000s oz attributable basis)	42	41	2 %	44	(5) %
Gold produced (000s oz 100% basis)	50	48	2 %	53	(5) %
Cost of sales ($/oz)	1,479	1,413	5 %	1,358	9 %
Total cash costs ($/oz)b	1,044	1,002	4 %	982	6 %
All-in sustaining costs ($/oz)b	1,485	1,376	8 %	1,332	11 %

Total Attributable to Barrick^f

Gold produced (000s oz)	940	1,054	(11) %	952	(1) %
Cost of sales ($/oz)g	1,425	1,359	5 %	1,378	3 %
Total cash costs ($/oz)b	1,051	982	7 %	986	7 %
All-in sustaining costs ($/oz)b	1,474	1,364	8 %	1,370	8 %

a. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon until it transitioned to care and maintenance at the end of 2023, as previously reported.

b. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.

c. Includes Goldrush.

d. Starting in the first quarter of 2024, we have ceased to include production or non-GAAP cost metrics for Long Canyon as it was placed on care and maintenance at the end of 2023, as previously reported.

e. As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no operating data or per ounce data has been provided from the third quarter of 2020 to the fourth quarter of 2023. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, PJL. PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. In the first quarter of 2024, Porgera had gold production but did not have any gold sales.

f. 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.

g. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).

BARRICK FIRST QUARTER 2024 11 PRESS RELEASE

Production and Cost Summary - Copper

For the three months ended

3/31/24 12/31/23 % Change 3/31/23 % Change

Lumwana

Copper production (thousands of tonnes)a	22	33	(33) %	22	0 %
Cost of sales ($/lb)	3.41	2.95	16 %	3.56	(4) %
C1 cash costs ($/lb)b	2.52	2.14	18 %	3.09	(18) %
All-in sustaining costs ($/lb)b	4.33	3.38	28 %	3.98	9 %

Zaldívar (50%)

Copper production (thousands of tonnes 9 10 (10) % 10 (10) % attributable basis)^a Copper production (thousands of tonnes 100% 19 20 (10) % 20 (10) % basis)^a

Cost of sales ($/lb)	3.97	3.85	3 %	3.73	6 %
C1 cash costs ($/lb)b	2.95	2.93	1 %	2.86	3 %
All-in sustaining costs ($/lb)b	3.27	3.51	(7) %	3.22	2 %

Jabal Sayid (50%)

Copper production (thousands of tonnes 9 8 13 % 8 13 % attributable basis)^a Copper production (thousands of tonnes 100% 17 16 13 % 17 13 % basis)^a

Cost of sales ($/lb)	1.61	1.59	1 %	1.53	5 %
C1 cash costs ($/lb)b	1.35	1.32	2 %	1.39	(3) %
All-in sustaining costs ($/lb)b	1.55	1.50	3 %	1.61	(4) %

Total Attributable to Barrick

Copper production (thousands of tonnes)^a 40 51 (22) % 40 0 % Cost of sales ($/lb)^c (1) % 3.20 2.92 10 % 3.22 C1 cash costs ($/lb)^b 11 % 2.71 (11) % 2.40 2.17 All-in sustaining costs ($/lb)^b 3.59 3.12 15 % 3.40 6 %

a. Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis.

b. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.

c. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

BARRICK FIRST QUARTER 2024 12 PRESS RELEASE

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