Barrick Reports Third Quarter 2025 Results Delivering record adjusted net earnings, operating and free cash flow
Barrick Reports Third Quarter 2025 Results
Delivering record adjusted net earnings, operating and free cash flow
▪ Q3 gold production 4% higher than Q2 at 829,000 ounces, copper production in line with
plan at 55,000 tonnes
▪ Record quarterly operating cash flow and free cash flow1 of $2.4 billion and $1.5 billion—up
82% and 274%, respectively, over Q2
▪ $0.76 net earnings per share, $0.58 adjusted net earnings per share1
▪ Increased base quarterly dividend 25% to $0.125 per share plus a performance dividend of
$0.05 per share to total $0.175 per share dividend for current quarter
▪ Repurchased $1 billion of shares YTD, with existing buyback program expanded by $500
million to up to $1.5 billion
▪ On track to deliver full year gold and copper production and AISC1 guidance
▪ Updated preliminary economic assessment (“PEA”) confirms Fourmile as one of this
century’s most significant gold discoveries2
All amounts expressed in U.S. dollars
Toronto, November 10, 2025 – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the
“Company”) today reported third quarter operating and financial results for the period ending September
30, 2025. Barrick produced 829,000 ounces of gold and 55,000 tonnes of copper in the quarter and the
Company generated $4.1 billion in revenue, as well as a record $2.4 billion in operating cash flow and
$1.5 billion in free cash flow. 1 Net earnings per share of $0.76 and adjusted net earnings per share 1 of
$0.58 increased 62% and 23%, respectively, from Q2.
“Higher gold production combined with lower costs and strong commodity prices drove record cash
flow for Barrick in Q3,” said Mark Hill, Group Chief Operating Officer and Interim President and Chief
Executive Officer. “This allowed us to significantly increase share repurchases while also making
progress on our key growth projects, maintaining our industry-leading balance sheet. Given the
confidence in ongoing cash flow generation and shareholder focus, the Board has approved a 25%
increase in the base quarterly dividend. Our portfolio of world-class assets continues to grow, as
demonstrated by the generational gold discovery at Fourmile in Nevada.”
Mark Hill continued, “Since assuming interim CEO responsibilities at the end of September, I have
met with our teams across the globe to review performance and assess what we can do differently at
Barrick, putting a stronger emphasis on safety and operational performance. The quality of our portfolio is
undeniable and the opportunity in front of the Barrick team is significant. We are singularly focused
on driving improved performance and shareholder value, particularly at our Tier One 6 gold assets in
Nevada and the Dominican Republic. To this end, we have begun an operational review from the
bottom up to ensure we are completely focused on delivering results safely and consistently going
forward and we will provide an update with our year-end results.”
Operational Highlights
Gold production in Q3 was 4% higher than Q2 at 829,000 ounces, with cost of sales (“COS”) 3 of $1,562
per ounce, total cash costs (“TCC”) 1 of $1,137 per ounce and all-in sustaining costs (“AISC”) 1 of $1,538
per ounce. Gold COS 3 and AISC1 were 6% and 9%lower than Q2, respectively, with AISC margins 4 19%
higher. Cortez and Turquoise Ridge performed well, increasing production 15% and 13% over Q2,
respectively. Pueblo Viejo achieved record-high throughput in Q3 with the highest quarterly production
since 2022. Unplanned downtime at the Goldstrike roaster near the end of the quarter delayed some of
Carlin’s processing volume and production from Q3 into Q4.
Copper production in Q3 was 7% lower than Q2 at 55,000 tonnes, in-line with plan, with COS 5 of
$2.68 per pound, C1 cash costs 1 of $1.96 per pound and AISC 1 of $3.14 per pound. Copper production
year-to-date is 21% higher than the first nine months of 2024, driven by a 42% increase at Lumwana.
Copper COS 5 and AISC 1 were 14% and 16% lower year-to-date than the first nine months of 2024,
respectively, with AISC margins4 128% higher.
After nearly twelve months fatality free, unfortunately three of our colleagues lost their lives in recent
months. A previously recorded lost-time injury at Kibali was reclassified as a fatality after an employee
sadly succumbed to injuries. On September 29th an employee at the Goldrush Underground mine in
Nevada sustained fatal injuries. On October 21st an employee sustained fatal injuries at the Bulyanhulu
mine in Tanzania. Our thoughts are with the families, friends and colleagues of these team members who
passed away. Safety remains Barrick’s highest priority, and we are conducting full investigations into
these incidents in cooperation with the relevant authorities. We remain unequivocally committed to our
safety vision of ‘Every person going home safe and healthy every day.’
Financial Highlights
Barrick achieved record quarterly operating cash flow and free cash flow1 of $2.4 billion and $1.5 billion—
up 82% and 274%, respectively—compared to operating cash flow of $1.3 billion and free cash flow 1 of
$0.4 billion in the prior quarter. This significant increase was primarily due to higher realized gold prices 1,
increased gold sales volume and lower total cash costs 1 per ounce. In Q3 2025, Barrick achieved net
earnings of $1.3 billion ($0.76 per share and adjusted net earnings 1 of $982 million ($0.58 per share—
another record) compared to net earnings of $483 million ($0.28 per share) and adjusted net earnings 1 of
$529 million ($0.30 per share) in the same prior-year period. Notably, our Q3 net earnings and adjusted
net earnings include a $0.04 per share after tax share-based compensation expense due to our higher
share price. Revenues of $4.1 billion in Q3 2025 increased 23% from $3.4 billion in Q3 2024.
Non-core asset sales also continued during the quarter, underscoring our disciplined focus on our Tier
One6 gold and copper portfolio. On September 10, Barrick announced an agreement to sell the Hemlo
gold mine in Canada to Carcetti Capital Corp. for gross proceeds of up to $1.09 billion. Subsequently, on
October 6, Barrick announced an agreement to sell its interests in the Tongon gold mine and certain
exploration properties in Côte d’lvoire to the Atlantic Group for total consideration of up to $305 million.
Both transactions are expected to close in the fourth quarter of 2025. Together with the sales of Donlin
and Alturas, total gross proceeds from non-core assets divested this year are expected to generate
approximately $2.6 billion in value.
Key Growth Projects
Updated studies completed during the quarter reaffirm the 100%-owned Fourmile project in Nevada as
one of this century’s most significant gold discoveries. 2 A new PEA, supported by the 2024 mineral
resource estimate and ongoing 2025 evaluation results, underscores Fourmile’s rare combination of
BARRICK THIRD QUARTER 2025 2 PRESS RELEASE
grade, scale, and exploration upside, confirming its potential to become one of the world’s most valuable
gold mines. The current drilling program—the largest undertaken to date—supports a potential doubling
of the existing resource in 2025. Meanwhile, planned access via the Bullion Hill Decline is progressing as
expected, with permitting and engineering activities on track.
The Reko Diq project remains on schedule, with onsite construction activities accelerating and project
financing approaching completion. The Lumwana expansion has advanced in both procurement and
construction and continues to track slightly ahead of schedule. There was also significant progress at
Pueblo Viejo, where more than 180 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.
Quarterly Dividend and Share Buybacks
Given confidence in ongoing cash flow generation and shareholder focus, the Board approved a 25%
increase in the quarterly base dividend to $0.125 per share. For the current quarter, the Board approved
a $0.175 per share dividend, consisting of the higher $0.125 per share base dividend and including a
further $0.05 performance dividend. The enhancement to Barrick’s dividend for the current quarter is
aligned with Barrick’s intention to provide shareholders with an attractive cash yield over time.
During the quarter, the Company repurchased $589 million of its shares, with year-to-date buybacks
now totaling $1 billion. In light of exceptionally strong cash flow, the Board authorized a $500 million
increase to the previously approved $1 billion share buyback program, expiring in February 2026. Total
capital returned to shareholders in the first nine months of 2025 amounts to $1.6 billion.
Full Year 2025 Guidance
Full-year 2025 guidance remains unchanged. We continue to expect gold production of 3.15–3.50 million
ounces, tracking in the lower half of the range, with quarterly production highest in Q4. Following the
agreed sales of Hemlo and Tongon, we expect a portion of the production for the fourth quarter from
these assets will be excluded. Gold cost guidance, including COS 3 of $1,460–$1,560 per ounce, TCC 1 of
$1,050–$1,130 per ounce and ASIC1 of $1,460–$1,560 per ounce, is based on a gold price assumption of
$2,400 per ounce. Adjusting for the current gold price and the impact on royalties on our costs of
approximately $50 per ounce, we are on track to achieve our 2025 gold cost guidance, with the impact as
follows: COS/oz 3 of $1,510–$1,610, TCC/oz 1 of $1,100–$1,180 and AISC/oz 1 of $1,510–$1,610.
Full-year copper production guidance remains 200,000–230,000 tonnes at copper COS 5 of $2.50–
$2.80 per pound, C1 cash costs1 of $1.80–$2.10 per pound and AISC1 of $2.80–$3.10 per pound.
Interim CEO Appointment
On September 29, Mark Hill was appointed Group COO and Interim President and CEO following the
departure of Mark Bristow. Mr. Hill was previously COO of Barrick’s LATAM and Asia Pacific region and is
a seasoned mining executive with 30 years of experience in strategy, corporate development and leading
major projects across the world.
The Search Committee of the Board, chaired by Brett Harvey, is working with a leading executive
search firm to identify a permanent President and CEO.
“The Board is committed to conducting a thorough and deliberate process to ensure we assess world-
class talent and identify the right leader for Barrick,” said Mr. Harvey. “Our ideal candidate will possess
deep industry expertise, a clear vision for innovation and the ability to grow the business while delivering
BARRICK THIRD QUARTER 2025 3 PRESS RELEASE
sustainable returns for our stakeholders. Throughout this transition, our experienced management team
remains focused on executing our strategic priorities and maintaining the momentum of the business.”
Presentation and Webcast
The management team will host a webcast to discuss the results today at 11:00 AM ET followed by a
question-and-answer session with analysts. The presentation materials will be available on Barrick’s
website and a recording of the webcast will be available for replay later in the day.
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—including six of the world’s
Tier One gold mines—Barrick’s operations and projects span 18 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’.
BARRICK THIRD QUARTER 2025 4 PRESS RELEASE
Financial and Operating Highlights
For the three months ended For the nine months ended
9/30/25 6/30/25 % Change 9/30/24 % Change 9/30/25 9/30/24 % Change
Financial Results ($ millions)
Revenues 4,148 3,681 13 % 3,368 23 % 10,959 9,277 18 %
Cost of sales 1,890 1,878 1 % 2,051 (8) % 5,553 5,966 (7) %
Net earningsa 1,302 811 61 % 483 170 % 2,587 1,148 125 %
Adjusted net earningsb 982 800 23 % 529 86 % 2,385 1,419 68 %
Attributable EBITDAb 2,022 1,690 20 % 1,292 57 % 5,073 3,488 45 %
Attributable EBITDA marginb 59 % 55 % 7 % 46 % 28 % 56 % 45 % 24 %
Minesite sustaining capital expendituresb,c 395 479 (18) % 511 (23) % 1,438 1,692 (15) %
Project capital expendituresb,c 532 439 21 % 221 141 % 1,240 562 121 %
Total consolidated capital expendituresc,d 943 934 1 % 736 28 % 2,714 2,283 19 %
Total attributable capital expenditurese 757 717 6 % 583 30 % 2,105 1,849 14 %
Net cash provided by operating activities 2,422 1,329 82 % 1,180 105 % 4,963 3,099 60 %
Net cash provided by operating activities marginf 58 % 36 % 61 % 35 % 66 % 45 % 33 % 36 %
Free cash flowb 1,479 395 274 % 444 233 % 2,249 816 176 %
Net earnings per share (basic and diluted) 0.76 0.47 62 % 0.28 171 % 1.51 0.65 132 %
Adjusted net earnings (basic)b per share 0.58 0.47 23 % 0.30 93 % 1.39 0.81 72 %
Weighted average diluted common shares
(millions of shares) 1,703 1,716 (1) % 1,752 (3) % 1,715 1,754 (2) %
Debt (current and long-term) 4,714 4,729 0 % 4,725 0 % 4,714 4,725 0 %
Cash and equivalents 5,037 4,802 5 % 4,225 19 % 5,037 4,225 19 %
Debt, net of cash (323) (73) 342 % 500 (165) % (323) 500 (165) %
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 the endnotes to 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 $16 million and $36 million for Q3 2025 and YTD 2025, respectively (Q2 2025: $16 million; Q3 2024: $4 million;
YTD 2024: $29 million).
e. These amounts are presented on the same basis as our guidance.
f. Represents net cash provided by operating activities divided by revenue.
For the three months ended For the nine months ended
9/30/25 6/30/25 % Change 9/30/24 % Change 9/30/25 9/30/24 % Change
Operating Results
Gold
Gold production (thousands of ounces)a 829 797 4 % 943 (12) % 2,384 2,831 (16) %
Gold sold (thousands of ounces)a 837 770 9 % 967 (13) % 2,358 2,833 (17) %
Market gold price ($/oz) 3,457 3,280 5 % 2,474 40 % 3,201 2,296 39 %
Realized gold pricea,b ($/oz) 3,457 3,295 5 % 2,494 39 % 3,226 2,309 40 %
Gold COS (Barrick’s share)a,c ($/oz) 1,562 1,654 (6) % 1,472 6 % 1,613 1,447 11 %
Gold TCCa,b ($/oz) 1,137 1,239 (8) % 1,104 3 % 1,197 1,072 12 %
Gold AISCa,b ($/oz) 1,538 1,684 (9) % 1,507 2 % 1,660 1,495 11 %
Revenue ($ millions)a 2,943 2,575 14 % 2,453 20 % 7,733 6,673 16 %
Attributable EBITDA ($ millions)b 1,777 1,424 25 % 1,169 52 % 4,333 3,155 37 %
Copper
Copper production (thousands of tonnes)a 55 59 (7) % 48 15 % 158 131 21 %
Copper sold (thousands of tonnes)a 52 54 (4) % 42 24 % 157 123 28 %
Market copper price ($/lb) 4.44 4.32 3 % 4.18 6 % 4.33 4.14 5 %
Realized copper pricea,b ($/lb) 4.39 4.36 1 % 4.27 3 % 4.42 4.23 4 %
Copper COS (Barrick’s share)a,d ($/lb) 2.68 2.56 5 % 3.23 (17) % 2.72 3.16 (14) %
Copper C1 cash costsa,b ($/lb) 1.96 1.80 9 % 2.49 (21) % 2.00 2.35 (15) %
Copper AISCa,b ($/lb) 3.14 2.90 8 % 3.57 (12) % 3.03 3.62 (16) %
Revenue ($ millions)a 472 484 (2) % 357 32 % 1,430 1,048 36 %
Attributable EBITDA ($ millions)b 245 266 (8) % 123 99 % 740 333 122 %
a. On an attributable basis.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to 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 THIRD QUARTER 2025 5 PRESS RELEASE
Regional Summarya and 2025 Guidanceb
For the three months ended For the nine months ended 2025
Guidance9/30/25 6/30/25 9/30/24 9/30/25 9/30/24
Gold
North America
Gold produced (000s oz) 429 413 415 1,222 1,310 1,680 - 1,860
Gold sold (000s oz) 435 408 415 1,227 1,316
COS ($/oz)d 1,596 1,697 1,579 1,647 1,503 1,470 - 1,570
TCC ($/oz)c 1,204 1,334 1,234 1,274 1,157 1,080 - 1,160
AISC ($/oz)c 1,512 1,751 1,661 1,706 1,616 1,480 - 1,580
Revenue ($ millions) 1,516 1,365 1,060 4,007 3,106
Attributable EBITDA ($ millions)c 834 700 425 2,077 1,292
Latin America & Asia Pacific
Gold produced (000s oz) 180 180 173 526 462 630 - 730
Gold sold (000s oz) 176 184 193 525 467
COS ($/oz)d 1,446 1,494 1,375 1,492 1,424 1,490 - 1,590
TCC ($/oz)c 930 990 959 982 975 940 - 1,020
AISC ($/oz)c 1,327 1,440 1,286 1,423 1,345 1,430 - 1,530
Revenue ($ millions) 620 611 487 1,723 1,115
Attributable EBITDA ($ millions)c 441 420 290 1,144 620
Africa & Middle East
Gold produced (000s oz) 220 204 355 636 1,059 820 - 910
Gold sold (000s oz) 226 178 359 606 1,050
COS ($/oz)d 1,587 1,718 1,404 1,643 1,386 1,420 - 1,520
TCC ($/oz)c 1,170 1,277 1,037 1,226 1,016 1,060 - 1,140
AISC ($/oz)c 1,424 1,577 1,328 1,528 1,317 1,360 - 1,460
Revenue ($ millions) 807 599 906 2,003 2,452
Attributable EBITDA ($ millions)c 502 304 454 1,112 1,243
Total Gold
Gold produced (000s oz) 829 797 943 2,384 2,831 3,150 - 3,500
Gold sold (000s oz) 837 770 967 2,358 2,833
COS ($/oz)d 1,562 1,654 1,472 1,613 1,447 1,460 - 1,560
TCC ($/oz)c 1,137 1,239 1,104 1,197 1,072 1,050 - 1,130
AISC ($/oz)c 1,538 1,684 1,507 1,660 1,495 1,460 - 1,560
Revenue ($ millions) 2,943 2,575 2,453 7,733 6,673
Attributable EBITDA ($ millions)c 1,777 1,424 1,169 4,333 3,155
Total Copper
Copper produced (kt) 55 59 48 158 131 200 - 230
Copper sold (kt) 52 54 42 157 123
COS ($/lb)e 2.68 2.56 3.23 2.72 3.16 2.50 - 2.80
C1 cash costs ($/lb)c 1.96 1.80 2.49 2.00 2.35 1.80 - 2.10
AISC ($/lb)c 3.14 2.90 3.57 3.03 3.62 2.80 - 3.10
Revenue ($ millions) 472 484 357 1,430 1,048
Attributable EBITDA ($ millions)c 245 266 123 740 333
a. All figures in this table are on an attributable basis.
b. See “Outlook Assumptions and Economic Sensitivity Analysis” in endnote 7 of this press release.
c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 1 of this press release.
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. 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 THIRD QUARTER 2025 6 PRESS RELEASE
Investor Relations Contact
Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
Media Contact
Brunswick Group
Carole Cable, +44 (0) 7974 982 458
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 – Latin 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, 2024.
Endnotes
Endnote 1 – Non-GAAP Financial Measures
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. Adjusted net earnings and adjusted net
earnings per share are intended to provide additional information only and does not have any standardized definition under IFRS
Accounting Standards as issued by the International Accounting Standards Board (“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.
Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share
($ millions, except per share amounts in dollars) For the three months ended For the nine months ended
9/30/25 6/30/25 9/30/24 9/30/25 9/30/24
Net earnings attributable to equity holders of the Company 1,302 811 483 2,587 1,148
Impairment charges related to intangibles, goodwill, property, plant and
equipment, and investmentsa 3 0 2 7 20
Acquisition/disposition (gains) lossesb (250) 289 (1) 39 (7)
(Gain) loss on currency translation (3) (2) 4 (3) 21
Significant tax adjustmentsc (119) (35) (30) (169) 136
Other expense adjustmentsd 47 44 97 264 136
Non-controlling interest 0 (4) (7) (15) (11)
Tax effecte 2 (303) (19) (325) (24)
Adjusted net earnings 982 800 529 2,385 1,419
Net earnings per sharef 0.76 0.47 0.28 1.51 0.65
Adjusted net earnings per sharef 0.58 0.47 0.30 1.39 0.81
a. There were no significant impairment charges or reversals in the current period or prior periods.
b. Acquisition/disposition (gains) losses for Q3 2025 mainly related to the $250 million revaluation of our 80% equity investment in Loulo-Gounkoto, as it was
deconsolidated and an investment at fair value was recognized in Q2 2025 (resulting in a Q2 2025 net loss of $1,035 million) following the change of control
after it was placed under a temporary provisional administration on June 16, 2025 . This loss in Q2 2025 and YTD 2025 was partially offset by a gain of $745
million on the sale of our 50% interest in the Donlin Gold project.
c. For Q3 2025, significant tax adjustments include the re-measurement of deferred tax balances and the recognition of deferred tax assets. Significant tax
adjustments for YTD 2025 also include the adjustments in respect of prior years. For Q3 2024, significant tax adjustments include the re-measurement of
BARRICK THIRD QUARTER 2025 7 PRESS RELEASE
deferred tax balances and the recognition of deferred tax assets. Significant tax adjustments for YTD 2024 also include the adjustments in respect of prior years
and the proposed settlement of the Zaldívar Tax Assessments in Chile.
d. Other expense adjustments for the 2025 periods mainly relate to reduced operation costs at Loulo-Gounkoto. Q3 2025 also includes severance costs and YTD
2025 was further impacted by the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc . Other adjustments in Q3
2024 mainly relate to the $40 million accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership,
and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision made relating to a legacy mine site
operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties
recognized following the settlement of the Zaldívar Tax Assessments in Chile.
e. Tax effect for Q2 2025 and YTD 2025 primarily relates to acquisition/disposition losses (gains).
f. Calculated using weighted average number of shares outstanding under the basic method of earnings per share.
Free Cash Flow
“Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating
activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or
usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized
definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined
under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance
measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles this non-GAAP financial measure to the most
directly comparable IFRS measure.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
($ millions) For the three months ended For the nine months ended
9/30/25 6/30/25 9/30/24 9/30/25 9/30/24
Net cash provided by operating activities 2,422 1,329 1,180 4,963 3,099
Capital expenditures (943) (934) (736) (2,714) (2,283)
Consolidated free cash flow 1,479 395 444 2,249 816
Free cash flow applicable to equity investees 191 66 71 413 247
Non-controlling interests (516) (249) (210) (885) (475)
Attributable free cash flow 1,154 212 305 1,777 588
Capital Expenditures
These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital
expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures
or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital
spending required to support current production levels. Project capital expenditures represent the capital spending at new
projects and major, discrete projects at existing operations intended to increase net present value through higher production or
longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is
an input into the calculation of all-in sustaining costs per ounce. Classifying capital expenditures is 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. Other companies may calculate these measures
differently. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS
measure.
Reconciliation of the Classification of Capital Expenditures
($ millions) For the three months ended For the nine months ended
9/30/25 6/30/25 9/30/24 9/30/25 9/30/24
Minesite sustaining capital expenditures 395 479 511 1,438 1,692
Project capital expenditures 532 439 221 1,240 562
Capitalized interest 16 16 4 36 29
Total consolidated capital expenditures 943 934 736 2,714 2,283
Total cash costs per ounce and All-in sustaining costs per ounce
“Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures which are
calculated based on the definition published by the World Gold Council (a market development organization for the gold industry
comprised of and funded by gold mining companies from around the world, including Barrick, the “WGC”). The WGC is not a
regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their
ability to generate positive cash flow, both on an individual site basis and an overall company basis. “Total cash costs” per ounce
start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and
includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and includes sustaining
capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and
reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production
BARRICK THIRD QUARTER 2025 8 PRESS RELEASE