Barrick Mining Corporation (NYSE:GOLD¹) (TSX:ABX) reported a solid start to the financial year, making significant headway on its long-term strategy and advancing its global portfolio of Tier One² gold and copper assets.

Net earnings per share increased 59% year-on-year to $0.27 with adjusted net earnings per share³ growing by 84% year-on-year to $0.35. Operating cash flow of $1.2 billion was also up 59% while free cash flow⁴ of $375 million improved materially compared to Q1 2024, driving net debt reduction of 5% over the quarter. The Board again approved a quarterly dividend of $0.10 per share while the Company repurchased $143 million of its shares, consistent with its commitment to shareholder returns.

Gold production of 758,000 ounces⁵ was at the top end of guidance with copper production increasing to 44,000 tonnes⁵ year-over-year on improved costs. The average realized gold price^5,6 for the quarter of $2,898 per ounce, up 40% from the prior year, supported stronger margins despite ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines—initiatives that will position both mines for a stronger output next quarter and the rest of the year. Full-year guidance for both gold and copper remains unchanged.

President and CEO Mark Bristow said that during the quarter, Barrick significantly advanced several key growth projects. “At Reko Diq and Lumwana, owner teams have been mobilized, long-lead items secured, and Fluor and Hatch appointed as engineering partners, respectively. These projects will materially grow Barrick’s copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30% by the end of the decade.⁷ We also progressed with the Pueblo Viejo ramp up and tailings expansion—critical to unlocking its full value—and transitioned Fourmile to prefeasibility with 16 rigs now active, targeting high-confidence substantial resource additions,” he said.

Barrick’s global exploration teams continued to expand and advance our pipeline of projects and opportunities, with drilling underway across high-potential targets in the Americas, Africa and Asia. A new discovery has emerged within the Reko Diq mining license, further confirming the potential and world-class mineral endowment of the district. In Canada, a key destination for the group, focused exploration is advancing multiple opportunities.

At the same time, Barrick’s $1 billion sale of its 50% interest in Donlin realizes immediate value and ensures we maintain a sharp focus on developing a future pipeline of the best Tier One² assets, such as Fourmile. Similarly, the Company also continues to progress the planned divestments of Tongon and Hemlo, in line with its strategy.

Bristow said the first quarter highlighted Barrick’s distinct approach to growth—one that avoids the pitfalls of industry short-termism in favor of long-term, internally funded value creation. “We’ve built a global mining company with the financial strength, technical capacity and operational depth to grow organically. Our performance this quarter reflects delivery across all our strategic pillars: from reserve replacement and portfolio optimization, to the ramp-up of world-class projects and reinvestment in exploration.”

“While others pursue shortcuts through M&A, we continue to invest in our own future—by building and not just buying—thereby creating real value for our shareholders. With no need to raise new equity or increase debt to fund our growth, Barrick remains uniquely well positioned to maintain a strong balance sheet while delivering sustainable returns and long-term value for shareholders,” Bristow said.

Along with its world-class portfolio of six Tier One² gold mines, Barrick is building a substantial copper business, which will be a meaningful contributor to growing production volumes in the coming years and beyond. Hence the decision to change the Company’s name to Barrick Mining Corporation and its ticker symbol to ‘B’ on the New York Stock Exchange.¹

Q1 2025 Results Presentation

Mark Bristow will host a live presentation of the results today at 11:00 AM ET, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

The Q1 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

Key Performance Indicators

Best Assets…

• Q1 gold production at the top end of 700-750koz guidance range with full year gold and copper production targets on track
• Costs per ounce expected to trend lower over rest of year driven by higher production
• Ongoing improvements at Nevada Gold Mines, including open pit unit costs for Carlin lowest in three years
• Canadian exploration teams advance a pipeline of opportunities with drilling in progress on most prospective target
• New discovery emerges within Reko Diq mining license

Key Growth Projects…

• Pueblo Viejo throughput improvement projects completed successfully; ramp up remains on track to deliver on guidance
• Fourmile ramping up to 16 rigs running to define substantial extensions to mineral resources, in support of Bullion Hill decline development
• Reko Diq and Lumwana transition to execution with the appointment of Fluor and Hatch as engineering partners, respectively
• Exploration MoU signed with the Government of Zambia to further support investment in Lumwana and ground beyond its footprint
• Design and construction engineer appointed for new tailings storage facility at Pueblo Viejo and early works commenced

Leader in Sustainability…

• 57% and 44% decrease in LTIFR⁸ and TRIFR⁸ respectively when compared to same quarter last year
• Over 31,000 Critical Control Verification on our Fatal Risks completed globally
• All National Environmental Permits received for Reko Diq and the IFC disclosed completion of their independent review of the Environmental and Social Impact Assessment
• First new houses successfully handed over to families at host site for the Pueblo Viejo tailings storage facility resettlement project

Delivering Value…

• $1 billion value unlocked in sale of stake in Donlin Gold Project
• Operating cash flow of $1.2 billion for the quarter—59% higher than Q1 2024
• Free cash flow⁴ of $375 million for the quarter driving net debt reduction of 5% over the quarter
• Net earnings per share of $0.27 and adjusted net earnings per share³ of $0.35 cents for the quarter
• $0.10 per share quarterly dividend declared and another $143 million in share buybacks

Financial and Operating Highlights

Barrick Reports Share Repurchases and Declares Q1 Dividend

Barrick today announced the declaration of a dividend of $0.10 per share for the first quarter of 2025. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022.

The Q1 2025 dividend will be paid on June 16, 2025 to shareholders of record at the close of business on May 30, 2025.

In addition to the quarterly dividend, Barrick repurchased approximately 7.69 million shares during Q1 under the share buyback program that was announced in February 2025.

“Our operating performance and growing margins have allowed us to provide significant returns to shareholders during the quarter through the combination of dividends and share buybacks at a compelling valuation. At the same time, Barrick’s balance sheet continues to be one of the strongest in the industry, ensuring we have the liquidity to invest in our significant growth projects,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

Board Strengthened With Two New Directors

Barrick’s shareholders have elected Ben van Beurden and Pekka Vauramo to its board as Independent Directors at the Annual and Special Meeting of Shareholders on May 6.

Chairman John Thornton said the election of these two experienced business leaders reflected Barrick’s ongoing commitment to board renewal and diversity, aimed at ensuring the Company has the leadership required to navigate evolving industry dynamics.

“The addition of van Beurden, with his extensive international experience in the extractive industry and Vauramo who has significant global mining engineering experience will strengthen the board’s operational depth and strategic oversight as Barrick advances its plan to increase gold equivalent production by 30% by 2030.⁷ Both bring exceptional leadership, a global perspective and deep industry knowledge, with expertise in sustainable business practices that will support our commitment to delivering long-term value to shareholders while maintaining our leadership in responsible mining,” Thornton said.

In 2024, Barrick’s ESG & Nominating Committee undertook a comprehensive review of the Board’s composition, identifying opportunities to enhance extractive industry and mining expertise along with global leadership experience to better align with the Company’s strategic objectives.

Ben van Beurden, former CEO of Shell, offers four decades of global experience in the energy sector. He is credited with leading Shell’s transition toward a more diversified and sustainable energy portfolio, alongside corporate simplification efforts that enhanced efficiency and shareholder value. He currently serves as Senior Advisor on energy transition investments at KKR and is the incoming chairman of Clariant.

Pekka Vauramo, former CEO of Metso and previously of Finnair, brings a strong track record in operational leadership and strategic transformation across the mining, logistics, and services sectors. At Metso, he led the merger with Outotec, forming a global leader in sustainable mineral and metal processing technologies. His background also includes senior roles at Sandvik, Cargotec, and Outokumpu, as well as extensive board experience.

Thornton added that the 10 board directors comprised an experienced team with a mosaic of skills, whose diversity of backgrounds, experiences and viewpoints effectively represented Barrick’s stakeholders globally.

Barrick Name Change Signals Intent to Lead In Gold and Copper

The proposed name change from Barrick Gold Corporation to Barrick Mining Corporation was approved at the Company’s Annual and Special Meeting of Shareholders, held on May 6, 2025.

In conjunction with this change, Barrick’s common shares listed on the New York Stock Exchange will now trade under the ticker symbol ‘B’ instead of ‘GOLD’, effective May 9, while the ticker symbol ‘ABX’ for its common shares listed on the Toronto Stock Exchange will remain unchanged.

Mark Bristow says Barrick’s vision is to be the world’s most valued gold and copper exploration, development and mining business. “Along with our world-class portfolio of six Tier One² gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond.”

“Our new name and our new stock symbol, ‘B’, better reflect Barrick’s current business and our mission to achieve sustainable and profitable gold and copper growth. Gold remains core to our foundation, and we will continue to explore for and develop new gold mines, including the expansion of Pueblo Viejo, the exciting Fourmile gold project in Nevada and exemplified by the Reko Diq project with its world class mix of both copper and gold,” Bristow said.

He said that following the merger with Randgold Resources five years ago, management had set out a new strategy to reposition the Company as the world’s most valued miner by owning long-life, sustainable Tier One² gold and copper assets, operated by the best people and delivering sector-leading returns.

“After the merger, Barrick quickly created its value foundation by combining its Nevada assets with Newmont’s, creating Nevada Gold Mines—the world’s largest gold mining complex. Barrick also focused its attention on re-energizing and consolidating its Tanzanian gold mines, invested in expanding Pueblo Viejo to reach its full potential and turned Kibali into one of the world’s greenest and most automated mines,” says Bristow.

At the same time, Barrick recognized the growing strategic importance of copper and is looking to turn the Lumwana mine into one of largest producers of the metal which, along with the undeveloped Reko Diq copper-gold deposit, will support a planned 30% growth in gold equivalent ounces by the end of the decade.⁷

“Our strong balance sheet and cashflows from existing operations position us to confidently invest in our own future as well as navigate most commodity price scenarios. At the same time, they enable us to increase shareholder returns through enhanced share buybacks and dividends,” he said.

Successful Barrick Academy Scales Up Across All Regions

Barrick is scaling up the successful Barrick Leadership Academy across all its regions, marking a major milestone in the Company’s commitment to cultivating world-class frontline leadership.

Following its successful launch in the Africa & Middle East region at the now closed Buzwagi mine in Tanzania, where it has already trained more than 2,000 supervisors, the program is being expanded across the group with frontline leaders in every region—including Latin America and Asia Pacific—expected to have access to the Academy’s tailored development curriculum by the end of the year.

Representatives from Latin America and Asia Pacific attended sessions at the Buzwagi training center earlier this year, ahead of the regional launch planned for October 2025.

The program is being extended to Nevada Gold Mines with the first cohort launched in April 2025. Ultimately, 700 frontline leaders—including supervisors, general supervisors, and superintendents—will complete the training. Delivered through immersive, in-person workshops and follow-up coaching, the program is providing practical tools for people management and business optimization, including a Lean Management project component. Graduates present their final projects to members of NGM’s Senior Leadership Team.

The Barrick Academy provides a consistent leadership framework rooted in the Company’s DNA, equipping frontline leaders with practical tools to manage teams effectively, drive operational excellence, and align with key performance indicators. The training emphasizes adaptability, helping leaders respond to dynamic industry challenges and foster continuous improvement.

Human resources executive Darian Rich said, “The Barrick Academy is more than a leadership program, it’s a cornerstone of our strategy to build a high-performance culture across our operations. By investing in the development of our people and delivering consistent training across our global sites, we’re empowering our frontline leaders to drive results, innovation, and long-term success.”

Meanwhile, at its Reko Diq project, Barrick launched the International Graduate Development Program for Reko Diq in July 2023. Selected from thousands of applicants, Balochistan graduates are undertaking intensive on-the-job training at Barrick sites around the world, including Veladero in Argentina and Lumwana in Zambia. Nine graduates have successfully completed the first year, with 18 more recently selected to join the program.

This hands-on global exposure equips young professionals from Balochistan with practical skills and insights into world-class mining operations. Upon completion, participants will return to the Reko Diq project, where they are expected to play key roles in its development, support community upliftment, and help ensure that the mine’s leadership structure reflects the region it serves.

“From top executives to frontline supervisors, we believe great leadership drives great performance. That’s why we’ve made significant investments not only in developing technical capabilities but also in strengthening leadership at every level of the business. Through initiatives like the Barrick Academy and other global training programs, we are building a flat, agile organization equipped to respond to changing market dynamics, accelerate innovation, and create long-term value for all our stakeholders,” said Rich.

Recovering Value From Tailings

As part of a broader strategy to recover value from legacy tailings while improving environmental outcomes, Nevada Gold Mines is recovering sulphide concentrate from the copper and gold tailings at the Phoenix mine in Nevada, providing a valuable energy input for the roasters and autoclaves at NGM’s Carlin and Turquoise Ridge operations.

By removing sulphide from the tailings, the initiative reduces acid-generating water potential and enhances the long-term environmental profile of the Phoenix site when it comes to designing its closure—aligning with Barrick’s commitment to responsible mine closure and sustainable development.

Although Phoenix is still producing both gold and copper the repurposed flotation circuit and new filtration plant is designed to scavenge sulphide, along with residual gold concentrations from the final process tailings. At the same time, the sulphide concentrate being produced onsite helps reduce the need for imported sulphur prill—a key “fuel” component in the roasting process which leads to more efficient roaster performance.

Similarly in the pressure oxidation process, it also lowers the need for boilers to produce steam (to heat slurry) in the autoclaves. This cuts both energy use and processing costs, delivering operational efficiencies across the network explains the General Manager of Phoenix mine, Robert Tucker.

By producing sulphide concentrate on site, Barrick is avoiding the need to haul in sulphur from external sources, further reducing the project’s carbon footprint and associated logistics costs, says metallurgy, engineering and capital projects executive John Steele.

“We are currently producing approximately 400 tonnes of sulphide concentrate daily from Phoenix, with a target of reaching 1,000 tonnes per day by year-end. The program complements similar recovery efforts at Golden Sunlight in Montana—a closed site—highlighting Barrick’s strategy to maximize value from its closed operations by turning legacy materials into productive inputs,” Steele says.

Barrick’s approach to mine closure was integrated from the outset, aiming to deliver lasting, positive, and sustainable legacies for local communities while still getting value from the asset, he said.

Pueblo Viejo Resettlement Reaches Milestone

In a development undertaken to ‘best in class standards’, 18 Dominican families have been successfully resettled to a new model community called Nuevos Horizontes (New Horizons), paving the way for several hundred more.

This marks a critical milestone in the broader resettlement program to enable the development of the El Naranjo Tailings Storage Facility (“TSF”), essential to the continued expansion of Barrick’s Pueblo Viejo mine.

Pueblo Viejo is one of the world’s top 10 gold mines and a cornerstone of Barrick’s global gold portfolio. Since 2019, Barrick has been repositioning the asset to realize its full potential of producing 800,000 ounces of gold a year (100% basis) over a 20-year mine life¹⁶ and unlocking approximately 13.9 million ounces of gold reserves with the Expansion Project based on a gold price of $1,400 per ounce.¹⁷

Group sustainability executive Grant Beringer said the selection of El Naranjo as the site for the new TSF followed an extensive technical and stakeholder engagement process that began in 2021 and involved more than 3,000 community engagements. The resettlement itself was progressing in accordance with both Dominican law and the International Finance Corporation’s Performance Standards 5.

“The goal is to ensure that all resettled households are demonstrably better off, with improved access to infrastructure, services and importantly sustainable livelihoods. A total of 220 houses have been constructed at the new site, with more than 500 expected to be completed by year-end. To date, 128 families have accepted their resettlement packages and have been assigned homes for relocation in 2025,” Beringer said.

Replacement of community assets—including schools, churches, and public facilities—is being carried out on a like-for-like basis, with guaranteed access to municipal services. Additional community improvements include a potable water treatment plant, sewage infrastructure, paved roads and dedicated spaces for business and recreation.

Beringer said, “The expansion project and associated resettlement program reflect Barrick’s long-term commitment to responsible development. The creation of the El Naranjo TSF is a key step in unlocking Pueblo Viejo’s full value, and we are doing so in a way that places people at the center of our approach. This isn’t just a resettlement—it’s a transformation, and it’s being delivered to world-class standards.”

Pueblo Viejo remained a significant economic engine for the Dominican Republic, contributing approximately $1.3 million per day in taxes and accounting for 38% of national goods exported (on a 100% basis). In 2024, the mine spent $574 million nationally and $48 million locally (on a 100% basis) on procurement, and employs nearly 3,000 Dominicans, excluding contractors, Beringer said.

Canadian Exploration: Barrick’s Strategic Approach to a Tier One Discovery in Canada

Barrick is a geologically focused organization with a long track record of value creation through exploration and organic growth.

This is demonstrated by its industry-leading depletion replacement record, where the Company continues to grow reserves net of depletion without sacrificing the quality of its orebodies. A long-term exploration strategy is essential to support this delivery, and Barrick continues to invest in exploration across the globe, with Canada as a core part of this approach.

Canada possesses the endowment, geological prospectivity and recent discovery record that supports the potential for the discovery of new world-class deposits. Following the merger with Randgold, Barrick immediately strengthened the Canadian exploration team, bringing together subject matter experts, regional specialists and field geologists that are highly motivated to discover the next world-class gold deposit in Canadian territory.

Barrick’s exploration strategy is based around simultaneously using innovative exploration technologies and techniques combined with a profound geological understanding to identify the most fertile geologic domains and consolidate dominant land positions to evaluate and build a high-quality project pipeline. Over the past three years the exploration team has systematically evaluated 22 advanced opportunities and more than 40 early-stage projects and has separately consolidated and explored four separate project areas through multi-season field campaigns—and the work continues.

Barrick is evaluating opportunities across Canada, focusing our own generative efforts within the highly productive Precambrian Superior Region, recognized as one of the world’s most gold-endowed geological regions. Through this ongoing generative program, the exploration team secured access to numerous properties that are being evaluated using Barrick’s exploration expertise. Barrick’s active exploration portfolio in Canada presently covers approximately 730 square kilometers.

As an example of ongoing work, at a recently established project in the Abitibi Region, we are in the process of completing deep framework drilling through thick cover in an under-explored portion of the belt. In western Ontario, in the Wabigoon greenstone belt, Barrick’s Sturgeon Lake project has progressed from land consolidation to the identification of several large-scale geochemical anomalies characteristic of alkalic magmatic-hydrothermal and orogenic gold systems which are associated with altered and deformed structures mapped at surface. Aggressive testing of these targets will continue through 2025 and beyond.

As the evaluation of this portfolio advances, maintaining a substantial pipeline of projects is critical in supporting a long-term strategy into the future. The latest generative work using recently collected data has identified 18 new areas of interest in Quebec and Ontario that are being prioritized and secured for assessment this season. These priority areas and additional projects to emerge from Barrick’s ongoing generative work along with the continual assessment of third party opportunities form the foundation of Barrick’s long-term commitment to discovering new, world class-deposits in Canada.

Reko Diq JV Shareholders Approve Project, Select Fluor as EPCM

The Reko Diq Joint Venture shareholders have approved the project’s updated Feasibility Study and conditionally approved the associated Phase 1 development capital subject to the closing of up to $3 billion limited recourse project financing, allowing the project to advance with major works in 2025, while maintaining the target for first production by the end of 2028.

At the same time, the shareholders have selected Fluor Corporation as the lead Engineering, Procurement and Construction Management (“EPCM”) partner to work alongside the Barrick Owner’s Team in the detailed design and construction of the project.

At the recent Pakistan Minerals Investment Forum in Islamabad, Mark Bristow said this important milestone reflected the support of the governments of Balochistan and Pakistan, in partnership with Barrick, to develop one of the world’s largest undeveloped copper-gold projects. The project is located in the province of Balochistan, Pakistan, and operated by Barrick.

“The selection of Fluor as our EPCM partner strengthens our ability to execute the Reko Diq project with the technical rigor, operational discipline and socio-environmental responsibility that are hallmarks of both companies,” said Bristow.

“We look forward to working closely with Fluor to ensure that Reko Diq delivers lasting value to all our stakeholders, particularly the people of Balochistan and Pakistan.”

Fluor will be supported by a range of expert engineering consultants including Knight Piesold, PRDW and Vecturis, who have worked with the Barrick Owner’s Team throughout the Feasibility Study.

Bristow said the selection of Fluor reflected a shared commitment to delivering large-scale mining projects safely, responsibly and efficiently, while maximizing local content and community development. Metso, Weir and Komatsu have also been selected as key partners to the project, providing the majority of the processing and mining equipment.

“These engineering and supply partnerships bring extensive global experience in delivering large copper concentrate projects in challenging jurisdictions, including high-altitude, remote and logistically complex environments. This expertise aligns strongly with Barrick’s own track record of successfully developing and operating major projects in challenging jurisdictions around the world,” he said.

Barrick Focuses On Future Growth and Sustainable Value Creation

Barrick reinforced its commitment to growth, reporting significant progress of its key growth projects while achieving its production guidance and setting the stage for continued sustainable value creation, said Mark Bristow in the Company’s annual report published recently.

During 2024, Barrick completed feasibility studies for the Lumwana Super Pit Expansion in Zambia and the Reko Diq project in Pakistan. Both projects confirmed their Tier One² potential, with Lumwana contributing 8.3 million tonnes of copper reserves¹⁸ and Reko Diq adding 13 million ounces of gold reserves and 7.3 million tonnes of copper reserves on an attributable basis.¹⁹ The Company also successfully replaced all the gold and copper it mined during the year, more than replenishing the 4.6 million ounces of attributable gold mineral reserve depletion at better grades.²⁰

“Barrick stands alone in the industry as no other company matches our ability to replace the gold and copper we mine while simultaneously adding to our reserves through exploration and development. Our integrated resource and exploration strategy has allowed us to build a foundation that supports a projected 30% growth in gold equivalent ounces out to the end of the decade,” Bristow said.⁷

The expansion at Pueblo Viejo in the Dominican Republic continued to make progress towards the mine’s target of becoming a plus 800,000 ounce per year, long-life, low-cost gold producer.¹⁶

In Nevada, Goldrush progressed its ramp up as planned, while the adjacent Fourmile project has advanced to prefeasibility stage. The 2024 preliminary economic assessment highlighted Fourmile’s world-class potential with a significantly larger orebody endowment at nearly double the grade of Goldrush.²¹

“Barrick maintains one of the strongest balance sheets in the industry. This financial strength positions us to invest in our future as well as fund both the Lumwana and Reko Diq development projects, without the need to issue new shares or take on unnecessary debt,” said Bristow. “At the same time, our share buyback program not only returns capital to investors but also enhances per-share value, underscoring our disciplined approach to capital allocation.”

Bristow added that sustainability remained at the core of Barrick’s operations, guiding its decisions and long-term strategy. “Local partnerships continue to be crucial to advancing our sustainability efforts and ensuring our host nations receive their fair share of economic value along with delivering tangible benefits to local communities.”

Also in the annual report, chairman John Thornton highlighted Barrick’s ongoing efforts to diversify its board. “While we are pleased that two of our three committees are now chaired by women, we believe we are never finished with the work of adding to our Board’s diversity in every sense and dimension of the word. Many different kinds of people make for more and better ideas, livelier debate and stronger outcomes,” Thornton said.

APPENDIX

2025 Operating and Capital Expenditure Guidance

OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

Production and Cost Summary – Gold

61. _{These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge and Phoenix.
    b. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.
    c. Includes Goldrush.
    d. Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.
    e. 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).}

Production and Cost Summary – Copper

1. _{Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.
   b. 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.
   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 $4 million for Q1 2025 (Q4 2024: $4 million; and Q1 2024: $13 million).
   e. These amounts are presented on the same basis as our guidance.
   f. Represents net cash provided by operating activities divided by revenue.
   g. On an attributable basis.
   h. 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).
   i. 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 First 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 First 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 $17 million (Q1 2024: $17 million) for Q1 2025 of income taxes payable that were settled against offsetting value added taxes (“VAT”) receivables.
The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.}

Consolidated Balance Sheets

¹ _{On January 2, 2025, an interim attachment order was issued by the Senior Investigating Judges of the Pôle National Économique et Financier (“Pôle Économique”) against the existing gold stock on the site of the Loulo-Gounkoto mining complex, which was executed on January 11, 2025 when the gold was removed from the site to a custodial bank. This gold doré has a carrying value of $92 million and is included in finished products. Refer to note 16 of the condensed interim financial statements for further details.
The notes to these unaudited condensed interim financial statements, which are contained in the First 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 March 31, 2025: $95 million (December 31, 2024: $95 million; March 31, 2024: $95 million).}
² _{Includes additional paid-in capital as at March 31, 2025: $1,805 million (December 31, 2024: $1,827 million; March 31, 2024: $1,875 million).
The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.}

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.