Barrick Reports Full Year and Fourth Quarter 2025 Results Record shareholder returns and another record quarterly financial performance mark successful delivery of 2025 operating plan
PRESS RELEASE
Barrick Reports Full Year and Fourth Quarter
2025 Results
Record shareholder returns and another record quarterly financial
performance mark successful delivery of 2025 operating plan
▪ Q4 gold production 5% higher than Q3 at 871,000 ounces1, 2025 gold and copper
production in line with guidance
▪ Record quarterly cash flow with operating cash flow of $2.73 billion and free cash flow2 of
$1.62 billion—up 13% and 9%, respectively, over Q3
▪ Highest ever quarterly net earnings per share of $1.43 and adjusted net earnings per share2
of $1.04—up 88% and 79%, respectively, on Q3
▪ New dividend policy targets total payout of 50% of attributable free cash flow, including 40%
increase in quarterly base dividend to $0.175 per share, plus performance year end top-up
▪ $0.42 per share quarterly dividend declared—a 140% increase over the third quarter
▪ Repurchased $1.50 billion of shares in 2025, representing about 3.0% of Barrick’s issued
and outstanding shares, including $500 million in Q4
▪ Doubled gold resource at Fourmile project in Nevada with further increases expected in
20263
▪ 2026 production guidance: 2.90–3.25 million ounces1 of gold and 190,000–220,000 tonnes1
of copper
▪ Following rigorous analysis, the Board has decided to move forward with preparations for an
initial public offering (“IPO”) of Barrick’s North American gold assets in order to maximize
shareholder value
All amounts expressed in U.S. dollars
Toronto, February 5, 2026 – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the
“Company”) today reported fourth quarter operating and financial results for the period ending December
31, 2025. Barrick produced 871,000 ounces1 of gold and 62,000 tonnes1 of copper in the quarter and the
Company generated $6.00 billion in revenue, as well as $2.73 billion in operating cash flow and $1.62
billion in free cash flow. 2 Net earnings per share for the quarter of $1.43 and adjusted net earnings per
share2 of $1.04 increased 88% and 79%, respectively, from Q3.
For the full year 2025, Barrick reported revenues of $16.96 billion, operating cash flow of $7.69 billion and
free cash flow 2 of $3.87 billion, increasing 31%, 71% and 194%, respectively, from 2024. Net earnings
per share of $2.93 and adjusted net earnings per share 2 of $2.42 for the full year increased 140% and
92%, respectively, from 2024. Full-year gold production was 3.26 million ounces 1 while full-year copper
production was 220,000 tonnes1, consistent with the guidance provided at the start of the year.
“We reported record quarterly cash flow, delivered on our gold and copper production guidance, and
successfully executed our 2025 operating plan. These achievements contributed to record adjusted net
earnings per share2 in 2025 and the highest shareholder returns in this company’s history. On the back of
this financial strength, the Board approved a further 40% increase to our quarterly base dividend and a
dividend framework to allow shareholders to further participate in our performance,” said Mark Hill,
President and Chief Executive Officer. “The outstanding finish to 2025 showcases the strength of
Barrick’s operations and the commitment of its people. The agreement in Mali to secure the release of
our colleagues was a major success and I commend all who were involved for this tremendous result.”
Mark Hill continued: “As we progress towards an IPO of our North America business to maximize value,
we remain steadfast in our focus on operational performance and improving safety. By maintaining a
collaborative culture and operational rigor, we are well-positioned to carry our current momentum forward
and continue unlocking value from our premier asset portfolio in 2026.”
Operational Highlights
Gold production in Q4 was 5% higher than Q3 at 871,000 ounces1, with cost of sales (“COS”) 4 of $1,904
per ounce, total cash costs (“TCC”) 2 of $1,205 per ounce and all-in sustaining costs (“AISC”) 2 of $1,581
per ounce. Gold COS 4 per ounce and AISC 2 per ounce were 22% and 3% higher than Q3, respectively.
Nevada Gold Mines performed well across the board in Q4, led by a 25% increase in Carlin’s production
over Q3. Throughput at Pueblo Viejo rose to another record high and partially offset reduced recoveries
f r o m s t o c k p i l e d m a t e r i a l i n t h e f l o t a t i o n a n d C a r b o n - I n - L e a c h c i r c u i t s .
Full year 2025 gold production was 17% lower than 2024 at 3.26 million ounces1, in line with guidance,
with COS4 of $1,697 per ounce, TCC 2 of $1,199 per ounce and AISC 2 of $1,637 per ounce—all slightly
above guidance due to higher royalites driven by the higher realized gold price. 2 TCC2 and AISC 2 were
also affected by higher consumable prices, partially driven by tariff impacts.
Copper production in Q4 was 13% higher than Q3 at 62,000 tonnes1, with COS5 of $3.37 per pound, C1
cash costs2 of $2.45 per pound and AISC 2 of $3.61 per pound. Copper COS 5 per pound and AISC 2 per
pound were 26% and 15% higher than Q3, respectively.
Full year 2025 copper production was 13% higher than 2024 at 220,000 tonnes1, in line with guidance.
Copper COS5 for full year 2025 was $2.91 per pound with C1 cash costs 2 of $2.14 per pound and AISC 2
of $3.20 per pound— 3%, 5% and 7% lower than 2024, respectively. COS5 and AISC2 were slightly above
guidance as a result of higher royalties due to the higher realized copper price.2
Despite a stronger emphasis on safety, two of our colleagues sadly lost their lives in Q4. In addition to the
previously disclosed fatal injury at Bulyanhulu on October 21, a team member lost his life at Kibali on
December 15. Our thoughts remain with the families, friends and colleagues of the team members who
passed away in 2025. We have conducted full investigations into these tragic incidents and have taken
actions in an effort to prevent their recurrence. We remain unequivocally committed to prioritizing safety
to ensure every person goes home safe and healthy every day.
BARRICK YEAR-END 2025 2 PRESS RELEASE
Financial Highlights
Barrick achieved another record quarterly financial performance, with operating cash flow and free cash
flow2 of $2.73 billion and $1.62 billion—up 13% and 9% over Q3, respectively. In Q4, Barrick achieved
net earnings of $2.41 billion ( $1.43 per share) and adjusted net earnings 2 of $1.75 billion ( $1.04 per
share) compared to net earnings of $1.30 billion ($0.76 per share) and adjusted net earnings 2 of $982
million ($0.58 per share) in the prior quarter. Revenues of $6.00 billion in Q4 increased 45% from $4.15
billion in Q3.
Full-year 2025 net earnings were $4.99 billion ( $2.93 per share), compared to net earnings of $2.14
billion ($1.22 per share) in 2024—up 133% and 140%, respectively. Adjusted net earnings2 in 2025 were
$4.14 billion ($2.42 per share), compared to $2.21 billion ($1.26 per share) in 2024—up 87% and 92%,
respectively. Full-year revenue increased 31% to $16.96 billion , compared to $12.92 billion in 2024.
Operating cash flow in 2025 increased 71% to $7.69 billion, compared to $4.49 billion in 2024. Free cash
flow2 for 2025 was $3.87 billion, up 194% from $1.32 billion in 2024.
In addition, the previously announced sales of Hemlo and Tongon closed successfully in Q4, bringing
proceeds from non-core asset sales to $2.6 billion in 2025, including Donlin and Alturas. Our strong cash
flow generation, together with these proceeds from non-core asset sales, increased Barrick’s year-end
cash balance of $6.71 billion by 65% over 2024—even after delivering record shareholder returns and
funding growth projects in 2025.
Key Growth Projects
At Barrick’s 100%-owned Fourmile project in Nevada, the team succeeded in doubling the declared gold
mineral resource for the second consecutive year—now reporting 2.6 million ounces of indicated
resources (4.6 million tonnes at 17.59 grams per tonne) and 13 million ounces of inferred resources (25
million tonnes at 16.9 grams per tonne). 3 Ongoing prefeasibility studies point to the potential for
significant additional resource growth. 3 2026 is expected to be a critical year at Fourmile, with drilling
spend expected to increase to $150–$160 million compared to $91 million in 2025. Planned access via
the Bullion Hill Decline is progressing, with development on track to begin in Q4 2026.
The Lumwana expansion remains slightly ahead of schedule, with deliveries of the 2026 mining fleet
already underway. At Pueblo Viejo, more than 300 families have now moved into the new community
Nuevos Horizontes (‘New Horizons’) , and the tailings storage facility construction is on track to support
the expansion. The Reko Diq copper-gold project continued to advance site works in Q4, although in light
of a recent increase in security incidents management is currently reviewing all aspects of the project.
Quarterly Dividend and New Dividend Policy
Barrick’s Board of Directors approved a $0.42 per share quarterly dividend, representing an increase of
140% over the third quarter, and announced a new dividend policy.
During Q4 2025, the Company repurchased $500 million of its shares, with full year 2025 buybacks
totaling $1.5 billion, representing about 3.0% of Barrick’s issued and outstanding shares. In total, Barrick
returned $2.39 billion to shareholders in 2025—a company record.
BARRICK YEAR-END 2025 3 PRESS RELEASE
In Q4 2025 and going forward, the Company’s new dividend policy targets a total payout of 50% of
attributable free cash flow on an annualized basis, comprised of a fixed base quarterly dividend of $0.175
per share and a performance top-up component at each year end based on the attributable free cash
flow during the year. The dividend paid in any given year may be higher or lower than the 50% target
based on the strength of cash flow, capital needs, balance sheet considerations and other factors.
Reserves and Resources
2025 gold mineral reserves and resources were calculated using a gold price assumption of $1,500 and
$2,000 per ounce, increased from $1,400 and $1,900 in 2024, respectively. Both are reported to a
rounding standard of two significant digits for tonnes and metal content, with grades reported to two
decimal places.
As of December 31, 2025, Barrick’s proven and probable gold mineral reserves were 85 million ounces 6
at an average grade of 0.98 g/t, compared to 89 million ounces 7 in 2024 at an average grade of 0.99 g/t.
This represents a year-over-year attributable gold mineral reserves decrease of 4.1 million ounces, owing
to the divestitures of Tongon and Hemlo (2.2 million-ounce reduction), alongside annual depletion (3.7
million ounces), partially offset by 1.8 million ounces of additions associated with exploration and changes
in commodity prices. Although depletion was higher than net conversion by 1.9 million ounces for 2025,
the three-year rolling average gold mineral reserve replacement stands close to 190% adding more than
24 million ounces to gold mineral reserves (excluding both acquisitions and divestments), primarily
supported by 17 million ounces of net change in the prior year.7
Barrick’s attributable measured and indicated gold resources for 2025 stand at 150 million ounces 6 at
1.01 g/t along with inferred resources of 43 million ounce 6 at 1.0 g/t. Measured and indicated mineral
resources reduced by 20 million ounces as a result of the divestiture of Donlin and a further 2.2 million
ounces as a result of the divestiture of Alturas. Overall divestitures in 2025 accounted for a reduction of
26 million ounces of measured and indicated mineral resources and 7.3 million ounces of inferred mineral
resources, respectively.
Copper mineral reserves for Barrick-operated assets as of December 31, 2025 are estimated using a
copper price assumption of $3.25 per pound, increased from $3.00 per pound in 2024. Copper mineral
resources for 2025 are estimated using a price of $4.50 per pound, also increased from $4.00 per pound
in 2024. Both are reported to a rounding standard of two significant digits for tonnes and metal content,
with grades reported to two decimal places.
Attributable proven and probable copper mineral reserves remained at 18 million tonnes of copper 6 at
0.46% in 2025 on an attributable basis compared to 18 million tonnes of copper 7 at 0.45% in 2024.
Barrick’s attributable measured and indicated copper resources for 2025 stand at 24 million tonnes of
copper6 at 0.39%, with a further 4.2 million tonnes6 at 0.3% of inferred resources, reflecting increases due
to changes in commodity pricing.
2026 Guidance
Following the operational review launched in Q3 2025, mine plan ownership was transitioned back to site
t e a m s a n d r e s p o n s i b l e r e g i o n a l l e a d e r s . T h e s e t e a m s d e v e l o p e d d e l i v e r a b l e , g r o u n d - u p p l a n s i n f o r m e d
by past performance and improved confidence levels. Our 2026 guidance is based on these plans.
BARRICK YEAR-END 2025 4 PRESS RELEASE
Gold production guidance for 2026 is 2.90–3.25 million ounces. 1 This compares to actual 2025 gold
production of 3.26 million ounces 1, or 3.03 million ounces when the divested assets Hemlo and Tongon
are excluded. Gold cost guidance for 2026, including COS 4 of $1,870–$2,070, TCC 2 of $1,330–$1,470
and AISC2 of $1,760–$1,950, is based on a gold price assumption of $4,500 per ounce.8
Copper production guidance for 2026 is 190,000–220,000 tonnes 1, compared to actual production of
220,000 tonnes1 in 2025, at copper COS 5 of $3.05–$3.35 per pound, C1 cash costs 2 of $2.20–$2.45 per
pound and AISC 2 of $3.45–$3.75 per pound. Copper cost guidance is based on a copper price
assumption of $5.50 per pound.8
Update on Preparations of North America Gold IPO
As announced on December 1, 2025, the Board authorized Barrick’s management team to explore the
IPO of an entity that will hold Barrick’s premier North American gold assets (“NewCo”). Following a
rigorous financial and operational analysis by Barrick’s management and its advisors, the Board has
concluded that the IPO of NewCo represents the best path for maximizing value for Barrick’s
shareholders. The Board has authorized Barrick’s management to begin preparations for the IPO of
NewCo and expects the IPO to be completed by late 2026.
NewCo will hold Barrick’s joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as
Barrick’s wholly owned Fourmile gold discovery in Nevada. Barrick intends to retain a significant
controlling interest in NewCo following the IPO and continue to benefit financially through its majority
ownership of NewCo. Barrick will continue to own and drive value in the Company’s other world-class
gold and copper assets. Barrick expects to provide further details of the IPO in the coming months.
The completion of the IPO will be subject to market conditions and other customary conditions, including
any required regulatory approvals and final approval of the IPO by the Barrick Board of Directors.
Presentation and Webcast
The management team will host a live webcast and presentation today at 11:00 AM ET followed by a
question-and-answer session with analysts. To join the webcast, please register here . Presentation
materials will be available on Barrick’s website prior to the event with a replay available soon after.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest
portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and
projects span 17 countries and five continents. Barrick is also the largest gold producer in the United
States. We create real, long-term value for all stakeholders through responsible mining, strong
partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange
under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
Investor Relations Contact
Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
Media Contact
Brunswick Group
Carole Cable, +44 (0) 20 7404 5959
BARRICK YEAR-END 2025 5 PRESS RELEASE
Financial and Operating Highlights
For the three months ended For the years ended
12/31/25 9/30/25 % Change 12/31/25 12/31/24 % Change
Financial Results ($ millions)
Revenues 5,997 4,148 45% 16,956 12,922 31%
Cost of sales 2,712 1,890 43% 8,265 7,961 4%
Net earningsa 2,406 1,302 85% 4,993 2,144 133%
Adjusted net earningsb 1,754 982 79% 4,139 2,213 87%
Attributable EBITDAb 3,084 2,022 53% 8,157 5,185 57%
Attributable EBITDA marginb 64 % 59% 8% 58% 48% 21%
Minesite sustaining capital expendituresb,c 458 395 16% 1,896 2,217 (14)%
Project capital expendituresb,c 630 532 18% 1,870 924 102%
Total consolidated capital expendituresc,d 1,107 943 17% 3,821 3,174 20%
Total attributable capital expenditurese 906 757 20% 3,011 2,607 15%
Net cash provided by operating activities 2,726 2,422 13% 7,689 4,491 71%
Net cash provided by operating activities marginf 45% 58% (22)% 45% 35% 29%
Free cash flowb 1,619 1,479 9% 3,868 1,317 194%
Attributable free cash flowb 1,060 1,154 (8)% 2,837 1,091 160%
Net earnings per share (basic and diluted) 1.43 0.76 88% 2.93 1.22 140%
Adjusted net earnings (basic)b per share 1.04 0.58 79% 2.42 1.26 92%
Weighted average diluted common shares (millions of shares) 1,684 1,703 (1)% 1,707 1,751 (3)%
Debt (current and long-term) 4,703 4,714 0% 4,703 4,729 (1)%
Cash and equivalents 6,706 5,037 33% 6,706 4,074 65%
Debt, net of cash (2,003) (323) 520% (2,003) 655 (406)%
a. Net earnings represents net earnings attributable to the equity holders of the Company.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 2 of this press release.
c. Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs.
d. Total consolidated capital expenditures also includes capitalized interest of $19 million and $55 million, respectively, for Q4 2025 and 2025 (Q3 2025: $16 million; 2024: $33 million; 2023: $41 million).
e. These amounts are presented on the same basis as our guidance.
f. Represents net cash provided by operating activities divided by revenue.
For the three months ended For the years ended
12/31/25 9/30/25 % Change 12/31/25 12/31/24 % Change
Operating Results
Gold
Gold production (thousands of ounces)a 871 829 5% 3,255 3,911 (17)%
Gold sold (thousands of ounces)a 960 837 15% 3,318 3,798 (13)%
Market gold price ($/oz) 4,135 3,457 20% 3,432 2,386 44%
Realized gold pricea,b ($/oz) 4,177 3,457 21% 3,501 2,397 46%
Gold COS (Barrick’s share)a,c ($/oz) 1,904 1,562 22% 1,697 1,442 18%
Gold TCCa,b ($/oz) 1,205 1,137 6% 1,199 1,065 13%
Gold AISCa,b ($/oz) 1,581 1,538 3% 1,637 1,484 10%
Revenue ($ millions)a 4,111 2,943 40% 11,844 9,281 28%
Attributable EBITDA ($ millions)b 2,708 1,777 52% 7,041 4,667 51%
Copper
Copper production (thousands of tonnes)a 62 55 13% 220 195 13%
Copper sold (thousands of tonnes)a 67 52 29% 224 177 27%
Market copper price ($/lb) 5.03 4.44 13% 4.51 4.15 9%
Realized copper pricea,b ($/lb) 5.42 4.39 23% 4.72 4.15 14%
Copper COS (Barrick’s share)a,d ($/lb) 3.37 2.68 26% 2.91 2.99 (3)%
Copper C1 cash costsa,b ($/lb) 2.45 1.96 25% 2.14 2.26 (5)%
Copper AISCa,b ($/lb) 3.61 3.14 15% 3.20 3.45 (7)%
Revenue ($ millions)a 769 472 63% 2,199 1,484 48%
Attributable EBITDA ($ millions)b 376 245 53% 1,116 518 115%
a. On an attributable basis.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 2 of this press release.
c. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).
d. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
BARRICK YEAR-END 2025 6 PRESS RELEASE
Regional Summarya and 2026 Guidanceb
For the three months ended For the twelve months ended 2026
Guidance12/31/25 9/30/25 12/31/24 12/31/25 12/31/24
Gold
North Americac
Gold produced (000s oz) 595 536 576 2,093 2,145 1,770 - 1,980
Gold sold (000s oz) 608 543 567 2,112 2,140
COS ($/oz)d 1,663 1,567 1,522 1,653 1,512 1,820 - 2,010
TCC ($/oz)e 1,169 1,149 1,129 1,217 1,130 1,270 - 1,410
AISC ($/oz)e 1,460 1,450 1,448 1,601 1,536 1,690 - 1,870
Revenue ($ millions) 2,604 1,910 1,539 7,557 5,262
Attributable EBITDA ($ millions)e 1,730 1,117 651 4,430 2,761
South America & Asia Pacificc
Gold produced (000s oz) 72 73 95 322 298 260 - 300
Gold sold (000s oz) 69 68 103 317 313
COS ($/oz)d 1,553 1,438 1,263 1,363 1,277 1,870 - 2,070
TCC ($/oz)e 983 931 885 901 928 1,170 - 1,300
AISC ($/oz)e 1,898 1,532 1,395 1,502 1,380 1,500 - 1,660
Revenue ($ millions) 289 226 281 1,066 779
Attributable EBITDA ($ millions)e 155 158 64 676 171
Africa & Middle East
Gold produced (000s oz) 204 220 409 840 1,468 870 - 970
Gold sold (000s oz) 283 226 295 889 1,345
COS ($/oz)d 2,527 1,587 1,303 1,924 1,368 1,990 - 2,200
TCC ($/oz)e 1,364 1,170 944 1,270 1,000 1,490 - 1,640
AISC ($/oz)e 1,575 1,424 1,389 1,543 1,333 1,840 - 2,040
Revenue ($ millions) 1,218 807 788 3,221 3,240
Attributable EBITDA ($ millions)e 823 502 454 1,935 1,735
Total Gold
Gold produced (000s oz) 871 829 1,080 3,255 3,911 2,900 - 3,250
Gold sold (000s oz) 960 837 965 3,318 3,798
COS ($/oz)d 1,904 1,562 1,428 1,698 1,442 1,870 - 2,070
TCC ($/oz)e 1,205 1,137 1,046 1,199 1,065 1,330 - 1,470
AISC ($/oz)e 1,581 1,538 1,451 1,637 1,484 1,760 - 1,950
Revenue ($ millions) 4,111 2,943 2,608 11,844 9,281
Attributable EBITDA ($ millions)e 2,708 1,777 1,169 7,041 4,667
Total Copper
Copper produced (kt) 62 55 64 220 195 190 - 220
Copper sold (kt) 67 52 54 224 177
COS ($/lb)f 3.37 2.68 2.62 2.91 2.99 3.05 - 3.35
C1 cash costs ($/lb)e 2.45 1.96 2.04 2.14 2.26 2.20 - 2.45
AISC ($/lb)e 3.61 3.14 3.07 3.20 3.45 3.45 - 3.75
Revenue ($ millions) 769 472 436 2,199 1,484
Attributable EBITDA ($ millions)e 376 245 123 1,116 518
a. All figures in this table are on an attributable basis.
b. See “Outlook Assumptions and Economic Sensitivity Analysis” in endnote 8 of this press release.
c. Starting Q4 2025, we have presented Pueblo Viejo as part of North America instead of South America & Asia Pacific. Comparative information has been restated.
d. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using
Barrick's ownership share).
e. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 2 of this press release.
f. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
BARRICK YEAR-END 2025 7 PRESS RELEASE
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Tricia Evans, BSc,
SMERM, Mineral Resource Manager: North America; Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr. Sci. Nat,
Resource Geology Lead – North America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle
East; Peter Jones, MAIG, Manager Resource Geology – South America & Asia Pacific; and Joel Holliday, FAusIMM, Executive
Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for
Mineral Projects.
All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects . Unless otherwise noted, such mineral reserve and mineral resource estimates are as of
December 31, 2025.
Endnotes
Endnote 1
On an attributable basis.
Endnote 2 – Non-GAAP Financial Measures
Free Cash Flow and Attributable Free Cash Flow
“Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating
activities. “Attributable free cash flow” starts with free cash flow and adds our attributable share of free cash flow from our equity
investees and subtracts the free cash flow attributable to the non-controlling interests. Management believes this to be a useful
indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow and
attributable free cash flow are intended to provide additional information only and does not have any standardized definition
under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance
with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.
Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are
provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and
on EDGAR at www.sec.gov. The following table reconciles this non-GAAP financial measure to the most directly comparable
IFRS measure.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Attributable Free Cash Flow
For the three months ended For the years ended
($ millions) 12/31/25 9/30/25 12/31/25 12/31/24 12/31/23
Net cash provided by operating activities 2,726 2,422 7,689 4,491 3,732
Capital expenditures (1,107) (943) (3,821) (3,174) (3,086)
Consolidated free cash flow 1,619 1,479 3,868 1,317 646
Free cash flow applicable to equity investees 172 191 585 553 465
Non-controlling interests (731) (516) (1,616) (779) (712)
Attributable free cash flow 1,060 1,154 2,837 1,091 399
Adjusted Net Earnings and Adjusted Net Earnings per Share
“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net
earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant
and equipment, and investments; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax
adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax
effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying
operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating
results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges,
acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our
core mining business and are not necessarily indicative of future operating results. Furthermore, foreign currency translation
gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The tax effect
and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick’s shares on a post-tax
basis, consistent with net earnings. Adjusted net earnings and adjusted net earnings per share are intended to provide additional
information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit
or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The
following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Further details on
these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed
from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
BARRICK YEAR-END 2025 8 PRESS RELEASE