Reko Diq Alliance Will Bring Biggest Foreign Investment and Sustainable Prosperity to Balochistan

PRESS RELEASE

NYSE : GOLD TSX : ABX

All amounts expressed in US dollars

Reko Diq Alliance Will Bring Biggest Foreign

Investment and Sustainable Prosperity to Balochistan

Quetta, Pakistan, 19 July 2022 – Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Barrick

president and chief executive Mark Bristow said today the Reko Diq copper -gold project, a

partnership between the company, the Balochistan Provincial Government and Pakistani state-

owned enterprises, would create substantial value for the province through multiple generations.

Speaking after his meeting here today with Balochistan chief minister Abdul Quddus Bizenjo,

Bristow said that in the negotiations Barrick and the Government of Pakistan had worked to ensure

that Balochistan will receive a substantial share of the benefits generated by Reko Diq.

“Balochistan’s shareholding in Reko Diq will be fully funded by its partners and the federal

government, which means that the province will reap the dividends, royalties and other benefits of

its 25% ownership without having to contribute financially to the construction and operation of the

mine. It’s equally important that Balochistan and its people should see these benefits quickly .

Even before construction starts, once the legalization process has been completed, we will

implement a range of social development programs, supported by an upfront commitment to the

improvement of healthcare, education, vocational training, food security and the provision of

potable water. Social contributions are currently estimated to amount to around $70 million over

the construction period, including upfront commitments of up to $3 million in the first year following

closing and up to $7 million in year two,” he said.

In addition, Reko Diq will advance royalties to the Government of Balochistan of up to $5 million in

the first year following closing, up to $7.5 million in the second and up to $10 million per year

thereafter until commercial production starts, subject to a cumulative $50 million maximum o f

advance payments.

Subject to the updated feasibility study, Reko Diq is envisaged as a conventional open pit and

milling operation, producing a high- quality copper-gold concentrate. It will be constructed in two

phases, starting with a plant that will be able to process approximately 40 million tonnes of ore per

annum which could be doubled in five years following first production from phase one. With its

unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational

mine with a life of at least 40 years. During peak construction the project is expected to employ

7,500 people and once in production it will create 4,000 long-term jobs. Barrick’s policy of

prioritizing local employment and suppliers will have a positive impact on the local economy.

Enquiries:

Kathy du Plessis

Investor and Media Relations

+44 20 7557 7738

Email: [email protected]

BARRICK GOLD CORPORATION PRESS RELEASE

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our

strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All

statements, other than state ments of historical fact, are forward- looking statements. The words “bring”, “proposed”,

“expect”, “envisage”, “will”, “would”, “could”, “should”, “intend”, “future”, “commitment” and similar expressions identify

forward-looking statements. In particular, this press release contains forward- looking statements including, without

limitation, with respect to: the planned updating of the historical Reko Diq feasibility study; the future construction,

development and operation of the Reko Diq project, including the anticipated benefits of a two phased approach and

timeline for construction and the anticipated initial throughput of the processing plant; the future ownership of the Reko

Diq project; the proposed fiscal terms applicable to the Reko Diq project and the joint venture through which it is held;

the timeline and process for the reconstitution of a joint venture to carry out the future development and operation of the

Reko Diq project; the contemplated life of mine of the Reko Diq project; the anticipated sharing of the benefits from the

Reko Diq project with Barrick’s host governments and communities including social development and public health

programs as well as potential levels of local employment and local procurement during project construction and

operation; and expectations regarding financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumpti ons including

material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick

as at the date of this press release in light of management’s experience and perception of current conditions and

expected developments, are inherently subject to significant business, economic and competitive uncertainties and

contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the

forward-looking statements and undue reliance should not be placed on such statements and information. Such factors

include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities

(such as diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes

in mineral production performance, exploitation and exploration successes; risks associated with projects in the early

stages of evaluation and development and for which additional technical, engineering and other analysis is required;

disruption of supply routes which may cause delays in development, construction and mining activities; diminishing

quantities or grades of reserves; increased costs, delays, suspensions and technical chall enges associated with the

construction of capital projects; operating or technical difficulties in connection with mining or development activities,

including geotechnical challenges and disruptions in the maintenance or provision of required infrastructur e and

information technology systems; failure to comply with environmental and health and safety laws and regulations; the

failure to obtain key licenses by governmental authorities; changes in national and local government legislation, taxation,

controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or

nationalization of property and political or economic developments in the Islamic Republic of Pakistan or the Province of

Balochistan; timing of receipt of, or failure to comply with, necessary permits and approvals; lack of certainty with respect

to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with

illegal and artisanal mining; risks assoc iated with new diseases, epidemics and pandemics, including the effects and

potential effects of the global Covid-19 pandemic; damage to Barrick’s reputation due to the actual or perceived

occurrence of any number of events, including negative publicity with respect to the Barrick’s handling of environmental

matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be

consistent with Barrick’s expectations; risks that exploration data may be inc omplete and considerable additional work

may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic

studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; contests

over title to properties, particularly title to undeveloped properties, or over access to water, power and other required

infrastructure; business opportunities that may be presented to, or pursued by, Barrick; risks associated with working

with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and

physical risks, including extreme weather events and resource shortages related to climate change; and availability and

increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the

business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual

or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate

losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our ac tual results and could cause actual results to

differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers

are cautioned that forward- looking statements are not guarantees of future performance. All of the forward- looking

statements made in this press release are qualified by these cautionary statements. Specific reference is made to the

most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory

authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that

may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press

release.

We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result

of new information, future events or otherwise, except as required by applicable law.