Disciplined execution drives strong operational and financial performance

• Q1 gold production of 719,000 ounces¹ beats guidance of 640,000–680,000 ounces¹, driven by strong performances at NGM and Veladero, and the ramp-up at Loulo-Gounkoto; copper production of 49,000 tonnes¹ in line with plan.
• Gold costs per ounce were better than plan, driven by efficiencies in mining and processing: gold COS² of $1,922 per ounce, TCC³ of $1,327 per ounce, and AISC³ of $1,708 per ounce.
• Operating cash flow of $2.55 billion increased 111% year-on-year, attributable operating cash flow of $1.97 billion increased 89% year-on-year, and attributable free cash flow³ of $1.21 billion was up 195% year-on-year.
• Strong earnings supported by a higher realized gold price³: net earnings per share of $0.96 rose 256% year-on-year, and adj usted net earnings per share³ of $0.98 rose 180% year-on-year.
• Gold production expected to increase sequentially throughout the year with Q2 gold production of 730,000–770,000 ounces¹; full year production and cost guidance remains unchanged.
• North American Barrick IPO progressing as planned, targeting completion by year end.
• $0.175 per share quarterly dividend declared and new $3.0 billion share buyback program announced.

All amounts expressed in U.S. dollars

Barrick Mining Corporation (NYSE:B) (TSX:ABX) reported first quarter operating and financial results for the period ended March 31, 2026. Barrick produced 719,000 ounces¹ of gold and 49,000 ton nes¹ of copper in the quarter. The Company generated $5.22 billion in revenue, $2.55 billion in operating cash flow, $1.97 billion in attributable operating cash flow³, and $1.21 billion in attributable free cash flow³. Net earnings per share for the quarter were $0.96, and adjusted net earnings per share³ were $0.98—up 256% and 180%, respectively, from Q1 2025.

Mark Hill, President and Chief Executive Officer, said: “We started the year with another strong quarter. Building on momentum from Q4, we operated safely and outperformed our plan on both gold production and costs. Our performance allowed us to capture even more of the higher gold price, producing significantly higher earnings and cash flow compared to a year ago. Our growth pipeline advanced, with good progress at Lumwana and Fourmile. Most importantly, we continued to improve safety.” Mark Hill continued: “Our focus for the year is clea r: continue to improve safety performance, deliver on production and cost guidance, advance our growth projects on time and on budget, and execute the North American Barrick IPO to unlock further shareholder value.”

Operational Highlights

Firm in its belief that safe delivery and operational excellence are inseparable, Barrick continued to strengthen safety practices. Senior executives initiated a new practice of participating in on-site safety briefings every quarter.

Gold production in the first quarter totaled 719,000 ounces¹, exceeding the guidance range of 640,000–680,000 ounces¹. Three primary factors drove our performance: strong underground mining and processing at NGM, higher throughput and grades at Veladero, and a faster than expected ramp up at Loulo-Gounkoto. Gold costs per ounce increased year-on-year primarily due to higher royalties, less favorable production mix and inflationary pressure, but came in below our plan for the quarter. Gold cost of sales² for Q1 were $1,922 per ounce, compared to COS² of $1,629 in Q1 2025. Total cash costs ³ were $1,327 per ounce, compared to $1,220 in the prior-year quarter. All-in sustaining costs³ were $1,708 per ounce, down 4% compared to Q1 2025.

Copper production rose 11% year-on-year to 49,000 tonnes¹ in the first quarter. Copper COS⁴ of $3.41 per pound, C1 cash costs³ of $2.57 per pound and AISC³ of $3.67 per pound were up 17%, 14% and 20%, respectively, compared to the prior-year period. Royalties tied to the higher realized copper price³ and increased site operating costs drove the increases.

Financial Highlights

Higher gold production, lower costs, and a supportive gold price drove year‑on‑year growth in earnings and cash generation. Net earnings totaled $1.60 billion ($0.96 per share) and adjusted net earnings³ totaled $1.65 billion ($0.98 per share), compared to net earnings of $474 million ($0.27 per share) and adjusted net earnings³ of $603 million ($0.35 per share) in the prior‑year quarter. Attributable EBITDA³ for the quarter totaled $2.76 billion, an increase of 103% over the prior‑year quarter, with an attributable EBITDA margin³ of 66%.

Operating cash flow, attributable operating cash flow³ and attributable free cash flow³ in the first quarter were $2.55 billion, $1.97 billion and $1.21 billion—up 111%, 89% and 195% over Q1 2025, respectively. Revenues of $5.22 billion increased 67% from $3.13 billion in the prior-year quarter.

Key Growth Projects

The Fourmile project in Nevada continued to demonstrate its potential to become a standalone Tier One Gold Asset⁵. With the implementation of additional safety measures, drilling activity continued through winter, adding over three months of previously unavailable drilling time. The additional drilling time is helping accelerate progress on resource definition in the southern areas and extensional opportunities. Drilling is planned to be expanded throughout 2026. Ongoing PFS studies are expected to support the potential for significant resource growth, with a full PFS expected to be completed in 2028.

Construction at the Lumwana Super Pit Expansion continued to advance on time and on budget during the quarter. The initial lift of the mill building wall was completed in Q1, with mill shells delivered to site and the first loads of structural steel expected in Q2. Capital expenditure for 2026 is expected to come in at the lower end of the $750–$850 million guidance range, with total project capital anticipated at $2 billion. First copper production from the expansion remains on track for the end of Q1 2028.

Returns to Shareholders

A quarterly dividend of $0.175 per share has been declared in respect of performance for the first quarter of 2026. The Q1 2026 dividend will be paid on June 15, 2026 to shareholders of record at the close of business on May 29, 2026.

Barrick’s 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.

In addition to the quarterly dividend, and following solid Q1 execution and strong free cash flow, Barrick’s Board of Directors has authorized the repurchase of up to $3.0 billion of the Company’s outstanding common shares at prevailing market prices. This authorization is intended to return cash to shareholders at a time when Barrick sees exceptional value in its own shares, particularly in anticipation of the planned IPO of North American Barrick. The repurchase authorization does not oblige the Company to acquire common shares.

2026 Guidance

Barrick is on track to meet 2026 guidance. Gold production guidance for 2026 continues to be 2.90–3.25 million ounces¹, with 730,000–770,000 ounces¹ expected in the second quarter, further increasing in Q3 and Q4, in line with typical seasonality. Gold cost guidance for 2026, including COS² of $1,870–$2,070 per ounce, TCC of $1,330–$1,470 per ounce, and AISC³ of $1,760–$1,950 per ounce, is based on a gold price assumption of $4,500 per ounce.

Copper production guidance for 2026 remains unchanged at 190,000–220,000 tonnes¹ at copper COS⁴ of $3.05–$3.35 per pound, C1 cash costs³ of $2.20–$2.45 per pound, and AISC³ of $3.45–$3.75 per pound. Copper cost guidance is based on a copper price assumption of $5.50 per pound.

2026 cost guidance is based on an oil price (WTI) assumption of $70 per barrel. For every $10 per barrel change in the oil price, the direct impact on costs associated with diesel consumption is $12 per ounce across our gold operations, and $0.04 per pound across our copper sites.

North American IPO

On April 28, 2026, Barrick provided an update regarding the planned initial public offering of a minority stake of a company that will hold Barrick’s North American gold assets, being Barrick’s stakes and operatorship of Nevada Gold Mines and Pueblo Viejo, as well as the Fourmile project. Barrick is on track to complete the IPO by the end of 2026, subject to market and other conditions and necessary approvals. The anticipated IPO will abide by all applicable commitments in Barrick’s Joint Venture Agreements and, while Barrick is free to pursue the IPO unilaterally, it is working closely with its Joint Venture partner, so that value is created and maximized for all.

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’.

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 sust aining costs.
4. Total consolidated capital expenditures also includes capitalized interest of $29 million for Q1 2026 (Q4 2025: $19 million; Q1 2025: $4 million).
5. These amounts are presented on the same basis as our guidance.
6. Represents net cash provided by operating activities divided by revenue.

1. On an attributable basis.
2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release.
3. 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).
4. 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).

Regional Summary^a and 2026 Guidance^b

1. All figures in this table are on an attributable basis.
2. See “Outlo ok Assumptions and Economic Sensitivity Analysis” in endnote 6 of this press release.
3. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 3 of 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).

Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Jesse Clark, BSc (Hons), MSc, SMERM, Director, Geology; Richard Peatt ie, MPhil, FAusIMM, Chief Technical Officer; 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
On an attributable basis. 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).