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

Barrick Mining Corporation (NYSE:B) (TSX:ABX) 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 flow² of $3.87 billion, increasing 31%, 71% and 194%, respectively, from 2024. Net earnings per share of $2.93 and adjusted net earnings per share² of $2.42 for the full year increased 140% and 92%, respectively, from 2024. Full-year gold production was 3.26 million ounces¹ 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 sales⁴ of $1,904 per ounce, total cash costs² of $1,205 per ounce and all-in sustaining costs² of $1,581 per ounce. Gold COS⁴ per ounce and AISC² 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 from stockpiled material in the flotation and Carbon‑In‑Leach circuits.

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, TCC² of $1,199 per ounce and AISC² of $1,637 per ounce—all slightly above guidance due to higher royalites driven by the higher realized gold price.² TCC² and AISC² 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 AISC² of $3.61 per pound. Copper COS⁵ per pound and AISC² 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 costs² of $2.14 per pound and AISC² 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.

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 earnings² of $1.75 billion ($1.04 per share) compared to net earnings of $1.30 billion ($0.76 per share) and adjusted net earnings² 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.

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 ounces⁶ at an average grade of 0.98 g/t, compared to 89 million ounces⁷ 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 ounces⁶ at 1.01 g/t along with inferred resources of 43 million ounce⁶ 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 copper⁶ at 0.46% in 2025 on an attributable basis compared to 18 million tonnes of copper⁷ 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 teams and responsible regional leaders. These teams developed deliverable, ground‑up plans informed by past performance and improved confidence levels. Our 2026 guidance is based on these plans.

Gold production guidance for 2026 is 2.90–3.25 million ounces.¹ This compares to actual 2025 gold production of 3.26 million ounces¹, or 3.03 million ounces when the divested assets Hemlo and Tongon are excluded. Gold cost guidance for 2026, including COS⁴ of $1,870–$2,070, TCC² 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 tonnes¹, compared to actual production of 220,000 tonnes¹ in 2025, at copper COS⁵ of $3.05–$3.35 per pound, C1 cash costs² of $2.20–$2.45 per pound and AISC² 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. 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.

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 endnote 2 of 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 $19 million and $55 million, respectively, for Q4 2025 and 2025 (Q3 2025: $16 million; 2024: $33 million; 2023: $41 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 endnote 2 of 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 “Outlook Assumptions and Economic Sensitivity Analysis” in endnote 7 of this press release.
3. Starting Q4 2025, we have presented Pueblo Viejo as part of North America instead of South America & Asia Pacific. Comparative information has been restated.
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. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 2 of this press release.
6. 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 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.