ABX.TO · 2011-07-28

For a full explanation of results, the Financial Statements and Management Discussion & Analysis, please see the

Financials

SECOND QUARTER REPORT 2011 For a full explanation of results, the Financial Statements July 28, 2011 and Management Discussion & Analysis, please see the Based on IFRS and expressed in US dollars Company’s website, www.barrick.com.

Barrick Reports Q2 2011 Financial and Operating Results

Highlights

Financial and Operating Results • Reported net earnings for Q2 rose 35% to $1.2 billion ($1.16 per share) from $859 million in the prior year period. Q2 adjusted net earnings increased 36% to a record $1.1 billion ($1.12 per share)1 from $824 million ($0.84 per share) in Q2 2010, reflecting higher realized gold and copper prices and higher gold sales volumes, resulting in an annualized return on equity of about 21%1. • Q2 EBITDA increased 40% to $2.1 billion1 from $1.5 billion in the same prior year period. Q2 operating cash flow of $690 million and adjusted operating cash flow of $938 million1, respectively, were lower than the prior year operating cash flow of $1,108 million and adjusted operating cash flow of $1,127 million, respectively. This reduction was primarily as a result of higher income tax payments of $736 million, of which about $420 million was due to final 2010 income tax payments in a number of jurisdictions. Income tax payments are expected to be about $400 million per quarter in the subsequent quarters of 2011. • Q2 gold production was 1.98 million ounces at total cash costs of $445 per ounce and net cash costs of $338 per ounce1. The Company is on track to meet its 2011 operating guidance of 7.6-8.0 million ounces at total cash costs of $450-$480 per ounce and lower expected net cash costs of $290-$320 per ounce2 compared to previous guidance of $340-$380 per ounce. Including Lumwana, Barrick expects to produce 455-475 million pounds of copper in 2011 at total cash costs of $1.55-$1.70 per pound. • Gold and copper cash margins expanded significantly in the second quarter, highlighting Barrick’s leverage to higher metal prices. Gold cash margins increased 33% to $1,068 per ounce1 from $804 per ounce in Q2 2010 and net cash margins rose 30% to $1,175 per ounce1 from $903 per ounce in the prior year period. Copper cash margins rose 39% to $2.51 per pound1 from $1.80 per pound in the prior year period. Increasing Gold and Copper Reserves through Exploration and Selective Acquisitions • Major exploration programs are advancing at Cortez, Turquoise Ridge, Ruby Hill, and Spring Valley in North America, on early stage targets in the El Indio belt in South America, and at Porgera and on regional targets in the Australia Pacific region. • Barrick completed the acquisition of Equinox Minerals in July, adding two quality copper mines and increasing our leverage to strong copper prices while maintaining our gold exposure. Low cost financing has been secured and will enhance the returns from the acquisition. The Company is focused on three areas to realize the full potential of the Lumwana mine, which is located in one of the world’s most prolific copper regions in Zambia: operational improvements and efficiencies, a focus on exploration to expand the resource, and an ongoing evaluation to determine the optimal scope of an expansion. Investing in and Developing High Return Projects • The mining industry is facing global cost trends which reflect a substantially higher commodity price environment, stronger local currencies, tighter labor markets and higher inflation in some regions compared to several years ago when many projects were at the feasibility stage. For Barrick, stronger metal prices have significantly improved project economics and overall rates of return despite higher estimated capital costs. • At Pueblo Viejo, a major rainfall event that occurred in May requires remediation of the starter tailings dam and new permits for this facility. Primarily as a result of the unanticipated remediation work and impact to the schedule, mine construction capital for the project has increased to $3.6-$3.8 billion (100% basis) or $2.2-$2.3 billion (Barrick’s 60% share) and first production is now expected to occur in mid-2012 subject to the receipt of these permits. As part of a longer-term, optimized power solution for Pueblo Viejo, the Company is advancing a plan to build a dual- fueled power plant at an estimated incremental capital cost of about $0.3 billion (100% basis). The new plant is expected to provide lower cost, long term power to the project. • Capital costs for Pascua-Lama have been impacted by continued inflationary effects on costs for key consumable inputs and labor, re-estimations of materials such as steel, cement, fuel and equipment and increased expenditures to essentially maintain the schedule to deliver first production in mid-2013. As a result, pre-production capital is now estimated at $4.7-$5.0 billion. • Pueblo Viejo and Pascua-Lama are anticipated to contribute 1.4-1.5 million ounces of average annual production over the first full five years of operation and to lower Barrick’s overall total cash costs by about 20%3. At current metal prices, these two projects are expected to generate combined average annual EBITDA of about $2.8 billion4 to Barrick over the same period, with an average investment to EBITDA ratio of about 2.5 times.

1 Adjusted net earnings, adjusted operating cash flow, EBITDA, return on equity, total cash costs, net cash costs, cash margins and net cash margins per ounce/pound are non-GAAP financial measures. See pages 54-60 of Barrick’s Second Quarter 2011 Report.

2 Based on an expected realized copper price of $4.00/lb for the balance of 2011 compared to the prior expected realized copper price of $3.75/lb and reflecting expected 2011 production of 455-475 million pounds compared to previous guidance of about 300 million pounds.

3 Based on the estimated combined average annual production in the first full five years of operation and on gold, silver and oil price assumptions of $1,300/oz, $25/oz and $100/bbl, respectively.

4 EBITDA is based on the midpoint of average annual production and average total cash costs in the first full five years of operation assuming a $1,600/oz gold price, a $40/oz silver price and a $100/bbl oil price.

BARRICK SECOND QUARTER 2011 PRESS RELEASE

FINANCIAL AND OPERATING RESULTS and copper prices, we expect income tax payments Q2 production was 1.98 million ounces of gold at to be about $400 million per quarter for the remainder of 2011. In addition, we expect to make total cash costs of $445 per ounce and net cash costs of $338 per ounce. The Company is on track an intercompany dividend withholding tax payment to achieve its full year operating guidance of 7.6- of about $85 million in the third quarter.

8.0 million ounces at total cash costs of $450- “Operationally and financially, Barrick had a $480 per ounce and significantly lower expected solid quarter, meeting our operating and cash cost targets which resulted in significant margin net cash costs of $290-$320 per ounce compared to previous guidance of $340-$380 per ounce, expansion and record financial results,” said Aaron positioning Barrick as one of the lowest cost senior Regent, Barrick’s President and CEO. “We also gold producers. Q2 gold cash margins increased completed the acquisition and long term financing 33% to $1,068 per ounce from $804 per ounce in of Equinox which adds two attractive assets to our portfolio and another source of long term cash Q2 2010 and net cash margins increased 30% to $1,175 per ounce from $903 per ounce in the same flow. Our project pipeline continues to progress prior year period. Second quarter copper cash with the ongoing construction of Pueblo Viejo and margins increased 39% to $2.51 per pound from Pascua-Lama and while we are disappointed with $1.80 per pound in the prior year period on higher the increased capital costs of these projects, their overall economics have improved significantly as a copper prices. This margin expansion demonstrates the Company’s exceptional leverage to higher result of much higher gold and silver prices than metal prices. originally forecasted.”

Q2 adjusted net earnings rose 36% to a record The North America region continued to $1.1 billion ($1.12 per share) compared to adjusted perform ahead of expectations in Q2, producing net earnings of $824 million ($0.84 per share) in 0.92 million ounces at total cash costs of $404 per the prior year period, reflecting higher realized ounce, primarily due to strong performances from prices for both gold and copper and higher gold Cortez and Goldstrike. Cortez production of 0.42 sales volumes. Q2 adjusted net earnings translate million ounces at total cash costs of $220 per to an annualized return on equity of about 21%. Q2 ounce in Q2 reflects the ramp up of leach pad reported net earnings were $1.2 billion ($1.16 per production, increased mill throughput from deshare) before net adjustments of $42 million. Q2 bottlenecking and the processing of refractory ore EBITDA increased 40% to $2.1 billion from $1.5 at Goldstrike’s facilities.

billion in the same prior year period. Q2 operating The Goldstrike operation exceeded plan in Q2, cash flow of $690 million and adjusted operating producing 0.30 million ounces at total cash costs of cash flow of $938 million (which adjusts for the $511 per ounce on better than expected grades and one-time operating cash flow impacts related to the more ore than anticipated from the open pit, which Equinox acquisition) compares to operating cash is anticipated to transition to a higher stripping flow of $1,108 million and adjusted operating cash phase in the second half of the year. Full year 2011 flow of $1,127 million in the same prior year period, production for the North America region is respectively. Operating cash flow and adjusted expected to be 3.30-3.46 million ounces at total operating cash flow were negatively impacted by an cash costs of $425-$450 per ounce.

increase in income tax payments, primarily due to The South American business unit produced final 2010 income tax payments in Argentina, 0.45 million ounces at total cash costs of $373 per Australia and Chile. Income tax payments totaled ounce in Q2. The Lagunas Norte mine $736 million in the second quarter of 2011, of which outperformed expectations, producing 0.18 million about $420 million related to 2010 tax payments in ounces at total cash costs of $267 per ounce on the above jurisdictions compared to $245 million in positive grade reconciliations. Veladero contributed the same prior year period. Based on current gold 0.24 million ounces at total cash costs of $364 per

BARRICK SECOND QUARTER 2011 2 PRESS RELEASE

ounce in Q2 and is on track to produce nearly 1.0 the Australian dollar/US dollar exchange rate. million ounces this year. In 2011, South America is Barrick is 92% hedged on its expected remaining expected to contribute 1.80-1.935 million ounces at Australian operating and capital expenditures in total cash costs of $350-$380 per ounce. 2011 at an effective average rate of $0.76 and has The Australia Pacific business unit produced substantial coverage for the following three years 0.46 million ounces at total cash costs of $611 per at rates at or below $0.75.

ounce in Q2. The Porgera mine, which produced The Company has also mitigated the impact of 0.12 million ounces at total cash costs of $569 per higher oil prices through the use of financial ounce, was impacted by lower underground and contracts and production from Barrick Energy such open pit production as well as power outages and that a $10 change in WTI crude oil prices is only unplanned maintenance which affected mill expected to impact 2011 total cash costs by about throughput. Australia Pacific is expected to $1 per ounce. The Barrick Energy contribution, produce 1.85-2.00 million ounces at total cash costs along with the financial contracts, provides hedge of $610-$635 per ounce in 2011. protection for approximately 85% of expected Attributable production from African Barrick remaining 2011 fuel consumption. Beyond 2011, Gold plc in Q2 was 0.13 million ounces at total cash financial contracts provide substantial hedge costs of $652 per ounce. Barrick’s share of 2011 coverage in 2012 and 2013 and production from production is expected to be 0.515-0.560 million Barrick Energy is expected to continue to provide ounces at total cash costs of $590-$650 per ounce. long term natural offsets to expected energy costs. Q2 copper production of 93 million pounds at total cash costs of $1.56 per pound included one INCREASING GOLD AND COPPER RESERVES month of production from the Lumwana mine in THROUGH EXPLORATION AND SELECTIVE June. Utilizing option collar strategies, the ACQUISITIONS Company has put in place floor protection on Barrick completed the acquisition of Equinox approximately 45% of its expected remaining Minerals in July and is in the process of integrating copper production for 2011 at an average floor price the Lumwana mine and Jabal Sayid project into the of $3.27 per pound and can participate in upside up Australia Pacific regional business unit. This to an average ceiling price of about $4.85 per transaction has added two quality copper mines to pound on approximately 55% of expected our portfolio and improves our copper leverage remaining 2011 production⁵. Barrick also has floor while maintaining our exposure to gold. Low cost protection in place on approximately 45% of financing has been secured and will enhance expected copper production for 2012 at an average returns from the acquisition. The Equinox floor price of about $3.75 per pound and can transaction was a unique opportunity to acquire a participate in upside up to an average ceiling price large, producing asset in an environment of strong of about $5.50 per pound⁶ on approximately 40% copper fundamentals. The Lumwana mine is a high of expected 2012 production. The Company’s quality, long-life mine with significant expansion remaining copper production is subject to market and resource growth potential and provides us with prices. Following Barrick’s acquisition of Equinox a major presence in Zambia, one of the most Minerals, the Company expects to produce 455-475 prospective copper regions in the world.

million pounds of copper in 2011 at total cash costs The Company is focused on three areas to of $1.55-$1.70 per pound. realize the full potential of Lumwana and maximize About 60% of Barrick’s consolidated long term cash flows: operational improvements production costs are denominated in US dollars. and efficiencies, a focus on exploration to The Company’s largest single currency exposure is materially expand the resource and an ongoing evaluation to determine the optimal size of the 5 The realized price for remaining 2011 production is expected to be reduced by $0.06 per pound as a result of the net premium paid on hedging strategies. expansion.

6 The realized price on 2012 production is expected to be reduced by $0.12 per pound as a result of the net premium paid on hedging strategies.

BARRICK SECOND QUARTER 2011 3 PRESS RELEASE

Lumwana is expected to produce 155-175 the copper belt. In addition, Barrick is advancing an million pounds at total cash costs of $1.75-$1.95 per expansion study that could potentially double pound from June 1 to the end of 2011. On a full year processing rates in conjunction with the exploration annualized basis, production is expected to be program to better determine the optimal scope of about 300 million pounds beyond 2011 prior to a the operation.

potential expansion. Cash costs for 2011 have been The Jabal Sayid copper project in Saudi Arabia impacted by plant availability and lower grades is expected to enter production in the second half related to dilution, as well as higher costs related to of 2012 at a total capital cost of approximately currency, labor and power. Areas of expected $400 million, of which $275 million remains to be operating improvements include mill de- spent. The mine is expected to produce 100-130 bottlenecking, pit re-optimization, changes to mine million pounds annually over its first full five years. sequencing, dilution control, and benefits from Good potential exists for material extensions to higher equipment availability and leveraging known deposits and new discoveries from an Barrick’s supply chain agreements. An infill drill ongoing evaluation of the entire Jabal Sayid site. program at the producing Malundwe deposit is Current exploration is focused on testing Lode 4 at underway to improve dilution control and more depth, where mineralization has been intersected in accurately model orebody characteristics. several previous drill holes, including an intercept Lumwana has excellent potential for both of 111 meters at 2.67% copper. Several geophysical brownfield and greenfield resource growth. Barrick surveys are also in progress.

expects to spend over $50 million in 2011 as part of an 18 month exploration program to increase the INVESTING IN AND DEVELOPING HIGH RETURN measured and indicated resource as part of the PROJECTS IN CONSTRUCTION expansion study which is expected to be completed Barrick has targeted growth in production to 9 in the second half of 2012. As a result, the million ounces of gold⁸ within the next five years. Company’s total exploration budget for 2011 will Total cash costs are expected to benefit from its increase to $370-$390 million⁷, of which large, low cost projects, primarily Pueblo Viejo and approximately 40% will be capitalized. A minimum Pascua-Lama, as these mines come on stream. of 16 drill rigs are planned to be added in Zambia, Once at full capacity, these two mines are expected primarily at the development stage Chimiwungo to contribute about 1.4-1.5 million ounces of deposit, to convert mineralized inventory and average annual production over the first full five inferred resources to the measured and indicated years of operation and are expected to lower category, conduct extensional drilling, infill drill two Barrick’s overall total cash costs by about 20%. At potential starter pits and evaluate the potential for current metal prices, these two projects are a third starter pit. Malundwe is open to the north anticipated to generate combined average annual and south and Chimiwungo remains open in EBITDA of about $2.8 billion to Barrick over the multiple directions. Recent condemnation drilling same period.

west of the current optimized Chimiwungo pit shell “The mining industry has been impacted by is intersecting typical “Chimi-style” mineralization.

global cost trends which are a product of a higher Wide spaced drilling is planned for the recent commodity price environment, stronger local Mutoma discovery as well as drilling to test currencies, tighter labor markets and higher advanced sediment-hosted copper-gold targets inflation,” said Peter Kinver, Executive Viceelsewhere on the Lumwana Mining Lease and on President and Chief Operating Officer. “While other exploration properties in Zambia including Barrick has not been immune to these trends, the

8 The target of 9 Moz of annual production within five years reflects a current assessment of the expected 7 Barrick’s exploration programs are designed and conducted under the supervision of Robert Krcmarov, production and timeline to complete and commission Barrick’s projects currently in construction (Pueblo Senior Vice President, Global Exploration of Barrick. For information on the geology, exploration activities Viejo and Pascua-Lama) and the Company’s current assessment of existing mine site opportunities, some of which are sensitive to metal price and various capital and input cost assumptions.

generally, and drilling and analysis procedures on Barrick’s material properties, see Barrick’s most recent Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.

BARRICK SECOND QUARTER 2011 4 PRESS RELEASE

higher metal prices have significantly improved the Since February 2011, Barrick has reorganized its economics and overall rates of return for these Capital Projects group, increasing the involvement projects despite the higher than previously and co-ordination of its Regional Business Units in estimated capital costs.” the construction of major projects to assist in At the Pueblo Viejo project in the Dominican operational readiness and to capture regional Republic, overall construction is now more than synergies. As a result, personnel changes were 70% complete. A major rainfall event that occurred made at the Pascua-Lama project. In connection in May requires remediation of damage to the with these changes, a detailed review of the partially constructed starter tailings dam facility underlying assumptions and trending analysis for and as a result, first production is now anticipated Pascua-Lama was completed in the second quarter. in mid-2012, subject to the receipt of new tailings This review coincided with the review of the capital permit approvals. The unanticipated remediation costs of Cerro Casale, where additional data and work and impact on the schedule has resulted in information applicable to Pascua-Lama was mine construction capital increasing to $3.6-$3.8 identified. The Company has concluded that, based billion (100%)⁹, or $2.2-$2.3 billion (Barrick’s 60% on current trends, certain earlier estimates and share) of which about 75% had been committed at assumptions are not achievable, including those for the end of the second quarter. Barrick’s share of productivity rates and inflationary effects on costs, annual gold production in the first full five years of as well as for required quantities of certain operation is expected to average 625,000-675,000 construction materials such as steel and cement. In ounces at total cash costs of $275-$300 per addition, the Company has increased its projected ounce⁹. At the current gold price of about $1,600 expenditures to essentially maintain the schedule per ounce, Pueblo Viejo is expected to contribute for bringing the project into production in mid-2013. approximately $900 million of average annual As a result, pre-production capital is now estimated EBITDA to Barrick over this period, representing an at $4.7-$5.0 billion¹⁰. Included in this estimate is a investment to EBITDA ratio of about 2.5 times. contingency of $350-$650 million which is about At the end of the second quarter, three of the 15%-25% of the remaining uncommitted four autoclaves had been brick-lined and the expenditure of about $2.5 billion. Barrick has remaining autoclave is more than 70% complete. engaged an independent, globally recognized About 90% of the planned concrete has been engineering consultant who has reviewed the poured, approximately 90% of the steel has been robustness of our processes and methodology in erected and more than 4.8 million tonnes of ore deriving this updated capital estimate. have been stockpiled. Work continues toward Approximately 40% of the capital had been achieving key milestones including the connection committed at the end of the second quarter for of power to the site. As part of a longer-term, items including structural steel, the mining fleet, optimized power solution for Pueblo Viejo, the autogenous and ball mills, the overland conveyor Company is advancing a plan to build a dual-fueled and the primary and pebble crushers.

power plant at an estimated incremental capital Since the 2009 feasibility study (which cost of about $300 million (100% basis) or $180 estimated pre-production capital at $2.8-$3.0 million (Barrick’s share) that would commence billion), costs for key consumables have increased operations utilizing heavy fuel oil (HFO) power but materially. Since the beginning of 2009, steel have the ability to subsequently convert to cheaper prices are up about 100%, oil prices have increased liquid natural gas (LNG). The new plant is expected about 120% and copper prices are up more than to provide lower cost, long term power to the 200%. Projects in Chile and Argentina are also project. being adversely affected by the continued increase in demand for project resources due to the large number of projects that are in construction or at

9 Based on gold and oil price assumptions of $1,300/oz and $100/bbl, respectively.

BARRICK SECOND QUARTER 2011 5 PRESS RELEASE

the feasibility stage. High inflation rates of over Argentina, platforms for the conveyor portal, 25% in Argentina, as well as the earthquake in coarse ore stockpile, pebble crusher and Merrill Chile, have resulted in significantly higher labor Crowe facility were completed. Occupancy and costs and a tight labor market, and a stronger expansion of the construction camps in Chile and Chilean peso has negatively impacted cost Argentina continues to ramp up with more than estimates. These inflationary pressures represent 2,300 housed on site and a further 2,800 expected approximately 50% of the increased estimated by the end of the year. Preparations are underway capital expenditures over the 2009 study. to commence pre-strip mining in Q4 2011 and Based on construction experience to date, we development of the tunnel connecting the mine in have re-estimated quantities of material required Chile and the processing plant in Argentina is for such items as steel, cement, fuel and progressing on both sides.

equipment, which represents approximately 35% of the increased estimated capital expenditures over PROJECTS IN FEASIBILITY the 2009 study. A capital review has been completed for the Cerro Given lower than expected productivity levels, Casale project in Chile that incorporates design the Company has increased expenditures to changes resulting from advanced engineering and a essentially maintain the schedule for the project in review of recent industry projects, and which has order to deliver first production in mid-2013, resulted in a more robust and lower risk technical including expanded camp facilities and the higher design. Estimated pre-production capital of about costs associated with winter construction. These $6.0 billion (100% basis)¹¹, which includes a higher increased expenditures represent approximately contingency of about $0.9 billion, has been 15% of the increased estimated capital impacted by inflationary effects on costs for key expenditures over the 2009 study. consumable inputs and labor, re-estimations of Pascua-Lama is a high quality, world class required quantities of construction materials, resource. Expected average annual gold production increased costs related to productivity, and higher for Pascua-Lama has increased to 800,000– expenditures for expanded temporary camps and 850,000 ounces in the first full five years of other facilities. The revised estimate is based on operation at negative total cash costs of $225- updated commodity price assumptions and also $275 per ounce¹⁰ assuming a silver price of $25 per reflects the impact of a stronger Chilean peso and ounce. Average annual silver production for the tight labor markets in Chile. The feasibility study first full five years is expected to be about 35 was based on 2009 prices, exchange rates and million ounces. For every $1 per ounce increase in labor conditions.

the silver price, total cash costs are expected to Inflationary and other impacts on labor and decrease by about $35 per ounce over this period. consumables such as steel and cement, which have At current commodity prices of $1,600 per ounce increased costs for structural work, represent gold and $40 per ounce silver, Pascua-Lama is approximately 25% of the increased estimated expected to generate approximately $1.9 billion of capital expenditures over the 2009 study. Based on average annual EBITDA in its first full five years of a review of recent industry projects, we have reoperation. At today’s prices, this represents an estimated costs for items such as mechanical and investment to EBITDA ratio of about 2.6 times. electrical work and quantities of other materials, At the end of the second quarter, engineering which accounts for approximately 20% of the design was about 90% complete. In Chile, increased estimated capital expenditures. We have earthworks were more than 80% complete, the also increased projected expenditures related to truck shop platform was completed and work lower than anticipated productivity based on advanced on road construction to the Pascua pit. In 11 Based on gold, copper and oil price assumptions of $1,300/oz, $3.00/lb and $100/bbl respectively and assuming a Chilean peso f/x rate of 475:1.

10 Based on gold, silver and oil price assumptions of $1,300/oz, $25/oz, and $100/bbl respectively and assuming a Chilean peso f/x rate of 475:1.

BARRICK SECOND QUARTER 2011 6 PRESS RELEASE

construction experience to date at Pascua-Lama finalized along with the feasibility study in the and these higher expenditures represent second half of 2011. Focus will shift in the approval approximately 20% of the increased estimated phase to gaining the required Tanzanian regulatory capital expenditures. In connection with the current approvals and negotiating an acceptable Mineral labor environment, we have expanded the Development Agreement with the Tanzanian temporary camps and facilities, which accounts for government.

approximately 10% of the increased estimated capital expenditures. A provision for a higher * * * * contingency represents approximately 25% of the increase. Barrick’s vision is to be the world’s best gold Barrick is evaluating several options to further company by finding, acquiring, developing and optimize the project and the potential for higher producing quality reserves in a safe, profitable and grade satellite starter pits. Exploration programs socially responsible manner. Barrick’s shares are will continue in parallel with advancing detailed traded on the Toronto and New York stock engineering and permitting. The Environmental exchanges.

Impact Assessment is expected to be submitted shortly and the permitting process is anticipated to be about 18 months, at which time Barrick would consider a construction decision. Discussions with the government and meetings with local communities and indigenous groups are continuing in parallel with these activities. Barrick’s 75% share of average annual production is anticipated to be about 750,000-825,000 ounces of gold and 190- 210 million pounds of copper in the first full five years of operation at lower total cash costs than previously estimated of about $125-$175 per ounce¹¹.

At the 50%-owned Donlin Gold project in Alaska, feasibility study revisions that include updated costs and the utilization of natural gas are expected to be completed and submitted to the Board of Donlin Gold LLC in the second half of 2011.

At the Reko Diq copper-gold project in which Barrick holds a 37.5% interest, the Supreme Court of Pakistan has ruled that the provincial government of Balochistan has the authority to decide to grant a mining license to the project company, Tethyan Copper. Efforts to secure the mining license and associated Project and Mineral Agreements are expected to continue in the second half of 2011.

A peer review of the draft Social, Environmental Impact Assessment (SEIA) report for the 50%-owned Kabanga project in Tanzania was completed during the quarter and is expected to be

BARRICK SECOND QUARTER 2011 7 PRESS RELEASE

Key Statistics

Barrick Gold Corporation	Three months ended	Six months ended
(in United States dollars)	June 30,	June 30,
(Unaudited)	2011 2010	2011 2010

Operating Results Gold production (thousands of ounces)¹ 1,977 1,944 3,934 4,005 Gold sold (thousands of ounces) 1,915 1,903 3,778 3,962 Per ounce data Average spot gold price $ 1,506 $ 1,197 $ 1,445 $ 1,152 Average realized gold price² 1,513 1,205 1,452 1,158 Net cash costs² 338 302 323 297

Total cash costs2	445	401	441	397
Depreciation3	152	142	147	137
Other4	17	6	16	5
Total production costs	614	549	604	539
Copper credits	107	99	118	100
	93	102	168	202

Copper production (millions of pounds)⁵ Copper sold (millions of pounds) 82 105 162 198 Per pound data

Average spot copper price	$4.14	$3.18	$4.26	$3.23
Average realized copper price2	4.07	2.93	4.16	3.10
Total cash costs2	1.56	1.13	1.41	1.09
Depreciation3	0.26	0.21	0.25	0.21
Total production costs	1.82	1.34	1.66	1.30

Financial Results (millions)

Revenues $ 3,426 $ 2,621 $ 6,516 $ 5,202

Net earnings6	1,159	859	2,160	1,679
Adjusted net earnings2	1,117	824	2,121	1,587
EBITDA2	2,090	1,489	3,918	3,082
Operating cash flow	690	1,108	2,125	2,238
	938	1,127	2,377	2,278

Adjusted operating cash flow² Per Share Data (dollars)

Net earnings (basic) 1.16 0.87 2.16 1.70 Adjusted net earnings (basic)² 1.12 0.84 2.12 1.61

Net earnings (diluted)	1.16	0.86	2.16	1.69
Weighted average basic common shares (millions)	999	985	999	985
Weighted average diluted common shares (millions)7	1,001	997	1,001	997

As at As at June 30, December 31, 2011 2010 Financial Position (millions)

Cash and equivalents $ 2,863 $ 3,968

Non-cash working capital	1,924	1,696
Adjusted debt2	13,018	6,392
Net debt2	10,161	2,427
Average shareholders' equity	20,525	17,352

Return on equity² 21% 20% 1 Production includes our equity share of gold production at Highland Gold.

2 Realized price, net cash costs, total cash costs, adjusted net earnings, EBITDA, adjusted operating cash flow, adjusted debt, net debt and return on equity are non-GAAP financial performance measures with no standard definition under IFRS. See pages 54 - 60 of the Company's MD&A.

3 Represents equity amortization expense divided by equity ounces of gold sold or pounds of copper sold.

4 Represents the impact of Barrick Energy and realized gains and losses on non-hedge commodity contracts at the Company's producing mines divided by equity ounces of gold sold or pounds of copper sold.

5 Production includes one month's production from the newly acquired Lumwana mine.

6 Net earnings represents net income attributable to the equity holders of the Company.

7 Fully diluted includes dilutive effect of stock options and convertible debt.

BARRICK SECOND QUARTER 2011 8 SUMMARY INFORMATION

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