Barrick Mining Corporation (NYSE:B) (TSX:ABX) delivered a strong performance in the second quarter, increasing gold and copper production, growing free cash flow¹ and advancing its pipeline of Tier One² projects — all while returning more capital to shareholders. The performance builds on the first quarter’s positive start to the year and positions the Company for an even stronger second half.

Net earnings per share rose to $0.47 for the quarter, with adjusted net earnings per share¹ also at $0.47. Operating cash flow for the first half of the year was $2.5 billion, 32% higher than the prior-year period, while free cash flow¹ totaled $770 million, up 107% on the prior-year period, supported by stronger commodity prices.

Production improved across the board, with Q2 gold output up 5% and copper production increasing by 34% compared to Q1, supported by a strong contribution from Lumwana. Nevada Gold Mines led the group’s gold performance, with production increasing 11% quarter-on-quarter. Pueblo Viejo also delivered a 28% production increase, underpinned by higher throughput and continued progress on the expansion. Gold and copper production was in line with guidance, with copper now tracking towards the upper end of the full-year range.

The Board approved a $0.15 per share dividend, which includes a $0.05 performance dividend.³ During the quarter, the Company also repurchased $268 million of its shares, bringing total buybacks for the first half of the year to $411 million, and $860 million over the past 12 months. Total capital returned to shareholders for the first half amounted to $753 million.

“Q2 was another quarter where Barrick delivered on all fronts. We’re growing production, lowering costs and advancing the industry’s most exciting pipeline of gold and copper projects. From the ramp-up at Goldrush to the progress at Pueblo Viejo, Lumwana and Reko Diq, not to mention the transformational potential of Fourmile, we’re demonstrating the strength and depth of our portfolio,” said president and chief executive Mark Bristow.

Bristow said that Reko Diq’s development remained on track with onsite construction ramping up. Meanwhile, Fourmile’s drill program has already logged 34 kilometers of drilling this year, with results supporting the potential to double existing resources by year end, and at similar high grades.

In addition, Barrick continued to strengthen its long-term growth foundation through reserve replacement and exploration. Drill testing of new greenfields prospects progressed across Canada, Nevada, Peru and Tanzania, while Kibali returned excellent results from brownfields programs. The Company remains on course to replace more than 80% of the gold it mines this year, with a rolling three-year average of more than 500% replacement of gold equivalent ounces⁷, reinforcing its consistent track record of organic growth through the drill bit.

On the sustainability front, performance continued to improve. Lost time injuries⁵ were down 50% year-to-date, while total injuries declined 37%. Barrick also signed a community resettlement agreement at Pueblo Viejo and 402 new houses have now been completed at the new model village Nuevos Horizontes.

The Company further advanced its commitment to responsible closure, safely decommissioning two additional legacy tailings storage facilities during the quarter, bringing the total to nine across the Group, further reducing long-term environmental liabilities.

With active projects and partnerships, Barrick continues to unlock value across a globally diverse portfolio. The Company’s strong balance sheet, proven exploration teams and world-class project pipeline position it uniquely to thrive in a world increasingly focused on supply security, sustainability and long-term asset quality.

“Across the business, we’re seeing the benefits of consistent delivery and disciplined execution. While the market hasn’t fully recognized the value we have and are creating, our performance and growth are clear. This remains a company built for sustainable value creation — and one that continues to offer a peerless investment case in the gold and copper space,” Bristow said.

Key Performance Indicators

Best Assets

• Q2 gold production 5% higher than Q1; in-line with full year guidance
• Gold COS/oz⁴ increases 2% while AISC¹ declines by 5% q/q
• Nevada Gold Mines production increases 11% from Q1 driven by operational improvements
• Pueblo Viejo production increases 28% from Q1 driven by increased throughput and debottlenecking activities, supporting delivery of full year guidance
• Q2 copper production 34% higher than Q1, on improved mining rates at Lumwana — tracking towards the top end of the guidance range
• Drill testing of new greenfields prospects in Canada, Nevada, Peru and Tanzania continues; other results highlight further potential in north-east Nevada and Kibali

Key Growth Projects

• Fourmile drill program logs 34 kilometers drilled; results support potential to double existing mineral resources by year end
• Reko Diq development continues to advance, with onsite construction ramping up, and remains on schedule
• Brownfields extension drilling at North Mara successfully identifies down plunge extensions of Gena, with results expected to support growth above depletion replacement
• Lumwana expansion project early works ahead of schedule; long lead equipment manufacturing progressing well — at current copper prices, project is self-funding

Leader in Sustainability

• 50% reduction in Lost Time Injuries⁵ compared to the first half of 2024
• Significant increase in completion of Critical Control Verifications of Fatal Risks — 70,000 completed for the first half of 2025
• Two additional Tailings Storage Facilities brought into safe closure in Q2, bringing the total to nine for the Group
• Pueblo Viejo resettlement agreement reached with community — 402 new houses constructed
• United Nations Global Compact (UNGC) Communication on Progress (CoP) submitted demonstrating alignment to the ten principles as a member for 20 years
• First cohort of the Reko Diq graduates complete 18-month development program at Veladero mine

Delivering Value

• Operating cash flow of $2.5 billion for H1 — 32% higher than the prior-year period
• Free cash flow¹ of $770 million for H1 — 107% higher than the prior-year period, with stronger commodity prices being delivered to the bottom line
• Donlin interest sold for $1 billion
• Net earnings per share of $0.47 and adjusted net earnings per share¹ of $0.47 for the quarter
• $0.15 per share dividend³ declared including performance dividend reflecting net cash of $73 million⁶
• Repurchased $268 million in shares for Q2 bringing the total for H1 to $411 million and $860 million over the last 12 months

Regional Summary^a and 2025 Guidance^b

1. On an attributable basis.
2. See “Outlook Assumptions and Economic Sensitivity Analysis” in the endnotes to this press release.
3. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release.
4. 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).
5. 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).

Financial and Operating Highlights

1. Net earnings represents net earnings attributable to the equity holders of the Company.
2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release.
3. Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs.
4. Total consolidated capital expenditures also includes capitalized interest of $16 million and $20 million for Q2 2025 and YTD 2025, respectively (Q1 2025: $4 million; Q2 2024: $12 million; YTD 2024: $25 million).
5. These amounts are presented on the same basis as our guidance.
6. Represents net cash provided by operating activities divided by revenue.
7. On an attributable basis.
8. 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).
9. 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).

Consolidated Statements of Income

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flow

1. Income taxes paid excludes $58 million (Q2 2024: $12 million) for Q2 2025 and $75 million (YTD 2024: $29 million) for YTD 2025 of income taxes payable that were settled against offsetting value added tax (“VAT”) receivables.

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

Consolidated Balance Sheets

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity

1. Includes cumulative translation losses at June 30, 2025: $95 million (December 31, 2024: $95 million; June 30, 2024: $95 million).
2. Includes additional paid-in capital as at June 30, 2025: $1,748 million (December 31, 2024: $1,827 million; June 30, 2024: $1,873 million).

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

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’.

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; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; 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.