Barrick Mining Corporation — Management Reports 2024

Feb 14, 2024

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Management’s Discussion and Analysis (“MD&A”) Fourth Quarter and Full Year 2023

Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand Barrick Gold Corporation (“Barrick”, “we”, “our”, the “Company” or the “Group”), our operations, financial performance and the present and future business environment. This MD&A, which has been prepared as of February 13, 2024, should be read in conjunction with our audited consolidated financial statements (“Financial Statements”) for the year ended December 31, 2023. Unless otherwise indicated, all amounts are presented in U.S. dollars.

For the purposes of preparing our MD&A, we consider the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of our shares; (ii) there

is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. We evaluate materiality with reference to all relevant circumstances, including potential market sensitivity.

Continuous disclosure materials, including our most recent Form 40-F/Annual Information Form, annual MD&A, audited consolidated financial statements, and Notice of Annual Meeting of Shareholders and Proxy Circular will be available on our website at www.barrick.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. For an explanation of terminology unique to the mining industry, readers should refer to the glossary on page 97.

Abbreviations

BAP	BiodiversityAction Plans
BNL	Barrick Niugini Limited
CDCs	CommunityDevelopment Committees
CHUG	Cortez Hills Underground
CIL	Carbon-in-leach
Commencement	Detailed Porgera Project Commencement
Agreement	Agreement between PNG and BNL
DRC	Democratic Republic of Congo
E&S Committee	Environmental and Social Oversight
	Committee
ESG	Environmental, Social and Governance
ESG &	Environmental, Social, Governance &
Nominating	Nominating Committee
Committee
EIA	Environmental Impact Assessment
ESIA	Environmental and Social Impact Assessment
FEIS	Final Environmental Impact Statement
GHG	Greenhouse Gas
GISTM	Global Industry Standard for Tailings
	Management
GoT	Government of Tanzania
IASB	International AccountingStandards Board
ICMM	International Council on Miningand Metals
IFRS	IFRS Accounting Standards as issued by the
	International Accounting Standards Board
IP	Induced Polarization
IRC	Internal Revenue Commission
IRR	Internal Rate of Return
ISSB	International SustainabilityStandards Board
KCD	Karagba, Chauffeur and Durba
Kumul Minerals	Kumul Minerals Holdings Limited

LTI	Lost Time Injury
LTIFR	Lost Time InjuryFrequencyRate
LOM	Life of Mine
MAA	Multiple Accounts Analysis
MRE	Mineral Resources Enga Limited
Mtpa	Million tonnesper annum
MVA	Megavolt-amperes
MW	Megawatt
NGM	Nevada Gold Mines
NSR	Net Smelter Return
OECD	Organisation for Economic Co-operation and
	Development
PFS	Pre-feasibilityStudy
PNG	Papua New Guinea
Randgold	Randgold Resources Limited
RAP	Resettlement Action Plan
RC	Reverse Circulation
RIB	Rapid Infiltration Basin
RIL	Resin-in-leach
ROD	Record of Decision
SAG	Semi-autogenousgrinding
SDG	Sustainable Development Goals
SML	Special MiningLease
TCFD	Task Force for Climate-related Financial
	Disclosures
TRIFR	Total Recordable InjuryFrequencyRate
TSF	Tailings Storage Facilities
TW	True Width
WGC	World Gold Council
WTI	West Texas Intermediate

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this MD&A, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipated”, “vision”, “aim”, “strategy”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “objective”, “intend”, “project”, “pursue”, “develop”, “progress”, “continue”, “committed”, “budget”, “estimate”, “potential”, “prospective”, “future”, “focus”, “ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and performance dividend policy, including the criteria for dividend payments; mine life and production rates; projected capital estimates and anticipated development timelines related to the Goldrush Project; the planned updating of the historical Reko Diq feasibility study and targeted first production; our plans and expected completion and benefits of our growth projects, including the Goldrush Project, Fourmile, Pueblo Viejo plant expansion and mine life extension project, Lumwana Super Pit expansion, Veladero Phase 7 leach pad project, solar power projects at NGM and LouloGounkoto, Donlin Gold, and the Jabal Sayid Lode 1 project; the transition of the Chilean side of the Pascua-Lama project into closure; the potential for Lumwana to extend its life of mine through the development of a Super Pit and expected timing of the feasibility study and targeted first production; the new mining code in Mali and the status of the establishment conventions for the Loulo-Gounkoto complex; capital expenditures related to upgrades and ongoing management initiatives; Barrick’s global exploration strategy and planned exploration activities; the resumption of operations at the Porgera mine and expected restart of mining and processing in the first quarter of 2024; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves and future reserve replacement; asset sales, joint ventures and partnerships; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including climate change, greenhouse gas emissions reduction targets (including with respect to our Scope 3 emissions and our reliance on our value chain to help us achieve these targets within the specified time frames), safety performance, TSF management, including Barrick’s conformance with the GISTM, community development, responsible water use, biodiversity and human rights initiatives; Barrick’s engagement with local communities; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors

set forth below that, while considered reasonable by the Company as at the date of this MD&A in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this MD&A are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cyber-attacks, cybersecurity breaches, or similar network or system disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business

opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets.

In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forwardlooking statements made in this MD&A are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this MD&A. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Use of Non-GAAP Financial Measures

We use the following non-GAAP financial measures in our MD&A:

A:
■	“adjusted net earnings”
■	“free cash flow”
■	“EBITDA”
■	“adjusted EBITDA”
■	“attributable EBITDA”
■	“minesite sustaining capital expenditures”
■	“project capital expenditures”
■	“total cash costs per ounce”
■	“C1 cash costs per pound”
■	“all-in sustaining costs per ounce/pound”
■	“all-in costs per ounce” and
■	“realized price”

For a detailed description of each of the non-GAAP measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Measures section of this MD&A on pages 70 to 88. Each non-GAAP financial measure has been annotated with a reference to an endnote on page 89. The non-GAAP financial measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable

to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Changes in Presentation of Non-GAAP Financial Performance Measures

Attributable EBITDA

In addition to adjusted EBITDA, we are also providing attributable EBITDA, which we introduced in the third quarter of 2023 and removes the non-controlling interest portion from our adjusted EBITDA measure. Prior periods have been presented to allow for comparability. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced.

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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Index

5 Overview 5 Our Vision 5 Our Business 5 Our Strategy 6 Financial and Operating Highlights 9 Key Business Developments 11 Outlook for 2024 15 Environmental, Social and Governance 18 Market Overview 19 Reserves and Resources 21 Risks and Risk Management 23 Production and Cost Summary	57 Review of Financial Results 57 Revenue 58 Production Costs 59 Capital Expenditures 60 General and Administrative Expenses 60 Exploration, Evaluation and Project Costs 61 Finance Costs, Net 61 Additional Significant Statement of Income Items 62 Income Tax Expense
	64 Financial Condition Review 64 Balance Sheet Review 64 Shareholders’ Equity 64 Financial Position and Liquidity 65 Summary of Cash Inflow (Outflow) 66 Summaryof Financial Instruments
25 Operating Performance 26 Nevada Gold Mines 27 Carlin 30 Cortez 32 Turquoise Ridge 34 Other Mines - Nevada Gold Mines
	67 Commitments and Contingencies
	68 Review of Quarterly Results
	69 Internal Control Over Financial Reporting and Disclosure Controls and Procedures
	69 IFRS Critical Accounting Policies and Accounting Estimates
35 Pueblo Viejo 37 Loulo-Gounkoto 39 Kibali
	70 Non-GAAP Financial Measures
	89 Technical Information
41 North Mara 43 Bulyanhulu 45 Other Mines - Gold 46 Lumwana 48 Other Mines - Copper	89 Endnotes
	96 Glossary of Technical Terms
	97 Mineral Reserves and Mineral Resources Tables
	112 Management’s Responsibility
	112 Management’s Report on Internal Control Over Financial Reporting
49 Growth Project Updates
52 Exploration and Mineral Resource Management	113 Independent Auditor’s Report
	117 Financial Statements
	122 Notes to Consolidated Financial Statements

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Overview

Our Vision

We strive to be the world’s most valued gold and copper company by owning the best assets, managed by the best people, to deliver the best returns and benefits for all our stakeholders.

Our Business

Barrick is a sector-leading gold and copper producer with annual gold production and gold reserves that are among the largest in the industry. We are principally engaged in the production and sale of gold and copper, as well as related activities such as exploration and mine development. We hold ownership interests in thirteen producing gold mines, including six Tier One Gold Assets[1] and a diversified exploration portfolio positioned for growth in many of the world’s most prolific gold districts. These gold mines are geographically diversified and are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Papua New Guinea, Tanzania and the United States. Our three copper mines are located in Zambia, Chile and Saudi Arabia. Our exploration and development projects are located throughout the world, including the Americas, Asia and Africa. We sell our production in the world market through the following distribution channels: gold bullion is sold in the gold spot market or to independent refineries; gold and copper concentrate is sold to independent smelting or trading companies; and copper cathode is sold to thirdparty purchasers or on an exchange. Barrick shares trade on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX.

Asset Quality

• Grow and invest in a portfolio of Tier One Gold Assets[1] , Tier Two Gold Assets[2] , Tier One Copper Assets[3] and Strategic Assets[4] with an emphasis on organic growth to leverage our existing footprint located in world class geological districts. We will focus our efforts on identifying, investing in and developing assets that meet our investment criteria. The required return on Tier One[1,3] capital investments is 15%, adjusting to 10% return on long-life (20+ year) investments with exposure to multiple commodity cycles. The required return on investment for Tier Two Gold Assets[2] is 20%.

• Invest in exploration across extensive land positions in many of the world’s most prolific gold and copper districts.

• Maximize the long-term value of our strategic Copper Business[5] .

• Sell non-core assets over time in a disciplined manner.

Operational Excellence

• Strive for zero harm workplaces.

• Operate a flat management structure with a strong ownership culture.

• Streamline management and operations, and hold management accountable for the businesses they manage.

• Leverage innovation and technology to drive industryleading efficiencies.

• Build trust-based partnerships with our host governments, business partners, and local communities to drive shared long-term value.

Our Strategy

Our strategy is to operate as business owners by attracting and developing world-class people who understand and are involved in the value chain of the business, act with integrity and are tireless in their pursuit of excellence. We are focused on returns to our stakeholders by optimizing free cash flow, managing risk to create long-term value for our shareholders and partnering with host governments and our local communities to transform their country’s natural resources into sustainable benefits and mutual prosperity. We aim to achieve this through the following:[1]

Sustainable Profitability

• Follow a disciplined approach to growth and proactively manage our impacts on the wider environment, emphasizing long-term value for all stakeholders.

• Increase returns to shareholders, driven by a focus on return on capital, IRR and free cash flow[6] .

1 Numerical annotations throughout the text of this document refer to the endnotes found on page 89.

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Financial and Operating Highlights

Financial and Operating Highlights
	For the three months ended					For theyears ended
	12/31/23	9/30/23	Change		12/31/23	12/31/22	Change	12/31/21
Financial Results($ millions)
Revenues	3,059	2,862	7%		11,397	11,013	3%	11,985
Cost of sales	2,139	1,915	12%		7,932	7,497	6%	7,089
Net earningsa	479	368	30%		1,272	432	194%	2,022
Adjusted net earningsb	466	418	11%		1,467	1,326	11%	2,065
Attributable EBITDAb	1,068	1,071	0%		3,987	4,029	(1)%	5,247
Attributable EBITDA marginb	42%	45%	(7)%		42%	44%	(5)%	53%
Minesite sustaining capital expendituresb,c	569	529	8%		2,076	2,071	0%	1,673
Project capital expendituresb,c	278	227	22%		969	949	2%	747
Total consolidated capital expendituresc,d	861	768	12%		3,086	3,049	1%	2,435
Net cash provided by operating activities	997	1,127	(12)%		3,732	3,481	7%	4,378
Net cash provided by operating activities margine	33%	39%	(15)%		33%	32%	3%	37%
Free cash flowb	136	359	(62)%		646	432	50%	1,943
Net earnings per share (basic and diluted)	0.27	0.21	29%		0.72	0.24	200%	1.14
Adjusted net earnings (basic)bper share	0.27	0.24	13%		0.84	0.75	12%	1.16
Weighted average diluted common shares
(millions of shares)	1,756	1,755	0%		1,755	1,771	(1)%	1,779
Operating Results
Gold production (thousands of ounces)f	1,054	1,039	1%		4,054	4,141	(2)%	4,437
Gold sold (thousands of ounces)f	1,042	1,027	1%		4,024	4,141	(3)%	4,468
Market gold price ($/oz)	1,971	1,928	2%		1,941	1,800	8%	1,799
Realized gold priceb,f($/oz)	1,986	1,928	3%		1,948	1,795	9%	1,790
Gold cost of sales (Barrick’s share)f,g($/oz)	1,359	1,277	6%		1,334	1,241	7%	1,093
Gold total cash costsb,f($/oz)	982	912	8%		960	862	11%	725
Gold all-in sustaining costsb,f($/oz)	1,364	1,255	9%		1,335	1,222	9%	1,026
Copper production (millions of pounds)f	113	112	1%		420	440	(5)%	415
Copper sold (millions of pounds)f	117	101	16%		408	445	(8)%	423
Market copper price ($/lb)	3.70	3.79	(2)%		3.85	3.99	(4)%	4.23
Realized copper priceb,f($/lb)	3.78	3.78	0%		3.85	3.85	0%	4.32
Copper cost of sales (Barrick’s share)f,h($/lb)	2.92	2.68	9%		2.90	2.43	19%	2.32
Copper C1 cash costsb,f($/lb)	2.17	2.05	6%		2.28	1.89	21%	1.72
Copper all-in sustainingcostsb,f($/lb)	3.12	3.23	(3)%		3.21	3.18	1%	2.62
	As at	As at			As at	As at		As at
	12/31/23	9/30/23	Change	As at	12/31/23	12/31/22	Change	12/31/21
Financial Position($ millions)
Debt (current and long-term)	4,726	4,775	(1)%		4,726	4,782	(1)%	5,150
Cash and equivalents	4,148	4,261	(3)%		4,148	4,440	(7)%	5,280
Debt, net of cash	578	514	12%		578	342	69%	(130)

• a. 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 on pages 70 to 88 of this MD&A.

c. Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.

d. Total consolidated capital expenditures also includes capitalized interest of $14 million and $41 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $12 million; 2022: $29 million; 2021: $15 million).

e. Represents net cash provided by operating activities divided by revenue.

f. On an attributable basis.

g. Gold cost of sales per ounce 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).

h. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

GOLD PRODUCTION[a] (thousands of ounces)

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GOLD COST OF SALES[d] , TOTAL CASH COSTS[e] , AND ALL-IN SUSTAINING COSTS[e ] ($ per ounce)

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COPPER PRODUCTION[a,c] (thousands of tonnes)

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COPPER COST OF SALES[c,d] , C1 CASH COSTS[c,e] AND ALL-IN SUSTAINING COSTS[c,e ] ($ per pound)

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NET EARNINGS, ATTRIBUTABLE EBITDA[d] AND ATTRIBUTABLE EBITDA MARGIN[d]

CAPITAL EXPENDITURES[f] ($ millions)

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3,049 3,086
2,435 2,417 2,363
949 969
1,951
747 725 769
576 2,071 2,076
1,673 1,364 1,678 1,590
2021 2022 2023
Consolidated minesite sustaining Consolidated project
Attributable minesite sustaining Attributable project
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53%
44% 42%
5,247
4,029 3,987
1,272
432
2,022
2021 2022 2023
Net earnings ($ millions) Attributable EBITDA ($ millions)
Attributable EBITDA Margin (%)
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OPERATING CASH FLOW AND FREE CASH FLOW[d]

DIVIDENDS[g] (cents per share)

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1,941
1,799 1,800
4,378
3,732
3,481
1,943 432 646
2021 2022 2023
Operating Cash Flow ($ millions) Free Cash Flow ($ millions)
Gold Market Price ($/oz)
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65
37 40
2021 2022 2023
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• a.

• On an attributable basis.

• b.

• Based on the midpoint of the 2024 guidance range.

• c.

• Beginning in 2024, we will present our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Our copper cost metrics will continue to be reported on a per pound basis.

• d. Gold cost of sales per ounce 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). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

• e.

• e. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A. f. Capital expenditures also includes capitalized interest.

• g. Dividend per share declared in respect of the stated period, inclusive of the performance dividend.

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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OTHER INFORMATION MINERAL RESERVES FINANCIAL & NON-GAAP AND MINERAL STATEMENTS RECONCILIATIONS RESOURCES

OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL OVERVIEW PERFORMANCE EXPLORATION RESULTS

Factors affecting net earnings and adjusted net earnings[6] - three months ended December 31, 2023 versus September 30, 2023

Net earnings for the three months ended December 31, 2023 were $479 million compared to $368 million in the prior quarter. The increase was primarily due to the following items:

• a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023; partially offset by

• a long-lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon; and

• significant tax adjustments of $120 million related to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings[6] of $466 million for the three months ended December 31, 2023 was $48 million higher than the prior quarter mainly due to a higher realized gold price[6 ] and higher gold and copper sales volumes, partially offset by an increase in cost of sales per ounce/pound[7] . The realized gold price[6] was $1,986 per ounce for the three months ended December 31, 2023, compared to $1,928 per ounce in the prior quarter, while the realized copper price[6] remained consistent with the prior quarter at $3.78 per pound. Higher gold sales volume was attributed to stronger performance at Cortez mainly due to higher grades, at Phoenix as planned maintenance was performed in the prior quarter, and at Pueblo Viejo reflecting higher recovery and higher grades processed. This was partially offset by lower production at Loulo-Gounkoto, as planned, due to lower grades processed. The increase in gold cost of sales per ounce[7] was mainly due to the impact of lower grades processed at Loulo-Gounkoto and Carlin, combined with higher electricity, grinding media and plant maintenance costs, as well as the impact of a 1 in 500 year tropical storm in November 2023 at Pueblo Viejo. Higher copper cost of sales per pound[7] was primarily due to lower mining efficiencies as the wet season commenced, combined with lower grades processed and lower plant recovery at Lumwana.

Refer to page 70 for a full list of reconciling items between net earnings and adjusted net earnings[6] for the current and previous periods.

Factors affecting net earnings and adjusted net earnings[6] - year ended December 31, 2023 versus December 31, 2022 Net earnings for the year ended December 31, 2023 were $1,272 million compared to $432 million in the prior year. The increase was primarily due to:

• a goodwill impairment of $950 million (net of noncontrolling interests) related to Loulo-Gounkoto, a noncurrent asset impairment of $318 million (net of tax) and a net realizable value impairment of leach pad inventory of $27 million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon occurring in the prior year;

• a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023; partially offset by

• an impairment reversal of $120 million and a gain of $300 million following the completion of the transaction allowing for the reconstitution of the Reko Diq project occurring in the prior year;

• significant tax adjustments of $220 million related to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets; and

• a long-lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings[6] of $1,467 million for the year ended December 31, 2023 was $141 million higher than the prior year. The increase in adjusted net earnings[6] was primarily due to a higher realized gold price[6] , partially offset by an increase in cost of sales per ounce/ pound[7] and lower gold and copper sales volumes. The realized gold price[6] was $1,948 per ounce in 2023 compared to $1,795 per ounce in the prior year, while the realized copper price[6] remained consistent with the prior year at $3.85 per pound. The increase in gold/copper cost of sales per ounce/pound[7] was mainly attributed to lower grades processed. Lower gold sales volumes were largely driven by Carlin and Pueblo Viejo. At Carlin, this was mainly related to the closure of the Gold Quarry concentrator at the beginning of the second quarter of 2023 and the conversion of the Goldstrike autoclave to a conventional CIL process in the first quarter of 2023 and at Pueblo Viejo due to lower grades processed in line with the mine and stockpile processing plan, lower recovery and lower throughput following the delayed commissioning and ramp-up of the expanded processing plant. These impacts were partially offset by increased production at Cortez due to higher oxide ore tonnes mined and processed from Crossroads and CHUG (at a higher recovery rate), combined with higher heap leach production. The decrease in copper sales volumes was mainly due to lower grades, tonnes mined and throughput at Zaldívar, combined with lower grades processed at Lumwana.

Refer to page 70 for a full list of reconciling items between net earnings and adjusted net earnings[6] for the current and previous periods.

Factors affecting operating cash flow and free cash flow[6] - three months ended December 31, 2023 versus September 30, 2023

In the three months ended December 31, 2023, we generated $997 million in operating cash flow, compared to $1,127 million in the prior quarter. The decrease of $130 million was primarily due to higher interest paid as a result of the timing of semi-annual interest payments on our bonds, which occur in the second and fourth quarters. This was combined with an increased unfavorable movement in working capital, mainly in accounts receivable driven by higher gold prices and higher sales volumes, partially offset by a favorable movement in inventory. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound[6] , partially offset by a higher realized gold price[6 ] and higher gold sales volume.

Free cash flow[6] for the three months ended December 31, 2023 was $136 million, compared to $359

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million in the prior quarter, reflecting higher capital expenditures, and lower operating cash flows. In the three months ended December 31, 2023, capital expenditures on a cash basis were $861 million compared to $768 million in the prior quarter due to an increase in both project capital expenditures[6] and minesite sustaining capital expenditures[6] . Project capital expenditures[6] increased primarily due to the continued development of the TS Solar project at NGM, combined with the progress at the Yalea South project at Loulo-Gounkoto. The increase in minesite sustaining capital expenditures[6] was primarily at Cortez which was mainly due to more of the new truck fleet being commissioned in the fourth quarter of 2023, partially offset by decreased capitalized waste stripping at Lumwana.

Factors affecting operating cash flow and free cash flow[6] - year ended December 31, 2023 versus December 31, 2022 For the year ended December 31, 2023, we generated $3,732 million in operating cash flow, compared to $3,481 million in the prior year. The increase of $251 million was primarily due to lower cash taxes paid and higher interest received on our cash balances resulting from an increase in market interest rates. This was partially offset by an increased unfavorable movement in working capital, mainly in accounts receivable and accounts payable, partially offset by a favorable movement in inventory and other

current assets. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound[6] , partially offset by a higher realized gold price[6 ] and higher gold sales volume.

For 2023, we generated free cash flow[6] of $646 million compared to $432 million in the prior year. The increase primarily reflects higher operating cash flows, partially offset by higher capital expenditures. In 2023, capital expenditures on a cash basis were $3,086 million compared to $3,049 million in the prior year, mainly due to an increase in project capital expenditures[6] , while minesite sustaining capital expenditures[6] were relatively consistent with the prior year. Higher project capital expenditures[6] were mainly due to the TS Solar project at NGM, as construction began in the fourth quarter of 2022, combined with the investment in the new owner mining truck fleet at Lumwana. This was partially offset by lower project spend incurred on the plant expansion at Pueblo Viejo, as the construction was largely completed in 2023. Minesite sustaining capital expenditures[6 ] were consistent with the prior year, as increased spend on processing facilities and underground development at Carlin, higher capitalized waste stripping at North Mara, and the commencement of production at the Gounkoto underground mine were largely offset by lower capitalized waste stripping at Lumwana.

Key Business Developments

Porgera Special Mining Lease

On April 9, 2021, BNL signed a binding Framework Agreement with the Independent State of PNG and Kumul Minerals, a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February 3, 2022, the Framework Agreement was replaced by the Commencement Agreement signed by PNG, Kumul Minerals, BNL, Porgera (Jersey) Limited, an affiliate of BNL, and MRE, the holder of the remaining 5% of the original Porgera joint venture. The Commencement Agreement reflects the commercial terms previously agreed to under the Framework Agreement, namely that PNG stakeholders receive a 51% equity stake in the Porgera mine, with the remaining 49% held by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group. The Commencement Agreement also provides that PNG stakeholders and BNL and its affiliates share the economic benefits derived from the reopened Porgera mine on a 53% and 47% basis over the remaining life of mine, respectively, and that the Government of PNG retains the option to acquire BNL’s or its affiliate’s 49% equity participation at fair market value after 10 years. Under the terms of the Commencement Agreement, BNL remained in possession of the site and maintained the mine on care and maintenance while the parties worked to satisfy the conditions required for the reopening of the Porgera mine as summarized below.

On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation was certified on May 30, 2022. Six out of the seven pieces of legislation took effect as of April 11 and 14, 2023, respectively, when they were published in the National Gazette, as required under PNG law. The remaining act awaits publication to take effect.

On September 13, 2022, the Shareholders’ Agreement for the new Porgera joint venture company was

executed by Porgera (Jersey) Limited, the state-owned Kumul Minerals (Porgera) Limited and MRE. New Porgera Limited, the new Porgera joint venture company, was incorporated and subsequently became a party to the Commencement Agreement and the Shareholders’ Agreement on October 13, 2023.

On June 20, 2023, the PNG IRC, the Commissioner General, Barrick and BNL entered into a settlement agreement to resolve a dispute regarding tax assessments issued by the IRC against BNL.

On October 13, 2023, the Independent State of PNG granted a new SML, Special Mining Lease 13, to New Porgera Limited, following the execution of the Mining Development Contract by the Independent State of PNG and New Porgera Limited. The granting of the new SML to New Porgera Limited reduced Barrick’s ownership interest in the Porgera mine from 47.5% to 24.5%. Also on October 13, 2023, the Independent State of PNG and New Porgera Limited executed the Fiscal Stability Agreement for the Porgera mine and New Porgera Limited and BNL executed the Project Operatorship Agreement, pursuant to which BNL was appointed as operator of the Porgera mine.

Following the granting of the new SML, New Porgera Limited commenced negotiations with the Porgera mine property’s landowners to agree the terms of land compensation agreements applicable to the new SML. The majority of landowners agreed to allow the Porgera mine to reopen on the compensation terms that applied under the original Porgera joint venture, and to defer substantive negotiation on new compensation terms until after the mine reopens. The PNG National Parliament passed legislation on November 29, 2023 to enable the mine to reopen on this basis, and New Porgera Limited will make true-up payments to landowners for any increase in compensation under the new agreements from the date the new SML was granted.

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The Commencement Agreement became unconditional on December 8, 2023, and formal completion of the Commencement Agreement was achieved on December 22, 2023. Work started on the recommissioning of the Porgera mine on that date and mining and processing are expected to restart at Porgera in the first quarter of 2024. BNL is taking steps to withdraw the legal proceedings that it initiated in relation to the Porgera dispute in accordance with the Commencement Agreement, and the international arbitration proceedings were formally terminated on January 25, 2024. The other parties to the Commencement Agreement including the State of PNG have a similar obligation to withdraw such proceedings.

Refer to notes 4 and 35 to the Financial Statements for more information.

Share Buyback Program

At the February 13, 2024 meeting, the Board of Directors authorized a new share buyback program for the purchase of up to $1 billion of Barrick’s outstanding common shares over the next 12 months. We did not purchase any shares in 2023 under the prior share buyback program, which was terminated following the authorization of the new program.

including the Company’s financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.

The repurchase program does not obligate the Company to acquire any particular number of common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.

Executive Chairman Transitions to Chairman

Having achieved the foundational objectives set for the Company following its historic merger with Randgold, Mr. John Thornton concluded that it was the appropriate time to transition from the Executive Chairman role to that of Chairman, as this governance structure is best suited for the Company’s next growth phase. The transition became effective on February 13, 2024.

In his capacity as Chairman, Mr. Thornton will continue to provide leadership and direction to the Board and facilitate the operations and deliberations of the Board and the satisfaction of the Board’s functions and responsibilities under its mandate.

The actual number of common shares that may be purchased, and the timing of any such purchases, will be determined by Barrick based on a number of factors,

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Outlook for 2024

Operating Division Guidance

Our 2023 actual gold and copper production, cost of sales, total cash costs[6] , all-in sustaining costs[6] and 2024 forecast gold and copper production, cost of sales, total cash costs[6] and all-in sustaining costs[6] ranges by operating division are as follows:

OperatingDivision	2023 attributable production (000s ozs)	2023 cost of salesa ($/oz)	2023 total cash costsb ($/oz)	2023 all-in sustaining costsb ($/oz)	2024 forecast attributable production (000s ozs)	2024 forecast cost of salesa ($/oz)	2024 forecast total cash costsb($/oz)	2024 forecast all-in sustaining costsb ($/oz)
Gold
Carlin (61.5%)c	868	1,254	1,033	1,486	800 - 880	1,270 - 1,370	1,030 - 1,110	1,430 - 1,530
Cortez (61.5%)d	549	1,318	906	1,282	380 - 420	1,460 - 1,560	1,040 - 1,120	1,390 - 1,490
Turquoise Ridge (61.5%)	316	1,399	1,026	1,234	330 - 360	1,230 - 1,330	850 - 930	1,090 - 1,190
Phoenix(61.5%)	123	2,011	961	1,162	120 - 140	1,640 - 1,740	810 - 890	1,100 - 1,200
Nevada Gold Mines (61.5%)e	1,865	1,351	989	1,366	1,650 - 1,800	1,340 - 1,440	980 - 1,060	1,350 - 1,450
Hemlo	141	1,589	1,382	1,672	140 - 160	1,470 - 1,570	1,210 - 1,290	1,600 - 1,700
North America	2,006	1,368	1,017	1,388	1,750 - 1,950	1,350 - 1,450	1,000 - 1,080	1,370 - 1,470
Pueblo Viejo (60%)	335	1,418	889	1,249	420 - 490	1,340 - 1,440	830 - 910	1,100 - 1,200
Veladero (50%)	207	1,440	1,011	1,516	210 - 240	1,340 - 1,440	1,010 - 1,090	1,490 - 1,590
Porgera(24.5%)f	—	—	—	—	50 - 70	1,670 - 1,770	1,220 - 1,300	1,900 - 2,000
Latin America & Asia Pacific	542	1,441	931	1,358	700 - 800	1,370 - 1,470	920 - 1,000	1,290 - 1,390
Loulo-Gounkoto (80%)	547	1,198	835	1,166	510 - 560	1,190 - 1,290	780 - 860	1,150 - 1,250
Kibali (45%)	343	1,221	789	918	320 - 360	1,140 - 1,240	740 - 820	950 - 1,050
North Mara (84%)	253	1,206	944	1,335	230 - 260	1,250 - 1,350	970 - 1,050	1,270 - 1,370
Bulyanhulu (84%)	180	1,312	920	1,231	160 - 190	1,370 - 1,470	990 - 1,070	1,380 - 1,480
Tongon(89.7%)	183	1,469	1,240	1,408	160 - 190	1,520 - 1,620	1,200 - 1,280	1,440 - 1,540
Africa and Middle East	1,506	1,251	903	1,176	1,400 - 1,550	1,250 - 1,350	880 - 960	1,180 - 1,280
Total Attributable to Barrickg,h,i	4,054	1,334	960	1,335	3,900 - 4,300	1,320 - 1,420	940 - 1,020	1,320 - 1,420
	2023 attributable production (000s tonnes)j	2023 cost of salesa,j ($/lb)	2023 C1 cash costsb,j ($/lb)	2023 all-in sustaining costsb,j ($/lb)	2024 forecast attributable productionj (000s tonnes)	2024 forecast cost of salesa ($/lb)	2024 forecast C1 cash costsb($/lb)	2024 forecast all-in sustaining costsb($/lb)
Copper
Lumwana	118	2.91	2.29	3.48	120 - 140	2.50 - 2.80	1.85 - 2.15	3.30 - 3.60
Zaldívar (50%)	41	3.83	2.95	3.46	35 - 40	3.70 - 4.00	2.80 - 3.10	3.40 - 3.70
Jabal Sayid(50%)	32	1.60	1.35	1.53	25 - 30	1.75 - 2.05	1.40 - 1.70	1.70 - 2.00
Total Copperh	191	2.90	2.28	3.21	180 - 210	2.65 - 2.95	2.00 - 2.30	3.10 - 3.40

a. Gold cost of sales per ounce 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). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A. c. Included within our 61.5% interest in Carlin is NGM’s 100% interest in South Arturo.

d. Includes Goldrush.

e. 2023 results include Long Canyon, which was placed on care and maintenance at the end of 2023 and is not included in 2024 guidance.

f. Porgera was placed on temporary care and maintenance on April 25, 2020 until December 22, 2023. On December 22, 2023, the Porgera Project

Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in our 2024 guidance at 24.5%. Refer to page 9 for further details.

• g. Total cash costs and all-in sustaining costs per ounce include costs allocated to non-operating sites.

• h. Operating division guidance ranges reflect expectations at each individual operating division, and may not add up to the company-wide guidance range total. Guidance ranges exclude Pierina, which is producing incidental ounces while in closure.

• i. Includes corporate administration costs.

j. Beginning in 2024, we will present our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production amounts for 2023 have been restated in tonnes for comparative purposes. Our copper cost metrics will continue to be reported on a per pound basis.

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Operating Division, Consolidated Expense and Capital Guidance

Our 2023 actual gold and copper production, cost of sales, total cash costs[6] , all-in sustaining costs[6] , consolidated expenses and capital expenditures and 2024 forecast gold and copper production, cost of sales, total cash costs[6] , all-in sustaining costs[6] , consolidated expenses and capital expenditures are as follows:

($ millions, exceptper ounce/pound data)	2023 Guidancea	2023 Actual	2024 Guidancea
Gold production
Production (millions of ounces)	4.20 - 4.60	4,054	3.90 - 4.30
Gold cost metrics
Cost of sales - gold ($ per oz)	1,170 - 1,250	1,334	1,320 - 1,420
Total cash costs ($ per oz)b	820 - 880	960	940 - 1,020
Depreciation ($ per oz)	320 - 350	335	340 - 370
All-in sustainingcosts($per oz)b	1,170 - 1,250	1,335	1,320 - 1,420
Copper production
Production (millions of pounds)	420 - 470	420	N/A
Production (thousands of tonnes)c	N/A	191	180 - 210
Copper cost metrics
Cost of sales - copper ($ per lb)	2.60 - 2.90	2.90	2.65 - 2.95
C1 cash costs ($ per lb)b	2.05 - 2.25	2.28	2.00 - 2.30
Depreciation ($ per lb)	0.80 - 0.90	0.89	0.90 - 1.00
All-in sustainingcosts($per lb)b	2.95 - 3.25	3.21	3.10 - 3.40
Exploration and project expenses	400 - 440	361	400 - 440
Exploration and evaluation	180 - 200	183	180 - 200
Project expenses	220 - 240	178	220 - 240
General and administrative expenses	~180	126	~180
Corporate administration	~130	101	~130
Stock-based compensationd	~50	25	~50
Other expense (income)	70 - 90	(195)	70 - 90
Finance costs, net	280 - 320	170	260 - 300
Attributable capital expenditurese
Attributable minesite sustainingb,e	1,450 - 1,700	1,590	1,550 - 1,750
Attributable projectb,e	750 - 900	769	950 - 1,150
Total attributable capital expenditurese	2,200 - 2,600	2,363	2,500 - 2,900

• a. Based on the communication we received from the Government of PNG that the SML will not be extended, Porgera was placed on temporary care and maintenance on April 25, 2020. Due to the uncertainty related to the timing and scope of future developments on the mine’s operating outlook, our 2023 guidance excluded Porgera. On December 22, 2023, the Porgera Project Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in our 2024 guidance. Refer to page 9 for further details. Guidance ranges also exclude Pierina and Long Canyon which are producing incidental ounces while in closure and care and maintenance.

• b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

• c. Beginning in 2024, we will present our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds).

• d. 2023 actual results are based on a US$18.09 share price and 2024 guidance is based on a one-month trailing average ending December 31, 2023 of US$17.61 per share.

e. Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 50% share of Zaldívar and Jabal Sayid and, beginning in 2024, our 24.5% share of Porgera. Total attributable capital expenditures for 2023 actual results also includes capitalized interest of $4 million.

2024 Guidance Analysis

Estimates of future production, cost of sales per ounce[7] , total cash costs per ounce[6] and all-in sustaining costs per ounce[6 ] presented in this MD&A are based on mine plans that reflect the expected method by which we will mine reserves at each site. Actual gold and copper production and associated costs may vary from these estimates due to a number of operational and non-operational risk factors (see the “Cautionary Statement on Forward-Looking Information” on page 2 of this MD&A for a description of certain risk factors that could cause actual results to differ materially from these estimates).

Gold Production

We expect 2024 gold production to be in the range of 3.9 to 4.3 million ounces, compared to our actual 2023 gold production of 4.05 million ounces. We expect stronger

year-over-year performances from Pueblo Viejo and to a lesser extent Turquoise Ridge, together with stable delivery across the remaining Tier One Gold Assets[1] with the exception of Cortez. Production at Cortez is expected to be lower in 2024 relative to 2023 due to the Crossroads resource model changes reducing oxide mill feed partially offset by a higher contribution from Goldrush (although the delay in the receipt of the ROD has pushed some ounces from 2024 into 2025).

In addition, given that formal completion of the Commencement Agreement at Porgera was achieved on December 22, 2023, our 2024 gold production guidance now includes Porgera. Refer to page 9 for more information.

Outside of our Tier One Gold Assets[1] , we expect the following changes in year-over-year production. At Veladero, we expect 2024 production to be marginally

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higher than 2023. As previously disclosed, mining temporarily ceased at Long Canyon in 2022 and this asset has now been placed on care and maintenance and will no longer be included in our guidance metrics.

Across the four quarters of 2024, the Company’s gold production is expected to steadily increase throughout the year as we work towards the restart of operations at Porgera and complete rectification work at Pueblo Viejo.

Gold Cost of Sales per Ounce[7]

On a per ounce basis, cost of sales applicable to gold[7] , after removing the portion related to non-controlling interests, is expected to be in the range of $1,320 to $1,420 per ounce in 2024, compared to the 2023 actual result of $1,334 per ounce.

Costs are expected to be marginally higher than 2023 which reflects higher depreciation and the impact of higher costs at certain other operations as described further in the Gold Total Cash Costs per Ounce[6] section immediately below.

Gold Total Cash Costs per Ounce[6]

Total cash costs per ounce[6] in 2024 are expected to be in the range of $940 to $1,020 per ounce, compared to the 2023 actual result of $960 per ounce.

This range is based on our expectation that energy prices will on average be similar in 2024 compared to 2023, albeit with potentially higher volatility. Until we see lower energy prices, we are not expecting the inflationary impact from the 2022 and 2023 years to materially unwind.

In North America, our 2024 guidance for total cash costs per ounce[6] for NGM of $980 to $1,060 per ounce compares to the 2023 actual result of $989 per ounce. Higher unit costs at Cortez driven by the lower production volumes are expected to largely offset lower costs at both Turquoise Ridge and Phoenix, producing a consistent result year on year.

In Latin America & Asia Pacific, total cash costs per ounce[6] at Pueblo Viejo are expected to be lower compared to 2023, driven by higher throughput from the plant expansion partially offset by the impact of slightly lower grades (in line with the mine and stockpile processing plan).

For Africa and Middle East, total cash costs per ounce[6] are expected to be consistent with 2023 as lower costs from Loulo-Gounkoto and Kibali are partially offset by higher costs expected at North Mara and Bulyanhulu.

Gold All-In Sustaining Costs per Ounce[6]

All-in sustaining costs per ounce[6] in 2024 are expected to be in the range of $1,320 to $1,420 per ounce, compared to the 2023 actual result of $1,335 per ounce. This is based on the expectation that minesite sustaining capital expenditures[6] on a per ounce basis will be higher than 2023 (refer to Capital Expenditures commentary below for further detail).

Copper Production and Costs

We expect 2024 copper production to be in the range of 180 to 210 thousand tonnes, compared to actual production of 191 thousand tonnes (equivalent to 420 million pounds) in 2023. Production in the second half of 2024 is expected to be materially stronger than the first half, mainly due to steadily increasing throughput at Lumwana as the new owner mining fleet is anticipated to be fully ramped up by the end of the second quarter of 2024.

In 2024, cost of sales applicable to copper[7] is expected to be in the range of $2.65 to $2.95 per pound, which compares to the actual result of $2.90 per pound for 2023. C1 cash costs per pound[6] guidance of $2.00 to $2.30 per pound for 2024 compares to the 2023 actual result of $2.28 per pound, mainly driven by lower costs at Lumwana resulting from higher production and operating efficiencies partially offset by higher costs at Jabal Sayid. Copper all-in sustaining costs per pound[6] guidance of $3.10 to $3.40 for 2024 compares to the actual result of $3.21 in 2023. Higher minesite sustaining capital expenditures[6] on a per pound basis at Lumwana (refer to Capital Expenditures commentary below for further detail) are expected to largely offset lower C1 cash costs per pound[6] .

Exploration and Project Expenses

We expect to incur approximately $400 to $440 million of exploration and project expenses in 2024. This is unchanged compared to our 2023 guidance range, although it is higher than the 2023 actual result of $361 million.

Within this range, we expect our exploration and evaluation expenditures in 2024 to be approximately $180 to $200 million. This is consistent with the 2023 actual result of $183 million and is unchanged from the guidance range for 2023. This expenditure will continue to support our resource and reserve conversion over the coming years including approximately $40 million in relation to Barrick’s Fourmile project.

We also expect to incur approximately $220 to $240 million of project expenses in 2024, compared to $178 million in 2023. The key driver of this increase is the ongoing feasibility study update for the Reko Diq project in Pakistan. The remainder of the expected expenditure relates to Pascua-Lama as well as project evaluation costs across the rest of the portfolio, particularly in the Latin America & Asia Pacific region.

General and Administrative Expenses

In 2024, we expect corporate administration costs to be approximately $130 million, which represents the fifth consecutive year we have kept this guidance range unchanged, notwithstanding inflationary pressures over the course of 2022 and 2023 in particular.

Separately, stock-based compensation expense in 2024 is expected to be approximately $50 million based on a share price assumption of $17.61 but will be impacted by the share price.

Finance Costs, Net

In 2024, our guidance range for net finance costs of $260 to $300 million primarily represents interest expense on longterm debt, non-cash interest expense relating to the gold and silver streaming agreements at Pueblo Viejo, and accretion, net of finance income. This guidance for 2024 is higher than the actual result for 2023 of $170 million, and reflects lower capitalized interest and our expectation that market interest rates will decrease relative to 2023, translating to lower interest income. Interest expense incurred on our bonds is at a fixed rate and consequently does not change with market interest rates.

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Capital Expenditures

Total attributable gold and copper capital expenditure for 2024 is expected to be in the range of $2,500 to $2,900 million. This is higher than the actual spend for the 2023 year of $2,363 million. We continue to focus on the delivery of our project pipeline and expect attributable project capital expenditures[6] to be in the range of $950 to $1,150 million in 2024, which is higher than our actual expenditures of $769 million in 2023. This higher level of spend is primarily related to early works and long lead time items at our two major growth projects, Reko Diq and the Lumwana Super Pit, which collectively are expected to increase by around $150 million year on year. Across the Company’s gold assets, the material changes relate to expenditures on the new Naranjo TSF at Pueblo Viejo (around $100 million) and the restart of Porgera (around $50 million).

Attributable minesite sustaining capital expenditure[6] for 2024 is expected to be in the range of $1,550 to $1,750 million, which compares to the actual spend for 2023 of $1,590 million. The guidance range for

2024 is split between our gold assets ($1,200 to $1,400 million) and copper assets ($335 to $385 million). Compared to the prior year, minesite sustaining capital expenditures[6] in 2024 are expected to be approximately $100 million higher at Lumwana, up to $75 million higher at our Latin America & Asia Pacific sites (in particular Veladero and Porgera) and up to $50 million higher across the Africa and Middle East sites. Offsetting this impact, minesite sustaining capital expenditures[6] at NGM are expected to be approximately $50 million lower compared to 2023.

Effective Income Tax Rate

Based on a gold price assumption of $1,900/oz, our expected effective tax rate range for 2024 is 26% to 30%. The rate is sensitive to the relative proportion of sales in high versus low tax jurisdictions, realized gold and copper prices, the proportion of income from our equity accounted investments and the level of non-tax affected costs in countries where we generate net losses.

Outlook Assumptions and Economic Sensitivity Analysis

	2024 Guidance Assumption	Hypothetical Change	Impact on EBITDAa (millions)	Impact on TCC and AISCa
Gold price sensitivity	$1,900/oz	+/- $100/oz	‘+/-$550	‘+/-$5/oz
Copperprice sensitivity	$3.50/lb	‘+/-$0.25/lb	‘+/- $110	‘+/-$0.01/lb

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

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Environmental, Social and Governance

ESG or sustainability as we like to refer to it, including our license to operate, is entrenched in our DNA: our sustainability strategy is our business plan.

Barrick’s vision for sustainability is underpinned by the knowledge that sustainability aspects are interconnected and must be tackled in conjunction with, and reference to, each other. We call this approach Holistic and Integrated Sustainability Management. We must tackle all sustainability aspects holistically and concurrently to make meaningful progress in any single aspect. Although we integrate our sustainability management, we discuss our sustainability strategy within four overarching pillars: (1) respecting human rights; (2) protecting the health and safety of our people and local communities; (3) sharing the benefits of our operations; and (4) managing our impacts on the environment.

We implement this strategy by blending top-down accountability with bottom-up responsibility. This means we place the day-to-day ownership of sustainability, and the associated risks and opportunities, in the hands of individual sites. In the same way that each site must manage its geological, operational and technical capabilities to meet business objectives, it must also manage and identify programs, metrics, and targets that measure progress and deliver real value for the business and our stakeholders, including our host countries and local communities. The Group Sustainability Executive, supported by regional sustainability leads, provides oversight and direction over this site-level ownership, to ensure alignment with the strategic priorities of the overall business.

Governance

The bedrock of our sustainability strategy is strong governance. Our most senior management-level body dedicated to sustainability is the E&S Committee, which connects site-level ownership of our sustainability strategy with the leadership of the Group. It is chaired by the President and Chief Executive Officer and includes: (1) regional Chief Operating Officers; (2) minesite General Managers; (3) Health, Safety, Environment and Closure Leads; (4) the Group Sustainability Executive; (5) in-house legal counsel; and (6) an independent sustainability consultant in an advisory role. The E&S Committee meets on a quarterly basis to review our performance across a range of key performance indicators, and to provide independent oversight and review of sustainability management.

The President and Chief Executive Officer reviews the reports of the E&S Committee at every quarterly meeting of the Board's ESG & Nominating Committee. The reports are reviewed to ensure the implementation of our sustainability policies and to drive performance of our environmental, health and safety, community relations and development, and human rights programs.

This is supplemented by weekly meetings, at a minimum, between the Regional Sustainability Leads and the Group Sustainability Executive. These meetings examine the sustainability-related risks and opportunities facing the business in real time, as well as the progress and issues integrated into weekly Executive Committee review meetings.

30% of incentive payments for senior leaders under Barrick’s Partnership Plan are now tied to ESG performance, including a new 10% weighting under the annual incentive program linked to our annual safety and

environment performance and a 20% weighting under our Long-Term Company Scorecard linked to the assessment of our industry-first Sustainability Scorecard. As we strive for ongoing strong performance, the Sustainability Scorecard targets and metrics are updated annually. The results of the 2023 Sustainability Scorecard, and updated metrics and targets for 2024, will be disclosed in our 2023 Annual Report and Sustainability Report, published in March and April 2024 respectively. The E&S Committee tracks our progress against all metrics.

Human rights

Our commitment to respect human rights is codified in our standalone Human Rights Policy and informed by the expectations of the United Nations Guiding Principles on Business and Human Rights, the Voluntary Principles on Security and Human Rights and the OECD Guidelines for Multinational Enterprises. This commitment is fulfilled on the ground via our Human Rights Program, the fundamental principles of which include: monitoring and reporting, due diligence, training, as well as disciplinary action and remedy.

We continue to assess and manage security and human rights risks at all our operations and provide security and human rights training to private and public security forces across our sites. During 2023, independent human rights assessments were undertaken at the following sites: North Mara and Bulyanhulu in Tanzania; Jabal Sayid in Saudi Arabia; Loulo-Gounkoto in Mali; and Kibali in the DRC.

Safety

We are committed to the safety, health and well-being of our people, their families and the communities in which we operate. Our safety vision is “Everyone to go home safe and healthy every day.”

Following a number of severe safety incidents in 2022 and early in 2023, we established a ManagementLevel Safety Committee, and developed our “Journey to Zero” initiative at the end of the first quarter of 2023, which was disclosed in our 2022 Sustainability Report (published in April 2023).

Our focus and priority throughout the remainder of 2023 and beyond continues to be on the roll out of our “Journey to Zero” initiative. The journey was kicked off with the responsibility to STOP unsafe work, since we are all safety leaders within our organization. We recognize our responsibility to identify hazards and ensure that all the controls are in place to do the job/or task safely.

We report our safety performance quarterly as part of both our E&S Committee meetings and our reports to the ESG & Nominating Committee. Our safety performance is a regular standing agenda item on our weekly Executive Committee review meeting.

Reflecting on 2023, our frequency rates are at an all-time low. As an organization, we had 9% fewer injuries compared to 2022, a significant reduction in injury severity, an 18% decrease in LTIs, and a 25% decrease in Restricted Duty Injuries. Statistics for 2023 show a 12% improvement in the TRIFR[8] (1.14) compared to 2022. The LTIFR[8] was 0.23 and dropped by 21% compared to 2022, an overall improvement of 36% over a three-year period, based on a 12-month rolling average. We also had four operating sites that worked without a LTI for the year.

Regrettably, the safety improvements were offset by five fatalities that took place during 2023, and two

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additional fatalities that occurred in early 2024 at North Mara and Kibali.

The leading causes of the fatal incidents were related to energy isolation and mobile equipment accidents. These incidents underscore the focus on effective training, particularly task training, and the link it to our Fatal Risk Management Program. As part of our Journey to Zero, we have identified four key elements in developing a culture that fosters a strong and effective focus on safety: (1) Leadership and Culture, (2) Zero Fatalities, (3) Risk Management, and (4) Prevention of Injuries.

In terms of key performance indicators, for the fourth quarter of 2023, our LTIFR[8] was 0.14, a 52% decrease quarter on quarter, and our TRIFR[8] was 0.69, a decrease of 46% from the third quarter of 2023.

Social

We regard our host communities and countries as important partners in our business. Our sustainability policies commit us to transparency in our relationships with host communities, government authorities, the public and other key stakeholders. Through these policies, we commit to conducting our business with integrity and with absolute opposition to corruption. We require our suppliers to operate ethically and responsibly as a condition of doing business with us.

Community and economic development

Our commitment to social and economic development is set out in our overarching Sustainable Development and Social Performance policies. Mining has been identified as vital for the achievement of the United Nations SDGs, not only for its role in providing the minerals needed to enable the transition to a lower carbon intensive economy, but more importantly because of its ability to drive socio-economic development and build resilience. Creating long-term value and sharing economic benefits is at the heart of our approach to sustainability, as well as community development. This approach is encapsulated in three concepts:

The primacy of partnership: this means that we invest in real partnerships with mutual responsibility. Partnerships include local communities, suppliers, government, and organizations, and this approach is epitomized through our CDCs with development initiatives and investments.

Sharing the benefits: We hire and buy local wherever possible as this injects money into and keeps it in our local communities and host countries. By doing this, we build capacity, community resilience and create opportunity. We also invest in community development through our CDCs. Sharing the benefits also means paying our fair share of taxes, royalties and dividends and doing so transparently, primarily through the reporting mechanism of the Canadian Extractive Sector Transparency Measures Act. Our annual Tax Contribution Report sets out, in detail, our economic contributions to host governments.

Engaging and listening to stakeholders: We develop tailored stakeholder engagement plans for every operation and the business as a whole. These plans guide and document how often we engage with various stakeholder groups and allow us to proactively deal with issues before they escalate into significant risks.

Our community development spend during the fourth quarter was $15.4 million, and $43.2 million for 2023.

Environment

We know the environment in which we work and our host communities are inextricably linked, and we apply a holistic and integrated approach to sustainability management. Being responsible stewards of the environment by applying the highest standards of environmental management, using natural resources and energy efficiently, recycling and reducing waste as well as working to protect biodiversity, we can deliver significant cost savings to our business, reduce future liabilities and help build stronger stakeholder relationships. Environmental matters such as how we use water, prevent incidents, manage tailings, respond to changing climate, and protect biodiversity are key areas of focus.

We maintained our strong track record of stewardship and did not record any Class 1[9] environmental incidents in 2023.

Climate Change

The ESG & Nominating Committee is responsible for overseeing Barrick’s policies, programs and performance relating to sustainability and the environment, including climate change. The Audit & Risk Committee assists the Board in overseeing the Group’s management of enterprise risks as well as the implementation of policies and standards for monitoring and mitigating such risks. Climate change is built into our formal risk management process, outputs of which are regularly reviewed by the Audit & Risk Committee.

Barrick’s climate change strategy has three pillars: (1) identify, understand and mitigate the risks associated with climate change; (2) measure and reduce our GHG emissions across our operations and value chain; and (3) improve our disclosure on climate change. The three pillars of our climate change strategy do not focus solely on the development of emissions reduction targets, rather, we integrate and consider aspects of biodiversity protection, water management and community resilience in our approach.

We are acutely aware of the impacts that climate change and extreme weather events have on our host communities and countries, particularly developing nations which are often the most vulnerable. As the world economy transitions to renewable power, it is imperative that developing nations are not left behind. As a responsible business, we have focused our efforts on building resilience in our host communities and countries, just as we do for our business. Our climate disclosure is based on the recommendations of the TCFD.

Identify, understand and mitigate the risks associated with climate change

We identify and manage risks, build resilience to a changing climate and extreme weather events, as well as position ourselves for new opportunities. These factors continue to be incorporated into our formal risk assessment process. We have identified several risks and opportunities for our business including: physical impacts of extreme weather events; an increase in regulations that seek to address climate change; and an increase in global investment in innovation and low-carbon technologies.

The risk assessment process includes scenario analysis, which is being rolled out to all sites with an initial focus on our Tier One Gold Assets[1] , to assess site-specific climate related risks and opportunities. The key findings and a summary of this asset-level physical and transitional risk assessment at Loulo-Gounkoto and Kibali were disclosed as part of our CDP (formerly known as the

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Carbon Disclosure Project) Climate Change and Water Security questionnaires, submitted to CDP in July 2023.

In addition, climate scenario analysis and risk assessments were completed in 2023 for Carlin (physical risks) and NGM (transitional risks). These disclosures will be included in the 2023 Sustainability Report to be published in April 2024.

Measure and reduce the Group’s impact on climate change Mining is an energy-intensive business, and we understand the important link between energy use and GHG emissions. By measuring and effectively managing our energy use, we can reduce our GHG emissions, achieve more efficient production, and reduce our costs.

We have climate champions at each site who are tasked with identifying roadmaps and assessing feasibility for our GHG emissions reductions and carbon offsets for hard-to-abate emissions. Any carbon offsets that we pursue must have appropriate socio-economic and/or biodiversity benefits. We have published an achievable emissions reduction roadmap and continue to assess further reduction opportunities across our operations. The detailed roadmap was first published in our 2021 Sustainability Report and includes committed-capital projects and projects under investigation that rely on technological advances, with a progress summary contained in the 2022 Sustainability Report.

We continue to progress our extensive work across our value chain in understanding our Scope 3 (indirect emissions associated with the value chain) emissions and implementing our engagement roadmap to enable our key suppliers to set meaningful and measurable reduction targets, in line with the commitments made through the ICMM Climate Position Paper.

In November 2023, Barrick announced its Scope 3 emissions targets which it developed to promote awareness and action in its value chain and empower those actors to set their own net zero commitments, with short- and medium-term targets. These targets are both quantitative and qualitative and are focused on high emission areas in our value chain as outlined below:

Goods and Suppliers (Category 1[10] ):

• Quantitative Target: 30% emissions reduction of “Tier 1” suppliers (those suppliers that collectively account for 5% of Barrick’s total spend in this category) by 2030 against a 2022 Scope 3 base year;

• Qualitative Target: Incorporate 130 of our largest suppliers by spend into our annual outreach (this includes our Tier 1 suppliers as well as chemical and metal fabricator suppliers) and engagement; and

• 2025 Target: Collect high-quality data for 50% of Tier 1 and chemical and metal fabricator suppliers through engagement, and refine emissions reduction targets by 2025.

Fuels and Energy (Category 3[10] ):

• Quantitative Target: 20% reduction against a 2022 Scope 3 base year by 2030; and

• Qualitative Targets:

• Collaborate towards new technologies to reduce fleet emissions; and

• Engage with host governments where we consume power from national grids for continued renewable energy incorporation.

Downstream Copper Processing (Category 10[10] ):

• Qualitative Target: Outreach and engagement of all downstream customers and smelters; and

• 2025 Target: Set emissions reduction target, covering 75% of copper processing, by 2025.

Improve our disclosure on climate change

Our disclosure on climate change, including in our Sustainability Report and on our website, is developed in line with the TCFD recommendations. Barrick continues to monitor the various regulatory climate disclosure standards being developed around the world, including the ISSB’s recently issued S2 Climate-related Disclosures . In addition, we complete the annual CDP Climate Change and Water Security questionnaires. This ensures our investor-relevant water use, emissions and climate data is widely available.

Emissions

Barrick’s interim GHG emissions reduction target is for a minimum 30% reduction by 2030 against our 2018 baseline, while maintaining a steady production profile. The basis of this reduction is against a 2018 baseline of 7,541 kt CO2-e.

Our GHG emissions reduction target is grounded in science and has a detailed pathway for achievement. Our target is not static and will be updated as we continue to identify and implement new GHG reduction opportunities.

Ultimately, our vision is net zero GHG emissions by 2050, achieved primarily through GHG reductions, with some offsets for hard-to-abate emissions. Site-level plans to improve energy efficiency, integrate clean and renewable energy sources and reduce GHG emissions will also be strengthened. We plan to supplement our corporate emissions reduction target with context-based site-specific emissions reduction targets.

During the fourth quarter of 2023, the Group's total Scope 1 and 2 (location-based) GHG emissions were 1,726 11 kt CO2-e . The preliminary 2023 emissions are approximately 6% less than the GHG emissions for the same period year period in 2022 (Scope 1 and 2 (locationbased)). The full year data assurance process is currently underway and final 2023 data will be included in Barrick’s 2023 Sustainability Report.

Water

Water is a vital and increasingly scarce global resource. Managing and using water responsibly is one of the most critical parts of our sustainability strategy. Our commitment to responsible water use is codified in our Environmental Policy and standalone Water Policy. Steady, reliable access to water is critical to the effective operation of our mines. Access to water is also a fundamental human right.

Understanding the water stress in the regions in which we operate enables us to better understand the risks and manage our water resources through site-specific water balances, based on the ICMM Water Accounting Framework, aimed at minimizing our water withdrawal and maximizing water reuse and recycling within our operations.

We include each mine’s water risks in its operational risk register. These risks are then aggregated and incorporated into the corporate risk register. Our identified water-related risks include: (1) managing excess water in regions with high rainfall; (2) maintaining access to water in arid areas and regions prone to water scarcity; and (3) regulatory risks related to permitting limits as well as municipal and national regulations for water use.

We set an annual water recycling and reuse target of 80%. Our water recycling and reuse rate for the fourth

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quarter of 2023 was approximately 84%. The increase was due to refinement of the Pueblo Viejo water balance accounting and thus the performance against 2022 is not directly comparable.

Tailings

We are committed to having our TSFs meet global best practices for safety. Our TSFs are carefully engineered and regularly inspected, particularly those in regions with high rainfall and seismic events.

We disclosed our conformance to the GISTM for all Extreme and Very High consequence facilities on the Barrick website on August 4, 2023, within the committed disclosure timeframe. All of our sites that are classified as Very High or Extreme consequence are in conformance with the GISTM. We continue to progress with our conformance for lower consequence facilities in accordance with the GISTM. Disclosures for lower consequence facilities will be completed by August 2025, also in accordance with the GISTM.

Biodiversity

Biodiversity underpins many of the ecosystem services on which our mines and their surrounding communities depend. If improperly managed, mining and exploration activities have the potential to negatively affect biodiversity and ecosystem services. Protecting biodiversity and preventing nature loss is also critical and inextricably linked to the fight against climate change. We work to proactively manage our impact on biodiversity and strive to protect the ecosystems in which we operate. Wherever possible, we aim to achieve a net neutral biodiversity impact, particularly for ecologically sensitive environments.

We continue to work to implement our BAPs. The BAPs outline our strategy to achieve no-net loss for all key biodiversity features and their associated management plans.

Market Overview

The market prices of gold and, to a lesser extent, copper are the primary drivers of our profitability and our ability to generate free cash flow[6] for our shareholders.

Gold

The price of gold is subject to volatile price movements over short periods of time and is affected by numerous industry and macroeconomic factors. During 2023, the gold price ranged from $1,805 per ounce to an all-time high of $2,135 per ounce. The average market price for the year of $1,941 per ounce represented an all-time annual high, and an 8% increase from the 2022 average of $1,800 per ounce.

During the year, the gold price remained strong as a result of geopolitical tensions, including the conflicts in the Middle East, global economic uncertainty, the expectation of benchmark interest rate cuts as inflation pressures ease, and central bank purchases, tempered by a reduction in global gold exchange-traded fund holdings.

AVERAGE MONTHLY SPOT GOLD PRICES

(dollars per ounce)

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Copper

During 2023, London Metal Exchange copper prices traded in a range of $3.56 per pound to $4.33 per pound, averaged $3.85 per pound, and closed the year at $3.84 per pound. Copper prices are heavily influenced by physical demand from emerging markets, especially China.

Copper prices in 2023 were impacted by low global economic growth, especially in China, which is the world’s largest consumer of copper, tempered by supply disruptions.

AVERAGE MONTHLY SPOT COPPER PRICES

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We have provisionally priced copper sales for which final price determination versus the relevant copper index is outstanding at the balance sheet date. As at December 31, 2023, we recorded 61 million pounds of copper sales still subject to final price settlement at an average provisional price of $3.81 per pound. The impact to net income before taxation of a 10% movement in the market price of copper would be approximately $23 million, holding all other variables constant.

Currency Exchange Rates

The results of our mining operations outside of the United States are affected by fluctuations in exchange rates. We have exposure to the Argentine peso through operating costs at our Veladero mine, and peso denominated VAT receivable balances. We also have exposure to the Canadian and Australian dollars, Chilean peso, Papua New Guinea kina, Zambian kwacha, Tanzanian shilling, Dominican peso, West African CFA franc, Euro, South African rand, and British pound through mine operating and capital costs. In addition, we also have exposure to the Pakistani rupee through project costs on Reko Diq.

Fluctuations in these exchange rates increase the volatility of our costs reported in US dollars. In 2023, the Australian dollar traded in a range of $0.63 to $0.72 against

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the US dollar, while the US dollar against the Canadian dollar and West African CFA franc ranged from $1.31 to $1.39 and XOF 582 to XOF 628, respectively. Due to inflationary pressures in Argentina and the actions of the government, there was a continued weakening of the Argentine peso during the year and it ranged from ARS 177 to ARS 809. During 2023, we did not have any currency hedge positions, and are unhedged against foreign exchange exposures as at December 31, 2023 beyond spot requirements.

Fuel

For 2023, the price of WTI crude oil traded in a range between $64 and $95 per barrel, with the market price averaging $78 per barrel, and closing the year at $72 per barrel. Oil prices were impacted by constrained supply, expectations for a decline in economic activity as a result of increased interest rates, and geopolitical concerns, including the ongoing invasion of Ukraine by Russia and the conflicts in the Middle East.

AVERAGE MONTHLY SPOT CRUDE OIL PRICE (WTI)

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During 2023, we did not have any fuel hedge positions, and are unhedged against fuel exposures as at December 31, 2023.

US Dollar Interest Rates

In response to inflationary pressure, the US Federal Reserve raised benchmark interest rates during 2022 and 2023 to a range of 5.25% to 5.50% by the end of 2023. Cuts in benchmark interest rates are currently expected during 2024 as those inflationary pressures are forecast to continue to ease, but any changes to monetary policy will be dependent on economic data to be observed during the year.

At present, our interest rate exposure mainly relates to interest income received on our cash balances ($4.1 billion at December 31, 2023); the mark-to-market value of derivative instruments; the carrying value of certain non-current assets and liabilities; and the interest payments on our variable-rate debt ($0.1 billion at December 31, 2023). Currently, the amount of interest expense recorded in our consolidated statement of income is not materially impacted by changes in interest rates, because the majority of our debt was issued at fixed interest rates. The relative amounts of variable-rate financial assets and liabilities may change in the future, depending on the amount of operating cash flow we generate, as well as the level of capital expenditures and our ability to borrow on favorable terms using fixed rate debt instruments. Changes in interest rates affect the accretion expense recorded on our provision for environmental rehabilitation and therefore would affect our net earnings.

Reserves and Resources[12]

For full details of our mineral reserves and mineral resources, refer to page 98 of the Fourth Quarter 2023 Report.

Gold Reserves and Resources

Barrick’s 2023 gold mineral reserves and resources are estimated using a gold price assumption of $1,300 and $1,700 per ounce, respectively, which are both consistent with 2022, except at Tongon, where mineral reserves were estimated using a gold price assumption of $1,500 per ounce and Hemlo where mineral reserves were estimated using a gold price assumption of $1,400 per ounce. 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, 2023, Barrick’s proven and probable gold reserves were 77 million ounces[13] at an average grade of 1.65 g/t, increasing from 76 million ounces[14] at an average grade of 1.67 g/t in 2022. Yearover-year, attributable reserves have increased by 5 million ounces before 2023 depletion of 4.6 million, delivering a third consecutive year of organic gold reserve growth over and above annual depletion. Since year-end 2019, Barrick has successfully delivered replacement of over 140%[15] of the Company’s gold reserve depletion, adding almost 29 million ounces[15] of attributable proven and probable reserves or 44 million ounces[15] of proven and probable reserves on a 100% basis (excluding both acquisitions and divestments).

ATTRIBUTABLE CONTAINED GOLD RESERVES[13,14,a] (Moz)

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a Figures rounded to two significant digits.

Barrick attributable measured and indicated gold resources for 2023 stand at 180 million ounces[13] at 1.06 g/t, with a further 39 million ounces[13] at 0.8 g/t of inferred resources. Mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, whilst inferred mineral resource grades are reported to one decimal place.

The Africa & Middle East region, replaced 165% of the regional 2023 gold reserve depletion, led by LouloGounkoto, with extensions of the high grade Yalea orebody, delivering a 1.1 million ounce[13] increase in attributable proven and probable reserves before depletion. Bulyanhulu also delivered strong results through the extension of Reef 1 and Reef 2 near surface mineralization, with updated feasibility studies supporting an additional surface decline access portal for each Reef, adding 0.9 million ounces[13] to attributable proven and probable reserves. At Kibali, the

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ongoing conversion drilling in the 11000 lode in KCD underground combined with the conversion of some satellite pit resources delivered a 0.47 million ounce[13] increase in 2023 attributable proven and probable reserves before depletion.

Within the Latin America & Asia Pacific region, a pre-feasibility study was completed on the expansion of the leach pad supporting an additional pushback in the open pit at Veladero, resulting in 2023 attributable proven and probable gold reserves for the region of 27 million ounces[13] at 0.96 g/t. Updates to the Reko Diq mineral resources reflect ongoing feasibility study updates, resulting in an attributable measured and indicated mineral resource of 8.3 million tonnes[13] of copper at 0.43% with 14 million ounces[13] of gold at 0.25 g/t, and an attributable inferred mineral resource of 2.2 million tonnes[13] of copper at 0.3% with 3.8 million ounces[13] of gold at 0.2 g/t.

In North America, ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and Robertson in Cortez added 1.9 million ounces[13] of gold on an attributable basis before annual depletion, effectively replacing more than 80% of annual depletion. This resulted in sustaining attributable proven and probable mineral reserves for the region at 31 million ounces[13] at 2.45 g/t for 2023. At the same time, attributable gold measured and indicated mineral resources for the region stand at 68 million ounces[13] at 2.10 g/t, whilst 2023 updated inferred attributable gold resources grew to 18 million ounces[13] at 2.1 g/t. Looking forward to 2024, the regional mineral resource base is forecast to be a key driver of future growth. As part of this, a comprehensive evaluation program and dedicated study team will evaluate the strike length of the 100% Barrick-owned Fourmile deposit[16] , targeting an update to mineral resources at the end of 2024, which will inform Barrick’s decision on commencement of a pre-feasibility study.

Copper Reserves and Resources

For Barrick-operated assets, copper mineral reserves for 2023 are estimated using a copper price of $3.00 per pound, consistent with 2022. Copper mineral resources for 2023 are estimated using an updated price of $4.00 per pound. Both are reported to a rounding standard of two significant digits, for tonnes and metal content, with grades reported to two decimal places. Starting at December 31, 2023, our copper reserves and resources are being reported in tonnes, whereas previously they were reported in pounds.

ATTRIBUTABLE CONTAINED COPPER RESERVES[13,14,a] (M tonnes)

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0.33
5.0 5.6 -0.27 5.6
0.0
2021 Depletion Net 2022
Conversion
a Figures rounded to two significant digits.
----- End of picture text -----

Barrick’s attributable measured and indicated copper resources for 2023 stand at 21 million tonnes of copper[13] at 0.39%, with a further 7.1 million tonnes of copper[13] at 0.4% of inferred resources. Mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, whilst inferred mineral resource grades are reported to one decimal place.

The Lumwana updated 2023 measured and indicated copper resources stand at 7.1 million tonnes[13] of copper at 0.52%, with a further 4 million tonnes[13] of copper at 0.4% of inferred resources expected to provide the foundation for a Tier One Copper Asset[3] following the completion of the Super Pit Expansion feasibility study in 2024.

2023 mineral reserves and mineral resources are estimated using the combined value of gold, copper and silver. Accordingly, mineral reserves and mineral resources are reported for all assets where copper or silver is produced and sold as a primary product or a by-product.

Attributable proven and probable copper reserves grew by 330 thousand tonnes[13] of copper year-over-year before annual depletion of 270 thousand tonnes of copper. This has resulted in 124% of annual global copper depletion at a consistent quality, with attributable proven and probable copper mineral reserves of 5.6 million tonnes[13] at 0.39% as of end of year 2023. This was primarily driven by the successful drilling programs at Lumwana, which converted additional pushbacks on the Malundwe pit, and grew the Lumwana copper mineral reserve base by 6% year on year, net of depletion.

BARRICK YEAR-END 2023

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OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL OVERVIEW PERFORMANCE EXPLORATION RESULTS

Risks and Risk Management

Overview

The ability to deliver on our vision, strategic objectives and operating guidance depends on our ability to understand and appropriately respond to the uncertainties or “risks” we face that may prevent us from achieving our objectives. To achieve this, we:

• maintain a framework that permits us to manage risk effectively and in a manner that creates the greatest value;

• integrate a process for managing risk into all our important decision-making processes so that we reduce the effect of uncertainty on achieving our objectives;

• actively monitor key controls we rely on to achieve the Company’s objectives so they remain in place and are effective at all times; and

• provide assurance to senior management and relevant committees of the Board on the effectiveness of key control activities.

Board and Committee Oversight

We maintain strong risk oversight practices, with responsibilities outlined in the mandates of the Board and related committees. The Board’s mandate is clear on its responsibility for reviewing and discussing with management the processes used to assess and manage risk, including the identification by management of the principal risks of the business, and the implementation of appropriate systems to deal with such risks.

The Audit & Risk Committee assists the Board in overseeing the Company’s management of principal risks and the implementation of policies and standards for monitoring and modifying such risks, as well as monitoring and reviewing the Company’s financial position and

financial risk management programs. The ESG & Nominating Committee assists the Board in overseeing the Company’s policies and performance for its environmental, health and safety, corporate social responsibility and human rights programs. The Compensation Committee assists the Board in ensuring that executive compensation is appropriately linked to our sustainability performance, including with respect to climate change and water.

Management Oversight

Our weekly Executive Committee Review is the main forum for senior management to raise and discuss risks facing the operations and organization more broadly. Additionally, our most senior management-level body dedicated to sustainability is the E&S Committee which meets on a quarterly basis to review sustainability performance and key performance indicators across our operations. At every quarterly meeting, the ESG & Nominating Committee and the Audit & Risk Committee are provided with updates on the key issues identified by management at these regular sessions.

Principal Risks

The following subsections describe some of our key sources of uncertainty and critical risk mitigation activities. The risks described below are not the only ones facing Barrick. Our business is subject to inherent risks in financial, regulatory, strategic and operational areas. For a more comprehensive discussion of those inherent risks, see “Risk Factors” in our most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities. Also see the “Cautionary Statement on Forward-Looking Information” on page 2 of this MD&A.

Risk Factor Risk Mitigation Strategy Free cash flow[6] and costs Our ability to improve productivity, drive down operating costs ■ and optimize working capital remains a focus in 2024 and is subject to several sources of uncertainty. This includes our ability ■ to achieve and maintain industry-leading margins by improving risks in a timely manner; the productivity and efficiency of our operations. ■ of business systems; ■ ■ ■ ■

Maximizing the benefit of higher gold prices through agile management and operational execution; Weekly Executive Committee Review to identify, assess and respond to risks in a timely manner; Enabling simplification and agile decision making through optimization of business systems; Supply Chain is decentralized to the operations with a centralized Strategic Sourcing Group and is focused on mitigating the risks of rising costs and supply chain disruption; Disciplined capital allocation criteria for all investments, to ensure a high degree of consistency and rigor is applied to all capital allocation decisions based on a comprehensive understanding of risk and reward; Continued enhancement of controls to prevent, detect and respond to potential cyber-attacks; and A flat, operationally focused, agile management structure with a tenet in ownership culture.

BARRICK YEAR-END 2023

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Risk Factor

Risk Mitigation Strategy

Social license to operate

At Barrick, we are committed to building, operating, and closing ■ our mines in a safe and responsible manner. To do this, we seek to build trust-based partnerships with host governments and local communities to drive shared long-term value while working to minimize the social and environmental impacts of our activities. Geopolitical risks such as resource nationalism and ■ incidents of corruption are inherent in the business of a company operating globally. Past environmental incidents in the extractive industry highlight the hazards (e.g., water management, tailings ■ storage facilities, etc.) and the potential consequences to the environment, community health and safety. Our ability to maintain compliance with regulatory and community obligations ■ in order to protect the environment and our host communities alike remains one of our top priorities. Barrick also recognizes climate change as an area of risk requiring specific focus and that reducing GHG emissions to counter the causes of climate ■ change requires strong collective action by the mining industry.

■

■

■

■

■

Our commitment to responsible mining is supported by a robust governance framework, including an overarching Sustainable Development Policy and related policies in the areas of Biodiversity, Conflict-Free Gold, Social Performance, Occupational Health and Safety, Environment and Human Rights;

Use of our Sustainability Scorecard to track sustainability performance using key performance indicators aligned to priority areas set out in our strategy;

Mandatory training on our Code of Business Conduct and Ethics as well as supporting policies which set out the ethical behavior expected of everyone working at, or with, Barrick;

We take a partnership approach with our host governments. This means we work to balance our own interests and priorities with those of our government partners, working to ensure that everyone derives real value from our operations;

Established CDCs at all our operating mines to identify community needs and priorities and to allocate funds to those initiatives most needed and desired by local stakeholders;

We open our social and environmental performance to third-party scrutiny, including through the ISO 14001 re-certification process, International Cyanide Management Code audits, and annual human rights impact assessments;

We published site-level TSF disclosures, in accordance with Principle 15 of the GISTM, for all of the Company’s facilities classified as ‘Very High’ and ‘Extreme’ consequence, in conformance with the requirements of the GISTM.

Our climate change strategy has three pillars: identify, understand and mitigate the risks associated with climate change; measure and reduce our impacts on climate change; and improve our disclosure on climate change;

We continuously monitor developments around the world and work closely with our local communities on managing the impacts of health issues, such as Covid-19 or Ebola outbreaks, on our people and business; and

We continuously review and update our closure plans and cost estimates to plan for environmentally responsible closure and monitoring of operations.

Resources and reserves and production outlook

Like any mining company, we face the risk that we are unable to ■ discover or acquire new resources or that we do not convert resources into production. As we move into 2024 and beyond, ■ our overriding objective of growing free cash flow[6] continues to be underpinned by a strong pipeline of organic projects and ■ minesite expansion opportunities in our core regions. Uncertainty related to these and other opportunities exists ■ (potentially both favorable and unfavorable) due to the ■ speculative nature of mineral exploration and development as well as the potential for increased costs, delays, suspensions ■ and technical challenges associated with the construction of capital projects.

Focus on responsible mineral resource management, continuously improve ore body knowledge, and add to reserves and resources; Consolidate and secure dominant land positions in favored operating districts and emerging new prospective geological domains; Focus on economically feasible discoveries with potential Tier One[1,3] status;

Optimize the value of underdeveloped projects;

Establish and develop motivated and highly agile discovery-driven teams; and Identify emerging opportunities and secure them through earn-in agreements or acquisition.

Financial position and liquidity

Our liquidity profile, level of indebtedness and credit ratings are ■ all factors in our ability to meet short- and long-term financial demands. Barrick’s outstanding debt balances impact liquidity ■ through scheduled interest and principal repayments and the results of leverage ratio calculations, which could influence our investment grade credit ratings and ability to access capital markets. In addition, our ability to draw on our credit facility is ■ subject to meeting its covenants. Our primary source of liquidity is our operating cash flow, which is dependent on the ability of ■ our operations to deliver projected future cash flows. The ability of our operations to deliver projected future cash flows, as well as future changes in gold and copper market prices, either favorable or unfavorable, will continue to have a material impact on our cash flow and liquidity.

Continued focus on generating positive free cash flow[6] by improving the underlying cost structures of our operations in a sustainable manner; Preparation of budgets and forecasts to understand the impact of different price scenarios on liquidity, including our capacity to provide cash returns to shareholders, repurchase outstanding debt and shares, and formulate appropriate strategies;

Review of debt and net debt levels to ensure appropriate leverage and monitor the market for liability management opportunities; and Other options available to the Company to enhance liquidity include drawing on our $3.0 billion undrawn Credit Facility, asset sales, joint ventures, or the issuance of debt or equity securities.

BARRICK YEAR-END 2023

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Production and Cost Summary - Gold

	For the three months ended	For the three months ended	For the three months ended			For theyears ended	For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Nevada Gold Mines LLC (61.5%)a
Gold produced (000s oz)	513	478	7%	1,865	1,862	0%	2,036
Cost of sales ($/oz)	1,331	1,273	5%	1,351	1,210	12%	1,072
Total cash costs ($/oz)b	968	921	5%	989	876	13%	705
All-in sustaining costs ($/oz)b	1,366	1,286	6%	1,366	1,214	13%	949
Carlin (61.5%)c
Gold produced (000s oz)	224	230	(3%)	868	966	(10%)	923
Cost of sales ($/oz)	1,219	1,166	5%	1,254	1,069	17%	968
Total cash costs ($/oz)b	1,006	953	6%	1,033	877	18%	782
All-in sustaining costs ($/oz)b	1,506	1,409	7%	1,486	1,212	23%	1,087
Cortez (61.5%)
Gold produced (000s oz)	162	137	18%	549	450	22%	509
Cost of sales ($/oz)	1,353	1,246	9%	1,318	1,164	13%	1,122
Total cash costs ($/oz)b	909	840	8%	906	815	11%	763
All-in sustaining costs ($/oz)b	1,309	1,156	13%	1,282	1,258	2%	1,013
Turquoise Ridge (61.5%)
Gold produced (000s oz)	84	83	1%	316	282	12%	334
Cost of sales ($/oz)	1,419	1,300	9%	1,399	1,434	(2%)	1,122
Total cash costs ($/oz)b	1,046	938	12%	1,026	1,035	(1%)	749
All-in sustaining costs ($/oz)b	1,257	1,106	14%	1,234	1,296	(5%)	892
Phoenix (61.5%)c
Gold produced (000s oz)	41	26	58%	123	109	13%	109
Cost of sales ($/oz)	1,576	2,235	(29%)	2,011	2,039	(1%)	1,922
Total cash costs ($/oz)b	787	1,003	(22%)	961	914	5%	398
All-in sustaining costs ($/oz)b	981	1,264	(22%)	1,162	1,074	8%	533
Long Canyon (61.5%)
Gold produced (000s oz)	2	2	0%	9	55	(84%)	161
Cost of sales ($/oz)	2,193	1,832	20%	1,789	1,282	40%	739
Total cash costs ($/oz)b	990	778	27%	724	435	66%	188
All-in sustainingcosts($/oz)b	1,074	831	29%	779	454	72%	238
Pueblo Viejo (60%)
Gold produced (000s oz)	90	79	14%	335	428	(22%)	488
Cost of sales ($/oz)	1,588	1,501	6%	1,418	1,132	25%	896
Total cash costs ($/oz)b	1,070	935	14%	889	725	23%	541
All-in sustainingcosts($/oz)b	1,428	1,280	12%	1,249	1,026	22%	745
Loulo-Gounkoto (80%)
Gold produced (000s oz)	127	142	(11%)	547	547	0%	560
Cost of sales ($/oz)	1,296	1,087	19%	1,198	1,153	4%	1,049
Total cash costs ($/oz)b	924	773	20%	835	778	7%	650
All-in sustainingcosts($/oz)b	1,168	1,068	9%	1,166	1,076	8%	970
Kibali (45%)
Gold produced (000s oz)	93	99	(6%)	343	337	2%	366
Cost of sales ($/oz)	1,141	1,152	(1%)	1,221	1,243	(2%)	1,016
Total cash costs ($/oz)b	737	694	6%	789	703	12%	627
All-in sustainingcosts($/oz)b	819	801	2%	918	948	(3%)	818
Veladero (50%)
Gold produced (000s oz)	55	55	0%	207	195	6%	172
Cost of sales ($/oz)	1,378	1,376	0%	1,440	1,628	(12%)	1,256
Total cash costs ($/oz)b	1,021	988	3%	1,011	890	14%	816
All-in sustainingcosts($/oz)b	1,403	1,314	7%	1,516	1,528	(1%)	1,493
Porgera (47.5%)d
Gold produced (000s oz)	—	—	—	—	—	—	—
Cost of sales ($/oz)	—	—	—	—	—	—	—
Total cash costs ($/oz)b	—	—	—	—	—	—	—
All-in sustainingcosts($/oz)b	—	—	—	—	—	—	—

BARRICK YEAR-END 2023

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Production and Cost Summary - Gold (continued)

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Tongon (89.7%)
Gold produced (000s oz)	42	47	(11%)	183	180	2%	187
Cost of sales ($/oz)	1,489	1,423	5%	1,469	1,748	(16%)	1,504
Total cash costs ($/oz)b	1,184	1,217	(3%)	1,240	1,396	(11%)	1,093
All-in sustainingcosts($/oz)b	1,586	1,331	19%	1,408	1,592	(12%)	1,208
Hemlo (100%)
Gold produced (000s oz)	34	31	10%	141	133	6%	150
Cost of sales ($/oz)	1,618	1,721	(6%)	1,589	1,628	(2%)	1,693
Total cash costs ($/oz)b	1,407	1,502	(6%)	1,382	1,409	(2%)	1,388
All-in sustainingcosts($/oz)b	1,671	1,799	(7%)	1,672	1,788	(6%)	1,970
North Mara (84%)
Gold produced (000s oz)	59	62	(5%)	253	263	(4%)	260
Cost of sales ($/oz)	1,420	1,244	14%	1,206	979	23%	966
Total cash costs ($/oz)b	1,103	999	10%	944	741	27%	777
All-in sustainingcosts($/oz)b	1,449	1,429	1%	1,335	1,028	30%	1,001
Buzwagi (84%)e
Gold produced (000s oz)							40
Cost of sales ($/oz)							1,334
Total cash costs ($/oz)b							1,284
All-in sustainingcosts($/oz)b							1,291
Bulyanhulu (84%)
Gold produced (000s oz)	41	46	(11%)	180	196	(8%)	178
Cost of sales ($/oz)	1,413	1,261	12%	1,312	1,211	8%	1,079
Total cash costs ($/oz)b	1,002	859	17%	920	868	6%	709
All-in sustainingcosts($/oz)b	1,376	1,132	22%	1,231	1,156	6%	891
Total Attributable to Barrickf
Gold produced (000s oz)	1,054	1,039	1%	4,054	4,141	(2%)	4,437
Cost of sales ($/oz)g	1,359	1,277	6%	1,334	1,241	7%	1,093
Total cash costs ($/oz)b	982	912	8%	960	862	11%	725
All-in sustainingcosts($/oz)b	1,364	1,255	9%	1,335	1,222	9%	1,026

• a. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.

• b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

• c. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 30, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.

• d. As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no operating data or per ounce data has been provided starting in the third quarter of 2020. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. Refer to page 9 for further information.

• e. With the end of mining at Buzwagi in the third quarter of 2021, as previously reported, we have ceased to include production or non-GAAP cost metrics for Buzwagi from October 1, 2021 onwards.

• f. Excludes Pierina, Lagunas Norte up until its divestiture in June 1, 2021 and Buzwagi starting in the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.

• g. Gold cost of sales per ounce 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).

BARRICK YEAR-END 2023

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Production and Cost Summary - Copper

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23 Change		12/31/23	12/31/22	Change	12/31/21
Lumwana (100%)
Copper production (millions lbs)	73	72	1%	260	267	(3%)	242
Cost of sales ($/lb)	2.95	2.48	19%	2.91	2.42	20%	2.25
C1 cash costs ($/lb)a	2.14	1.86	15%	2.29	1.89	21%	1.62
All-in sustainingcosts($/lb)a	3.38	3.41	(1%)	3.48	3.63	(4%)	2.80
Zaldívar (50%)
Copper production (millions lbs)	23	22	5%	89	98	(9%)	97
Cost of sales ($/lb)	3.85	3.86	0%	3.83	3.12	23%	3.19
C1 cash costs ($/lb)a	2.93	2.99	(2%)	2.95	2.36	25%	2.38
All-in sustainingcosts($/lb)a	3.51	3.39	4%	3.46	2.95	17%	2.94
Jabal Sayid (50%)
Copper production (millions lbs)	17	18	(6%)	71	75	(5%)	76
Cost of sales ($/lb)	1.59	1.72	(8%)	1.60	1.52	5%	1.38
C1 cash costs ($/lb)a	1.32	1.45	(9%)	1.35	1.26	7%	1.18
All-in sustainingcosts($/lb)a	1.50	1.64	(9%)	1.53	1.36	13%	1.33
Total Attributable to Barrick
Copper production (millions lbs)	113	112	1%	420	440	(5%)	415
Cost of sales ($/lb)b	2.92	2.68	9%	2.90	2.43	19%	2.32
C1 cash costs ($/lb)a	2.17	2.05	6%	2.28	1.89	21%	1.72
All-in sustainingcosts($/lb)a	3.12	3.23	(3%)	3.21	3.18	1%	2.62

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

b. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

Operating Performance

Review of Operating Performance

In the first quarter of 2023, we re-evaluated our reportable operating segments and started detailed reporting on our interest in Lumwana and no longer provide detailed reporting on our interest in Veladero. As a result, our presentation of reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating

segments, including our remaining gold and copper mines, have been grouped into an “Other Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.

BARRICK YEAR-END 2023

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Nevada Gold Mines (61.5% basis)[a] , Nevada USA

Summary of Operating and Financial Data

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Total tonnes mined (000s)	42,801	42,953	0%	167,641	170,302	(2)%	198,725
Open pit ore	7,430	8,374	(11)%	29,797	24,540	21%	37,670
Open pit waste	33,839	33,171	2%	132,323	140,245	(6)%	155,724
Underground	1,532	1,408	9%	5,521	5,517	0%	5,331
Average grade (grams/tonne)
Open pit mined	0.98	0.80	23%	1.03	1.27	(19)%	0.84
Underground mined	9.24	9.28	0%	8.99	8.96	0%	9.32
Processed	2.08	1.99	5%	1.98	2.50	(21)%	1.78
Ore tonnes processed (000s)	9,155	10,014	(9)%	35,590	34,873	2%	49,232
Oxide mill	2,215	2,299	(4)%	9,624	11,964	(20)%	12,334
Roaster	1,425	1,364	4%	4,993	5,506	(9)%	4,866
Autoclave	1,153	959	20%	3,636	4,341	(16)%	4,683
Heap leach	4,362	5,392	(19)%	17,337	13,062	33%	27,349
Recovery rateb	83 %	85 %	(2)%	83 %	78 %	6%	79 %
Oxide Millb	82 %	82 %	0%	79 %	73 %	8%	77 %
Roaster	85 %	86 %	(1)%	86 %	86 %	0%	86 %
Autoclave	81 %	84 %	(4)%	82 %	67 %	22%	69 %
Gold produced (000s oz)	513	478	7%	1,865	1,862	0%	2,036
Oxide mill	126	96	31%	411	350	17%	364
Roaster	234	228	3%	891	972	(8)%	960
Autoclave	108	106	2%	386	357	8%	410
Heap leach	45	48	(6)%	177	183	(3)%	302
Gold sold (000s oz)	511	480	6%	1,860	1,856	0%	2,039
Revenue ($ millions)	1,047	945	11%	3,721	3,428	9%	3,773
Cost of sales ($ millions)	684	614	11%	2,528	2,275	11%	2,186
Income ($ millions)	355	314	13%	1,145	1,144	0%	1,675
EBITDA ($ millions)c	522	460	13%	1,736	1,695	2%	2,305
EBITDA margind	50 %	49 %	2%	47 %	49 %	(4)%	61 %
Capital expenditurese($ millions)	274	213	29%	864	707	22%	555
Minesite sustainingc	193	162	19%	654	584	12%	458
Projectc,f	77	51	51%	206	123	67%	97
Cost of sales ($/oz)	1,331	1,273	5%	1,351	1,210	12%	1,072
Total cash costs ($/oz)c	968	921	5%	989	876	13%	705
All-in sustaining costs ($/oz)c	1,366	1,286	6%	1,366	1,214	13%	949
All-in costs($/oz)c	1,518	1,389	9%	1,477	1,280	15%	997

• a. Barrick is the operator of Nevada Gold Mines and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. NGM is accounted for as a subsidiary with a 38.5% non-controlling interest. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.

• b. Excludes the Gold Quarry (Mill 5) concentrator until its decommissioning at the end of Q1 2023.

• c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

• d. Represents EBITDA divided by revenue.

• e. Includes capitalized interest.

• f. Includes amounts spent on the NGM TS Solar project.

Nevada Gold Mines includes Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon. Barrick is the operator of the joint venture and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. Refer to the following pages for a detailed discussion of each minesite’s results.

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Carlin (61.5% basis)[a] , Nevada USA

Summary of Operating and Financial Data

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Total tonnes mined (000s)	18,338	19,674	(7)%	71,059	67,971	5%	75,207
Open pit ore	739	600	23%	4,067	6,424	(37)%	6,472
Open pit waste	16,721	18,271	(8)%	63,836	58,267	10%	65,507
Underground	878	803	9%	3,156	3,280	(4)%	3,228
Average grade (grams/tonne)
Open pit mined	2.05	1.50	37%	2.38	2.09	14%	0.78
Underground mined	8.32	7.98	4%	7.97	8.03	(1)%	8.85
Processed	4.60	4.74	(3)%	4.51	3.60	25%	2.97
Ore tonnes processed (000s)	1,840	1,707	8%	7,256	11,485	(37)%	14,282
Oxide mill	0	0	0%	377	2,448	(85)%	2,735
Roaster	1,232	1,219	1%	4,350	4,528	(4)%	3,616
Autoclave	564	349	62%	1,385	2,175	(36)%	2,221
Heap leach	44	139	(68)%	1,144	2,334	(51)%	5,710
Recovery rateb	81 %	85 %	(5)%	83 %	78 %	6%	77 %
Roaster	84 %	86 %	(2)%	85 %	85 %	0%	85 %
Autoclave	67 %	80 %	(16)%	72 %	44 %	64%	46 %
Gold produced (000s oz)	224	230	(3)%	868	966	(10)%	923
Oxide mill	0	0	0%	4	48	(92)%	51
Roaster	187	194	(4)%	745	780	(4)%	728
Autoclave	29	27	7%	87	91	(4)%	102
Heap leach	8	9	(11)%	32	47	(32)%	42
Gold sold (000s oz)	220	238	(8)%	865	968	(11)%	922
Revenue ($ millions)	443	461	(4)%	1,697	1,752	(3)%	1,653
Cost of sales ($ millions)	272	282	(4)%	1,100	1,063	3%	893
Income ($ millions)	168	174	(3)%	577	685	(16)%	733
EBITDA ($ millions)c	215	225	(4)%	770	877	(12)%	903
EBITDA margind	49 %	49 %	0%	45 %	50 %	(10)%	55 %
Capital expenditures ($ millions)	110	103	7%	375	306	23%	260
Minesite sustainingc	108	103	5%	373	306	22%	260
Projectc	2	0	0%	2	0	0%	0
Cost of sales ($/oz)	1,219	1,166	5%	1,254	1,069	17%	968
Total cash costs ($/oz)c	1,006	953	6%	1,033	877	18%	782
All-in sustaining costs ($/oz)c	1,506	1,409	7%	1,486	1,212	23%	1,087
All-in costs($/oz)c	1,513	1,409	7%	1,488	1,212	23%	1,087

• a. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.

• b. Excludes the Gold Quarry (Mill 5) concentrator until its decommissioning at the end of Q1 2023.

• c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

• d. Represents EBITDA divided by revenue.

Safety and Environment

Financial Results

	For the three months ended	For theyear ended
LTI LTIFR8 TRIFR8 Class 19 incidents	12/31/23 9/30/23 0 2 0.00 1.02 2.09 2.47 environmental 0 0	12/31/23 12/31/22 7 6 0.77 0.69 2.09 2.63 0 0

Q4 2023 compared to Q3 2023

Carlin's income for the fourth quarter of 2023 was 3% lower than the prior quarter mainly due to the lower sales volume and a higher cost of sales per ounce[7] , partially offset by a higher realized gold price[6] .

Gold production in the fourth quarter of 2023 was 3% lower compared to the prior quarter primarily due to processing higher grade ore transported from Cortez, which displaced ore from Carlin. To optimize roaster recovery, this also necessitated processing a higher proportion of open pit

BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES FINANCIAL & NON-GAAP AND MINERAL STATEMENTS RECONCILIATIONS RESOURCES

OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL OVERVIEW PERFORMANCE EXPLORATION RESULTS

stockpiled ore. Additionally, fewer leach ounces were produced in the fourth quarter due to the timing of leach placement. This was partially offset by additional ounces produced at the Goldstrike autoclave due to unplanned downtime in the prior quarter.

Total tonnes mined in the fourth quarter of 2023 were 7% lower compared to the prior quarter, primarily driven by open pit sequencing per the mine plan. Open pit ore tonnes mined increased by 23% as Gold Quarry phase 7 was primarily in ore in the fourth quarter of 2023, driving a decrease in waste mined compared to the prior quarter. The average open pit mined grade increased by 37% compared to the prior quarter driven by Gold Quarry phase 7. Underground mined tonnes and grade were 9% and 4% higher, respectively, compared to the prior quarter, as a result of both productivity improvements at the underground mines and access to higher grade stopes.

Cost of sales per ounce[7] and total cash costs per ounce[6 ] in the fourth quarter of 2023 were 5% and 6% higher, respectively, than the prior quarter, mainly due to lower grades processed. In the fourth quarter of 2023, all-in sustaining costs per ounce[6] was 7% higher compared to the prior quarter, mainly due to higher total cash costs per ounce[6] , combined with higher minesite sustaining capital expenditures[6] .

Capital expenditures in the fourth quarter of 2023 were 7% higher than the prior quarter, driven by the timing of mobile equipment deliveries, partially offset by lower capitalized stripping in the Gold Quarry and South Arturo open pits as per the mine plan.

Total tonnes mined in 2023 increased by 5% compared to the prior year, mainly due to higher waste tonnes mined at the open pit operations, as waste stripping ramped up at the next phase of South Arturo, whereas there was no mining at South Arturo in the prior year. Open pit ore tonnes mined decreased 37% from the prior year as mining of phase 4 at Goldstar was substantially completed at the beginning of the third quarter of 2023 and we completed mining of the Goldstrike 5th NW pit in the fourth quarter of 2022. The average open pit grade mined increased by 14% compared to the prior year, primarily due to the progression of mining in the Gold Quarry and Goldstar open pits. Underground tonnes mined and the average grade mined were 4% higher and 1% lower, respectively, compared to the prior year, driven by a change in the mix of ore sources across the different underground operations as per the mine plan.

PRODUCTION (thousands of ounces)

==> picture [248 x 104] intentionally omitted <==

a Based on the midpoint of the guidance range.

2023 compared to 2022

Carlin's income for 2023 was 16% lower than the prior year, mainly due to the lower sales volume and an increase in cost of sales per ounce[7] . This was partially offset by a higher realized gold price[6] .

INCOME AND EBITDA[6,a]

==> picture [227 x 102] intentionally omitted <==

----- Start of picture text -----

1,941
1,799 1,800
903 877
733 685 770
577
2021 2022 2023
Income ($ millions) EBITDA ($ millions) Gold Market Price ($/oz)
----- End of picture text -----

a The results include NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter.

Gold production in 2023 was 10% lower compared to the prior year, mainly due to the closure and decommissioning of the Gold Quarry concentrator at the end of the first quarter of 2023. In addition, production was impacted by the extended shutdown to undertake the autoclave conversion from RIL to CIL in the first quarter of 2023 and the planned maintenance shutdowns at both roasters that occurred earlier in 2023, whereas the previous shutdown at the Goldstrike roaster was in 2021.

Cost of sales per ounce[7] and total cash costs per ounce[6 ] for 2023 were 17% and 18% higher, respectively, than the prior year due to higher maintenance costs driven by the planned shutdowns at both roasters in 2023 and the unplanned maintenance at the Goldstrike autoclave in the second half of 2023. This was combined with higher maintenance costs related to the open pit trucks that are scheduled to be replaced in 2024 and H1 2025. Costs were also further impacted by lower tonnes processed although this was partially offset by higher grades. For 2023, all-in sustaining costs per ounce[6 ] were 23% higher than the prior year, due to the impact of higher total cash costs per ounce[6] and higher minesite sustaining capital expenditures[6] .

COST OF SALES[7] , TOTAL CASH COSTS[6 ] AND ALL-IN SUSTAINING COSTS[6] ($ per ounce)

==> picture [248 x 117] intentionally omitted <==

a Based on the midpoint of the guidance range.

Capital expenditures in 2023 increased by 23% from the prior year primarily due to the continuing

BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

advancement of projects related to processing facilities and underground development, along with the timing of open pit and underground mobile equipment deliveries across Carlin’s mining operations.

2023 compared to Guidance

	2023 Actual	2023 Guidance
Gold produced (000s oz)	868	910 - 1,000
Cost of sales7($/oz)	1,254	1,030 - 1,110
Total cash costs6($/oz)	1,033	820 - 880
All-in sustainingcosts6 ($/oz)	1,486	1,250 - 1,330

Gold production for 2023 was below the guidance range, impacted primarily by unplanned downtime at the Goldstrike autoclave in the second half of the year. This was also a key driver of cost of sales per ounce[7 ] and total cash costs per ounce[6 ] being above the guidance range through both lower production and higher maintenance costs. In addition, costs were higher due to lower availabilities and higher maintenance costs mainly related to the open pit trucks that are scheduled to be replaced in 2024 and the first half of 2025. All-in sustaining costs per ounce[6 ] was higher than guidance, mainly driven by higher total cash costs per ounce[6] .

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

29

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Cortez (61.5% basis), Nevada USA

Summary of Operating and Financial Data

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Total tonnes mined (000s)	18,488	16,613	11%	70,570	72,551	(3)%	74,960
Open pit ore	3,547	5,168	(31)%	14,991	7,096	111%	15,456
Open pit waste	14,533	11,062	31%	54,133	64,136	(16)%	58,235
Underground	408	383	7%	1,446	1,319	10%	1,269
Average grade (grams/tonne)
Open pit mined	0.77	0.76	1%	0.78	1.11	(30)%	0.71
Underground mined	9.85	9.65	2%	9.54	9.76	(2)%	9.45
Processed	1.54	1.17	32%	1.37	2.06	(33)%	1.22
Ore tonnes processed (000s)	3,965	5,266	(25)%	15,741	8,706	81%	18,333
Oxide mill	683	627	9%	2,504	2,510	0%	2,548
Roaster	193	145	33%	643	978	(34)%	1,250
Autoclave	n/a	n/a	n/a	n/a	n/a	n/a	10
Heap leach	3,089	4,494	(31)%	12,594	5,218	141%	14,525
Recovery rate	84 %	86 %	(2)%	84 %	80 %	5%	83 %
Oxide Mill	80 %	85 %	(6)%	82 %	74 %	11%	78 %
Roaster	90 %	88 %	2%	88 %	87 %	1%	88 %
Autoclave	n/a	n/a	n/a	n/a	n/a	n/a	81 %
Gold produced (000s oz)	162	137	18%	549	450	22%	509
Oxide mill	82	67	22%	273	183	49%	192
Roaster	46	33	39%	143	192	(26)%	232
Autoclave	n/a	n/a	n/a	n/a	n/a	n/a	1
Heap leach	34	37	(8)%	133	75	77%	84
Gold sold (000s oz)	164	135	21%	548	449	22%	508
Revenue ($ millions)	327	259	26%	1,068	809	32%	913
Cost of sales ($ millions)	222	168	32%	722	522	38%	570
Income ($ millions)	102	87	17%	333	277	20%	337
EBITDA ($ millions)a	175	141	24%	557	432	29%	518
EBITDA marginb	54 %	54 %	0%	52 %	53 %	(2)%	57 %
Capital expenditures ($ millions)	80	56	43%	260	251	4%	177
Minesite sustaininga	62	38	63%	191	187	2%	118
Projecta	18	18	0%	69	64	8%	59
Cost of sales ($/oz)	1,353	1,246	9%	1,318	1,164	13%	1,122
Total cash costs ($/oz)a	909	840	8%	906	815	11%	763
All-in sustaining costs ($/oz)a	1,309	1,156	13%	1,282	1,258	2%	1,013
All-in costs($/oz)a	1,416	1,290	10%	1,407	1,400	1%	1,129

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

b. Represents EBITDA divided by revenue.

Safety and Environment

LTI LTIFR8	For the three months ended 12/31/23 9/30/23 1 0 0.92 0.00	For the three months ended 12/31/23 9/30/23 1 0 0.92 0.00	For theyear ended 12/31/23 12/31/22 3 6 0.70 1.45
TRIFR8	1.85	0.93	1.64 4.35
Class 19	environmental
incidents	0	0	0 0

Financial Results

Q4 2023 compared to Q3 2023

Cortez’s income for the fourth quarter of 2023 was 17% higher than the prior quarter due to higher sales volume

and a higher realized gold price[6] , partially offset by a higher cost of sales per ounce[7] .

Gold production in the fourth quarter of 2023 was 18% higher compared to the prior quarter. This was mainly driven by higher grades from both Crossroads and CHUG ore processed at the Cortez oxide mill, higher ore tonnes from both CHUG and the Goldrush development project transported and processed at the Carlin roasters, partially offset by lower leach ore tonnes placed resulting in lower leach production.

Total tonnes mined in the fourth quarter of 2023 were 11% higher than the prior quarter. Open pit ore tonnes mined were 31% lower, while the average grade mined was largely in line with the prior quarter, primarily driven by the transition to stripping at Crossroads (Phase 6), resulting in 31% higher waste tonnes mined. Underground tonnes and

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OTHER INFORMATION MINERAL RESERVES FINANCIAL & NON-GAAP AND MINERAL STATEMENTS RECONCILIATIONS RESOURCES

OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL OVERVIEW PERFORMANCE EXPLORATION RESULTS

grade mined were 7% and 2% higher, respectively, compared to the prior quarter due to mine sequencing as per the mine plan.

Cost of sales per ounce[7] and total cash costs per ounce[6] in the fourth quarter of 2023 were 9% and 8% higher, respectively, than the prior quarter, driven by the change in the sales mix to higher-cost open pit stockpile and refractory ounces produced at the Carlin roasters, partially offset by higher grades processed. In the fourth quarter of 2023, all-in sustaining costs per ounce[6] was 13% higher than the prior quarter, mainly due to higher total cash costs per ounce[6] , combined with higher minesite sustaining capital expenditures[6] .

Capital expenditures in the fourth quarter of 2023 were 43% higher compared to the prior quarter, mainly due to higher minesite sustaining capital expenditures[6] , which was driven by more of the new Komatsu truck fleet being commissioned in the fourth quarter of 2023, combined with an increase in capitalized waste stripping at Crossroads (Phase 6).

2023 compared to 2022

Cortez’s income in 2023 was 20% higher than the prior year, primarily due to the higher sales volume and a higher realized gold price[6] , partially offset by higher cost of sales per ounce[7] .

INCOME AND EBITDA[6]

==> picture [227 x 101] intentionally omitted <==

----- Start of picture text -----

1,941
1,799 1,800
557
518
432
337 333
277
2021 2022 2023
Income ($ millions) EBITDA ($ millions) Gold Market Price ($/oz)
----- End of picture text -----

Cost of sales per ounce[7] and total cash costs per ounce[6] in 2023 were 13% and 11% higher, respectively, than the prior year mainly due to lower grades processed, reflecting a higher proportion of ounces sourced from the open pit operations, combined with lower capitalized waste stripping. For 2023, all-in sustaining costs per ounce[6] increased by 2% compared to the prior year, driven by higher total cash costs per ounce[6] , partially offset by lower minesite sustaining capital expenditures[6] on a per ounce basis.

COST OF SALES[7] , TOTAL CASH COSTS[6 ] AND ALL-IN SUSTAINING COSTS[6 ] ($ per ounce)

==> picture [248 x 117] intentionally omitted <==

==> picture [126 x 8] intentionally omitted <==

----- Start of picture text -----

a Based on the midpoint of the guidance range.
----- End of picture text -----

Capital expenditures in 2023 increased by 4% from the same prior year period, due to both higher minesite sustaining capital expenditures[6] and project capital expenditures[6] . Minesite sustaining capital expenditures[6] were 2% higher compared to the same prior year period, primarily due to the Komatsu fleet purchase for Cortez, which was largely offset by a decrease in capitalized waste stripping at Crossroads. Project capital expenditures[6] were 8% higher due to increased development and exploration activities at Goldrush.

2023 compared to Guidance

Gold production in 2023 was 22% higher than the prior year, primarily driven by higher oxide ore tonnes mined and processed from Crossroads and CHUG (at a higher recovery rate), combined with higher heap leach production. This was partially offset by a decrease in refractory ore transported and processed at the Carlin roasters.

Total tonnes mined in 2023 were 3% lower, primarily due to lower open pit waste mined. Open pit ore tonnes mined were 111% higher compared to the prior year, primarily driven by the transition from the Pipeline pit, which ceased mining operations in the first quarter of 2022, to the next phases at Crossroads and Cortez Pits which have predominantly been mining in ore this year. Underground tonnes mined increased by 10% over the same prior year period driven by higher tonnes from CHUG and increased development activity at Goldrush.

PRODUCTION (thousands of ounces)

==> picture [231 x 94] intentionally omitted <==

	2023 Actual 2023 Guidance
Gold produced (000s oz)	549 580 - 650
Cost of sales7($/oz)	1,318 1,080 - 1,160
Total cash costs6($/oz)	906 680 - 740
All-in sustainingcosts6 ($/oz)	1,282 930 - 1,010

Gold production for 2023 was below the guidance range, primarily due to lower than forecasted oxide grades out of Crossroads and the slower than expected ramp-up at Goldrush which was partly due to the delay in receiving the ROD (the ROD was received late in the fourth quarter). Cost of sales per ounce[7 ] and total cash costs per ounce[6] were above the guidance range primarily due to lower grades from Crossroads, lower capitalized tonnes due to less capitalized stripping at Crossroads and fewer tonnes allocated to the Cortez Hills open pit buttress, higher maintenance costs earlier in the year and higher royalties from the higher realized gold price[6] (royalty impact was $22/oz for Cortez). All-in sustaining costs per ounce[6 ] were also higher than guidance, mainly driven by higher total cash costs per ounce[6] .

a Based on the midpoint of the guidance range.

BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Turquoise Ridge (61.5%), Nevada USA

Summary of Operating and Financial Data

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Total tonnes mined (000s)	246	222	11%	919	1,053	(13)%	8,510
Open pit ore	0	0	0%	0	131	(100)%	3,020
Open pit waste	0	0	0%	0	4	(100)%	4,656
Underground	246	222	11%	919	918	0%	834
Average grade (grams/tonne)
Open pit mined	n/a	n/a	n/a	n/a	1.13	n/a	1.69
Underground mined	11.08	12.73	(13)%	11.28	11.08	2%	10.69
Processed	4.48	4.37	3%	4.34	4.26	2%	3.31
Ore tonnes processed (000s)	671	704	(5)%	2,608	2,541	3%	3,793
Oxide Mill	82	94	(13)%	357	329	9%	434
Autoclave	589	610	(3)%	2,251	2,166	4%	2,452
Heap leach	0	0	0%	0	46	(100)%	907
Recovery Rate	87 %	86 %	1%	86 %	81 %	6%	82 %
Oxide Mill	83 %	87 %	(5)%	85 %	84 %	1%	83 %
Autoclave	87 %	86 %	1%	86 %	81 %	6%	82 %
Gold produced (000s oz)	84	83	1%	316	282	12%	334
Oxide Mill	4	4	0%	14	10	40%	16
Autoclave	79	79	0%	299	266	12%	307
Heap leach	1	0	0%	3	6	(50)%	11
Gold sold (000s oz)	86	78	10%	318	278	14%	337
Revenue ($ millions)	171	150	14%	620	501	24%	607
Cost of sales ($ millions)	121	101	20%	444	398	12%	378
Income ($ millions)	48	49	(2)%	172	98	76%	229
EBITDA ($ millions)a	79	77	3%	288	208	38%	352
EBITDA marginb	46 %	51 %	(10)%	46 %	42 %	10%	58 %
Capital expenditures ($ millions)	18	13	38%	67	97	(31)%	81
Minesite sustaininga	17	12	42%	61	67	(9)%	47
Projecta	1	1	0%	6	30	(80)%	34
Cost of sales ($/oz)	1,419	1,300	9%	1,399	1,434	(2)%	1,122
Total cash costs ($/oz)a	1,046	938	12%	1,026	1,035	(1)%	749
All-in sustaining costs ($/oz)a	1,257	1,106	14%	1,234	1,296	(5)%	892
All-in costs($/oz)a	1,275	1,114	14%	1,251	1,405	(11)%	993

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

b. Represents EBITDA divided by revenue.

Safety and Environment

	For the three months ended	For theyear ended
LTI LTIFR8 TRIFR8 Class 19 incidents	12/31/23 9/30/23 1 2 1.54 3.23 1.54 8.09 environmental 0 0	12/31/23 12/31/22 5 8 1.99 2.74 3.98 6.84 0 0

Financial Results

Q4 2023 compared to Q3 2023

Turquoise Ridge's income for the fourth quarter of 2023 was 2% lower than the prior quarter, mainly due to higher cost of sales per ounce[7] , partially offset by the higher sales volume and a higher realized gold price[6] .

Gold production in the fourth quarter of 2023 was 1% higher than the prior quarter, mainly due to higher underground tonnes mined, combined with higher

recoveries at the Sage autoclave, which continues to be positively impacted by improved carbon management. This was partially offset by lower autoclave throughput, which was impacted by unplanned maintenance in the fourth quarter.

Total tonnes mined increased in the fourth quarter of 2023 by 11% compared to the prior quarter, due to higher underground tonnes mined from Turquoise Ridge Underground. Grades mined decreased by 13% compared to the prior quarter, as per the mine sequence at both underground mines.

Cost of sales per ounce[7] and total cash costs per ounce[6 ] in the fourth quarter of 2023 were 9% and 12% higher, respectively, than the prior quarter, primarily due to higher maintenance spend at both Turquoise Ridge Underground and at the autoclave. All-in sustaining costs per ounce[6] was 14% higher than the prior quarter, mainly

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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OTHER INFORMATION MINERAL RESERVES FINANCIAL & NON-GAAP AND MINERAL STATEMENTS RECONCILIATIONS RESOURCES

OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL OVERVIEW PERFORMANCE EXPLORATION RESULTS

reflecting higher total cash costs per ounce[6] , combined with higher minesite sustaining capital expenditures[6] .

Capital expenditures in the fourth quarter of 2023 were 38% higher than the prior quarter, mainly due to increased minesite sustaining capital expenditures[6] related to underground mobile equipment purchases.

2023 compared to 2022

Turquoise Ridge’s income in 2023 was 76% higher than the prior year due to the higher sales volume, a lower cost of sales per ounce[7] , and a higher realized gold price[6] .

INCOME AND EBITDA[6]

COST OF SALES[7] , TOTAL CASH COSTS[6 ] AND ALL-IN SUSTAINING COSTS[6 ] ($ per ounce)

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a Based on the midpoint of the guidance range.
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1,941
1,799 1,800
352
288
229 208
172
98
2021 2022 2023
Income ($ millions) EBITDA ($ millions) Gold Market Price ($/oz)
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Gold production in 2023 was 12% higher compared to the prior year, primarily due to higher average grades processed, combined with higher recoveries at the Sage autoclave, which was positively impacted by improved carbon management. In addition, improvements in maintenance practices led to significantly higher plant availability, which in turn allowed for higher tonnes processed.

Total tonnes mined in 2023 decreased by 13% compared to the prior year, as there was some remaining open pit mining completed in the first quarter of 2022. Underground tonnes mined were in line compared to the prior year, primarily due to lower tonnes from the Vista underground mine, as per the mine plan, partially offset by improved production rates at Turquoise Ridge Underground as the benefits of the commissioning of the Third Shaft started to be realized.

Capital expenditures in 2023 decreased by 31% compared to the prior year, mainly due to a decrease in project capital expenditures[6] as the Third Shaft was largely completed by the end of 2022. This was combined with lower minesite sustaining capital expenditures[6] due to lower underground development.

2023 compared to Guidance

	2023 Actual 2023 Guidance
Gold produced (000s oz)	316 300 - 340
Cost of sales7($/oz)	1,399 1,290 - 1,370
Total cash costs6($/oz)	1,026 900 - 960
All-in sustainingcosts6 ($/oz)	1,234 1,170 - 1,250

Gold production in 2023 was within the guidance range. Cost of sales per ounce[7 ] and total cash costs per ounce[6 ] were slightly above the guidance range driven by higher than planned maintenance costs both on underground infrastructure and at the Sage autoclave. All-in sustaining costs per ounce[6] was within the guidance range as higher total cash costs per ounce[6] were more than offset by lower than planned minesite sustaining capital expenditures[6] .

PRODUCTION (thousands of ounces)

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a Based on the midpoint of the guidance range.

Cost of sales per ounce[7 ] and total cash costs per ounce[6] in 2023 were 2% and 1% lower, respectively, than the prior year primarily driven by improvements in both grade and recovery. All-in sustaining costs per ounce[6] decreased by 5% compared to the prior year due to lower total cash costs per ounce[6] , combined with lower minesite sustaining capital expenditures[6] .

BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Other Mines - Nevada Gold Mines

Summary of Operating and Financial Data

								For	the three months ended	the three months ended
			12/31/23					9/30/23
	Gold produced (000s oz)	Cost of sales ($/oz)	Total cash costs ($/oz)a	All-in sustaining costs ($/oz)a	Capital Expend- ituresb	Gold produced (000s oz)	Cost of sales ($/oz)	Total cash costs ($/oz)a	All-in sustaining costs ($/oz)a	Capital Expend- ituresb
Phoenix (61.5%)	**41 **	1,576	787	981	5	26	2,235	1,003	1,264	6
Long Canyon
(61.5%)	**2 **	2,193	990	1,074	0	2	1,832	778	831	0

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A. b. 6 Includes both minesite sustaining and project capital expenditures .

Phoenix (61.5%)

Gold production for Phoenix in the fourth quarter of 2023 was 58% higher than the prior quarter owing to planned maintenance performed in the prior quarter, combined with improved grades and recoveries.

Cost of sales per ounce[7] and total cash costs per ounce[6] in the fourth quarter of 2023 were 29% and 22% lower, respectively, than the prior quarter, mainly due to the impact of higher grades and recoveries, combined with lower maintenance spend. In the fourth quarter of 2023, allin sustaining costs per ounce[6] decreased by 22% compared to the prior quarter, due to lower total cash costs per ounce[6] , combined with lower minesite sustaining capital expenditures[6] .

Gold Cost Total	produced (000s oz) of sales7($/oz) cash costs6($/oz)	2023 Actual 123 2,011 961	2023 Guidance 100 - 120 1,860 - 1,940 880 - 940
All-in	sustainingcosts6 ($/oz)	1,162	1,110 - 1,190

Long Canyon (61.5%)

Mining of Phase 1 was completed in May 2022, with residual leach production over the remainder of 2022 and 2023. Following the completion of further studies, we have decided at this time not to pursue the permitting associated with Phase 2 mining and have removed those ounces from our LOM plan and the mine has been placed in care and maintenance.

			2023 Actual	2023 Guidance
	Gold	produced (000s oz)	9	0 - 10
	Cost Total All-in	of sales7($/oz) cash costs6($/oz) sustainingcosts6 ($/oz)	1,789 724 779	2,120 - 2,200 730 - 790 1,080 - 1,160

Compared to our 2023 outlook, gold production was at the top end of the guidance range. All cost metrics were within or below their respective guidance ranges.

Compared to our 2023 outlook, gold production was slightly higher than the guidance range. Total cash costs per ounce[6] and cost of sales per ounce[7 ] were both marginally above the guidance range, driven mainly by higher leach inventory drawdown. All-in sustaining costs per ounce[6 ] was within the guidance range with lower minesite sustaining capital expenditures[6] offsetting the higher total cash costs per ounce[6] .

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

34

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Pueblo Viejo (60% basis)[a] , Dominican Republic

Summary of Operating and Financial Data

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Open pit tonnes mined (000s)	2,819	4,489	(37)%	18,074	19,754	(9)%	24,687
Open pit ore	1,902	2,037	(7)%	7,794	6,820	14%	7,969
Open pit waste	917	2,452	(63)%	10,280	12,934	(21)%	16,718
Average grade (grams/tonne)
Open pit mined	2.19	2.25	(3)%	2.05	2.23	(8)%	2.41
Processed	2.64	2.40	10%	2.39	2.68	(11)%	3.18
Autoclave ore tonnes processed (000s)	1,345	1,404	(4)%	5,332	5,669	(6)%	5,466
Recovery rate	79 %	70 %	13%	81 %	87 %	(7)%	88 %
Gold produced (000s oz)	90	79	14%	335	428	(22)%	488
Gold sold (000s oz)	89	77	16%	335	426	(21)%	497
Revenue ($ millions)	190	152	25%	670	776	(14)%	898
Cost of sales ($ millions)	141	117	21%	475	482	(1)%	445
Income ($ millions)	49	31	58%	187	265	(29)%	445
EBITDA ($ millions)b	89	70	27%	341	411	(17)%	587
EBITDA marginc	47 %	46 %	2%	51 %	53 %	(4)%	65 %
Capital expenditures ($ millions)	40	54	(26)%	236	351	(33)%	311
Minesite sustainingb	31	26	19%	117	124	(6)%	96
Projectb	9	28	(68)%	119	227	(48)%	215
Cost of sales ($/oz)	1,588	1,501	6%	1,418	1,132	25%	896
Total cash costs ($/oz)b	1,070	935	14%	889	725	23%	541
All-in sustaining costs ($/oz)b	1,428	1,280	12%	1,249	1,026	22%	745
All-in costs($/oz)b	1,532	1,640	(7)%	1,604	1,558	3%	1,178

a. Barrick is the operator of Pueblo Viejo and owns 60% with Newmont Corporation owning the remaining 40%. Pueblo Viejo is accounted for as a subsidiary with a 40% non-controlling interest. The results in the table and the discussion that follows are based on our 60% share only.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

c. Represents EBITDA divided by revenue.

Safety and Environment

	For the three months ended	For theyear ended
LTI LTIFR8 TRIFR8 Class 19 incidents	12/31/23 9/30/23 0 0 0.00 0.00 0.73 0.50 environmental 0 0	12/31/23 12/31/22 0 2 0.00 0.10 0.82 0.72 0 0

Financial Results

Q4 2023 compared to Q3 2023

Pueblo Viejo’s income for the fourth quarter of 2023 was 58% higher than the prior quarter due to the higher realized gold price[6] and higher sales volume, partially offset by a higher cost of sales per ounce[7] .

Gold production for the fourth quarter of 2023 was 14% higher than the prior quarter due to higher recovery and higher grades processed. This was partially offset by lower throughput, mainly caused by the structural failure of the crusher conveyor at the start of October 2023, as previously disclosed, which connects the new crusher and the new SAG mill feed stockpile. In addition, productivity at the mine was negatively impacted by a 1 in 500 year tropical storm in November 2023.

Cost of sales per ounce[7] and total cash costs per ounce[6] for the fourth quarter of 2023 were 6% and 14% higher, respectively, than the prior quarter primarily due to higher electricity costs and grinding media consumption related to the commissioning of the expansion plant. This was combined with higher plant maintenance costs, partially offset by higher grades and recovery. In addition, cost of sales per ounce[7] was positively impacted by lower depreciation on a per ounce basis. For the fourth quarter of 2023, all-in sustaining costs per ounce[6] were 12% higher than the prior quarter, reflecting higher total cash costs per ounce[6] and higher minesite sustaining capital expenditures[6] on a per ounce basis.

Capital expenditures for the fourth quarter of 2023 decreased by 26% compared to the prior quarter, mainly due to lower project capital expenditures[6] incurred on the plant expansion as the construction was substantially completed in 2023, partially offset by higher minesite sustaining capital expenditures[6] following the purchase of new mining equipment and higher Llagal TSF works execution costs.

2023 compared to 2022

Pueblo Viejo’s income for 2023 was 29% lower than the prior year due to lower sales volume and a higher cost of sales per ounce[7] , partially offset by the higher realized gold price[6] .

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

35

OTHER INFORMATION MINERAL RESERVES FINANCIAL & NON-GAAP AND MINERAL STATEMENTS RECONCILIATIONS RESOURCES

OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL OVERVIEW PERFORMANCE EXPLORATION RESULTS

INCOME AND EBITDA[6]

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1,941
1,799 1,800
587
445 411
341
265 187
2021 2022 2023
Income ($ millions) EBITDA ($ millions) Gold Market Price ($/oz)
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Gold production for 2023 was 22% lower than the prior year, mainly due to lower grades processed in line with the mine and stockpile processing plan, lower recovery and lower tonnes processed. Throughput and recovery during 2023 were impacted by the commissioning of the new plant, with throughput additionally affected by the structural failure of the crusher conveyor in the fourth quarter, delaying the ramp-up.

PRODUCTION (thousands of ounces)

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a Based on the midpoint of the guidance range.

Cost of sales per ounce[7] and total cash costs per ounce[6] for 2023 increased by 25% and 23%, respectively, compared to the prior year, primarily reflecting the impact of lower grades, as described above, and higher consumables and energy consumption. For 2023, all-in sustaining costs per ounce[6] increased by 22% compared to the prior year, 6 mainly reflecting higher total cash costs per ounce .

COST OF SALES[7] , TOTAL CASH COSTS[6] AND ALL-IN SUSTAINING COSTS[6 ] ($ per ounce)

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a Based on the midpoint of the guidance range.
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Capital expenditures for 2023 decreased by 33% compared to the prior year, mainly due to lower project capital expenditures[6] incurred on the plant expansion as the construction was substantially completed in 2023. Minesite sustaining capital expenditures6 decreased due to lower capitalized waste stripping and a reduction in the purchase of new mining equipment in 2023.

2023 compared to Guidance

	2023 Actual 2023 Guidance
Gold produced (000s oz)	335 470 - 520
Cost of sales7($/oz)	1,418 1,130 - 1,210
Total cash costs6($/oz)	889 710 - 770
All-in sustainingcosts6 ($/oz)	1,249 960 - 1,040

Gold production in 2023 was lower than the guidance range mainly due to lower throughput associated with the delayed commissioning and ramp-up of the expanded processing plant. Cost of sales per ounce[7] and total cash costs per ounce[6 ] were higher than the guidance ranges, mainly due to the lower production. All-in sustaining costs per ounce[6] was also higher than the guidance range mainly driven by higher total cash costs[6] and higher minesite sustaining capital expenditures6 on a per ounce basis.

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

36

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Loulo-Gounkoto (80% basis)[a] , Mali

Summary of Operating and Financial Data

For the three months ended	For theyears ended
12/31/23 9/30/23 Change	12/31/23 12/31/22 Change 12/31/21
Total tonnes mined (000s) 5,846 6,370 (8)%	28,200 30,845 (9)% 33,073
Open pit ore 28 575 (95)%	1,240 2,989 (59)% 1,808
Open pit waste 4,872 4,893 0%	23,353 24,560 (5)% 29,050
Underground 946 902 5%	3,607 3,296 9% 2,215
Average grade (grams/tonne)
Open pit mined 2.80 3.40 (18)%	2.98 2.29 30% 3.22
Underground mined 4.54 5.05 (10)%	5.04 4.58 10% 4.68
Processed 4.31 4.76 (9)%	4.61 4.59 0% 4.79
Ore tonnes processed (000s) 1,013 1,012 0%	4,049 4,069 0% 4,015
Recovery rate 91 % 91 % 0%	91 % 91 % 0% 91 %
Gold produced (000s oz) 127 142 (11)%	547 547 0% 560
Gold sold(000s oz) 127 145 (12)%	546 548 0% 558
Revenue ($ millions) 256 280 (9)%	1,068 989 8% 999
Cost of sales ($ millions) 164 158 4%	653 631 3% 585
Income ($ millions) 82 111 (26)%	388 342 13% 380
EBITDA ($ millions)b 129 156 (17)%	585 547 7% 602
EBITDA marginc 50 % 56 % (11)%	55 % 55 % 0% 60 %
Capital expenditures ($ millions) 75 69 9%	300 258 16% 238
Minesite sustainingb 30 43 (30)%	177 152 16% 159
Projectb 45 26 73%	123 106 16% 79
Cost of sales ($/oz) 1,296 1,087 19%	1,198 1,153 4% 1,049
Total cash costs ($/oz)b 924 773 20%	835 778 7% 650
All-in sustaining costs ($/oz)b 1,168 1,068 9%	1,166 1,076 8% 970
All-in costs($/oz)b 1,521 1,249 22%	1,392 1,270 10% 1,111

• a. Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with the Republic of Mali owning 20%. Loulo-Gounkoto is accounted for as a subsidiary with a 20% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 80% share, inclusive of the impact of the purchase price allocation resulting from the merger with Randgold.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

c. Represents EBITDA divided by revenue.

Safety and Environment

	For the three months ended	For theyear ended
LTI LTIFR8 TRIFR8 Class 19 incidents	12/31/23 9/30/23 0 1 0.00 0.21 0.00 0.64 environmental 0 0	12/31/23 12/31/22 1 2 0.06 0.11 0.45 0.45 0 0

Financial Results

Q4 2023 compared to Q3 2023

Loulo-Gounkoto’s income for the fourth quarter of 2023 was 26% lower than the prior quarter, mainly due to lower sales volume and a higher cost of sales per ounce[7] , partially offset by the higher realized gold price[6] .

Gold production for the fourth quarter of 2023 was 11% lower than the prior quarter, mainly due to lower grades processed, in line with the mine plan.

Cost of sales per ounce[7] and total cash costs per ounce[6 ] for the fourth quarter of 2023 were 19% and 20% higher, respectively, than the prior quarter, primarily due to the impact of lower grades processed and a higher proportion of stockpile feed (both related to a pit wall failure at the Gounkoto open pit at the end of Q3) combined with higher processing costs driven by higher power plant costs. For the fourth quarter of 2023, all-in sustaining costs per ounce[6] increased by 9% compared to the prior quarter, primarily reflecting the higher total cash costs per ounce[6] , partially offset by lower minesite sustaining capital expenditures[6] .

Capital expenditures for the fourth quarter of 2023 increased by 9% compared to the prior quarter, mainly due to higher project capital expenditures[6] relating to the progress at the Yalea South project, partially offset by lower minesite sustaining capital expenditures[6] .

2023 compared to 2022

Loulo-Gounkoto’s income for 2023 was 13% higher than the prior year, mainly due to the higher realized gold price[6] , partially offset by higher cost of sales per ounce[7] , while sales volume was in line with the prior year.

BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

INCOME AND EBITDA[6]

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1,941
1,799 1,800
602 547 585
380 388
342
2021 2022 2023
Income ($ millions) EBITDA ($ millions) Gold Market Price ($/oz)
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Gold production in 2023 was in line with the prior year based on consistent grades processed, recoveries and plant throughput across both years.

PRODUCTION (thousands of ounces)

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a Based on the midpoint of the guidance range.

Cost of sales per ounce[7] and total cash costs per ounce[6] in 2023 were 4% and 7% higher, respectively, compared to the prior year, mainly due to higher underground costs from higher operating development meters in the current year, the impact of a pit wall failure at Gounkoto, the corresponding higher stockpile drawdown, and higher royalties driven by the higher realized gold price[6] . For 2023, all-in sustaining costs[6] were 8% higher compared to the prior year reflecting higher total cash costs per ounce[6] and higher minesite sustaining capital expenditures[6] .

2023 compared to Guidance

	2023 Actual 2023 Guidance
Gold produced (000s oz)	547 510 - 560
Cost of sales7($/oz)	1,198 1,100 - 1,180
Total cash costs6($/oz)	835 750 - 810
All-in sustainingcosts6 ($/oz)	1,166 1,070 - 1,150

Gold production in 2023 was in the upper half of the guidance range. All cost metrics were higher than the guidance ranges as a result of higher royalties from the higher realized gold price[6] (royalty impact was $18/oz for Loulo-Gounkoto), the impact of the pit wall failure at Gounkoto, and the corresponding stockpile drawdown and higher underground unit cost rates.

Regulatory Matters

In August 2022, the Government of Mali announced that it would conduct an audit of the Malian gold mining industry, including the Loulo-Gounkoto complex. Barrick engaged with the government-appointed auditors and hosted the auditors at Loulo-Gounkoto for a site visit in November 2022. In April 2023, Barrick received a draft report containing the auditors’ preliminary findings. During the second quarter, Barrick responded to the draft report to challenge the auditors’ findings, which Barrick believes are legally and factually flawed and without merit.

In addition, in June 2023, the Government of Mali announced a plan to reform the Malian mining legislation. A new mining code and a law requiring local content in the mining sector were adopted in August 2023 but are not currently being enforced, pending the adoption of implementing decrees. Under the new mining code, preexisting mining titles remain subject to the legal and contractual regime under which they were issued for the remainder of their current term.

Refer to note 35 of the Financial Statements for information regarding the establishment conventions for the Loulo-Gounkoto complex and related matters.

COST OF SALES[7] , TOTAL CASH COSTS[6 ]

AND ALL-IN SUSTAINING COSTS[6 ] ($ per ounce)

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a Based on the midpoint of the guidance range.

Capital expenditures in 2023 were 16% higher compared to the prior year, mainly due to both higher project capital expenditures[6] and increased minesite sustaining capital expenditures[6] . The increase in project capital expenditures[6] is related to the solar plant expansion project and the commencement of the Yalea South project, while minesite sustaining capital expenditures[6] were higher than the prior year reflecting the commencement of production at the Gounkoto underground mine.

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

38

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Kibali (45% basis)[a] , Democratic Republic of Congo

Summary of Operating and Financial Data

For the three months ended	For theyears ended
12/31/23 9/30/23 Change	12/31/23 12/31/22 Change 12/31/21
Total tonnes mined (000s) 3,993 4,467 (11)%	17,837 16,649 7% 14,657
Open pit ore 619 764 (19)%	2,721 2,551 7% 1,278
Open pit waste 2,901 3,188 (9)%	13,288 12,428 7% 11,610
Underground 473 515 (8)%	1,828 1,670 9% 1,769
Average grade (grams/tonne)
Open pit mined 1.63 1.92 (15)%	1.60 1.62 (1)% 2.71
Underground mined 5.28 5.28 0%	5.11 5.62 (9)% 5.63
Processed 3.50 3.58 (2)%	3.21 3.39 (5)% 3.62
Ore tonnes processed (000s) 911 960 (5)%	3,700 3,495 6% 3,503
Recovery rate 90 % 90 % 0%	90 % 88 % 2% 90 %
Gold produced (000s oz) 93 99 (6)%	343 337 2% 366
Gold sold (000s oz) 92 97 (5)%	343 332 3% 367
Revenue ($ millions) 184 187 (2)%	670 598 12% 661
Cost of sales ($ millions) 105 112 (6)%	419 413 1% 373
Income ($ millions) 78 72 8%	243 142 71% 278
EBITDA ($ millions)b 115 116 (1)%	390 320 22% 419
EBITDA marginc 63 % 62 % 2%	58 % 54 % 7% 63 %
Capital expenditures ($ millions) 20 16 25%	73 92 (21)% 70
Minesite sustainingb 5 8 (38)%	35 70 (50)% 54
Projectb 15 8 88%	38 22 73% 16
Cost of sales ($/oz) 1,141 1,152 (1)%	1,221 1,243 (2)% 1,016
Total cash costs ($/oz)b 737 694 6%	789 703 12% 627
All-in sustaining costs ($/oz)b 819 801 2%	918 948 (3)% 818
All-in costs($/oz)b 988 881 12%	1,030 1,013 2% 861

a. Barrick owns 45% of Kibali Goldmines SA with the DRC and our joint venture partner, AngloGold Ashanti, owning 10% and 45%, respectively. The figures presented in this table and the discussion that follows are based on our 45% effective interest in Kibali Goldmines SA held through our 50% interest in Kibali (Jersey) Limited and its other subsidiaries (collectively "Kibali"), inclusive of the impact of the purchase price allocation resulting from the merger with Randgold. Kibali is accounted for as an equity method investment on the basis that the joint venture partners that have joint control have rights to the net assets of the joint venture.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

c. Represents EBITDA divided by revenue.

Safety and Environment

LTI LTIFR8 TRIFR8 Class 19 incidents	For the three months ended 12/31/23 9/30/23 0 2 0 0.46 0.47 1.62 environmental 0 0	For theyear ended 12/31/23 12/31/22 3 2 0.17 0.12 1.39 0.98 0 0

Unfortunately, on January 31, 2024, an incident occurred at Kibali which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 15 for further details.

Financial Results

Q4 2023 compared to Q3 2023

Kibali’s income for the fourth quarter of 2023 was 8% higher than the prior quarter as a result of the higher realized gold price[6] and a lower cost of sales per ounce[7] , partially offset by lower sales volume.

Gold production for the fourth quarter of 2023 was 6% lower than the prior quarter, due to lower throughput and lower grades processed.

Cost of sales per ounce[7] for the fourth quarter of 2023 was 1% lower than the prior quarter due to lower depreciation expense, partially offset by higher total cash costs per ounce[6] . Total cash costs per ounce[6] were 6% higher than the prior quarter mainly due to the lower grades processed as per the plan as mining in the Gorumbwa open pit came to an end during the fourth quarter. All-in sustaining costs per ounce[6 ] for the fourth quarter of 2023 were 2% higher than the prior quarter, mainly due to higher total cash costs per ounce[6] , partially offset by lower minesite sustaining capital expenditures[6] .

Capital expenditures for the fourth quarter of 2023 were 25% higher than the prior quarter, driven by higher project capital expenditures[6] relating to the progress of the solar project, completion of the reagent recovery plant and progress on the Kalimva/Ikamva and Pamao open pit projects. This was partially offset by lower minesite sustaining capital expenditures[6] .

2023 compared to 2022

Kibali’s income for 2023 was 71% higher than the prior year due to higher sales volume, the higher realized gold price[6] and a lower cost of sales per ounce[7] .

BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

INCOME AND EBITDA[6]

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1,941
1,799 1,800
419
390
320
278
243
142
2021 2022 2023
Income ($ millions) EBITDA ($ millions) Gold Market Price ($/oz)
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Gold production in 2023 was 2% higher compared to the prior year, mainly due to higher tonnes processed and higher recovery partially offset by lower grades processed. This represents a record year for throughput sustained by improved open pit and underground tonnes mined.

PRODUCTION (thousands of ounces)

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a Based on the midpoint of the guidance range.

Cost of sales per ounce[7] in 2023 decreased by 2% compared to the prior year due to lower depreciation expense, partially offset by higher total cash costs per ounce[6] . Total cash costs per ounce[6] were 12% higher, mainly due to higher royalties driven by the higher realized gold price[6 ] and lower grades processed, as mining in the Gorumbwa open pit came to an end during the fourth quarter. For 2023, all-in sustaining costs per ounce[6] were 3% lower compared to the prior year, reflecting lower minesite sustaining capital expenditures[6] , partially offset by higher total cash costs per ounce[6] .

COST OF SALES[7] , TOTAL CASH COSTS[6 ] AND ALL-IN SUSTAINING COSTS[6 ] ($ per ounce)

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a Based on the midpoint of the guidance range.
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Capital expenditures in 2023 were 21% lower compared to the prior year, due to lower minesite sustaining capital expenditures[6 ] driven by lower capitalized waste stripping and underground development, whereas the mine plan for 2022 required higher capital investment. This was partially offset by increased project capital expenditures[6] relating to the start of the solar project and our investment in the Kalimva/Ikamva open pit projects that are expected to underpin the GHG emission reduction plan and future production in our life of mine plan, respectively.

2023 compared to Guidance

	2023 Actual 2023 Guidance
Gold produced (000s oz)	343 320 - 360
Cost of sales7($/oz)	1,221 1,080 - 1,160
Total cash costs6($/oz)	789 710 - 770
All-in sustainingcosts6 ($/oz)	918 880 - 960

Gold production in 2023 was above the midpoint of the guidance range. Cost of sales per ounce[7] and total cash costs per ounce[6] were above the guidance ranges as a result of higher royalties from the higher realized gold price[6] (royalty impact was $16/oz for Kibali) combined with lower processed grades and lower strip ratio. Cost of sales per ounce[7] was further impacted by higher depreciation driven by the stockpile drawdown. All-in sustaining costs per ounce[6] ended at the midpoint of the guidance range due to lower minesite capital expenditures[6] , resulting from lower capitalized waste stripping and underground development, notwithstanding total cash costs per ounce[6] were above the guidance range.

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

40

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

North Mara (84% basis)[a] , Tanzania

Summary of Operating and Financial Data

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Total tonnes mined (000s)	4,241	4,529	(6)%	16,547	8,882	86%	1,603
Open pit ore	406	439	(8)%	1,400	4,379	(68)%	116
Open pit waste	3,407	3,686	(8)%	13,610	3,035	348%	160
Underground	428	404	6%	1,537	1,468	5%	1,327
Average grade (grams/tonne)
Open pit mined	1.84	1.62	14%	1.83	1.94	(6)%	1.63
Underground mined	3.17	3.32	(5)%	3.22	4.07	(21)%	5.58
Processed	2.85	2.91	(2)%	3.02	3.31	(9)%	3.30
Ore tonnes processed (000s)	719	715	1%	2,848	2,730	4%	2,703
Recovery rate	91 %	92 %	(1)%	92 %	91 %	1%	90 %
Gold produced (000s oz)	59	62	(5)%	253	263	(4)%	260
Gold sold (000s oz)	61	59	3%	254	265	(4)%	257
Revenue ($ millions)	124	115	8%	497	479	4%	463
Cost of sales ($ millions)	86	74	16%	306	259	18%	248
Income ($ millions)	12	37	(68)%	139	177	(21)%	214
EBITDA ($ millions)b	30	51	(41)%	203	238	(15)%	261
EBITDA marginc	24 %	44 %	(45)%	41 %	50 %	(18)%	56 %
Capital expenditures ($ millions)	53	47	13%	176	130	35%	79
Minesite sustainingb	20	25	(20)%	95	68	40%	52
Projectb	33	22	50%	81	62	31%	27
Cost of sales ($/oz)	1,420	1,244	14%	1,206	979	23%	966
Total cash costs ($/oz)b	1,103	999	10%	944	741	27%	777
All-in sustaining costs ($/oz)b	1,449	1,429	1%	1,335	1,028	30%	1,001
All-in costs($/oz)b	1,985	1,802	10%	1,653	1,265	31%	1,105

a. Barrick owns 84% of North Mara, with the GoT owning 16%. North Mara is accounted for as a subsidiary with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.

• b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A. c. Represents EBITDA divided by revenue.

Safety and Environment

	For the three months ended	For theyear ended
LTI LTIFR8 TRIFR8 Class 19 incidents	12/31/23 9/30/23 0 1 0.00 0.38 0.36 1.52 environmental 0 0	12/31/23 12/31/22 3 2 0.29 0.24 0.97 0.95 0 0

Unfortunately, on January 9, 2024, an incident occurred at North Mara which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 15 for further details.

Financial Results

Q4 2023 compared to Q3 2023

North Mara’s income for the fourth quarter of 2023 was 68% lower than the prior quarter mainly due to the transfer of a $15 million expense previously recognized in Bulyanhulu related to the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. This was further impacted by a higher cost of sales per ounce[7] , partially

offset by the higher realized gold price[6] and marginally higher sales volume.

In the fourth quarter of 2023, gold production was slightly lower than the prior quarter as lower grades processed and lower recoveries largely offset by higher throughput.

Cost of sales per ounce[7] and total cash costs per ounce[6 ] in the fourth quarter of 2023 were 14% and 10% higher, respectively, than the prior quarter, resulting from increased royalties from the higher realized gold price[6] , and higher power generation costs following temporary grid instability challenges faced in the fourth quarter of 2023. This was combined with higher cost underground stockpiles fed to the mill, partially offset by lower underground mining unit costs in the fourth quarter of 2023. Cost of sales per ounce[7] was further impacted by higher depreciation expense, from the increased proportion of underground material fed. All-in sustaining costs per ounce[6] in the fourth quarter of 2023 were 1% higher than the prior quarter, reflecting the higher total cash costs per ounce[6] , largely offset by lower minesite sustaining capital expenditures[6] .

Capital expenditures in the fourth quarter of 2023 increased by 13% compared to the third quarter of 2023, driven by higher project capital expenditures[6] mainly related to the underground paste plant. This was partially offset by

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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OTHER INFORMATION MINERAL RESERVES FINANCIAL & NON-GAAP AND MINERAL STATEMENTS RECONCILIATIONS RESOURCES

OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL OVERVIEW PERFORMANCE EXPLORATION RESULTS

lower minesite sustaining capital expenditures[6] , mainly due to higher spend in the prior quarter linked to the procurement of key underground equipment in line with our automation and optimization plans.

2023 compared to 2022

North Mara’s income for 2023 was 21% lower than the prior year, mainly due to the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. This was further impacted by higher cost of sales per ounce[7] and lower gold sales volumes, partially offset by the higher realized gold price[6] .

Cost of sales per ounce[7] and total cash costs per ounce[6 ] in 2023 were 23% and 27% higher, respectively, than the prior year, mainly reflecting higher royalties from the higher realized gold price[6] , higher power generation costs following the grid instability challenges faced in the fourth quarter of 2023 and higher levels of underground and open pit ore fed to the mill as we transitioned into mining Gena at the start of 2023. These impacts were partially offset by the improved open pit unit rates, lower general and administrative unit rates, improved mill throughput and higher recovery. All-in sustaining costs per ounce[6] were 30% higher than the prior year, primarily due to higher total cash costs per ounce[6 ] and higher minesite sustaining capital expenditures[6] .

INCOME AND EBITDA[6]

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1,941
1,799 1,800
261
238
214 203
177
139
2021 2022 2023
Income ($ millions) EBITDA ($ millions) Gold Market Price ($/oz)
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In 2023, gold production was 4% lower than the prior year as we transitioned into mining Gena at the start of 2023 with a focus on stripping and opening up the new open pit, resulting in the additional waste tonnes mined this year. This also marks the third consecutive year when we have delivered improved mill throughput driven by our investment in the underground operations and the successful ramp-up of our open pit mining.

PRODUCTION (thousands of ounces)

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a Based on the midpoint of the guidance range.

COST OF SALES[7] , TOTAL CASH COSTS[6 ] AND ALL-IN SUSTAINING COSTS[6 ] ($ per ounce)

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a Based on the midpoint of the guidance range.
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In 2023, capital expenditures increased by 35% compared to the prior year mainly due to higher project capital expenditures[6 ] relating to the installation of the paste plant, the second crushing line and fleet investment in the ramp-up of open pit operations. This was combined with higher minesite sustaining capital expenditures[6] , which reflects the higher capitalized stripping, ongoing investment in the new mining fleet and the commencement of TSF lift 9 in 2023.

2023 compared to Guidance

	2023 Actual 2023 Guidance
Gold produced (000s oz)	253 230 - 260
Cost of sales7($/oz)	1,206 1,120 - 1,200
Total cash costs6($/oz)	944 900 - 960
All-in sustainingcosts6 ($/oz)	1,335 1,240 - 1,320

Gold production in 2023 ended near the upper end of the guidance range. All cost metrics were slightly above the guidance ranges or towards the high end of the guidance range, reflecting higher royalties from the higher gold realized prices[6] , and increased input costs driven by consumable and energy prices.

BARRICK YEAR-END 2023

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42

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Bulyanhulu (84% basis)[a] , Tanzania

Summary of Operating and Financial Data

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Underground tonnes mined (000s)	300	318	(6) %	1,217	1,029	18 %	730
Average grade (grams/tonne)
Underground mined	5.88	6.25	(6) %	6.56	7.89	(17) %	9.23
Processed	5.88	6.33	(7) %	6.64	7.78	(15) %	8.95
Ore tonnes processed (000s)	222	241	(8) %	880	837	5 %	661
Recovery rate	96 %	95 %	1 %	96 %	94 %	2 %	93 %
Gold produced (000s oz)	41	46	(11) %	180	196	(8) %	178
Gold sold (000s oz)	41	45	(9)%	180	205	(12)%	166
Revenue ($ millions)	87	91	(4) %	371	389	(5) %	303
Cost of sales ($ millions)	59	57	4 %	237	248	(4) %	179
Income ($ millions)	32	33	(3) %	123	118	4 %	122
EBITDA ($ millions)b	45	46	(2) %	175	168	4 %	170
EBITDA marginc	52 %	51 %	2 %	47 %	43 %	9 %	56 %
Capital expenditures ($ millions)	28	21	33 %	89	81	10 %	70
Minesite sustainingb	15	12	25 %	55	56	(2) %	29
Projectb	13	9	44 %	34	25	36 %	41
Cost of sales ($/oz)	1,413	1,261	12 %	1,312	1,211	8 %	1,079
Total cash costs ($/oz)b	1,002	859	17 %	920	868	6 %	709
All-in sustaining costs ($/oz)b	1,376	1,132	22 %	1,231	1,156	6 %	891
All-in costs($/oz)b	1,692	1,335	27 %	1,422	1,278	11 %	1,138

• a. Barrick owns 84% of Bulyanhulu, with the GoT owning 16%. Bulyanhulu is accounted for as a subsidiary with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

c. Represents EBITDA divided by revenue.

Safety and Environment

LTI LTIFR8 TRIFR8	For the	three months ended 12/31/23 9/30/23 0 1 0.00 0.57 1.10 1.72	three months ended 12/31/23 9/30/23 0 1 0.00 0.57 1.10 1.72	For theyear ended 12/31/23 12/31/22 3 4 0.44 0.60 2.40 1.64
Class 19	environmental
incidents		0	0	0 0

Financial Results

Q4 2023 compared to Q3 2023

Bulyanhulu’s income for the fourth quarter of 2023 was 3% lower than the prior quarter, mainly due to lower sales volume and a higher cost of sales per ounce[7] , partially offset by the higher realized gold price[6] . This was partially offset by the transfer to North Mara of a $15 million expense previously recognized in Bulyanhulu in Q1, related to the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership.

In the fourth quarter of 2023, gold production was 11% lower than the prior quarter, primarily reflecting lower throughput and the transition into lower grade stopes as per the plan, partially offset by a slight improvement in recovery.

Cost of sales per ounce[7 ] and total cash costs per ounce[6 ] in the fourth quarter of 2023 increased by 12% and 17%, respectively, due to the lower grades processed, lower underground capital development in line with our plan, and higher power generation costs. All-in sustaining costs per ounce[6] in the fourth quarter of 2023 were 22%

higher than the prior quarter, mainly as a result of higher total cash costs[6] and increased minesite sustaining capital expenditures[6] .

Capital expenditures in the fourth quarter of 2023 were 33% higher than the prior quarter, mainly due to increased minesite sustaining capital expenditures[6] related to electrical substation upgrades, additional underground mobile equipment, as well as deposits on equipment orders for 2024 as we continue to expand the underground operations. This was partially offset by lower underground development and waste mining in the fourth quarter.

2023 compared to 2022

Bulyanhulu’s income for 2023 was 4% higher than the prior year, mainly due to a non-recurring supplies obsolescence charge incurred in the prior year. This was further impacted by the higher realized gold price[6] , partially offset by lower gold sales volume and a higher cost of sales per ounce[7] .

INCOME AND EBITDA[6]

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1,941
1,799 1,800
122 170 118 168 123 175
2021 2022 2023
Income ($ millions) EBITDA ($ millions) Gold Market Price ($/oz)
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BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

In 2023, gold production was 8% lower than the prior year as we transitioned into lower grade areas of the mine in order to prioritize underground development in line with the mine plan. This tracked ahead of plan on the back of the investment made in the underground fleet. This was a key driver of the higher tonnes mined and processed in 2023 as we continue to scale operations. Looking ahead, 2024 commences with the box-cut in Upper West as we unlock additional underground headings which are expected to increase our plant throughput.

PRODUCTION (thousands of ounces)

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In 2023, capital expenditures increased by 10% compared to the prior year, reflecting higher project capital expenditures[6] from the resource addition drilling projects, the commissioning of an additional ore tipping point and ventilation expansion at Bulyanhulu.

2023 compared to Guidance

	2023 Actual 2023 Guidance
Gold produced (000s oz)	180 160 - 190
Cost of sales7($/oz)	1,312 1,230 - 1,310
Total cash costs6($/oz)	920 880 - 940
All-in sustainingcosts6 ($/oz)	1,231 1,160 - 1,240

Gold production in 2023 ended in the upper half of the guidance range. Cost of sales per ounce[7] was slightly above the guidance range, mainly due to higher input costs driven by higher royalties, increased consumables and energy prices, combined with an update to the mine plan based on a new geological block model. Total cash costs[6] and all-in sustaining costs[6] were within their respective guidance ranges.

a Based on the midpoint of the guidance range.

Cost of sales per ounce[7] and total cash costs per ounce[6] in 2023 were 8% and 6% higher, respectively, than the prior year, reflecting the lower grades in 2023, higher input costs driven by consumables and energy prices. All-in sustaining costs per ounce[6] was 6% higher than the prior year due to increased total cash costs per ounce[6 ] and higher minesite sustaining capital expenditures[6] on a per ounce basis.

COST OF SALES[7] , TOTAL CASH COSTS[6 ] AND ALL-IN SUSTAINING COSTS[6 ] ($ per ounce)

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a Based on the midpoint of the guidance range.

BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Other Mines - Gold

Summary of Operating and Financial Data

Summary of Oper	ating and	Financial	Data					For	the three months ended
			12/31/23					9/30/23
	Gold produced (000s oz)	Cost of sales ($/oz)	Total cash costs ($/oz)a	All-in sustaining costs ($/oz)a	Capital Expend- ituresb	Gold produced (000s oz)	Cost of sales ($/oz)	Total cash costs ($/oz)a	All-in sustaining costs ($/oz)a	Capital Expend- ituresb
Veladero (50%)	**55 **	1,378	1,021	1,403	22	55	1,376	988	1,314	15
Tongon (89.7%)	**42 **	1,489	1,184	1,586	13	47	1,423	1,217	1,331	6
Hemlo	**34 **	1,618	1,407	1,671	8	31	1,721	1,502	1,799	12
Porgerac(47.5%)	**— **	—	—	—	—	—	—	—	—	—

• a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

• b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

• c. As Porgera has been on care and maintenance on April 25, 2020 until December 22, 2023, no operating data or per ounce data is provided. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. Refer to page 9 for further information.

Veladero (50%), Argentina

Gold production for Veladero in the fourth quarter of 2023 was consistent with the prior quarter. Cost of sales per ounce[7] in the fourth quarter of 2023 was also in line with the prior quarter, while total cash costs per ounce[6] and all-in sustaining costs per ounce[6] increased in the fourth quarter of 2023 by 3% and 7%, respectively, compared to the prior quarter, primarily driven by lower throughput resulting in higher processing unit rates, and a higher achieved gold price, resulting in higher export duties and royalties per ounce.

	Gold Cost Total All-in	produced (000s oz) of sales7($/oz) cash costs6($/oz) sustainingcosts6 ($/oz)	2023 Actual 183 1,469 1,240 1,408	2023 Guidance 180 - 210 1,260 - 1,340 1,070 - 1,130 1,240 - 1,320

Gold production for the full year 2023 was within the guidance range. All cost metrics were above the guidance ranges driven by lower than expected grades and recoveries.

Gold Cost Total All-in	produced (000s oz) of sales7($/oz) cash costs6($/oz) sustainingcosts6 ($/oz)	2023 Actual 207 1,440 1,011 1,516	2023 Guidance 160 - 180 1,630 - 1,710 1,060 - 1,120 1,550 - 1,630

Gold production for the full year 2023 was above the guidance range driven by higher recoveries. All cost metrics were below the guidance ranges as a result of the higher production.

Hemlo, Ontario, Canada

Hemlo's gold production in the fourth quarter of 2023 was 10% higher than the prior quarter, primarily due to higher ore tonnes mined due to improved underground performance. Cost of sales per ounce[7] and total cash costs per ounce[6] in the fourth quarter of 2023 were both 6% lower than the prior quarter due to the impact of the improved production performance. All-in sustaining costs per ounce[6] decreased by 7% compared to the prior quarter, primarily due to lower minesite sustaining capital expenditures[6] and lower total cash costs per ounce[6] .

Tongon (89.7% basis), Côte d'Ivoire

Gold production for Tongon in the fourth quarter of 2023 was 11% lower than the prior quarter, reflecting lower grades and recoveries, offset slightly by higher throughput. Cost of sales per ounce[7] in the fourth quarter of 2023 was 5% higher than the prior quarter due to higher depreciation expense, partially offset by lower total cash costs per ounce[6] . Total cash costs per ounce[6] were 3% lower than the prior quarter, primarily due to a lower strip ratio in the current quarter. All-in sustaining costs per ounce[6 ] in the fourth quarter of 2023 was 19% higher than the prior quarter, due to higher minesite sustaining capital expenditures[6 ] primarily driven by increased capitalized drilling in the final quarter, partially offset by lower total cash costs per ounce[6] .

	Gold Cost Total All-in	produced (000s oz) of sales7($/oz) cash costs6($/oz) sustainingcosts6 ($/oz)	2023 Actual 141 1,589 1,382 1,672	2023 Guidance 150 - 170 1,400 - 1,480 1,210 - 1,270 1,590 - 1,670

Gold production in 2023 was below the guidance range, which was primarily due to interruptions to the underground operations in the fourth quarter, including a fire which damaged some ventilation infrastructure, leading to delays in ramping back up, coupled with underground interruptions earlier in the year. All cost metrics were higher than guidance mainly due to the impact of lower than expected sales volumes which reflected the disruptions referred to above and higher royalties from the higher realized gold price[6] (royalty impact was $30/oz for Hemlo).

BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Lumwana (100%), Zambia

Summary of Operating and Financial Data

	For the three months ended	For the three months ended	For the three months ended				For theyears ended
	12/31/23	9/30/23	Change	12/31/23	12/31/22	Change	12/31/21
Open pit tonnes mined (000s)	32,081	37,455	(14) %	113,633	98,340	16 %	99,009
Open pit ore	7,011	6,617	6 %	26,030	20,277	28 %	33,510
Open pit waste	25,070	30,838	(19) %	87,603	78,063	12 %	65,499
Average grade (grams/tonne)
Open pit mined	0.60 %	0.56 %	7 %	0.51 %	0.61 %	(16) %	0.45 %
Processed	0.54 %	0.55 %	(2) %	0.49 %	0.52 %	(6) %	0.46 %
Tonnes processed (000s)	7,090	6,606	7 %	26,797	25,166	6 %	25,711
Recovery rate	87 %	91 %	(4) %	89 %	93 %	(4) %	93 %
Copper produced (millions of pounds)	73	72	1 %	260	267	(3) %	242
Copper sold (millions of pounds)	70	67	4 %	249	275	(9)%	253
Revenue ($ millions)	226	209	8 %	795	868	(8) %	962
Cost of sales ($ millions)	207	166	25 %	723	666	9 %	570
Income (loss) ($ millions)	17	32	(47) %	37	180	(79) %	391
EBITDA ($ millions)a	102	101	1 %	294	403	(27) %	588
EBITDA marginb	45 %	48 %	(6) %	37 %	46 %	(20) %	61 %
Capital expenditures ($ millions)	81	102	(21) %	306	405	(24) %	189
Minesite sustaininga	68	85	(20) %	223	360	(38) %	189
Projecta	13	17	(24) %	83	45	84 %	0
Cost of sales ($/lb)	2.95	2.48	19 %	2.91	2.42	20 %	2.25
C1 cash costs ($/lb)a	2.14	1.86	15 %	2.29	1.89	21 %	1.62
All-in sustaining costs ($/lb)a	3.38	3.41	(1) %	3.48	3.63	(4) %	2.80
All-in costs($/lb)a	3.55	3.66	(3)%	3.81	3.79	0 %	2.80

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

b. Represents EBITDA divided by revenue.

Safety and Environment

LTI LTIFR8 TRIFR8 Class 19 incidents	For the three months ended 12/31/23 9/30/23 2 1 0.53 0.30 0.53 0.30 environmental 0 0	For theyear ended 12/31/23 12/31/22 3 1 0.23 0.08 0.31 0.50 0 0

Financial Results

Q4 2023 compared to Q3 2023

Lumwana’s income for the fourth quarter 2023 was 47% lower compared to the prior quarter as a result of a higher cost of sales per pound[7] , partially offset by higher sales volumes, while the realized copper price[6] was consistent with the prior quarter.

Copper production in the fourth quarter of 2023 was 1% higher than the prior quarter as improved throughput offset lower grades and recovery.

Cost of sales per pound[7] and C1 cash costs per pound[6] were 19% and 15% higher, respectively, than the prior quarter due to lower mining efficiencies as the wet

season commenced, combined with lower grades processed and lower plant recovery. Cost of sales per pound[7] was further impacted by higher depreciation expense. In the fourth quarter of 2023, all-in sustaining costs per pound[6] decreased by 1% compared to the prior quarter, primarily driven by a decrease in minesite sustaining capital expenditures[6] , partially offset by higher C1 cash costs per pound[6] .

Capital expenditures were 21% lower compared to the prior quarter due to a decrease in both minesite sustaining capital expenditures[6] , and project capital expenditures[6] . Minesite sustaining capital expenditures[6] were 20% lower mainly due to decreased capitalized waste stripping. Project capital expenditures[6] decreased by 24% reflecting reduced spend on the new owner mining fleet to replace the contract mining, which is coming to an end.

2023 compared to 2022

Lumwana’s income for 2023 was 79% lower than the prior year, primarily due to lower sales volume and a higher cost of sales per pound[7] . The realized copper price[6] was consistent with the same prior year period.

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INCOME AND EBITDA[6]

==> picture [227 x 102] intentionally omitted <==

----- Start of picture text -----

4.23
3.99 3.85
588
391 403
294
37
180
2021 2022 2023
Income ($ millions) EBITDA ($ millions) Copper Market Price ($/lb)
----- End of picture text -----

In 2023, copper production decreased by 3% compared to the prior year, primarily due to lower grades processed, in line with the mine plan. This was further impacted by lower recoveries, partially offset by higher throughput. Copper sales were 9% lower than the prior year as 2022 had significant finished goods built up from 2021. The increase in mined tonnes and tonnes processed is reflective of the investment in the new owner mining fleet and the plant improvement projects, respectively, which are expected to continue to ramp up in 2024.

PRODUCTION (thousands of tonnes)

==> picture [249 x 107] intentionally omitted <==

a Based on the midpoint of the guidance range.

In 2023, cost of sales per pound[7] and total C1 cash costs per pound[6] increased by 20% and 21%, respectively, compared to the prior year, mainly due to lower grades processed, lower recoveries and to a lesser extent lower capitalized waste stripping. All-in sustaining costs per pound[6] in 2023 decreased by 4% compared to the prior year, mainly due to lower minesite sustaining capital expenditures[6] , partially offset by higher C1 cash costs per pound[6] .

COST OF SALES[7] , TOTAL CASH COSTS[6 ] AND ALL-IN SUSTAINING COSTS[6 ] ($ per pound)

==> picture [248 x 116] intentionally omitted <==

a Based on the midpoint of the guidance range.

In 2023, capital expenditures decreased by 24% compared to the prior year, primarily related to lower capitalized waste stripping, reflecting the improvement in mining unit costs despite the higher tonnes mined. This was partially offset by higher project capital expenditures[6] related to the investment in the new owner mining fleet.

2023 compared to Guidance

	2023 Actual 2023 Guidance
Copper produced (M lbs)	260 260 - 290
Cost of sales7($/oz)	2.91 2.45 - 2.75
Total cash costs6($/oz)	2.29 2.00 - 2.20
All-in sustainingcosts6 ($/oz)	3.48 3.20 - 3.50

Copper production in 2023 was at the bottom of the guidance range due to lower recoveries from the historic stockpiles and bringing the 2024 trunnion change-out forward into 2023 to reduce the risk of unplanned stoppages at the plant. Cost of sales per pound[7] and total C1 cash costs per pound[6 ] were above the guidance ranges, mainly due to the impact of lower than expected sales volumes. All-in sustaining costs per pound[6] were within the guidance range resulting from lower capitalized waste stripping due to the focus on ore delivery, and lower unit costs in waste mining as we continue to ramp up tonnes and improve mining efficiencies.

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Other Mines - Copper

Summary of Operating and Financial Data

Summary of	Operating a	nd Financ	al Data					For	the three months ended	the three months ended
			12/31/23					9/30/23
	Copper production (millions of pounds)	Cost of sales ($/lb)	C1 cash costs ($/lb)a	All-in sustaining costs ($/lb)a	Capital Expend- ituresb	Copper production (millions of pounds)	Cost of sales ($/lb)	C1 cash costs ($/lb)a	All-in sustaining costs ($/lb)a	Capital Expend- ituresb
Zaldívar
(50%)	**23 **	3.85	2.93	3.51	16	22	3.86	2.99	3.39	8
Jabal Sayid
(50%)	**17 **	1.59	1.32	1.50	8	18	1.72	1.45	1.64	6

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

Zaldívar (50% basis), Chile

Copper production for Zaldívar in the fourth quarter of 2023 was in line with the prior quarter. Cost of sales per pound[7] was in line with the prior quarter with lower C1 cash costs per pound[6] largely offset by higher depreciation. C1 cash costs per pound[6] in the fourth quarter of 2023 was 2% lower than the prior quarter, with the prior quarter including costs associated with the conclusion of the labor agreement. All-in sustaining costs per pound[6] increased by 4% compared to the prior quarter, primarily due to higher minesite sustaining capital expenditures[6] driven by increased spend on components and asset replacements as part of an asset integrity program, partially offset by lower C1 cash costs per pound[6] . This investment, of which we are not the operator, continues to be a non-core part of our portfolio.

	2023 Actual	2023 Guidance
Copper produced (M lbs)	89	100 - 110
Cost of sales7($/lb) C1 cash costs6($/lb) All-in sustainingcosts6 ($/lb)	3.83 2.95 3.46	3.40 - 3.70 2.60 - 2.80 2.90 - 3.20

Jabal Sayid (50% basis), Saudi Arabia

Jabal Sayid's copper production in the fourth quarter of 2023 was slightly below the prior quarter driven by lower throughput, as per the plan. Cost of sales per pound[7] and C1 cash costs per pound[6 ] in the fourth quarter of 2023 were 8% and 9% lower, respectively, mainly due to the impact of increased gold by-product credits. All-in sustaining costs per pound[6] was 9% lower than the prior quarter, mainly due to lower C1 cash costs per pound[6] , while minesite sustaining capital expenditures[6] remained in line with the prior quarter on a per pound basis.

	Copper produced (M lbs) Cost of sales7($/lb) C1 cash costs6($/lb)	2023 Actual 71 1.60 1.35	2023 Guidance 65 - 75 1.80 - 2.10 1.50 - 1.70
	All-in sustainingcosts6 ($/lb)	1.53	1.60 - 1.90

Copper production in 2023 was at the upper end of the guidance range. All cost metrics were below the guidance ranges due to higher than expected by-product credits as well as lower shipping rates achieved.

Copper production in 2023 was below the guidance range, mainly due to limited heap leach stacking availability and lower than expected leach recoveries. All cost metrics were above the guidance ranges mainly due to lower production and sales volumes, higher consumables prices, as well as higher maintenance costs.

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Growth Project Updates

Goldrush Project, Nevada, USA[17]

Goldrush, which is included within Cortez, is expected to be a long-life underground mine with anticipated annual production in excess of 400,000 ounces per annum (100% basis) by 2028 and reach commercial production in 2026.

The ROD was issued on December 8, 2023 and work subsequently commenced on surface infrastructure accesses. The mine is now in a position to complete the construction of the first ventilation raise, alleviating the ventilation constraints on the mine and allowing for expanded mining and development areas.

In the fourth quarter, geotechnical drilling was completed for installation of ventilation raise 1. Underground exploration and development of the future Goldrush mine and the construction schedule is on track to start at the end of the first quarter 2024. Surface access in Horse Canyon will continue along with water management infrastructure work in the Pine Valley district. Recruitment of experienced miners continues to ramp up albeit slower than planned. Delivery of production equipment was on track with more equipment delivered in the fourth quarter.

As at December 31, 2023, project spend was $382 million on a 100% basis (including $11 million in the fourth quarter of 2023) inclusive of the exploration declines. This capital spent to date, together with the remaining expected pre-production capital, is still anticipated to be near the approximate $1 billion initial capital estimate for the Goldrush project (100% basis).

Fourmile, Nevada, USA

Fourmile is the wholly-owned Barrick asset in Nevada and has the potential to form a core component of Cortez in the future, one of Barrick’s Tier One Gold Assets[1] . The current focus is on exploration drilling with promising results to date, highlighted in the Exploration section, which support the potential to significantly increase the modeled extents of the declared mineral resource within the two kilometers of prospective Wenban stratigraphy, as well as uplift the grade. A dedicated Barrick project development team and budget are targeting the extension of the existing mineral resources through the Sophia and Dorothy targets, while also assessing options for an independent exploration decline access. One such option that is being assessed is a surface portal from Rangefront North / Bullion Hill, which would decouple the development of the project from the existing Goldrush development but ultimately complement the current Goldrush multi-purpose development. Footwall development along the strike of the Fourmile orebodies would initially be used for the pre-feasibility drilling and then later be re-used for mine haulage. Barrick anticipates Fourmile will be contributed to the NGM joint venture if certain criteria are met following the completion of drilling and the requisite feasibility work. In 2024, we are planning to spend approximately $40 million on drilling, evaluation and modelling with a view to commence a pre-feasibility study at the end of 2024.

NGM TS Solar Project, Nevada, USA

The TS Solar project is a 200 MW photovoltaic solar farm located adjacent to NGM’s TS Power Plant and interconnected with the existing plant transmission infrastructure. Upon completion, the project will supply

renewable energy to NGM’s operations and is expected to deliver a reduction of 254kt of CO2 equivalent emissions per annum, equating to an 8% decrease from NGM’s 2018 baseline.

Array construction advanced ahead of schedule in the fourth quarter of 2023. Mechanical installation was substantially completed for piles and trackers. All modules were received on site and module installation exceeded plan, attributed to increased contractor resources driving higher than planned construction. Module installation is now 95% complete with remaining modules withheld to allow adequate room for cable termination at the power conversion skids. Installation crews have largely demobilized and remaining modules will be installed as cable termination work is completed.

Commissioning for the solar substation and half the array (100 MW) was completed in the fourth quarter of 2023. All pre-commissioning checks were completed, the substation was interconnected to the power utility transmission line, and the array was energized to produce power to the grid in December 2023.

As at December 31, 2023, project spend was $283 million (including $34 million in the fourth quarter of 2023) out of an estimated capital cost of $290-$310 million (100% basis).

Donlin Gold, Alaska, USA

Over the past three years the Donlin Gold team’s focus has centered on building ore body knowledge around the controls on mineralization through detailed mapping and infill grid drilling. The tightly spaced drill grids focused on the deposit’s three main structural domains (ACMA, Lewis and Divide) and supported the classification of inferred and indicated resources in the current Donlin resource estimate, but have not yet defined a spacing that would support the declaration of measured resources, as per Barrick end of year 2023 updated Mineral Reserves and Resources disclosure. Trade-off studies and analysis on project assumptions, inputs, design components for optimization (mine engineering, metallurgy, hydrology, power, and infrastructure) were also conducted and will continue into 2024.

Donlin Gold, in collaboration with Calista Corporation (“Calista”) and The Kuskokwim Corporation (“TKC”), supported important initiatives in the YukonKuskokwim (Y-K), including education, health, safety, cultural traditions, and environmental programs. Further, Donlin Gold collaborated with Calista and the village of Crooked Creek and engaged state officials, the U.S. Army Corps of Engineers, members of the U.S. congressional delegation, and with senior leadership from the U.S. Department of the Interior as part of ongoing outreach to emphasize the thoroughness of the project’s environmental review and permitting procedures, as well as on the strong partnership between Donlin Gold and the Native Alaskans who own the mineral resource and land. The Donlin Gold team also restored the stream and riparian habitat for aquatic life on a nearby historic placer site that is unrelated to the Donlin property.

Looking forward to 2024, the board of Donlin Gold approved a $28.5 million budget (100% basis) with workstreams focused on continuing to move the Donlin Gold project up the value curve. Focus will continue to be

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on: optimizing the infrastructure, mine design, and flow sheet; mitigating the technical challenges; advancing the remaining project permitting; defending challenges to the existing permits; and exploring further partnership opportunities to unlock value for our Alaskan partners and communities.

Pueblo Viejo Expansion, Dominican Republic[18]

The Pueblo Viejo plant expansion and mine life extension project is designed to increase throughput to 14 million tonnes per annum and sustain gold production above 800,000 ounces per year (100% basis) going forward.

The construction and commissioning activities for the plant expansion were substantially completed by the end of 2023, with both of the new oxygen plants as well as the Vertimil now operational. Premature equipment failures encountered early in commissioning were resolved in collaboration with the original equipment manufacturers, including a new agitator gearbox design installed on all the flotation cells.

As previously disclosed, at the start of the fourth quarter we experienced the structural failure of the crushed ore stockpile feed conveyor. While the reconstruction work is underway, the new SAG mill is being fed through smaller mobile crushers and a temporary conveyor system running from the gyratory crusher, albeit at a reduced rate. This reconstruction is expected to be completed in the second quarter of 2024, which will allow the plant to reach full throughput. During the first quarter of 2024, the focus will be on the continued stability and optimization of the flotation circuit.

The technical and social studies for additional tailings storage capacity (El Naranjo) continued to advance as planned. Geotechnical drilling and site investigations are ongoing and continue to support the feasibility study, due for completion in the third quarter of 2024.

The development of a new town and housing complex to resettle the displaced families is progressing well, with road conditioning done on the east side of the property and house construction in progress.

As at December 31, 2023, total project spend was $1,027 million (including $16 million in the fourth quarter of 2023) on a 100% basis. The estimated capital cost of the plant expansion and mine life extension project is approximately $2.1 billion (100% basis).

Veladero Phase 7 Leach Pad, Argentina

In November 2021, Minera Andina del Sol approved the Phase 7A leach pad construction project with Phase 7B subsequently approved in the third quarter of 2022. Construction on both phases includes sub-drainage and monitoring, leak collection and recirculation, impermeabilization, as well as pregnant leaching solution collection. Additionally, the north channel will be extended along the leach pad facility. Construction of Phase 7A was completed on budget at a cost of $81 million (100% basis). Construction of Phase 7B began during the third quarter of 2023 and is scheduled for completion in 2024.

Overall for Phase 7, as at December 31, 2023, project spend was $112 million (including $10 million in the fourth quarter of 2023) out of an estimated capital cost of $160 million (100% basis).

Reko Diq Project, Pakistan

On December 15, 2022, Barrick completed the reconstitution of the Reko Diq project in Pakistan’s Balochistan province. The completion of this transaction involved, among other things, the execution of all of the definitive agreements including the mineral agreement stabilizing the fiscal regime applicable to the project, as well as the grant of mining leases, an exploration license, and surface rights. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world’s largest undeveloped open pit copper-gold porphyry deposits.

The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% freecarried, non-contributing share held by the Provincial Government of Balochistan, an additional 15% held by a special purpose company owned by the Provincial Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick is the operator of the project. The key fiscal terms for Reko Diq are a 5% NSR payable to the Provincial Government of Balochistan, a 1% NSR final tax regime payable to the Government of Pakistan (subject to a 15-year exemption following commercial production), and a 0.5% NSR export processing zone surcharge.

Barrick has started a full update of the project’s 2010 feasibility and 2011 expansion PFS. The Reko Diq feasibility study update is expected to be completed by the end of 2024, with 2028 targeted for first production.

During 2023, the project team continued to advance the feasibility study, with engineering consultants engaged to advance key areas and commence basic engineering. Personnel continued to be recruited and mobilized for the project with the majority of new hires from Balochistan. The site works were advanced with a focus on early works infrastructure. The last school was established at one of the four closest communities during the fourth quarter, which completes the initial education program with each of the four closest communities now having schools and teachers in place in line with our community development commitments. The regional Nok Khundi hospital commenced construction during the fourth quarter.

As at December 31, 2023, year-to-date project spend was $60 million (including $25 million in the fourth quarter of 2023) (100% basis). This amount is recorded in exploration, evaluation and project expense and excludes amounts relating to fixed asset purchases that were capitalized. For 2024, we expect to incur approximately $280 million (100% terms) in capital expenditure and approximately $100 million in project expenses (100% terms).

Pascua, Chile

An updated Pascua preliminary economic assessment is planned for 2024 to outline project potential scope options, and a closure EIA for the existing site was submitted during January 2024. The updated EIA corresponds to the modification of the closure phase of the Pascua mining project requested by the Chilean Environmental Court, specifically regarding water management. It intends to

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return the water flows and quality to natural conditions. This will entail the removal of certain infrastructure as per the directive received. The EIA process will include participatory monitoring, working groups and Indigenous consultation in line with our ongoing commitments and standards.

Loulo-Gounkoto Solar Project, Mali

This project entails design, supply and install of a 40 MW (48 MW peak) photovoltaic solar farm with a 36 MVA battery energy storage system to complement the existing 20 MW plant. We project a reduction of 23 million liters of fuel in the power plant as a result of this project, which translates to savings of approximately 63kt of CO2 equivalent emissions per annum. The project was staged in two phases of solar and battery storage and has been completed 12 months ahead of time. The final battery energy storage system is scheduled for commissioning on the grid in the first quarter of 2024. The project schedule status is 99% complete (up from 98% as at September 30, 2023). The ongoing activities include the optimization of the photovoltaic penetration.

As at December 31, 2023, project spend was $73 million (including $1 million in the fourth quarter of 2023) and the project is expected to finish below the original capital cost of approximately $90 million (100% basis).

Jabal Sayid Lode 1, Saudi Arabia

The scope of this project is to develop and mine a new orebody, located less than a kilometer from the existing lode at Jabal Sayid. The project design includes underground capital development as well as ventilation, paste plant and underground mining infrastructure upgrades where stoping commenced during the third quarter of 2023. The up-cast ventilation raise bore shaft is fully equipped and the reaming of the fresh air ventilation shaft has been completed. The reagent plant and direct flow reactor has been commissioned with optimization ongoing. Civil, mechanical and electrical construction for the new paste plant is progressing well. The project is 95% complete (up from 88% as at September 30, 2023)

As at December 31, 2023, project spend was $42 million (including $4 million in the fourth quarter of 2023) out of a revised estimated capital cost of approximately $43 million (100% basis).

Lumwana Super Pit Expansion, Zambia19

The Lumwana Super Pit Expansion is projected to deliver 240,000 tonnes of copper production per year, from a 50mtpa process plant expansion, with a mine life of more than 30 years. During the fourth quarter of 2022, we began a transition to an owner-miner fleet for waste stripping at Lumwana following a study which concluded that this option could result in a 20% cost reduction within the first five years versus contracted services. Separately, this strategy positions the operation well for the Super Pit expansion.

testing, which will provide inputs into the plant Feasibility Study design. Geotechnical site investigation drilling of the PFS project layout continued during the quarter, focusing on the TSF expansion areas.

Financial models for the project were updated during the fourth quarter with a new mine plan, fleet and capital schedule. The project is now closing in on the completion of the PFS, expected by the end of the first quarter of 2024, with increased confidence in mine planning and capital spending. Plant ramp-up is planned to occur from 2027-2028 with a full 50 million tpa run rate expected to be achieved in 2029. Mining ramp-up would start from 2026 under this timeline, increasing to 250 million tpa capacity.

A plant feasibility study was commenced during the quarter with the completion of a competitive tender process which awarded the contract to Lycopodium. Value engineering studies are in progress around elements of the comminution circuit, with design work started on the plant and preliminary scoping completed for the construction camp. The accelerated feasibility study is scheduled for completion towards the end of 2024, with pre-construction expected to start in 2025 and 2028 targeted for first production. The plant expansion PFS completed in the third quarter of 2023 concluded that the 50Mtpa plant expansion, effectively doubling the existing circuit capable of delivering 240 thousand tpa, provided the best economic returns.

The TSF MAA was concluded in the fourth quarter, and led straight into PFS design for the TSF, which was also completed during the quarter and capital estimates were incorporated into the updated financial models. The work on the ESIA continued with water well drilling and aquifer testing in Kababisa, as well as RAP surveys which were also completed during the fourth quarter.

The owner-miner transition of the waste stripping fleet is being executed concurrently with the Super Pit PFS, which commenced in the fourth quarter of 2022. The first deliveries of the owner stripping fleet were received at the beginning of 2023 with 45 rigid body dump trucks and twelve excavators now in production. Although the delivery schedule has experienced delays, the efficiency of the new fleet has exceeded that of the previous contractor fleet, partially offsetting the shortfall in waste stripping tonnes experienced at the start of the 2023 year. The remaining and final 10 articulated dump trucks are expected to be commissioned during the first quarter of 2024.

As at December 31, 2023, project spend on the new fleet was $115 million (including $13 million in the fourth quarter of 2023, which includes the 10 trucks highlighted above) out of an estimated capital cost of approximately $115 million. For 2024, we expect to incur approximately $110 million in growth capital expenditure related to early works.

The second phase of resource conversion drilling in the Chimiwungo super-pit footprint commenced during the fourth quarter, with completion due in the first quarter of 2024. Resource conversion drilling was completed at Kababisa during the quarter. Geometallurgical samples from the down-dip extension of the Chimiwungo deposit were processed. These samples showed results that were similar in hardness to the original sampling campaign completed for the original Lumwana process design. Flotation work is in progress concurrently with comminution

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Exploration and Mineral Resource Management

The foundation of our exploration strategy is a deep organizational understanding that discovery through exploration is a long-term investment and the main value driver for the business - not a process. Our exploration strategy has multiple elements that all need to be in balance to deliver on Barrick's business plan for growth and long-term sustainability.

First, we seek to deliver projects of a short- to medium-term nature that will drive improvements in mine plans. Second, we seek to make new discoveries that add to Barrick's Tier One Gold Asset[1] portfolio. Third, we work to optimize the value of our major undeveloped projects and finally, we seek to identify emerging opportunities early in their value chain and secure them by an earn-in or outright acquisition, where appropriate.

During 2023, our exploration work has expanded in all regions with the addition of new projects, while ongoing work continues to return encouraging results at all stages of the target pipeline. In Canada, we are building a solid portfolio of projects with encouraging early results which will be drill tested in 2024. In the United States, we have secured several exciting prospects outside the Carlin district, and the Nevada exploration team continues to identify new opportunities around our Carlin operations, most notably this year with high-grade drill intersections from the northern extensions of Fourmile, confirming the potential to deliver another Tier One[1] deposit in the district. In Latin America, a portfolio of exciting targets in Peru were progressed and are permitted for drilling in 2024. We entered Ecuador, completing initial mapping and geochemical programs across a very prospective ground position. Around Pueblo Viejo and Veladero, our team continues to return strong results, identifying new satellite potential at both operations. In the Africa and Middle East region, we have confirmed high-grade mineralization on key structures around our deposits in Mali, DRC, and Côte D’Ivoire and in Tanzania we expanded our ground holding significantly and have identified multiple alteration systems beneath cover around North Mara. In Saudi Arabia, early drilling at the Umm Ad Damar project has identified VMSstyle mineralization and alteration at all targets. We also continue to evaluate opportunities across the Asia-Pacific region as we progress targets around Reko Diq in Pakistan and across Japan. Through 2024, we plan to maintain a healthy balance in our exploration focus between earlystage and advanced exploration projects to deliver on Barrick’s growth and long-term business plan.

The following section summarizes the exploration results from the fourth quarter of 2023.

North America

Carlin, Nevada, USA[20, 21, 22, 23]

Conversion drilling from the underground continued in the fourth quarter across the entire Greater Leeville area. Stepout drilling from surface at the Horsham target intercepted a narrow zone of mineralization immediately footwall to the camp-scale controlling Leeville Fault, some 100 meters from underground drilling. Hole HSX-23002 returned 8.4 meters at 5.85 g/t Au, showing that the system remains open to the east and north of the existing underground

drilling completed earlier this year (HSC-23001 32.6 meters at 32.88 g/t Au).

South of Leeville, at Rita K, underground step-out drilling targeting mineralization to the west in Upper Rita K, successfully intersected high-grade mineralization near the Rodeo Creek and Popovich contacts (a significant mineral host across the Greater Leeville area). RKU-23014 returned a total intercept of 18.6 meters at 9.33 g/t Au (including 6.4 meters TW at 17.69 g/t Au), confirming the presence of mineralization over 120 meters away from previous underground drilling at Rita K Lower. Surface follow-up drilling in 2024 aims to shore-up continuity at Upper Rita K ahead of an exploration decline being developed here, from which underground conversion drilling can begin.

At the Ren deposit, step-out surface drilling successfully intercepted a narrow, high-grade zone of mineralization within a 200 meter gap between historic surface drilling in the northwest and underground drilling to the southeast of hole REN-23001B. The hole intersected the targeted Corona dike at a depth of approximately 900 meters downhole and returned 4.7 meters at 24.90 g/t Au, confirming the continuity of high-grade mineralization and paving the way for underground platform development in the future to convert more material to the west.

Three kilometers to the northeast of Leeville, at the Black Pearl target, framework drilling has intersected potential carbonate host rocks shallower than anticipated, albeit unaltered. Surface target delineation work in the area has identified several corridors of anomalous geochemistry along mapped structures which will be targeted in 2024.

To the west of Leeville, framework drilling in the sparsely drilled Little Boulder Basin returned multiple thin high-grade intercepts including 2.6 meters at 6.35 g/t Au (LBB-23010) within a broader, 27 meter zone of alteration. Consistent with previous results hundreds of meters to the south, mineralization occurs in sulfidized breccia at the top of a 200 meter thick package of thrust faulted carbonate rocks. The altered thrust sequence remains open to the north and will be evaluated for additional drilling in 2024.

Cortez, Nevada, USA[24, 25]

Underground drilling focused around the CHUG Hanson target, with three major step-out holes completed in the fourth quarter to assess upside potential, outside of the well-defined zone of mineralization within the Heart of Hanson. Two drill holes returned high-grade, with CMX-23018 returning the highest gram-meter result at the Hanson target to date: 33.2 meters at 18.42 g/t Au. This result pushes known mineralization out some 290 meters from previous drilling and shows the system remains open to the west. Hole CMX-23017, drilled some 200 meters to the north, returned a narrow intercept of 2.1 meters at 23.15 g/t Au, showing the system also remains open up-plunge. Drilling in 2024 will continue stepping out from these highgrade intercepts.

At the Robertson open-pit project, step-out drilling to the north and west around the Distal target continued to support the exploration upside potential at this target, outside of existing resource pit designs. Best results include DTL-23012 (8.7 meters TW at 1.06 g/t Au), and DTL-23013 (7.6 meters TW at 1.77 g/t Au; 9.3 meters TW at 1.78 g/t

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Au; and, 6.6 meters TW at 1.74 g/t Au), with follow-up drilling planned in 2024.

Fourmile, Nevada, USA[26]

At Fourmile, additional drill holes were completed in the fourth quarter along the prospective corridor between Sophia and Dorothy following up on FM23-181D (previously reported in the second quarter of 2023; 28.7 meters at 51.10 g/t Au) with two holes intersecting thin, high-grade mineralization along the Sadler Fault. Hole FM23-188D returned 3.8 meters at 16.26 g/t Au and 1.4 meters at 9.91 g/t Au and drillhole FM23-187D returned two thin, highgrade intervals of 1.8 meters at 57.23 g/t Au and 2.6 meters at 40.22 g/t Au.

The 2023 drill program at Fourmile has established continuity at 100-200 meter spacing along the Sadler Fault between the Sophia Zone, currently the north end of the Fourmile resource, and the Dorothy Zone, a further 750 meters to the north. Additionally, results from FM23-181D highlight the potential for thick, breccia-hosted bodies along the prospective corridor. Further infill drilling targeting upside at Fourmile is planned with an expanded drilling program in 2024.

Turquoise Ridge, Nevada, USA[27]

Step-out drilling in the southern end of the Turquoise Ridge Underground intersected a narrow zone of high-grade mineralization in one of the last drill fans of the year. TUM-23307 returned 4.8 meters at 95.18 g/t Au (including 2.0 meters at 212.00 g/t Au) within a strongly sheared package of Lower Comus, proximal to the projection of the Bullion Fault. Mineralization remains open both down-dip to the east and along strike to the south, where little to no previous drilling has tested these depths.

Surface step-out drilling at the southern end of the Mega pit at Twin Creeks intercepted significant mineralization along the Lopear Thrust, a known mineral controlling structure within the main portion of the Mega pit. TSG-23003A returned a thick intercept of 63.3 meters TW at 4.42 g/t Au, at the base of the projected resource pit design.

At the Mega Feeder target, drilling is in progress on a framework hole to the north, proximal to the 20K Fault, a Getchell Fault-parallel structure on the Twin Creeks side of the district. This hole will also intersect the Nexus Anticline in the favorable middle Comus host rocks. The hole is currently drilling above target and will be completed in the first quarter of 2024, but to date, multiple zones of elevated Carlin chemistry and alteration have been observed in the silicalistic stratigraphy above the carbonate host rocks at depth. As previously discussed, the potential for a high-grade, feeder-type target beneath the Twin Creeks deposit remains high, and continues to be one of the highest priority target concepts for exploration in the district.

Pearl String, Nevada, USA

A four hole follow-up phase of RC drilling was completed on the Pearl String property during the fourth quarter. Drilling was designed as 300 to 500 meter step-out holes to the strongest volcanic-hosted high sulfidation geochemistry and alteration encountered in Phase 1 drilling earlier in the year, and was focused in the southeast pediment target area of the property. Assay results are pending, however alteration

and pXRF geochemistry are similar to the previous holes drilled.

Hemlo, Canada[28]

Reserve conversion drilling from surface targeted E-Zone and Horizon west of the C-Zone. Drilling confirmed the modeled continuity of mineralization, while also increasing our understanding of lithological controls on mineralization in the Horizon zone. Results from Horizon include 38.4 meters TW at 0.95 g/t Au in drillhole W2381. Results from E-Zone include 67.9 meters TW at 1.25 g/t Au in drillhole W2368; 10.0 meters TW at 3.98 g/t Au in drillhole W2370; and 22.0 meters TW at 2.64 g/t Au in drillhole W2371.

Pic, Ontario, Canada

A nine hole drill program was completed in the fourth quarter, testing targets generated over the last two field seasons by diamond drilling – Porphyry Lake (two holes), Moses-Beggs Lake (five holes) and Roccian Lake (two holes). Although localized mineralization was intersected in each target area, overall grades were low, narrow, and discontinuous at each target. No further follow-up work is planned at these targets as mineralization encountered is generally consistent with that at surface and is interpreted to explain the anomalism that drove target generation.

Sturgeon, Ontario, Canada

Comprehensive belt scale exploration, including a till survey and geological prospecting and mapping, identified two priority targets to be drilled on Sturgeon Lake. Follow-up programs in 2024 include drilling the Rainbow Trend, a 1.9 kilometer long deformation zone along the contact between intrusive and mafic volcanic rocks identified on sparse island outcrops near the south shore of Sturgeon North Arm. Grab samples in the deformation zone have returned high-grade gold values up to 141 g/t Au. The East Bay target is a 6 by 4 kilometer gold-in-till anomaly associated with increased sulfidation and alteration of intrusive rocks, as well as quartz veins with multiple orientations cutting the mafic to intermediate host rocks.

Patris, Quebec, Canada

Geophysical surveys were completed along the La Pause fault, a major break separating volcanic rocks to the northeast and sedimentary rocks to the southwest. A significant chargeability anomaly corresponds with recently identified altered and folded intrusive rock within the sedimentary basin (as reported in the third quarter). This emerging target will be drilled in 2024. A comprehensive drill-for-till program is also planned to further assess the prospectivity of the sedimentary basin.

Latin America & Asia-Pacific

Pueblo Viejo, Dominican Republic

At Pueblo Grande Norte, a total of four framework drillholes were completed. Drill holes identified permeable rocks affected by high-sulfidation mineralization with strong dissemination of several events of sulfides. This drilling is opening a new search space several kilometers to the west of the Montenegro pit. Follow-up drilling will take place starting in the first quarter of 2024.

At Zambrana, to the southeast of the Moore pit, two drillholes were completed. Both holes intercepted shallow oxide mineralization with expected gold mineralization from surface up to approximately 30 to 40

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meters (pending laboratory results). At depth, coincident with the high chargeability IP anomaly, the holes intercepted permeable rocks affected by PV-type alteration with several events of sulfide mineralization (assays pending). Follow-up drilling is planned in the first quarter of 2024.

At Pueblo Grande Sur, located several kilometers to the southeast of the Moore pit, two targets with coincident soil anomalies and geophysical anomalies (chargeability) had been identified. Fieldwork is in progress to define drill targets, with drilling planned in the second half of 2024.

Regional Exploration, Dominican Republic

A full integration and reinterpretation of legacy data on a consolidated Barrick property portfolio located in the western Dominican Republic has been completed. Several areas of interest had been identified with field work to define the geological framework, mineral potential and target areas to be conducted during 2024.

Veladero District, Argentina

Following on from the definition of a mineral inventory after the first diamond drilling campaign at the Morro Escondido target, the metallurgical sampling program continues as part of the study to optimize the project economics. The exploration team is evaluating the geological extensions to mineralization along the La Ortiga Trend with a large ground Controlled Source Audio Magneto Telluric (CSAMT) geophysical survey planned during the first half of 2024 from Cerro Lila in the north of the trend, to the Julieta target area south of Morro Escondido.

In the fourth quarter of 2023, within the wider La Ortiga Trend, five targets were tested in the Cerro Lila area, which intersected weak high sulfidation alteration and structurally controlled gold mineralization, however, positive porphyry-type evidence was seen, vectoring towards the Domo Negro target, opening a search space for gold copper porphyry mineralization. Fieldwork to follow up on these results is in progress.

The exploration team is conducting field work on the other high priority targets defined in the Veladero district. During the fourth quarter, two targets located along the Pascua-Lama trend, Azul and Domo Fabiana East, were confirmed as high potential areas of interest for high sulfidation mineralization. Field work is ongoing, aiming to define drill-ready targets by the second quarter of 2024. Subject to results, drilling is expected after the Andean winter.

As reported previously, the drilling results at the Antenas-Chispas target had reduced the search zone to a 1 kilometer by 2 kilometer area of interest with favorable hydrothermal alteration present. Plans to return in the fourth quarter of 2023 were pushed to the first quarter of 2024 due to prioritization of drilling in the Veladero orebody for end of 2023. This program will test the final zone of interest with two or three more holes.

Drilling of the Lama targets remains suspended. Geological reviews of results are ongoing to determine if a follow-up program is warranted. As previously reported, those targets with a low potential to pass investment filters have been removed from the portfolio.

Northern Chile

Generative work is ongoing, aiming to secure a strong portfolio of district-scale projects that provides exploration optionality. During the fourth quarter, a desktop prospectivity review was completed, and the team progressed to field-validation of the highest ranked areas.

El Indio Camp, Chile

In the El Indio district, limited field work resumed after the end of the winter season, with the team outcrop mapping and conducting traverses over the areas of interest. Work progressed with selection of drill contractors and drill collar locating for an additional small drilling campaign, targeting the potential for a structurally controlled, high-grade feeder zone in the Sancarron target, which is a follow-up to drilling completed in 2023.

Peru

Field work continues to focus on building a high-quality portfolio of district-scale projects across the country. Four areas of interest are advancing in parallel, with projects at different stages, from target delineation to generative.

Following the consolidation of the Pataqueña District, further mapping, sampling, and ground geophysical surveys defined four large targets with favorable geology (alteration and host rocks) in a promising structural setting. Pataqueña is an intermediate sulfidation epithermal system. All permits to complete the drilling campaign have been secured and drill platforms and accesses defined. Drilling is planned for after the wet season, in the second quarter of 2024.

Following the positive results from early work at the Libelula District, in the fourth quarter the team completed regional-scale traversing, confirming new areas of interest between Pierina and Libelula. These areas were secured with two newly consolidated ground positions for a total of 140 km[2] . Detailed geological mapping and sampling will be conducted during 2024. At Libelula itself, field mapping and sampling is ongoing, with ground geophysical surveys planned in early 2024, aiming to have drill-ready targets by the third quarter of 2024.

Reconnaissance field work is planned in two other areas of interest where Barrick has consolidated a districtscale position.

Ecuador

Following Barrick’s successful participation in a public tender process (which was conducted by ENAMI EP, the state-owned mining company of Ecuador) and the signing of a commercial framework agreement with ENAMI EP, Barrick’s exploration team conducted early regional reconnaissance prospecting work on various districts found in the southern Jurassic Belt, which hosts the Mirador and Fruta del Norte deposits. Early results from such work are positive, confirming the epithermal and/or porphyry potential of the districts.

Barrick continues to work with ENAMI EP on implementing the framework agreement.

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Porgera, Papua New Guinea

Drilling of the Wangima target resumed in late December 2023, upon approval of the restart, with two core underground rigs. Additional rigs will be added to the program in the first quarter of 2024, as operations ramp back up to full scale. No significant meters were drilled prior to the end of the year.

Japan Gold Strategic Alliance, Japan

In Japan, four priority projects are advancing, two in the northern Hokkaido Island (Aibetsu and Hakuryu), one in the central Honshu Island (Togi) and one in the southern Kyushu Island (Mizobe).

At Aibetsu, a CSAMT survey (4 lines, 16.3 linekilometers) was completed, confirming northeast trending structures potentially associated with low sulfidation mineralization.

At Hakuryu, detailed field mapping and sampling was completed, identifying an outcropping preserved low sulfidation system. Follow-up work is planned after winter.

At the Togi project, four lines of CSAMT ground survey were completed, for a total of eight line kilometers. The survey confirmed the high potential for a preserved, buried low sulfidation system with multiple events of alteration and mineralization identified. Drilling is expected to start in the second half of 2024.

At the Mizobe project, four holes were completed during the fourth quarter, for a total of 1,271 meters. Two holes extend the hydrothermal system intercepted by MZDD23-03 previously reported, 500 meters to the southeast. This second drilling campaign confirmed a complex hydrothermal system intersecting evidence of multiple alteration and mineralization events. A complete set of assay results for the four drill holes are expected in February. Data integration and interpretation will follow.

Asia Pacific

The exploration team continues its focus on reviewing and evaluating new exploration opportunities at different stages across the Asia Pacific region.

Africa and Middle East

Senegal, Exploration

On the Bambadji joint venture, framework drilling continued on the 26-kilometer prospective corridor of the Bambadji Main Shear Zone. In the fourth quarter, drilling was carried out at the Gefa target, the third priority target located in one of the most interesting geological settings where the first two holes drilled have potentially showed the first evidence of a contact shear zone and brecciation between the Faleme and the Kofi Domains. Although all results are pending, significant alteration intervals and strong sulfide mineralization have been intersected, confirming the extension of the Gefa mineralized system down to 375 meters vertical depth. In addition to these targets, kilometer-scale gaps still exist along the corridor and numerous programs are being designed to investigate these underexplored settings with preserved potential for discovery. On the early stage exploration permits of Bambadji South and Dalema, target generation will continue while RC drilling will aim to advance priority targets recently defined by results from auger drilling programs.

Loulo-Gounkoto, Mali[29]

At Yalea, phase-1 deep framework drilling has commenced and is ongoing to test the potential for large scale extensions and/or repetitions of the main high-grade Yalea system at depth beneath the deposit. Additional near mine targets have been identified along strike based on field mapping and encouraging rock-chips sampling, including high-grade values over a 1.5 kilometer strike. Follow-up work is planned in the first quarter of 2024 to progress the deep and near surface opportunities around Yalea.

At Baboto, following the encouraging drill results reported last quarter, a second phase of drilling to assess the deep potential was completed. The mineralized system is still open and has been extended to 200 meters vertical depth with the most significant intersection being open to the north along strike: BNRCDH335: 6.20 meters at 4.41 g/t Au and 17.5 meters at 2.41 g/t Au, including 4.20 meters at 4.48 g/t Au. A shallow drill program is also in progress to assess the potential for additional open cast resources and additional drilling is planned early in 2024 to assess the potential of the wider system at depth.

At Gounkoto, a geological model review of the Gounkoto deposit and the primary controlling “Domain Boundary” structure has highlighted multiple targets. Drilling is in progress to test for a system replication at depth beneath Main Zone 1 and initial results from an ongoing framework drilling program along the southern extension of the Domain Boundary returned strong mineralization in the first hole (DB1RC055: 24 meters at 2.45 g/t Au) highlighting the potential along the structure. These key programs will progress through the first quarter of 2024 with the aim of defining opportunities with significant impact on the LouloGounkoto life of mine.

Tongon, Côte D’Ivoire

Within the Nielle permit, a new pit optimization on the Koro A2 target was completed, confirming its potential to become a satellite pit. Meanwhile, a reconnaissance air core drilling program has extended the strike of the mineralized system beyond one kilometer within the neighboring Korokaha North license, where infill and follow-up drilling will be executed in early 2024. Additionally, target generation programs including auger drilling and ground geophysical surveys are planned for the first quarter 2024 to generate new high-impact targets with the potential to further extend the Tongon life of mine.

At Fonondara, the drill program designed to assess the viability of the deposit as a satellite for Tongon has been completed, full assay results and metallurgical test work are pending.

Kibali, DRC[30]

At KCD, the remaining assay results from the framework drilling program NW of KCD were received, confirming the presence of a mineralized system over 500 meters along plunge on the interpreted CS Domain Boundary, upgrading the potential of the western closure of the CS Domain Boundary, a mirror setting to the 5000 Lode. Significant intersections include DDD613: 5.30 meters at 6.68 g/t Au from 173.1 meters; and DDD611: 5.00 meters at 7.53 g/t Au from 9 meters and 13.55 meters at 2.02 g/t Au from 103 meters. A follow-up drilling program of eight holes on four fences, designed to define the geometry of the CS Domain Boundary mineralization near surface, is in progress.

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At Oere, the remaining two drill holes of the framework drilling program were completed in the fourth quarter, confirming the down dip extension of the mineralization 200 meters below the existing resource to 450 meters vertical depth. These results support the continuity of the system down dip and highlight that highgrade mineralization remains open at depth. Building on results reported in the third quarter of 2023, assays received this quarter were highly encouraging, with ORDD0113 returning 9.0 meters at 2.28 g/t Au, ORDD0114 with 22.41 meters at 5.43 g/t Au from 333.24 meters and ORDD0116 with 20.00 meters at 2.44 g/t Au from 359.4 meters. These additional intersections support the potential of the deposit to deliver a viable underground satellite approximately 12 kilometers from the plant. Follow-up drill programs at Oere will be a key exploration focus in 2024. These encouraging results reinforce the prospectivity of the entire KZ North trend for the discovery of additional blind high-grade shoots.

At Agbarabo-Rhino, the drilling program targeting the down plunge extension of the Rhino, Agbarabo and ancillary lodes was completed this quarter. Results highlight the potential for additional lodes and the continuity of the main lodes, demonstrated by ADD031 which intersected 26.71 meters at 6.63 g/t Au from 75.35 meters, related to a shallow mineralized system representing an opportunity for expanded open pit potential, and 25.47 meters at 3.64 g/t Au from 216.15 meters, representing the down plunge of the Rhino main mineralization reinforcing the underground satellite opportunity. The program has been successful in confirming the 250 meters down plunge extension of the Rhino Main high-grade mineralization, extending over 130 meters laterally. A follow-up drill program is planned in the first quarter of 2024 to test the potential of the target to deliver open pit resources and a significant underground satellite for the Kibali operation.

At Zambula, a follow-up drilling program of 24 RC holes started this quarter to test the open pit potential of the approximately two kilometers strike length of the ZambulaMaban shear corridor located within 15 kilometers of the plant. Drilling is in progress with encouraging results received to date indicating higher-grade zones within the multi-kilometer strike of the structure. Key results are headlined by ZBRC0025, which returned a 100 meter wide zone of nearly continuous mineralization containing two high-grade intervals of 19.00 meters at 5.24 g/t Au and 19.00 meters at 5.44 g/t Au, in addition to other significant results including: ZBRC0027 26.00 meters at 1.74 g/t Au (including 3.00 meters at 3.81 g/t Au); ZBRC0032 8.00 meters at 7.80 g/t Au (including 4.00 meters at 13.24 g/t Au); ZBRC0033 16.00 meters at 2.0 g/t Au (including 6.00 meters at 3.94 g/t Au). Drilling will be completed early in 2024.

North Mara and Bulyanhulu, Tanzania

At North Mara, framework drilling through postmineralization cover and ground geophysics continued along the Gokona corridor this quarter. RC drilling at Shakta, eight kilometers northwest of Gokona, has extended the gold-bearing hydrothermal system identified last quarter to over 500 meters width and one kilometer along strike. Several holes have returned anomalous halos within Gokona-style altered host rocks, indicating the potential for a large-scale system. The system remains open along strike, and further drilling will be completed

early in 2024 to assess the potential of the target to deliver a new discovery. Framework RC drilling at Tagota commenced this quarter, located 20 km northwest of Gokona, initial drill holes have delineated two one-plus kilometer alteration trends with mineralized veining and disseminated sulfides associated with wide anomalous intersections, indicative of a hydrothermal system that has the potential to generate a significant deposit.

At Bulyanhulu, geochemical framework drilling continued within the northwest tenement holdings, successfully confirming continuity to Bulyanhulu-type geology and potentially mineralized host structures beneath the expansive post-mineral lake sediment cover. Assay results are expected in early 2024 and pending success, further drilling will be completed, aiming to deliver flexibility to the Bulyanhulu plant.

Lumwana, Zambia

Resource conversion drilling in Kababisa and Kamisengo was completed during the quarter, with approximately 26,000 meters drilled on the two deposits. Resource conversion drilling is also taking place within the Chimiwungo Super Pit footprint and is expected to be complete by the end of the first quarter of 2024 with 13,000 meters drilled during the fourth quarter of 2023.

The Lumwana Expansion PFS is expected to be completed by the end of the first quarter of 2024, and will transition into a Feasibility Study, due to be completed by the end of 2024.

Jabal Sayid, Kingdom of Saudi Arabia

Exploration within the Jabal Sayid mining license in the fourth quarter focused on building the geological model at Janob through integration of drill data with detailed surface mapping along the continuation of the paleosurface one kilometer southwest of Lode 1. Drilling to fully assess the depth, strike extent and orientation of the Janob feeder style mineralization will commence in the first quarter of 2024 in parallel with a license scale geological review to generate additional near mine targets.

At the Jabal Sayid South Exploration License, located immediately south of Jabal Sayid, regional and prospect scale mapping has been progressing targets along the extension of the prospective stratigraphy. Framework drilling commenced during the fourth quarter focusing on the extension of the paleosurface from Jabal Sayid. Targets are being ranked and prioritized for further drill testing in the first quarter of 2024.

At Umm ad Damar, diamond drilling commenced with a framework program designed to inform updated geological models for the highest priority historical prospects. VMS style mineralization has been intersected at all targets drilled this quarter with assays pending; results will be integrated into the geological models to identify and prioritize the highest impact opportunities to progress with further drilling in the first quarter of 2024. Additionally, the airborne geophysical survey is also planned to commence in the first quarter alongside a geochemical drill program to support the generation of additional targets.

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REVIEW OF FINANCIAL RESULTS

Revenue

($ millions, except per ounce/pound data in dollars)	For the three months ended	For the three months ended		For theyears ended	For theyears ended
	12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
Gold
000s oz solda	1,042	1,027	4,024	4,141	4,468
000s oz produceda	1,054	1,039	4,054	4,141	4,437
Market price
($/oz)	1,971	1,928	1,941	1,800	1,799
Realized
price ($/oz)b	1,986	1,928	1,948	1,795	1,790
Revenue	2,767	2,588	10,350	9,920	10,738
Copper
millions lbs solda	117	101	408	445	423
millions lbs produceda	113	112	420	440	415
Market price
($/lb)	3.70	3.79	3.85	3.99	4.23
Realized
price ($/lb)b	3.78	3.78	3.85	3.85	4.32
Revenue	226	209	795	868	962
Other sales	66	65	252	225	285
Total revenue	3,059	2,862	11,397	11,013	11,985

• a. On an attributable basis.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

Our 2023 gold production of 4.05 million ounces was slightly below the guidance range of 4.2 to 4.6 million ounces. As previously disclosed, this was mainly due to lower than planned production at Pueblo Viejo due to lower throughput associated with the delayed commissioning and ramp-up of the expanded processing plant. This was combined with lower than planned production at NGM, mainly at Carlin as production was impacted primarily by unplanned downtime at the Goldstrike autoclave in the second half of the year, and at Cortez due to lower than forecasted oxide grades out of Crossroads and the slower than expected ramp-up at Goldrush which was partly due to the delay in receiving the ROD (the ROD was received late in the fourth quarter). As expected and previously disclosed, copper production of 420 million pounds for 2023 was within the guidance range of 420 to 470 million pounds.

Q4 2023 compared to Q3 2023

In the fourth quarter of 2023, gold revenues increased by 7% compared to the prior quarter primarily due to a higher realized gold price[6] , combined with higher sales volume. The average realized price for the three month period ended December 31, 2023 was $1,986 per ounce versus $1,928 per ounce for the prior quarter. During the fourth quarter of 2023, the gold price ranged from $1,811 per ounce to an all-time nominal high of $2,135 per ounce and closed the quarter at $2,078 per ounce. Gold prices in the fourth quarter of 2023 continued to be volatile as a result of expectations for benchmark interest rate cuts, a weakening trade-weighted US dollar, and geopolitical concerns,

including the conflicts in the Middle East and the ongoing conflict in Ukraine.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz) Q4 2023 compared to Q3 2023

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----- Start of picture text -----

Q3 2023 1,039
Cortez (61.5%) 25
Other 13
Pueblo Viejo (60%) 11
Turquoise Ridge (61.5%) 1
North Mara (84%) (3)
Bulyanhulu (84%) (5)
Carlin (61.5%) (6)
Kibali (45%) (6)
Loulo-Gounkoto (80%) (15)
Q4 2023 1,054
----- End of picture text -----

In the fourth quarter of 2023, attributable gold production was 15 thousand ounces higher than the prior quarter, primarily driven by stronger performance at Cortez mainly due to higher grades, at Phoenix (included in the “Other” category above) as planned maintenance was performed in the prior quarter, and at Pueblo Viejo reflecting higher recovery and higher grades processed. This was partially offset by lower production at Loulo-Gounkoto, as planned, due to lower grades processed.

Copper revenues in the fourth quarter of 2023 increased by 8% compared to the prior quarter, primarily due to higher copper sales volume, while the realized copper price[6] was in line with the prior quarter. The average market price in the fourth quarter of 2023 was $3.70 per pound versus $3.79 per pound in the prior quarter. In the fourth quarter of 2023, the realized copper price[6] was higher than the market copper price due to the impact of positive provisional pricing adjustments, whereas a small negative provisional pricing adjustment was recorded in the prior quarter. During the fourth quarter of 2023, the copper price ranged from $3.56 per pound to $3.95 per pound and closed the quarter at $3.84 per pound. Copper prices in the fourth quarter of 2023 were influenced by concerns about slowing economic growth, especially in China, supply disruptions, and a weakening trade-weighted US dollar.

Attributable copper production in the fourth quarter of 2023 was in line with the prior quarter, with consistent production across all three sites.

2023 compared to 2022

In 2023, gold revenues increased by 4% compared to the prior year, primarily due to a higher realized gold price[6] , partially offset by a decrease in sales volumes. The average market gold price for 2023 was $1,941 per ounce compared to $1,800 per ounce in the prior year.

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In 2023, attributable gold production was 4,054 thousand ounces, or 87 thousand ounces lower than the prior year largely driven by Carlin and Pueblo Viejo. At Carlin, this was mainly related to the closure of the Gold Quarry concentrator at the beginning of the second quarter of 2023 and the conversion of the Goldstrike autoclave to a conventional CIL process in the first quarter of 2023, and at Pueblo Viejo due to lower grades processed in line with the mine and stockpile processing plan, lower recovery and lower throughput following the delayed commissioning and ramp-up of the expanded processing plant. These impacts were partially offset by increased production at Cortez due to higher oxide ore tonnes mined and processed from Crossroads and CHUG (at a higher recovery rate), combined with higher heap leach production.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz) Year ended December 31, 2023

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----- Start of picture text -----

2022 4,141
Carlin (61.5%) (98)
Pueblo Viejo (60%) (93)
Bulyanhulu (84%) (16)
North Mara (84%) (10)
Other (9)
Loulo-Gounkoto (80%) 0
Kibali (45%) 6
Turquoise Ridge (61.5%) 34
Cortez (61.5%) 99
2023 4,054
----- End of picture text -----

Copper revenues for 2023 were 8% lower compared to the prior year due to lower copper sales volume, while the realized copper price[6] was in line with the prior year. In 2023, the realized copper price[6] was also in line with the market copper price, whereas a negative provisional pricing adjustment was recorded in 2022.

Attributable copper production for 2023 was 20 million pounds lower than the prior year, mainly due to lower grades, tonnes mined and throughput at Zaldívar, combined with lower grades processed at Lumwana.

Production Costs

	($ millions, except per ounce/pound data in dollars)	For the three months ended	For the three months ended	For theyears ended	For theyears ended	For theyears ended
		12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
	Gold
	Site operating costs	1,355	1,208	5,015	4,678	4,218
	Depreciation Royalty expense	471 92	427 90	1,756 371	1,756 342	1,889 371
	Community relations	10	11	36	37	26
	Cost of sales Cost of sales ($/oz)a	1,928 1,359	1,736 1,277	7,178 1,334	6,813 1,241	6,504 1,093
	Total cash
	costs ($/oz)b	982	912	960	862	725
	All-in
	sustaining costs ($/oz)b	1,364	1,255	1,335	1,222	1,026
	Copper
	Site
	operating costs	105	81	401	336	266
	Depreciation	86	70	259	223	197
	Royalty
	expense	16	15	62	103	103
	Community relations	2	1	4	4	3
	Cost of sales	209	167	726	666	569
	Cost of sales
	($/lb)a	2.92	2.68	2.90	2.43	2.32
	C1 cash costs
	($/lb)b	2.17	2.05	2.28	1.89	1.72
	All-in sustaining costs($/lb)b	3.12	3.23	3.21	3.18	2.62

• a. Gold cost of sales per ounce 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). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

• b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

Q4 2023 compared to Q3 2023

In the fourth quarter of 2023, cost of sales applicable to gold was 11% higher compared to the prior quarter, primarily as a result of higher sales volume and higher unit costs at Loulo-Gounkoto, Carlin and Pueblo Viejo as detailed below. Our 45% interest in Kibali is equity accounted and we therefore do not include its cost of sales in our consolidated gold cost of sales. On a per ounce basis, cost of sales applicable to gold[7 ] and total cash costs per ounce[6] , after including our proportionate share of cost of sales at our equity method investees, were 6% and 8% higher than the prior quarter primarily due to the impact of lower grades processed at Loulo-Gounkoto and Carlin, combined with higher electricity, grinding media and plant maintenance costs, as well as the impact of a 1 in 500 year tropical storm in November 2023 at Pueblo Viejo.

In the fourth quarter of 2023, gold all-in sustaining costs[6] increased by 9% on a per ounce basis compared to the prior quarter, primarily due to higher total cash costs per

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ounce[6] as described above, combined with higher minesite sustaining capital expenditures[6] .

In the fourth quarter of 2023, cost of sales applicable to copper was 25% higher than the prior quarter, primarily due to the impact of higher sales volumes. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore we do not include their cost of sales in our consolidated copper cost of sales. On a per pound basis, cost of sales applicable to copper[7] and C1 cash costs[6] , after including our proportionate share of cost of sales at our equity method investees, increased by 9% and 6%, respectively, compared to the prior quarter primarily due to lower mining efficiencies as the wet season commenced, combined with lower grades processed and lower plant recovery at Lumwana. Cost of sales per pound[6] was further impacted by higher depreciation expense, mainly at Lumwana.

In the fourth quarter of 2023, copper all-in sustaining costs[6] , which have been adjusted to include our proportionate share of equity method investees, were 3% lower per pound than the prior quarter, primarily reflecting lower minesite sustaining capital expenditures[6] at Lumwana mainly related to decreased capitalized waste stripping, partially offset by higher C1 cash costs per pound[6] .

2023 compared to 2022

In 2023, cost of sales applicable to gold was 5% higher than the prior year primarily due to higher throughput to compensate for lower grades processed, mainly at Cortez and Pueblo Viejo, combined with higher contractor and maintenance costs, specifically at NGM. This was partially offset by lower volumes sold. On a per ounce basis, cost of sales applicable to gold[7] , after including our proportionate share of cost of sales at our equity method investees, and total cash costs per ounce[6] were 7% and 11% higher, respectively, than the prior year, primarily due to lower grades processed and higher contractor and maintenance costs, as described above.

In 2023, gold all-in sustaining costs per ounce[6] increased by 9% compared to the prior year primarily due to higher total cash costs per ounce[6] , combined with higher minesite sustaining capital expenditures[6] on a per ounce basis.

In 2023, cost of sales applicable to copper was 9% higher than the prior year, primarily due to higher site operating costs combined with higher depreciation, partially offset by lower royalty expenses and lower volumes sold. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore we do not include their cost of sales in our consolidated copper cost of sales. On a per pound basis, cost of sales applicable to copper[7 ] and C1 cash costs[6] , after including our proportionate share of cost of sales at our equity method investees, increased by 19% and 21%, respectively, compared to the prior year, primarily due to lower grades processed and lower recoveries at Lumwana.

Copper all-in sustaining costs per pound[6] were 1% higher than the prior year, which was a function of the increase in total C1 cash costs per pound[6] , largely offset by lower minesite sustaining capital expenditures[6] .

2023 compared to Guidance

2023 cost of sales applicable to gold[7] and gold total cash costs[6 ] were $1,334 and $960 per ounce, respectively, which were both higher than our guidance ranges of $1,170 to

$1,250 per ounce and $820 to $880 per ounce, respectively. Gold all-in sustaining costs[6 ] for 2023 of $1,335 per ounce was also higher than the guidance range of $1,170 to $1,250 per ounce. All gold cost metrics were higher than the guidance ranges, as previously disclosed, mainly due to lower production and sales volumes combined with unplanned costs and changes in the sales mix across the different mine sites. In addition, the higher realized gold prices led to approximately $15 per ounce increase in royalties at the group level .

2023 cost of sales applicable to copper[7] and copper all-in sustaining costs[6 ] were $2.90 per pound and $3.21 per pound, respectively, which were both within our guidance ranges of $2.60 to $2.90 per pound and $2.95 to $3.25 per pound, respectively. 2023 C1 cash costs[6] of $2.28 per pound was slightly higher than our guidance range of $2.05 to $2.25 per pound.

Capital Expenditures[a]

	($ millions)	For the three months ended 12/31/23 9/30/23	For the three months ended 12/31/23 9/30/23	For theyears ended 12/31/23 12/31/22 12/31/21	For theyears ended 12/31/23 12/31/22 12/31/21
	Minesite sustainingb	569	529	2,076 2,071	1,673
	Project capital expendituresb,c Capitalized interest Total consolidated	278 14	227 12	969 949 41 29	747 15
	capital
	expenditures	861	768	3,086 3,049	2,435
	Attributable
	capital expendituresd 2023 Attributable capital	660	589	2,363 2,417 $2,200	1,951
	expenditures guidanced			to $2,600

• a. These amounts are presented on a cash basis.

• b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

• c. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.

• d. These amounts are presented on the same basis as our guidance on page 11.

Q4 2023 compared to Q3 2023

In the fourth quarter of 2023, total consolidated capital expenditures on a cash basis were 12% higher than the prior quarter due to an increase in both project capital expenditures[6] and minesite sustaining capital expenditures[6] . Project capital expenditures[6] increased by 22%, primarily due to the continued development of the TS Solar project at NGM, combined with the progress at the Yalea South project at Loulo-Gounkoto. Minesite sustaining capital expenditures[6] increased by 8% compared to the prior quarter, primarily at Cortez which was mainly due to more of the new truck fleet being commissioned in the fourth quarter of 2023, partially offset by decreased capitalized waste stripping at Lumwana.

2023 compared to 2022

In 2023, total consolidated capital expenditures on a cash basis increased by 1% compared to the prior year due to an increase in project capital expenditures[6] , while minesite

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sustaining capital expenditures[6] were relatively consistent with the prior year. Higher project capital expenditures[6 ] of 2% were mainly due to the TS Solar project at NGM, as construction began in the fourth quarter of 2022, combined with the investment in the new owner mining truck fleet at Lumwana. This was partially offset by lower project spend incurred on the plant expansion at Pueblo Viejo, as the construction was largely completed in 2023. Minesite sustaining capital expenditures[6 ] were consistent with the prior year, as increased spend on processing facilities and underground development at Carlin, higher capitalized waste stripping at North Mara, and the commencement of production at the Gounkoto underground mine were largely offset by lower capitalized waste stripping at Lumwana.

2023 compared to Guidance

Attributable capital expenditures for 2023 of $2,363 million was slightly below the midpoint of the guidance range of $2,200 to $2,600 million. Attributable minesite sustaining capital expenditures[6] and attributable project capital expenditures[6 ] of $1,590 million and $769 million, respectively, were within the guidance ranges of $1,450 to $1,700 million and $750 to $900 million, respectively.

General and Administrative Expenses

	For	the three
($ millions)	months ended		For theyears ended
	12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
Corporate administration	27	23	101	125	118
Share-based
compensationa	2	7	25	34	33
General &
administrative expenses	29	30	126	159	151
2023 General &
administrative
expenses guidance			~$180

a. Based on US$18.09 share price as at December 31, 2023 (September 30, 2023: US$15.79; 2022: US$17.21; 2021: US$19.00).

Q4 2023 compared to Q3 2023

In the fourth quarter of 2023, general and administrative expenses were in line with the third quarter of 2023, as lower share-based compensation was largely offset by higher corporate administrative expenses.

2023 compared to 2022

General and administrative expenses in 2023 decreased by $33 million compared to the prior year due to lower corporate administration expenses attributed to reductions in IT and consulting costs. This was combined with lower share-based compensation expense as a result of a lower volume of shares vested during the current year, partially offset by an increase in our share price.

2023 compared to Guidance

General and administrative expenses in 2023 of $126 million were lower than guidance of ~$180 million. Corporate administration expenses of $101 million was below our guidance of ~$130 million, highlighting the continued benefit of our cost discipline, while share-based compensation expenses of $25 million was lower than our guidance of ~$50 million due to a lower volume of shares vested during the current year.

Exploration, Evaluation and Project Costs

		For	the three
	($ millions)	months ended			For theyears ended
		12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
	Global
	exploration and evaluation	44	35	143	123	122
	Project costs:
	Reko Diq	25	16	60	14	10
	Lumwana	11	9	37	0	0
	Pascua-Lama	6	5	26	52	46
	Pueblo Viejo Other	1 8	1 8	4 41	24 47	3 26
	Corporate development	4	1	10	15	16
	Global exploration and evaluation and project expense	99	75	321	275	223
	Minesite
	exploration and
	evaluation	4	11	40	75	64
	Total
	exploration, evaluation and
	project
	expenses	103	86	361	350	287
	2023 E&E
	guidance			$180 to $200
	2023 project
	expense
	guidance			$220 to $240
	2023 total E&E
	and project
	expenses
	guidance			$400 to $440

Q4 2023 compared to Q3 2023

Exploration, evaluation and project expenses for the fourth quarter of 2023 increased by $17 million compared to the prior quarter. This was primarily due to higher project costs at Reko Diq due to the ramp-up of activities at the reconstituted project, combined with higher global exploration and evaluation costs mainly in the Latin America and Asia-Pacific region due to increased drilling activity with the end of winter in the southern hemisphere.

2023 compared to 2022

Exploration, evaluation and project costs for 2023 increased by $11 million compared to the prior year, primarily due to higher project costs. This was mainly due to higher project costs at Reko Diq due to the ramp-up of activities at the reconstituted project and PFS work for the Lumwana Super Pit. This was partially offset by lower project costs at Pascua-Lama and at Pueblo Viejo as the technical and social studies for additional TSF capacity were completed at the end of 2022, as well as lower minesite exploration and evaluation costs, mainly in the Africa and Middle East region.

2023 compared to Guidance

Exploration, evaluation and project expenses for 2023 of $361 million were lower than the guidance range of $400 to $440 million. Exploration and evaluation costs of $183 million were at the low end of the guidance range of $180 to $200 million, while project expenses of $178 million were below the guidance range of $220 to $240 million, mainly due to timing of Reko Diq expenditures.

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Finance Costs, Net

	For the three	For the three
($ millions)	months ended		For theyears ended
	12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
Interest expensea	88	100	387	366	357
Interest
capitalized	(15)	(12)	(42)	(29)	(16)
Accretion	23	22	87	66	48
(Gain)/loss on debt extinguishment	0	0	0	(14)	0
Other finance
costs	3	2	7	6	8
Finance income	**(83) **	(60)	**(269) **	(94)	(42)
Finance costs,
net 2023 finance costs, net	16	52	170 $280 to	301	355
guidance			$320

• a. For the three months and year ended December 31, 2023, interest expense includes approximately $7 million and $32 million, respectively, of non-cash interest expense relating to the gold and silver streaming agreement with Royal Gold, Inc. (September 30, 2023: $8 million; 2022: $33 million; 2021: $35 million).

Q4 2023 compared to Q3 2023

In the fourth quarter of 2023, finance costs, net decreased by 69% compared to the prior quarter, mainly due to higher finance income.

2023 compared to 2022

In 2023, finance costs, net were 44% lower than the prior year, primarily due to higher finance income earned on our cash balance, partially offset by higher accretion, both resulting from an increase in market interest rates. In addition to this, interest expense and finance income were higher versus the prior year period due to the restricted cash and associated financial liability owed to Antofagasta plc following the reconstitution of the Reko Diq project, which occurred on December 15, 2022. The restricted cash of $962 million was remitted to Antofagasta plc to extinguish the financial liability during the second quarter of 2023. Finance costs, net were further impacted by a gain on debt extinguishment mainly related to the repurchase of $319 million (notional value) of our 5.250% Notes due in 2042, which occurred in the prior year.

2023 compared to Guidance

Finance costs, net for 2023 of $170 million were lower than the guidance range of $280 to $320 million, mainly due to higher finance income earned on our cash balance resulting from an increase in market interest rates.

Additional Significant Statement of Income Items

	For the three	For the three
($ millions)	months ended		For theyears ended
	12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
Impairment
charges
(reversals)	289	0	312	1,671	(63)
Loss on
currency
translation	37	30	93	16	29
Closed mine
rehabilitation	51	(44)	16	(136)	18
Other (income)
expense	**(323) **	58	**(195) **	(268)	(67)

Impairment Charges (Reversals)

		For	the three
	($ millions)	months ended			For theyears ended
		12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
		Post-tax (our share)	Post-tax (our share)	Post-tax (our share)	Post-tax (our share)	Post-tax (our share)
	Asset impairments (reversals)
	Long Canyon	143	0	143	43	0
	Tanzania	3	0	13	0	3
	Carlin	2	0	2	0	0
	Veladero	0	0	0	318	0
	Lumwana	0	0	0	16	0
	Reko Diq Lagunas Norte Pueblo Viejo Golden Sunlight Hemlo	0 0 0 0 0	0 0 0 0 0	0 0 0 0 0	(120) 0 0 0 0	0 (86) (2) 12 4
	Pascua-Lama Other	0 0	0 0	0 5	0 4	1 4
	Total asset impairment charges
	(reversals)	148	0	163	261	(64)
	Goodwill
	Loulo-
	Gounkoto	0	0	0	950	0
	Total goodwill
	impairment charges	0	0	0	950	0
	Tax effects and NCI Total impairment charges	141	0	149	460	1
	(reversals)	289	0	312	1,671	(63)

Q4 2023 compared to Q3 2023

In the fourth quarter of 2023, we recognized $148 million (net of tax and non-controlling interests) of net impairment charges, mainly due to a long-lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon as we have decided at this time not to pursue the permitting associated with Phase 2 mining, have removed those ounces from our LOM plan and the mine has been placed on care and maintenance following the completion of further studies. In the third quarter of 2023, there were no impairment charges.

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2023 compared to 2022

In 2023, we recognized $163 million (net of tax and noncontrolling interests) of net asset impairment charges, mainly due to a long-lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon, as described above. This compares to net impairment charges of $261 million (net of tax and non-controlling interests) in 2022, mainly due to non-current asset impairments of $318 million (net of tax) at Veladero and $43 million (net of tax and non-controlling interests) at Long Canyon, partially offset by an impairment reversal of $120 million (no tax or non-controlling interest impact) on our previously held 37.5% interest in Reko Diq. In addition, we recognized a goodwill impairment of $950 million in 2022 related to Loulo-Gounkoto.

Refer to note 21 to the Financial Statements for a full description of impairment charges, including pre-tax amounts and sensitivity analysis.

Loss on Currency Translation

Q4 2023 compared to Q3 2023

Loss on currency translation in the fourth quarter of 2023 was $37 million compared to $30 million in the prior quarter. The losses in the current quarter mainly related to unrealized foreign currency translation losses from the depreciation of the Argentine peso, while the losses in the prior quarter mainly related to the devaluation of the Chilean peso, the Argentine peso and the West African CFA franc. These currency fluctuations resulted in a revaluation of our local currency denominated value-added tax receivable and local currency denominated payable balances.

2023 compared to 2022

Loss on currency translation for 2023 was $93 million compared to $16 million in the prior year. The losses in both years mainly related to unrealized foreign currency losses from the Argentine peso and to a lesser extent, the Zambian kwacha. 2023 was further impacted by the depreciation of the West African CFA franc, while 2022 was partially offset by the appreciation of the West African CFA franc. These currency fluctuations resulted in a revaluation of our local currency denominated value-added tax receivable and local currency denominated payable balances.

Closed mine rehabilitation

Q4 2023 compared to Q3 2023

Closed mine rehabilitation in the fourth quarter of 2023 was an expense of $51 million compared to a gain of $44 million in the prior quarter, mainly due to a decrease in the market real risk-free rate used to discount the closure provision during the current period, whereas the market real risk-free rate increased in the prior quarter. The current quarter was further impacted by higher closure cost estimates at various closure sites.

2023 compared to 2022

Closed mine rehabilitation for 2023 was an expense of $16 million compared to a gain of $136 million in the prior year. The expense mainly related to a decrease in the market real risk-free rate used to discount the closure provision in the current period, while the market real risk-free rate increased in the prior year.

Other (Income) Expense

Q4 2023 compared to Q3 2023

In the fourth quarter of 2023, other income was $323 million compared to other expense of $58 million in the prior quarter. Other income in the fourth quarter of 2023 mainly related to a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. This was partially offset by care and maintenance expenses incurred at Porgera during the quarter. In the prior quarter, other expense primarily related to care and maintenance expenses at Porgera, as well as litigation accruals and settlements.

2023 compared to 2022

Other expense was $195 million in 2023 compared to other income of $268 million in the prior year. In 2023, other expense mainly related to care and maintenance expenses at Porgera, the $30 million commitment we made towards the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership, combined with litigation accruals and settlements. This was partially offset by a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. In 2022, other income mainly related to a fair value gain of $300 million on the additional interest in the Reko Diq project and the combined $63 million gain on the sale of two royalty portfolios, partially offset by care and maintenance expenses at Porgera and supplies obsolescence at Bulyanhulu and North Mara.

For a further breakdown of other expense (income), refer to note 9 to the Financial Statements.

Income Tax Expense

Income tax expense was $861 million in 2023. The unadjusted effective income tax rate for 2023 was 31% of the income before income taxes.

The underlying effective income tax rate on ordinary income for 2023 was 24% after adjusting for the impact of net impairment charges; the impact of the sale of non-current assets, including the reorganization of Porgera; the resolution of uncertain tax positions; the impact of foreign currency translation losses on current and deferred tax balances; the impact of the recognition and derecognition of deferred tax assets; the impact of prior year adjustments; the impact of updates to the rehabilitation provision for our non-operating mines; the impact of nondeductible foreign exchange losses; the impact of the Porgera mine being on care and maintenance until December 22, 2023; and the impact of other expense adjustments.

We record deferred tax charges or credits if changes in facts or circumstances affect the estimated tax basis of assets and therefore, the expectations in our ability to realize deferred tax assets. The interpretation of tax regulations and legislation as well as their application to our business is complex and subject to change. We have significant amounts of deferred tax assets, including tax loss carryforwards, and also deferred tax liabilities. We also have significant amounts of unrecognized deferred tax assets (e.g. for tax losses in Canada). Potential changes in any of these amounts, as well as our ability to realize deferred tax assets, could significantly affect net income or cash flow in future periods. For further details on income tax expense, refer to note 12 to the Financial Statements.

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Reconciliation to Canadian Statutory Rate For the years ended At 26.5% statutory rate	12/31/23 746	12/31/22 446
Increase (decrease) due to:
Allowances and special tax deductionsa	(184)	(146)
Impact of foreign tax ratesb	(79)	(146)
Non-deductible expenses / (non-taxable
income)	72	(38)
Goodwill impairment charges not tax deductible	0	325
Taxable gains on sales of non-current
assets	6	1
Net currency translation losses on current
and deferred tax balances	289	59
Tax impact from pass-through entities and
equity accounted investments	(183)	(196)
Current year tax results sheltered by
previously unrecognized deferred tax assets	(22)	33
Recognition and derecognition of deferred tax assets	(142)	15
Adjustments in respect of prior years	23	17
Increase to income tax related contingent
liabilities	54	13
Impact of tax rate changes	(2)	0
Withholding taxes	61	82
Mining taxes Tax impact of amounts recognized within accumulated OCI	224 (2)	201 (7)
Other items Income tax expense	— 861	5 664

a. We are able to claim certain allowances, incentives and tax deductions unique to extractive industries that result in a lower effective tax rate.

b. We operate in multiple foreign tax jurisdictions that have tax rates different than the Canadian statutory rate.

The more significant items impacting income tax expense in 2023 and 2022 include the following:

Currency Translation

Current and deferred tax balances are subject to remeasurement for changes in foreign currency exchange rates each period. This is required in countries where tax is paid in local currency and the subsidiary has a different functional currency (typically US dollars). The most significant relate to Argentine and Malian tax balances.

In 2023 a tax expense of $289 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and strengthening of the West African CFA franc against the US dollar. In 2022, a tax expense of $59 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and the West African CFA franc against the US dollar. These net translation losses are included within income tax expense.

Withholding Taxes

In 2023, we have recorded $5 million (2021: $66 million) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in Saudi Arabia. We have also recorded $26 million (2022: $36 million, related to Tanzania and the United States) of dividend withholding taxes related to the distributed earnings of our subsidiaries in Saudi Arabia, Tanzania and the United States.

Accounting for Joint Ventures and Associates

NGM is a limited liability company treated as a flow through partnership for US tax purposes. The partnership is not subject to federal income tax directly, but each of its partners is liable for tax on its share of the profits of the partnership. As such, Barrick accounts for its current and deferred income tax associated with the investment (61.5% share) following the principles in IAS 12.

Mining Taxes

NGM is subject to a Net Proceeds of Minerals tax in Nevada at a rate of 5% and the tax expense recorded in 2023 was $105 million (2022: $88 million). The other significant mining tax is the Dominican Republic’s Net Profits Interest tax, which is determined based on cash flows as defined by the Pueblo Viejo Special Lease Agreement. A tax expense of $nil (2022: $110 million) was recorded for this in 2023. Both taxes are included on a consolidated basis in the Company's consolidated statements of income.

United States Tax Reform

In August 2022, President Joe Biden signed the Inflation Reduction Act (“the Act”) into law. The Act includes a 15% corporate alternative minimum tax (“CAMT”) that is imposed on applicable financial statement income and therefore would be considered in scope for IAS 12 given it is a tax on profits. The CAMT is effective for tax years beginning after December 31, 2022 and CAMT credit carryforwards have an indefinite life. Barrick is subject to CAMT because the Company meets the applicable income thresholds for a foreign-parented multi-national group.

We are awaiting the final US Treasury Regulations detailing the application of CAMT.

For 2023, the deferred tax asset arising from the CAMT credit carryforwards has been recognized on the basis we expect that it will be recovered against US Federal Income Tax in the future.

Impairments

A deferred tax recovery of $55 million (2022: deferred tax recovery of $193 million related to impairments at Veladero, Long Canyon and Lumwana) was recorded primarily related to the impairment at Long Canyon.

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Financial Condition Review

Summary Balance Sheet and Key Financial Ratios
($ millions, except ratios and share amounts)
As at December 31	2023	2022	2021
Total cash and equivalents	4,148	4,440	5,280
Current assets	3,290	4,025	2,969
Non-current assets	38,373	37,500	38,641
Total Assets	45,811	45,965	46,890
Current liabilities excluding short-term debt	2,345	3,107	2,071
Non-current liabilities excluding long-term debta	6,738	6,787	7,362
Debt(current and long-term)	4,726	4,782	5,150
Total Liabilities	13,809	14,676	14,583
Total shareholders’ equity	23,341	22,771	23,857
Non-controllinginterests	8,661	8,518	8,450
Total Equity	32,002	31,289	32,307
Total common shares outstanding (millions of shares)	1,756	1,755	1,779
Key Financial Ratios:
Current ratiob	3.16:1	2.71:1	3.95:1
Debt-to-equityc	0.15:1	0.15:1	0.16:1

a. Non-current financial liabilities as at December 31, 2023 were $5,221 million (2022: $5,314 million; 2021: $5,578 million).

b. Represents current assets (excluding assets held-for-sale) divided by current liabilities (including short-term debt and excluding liabilities held-for-sale) as at December 31, 2023, December 31, 2022 and December 31, 2021.

c. Represents debt divided by total shareholders’ equity (including minority interest) as at December 31, 2023, December 31, 2022, and December 31, 2021.

Balance Sheet Review

Total assets were $45.8 billion at December 31, 2023, slightly lower than total assets at December 31, 2022.

Our asset base is primarily comprised of noncurrent assets such as property, plant and equipment and goodwill, reflecting the capital-intensive nature of the mining business and our history of growth through acquisitions. Other significant assets include production inventories, indirect taxes recoverable and receivable, concentrate sales receivables, other government transaction and joint venture related receivables, and cash and equivalents.

Total liabilities at December 31, 2023 were $13.8 billion, lower than total liabilities at December 31, 2022. Our liabilities are primarily comprised of debt, other noncurrent liabilities (such as provisions and deferred income tax liabilities), and accounts payable. Both total assets and total liabilities were lower than total assets and liabilities at December 31, 2022 primarily due to the restricted cash and associated financial liability owed to Antofagasta plc following the reconstitution of the Reko Diq project, which occurred on December 15, 2022. The restricted cash of $962 million was remitted to Antofagasta plc to extinguish the financial liability during the second quarter of 2023.

Shareholders’ Equity

Shareholders’ Equity
February 6, 2024	Number of shares
Common shares	1,755,569,554
Stock options	—

Financial Position and Liquidity

We believe we have sufficient financial resources to meet our business requirements for the foreseeable future, including capital expenditures, working capital requirements, interest payments, environmental rehabilitation, securities buybacks and dividends.

Total cash and cash equivalents as at December 31, 2023 were $4.1 billion. Our capital structure comprises a mix of debt, non-controlling interest (primarily at NGM) and shareholders’ equity. As at December 31, 2023, our total debt was $4.7 billion (debt, net of cash and equivalents was $578 million) and our debt-to-equity ratio was 0.15:1. This compares to debt as at December 31, 2022 of $4.8 billion (debt, net of cash and cash equivalents was $342 million), and a debt-to-equity ratio of 0.15:1.

In 2024, we have capital commitments of $258 million and expect to incur attributable sustaining and project capital expenditures[6] of approximately $2,500 to $2,900 million based on our guidance range on page 11. In 2024, we have contractual obligations and commitments of $895 million in purchase obligations for supplies and consumables. In addition, we have $285 million in interest payments and other amounts as detailed in the table on page 67. We expect to fund these commitments through operating cash flow, which is our primary source of liquidity, as well as existing cash balances as necessary. As discussed on page 9, at the February 13, 2024 meeting, the Board of Directors authorized a new share buyback program for the purchase of up to $1 billion of Barrick’s outstanding common shares over the next 12 months. We did not purchase any shares in 2023 under the prior share buyback program, which was terminated following the authorization of the new program.

We also have a performance dividend policy that will enhance the return to shareholders when the Company has excess liquidity. In addition to our base dividend, the amount of the performance dividend on a quarterly basis

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will be based on the amount of cash, net of debt, on our consolidated balance sheet at the end of each quarter as per the schedule below.

Performance Dividend Level Level I Level II	Threshold Level Net cash <$0 Net cash >$0 and <$0.5B	Quarterly Base Dividend $0.10 per share $0.10 per share	Quarterly Performance Dividend $0.00 per share $0.05 per share	Quarterly Total Dividend $0.10 per share $0.15 per share
Level III	Net cash >$0.5B and <$1B	$0.10 per share	$0.10 per share	$0.20 per share
Level IV	Net cash >$1B	$0.10 per share	$0.15 per share	$0.25 per share

The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the Company’s financial results, cash requirements, future prospects, the number of outstanding common shares, and other factors deemed relevant by the Board.

We also repurchased approximately $43 million notional of debt securities at a discount to par in the fourth quarter of 2023. We may pursue additional selective repurchases in the future.

Our operating cash flow is dependent on the ability of our operations to deliver projected future cash flows. The market prices of gold, and to a lesser extent, copper, are the primary drivers of our operating cash flow. Other options to enhance liquidity include further portfolio optimization and the creation of new joint ventures and partnerships; issuance of equity securities in the public markets or to private investors, which could be undertaken for liquidity enhancement and/or in connection with establishing a strategic partnership; issuance of long-term debt securities in the public markets or to private investors (Moody’s and S&P currently rate Barrick’s outstanding long-term debt as investment grade, with ratings of A3 and BBB+, respectively); and drawing on the $3.0 billion available under our undrawn Credit Facility (subject to compliance with covenants and the making of certain representations and warranties, this facility is available for drawdown as a source of financing). In May 2023, we completed an amendment of our undrawn $3.0 billion revolving Credit Facility, including an extension of the termination date by one year to May 2028. The revolving Credit Facility incorporates sustainability-linked metrics that are made up of annual environmental and social performance targets directly influenced by Barrick's actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 GHG emissions intensity, water use efficiency (reuse and recycling rates), and TRIFR[8] . Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set. The Credit Facility was undrawn as at December 31, 2023. The key financial covenant in our undrawn credit facility requires Barrick to maintain a net debt to total capitalization ratio of less than 0.60:1. Barrick’s net debt to total capitalization ratio was 0.02:1 as at December 31, 2023 (0.01:1 as at December 31, 2022).

Summary of Cash Inflow (Outflow)

	($ millions)	For the three months ended	For the three months ended	For theyears ended	For theyears ended	For theyears ended
		12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
	Net cash
	provided by
	operating
	activities	997	1,127	3,732	3,481	4,378
	Investing activities
	Capital
	expenditures	(861)	(768)	(3,086)	(3,049)	(2,435)
	Investment
	(purchases)
	sales	(26)	3	(23)	381	(46)
	Dividends
	received from
	equity method
	investments	114	74	273	869	520
	Divestitures	0	0	0	0	27
	Other	7	2	20	88	37
	Total investing
	outflows	**(766) **	(689)	**(2,816) **	(1,711)	(1,897)
	Financing activities
	Net change in debta	(45)	(3)	(56)	(395)	(27)
	Dividendsb	(176)	(175)	(700)	(1,143)	(634)
	Net
	disbursements
	to non- controlling interests Share buyback program	(138) 0	(162) 0	(514) 0	(833) (424)	(1,092) 0
	Return of
	Capital	0	0	0	0	(750)
	Other Total financing outflows	17 **(342) **	7 (333)	65 **(1,205) **	191 (2,604)	115 (2,388)
	Effect of
	exchange rate	**(2) **	(1)	**(3) **	(6)	(1)
	Increase
	(decrease) in cash and equivalents	**(113) **	104	**(292) **	(840)	92

• a. The difference between the net change in debt on a cash basis and the net change on the balance sheet is due to changes in non-cash charges, specifically the unwinding of discounts and amortization of debt issue costs.

• b. For the three months and year ended December 31, 2023, we declared and paid dividends per share in US dollars totaling $0.10 and $0.40, respectively (September 30, 2023: declared and paid $0.10; 2022: declared and paid $0.65; 2021: declared and paid $0.36).

Q4 2023 compared to Q3 2023

In the fourth quarter of 2023, we generated $997 million in operating cash flow, compared to $1,127 million in the prior quarter. The decrease of $130 million was primarily due to higher interest paid as a result of the timing of semi-annual interest payments on our bonds, which occur in the second and fourth quarters. This was combined with an increased unfavorable movement in working capital, mainly in accounts receivable driven by higher gold prices and higher sales volumes, partially offset by a favorable movement in inventory. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound[6] , partially offset by a higher realized gold price[6 ] and higher gold sales volume.

Cash outflows from investing activities in the fourth quarter of 2023 were $766 million, compared to $689

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million in the prior quarter. The increased outflow of $77 million was primarily due to an increase in capital expenditures primarily due to the continued development of the TS Solar project at NGM, combined with the progress at the Yalea South project at Loulo-Gounkoto. This was combined with our additional investment in Hercules Silver Corp., partially offset by an increase in dividends received from equity method investments, in particular Kibali.

Net financing cash outflows for the fourth quarter of 2023 amounted to $342 million, compared to $333 million in the prior quarter. The increase of $9 million was primarily due to the repurchase of approximately $43 million notional of debt securities at a discount to par in the fourth quarter of 2023, partially offset by lower net disbursements to noncontrolling interests, primarily to Newmont in relation to their interest in NGM.

2023 compared to 2022

In 2023, we generated $3,732 million in operating cash flow, compared to $3,481 million in the prior year. The increase of $251 million was primarily due to lower cash taxes paid and higher interest received on our cash balances resulting from an increase in market interest rates. This was partially offset by an increased unfavorable movement in working capital, mainly in accounts receivable

and accounts payable, partially offset by a favorable movement in inventory and other current assets. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound[6] , partially offset by a higher realized gold price[6 ] and higher gold sales volume.

Cash outflows from investing activities for 2023 were $2,816 million compared to $1,711 million in the prior year. The increased outflow of $1,105 million was primarily due to lower cash dividends received from equity method investments, in particular Kibali, combined with proceeds received from investment sales in the prior year (which included the sale of our interests in Endeavour Mining, Skeena Resources Ltd., i-80 Gold Corp. and Perpetua Resources Corp), and higher capital expenditures.

Net financing cash outflows for 2023 amounted to $1,205 million, compared to $2,604 million in the prior year. The lower outflow of $1,399 million is primarily due to lower dividends paid in the current year and the repurchase of shares under the share buyback program in the prior year. This was combined with the repurchase of $375 million (notional value) of our 5.250% Notes due in 2042 in the prior year and a decrease in net disbursements paid to noncontrolling interests, primarily to Newmont in relation to their interest in NGM.

Summary of Financial Instruments[a]

Summary of Financial Instrumentsa	Summary of Financial Instrumentsa	Summary of Financial Instrumentsa
As at December 31, 2023
Financial Instrument	Principal/Notional Amount	Associated Risks
Cash and equivalents	$4,148 million	nInterest rate nCredit
Accounts receivable	$693 million	nCredit nMarket
Notes receivable	$187 million	nInterest rate nCredit
Kibali joint venture receivable	$505 million	nInterest rate nCredit
Norte Abierto joint venture partner receivable	$81 million	nInterest rate nCredit
Restricted cash	$101 million	nInterest rate nCredit
Other investments	$131 million	nLiquidity
Accountspayable	$1,503 million	nLiquidity
Debt	$4,747 million	nInterest rate
Other liabilities	$574 million	nLiquidity
Restricted share units	$34 million	nMarket
Deferred share units	$18 million	nMarket

a. Refer to notes 25, 26 and 28 to the Financial Statements for more information regarding financial instruments, fair value measurements and financial risk management, respectively.

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Commitments and Contingencies

Litigation and Claims

We are currently subject to various litigation proceedings as disclosed in note 35 to the Financial Statements, and we may be involved in disputes with other parties in the future that may result in litigation. If we are unable to resolve these disputes favorably, it may have a material adverse impact on our financial condition, cash flow and results of operations.

Contractual Obligations and Commitments

In the normal course of business, we enter into contracts that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities of our financial liabilities and operating and capital commitments shown on an undiscounted basis:

($ millions)		Payments due as	Payments due as	at December	31, 2023
						2029 and
	2024	2025	2026	2027	2028	thereafter	Total
Debta
Repayment of principal	0	12	47	0	0	4,632	4,691
Capital leases	11	10	9	9	3	14	56
Interest	285	285	282	279	278	2,938	4,347
Provisions for environmental rehabilitationb	279	169	116	91	172	1,775	2,602
Restricted share units	25	9	0	0	0	0	34
Pension benefits and other post-retirement benefits	5	5	5	5	4	51	75
Purchase obligations for supplies and consumablesc	895	240	179	173	148	192	1,827
Capital commitmentsd	258	0	0	0	0	0	258
Social development costse	26	15	11	3	4	55	114
Other obligationsf	37	46	53	51	49	505	741
Total	1,821	791	702	611	658	10,162	14,745

• a. Debt and Interest: Our debt obligations do not include any subjective acceleration clauses or other clauses that enable the holder of the debt to call for early repayment, except in the event that we breach any of the terms and conditions of the debt or for other customary events of default. We are not required to post any collateral under any debt obligations. Projected interest payments on variable rate debt were based on interest rates in effect at December 31, 2023. Interest is calculated on our long-term debt obligations using both fixed and variable rates.

• b. Provisions for environmental rehabilitation: Amounts presented in the table represent the undiscounted uninflated future payments for the expected cost of provisions for environmental rehabilitation.

• c. Purchase obligations for supplies and consumables: Includes commitments related to new purchase obligations to secure a supply of consumables such as acid, tires and cyanide for our production process.

• d. Capital commitments: Purchase obligations for capital expenditures include only those items where binding commitments have been entered into.

• e. Social development costs: Includes a commitment of $14 million in 2029 and thereafter related to the funding of a power transmission line in Argentina.

• f. Other obligations includes the Pueblo Viejo joint venture partner shareholder loan, the deposit on the Pascua-Lama silver sale agreement with Wheaton Precious Metals Corp., and minimum royalty payments.

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Review of Quarterly Results

Quarterly Information[a]

Quarterly Informationa
($ millions, except where indicated)	2023 2022 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues	3,059 2,862 2,833 2,643 2,774 2,527 2,859 2,853
Realized price per ounce – goldb	1,986 1,928 1,972 1,902 1,728 1,722 1,861 1,876
Realized price per pound – copperb	3.78 3.78 3.70 4.20 3.81 3.24 3.72 4.68
Cost of sales	2,139 1,915 1,937 1,941 2,093 1,815 1,850 1,739
Net earnings (loss)	479 368 305 120 (735) 241 488 438
Per share (dollars)c	0.27 0.21 0.17 0.07 (0.42) 0.14 0.27 0.25
Adjusted net earningsb	466 418 336 247 220 224 419 463
Per share (dollars)b,c	0.27 0.24 0.19 0.14 0.13 0.13 0.24 0.26
Operating cash flow	997 1,127 832 776 795 758 924 1,004
Cash consolidated capital expendituresd	861 768 769 688 891 792 755 611
Free cash flowb	136 359 63 88 (96) (34) 169 393

a. Sum of all the quarters may not add up to the annual total due to rounding.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

c. Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

d. Amounts presented on a consolidated cash basis.

Our recent financial results reflect our emphasis on cost discipline, an agile management structure that empowers our site based leadership teams and a portfolio of Tier One Gold Assets[1] . This, combined with a trend of historically elevated gold and copper prices, has resulted in strong operating cash flows over several quarters. The positive free cash flow[6] generated, together with the proceeds from various divestitures, have allowed us to continue to reinvest in our business, strengthen our balance sheet and to return surplus funds to shareholders.

Net earnings has also been impacted by the following items in each quarter, which have been excluded from adjusted net earnings[6] . In the fourth quarter of 2023, we recorded a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. In addition, we recorded a long-lived asset impairment of $143 million (net of tax and noncontrolling interests) at Long Canyon. In the first quarter of

2023, we recorded a loss on currency translation of $38 million, mainly related to the devaluation of the Zambian kwacha, and a $30 million commitment towards the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership. In the fourth quarter of 2022, we recorded a goodwill impairment of $950 million (net of non-controlling interests) related to Loulo-Gounkoto, a non-current asset impairment of $318 million (net of tax) and a net realizable value impairment of leach pad inventory of $27 million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon. In addition, we recorded an impairment reversal of $120 million and a gain of $300 million following the completion of the transaction allowing for the reconstitution of the Reko Diq project.

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Internal Control Over Financial Reporting and Disclosure Controls and Procedures

Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures. Internal control over financial reporting is a framework designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The Company’s internal control over financial reporting framework includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the Company’s consolidated financial statements.

Disclosure controls and procedures form a broader framework designed to provide reasonable assurance that other financial information disclosed publicly fairly presents in all material respects the financial condition, results of operations and cash flows of the Company for the periods presented in this MD&A and Barrick’s Annual Report. The Company’s disclosure controls and procedures framework includes processes designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to management by others within those entities to allow timely decisions regarding required disclosure.

Together, the internal control over financial reporting and disclosure controls and procedures frameworks provide internal control over financial reporting and disclosure. Due to its inherent limitations, internal control over financial reporting and disclosure may not prevent or detect all misstatements. Further, the effectiveness of internal control is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.

There were no changes in the Company’s internal control over financial reporting during the year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

The management of Barrick, at the direction of our President and Chief Executive Officer and Senior Executive Vice-President, Chief Financial Officer, evaluated the effectiveness of the design and operation of internal control over financial reporting as of the end of the period covered by this report based on the framework and criteria established in Internal Control – Integrated Framework (2013) as issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, management concluded that the Company’s internal control over financial reporting was effective as at December 31, 2023.

Barrick’s annual management report on internal control over financial reporting and the integrated audit report of Barrick’s auditors for the year ended December 31, 2023 will be included in Barrick’s 2023 Annual Report and its 2023 Form 40-F/Annual Information Form to be filed with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

IFRS Critical Accounting Policies and Accounting Estimates

Management has discussed the development and selection of our critical accounting estimates with the Audit & Risk Committee of the Board of Directors, and the Audit & Risk Committee has reviewed the disclosure relating to such estimates in conjunction with its review of this MD&A. The accounting policies and methods we utilize determine how we report our financial condition and results of operations, and they may require Management to make estimates or rely on assumptions about matters that are inherently uncertain. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB under the historical cost convention, as modified by revaluation of certain financial assets, derivative contracts and post-retirement assets. Our significant accounting policies are disclosed in note 2 to the Financial Statements, including a summary of current and future changes in accounting policies.

Critical Accounting Estimates and Judgments

Certain accounting estimates have been identified as being “critical” to the presentation of our financial condition and results of operations because they require us to make subjective and/or complex judgments about matters that are inherently uncertain; or there is a reasonable likelihood that materially different amounts could be reported under different conditions or using different assumptions and estimates. Our significant accounting judgments, estimates and assumptions are disclosed in note 3 to the accompanying Financial Statements.

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Non-GAAP Financial Measures

Adjusted Net Earnings and Adjusted Net Earnings per Share

Adjusted net earnings is a non-GAAP financial measure which excludes the following from net earnings:

• Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments;

• Acquisition/disposition gains/losses;

• Foreign currency translation gains/losses;

• Significant tax adjustments;

• Other items that are not indicative of the underlying operating performance of our core mining business; and

• Tax effect and non-controlling interest of the above items.

Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/ disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The

tax effect and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick’s share on a post-tax basis, consistent with net earnings.

As noted, we use this measure for internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the types of items we adjust for. Consequently, the presentation of adjusted net earnings enables investors and analysts to better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business segments and a review of the non-GAAP financial measures used by mining industry analysts and other mining companies.

Adjusted net earnings is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share

($ millions, exceptper share amounts in dollars)	For the three months ended	For theyears ended 12/31/23 12/31/22 12/31/21
	12/31/23 9/30/23
Net earnings attributable to equity holders of the Company	479 368	1,272 432 2,022
Impairment charges (reversals) related to non-current assetsa	289 0	312 1,671 (63)
Acquisition/disposition gainsb	(354) (4) (364) (405) (213)
Loss on currency translation	37 30 93 16 29
Significant tax adjustmentsc	120 19 220 95 125
Other expense (income) adjustmentsd	41 (5) 96 17 73
Non-controlling intereste	(89) 4 (98) (274) 64
Tax effecte	(57) 6 (64) (226) 28
Adjusted net earnings	466 418 1,467 1,326 2,065
Net earnings per sharef	0.27 0.21 0.72 0.24 1.14
Adjusted net earningsper sharef	0.27 0.24 0.84 0.75 1.16

• a. Net impairment charges for the three months and year ended December 31, 2023 mainly relate to a long-lived asset impairment at Long Canyon. For the year ended December 31, 2022, net impairment charges primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq.

• b. Acquisition/disposition gains for the three months and year ended December 31, 2023 primarily relate to a gain on the reopening of the Porgera mine as the conditions for the reopening were completed on December 22, 2023. For the year ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50% and the sale of two royalty portfolios.

• c. Significant tax adjustments in 2023 primarily relate to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets. In 2022, significant tax adjustments primarily relate to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the Porgera mine continuing to be on care and maintenance; updates to the rehabilitation provision for our non-operating mines; and the recognition and derecognition of deferred tax assets.

• d. Other expense (income) adjustments for the three months and year ended December 31, 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera. The year ended December 31, 2023 was further impacted by the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the year ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara.

• e. Non-controlling interest and tax effect for the current year primarily relates to impairment charges (reversals) related to non-current assets.

• f. Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

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Free Cash Flow

Free cash flow is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash.

Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in

isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

($ millions)	For the three months ended	For theyears ended 12/31/23 12/31/22 12/31/21
	12/31/23 9/30/23
Net cash provided by operating activities	997 1,127	3,732 3,481 4,378
Capital expenditures	(861) (768) (3,086) (3,049) (2,435)
Free cash flow	136 359 646 432 1,943

Capital Expenditures

Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures

and this distinction is an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce.

Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

Reconciliation of the Classification of Capital Expenditures

($ millions)	For the three months ended	For theyears ended 12/31/23 12/31/22 12/31/21
	12/31/23 9/30/23
Minesite sustaining capital expenditures	569 529	2,076 2,071 1,673
Project capital expenditures	278 227	969 949 747
Capitalized interest	14 12	41 29 15
Total consolidated capital expenditures	861 768	3,086 3,049 2,435

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Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and Allin sustaining costs per pound

Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce are non-GAAP financial measures which are calculated based on the definition published by the WGC (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis.

Total cash costs start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. All-in sustaining costs start with total cash costs and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels.

All-in costs starts with all-in sustaining costs and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures (capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life) and other non-sustaining costs (primarily non-sustaining leases, exploration and evaluation costs, community relations costs and general and administrative costs that are not associated with current operations). These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs.

We believe that our use of total cash costs, all-in sustaining costs and all-in costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. Due to the capitalintensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings

calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization.

Total cash costs per ounce, all-in sustaining costs and all-in costs are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently.

In addition to presenting these metrics on a byproduct basis, we have calculated these metrics on a coproduct basis. Our co-product metrics remove the impact of other metal sales that are produced as a by-product of our gold production from cost per ounce calculations but does not reflect a reduction in costs for costs associated with other metal sales.

C1 cash costs per pound and all-in sustaining costs per pound are non-GAAP financial measures related to our copper mine operations. We believe that C1 cash costs per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs per pound excludes royalties and nonroutine charges as they are not direct production costs. Allin sustaining costs per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. All-in sustaining costs per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value.

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Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis

ounce basis
($ millions, exceptper ounce information in dollars) Footnote	For the three months ended	For theyears ended 12/31/23 12/31/22 12/31/21
	12/31/23 9/30/23
Cost of sales applicable to gold production	1,928 1,736	7,178 6,813 6,504
Depreciation	(471) (427) (1,756) (1,756) (1,889)
Cash cost of sales applicable to equity method investments	65 65 260 222 217
By-product credits	(66) (65) (252) (225) (285)
Non-recurring items a	0 0 0 (23) 0
Other b	6 7 18 (23) (48)
Non-controllinginterests c	(432) (380) (1,578) (1,442) (1,261)
Total cash costs	1,030 936 3,870 3,566 3,238
General & administrative costs	29 30 126 159 151
Minesite exploration and evaluation costs d	4 11 40 75 64
Minesite sustaining capital expenditures e	569 529 2,076 2,071 1,673
Sustaining leases	7 7 30 38 41
Rehabilitation - accretion and amortization (operating sites) f	20 14 63 50 50
Non-controllinginterest, copper operations and other g	(230) (238) (824) (900) (636)
All-in sustainingcosts	1,429 1,289 5,381 5,059 4,581
Global exploration and evaluation and project expense d	99 75 321 275 223
Community relations costs not related to current operations	1 0 2 0 0
Project capital expenditures e	278 227 969 949 747
Non-sustaining leases	0 0 0 0 0
Rehabilitation - accretion and amortization (non-operating sites) f	7 6 25 19 13
Non-controllinginterest and copper operations and other g	(112) (101) (423) (327) (240)
All-in costs	1,702 1,496 6,275 5,975 5,324
Ounces sold - attributable basis(000s ounces) h	1,042 1,027 4,024 4,141 4,468
Cost of salesper ounce i,j	1,359 1,277 1,334 1,241 1,093
Total cash costs per ounce j	982 912 960 862 725
Total cash costsper ounce(on a co-product basis) j,k	1,026 954 1,002 897 765
All-in sustaining costs per ounce j	1,364 1,255 1,335 1,222 1,026
All-in sustainingcostsper ounce(on a co-product basis) j,k	1,408 1,297 1,377 1,257 1,066
All-in costs per ounce j	1,627 1,457 1,557 1,443 1,192
All-in costsper ounce(on a co-product basis) j,k	1,671 1,499 1,599 1,478 1,232

• a. Non-recurring items

These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs. Non-recurring items for the three months ended and year ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory at Veladero.

b. Other

Other adjustments for the three months and year ended December 31, 2023 include the removal of total cash costs and by-product credits associated with assets which are producing incidental ounces, of $nil and $3 million, respectively (September 30, 2023: $nil; 2022: $24 million; 2021: $51 million). This includes Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021 and Buzwagi starting in the fourth quarter of 2021.

c. Non-controlling interests

Non-controlling interests include non-controlling interests related to gold production of $594 million and $2,192 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $536 million; 2022: $2,032 million; 2021: $1,923 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu and Buzwagi up until the third quarter of 2021. Refer to note 5 to the Financial Statements for further information.

d. Exploration and evaluation costs

Exploration, evaluation and project expenses are presented as minesite if it supports current mine operations and project if it relates to future projects. Refer to page 60 of this MD&A.

e. Capital expenditures

• Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Significant projects in 2023 were the plant expansion project at Pueblo Viejo and the solar projects at NGM and LouloGounkoto. Refer to page 59 of this MD&A.

f. Rehabilitation - accretion and amortization

Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provisions of our gold operations, split between operating and non-operating sites.

g. Non-controlling interest and copper operations

Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interests of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu and Buzwagi (up until the third quarter of 2021) operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021 and Buzwagi starting in the fourth quarter of 2021. The impact is summarized as the following:

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($ millions)	For the three months ended	For the three months ended	For theyears ended	For theyears ended
Non-controllinginterest, copper operations and other	12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
General & administrative costs	7	(5)	(9)	(31)	(21)
Minesite exploration and evaluation costs	(2)	(4)	(14)	(27)	(19)
Rehabilitation - accretion and amortization (operating sites)	(6)	(5)	(21)	(16)	(14)
Minesite sustainingcapital expenditures	**(229) **	(224)	**(780) **	(826)	(582)
All-in sustainingcosts total	**(230) **	(238)	**(824) **	(900)	(636)
Global exploration and evaluation and project costs	(40)	(29)	(118)	(32)	(19)
Project capital expenditures	**(72) **	(72)	**(305) **	(295)	(221)
All-in costs total	**(112) **	(101)	**(423) **	(327)	(240)

• h. Ounces sold - equity basis

• Figures remove the impact of Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.

i. Cost of sales per ounce

• Figures remove the cost of sales impact of Pierina of $nil and $3 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $24 million; 2021: $20 million); Golden Sunlight of $nil and $nil, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $nil); up until its divestiture in June 2021, Lagunas Norte of $nil and $nil, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $37 million); and starting in the fourth quarter of 2021, Buzwagi of $nil and $nil, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $nil), which are producing incidental ounces. Gold cost of sales per ounce 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).

j. Per ounce figures

• Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

k. Co-product costs per ounce

Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

($ millions)	For the three months ended	For the three months ended	For theyears ended	For theyears ended
	12/31/23	9/30/23	12/31/23	12/31/22	12/31/21
By-product credits	66	65	252	225	285
Non-controllinginterest	**(20) **	(22)	**(81) **	(78)	(108)
By-product credits(net of non-controllinginterest)	46	43	171	147	177

BARRICK YEAR-END 2023

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis, by operating segment

ounce basis, by operating segment
($ millions, exceptper ounce information in dollars)						For	the three months ended		12/31/23
	Footnote	**Carlina **	Cortez	Turquoise Ridge	Long Canyon	Phoenixa	Nevada Gold Minesb	Hemlo	North America
Cost of sales applicable to gold production		443	361	197	6	102	1,114	53	1,167
Depreciation		(77)	(118)	(51)	(4)	(21)	(273)	(7)	(280)
By-product credits		0	(1)	(1)	0	(38)	(40)	0	(40)
Non-recurring items	c	0	0	0	0	0	0	0	0
Other	d	(6)	0	0	0	8	1	0	1
Non-controllinginterests		(139)	(93)	(55)	0	(19)	(307)	0	(307)
Total cash costs		221	149	90	2	32	495	46	541
General & administrative costs		0	0	0	0	0	0	0	0
Minesite exploration and evaluation costs	e	2	1	1	0	0	5	0	5
Minesite sustaining capital expenditures	f	174	100	28	0	9	314	8	322
Sustaining capital leases		0	0	0	0	1	1	0	1
Rehabilitation - accretion and amortization (operating
sites)	g	3	5	0	0	2	10	0	10
Non-controllinginterests		(70)	(40)	(11)	0	(5)	(128)	0	(128)
All-in sustainingcosts		330	215	108	2	39	697	54	751
Project exploration and evaluation and project costs	e	0	0	0	0	0	0	0	0
Project capital expenditures	f	3	29	2	0	0	126	0	126
Non-controllinginterests		(1)	(11)	(1)	0	0	(49)	0	(49)
All-in costs		332	233	109	2	39	774	54	828
Ounces sold - attributable basis(000s ounces)		220	164	86	2	39	511	33	544
Cost of salesper ounce	h,i	1,219	1,353	1,419	2,193	1,576	1,331	1,618	1,348
Total cash costs per ounce	i	1,006	909	1,046	990	787	968	1,407	995
Total cash costsper ounce(on a co-product basis)	i,j	1,008	911	1,053	992	1,258	1,007	1,413	1,032
All-in sustaining costs per ounce	i	1,506	1,309	1,257	1,074	981	1,366	1,671	1,385
All-in sustainingcostsper ounce(on a co-product basis)	i,j	1,508	1,311	1,264	1,076	1,452	1,405	1,677	1,422
All-in costs per ounce	i	1,513	1,416	1,275	1,074	981	1,518	1,700	1,529
All-in costsper ounce(on a co-product basis)	i,j	1,515	1,418	1,282	1,076	1,452	1,557	1,706	1,566
($ millions, exceptper ounce information in dollars)						For	the three months ended		12/31/23
							Latin America & Asia
		Footnote		Pueblo Viejo		Veladero			Pacific
Cost of sales applicable to gold production					235		64		299
Depreciation					(66)		(14)		(80)
By-product credits					(11)		(2)		(13)
Non-recurring items		c			0		0		0
Other		d			0		0		0
Non-controllinginterests					(63)		0		(63)
Total cash costs					95		48		143
General & administrative costs					0		0		0
Minesite exploration and evaluation costs		e			0		1		1
Minesite sustaining capital expenditures		f			51		17		68
Sustaining capital leases					0		0		0
Rehabilitation - accretion and amortization (operating sites)		g			2		0		2
Non-controllinginterests					(21)		0		(21)
All-in sustainingcosts					127		66		193
Project exploration and evaluation and project costs		e			2		0		2
Project capital expenditures		f			15		5		20
Non-controllinginterests					(8)		0		(8)
All-in costs					136		71		207
Ounces sold - attributable basis(000s ounces)					89		46		135
Cost of salesper ounce		h,i			1,588		1,378		1,524
Total cash costs per ounce		i			1,070		1,021		1,049
Total cash costsper ounce(on a co-product basis)		i,j			1,141		1,070		1,110
All-in sustaining costs per ounce		i			1,428		1,403		1,428
All-in sustainingcostsper ounce(on a co-product basis)		i,j			1,499		1,452		1,489
All-in costs per ounce		i			1,532		1,508		1,558
All-in costsper ounce(on a co-product basis)		i,j			1,603		1,557		1,619

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($ millions, except per ounce information in dollars)

($ millions, exceptper ounce information in dollars)					For the	three months ended 12/31/23
		Loulo-		North			Africa and
	Footnote	Gounkoto	Kibali	Mara	Tongon	Bulyanhulu	Middle East
Cost of sales applicable to gold production		205	105	103	70	69	552
Depreciation		(59)	(37)	(22)	(14)	(15)	(147)
By-product credits		0	0	(1)	0	(6)	(7)
Non-recurring items	c	0	0	0	0	0	0
Other	d	0	0	0	0	0	0
Non-controllinginterests		(29)	0	(12)	(7)	(7)	(55)
Total cash costs		117	68	68	49	41	343
General & administrative costs		0	0	0	0	0	0
Minesite exploration and evaluation costs	e	0	0	0	0	0	0
Minesite sustaining capital expenditures	f	37	5	24	15	18	99
Sustaining capital leases		0	2	0	0	0	2
Rehabilitation - accretion and amortization (operating
sites)	g	1	0	1	4	0	6
Non-controllinginterests		(8)	0	(4)	(2)	(2)	(16)
All-in sustainingcosts		147	75	89	66	57	434
Project exploration and evaluation and project costs	e	0	0	0	0	0	0
Project capital expenditures	f	56	15	39	0	16	126
Non-controllinginterests		(11)	0	(6)	0	(3)	(20)
All-in costs		192	90	122	66	70	540
Ounces sold - attributable basis(000s ounces)		127	92	61	42	41	363
Cost of salesper ounce	h,i	1,296	1,141	1,420	1,489	1,413	1,313
Total cash costs per ounce	i	924	737	1,103	1,184	1,002	945
Total cash costsper ounce(on a co-product basis)	i,j	925	742	1,119	1,190	1,112	962
All-in sustaining costs per ounce	i	1,168	819	1,449	1,586	1,376	1,198
All-in sustainingcostsper ounce(on a co-product basis)	i,j	1,169	824	1,465	1,592	1,486	1,215
All-in costs per ounce	i	1,521	988	1,985	1,586	1,692	1,491
All-in costsper ounce(on a co-product basis)	i,j	1,522	993	2,001	1,592	1,802	1,508

($ millions, exceptper ounce information in dollars)						For the three months ended 9/30/23	For the three months ended 9/30/23	For the three months ended 9/30/23	For the three months ended 9/30/23
	Footnote	Carlina	Cortez	Turquoise Ridge	Long Canyon	Phoenixa	Nevada Gold Minesb	Hemlo	North America
Cost of sales applicable to gold production		458	273	164	6	96	997	53	1,050
Depreciation		(83)	(88)	(45)	(3)	(18)	(237)	(6)	(243)
By-product credits		(1)	0	(1)	0	(41)	(43)	(1)	(44)
Non-recurring items	c	0	0	0	0	0	0	0	0
Other	d	(5)	0	0	0	6	2	0	2
Non-controllinginterests		(142)	(72)	(45)	(1)	(17)	(277)	0	(277)
Total cash costs		227	113	73	2	26	442	46	488
General & administrative costs		0	0	0	0	0	0	0	0
Minesite exploration and evaluation costs	e	6	2	1	0	1	10	0	10
Minesite sustaining capital expenditures	f	169	62	19	0	10	264	9	273
Sustaining capital leases		0	0	0	0	0	1	1	2
Rehabilitation - accretion and amortization
(operating sites)	g	3	5	1	0	1	10	0	10
Non-controllinginterests		(69)	(27)	(8)	0	(4)	(110)	0	(110)
All-in sustainingcosts		336	155	86	2	34	617	56	673
Project exploration and evaluation and project
costs	e	0	0	0	0	0	0	0	0
Project capital expenditures	f	0	29	2	0	0	82	3	85
Non-controllinginterests		0	(11)	(1)	0	0	(31)	0	(31)
All-in costs		336	173	87	2	34	668	59	727
Ounces sold - attributable basis(000s ounces)		238	135	78	2	27	480	31	511
Cost of salesper ounce	h,i	1,166	1,246	1,300	1,832	2,235	1,273	1,721	1,300
Total cash costs per ounce	i	953	840	938	778	1,003	921	1,502	956
Total cash costsper ounce(on a co-product basis)	i,j	954	844	944	779	1,812	968	1,508	1,001
All-in sustaining costs per ounce	i	1,409	1,156	1,106	831	1,264	1,286	1,799	1,317
All-in sustaining costs per ounce (on a co-product
basis)	i,j	1,410	1,160	1,112	832	2,073	1,333	1,805	1,362
All-in costs per ounce	i	1,409	1,290	1,114	831	1,264	1,389	1,912	1,421
All-in costsper ounce(on a co-product basis)	i,j	1,410	1,294	1,120	832	2,073	1,436	1,918	1,466

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($ millions, exceptper ounce information in dollars)			For the three	months ended 9/30/23
				Latin America & Asia
	Footnote	Pueblo Viejo	Veladero	Pacific
Cost of sales applicable to gold production		195	64	259
Depreciation		(65)	(15)	(80)
By-product credits		(8)	(3)	(11)
Non-recurring items	c	0	0	0
Other	d	0	0	0
Non-controllinginterests		(49)	0	(49)
Total cash costs		73	46	119
General & administrative costs		0	0	0
Minesite exploration and evaluation costs	e	0	1	1
Minesite sustaining capital expenditures	f	44	13	57
Sustaining capital leases		0	0	0
Rehabilitation - accretion and amortization (operating sites)	g	1	0	1
Non-controllinginterests		(19)	0	(19)
All-in sustainingcosts		99	60	159
Project exploration and evaluation and project costs	e	0	0	0
Project capital expenditures	f	46	2	48
Non-controllinginterests		(18)	0	(18)
All-in costs		127	62	189
Ounces sold - attributable basis(000s ounces)		77	47	124
Cost of salesper ounce	h,i	1,501	1,376	1,468
Total cash costs per ounce	i	935	988	953
Total cash costsper ounce(on a co-product basis)	i,j	995	1,050	1,014
All-in sustaining costs per ounce	i	1,280	1,314	1,304
All-in sustainingcostsper ounce(on a co-product basis)	i,j	1,340	1,376	1,365
All-in costs per ounce	i	1,640	1,349	1,584
All-in costsper ounce(on a co-product basis)	i,j	1,700	1,411	1,645

($ millions, exceptper ounce information in dollars)					For the	three months	ended 9/30/23
		Loulo-		North			Africa and
	Footnote	Gounkoto	Kibali	Mara	Tongon	Bulyanhulu	Middle East
Cost of sales applicable to gold production		198	112	88	74	68	540
Depreciation		(57)	(44)	(17)	(10)	(16)	(144)
By-product credits		0	(1)	(1)	(1)	(6)	(9)
Non-recurring items	c	0	0	0	0	0	0
Other	d	0	0	0	0	0	0
Non-controllinginterests		(28)	0	(11)	(6)	(7)	(52)
Total cash costs		113	67	59	57	39	335
General & administrative costs		0	0	0	0	0	0
Minesite exploration and evaluation costs	e	0	0	0	0	0	0
Minesite sustaining capital expenditures	f	53	8	29	6	14	110
Sustaining capital leases		(1)	2	0	0	0	1
Rehabilitation - accretion and amortization (operating
sites)	g	1	2	1	(1)	0	3
Non-controllinginterests		(10)	0	(5)	(1)	(2)	(18)
All-in sustainingcosts		156	79	84	61	51	431
Project exploration and evaluation and project costs	e	0	0	0	0	0	0
Project capital expenditures	f	33	8	26	0	11	78
Non-controllinginterests		(7)	0	(4)	0	(2)	(13)
All-in costs		182	87	106	61	60	496
Ounces sold - attributable basis(000s ounces)		145	97	59	46	45	392
Cost of salesper ounce	h,i	1,087	1,152	1,244	1,423	1,261	1,186
Total cash costs per ounce	i	773	694	999	1,217	859	850
Total cash costsper ounce(on a co-product basis)	i,j	774	698	1,007	1,222	973	866
All-in sustaining costs per ounce	i	1,068	801	1,429	1,331	1,132	1,095
All-in sustainingcostsper ounce(on a co-product basis)	i,j	1,069	805	1,437	1,336	1,246	1,111
All-in costs per ounce	i	1,249	881	1,802	1,331	1,335	1,261
All-in costsper ounce(on a co-product basis)	i,j	1,250	885	1,810	1,336	1,449	1,277

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

77

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

($ millions, exceptper ounce information in dollars)							For theyear ended 12/31/2023	For theyear ended 12/31/2023	For theyear ended 12/31/2023
	Footnote	Carlina	Cortez	Turquoise Ridge	Long Canyon	Phoenixa	Nevada Gold Minesb	Hemlo	North America
Cost of sales applicable to gold production		1,789	1,174	722	26	393	4,109	221	4,330
Depreciation		(314)	(364)	(189)	(16)	(76)	(961)	(28)	(989)
By-product credits		(2)	(3)	(4)	0	(157)	(166)	(1)	(167)
Non-recurring items	c	0	0	0	0	0	0	0	0
Other	d	(19)	0	0	0	28	9	0	9
Non-controllinginterests		(561)	(311)	(203)	(3)	(72)	(1,151)	0	(1,151)
Total cash costs		893	496	326	7	116	1,840	192	2,032
General & administrative costs		0	0	0	0	0	0	0	0
Minesite exploration and evaluation costs	e	23	5	5	0	1	36	0	36
Minesite sustaining capital expenditures	f	605	310	100	0	31	1,063	37	1,100
Sustaining capital leases		0	0	0	0	2	3	2	5
Rehabilitation - accretion and amortization
(operating sites)	g	12	19	2	0	5	38	1	39
Non-controllinginterests		(248)	(128)	(41)	0	(15)	(440)	0	(440)
All-in sustainingcosts		1,285	702	392	7	140	2,540	232	2,772
Project exploration and evaluation and project
costs	e	0	0	0	0	0	0	0	0
Project capital expenditures	f	3	112	10	0	0	335	4	339
Non-controllinginterests		(1)	(43)	(4)	0	0	(129)	0	(129)
All-in costs		1,287	771	398	7	140	2,746	236	2,982
Ounces sold - attributable basis(000s ounces)		865	548	318	9	120	1,860	139	1,999
Cost of salesper ounce	h,i	1,254	1,318	1,399	1,789	2,011	1,351	1,589	1,368
Total cash costs per ounce	i	1,033	906	1,026	724	961	989	1,382	1,017
Total cash costsper ounce(on a co-product basis)	i,j	1,035	909	1,033	726	1,623	1,035	1,387	1,060
All-in sustaining costs per ounce	i	1,486	1,282	1,234	779	1,162	1,366	1,672	1,388
All-in sustaining costs per ounce (on a co-product
basis)	i,j	1,488	1,285	1,241	781	1,824	1,412	1,677	1,431
All-in costs per ounce	i	1,488	1,407	1,251	779	1,162	1,477	1,712	1,493
All-in costsper ounce(on a co-product basis)	i,j	1,490	1,410	1,258	781	1,824	1,523	1,717	1,536

($ millions, exceptper ounce information in dollars)			For theyear ended 12/31/2023	For theyear ended 12/31/2023
				Latin America &
	Footnote	Pueblo Viejo	Veladero	Asia Pacific
Cost of sales applicable to gold production		791	263	1,054
Depreciation		(255)	(69)	(324)
By-product credits		(37)	(9)	(46)
Non-recurring items		0	0	0
Other	c	0	0	0
Non-controllinginterests	d	(201)	0	(201)
Total cash costs		298	185	483
General & administrative costs		0	0	0
Minesite exploration and evaluation costs	e	0	5	5
Minesite sustaining capital expenditures	f	195	85	280
Sustaining capital leases		0	1	1
Rehabilitation - accretion and amortization (operating sites)	g	6	1	7
Non-controllinginterests		(80)	0	(80)
All-in sustainingcosts		419	277	696
Project exploration and evaluation and project costs	f	2	0	2
Project capital expenditures	g	197	14	211
Non-controllinginterests		(80)	0	(80)
All-in costs		538	291	829
Ounces sold - attributable basis(000s ounces)		335	182	517
Cost of salesper ounce	h,i	1,418	1,440	1,441
Total cash costs per ounce	i	889	1,011	931
Total cash costsper ounce(on a co-product basis)	i,j	958	1,061	993
All-in sustaining costs per ounce	i	1,249	1,516	1,358
All-in sustainingcostsper ounce(on a co-product basis)	i,j	1,318	1,566	1,420
All-in costs per ounce	i	1,604	1,591	1,653
All-in costsper ounce(on a co-product basis)	j,k	1,673	1,641	1,715

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

78

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

($ millions, except per ounce information in dollars)

($ millions, exceptper ounce information in dollars)					For theyear ended 12/31/2023
		Loulo-					Africa and
	Footnote	Gounkoto	Kibali	North Mara	Tongon	Bulyanhulu	Middle East
Cost of sales applicable to gold production		817	419	365	303	282	2,186
Depreciation		(247)	(147)	(77)	(46)	(62)	(579)
By-product credits		0	(2)	(3)	(1)	(23)	(29)
Non-recurring items	c	0	0	0	0	0	0
Other	d	0	0	0	0	0	0
Non-controllinginterests		(114)	0	(45)	(27)	(31)	(217)
Total cash costs		456	270	240	229	166	1,361
General & administrative costs		0	0	0	0	0	0
Minesite exploration and evaluation costs	e	0	0	0	0	0	0
Minesite sustaining capital expenditures	f	221	35	113	30	65	464
Sustaining capital leases		1	7	0	1	0	9
Rehabilitation - accretion and amortization (operating	g
sites)		3	2	5	4	1	15
Non-controllinginterests		(45)	0	(19)	(4)	(10)	(78)
All-in sustainingcosts		636	314	339	260	222	1,771
Project exploration and evaluation and project costs	e	0	0	0	0	0	0
Project capital expenditures	f	154	38	96	0	41	329
Non-controllinginterests		(31)	0	(15)	0	(7)	(53)
All-in costs		759	352	420	260	256	2,047
Ounces sold - attributable basis(000s ounces)		546	343	254	185	180	1,508
Cost of salesper ounce	h,i	1,198	1,221	1,206	1,469	1,312	1,251
Total cash costs per ounce	i	835	789	944	1,240	920	903
Total cash costsper ounce(on a co-product basis)	i,j	836	794	953	1,244	1,025	919
All-in sustaining costs per ounce	i	1,166	918	1,335	1,408	1,231	1,176
All-in sustainingcostsper ounce(on a co-product basis)	i,j	1,167	923	1,344	1,412	1,336	1,192
All-in costs per ounce	i	1,392	1,030	1,653	1,408	1,422	1,359
All-in costsper ounce(on a co-product basis)	i,j	1,393	1,035	1,662	1,412	1,527	1,375

($ millions, exceptper ounce information in dollars)							For theyear	ended 12/31/2022	ended 12/31/2022
	Footnote	Carlina	Cortez	Turquoise Ridge	Long Canyon	Phoenixa	Nevada Gold Minesb	Hemlo	North America
Cost of sales applicable to gold production		1,728	850	647	115	353	3,699	215	3,914
Depreciation		(312)	(253)	(178)	(76)	(75)	(895)	(28)	(923)
By-product credits		(2)	(2)	(2)	0	(139)	(145)	(1)	(146)
Non-recurring items	c	0	0	0	0	0	0	0	0
Other	d	(34)	0	0	0	20	(14)	0	(14)
Non-controllinginterests		(531)	(229)	(180)	(15)	(61)	(1,018)	0	(1,018)
Total cash costs		849	366	287	24	98	1,627	186	1,813
General & administrative costs		0	0	0	0	0	0	0	0
Minesite exploration and evaluation costs	e	20	8	7	1	0	37	4	41
Minesite sustaining capital expenditures	f	497	305	109	0	22	949	42	991
Sustaining capital leases		1	0	0	0	2	5	2	7
Rehabilitation - accretion and amortization
(operating sites)	g	10	11	2	1	3	27	2	29
Non-controllinginterests		(204)	(125)	(45)	(1)	(11)	(394)	0	(394)
All-in sustainingcosts		1,173	565	360	25	114	2,251	236	2,487
Project exploration and evaluation and project
costs	e	0	0	0	0	0	0	0	0
Project capital expenditures	f	0	104	50	0	0	201	0	201
Non-controllinginterests		0	(40)	(20)	0	0	(78)	0	(78)
All-in costs		1,173	629	390	25	114	2,374	236	2,610
Ounces sold - attributable basis(000s ounces)		968	449	278	55	106	1,856	132	1,988
Cost of salesper ounce	h,i	1,069	1,164	1,434	1,282	2,039	1,210	1,628	1,238
Total cash costs per ounce	i	877	815	1,035	435	914	876	1,409	912
Total cash costsper ounce(on a co-product basis)	i,j	878	818	1,039	436	1,603	917	1,415	951
All-in sustaining costs per ounce	i	1,212	1,258	1,296	454	1,074	1,214	1,788	1,252
All-in sustaining costs per ounce (on a co-product
basis)	i,j	1,213	1,261	1,300	455	1,763	1,255	1,794	1,291
All-in costs per ounce	i	1,212	1,400	1,405	454	1,074	1,280	1,789	1,314
All-in costsper ounce(on a co-product basis)	i,j	1,213	1,403	1,409	455	1,763	1,321	1,795	1,353

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

79

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

	($ millions, exceptper ounce information in dollars)					For	theyear ended 12/31/2022	theyear ended 12/31/2022
							Latin America &
		Footnote		Pueblo Viejo		Veladero		Asia Pacific
	Cost of sales applicable to gold production				801		325	1,126
	Depreciation				(242)		(120)	(362)
	By-product credits				(45)		(4)	(49)
	Non-recurring items		c		0		(23)	(23)
	Other		d		0		0	0
	Non-controllinginterests				(205)		0	(205)
	Total cash costs				309		178	487
	General & administrative costs				0		0	0
	Minesite exploration and evaluation costs		e		1		2	3
	Minesite sustaining capital expenditures		f		207		120	327
	Sustaining capital leases				0		3	3
	Rehabilitation - accretion and amortization (operating sites)		g		5		2	7
	Non-controllinginterests				(85)		0	(85)
	All-in sustainingcosts				437		305	742
	Project exploration and evaluation and project costs		e		2		0	2
	Project capital expenditures		f		377		33	410
	Non-controllinginterests				(152)		0	(152)
	All-in costs				664		338	1,002
	Ounces sold - attributable basis(000s ounces)				426		199	625
	Cost of salesper ounce		h,i		1,132		1,628	1,306
	Total cash costs per ounce		i		725		890	777
	Total cash costsper ounce(on a co-product basis)		i,j		788		913	827
	All-in sustaining costs per ounce		i		1,026		1,528	1,189
	All-in sustainingcostsper ounce(on a co-product basis)		i,j		1,089		1,551	1,239
	All-in costs per ounce		i		1,558		1,695	1,636
	All-in costsper ounce(on a co-product basis)		i,j		1,621		1,718	1,686
	($ millions, exceptper ounce information in dollars)					For	theyear ended	12/31/2022
			Loulo-		North			Africa and
		Footnote	Gounkoto	Kibali	Mara	Tongon	Bulyanhulu	Middle East
	Cost of sales applicable to gold production		790	413	309	347	295	2,154
	Depreciation		(257)	(178)	(73)	(69)	(60)	(637)
	By-product credits		0	(1)	(2)	(1)	(24)	(28)
	Non-recurring items	c	0	0	0	0	0	0
	Other	d	0	0	0	0	0	0
	Non-controllinginterests		(107)	0	(38)	(28)	(34)	(207)
	Total cash costs		426	234	196	249	177	1,282
	General & administrative costs		0	0	0	0	0	0
	Minesite exploration and evaluation costs	e	9	3	4	4	3	23
	Minesite sustaining capital expenditures	f	190	70	81	31	66	438
	Sustaining capital leases		2	6	0	2	0	10
	Rehabilitation - accretion and amortization (operating sites)
		g	3	1	6	1	1	12
	Non-controllinginterests		(40)	0	(14)	(4)	(11)	(69)
	All-in sustainingcosts		590	314	273	283	236	1,696
	Project exploration and evaluation and project costs	e	0	0	0	0	0	0
	Project capital expenditures	f	133	22	74	1	30	260
	Non-controllinginterests		(27)	0	(12)	0	(5)	(44)
	All-in costs		696	336	335	284	261	1,912
	Ounces sold - attributable basis(000s ounces)		548	332	265	178	205	1,528
	Cost of salesper ounce	h,i	1,153	1,243	979	1,748	1,211	1,219
	Total cash costs per ounce	i	778	703	741	1,396	868	839
	Total cash costsper ounce(on a co-product basis)	i,j	778	707	747	1,399	966	854
	All-in sustaining costs per ounce	i	1,076	948	1,028	1,592	1,156	1,111
	All-in sustainingcostsper ounce(on a co-product basis)	i,j	1,076	952	1,034	1,595	1,254	1,126
	All-in costs per ounce	i	1,270	1,013	1,265	1,595	1,278	1,252
	All-in costsper ounce(on a co-product basis)	i,j	1,270	1,017	1,271	1,598	1,376	1,267

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

80

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

($ millions, exceptper ounce information in dollars)	($ millions, exceptper ounce information in dollars)						For theyear ended	For theyear ended	12/31/2021
	Footnote	Carlina	Cortez	Turquoise Ridge	Long Canyon	Phoenixa	Nevada Gold Minesb	Hemlo	North America
Cost of sales applicable to gold production		1,451	927	615	193	346	3,532	257	3,789
Depreciation		(276)	(294)	(200)	(144)	(89)	(1,003)	(45)	(1,048)
By-product credits		(2)	(3)	(5)	0	(194)	(204)	(1)	(205)
Non-recurring items	c	0	0	0	0	0	0	0	0
Other	d	0	0	0	0	9	9	0	9
Non-controllinginterests		(451)	(243)	(158)	(19)	(28)	(899)	0	(899)
Total cash costs		722	387	252	30	44	1,435	211	1,646
General & administrative costs		0	0	0	0	0	0	0	0
Minesite exploration and evaluation costs	e	22	10	1	4	1	41	2	43
Minesite sustaining capital expenditures	f	424	192	77	8	20	746	82	828
Sustaining capital leases		2	0	0	0	1	5	2	7
Rehabilitation - accretion and amortization
(operating sites)	g	10	11	1	1	2	25	2	27
Non-controllinginterests		(177)	(86)	(30)	(5)	(9)	(318)	0	(318)
All-in sustainingcosts		1,003	514	301	38	59	1,934	299	2,233
Project exploration and evaluation and project
costs	e	0	0	0	0	0	0	0	0
Project capital expenditures	f	0	96	56	0	0	158	0	158
Non-controllinginterests		0	(37)	(22)	0	0	(61)	0	(61)
All-in costs		1,003	573	335	38	59	2,031	299	2,330
Ounces sold - attributable basis(000s ounces)		922	508	337	161	111	2,039	152	2,191
Cost of salesper ounce	h,i	968	1,122	1,122	739	1,922	1,072	1,693	1,115
Total cash costs per ounce	i	782	763	749	188	398	705	1,388	752
Total cash costs per ounce (on a co-product
basis)	i,j	784	767	757	188	1,428	764	1,394	807
All-in sustaining costs per ounce	i	1,087	1,013	892	238	533	949	1,970	1,020
All-in sustaining costs per ounce (on a co-
product basis)	i,j	1,089	1,017	900	238	1,563	1,008	1,976	1,075
All-in costs per ounce	i	1,087	1,129	993	238	533	997	1,970	1,064
All-in costsper ounce(on a co-product basis)	i,j	1,089	1,133	1,001	238	1,563	1,056	1,976	1,119

($ millions, exceptper ounce information in dollars)			For theyear ended 12/31/2021	For theyear ended 12/31/2021
				Latin America &
	Footnote	Pueblo Viejo	Veladero	Asia Pacific
Cost of sales applicable to gold production		739	262	1,001
Depreciation		(234)	(85)	(319)
By-product credits		(58)	(7)	(65)
Non-recurring items	c	0	0	0
Other	d	0	0	0
Non-controllinginterests		(178)	0	(178)
Total cash costs		269	170	439
General & administrative costs		0	0	0
Minesite exploration and evaluation costs	e	4	1	5
Minesite sustaining capital expenditures	f	160	136	296
Sustaining capital leases		0	1	1
Rehabilitation - accretion and amortization (operating sites)	g	8	2	10
Non-controllinginterests		(71)	0	(71)
All-in sustainingcosts		370	310	680
Project exploration and evaluation and project costs	e	1	0	1
Project capital expenditures	f	358	6	364
Non-controllinginterests		(144)	0	(144)
All-in costs		585	316	901
Ounces sold - attributable basis(000s ounces)		497	206	703
Cost of salesper ounce	h,i	896	1,256	1,028
Total cash costs per ounce	i	541	816	622
Total cash costsper ounce(on a co-product basis)	i,j	610	850	680
All-in sustaining costs per ounce	i	745	1,493	969
All-in sustainingcostsper ounce(on a co-product basis)	i,j	814	1,527	1,027
All-in costs per ounce	i	1,178	1,520	1,282
All-in costsper ounce(on a co-product basis)	i,j	1,247	1,554	1,340

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

81

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

($ millions, exceptper ounce information in dollars)						For theyear ended	For theyear ended	12/31/2021
		Loulo-		North				Africa and
	Footnote	Gounkoto	Kibali	Mara	Tongon	Bulyanhulu	Buzwagik	Middle East
Cost of sales applicable to gold production		732	373	296	310	212	65	1,988
Depreciation		(278)	(141)	(56)	(84)	(57)	(2)	(618)
By-product credits		0	(2)	(2)	(1)	(15)	0	(20)
Non-recurring items	c	0	0	0	0	0	0	0
Other	d	0	0	0	0	0	0	0
Non-controllinginterests		(91)	0	(38)	(23)	(22)	(10)	(184)
Total cash costs		363	230	200	202	118	53	1,166
General & administrative costs		0	0	0	0	0	0	0
Minesite exploration and evaluation costs	e	18	5	0	3	0	0	26
Minesite sustaining capital expenditures	f	199	54	62	18	34	0	367
Sustaining capital leases		2	10	0	2	0	0	14
Rehabilitation - accretion and amortization (operating
sites)	g	4	1	6	1	1	0	13
Non-controllinginterests		(44)	0	(11)	(3)	(5)	0	(63)
All-in sustainingcosts		542	300	257	223	148	53	1,523
Project exploration and evaluation and project costs	e	0	0	0	0	0	0	0
Project capital expenditures	f	98	16	32	0	49	0	195
Non-controllinginterests		(19)	0	(5)	0	(8)	0	(32)
All-in costs		621	316	284	223	189	53	1,686
Ounces sold - attributable basis(000s ounces)		558	367	257	185	166	41	1,574
Cost of salesper ounce	h,i	1,049	1,016	966	1,504	1,079	1,334	1,092
Total cash costs per ounce	i	650	627	777	1,093	709	1,284	740
Total cash costsper ounce(on a co-product basis)	i,j	650	631	784	1,096	787	1,277	751
All-in sustaining costs per ounce	i	970	818	1,001	1,208	891	1,291	968
All-in sustainingcostsper ounce(on a co-product basis)	i,j	970	822	1,008	1,211	969	1,284	979
All-in costs per ounce	i	1,111	861	1,105	1,206	1,138	1,291	1,070
All-in costsper ounce(on a co-product basis)	i,j	1,111	865	1,112	1,209	1,216	1,284	1,081

• a. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 30, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.

• b. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.

• c. Non-recurring items

These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs. Non-recurring items at Veladero for the three months ended and year ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory.

• d. Other

Other adjustments at Carlin include the removal of total cash costs and by-product credits associated with Emigrant starting the second quarter of 2022, which is producing incidental ounces.

• e. Exploration and evaluation costs

Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 60 of this MD&A.

• f. Capital expenditures

Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Significant projects in 2023 were the plant expansion project at Pueblo Viejo and the solar projects at NGM and LouloGounkoto. Refer to page 59 of this MD&A.

• g. Rehabilitation - accretion and amortization

Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.

• h. Cost of sales per ounce

• Gold cost of sales per ounce 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. Per ounce figures

Cost of sales per ounce, total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

• j. Co-product costs per ounce

Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

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($ millions)					For the three months ended 12/31/23	For the three months ended 12/31/23	For the three months ended 12/31/23
	Carlina	Cortez	Turquoise Ridge	Long Canyon	Phoenixa	Nevada Gold Minesb	Hemlo
By-product credits	0	1	1	0	38	40	0
Non-controllinginterest	0	0	(1)	0	(14)	(15)	0
By-product credits (net of non-controlling
interest)	0	1	0	0	24	25	0
($ millions)					For the three months ended 12/31/23
	Pueblo		Loulo-
	Viejo	Veladero	Gounkoto	Kibali	North Mara	Tongon	Bulyanhulu
By-product credits	11	2	**0 **	0	1	0	6
Non-controllinginterest	(5)	0	**0 **	0	0	0	(1)
By-product credits (net of non-controlling
interest)	6	2	**0 **	0	1	0	5
($ millions)					For	the three months ended 9/30/23
	Carlina	Cortez	Turquoise Ridge	LongCanyon	Phoenixa	Nevada Gold Minesb	Hemlo
By-product credits	1	0	1	0	41	43	1
Non-controllinginterest	(1)	0	0	0	(16)	(17)	0
By-product credits (net of non-controlling
interest)	0	0	1	0	25	26	1
($ millions)					For	the three months ended 9/30/23
			Loulo-
	Pueblo Viejo	Veladero	Gounkoto	Kibali	North Mara	Tongon	Bulyanhulu
By-product credits	8	3	0	1	1	1	6
Non-controllinginterest	(4)	0	0	0	0	0	(1)
By-product credits (net of non-controlling
interest)	4	3	0	1	1	1	5
						For theyear ended 12/31/23
	Carlina	Cortez	Turquoise Ridge	Long Canyon	**Phoenixa **	Nevada Gold Minesb	Hemlo
By-product credits	2	3	4	0	157	166	1
Non-controllinginterest	(1)	(1)	(2)	0	(60)	(64)	0
By-product credits (net of non-controlling
interest)	1	2	2	0	97	102	1
						For theyear ended 12/31/23
			Loulo-
	Pueblo Viejo	Veladero	Gounkoto	Kibali	North Mara	Tongon	Bulyanhulu
By-product credits	37	9	0	2	3	1	23
Non-controllinginterest	(15)	0	0	0	0	0	(4)
By-product credits (net of non-controlling
interest)	22	9	0	2	3	1	19
						For theyear ended 12/31/22
	Carlina	Cortez	Turquoise Ridge	LongCanyon	Phoenixa	Nevada Gold Minesb	Hemlo
By-product credits	2	2	2	0	139	145	1
Non-controllinginterest	(1)	(1)	(1)	0	(54)	(57)	0
By-product credits (net of non-controlling
interest)	1	1	1	0	85	88	1
						For theyear ended 12/31/22
			Loulo-
	Pueblo Viejo	Veladero	Gounkoto	Kibali	North Mara	Tongon	Bulyanhulu
By-product credits	45	4	0	1	2	1	24
Non-controllinginterest	(18)	0	0	0	0	0	(4)
By-product credits (net of non-controlling
interest)	27	4	0	1	2	1	20

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	For theyear ended 12/31/21	For theyear ended 12/31/21
	Carlina Cortez Turquoise Ridge LongCanyon Phoenixa Nevada Gold Minesb Hemlo
By-product credits	2 3 5 0 194 204 1
Non-controllinginterest	(1) (1) (2) 0 (75) (79) 0
By-product credits (net of non- controllinginterest)	1 2 3 0 119 125 1
	For theyear ended 12/31/21
	Pueblo Viejo Veladero Loulo- Gounkoto Kibali North Mara Tongon Bulyanhulu Buzwagik
By-product credits	58 7 0 2 2 1 15 0
Non-controllinginterest	(23) 0 0 0 0 0 (2) 0
By-product credits (net of non- controllinginterest)	35	7 0 2 2 1 13 0

• k. With the end of mining at Buzwagi in the third quarter of 2021, as previously reported, we have ceased to include production or non-GAAP cost metrics for Buzwagi from October 1, 2021 onwards.

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis

For the three months ended	For theyears ended
($ millions, exceptperpound information in dollars) 12/31/23 9/30/23	12/31/23 12/31/22 12/31/21
Cost of sales 209 167	726 666 569
Depreciation/amortization (86) (70) (259) (223) (197)
Treatment and refinement charges 51 47 191 199 161
Cash cost of sales applicable to equity method investments 103 82 356 317 313
Less: royalties (16) (15) (62) (103) (103)
By-product credits (5) (4) (19) (14) (15)
C1 cash cost of sales 256 207 933 842 728
General & administrative costs 6 6 22 30 17
Rehabilitation - accretion and amortization 2 3 9 4 6
Royalties 16 15 62 103 103
Minesite exploration and evaluation costs 0 3 7 22 14
Minesite sustaining capital expenditures 84 91 266 410 234
Sustainingleases 3 2 12 6 9
All-in sustaining costs 367 327 1,311 1,417 1,111
Pounds sold - attributable basis(millionspounds) 117 101 408 445 423
Cost of salesperpounda,b 2.92 2.68 2.90 2.43 2.32
C1 cash costsperpounda 2.17 2.05 2.28 1.89 1.72
All-in sustaining costsperpounda 3.12 3.23 3.21 3.18 2.62

• a. Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.

• b. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

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Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis, by operating site

operating site
($ millions, exceptperpound information in dollars)	For the three months ended
	12/31/23 9/30/23
	Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid
Cost of sales	101 206 34 83 167 22
Depreciation/amortization	(24) (84) (8) (18) (70) (5)
Treatment and refinement charges	0 44 7 0 42 5
Less: royalties	0 (16) 0 0 (15) 0
By-product credits	0 0 (5) (1) 0 (3)
C1 cash cost of sales	77 150 28 64 124 19
Rehabilitation - accretion and amortization	0 2 0 0 3 0
Royalties	0 16 0 0 15 0
Minesite exploration and evaluation costs	0 0 0 3 0 0
Minesite sustaining capital expenditures	13 68 3 4 85 2
Sustainingleases	2 0 1 1 1 0
All-in sustaining costs	92 236 32 72 228 21
Pounds sold - attributable basis(millionspounds)	26 70 21 21 67 13
Cost of salesperpounda,b	3.85 2.95 1.59 3.86 2.48 1.72
C1 cash costsperpounda	2.93 2.14 1.32 2.99 1.86 1.45
All-in sustaining costsperpounda	3.51 3.38 1.50 3.39 3.41 1.64

($ millions, except per pound information in dollars)

($ millions, exceptperpound information in	dollars)							For theyears	ended
		12/31/23			12/31/22			12/31/21
			Jabal			Jabal			Jabal
	Zaldívar	Lumwana	Sayid	Zaldívar	Lumwana	Sayid	Zaldívar	Lumwana	Sayid
Cost of sales	354	723	107	305	666	110	314	569	99
Depreciation/amortization	(81)	(257)	(24)	(74)	(223)	(24)	(79)	(197)	(21)
Treatment and refinement charges	0	166	25	0	179	20	0	140	21
Less: royalties	0	(62)	0	0	(103)	0	0	(103)	0
By-product credits	(1)	0	(18)	0	0	(14)	0	0	(15)
C1 cash cost of sales	272	570	90	231	519	92	235	409	84
Rehabilitation - accretion and
amortization	0	9	0	0	3	1	1	5	0
Royalties	0	62	0	0	103	0	0	103	0
Minesite exploration and evaluation
costs	7	0	0	11	11	0	13	0	1
Minesite sustaining capital expenditures	34	223	9	44	360	6	37	189	8
Sustainingleases	6	2	4	3	3	0	4	3	2
All-in sustaining costs	319	866	103	289	999	99	290	709	95
Pounds sold - attributable basis (millions
pounds)	92	249	67	98	275	72	98	253	72
Cost of salesperpounda,b	3.83	2.91	1.60	3.12	2.42	1.52	3.19	2.25	1.38
C1 cash costsperpounda	2.95	2.29	1.35	2.36	1.89	1.26	2.38	1.62	1.18
All-in sustaining costsperpounda	3.46	3.48	1.53	2.95	3.63	1.36	2.94	2.80	1.33

a. Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.

b. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

EBITDA, Adjusted EBITDA and Attributable EBITDA

EBITDA is a non-GAAP financial measure, which excludes the following from net earnings:

• Income tax expense;

• Finance costs;

• Finance income; and

• ■ Depreciation.

Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently

used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company.

In addition to adjusted EBITDA, we are also providing attributable EBITDA, which we introduced in the third quarter of 2023 and removes the non-controlling interest portion from our adjusted EBITDA measure. Prior periods have been presented to allow for comparability. Adjusted EBITDA removes the effect of impairment

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charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; other expense adjustments; and non-controlling interests. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not

necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced.

EBITDA, adjusted EBITDA and attributable EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA and attributable EBITDA differently.

Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA

($ millions)	For the three months ended	For theyears ended
	12/31/23 9/30/23	12/31/23 12/31/22 12/31/21
Net earnings	597 585	1,953 1,017 3,288
Income tax expense	174 218	861 664 1,344
Finance costs, neta	(7) 30	83 235 307
Depreciation	564 504	2,043 1,997 2,102
EBITDA	1,328 1,337	4,940 3,913 7,041
Impairment charges (reversals) of non-current assetsb	289 0	312 1,671 (63)
Acquisition/disposition gainsc	(354) (4)	(364) (405) (213)
Loss on currency translation	37 30	93 16 29
Other expense (income) adjustmentsd	41 (5)	96 17 73
Income tax expense, net finance costsa, and depreciation from equityinvestees	118 106	397 401 391
Adjusted EBITDA	1,459 1,464	5,474 5,613 7,258
Non-controllingInterests	(391) (393)	(1,487) (1,584) (2,011)
Attributable EBITDA	1,068 1,071	3,987 4,029 5,247
Revenues - as adjustede	2,514 2,363	9,411 9,147 9,829
Attributable EBITDA marginf	42 % 45 % 42 % 44 % 53 %

a. Finance costs exclude accretion.

b. Net impairment charges for the three months and year ended December 31, 2023 mainly relate to a long-lived asset impairment at Long Canyon. For the year ended December 31, 2022, net impairment charges primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq.

• c. Acquisition/disposition gains for the three months and year ended December 31, 2023 primarily relate to a gain on the reopening of the Porgera mine as the conditions for the reopening were completed on December 22, 2023. For the year ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50% and the sale of two royalty portfolios.

• d. Other expense (income) adjustments for the three months and year ended December 31, 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera. The year ended December 31, 2023 was further impacted by the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the year ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara.

e. Refer to Reconciliation of Sales to Realized Price per pound/ounce on page 87 of this MD&A.

• f. Represents Attributable EBITDA divided by revenues - as adjusted.

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Reconciliation of Segment Income to Segment EBITDA

($ millions)								For the three months ended	For the three months ended	For the three months ended	12/31/23
	**Carlina **	Cortez	Turquoise Ridge	Nevada Gold **Minesb **	Pueblo Viejo	Loulo- Gounkoto	Kibali	North Mara	Bulyanhulu	Lumwana
	(61.5%)	(61.5%)	(61.5%)	(61.5%)	(60%)	(80%)	(45%)	(84%)	(84%)		(100%)
Income	168	102	48	355	49	82	78	12	32		17
Depreciation	47	73	31	167	40	47	37	18	13		85
EBITDA	215	175	79	522	89	129	115	30	45		102
								For the three months ended 9/30/23
	Carlina	Cortez	Turquoise Ridge	Nevada Gold Minesb	Pueblo	Loulo- Gounkoto	Kibali	North Mara	Bulyanhulu	Lumwana
	(61.5%)	(61.5%)	(61.5%)	(61.5%)	Viejo(60%)	(80%)	(45%)	(84%)	(84%)		(100%)
Income	174	87	49	314	31	111	72	37	33		32
Depreciation	51	54	28	146	39	45	44	14	13		69
EBITDA	225	141	77	460	70	156	116	51	46		101
								For theyear ended			12/31/23
	**Carlina **	Cortez	Turquoise Ridge	Nevada Gold **Minesb **	Pueblo Viejo	Loulo- Gounkoto	Kibali	North Mara	Bulyanhulu	Lumwana
	(61.5%)	(61.5%)	(61.5%)	(61.5%)	(60%)	(80%)	(45%)	(84%)	(84%)		(100%)
Income	577	333	172	1,145	187	388	243	139	123		37
Depreciation	193	224	116	591	154	197	147	64	52		257
EBITDA	770	557	288	1,736	341	585	390	203	175		294
								For theyear ended			12/31/22
	Carlina	Cortez	Turquoise Ridge	Nevada Gold Minesb	Pueblo	Loulo- Gounkoto	Kibali	North Mara	Bulyanhulu	Lumwana
	(61.5%)	(61.5%)	(61.5%)	(61.5%)	Viejo(60%)	(80%)	(45%)	(84%)	(84%)		(100%)
Income	685	277	98	1,144	265	342	142	177	118		180
Depreciation	192	155	110	551	146	205	178	61	50		223
EBITDA	877	432	208	1,695	411	547	320	238	168		403

								For	theyear ended 12/31/21	theyear ended 12/31/21
	Carlina	Cortez	Turquoise Ridge	Nevada Gold Minesb	Pueblo	Loulo- Gounkoto	Kibali	North Mara	Bulyanhulu	Lumwana
	(61.5%)	(61.5%)	(61.5%)	(61.5%)	Viejo(60%)	(80%)	(45%)	(84%)	(84%)	(100%)
Income	733	337	229	1,675	445	380	278	214	122	391
Depreciation	170	181	123	630	142	222	141	47	48	197
EBITDA	903	518	352	2,305	587	602	419	261	170	588

• a. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 30, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.

b. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.

Realized Price

Realized price is a non-GAAP financial measure which excludes from sales:

• Treatment and refining charges; and

• Cumulative catch-up adjustment to revenue relating to our streaming arrangements.

We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our

Company’s past performance and is a better indicator of its expected performance in future periods.

The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure.

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Reconciliation of Sales to Realized Price per ounce/pound

		For the three months ended	For the three months ended	For the three months ended					For theyears ended	For theyears ended
($ millions, except per ounce/
pound information in dollars)	Gold		Copper			Gold			Copper
	12/31/23	9/30/23	12/31/23	9/30/23	12/31/23	12/31/22	12/31/21	12/31/23	12/31/22	12/31/21
Sales	2,767	2,588	226	209	10,350	9,920	10,738	795	868	962
Sales applicable to non-controlling
interests	(872)	(797)	0	0	(3,179)	(3,051)	(3,323)	0	0	0
Sales applicable to equity method investmentsa,b	183	187	168	126	667	597	660	587	646	707
Sales applicable tosites in closure
or care and maintenancec	(2)	(4)	0	0	(15)	(55)	(88)	0	0	0
Treatment and refining charges	8	7	51	47	30	23	10	191	199	161
Otherd	**(15) **	0	0	0	**(15) **	0	2	0	0	0
Revenues – as adjusted	2,069	1,981	445	382	7,838	7,434	7,999	1,573	1,713	1,830
Ounces/pounds sold (000s ounces/ millionspounds)c	1,042	1,027	117	101	4,024	4,141	4,468	408	445	423
Realized gold/copper price per ounce/pounde	1,986	1,928	3.78	3.78	1,948	1,795	1,790	3.85	3.85	4.32

• a. Represents sales of $183 million and $667 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $187 million; 2022: $597 million; 2021: $661 million) applicable to our 45% equity method investment in Kibali. Represents sales of $98 million and $359 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $82 million; 2022: $390 million; 2021: $423 million) applicable to our 50% equity method investment in Zaldívar and $77 million and $253 million, respectively (September 30, 2023: $49 million; 2022: $275 million; 2021: $305 million) applicable to our 50% equity method investment in Jabal Sayid for copper.

• b. Sales applicable to equity method investments are net of treatment and refinement charges.

• c. Excludes Pierina, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.

• d. Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2f to the Financial Statements for more information.

• e. Realized price per ounce/pound may not calculate based on amounts presented in this table.

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Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects 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, 2023.

Endnotes

• 1 A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for 5 million ounces to support a minimum 10-year life, annual production of at least 500,000 ounces of gold and with all-in sustaining costs per ounce in the lower half of the industry cost curve.

• 2 A Tier Two Gold Asset is an asset with a reserve with potential to deliver a minimum 10-year life, annual production of at least 250,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

• 3 A Tier One Copper Asset is an asset with a $3.00/lb reserve with potential for 5 million tonnes or more of contained copper to support a minimum 20-year life, annual production of at least 200ktpa, with all-in sustaining costs per pound in the lower half of the industry cost curve.

• 4 A Strategic Asset is an asset, which in the opinion of Barrick, has the potential to deliver significant unrealized value in the future.

• 5 Currently consists of Barrick’s Lumwana mine and Zaldívar, Jabal Sayid and Reko Diq joint ventures.

• 6 Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

• 7 Gold cost of sales per ounce 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). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

• 8 TRIFR is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries. LTIFR is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked.

• 9 Class 1 - High Significance is defined as an incident that causes significant negative impacts on human

health or the environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.

• 10 Categories as defined in the Greenhouse Gas Protocol’s Technical Guidance for Calculating Scope 3 Emissions. Achievement of Barrick’s Scope 3 targets will require collaboration with suppliers and customers in our value chain, which are outside of Barrick’s direct control.

• 11 Preliminary figures and subject to external assurance.

• 12 All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu Mt are reported to the second significant digit. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place. 2023 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper & silver mineral resources and mineral reserves.

• 13 Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2023, unless otherwise noted. Proven reserves of 250 million tonnes grading 1.85 g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61 g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper. Measured resources of 430 million tonnes grading 1.76 g/t, representing 24 million ounces of gold, and 580 million tonnes grading 0.39%, representing 2.2 million tonnes of copper. Indicated resources of 4,800 million tonnes grading 1.00 g/t, representing 150 million ounces of gold, and 4,900 million tonnes grading 0.39%, representing 19 million tonnes of copper. Inferred resources of 1,500 million tonnes grading 0.8 g/t, representing 39 million ounces of

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gold, and 2,000 million tonnes grading 0.4%, representing 7.1 million tonnes of copper. Totals may not appear to sum correctly due to rounding. Complete mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 98-111 of Barrick’s Fourth Quarter and Year-End 2023 Report.

14 Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes grading 2.26 g/t, representing 19 million ounces of gold, and 390 million tonnes grading 0.40%, representing 3,500 million pounds of copper. Probable reserves of 1,200 million tonnes grading 1.53 g/t, representing 57 million ounces of gold, and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper. Measured resources of 480 million tonnes grading 2.13 g/t, representing 33 million ounces of gold, and 700 million tonnes grading 0.39%, representing 6,000 million pounds of copper. Indicated resources of 4,700 million tonnes grading 0.96 g/t, representing 150 million ounces of gold, and 4,500 million tonnes grading 0.39%, representing 38,000 million pounds of copper. Inferred resources of 1,500 million tonnes grading 0.8 g/t, representing 42 million ounces of gold, and 1,800 million tonnes grading 0.4%, representing 15,000 million pounds of copper. Totals may not appear to sum correctly due to rounding. Complete 2022 mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 33-46 of Barrick’s Annual Information Form/Form 40-F for the year ended December 31, 2022 on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.

• 15 Proven and probable reserve gains from cumulative net change in reserves from year end 2019 to 2023.

Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2023 divided by the cumulative depletion in reserves from year end 2019 to 2023 as shown in the table below:

Year	Attributable P&P Gold (Moz)	Attributable Gold Acquisition & Divestments (Moz)	Attributable Gold Depletion (Moz)	Attributable Gold Net Change (Moz)
2019a	71	—	—	—
2020b	68	(2.2)	(5.5)	4.2
2021c	69	(0.91)	(5.4)	8.1
2022d	76	—	(4.8)	12
2023e	77	—	(4.6)	5
2019 - 2023 Total	N/A	(3.1)	(20)	29

Totals may not appear to sum correctly due to rounding.

Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick’s Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick’s ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own.

All estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.

a Estimates as of December 31, 2019, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold.

b Estimates as of December 31, 2020, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.37 g/t, representing 21 million ounces of gold and Probable reserves of 990 million tonnes grading 1.46 g/t, representing 47 million ounces of gold.

c Estimates as of December 31, 2021, unless otherwise noted. Proven reserves of 240 million tonnes grading 2.20 g/t, representing 17 million ounces of gold and Probable reserves of 1,000 million tonnes grading 1.60 g/t, representing 53 million ounces of gold.

d Estimates as of December 31, 2022, unless otherwise noted. Proven reserves of 260 million tonnes grading 2.26 g/t, representing 19 million ounces of gold and Probable reserves of 1,200 million tonnes grading 1.53 g/t, representing 57 million ounces of gold.

e Estimates as of December 31, 2023, unless otherwise noted. Proven reserves of 250 million tonnes grading 1.85 g/t, representing 15 million ounces of gold and Probable reserves of 1,200 million tonnes grading 1.61 g/t, representing 61 million ounces of gold.

16 Fourmile is currently 100% owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the NGM joint venture if certain criteria are met following the completion of drilling and the requisite feasibility work.

17 See the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.

• 18 See the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March 17, 2023, and filed

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on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.

• 19 Lumwana financial metrics and production metrics are based upon a preliminary economic assessment which is preliminary in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and

there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment for Lumwana Super Pit is based upon a $3.00/lb whittle pit shell. The assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing pre-feasibility study and are made by the qualified person.

• 20 Greater Leeville Significant Intercepts[a]

		Drill Results from Q4 2023	Drill Results from Q4 2023
Drill Holeb	Azimuth	Dip	Interval(m)	Width(m)c	Au(g/t)
HSC-23001	129	(26)	250.5 - 283.2	32.6	32.88
HSX-23002	183	(28)	848.9-857.3	8.4	5.85

• a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters; internal dilution is less than 20% total width.

• b. Carlin Trend drill hole nomenclature: Project area (HSC - Horsham Underground Core, HSX - Horsham Exploration) followed by the year (23 for 2023) then hole number.

• c. True width of the intercepts are uncertain at this stage.

The drilling results for Leeville contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

• 21 Upper Rita K Inventory Significant Intercepts[a]

Upper Rita K Inventory Significant Interceptsa	Upper Rita K Inventory Significant Interceptsa
Drill Results from Q4 2023
Including
Drill Holeb Azimuth Dip Interval(m) Width(m)c Au(g/t)	Interval(m) Width(m)	Au(g/t)
RKU-23014 257 6 244.4 - 263 18.6 9.33 256.6 - 263.0 6.4		17.69

• a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters; internal dilution is less than 20% total width.

• b. Carlin Trend drill hole nomenclature: Project area (RKU - Rita K Core) followed by hole number. As of 2022, the first two numbers following “RKU” will denote the year drilled; i.e. RKU-23XXX is a core hole drilled in Rita K in 2023.

• c. True width of the intercepts for RKU drillholes is uncertain at this stage.

The drilling results for Rita K contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by independent laboratories, ALS Minerals and American Assay Laboratories. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

• 22 Ren Resource Significant Intercepts[a]

		Drill Results from Q4 2023	Drill Results from Q4 2023
Drill Holeb	Azimuth	Dip	Interval(m)	Width(m)c	Au(g/t)
REN-23001B	328	83	903.8-908.5	4.7	24.90

a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3 meters; internal dilution is less than 20% total width.

• b. Carlin Trend drill hole nomenclature: Project area (REN - Ren) followed by the year (i.e. “23” for 2023) then hole number. c. True width of intercepts are uncertain at this stage.

The drilling results for Ren contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Ren conform to industry accepted quality control methods.

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23 Carlin Trend Significant Intercepts[a]

Drill Results from Q4 2023	Drill Results from Q4 2023
Drill Holeb Azimuth Dip Interval(m) Width(m)c		Au(g/t)
LBB-23010 0 (90) 651.4 - 654.0 2.6 65*9.7 - 660.6 0.9 673.9 - 675.7 1.8		6.35 3.91 3.70
WSF-23007 315 (80)	No significant intercept
WSF-23008 0 (90) No significant intercept

• a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution is less than 20% total width.

• b. Carlin Trend drill hole nomenclature: Project area (LBB - Little Boulder Basin, WSF - Western Spur) followed by the year (23 for 2023) then hole number.

• c. True widths of intercepts are uncertain at this stage.

The drilling results for Carlin Trend contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Carlin Trend conform to industry accepted quality control methods.

• 24 Cortez Hanson Significant Intercepts[a]

		Drill Results from Q4 2023	Drill Results from Q4 2023
Drill Holeb	Azimuth	Dip	Interval(m)	Width(m)c	Au(g/t)
CMX-23017	300	(50)	445 - 447.1	2.1	23.15
CMX-23018	260	(62)	444.4 - 477.6	33.2	18.42

• a. All intercepts calculated using a 3.42 g/t Au cutoff and are uncapped; minimum intercept width is 1.4 meters; internal dilution is less than 20% total width.

• b. Carlin Trend drill hole nomenclature: Project (CMX - CHUG Minex) followed by the year (23 for 2023) then hole number. c. True width of intercepts are uncertain at this stage.

The drilling results for Cortez contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Cortez conform to industry accepted quality control methods.

25 Robertson Significant Intercepts[a]

			Drill Results from Q4 2023	Drill Results from Q4 2023
Drill Holeb	Azimuth	Dip		Interval(m)	Width(m)c	True Width(m)c	Au(g/t)
DTL-23012	287	67		71.9 - 77.1	5.2	5.2	0.50
				80.5 - 83.7	3.2	3.2	0.18
				171.9 - 180.7	8.8	8.7	1.06
				183.8 - 192.9	9.1	9.0	0.45
DTL-23013	261	60		104.6 - 113.7	9.1	9.1	0.56
				119.8 - 127.4	7.6	7.6	1.77
				134.6 - 143.9	9.3	9.3	1.78
				146.9 - 151.5	4.6	4.6	1.59
				190.9 - 197.5	6.6	6.6	1.74

a. All intercepts calculated using a 0.17 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters (consecutive) or less of unmineralized between intercepts; internal dilution is less than 20%.

• b. Robertson drill hole nomenclature: Project area: DTL: Distal, followed by “23” which indicates drill year of 2023. c. True width of intercepts have been estimated based on the current geological model.

The drilling results for Robertson property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals and SGS S.A., independent laboratories. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their

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delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Robertson property conform to industry accepted quality control methods.

26 Fourmile Significant Intercepts[a]

		Drill Results from Q4 2023	Drill Results from Q4 2023
Drill Holeb	Azimuth	Dip	Interval(m)	Width(m)c	Au(g/t)
FM18-43D (ext)d	155	(84)	1544.9 - 1546.3	1.4	31.10
FM18-43D(ext)d	155	(84)	1558.4 - 1560.0	1.5	15.40
FM21-174D(ext)d	181	(69)	1680.8 - 1682.0	1.2	3.53
FM23-181Dd	194	(80)	1270.9 - 1299.6	28.7	51.10
FM23-182Dd	337	(80)	1016.1 - 1018.8	2.7	8.80
FM23-182DW1	337	(80)	1039.4 - 1070.7	1.4	3.83
FM23-183D	326	(80)	1245.9 - 1246.9	1.1	4.08
FM23-183D	326	(80)	1248.0 - 1249.8	1.8	21.65
FM23-183D	326	(80)	1352.6 - 1354.1	1.5	9.07
FM23-184D	17	(74)	494.1 - 497.1	3.0	5.94
FM23-185D	10	(84)	No significant intercept - Hole lost above		target
FM23-186D	239	(84)	1025 - 1025.8	0.8	43.00
FM23-186D	239	(84)	1114.0 - 1115.7	1.5	6.01
FM23-186D	239	(84)	1121.4 - 1122.7	1.4	110.00
FM23-187D	232	(80)	1296.8 - 1298.6	1.8	57.23
FM23-187D	232	(80)	1302.1 - 1304.7	2.6	40.22
FM23-187D	232	(80)	1551.0 - 1551.7	0.8	6.61
FM23-188D	99	(79)	1228.6 - 1232.5	3.8	16.26
FM23-188D	99	(79)	1234.6 - 1236.0	1.4	9.91
FM23-189D	40	(76)		Inprogress above target

• a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution less than 20% total width.

b. Fourmile drill hole nomenclature: Project area FM: Fourmile, followed by the year (23 for 2023) then hole number, additionally (ext) notes holes that were re-entered and extended in 2023.

• c. True widths of intercepts are uncertain at this stage.

• d. Previously reported with minimum 3.0 meters width.

The drilling results for Fourmile contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Fourmile conform to industry accepted quality control methods.

27 Turquoise Ridge Significant Intercepts[a]

				Drill Results from Q4 2023	Drill Results from Q4 2023
								Including
Drill Holeb	Azimuth	Dip	Interval(m)	Width(m)c	True Width(m)c	Au(g/t)	Interval(m)	Width(m)	Au(g/t)
TUM-23307	134	(42)	83.7 - 88.5	4.8		95.18	85.6 - 87.6	2.0	212.00
TSG-23003A	357	(68)	342.6 - 406.7	64.1	63.3	4.42

a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 1 meter; internal dilution is less than 20% total width.

b. Turquoise Ridge drill hole nomenclature: Project area: TUM: Turquoise Underground Minex, TSG: Twin Surface Growth. First two numbers indicate year drilled.

• c. True width of intercepts have been estimated based on the current geological model, where possible.

The drilling results for Turquoise Ridge contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Turquoise Ridge conform to industry accepted quality control methods.

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28 Hemlo Significant Intercepts[a]

			Drill Results from Q4 2023
Drill Holeb	Azimuth	Dip	Interval(m)	Width(m)c	True Width(m)c	Au(g/t)
W2368	113	(48.7)	193 - 289	96.0	67.9	1.25
W2369	120.2	(52.9)	205 - 268.6	63.6	48.7	0.91
W2370	119.1	(60.6)	195 - 206.6	11.6	10.0	3.98
W2371	135	(62.3)	178.7 - 209.8	31.1	22.0	2.64
W2381	195.4	(61.7)	209 - 259.1	50.1	38.4	0.95

• a. All intercepts calculated using a 0.3 g/t Au cutoff: W23 holes are capped to 80 g/t Au; minimum intercept width is 5.0 meters; interal dilution is less than 42% total width.

• b. Hemlo drill hole nomenclature: Surface hole nomenclature is defined by “W” then year (e.g. 23 for 2023) then hole number.

• c. True widths of intercepts are estimated using the angle to core axis.

The drilling results for Hemlo contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Hemlo conform to industry accepted quality control methods.

29 Loulo-Gounkoto Significant Intercepts[a]

			Drill Results	from Q4 2023
							Includingd
Drill Holeb	Azimuth	Dip	Interval(m)	Width(m)c	Au(g/t)	Interval(m)	Width(m)	Au(g/t)
BNRCDH335	90	(50)	205 - 211.2	6.2	4.41
BNRCDH335	90	(50)	221 - 238.5	17.5	2.41	222.80 - 227	4.20	4.48
BNRC336	270	(50.54)	1 -- 3	2	0.81
BNRC336	270	(50.54)	157 - 164	7	1.19
BNRC336	270	(50.54)	167 - 172	5	1.69
BNRC336	270	(50.54)	175 - 179	4	0.88
BNRCDH337	270	(50)	15 - 22	7	1.04
BNRCDH337	270	(50)	32 - 35	3	0.82
BNRCDH337	270	(50)	38 - 44	6	0.75
BNRCDH337	270	(50)	56 - 61	5	0.59
BNRCDH337	270	(50)	195.8 - 199.8	4	1.73
BNRCDH337	270	(50)	240.25 - 244.3	4.05	0.83
BNRCDH337	270	(50)	260.8 - 265.4	4.6	0.92
BNRC341	90	(50)	206 - 208	2	2.26
DB1RC055	270	(55)	32.00 - 56.00	24	2.45	43 - 48	5	3.88
DB1RC055	270	(55)	58.00 - 66.00	8	1.60	50 - 54	4	3.53
DB1RC055	270	(55)	150.00 - 153.00	3	0.80	60 - 62	2	4.28
DBDH025	270	(55)	249.90 - 255.80	5.9	0.73

• a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters total width.

• b. Loulo-Gounkoto drill hole nomenclature: prospect initial B (Baboto), DB and DB1 (Domaine Boundary 1) followed by type of drilling RC (Reverse Circulation), DH (Diamond Drilling), RCDH (Reverse Circulation with Diamond tail).

• c. True widths uncertain at this stage.

• d. All intercepts calculated using a 3.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters total width.

The drilling results for the Loulo-Gounkoto property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Loulo property conform to industry accepted quality control methods.

BARRICK YEAR-END 2023

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30 Kibali Significant Intercepts[a]

Drill Results from Q4 2023

						Includingd,e	Includingd,e
Drill Holeb	Azimuth	Dip	Interval(m)	Width(m)c	Au(g/t)	Interval(m)	Width(m)	Au(g/t)
ADD031	135	(75)	45.5 - 50.3	4.80	1.20
			75.35 - 102.06	26.71	6.63	76.6 - 81.35	4.75	19.56
						86.15 - 93	6.85	7.93
						96.3 - 98.46	2.16	8.92
			207.2 - 209.6	2.40	0.62
			216.15 - 241.62	25.47	3.64	232.62 - 239.42	6.80	10.59
ADD032	135	(75)	298 - 300	2.00	0.76
DDD611	315	(80)	9 - 14	5.00	7.53	45,578	3.00	12.19
			21.2 - 23.2	2.00	1.49
			27 - 29	2.00	22.30
			36 - 49.1	13.10	1.09
			103 - 116.55	13.55	2.02	104 - 105	1.00	4.04
						112 - 116	4.00	3.19
DDD613	155	(84)	53.3 - 59.85	6.55	1.66	54.1 - 55	0.90	3.47
			173.1 - 178.4	5.30	6.68
			199.9 - 202.3	2.40	2.26
ORDD0113	307	(93)	514.3 - 523.3	9.00	2.28
ORDD0114	302	(63)	333.24 - 355.65	22.41	5.43	334.19 - 344.2	10.01	7.33
						347.8 - 353.7	5.90	7.01
ORDD0115	306	(62)	458 - 462	4.00	0.94
			466 - 476.5	10.50	1.42	471 - 474	3.00	3.01
ORDD0116	301	(64)	338.7 - 352.7	14.00	0.85
			359.4 - 379.4	20.00	2.44	365.8 - 368.9	3.10	4.03
						370.5-377.8	7.30	3.66
ZBRC0025	270	(50)	0 - 19	19.00	5.24	1 - 9	8.00	9.24
			23 - 34	11.00	1.37	28 - 30	2.00	4.76
			40 - 61	21.00	1.19
			66 - 85	19.00	5.44	73 - 79	6.00	12.03
			88-101	13.00	1.35	92-97	5.00	2.23
ZBRC0026	270	(50)	106-108	2.00	2.12
ZBRC0027	270	(50)	6 - 11	5.00	1.52
			22 - 48	26.00	1.74	22 - 25	3.00	3.81
						28 - 33	5.00	3.13
			65-69	4.00	0.53
ZBRC0028	270	(50)	0 - 6	6.00	1.31
			15-24	9.00	3.66	15-17	2.00	9.20
ZBRC0029	270	(50)	87 - 89	2.00	2.82
			102 - 104	2.00	0.59
			112 - 114	2.00	0.83
			134-137	3.00	1.20
ZBRC0030	270	(50)	83 - 89	6.00	1.29
			124 - 128	4.00	2.51
			172-174	2.00	2.50
ZBRC0031	270	(50)	0-12	12.00	1.08	8-9	1.00	3.07
ZBRC0032	270	(50)	124 - 132	8.00	7.80	126 - 130	4.00	13.24
			177-185	8.00	1.05	183-185	2.00	2.29
ZBRC0033	270	(50)	48 - 64	16.00	2.70	48 - 50	2.00	7.15
						55-61	6.00	3.94
ZBRC0034	270	(50)	176-182	6.00	1.26	178-179	1.00	2.86

• a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 25% total width.

b. Kibali drill hole nomenclature: prospect initial (A=Agabarabo; D=Durba; O=Oere; ZB=Zambula) followed by type of drilling (RC=Reverse Circulation, DD=Diamond, GC=Grade control) with no designation of the year. KCDU=KCD Underground.

• c. True width of intercepts are uncertain at this stage.

• d. Weighted average is calculated by fence using significant intercepts, over the strike length.

e. All including intercepts, calculated using a 0.5 g/t Au cutoff and are uncapped, minimum intercept width is 1 meter, no internal dilution, with grade significantly above (>40%) the overall intercept grade.

The drilling results for the Kibali property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects . All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Kibali property conform to industry accepted quality control methods.

BARRICK YEAR-END 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

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Glossary of Technical Terms

ALL-IN SUSTAINING COSTS: A non-GAAP measure of cost per ounce/pound for gold/copper. Refer to page 72 of this MD&A for further information and a reconciliation of the measure.

AUTOCLAVE: Oxidation process in which high temperatures and pressures are applied to convert refractory sulfide mineralization into amenable oxide ore.

BY-PRODUCT: A secondary metal or mineral product recovered in the milling process such as silver.

C1 CASH COSTS: A non-GAAP measure of cost per pound for copper. Refer to page 72 of this MD&A for further information and a reconciliation of the measure.

CONCENTRATE: A very fine, powder-like product containing the valuable ore mineral from which most of the waste mineral has been eliminated.

CONTAINED OUNCES: Represents ounces in the ground before loss of ounces not able to be recovered by the applicable metallurgical processing process.

DEVELOPMENT: Work carried out for the purpose of gaining access to an ore body. In an underground mine, this includes shaft sinking, crosscutting, drifting and raising. In an open-pit mine, development includes the removal of overburden (more commonly referred to as stripping in an open pit).

DILUTION: The effect of waste or low-grade ore which is unavoidably extracted and comingled with the ore mined thereby lowering the recovered grade from what was planned to be mined.

DORÉ: Unrefined gold and silver bullion bars usually consisting of approximately 90 percent precious metals that will be further refined to almost pure metal.

DRILLING:

Core: drilling with a hollow bit with a diamond cutting rim to produce a cylindrical core that is used for geological study and assays.

Reverse circulation: drilling that uses a rotating cutting bit within a double-walled drill pipe and produces rock chips rather than core. Air or water is circulated down to the bit between the inner and outer wall of the drill pipe. The chips are forced to the surface through the center of the drill pipe and are collected, examined and assayed.

• In-fill: drilling closer spaced holes in between existing holes, used to provide greater geological detail and to help upgrade resource estimates to reserve estimates.

Step-out: drilling to intersect a mineralized horizon or structure along strike or down-dip.

EXPLORATION: Prospecting, sampling, mapping, drilling and other work involved in searching for minerals.

FREE CASH FLOW: A non-GAAP measure that reflects our ability to generate cash flow. Refer to page 71 of this MD&A for a definition.

GRADE: The amount of metal in each tonne of ore, expressed as grams per tonne (g/t) for precious metals and as a percentage for most other metals.

Cut-off grade: the minimum metal grade at which an ore body can be economically mined (used in the calculation of ore reserves).

Reserve grade: estimated metal content of an ore body, based on reserve calculations.

HEAP LEACHING: A process whereby gold/copper is extracted by “heaping” broken ore on sloping impermeable pads and continually applying to the heaps a weak cyanide solution/sulfuric acid which dissolves the contained gold/copper. The gold/copper-laden solution is then collected for gold/copper recovery.

HEAP LEACH PAD: A large impermeable foundation or pad used as a base for stacking ore for the purpose of heap leaching.

MILL: A processing facility where ore is finely ground and thereafter undergoes physical or chemical treatment to extract the valuable metals.

MINERAL RESERVE: See pages 98 to 111 – Summary Gold/ Copper Mineral Reserves and Mineral Resources.

MINERAL RESOURCE: See pages 98 to 111 – Summary Gold/ Copper Mineral Reserves and Mineral Resources.

OPEN PIT: A mine where the minerals are mined entirely from the surface.

ORE: Rock, generally containing metallic or non-metallic minerals, which can be mined and processed at a profit.

ORE BODY: A sufficiently large amount of ore that can be mined economically.

OUNCES: Troy ounce is a unit of measure used for weighing gold at 999.9 parts per thousand purity and is equivalent to 31.1035g.

RECLAMATION: The process by which lands disturbed as a result of mining activity are modified to support future beneficial land use. Reclamation activity may include the removal of buildings, equipment, machinery and other physical remnants of mining, closure of tailings storage facilities, leach pads and other mine features, and contouring, covering and re-vegetation of waste rock dumps and other disturbed areas.

RECOVERY RATE: A term used in process metallurgy to indicate the proportion of valuable material physically recovered in the processing of ore. It is generally stated as a percentage of the valuable material recovered compared to the total material originally contained in the ore.

REFINING: The final stage of metal production in which impurities are removed through heating to extract the pure metal.

ROASTING: The treatment of sulfide ore by heat and air, or oxygen enriched air, in order to oxidize sulfides and remove other elements (carbon, antimony or arsenic).

STRIPPING: Removal of overburden or waste rock overlying an ore body in preparation for mining by open-pit methods.

TAILINGS: The material that remains after all economically and technically recoverable precious metals have been removed from the ore during processing.

TOTAL CASH COSTS: A non-GAAP measure of cost per ounce for gold. Refer to page 72 of this MD&A for further information and a reconciliation of the measure.

Mill-head grade: metal content per tonne of ore going into a mill for processing.

BARRICK YEAR-END 2023

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96

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Mineral Reserves and Mineral Resources

The tables on the next seven pages set forth Barrick’s interest in the total proven and probable gold, silver and copper reserves and in the total measured, indicated and inferred gold, silver and copper resources and certain related information at each property. For further details of proven and probable mineral reserves and measured, indicated and inferred mineral resources by category, metal and property, see pages 98 to 111.

The Company has carefully prepared and verified the mineral reserve and mineral resource figures and believes that its method of estimating mineral reserves has been verified by mining experience. These figures are estimates, however, and no assurance can be given that the indicated quantities of metal will be produced. Metal price fluctuations may render mineral reserves containing relatively lower grades of mineralization uneconomic. Moreover, short-term operating factors relating to the mineral reserves, such as the need for orderly development of ore bodies or the processing of new or different ore grades, could affect the Company’s profitability in any particular accounting period.

Definitions

A mineral resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are subdivided, in order of increasing geological confidence, into inferred, indicated and measured categories.

An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic

parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.

A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined. Mineral reserves are sub-divided in order of increasing confidence into probable mineral reserves and proven mineral reserves. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.

BARRICK YEAR-END 2023

RESERVES AND RESOURCES

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Gold Mineral Reserves[1,2,3,6]

Gold Mineral Reserves1,2,3,6
As at December 31, 2023 Based on attributable ounces	PROVEN Tonnes Grade Contained ozs (Mt) (g/t) (Moz)	PROBABLE TOTAL Tonnes Grade Contained ozs Tonnes Grade Contained ozs (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total Jabal Sayid surface Jabal Sayid underground Jabal Sayid (50.00%) total Kibali surface Kibali underground Kibali (45.00%) total Loulo-Gounkoto surface Loulo-Gounkoto underground Loulo-Gounkoto (80.00%) total North Mara surface North Mara underground North Mara (84.00%) total Tongon surface(89.70%)	0.0088 5.89 0.0017 1.5 6.79 0.32 1.5 6.78 0.32 0.064 0.38 0.00078 6.7 0.31 0.065 6.7 0.31 0.066 5.5 2.02 0.36 8.3 4.38 1.2 14 3.44 1.5 11 2.31 0.82 9.0 5.08 1.5 20 3.56 2.3 0.10 2.46 0.0080 2.7 3.01 0.26 2.8 2.99 0.27 3.1 2.02 0.20	— — — 0.0088 5.89 0.0017 16 5.98 3.1 18 6.05 3.4 16 5.98 3.1 18 6.05 3.4 — — — 0.064 0.38 0.00078 6.9 0.37 0.083 14 0.34 0.15 6.9 0.37 0.083 14 0.34 0.15 18 2.06 1.2 24 2.05 1.6 15 3.94 1.9 24 4.10 3.1 33 2.92 3.1 47 3.07 4.7 13 3.30 1.3 24 2.84 2.1 24 4.70 3.6 33 4.81 5.1 36 4.22 4.9 57 3.99 7.2 30 1.90 1.8 30 1.90 1.8 6.5 3.84 0.81 9.3 3.60 1.1 36 2.25 2.6 39 2.30 2.9 2.5 1.94 0.15 5.5 1.98 0.35
AFRICA AND MIDDLE EAST TOTAL	48 3.04 4.7	130 3.32 14 180 3.24 19
LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface (50.00%) Porgera surface4 Porgera underground4 Porgera (24.50%) total4 Pueblo Viejo surface (60.00%) Veladero surface(50.00%)	110 0.65 2.4 — — — 0.66 6.69 0.14 0.66 6.69 0.14 39 2.28 2.8 20 0.60 0.38	480 0.59 9.2 600 0.60 12 5.0 3.55 0.57 5.0 3.55 0.57 2.2 7.05 0.51 2.9 6.96 0.65 7.2 4.64 1.1 7.9 4.81 1.2 140 2.10 9.1 170 2.14 12 69 0.72 1.6 89 0.70 2.0
LATIN AMERICA AND ASIA PACIFIC TOTAL	170 1.03 5.8	700 0.94 21 870 0.96 27
NORTH AMERICA Carlin surface Carlin underground Carlin (61.50%) total Cortez surface Cortez underground Cortez (61.50%) total Hemlo surface Hemlo underground Hemlo (100%) total Phoenix surface (61.50%) Turquoise Ridge surface Turquoise Ridge underground Turquoise Ridge(61.50%)total	3.7 1.80 0.22 — — — 3.7 1.80 0.22 1.1 1.86 0.064 — — — 1.1 1.86 0.064 — — — 0.76 4.49 0.11 0.76 4.49 0.11 3.8 0.81 0.100 16 2.36 1.2 8.1 11.58 3.0 24 5.53 4.2	61 2.43 4.8 65 2.39 5.0 17 8.34 4.6 17 8.34 4.6 79 3.73 9.4 82 3.64 9.7 100 0.81 2.7 110 0.82 2.8 27 7.27 6.3 27 7.27 6.3 130 2.13 9.0 130 2.13 9.0 27 0.97 0.84 27 0.97 0.84 6.0 4.07 0.79 6.8 4.12 0.90 33 1.53 1.6 34 1.60 1.7 97 0.57 1.8 100 0.58 1.9 6.9 2.37 0.52 22 2.36 1.7 12 10.04 3.9 20 10.66 6.9 19 7.24 4.4 43 6.29 8.6
NORTH AMERICA TOTAL	33 4.42 4.7	360 2.27 26 390 2.45 31
TOTAL	250 1.85 15	1,200 1.61 61 1,400 1.65 77

See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2023

RESERVES AND RESOURCES

98

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Copper Mineral Reserves1,2,3,6
As at December 31, 2023 Based on attributablepounds	PROVEN Tonnes Cu Grade Contained Cu (Mt) (%) (Mt)	PROBABLE TOTAL Tonnes Cu Grade Contained Cu Tonnes Cu Grade Contained Cu (Mt) (%) (Mt) (Mt) (%) (Mt)
AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total Jabal Sayid surface Jabal Sayid underground Jabal Sayid (50.00%) total Lumwana surface(100%)	0.0088 0.29 0.000026 1.5 0.36 0.0052 1.5 0.36 0.0052 0.064 2.63 0.0017 6.7 2.34 0.16 6.7 2.34 0.16 88 0.54 0.48	— — — 0.0088 0.29 0.000026 16 0.36 0.058 18 0.36 0.063 16 0.36 0.058 18 0.36 0.063 — — — 0.064 2.63 0.0017 6.9 2.12 0.15 14 2.22 0.30 6.9 2.12 0.15 14 2.23 0.30 420 0.59 2.5 510 0.58 3.0
AFRICA AND MIDDLE EAST TOTAL	97 0.66 0.64	450 0.61 2.7 540 0.62 3.3
LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface (50.00%) Zaldívar surface(50.00%)	110 0.19 0.22 100 0.45 0.45	480 0.23 1.1 600 0.22 1.3 77 0.38 0.29 180 0.42 0.74
LATIN AMERICA AND ASIA PACIFIC TOTAL	210 0.31 0.66	560 0.25 1.4 780 0.26 2.0
NORTH AMERICA Phoenix surface(61.50%)	5.9 0.16 0.0092	130 0.17 0.22 140 0.17 0.23
NORTH AMERICA TOTAL	5.9 0.16 0.0092	130 0.17 0.22 140 0.17 0.23
TOTAL	320 0.41 1.3	1,100 0.38 4.3 1,500 0.39 5.6

See “Mineral Reserves and Resources Endnotes”.

Silver Mineral Reserves1,2,3,6
As at December 31, 2023 Based on attributable ounces		PROVEN Tonnes Ag Grade Contained Ag (Mt) (g/t) (Moz)	PROBABLE TOTAL Tonnes Ag Grade Contained Ag Tonnes Ag Grade Contained Ag (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total AFRICA AND MIDDLE EAST TOTAL		0.0088 6.11 0.0017 1.5 6.85 0.32 1.5 6.84 0.32	— — — 0.0088 6.11 0.0017 16 6.08 3.2 18 6.14 3.5 16 6.08 3.2 18 6.14 3.5
		1.5 6.84 0.32	16 6.08 3.2 18 6.14 3.5
LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface (50.00%) Pueblo Viejo surface (60.00%) Veladero surface(50.00%)		110 1.91 7.0 39 13.15 16 20 13.43 8.5	480 1.43 22 600 1.52 29 140 13.26 58 170 13.24 74 69 13.83 31 89 13.74 39
LATIN AMERICA AND ASIA PACIFIC TOTAL		170 5.73 32	690 5.01 110 860 5.16 140
NORTH AMERICA Phoenix surface(61.50%)		3.8 7.97 0.98	97 6.93 22 100 6.97 23
NORTH AMERICA TOTAL		3.8 7.97 0.98	97 6.93 22 100 6.97 23
TOTAL		180 5.79 33	800 5.27 140 980 5.36 170

See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2023

RESERVES AND RESOURCES

99

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Gold Mineral Resources[1,3,6,7,8,9]

Gold Mineral Resources1,	3,6,7,8,9
As at December 31, 2023 Based on attributable ounces	MEASURED(M)10 Tonnes Grade Contained ozs (Mt) (g/t) (Moz)	INDICATED(I)10	(M)+(I)10 INFERRED11 Contained ozs Tonnes Grade Contained ozs (Moz) (Mt) (g/t) (Moz)
		Tonnes Grade Contained ozs (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total Jabal Sayid surface Jabal Sayid underground Jabal Sayid (50.00%) total Kibali surface Kibali underground Kibali (45.00%) total Loulo-Gounkoto surface Loulo-Gounkoto underground Loulo-Gounkoto (80.00%) total North Mara surface North Mara underground North Mara (84.00%) total Tongon surface(89.70%)	0.0088 5.89 0.0017 3.5 7.80 0.88 3.5 7.80 0.88 0.064 0.38 0.00078 8.8 0.35 0.098 8.8 0.35 0.099 9.0 2.07 0.60 10 5.00 1.6 19 3.63 2.2 12 2.37 0.90 19 4.33 2.7 31 3.59 3.6 7.7 3.36 0.83 6.4 2.20 0.45 14 2.83 1.3 4.9 2.22 0.35	— — — 25 6.50 5.3 25 6.50 5.3 — — — 6.8 0.46 0.10 6.8 0.46 0.10 26 2.03 1.7 21 4.19 2.9 47 3.00 4.6 18 3.37 2.0 35 4.38 4.9 53 4.03 6.9 34 1.63 1.8 28 2.23 2.0 62 1.91 3.8 7.5 2.21 0.53	0.0017 — — — 6.2 17 7.6 4.1 6.2 17 7.6 4.1 0.00078 — — — 0.20 1.3 0.6 0.026 0.20 1.3 0.6 0.026 2.3 4.2 2.0 0.26 4.5 4.7 3.5 0.53 6.8 8.8 2.8 0.79 2.9 3.0 2.7 0.26 7.6 13 2.3 0.95 10 16 2.4 1.2 2.6 3.0 1.6 0.16 2.5 6.9 1.7 0.38 5.1 9.9 1.7 0.54 0.88 2.3 2.4 0.18
AFRICA AND MIDDLE EAST TOTAL	82 3.21 8.4	200 3.26 21	30 55 3.9 6.8
LATIN AMERICA AND ASIA PACIFIC Alturas surface (100%) Norte Abierto surface (50.00%) Pascua Lama surface (100%) Porgera surface4 Porgera underground4 Porgera (24.50%) total4 Pueblo Viejo surface (60.00%) Reko Diq surface (50.00%)5 Veladero surface(50.00%)	— — — 190 0.63 3.9 43 1.86 2.6 0.39 3.98 0.049 0.99 6.16 0.20 1.4 5.55 0.25 50 2.10 3.4 — — — 22 0.60 0.42	58 1.16 2.2 1,100 0.53 19 390 1.49 19 14 2.78 1.3 5.0 6.04 0.97 19 3.62 2.3 190 1.92 12 1,800 0.25 14 110 0.68 2.3	2.2 130 0.8 3.6 22 370 0.4 4.4 21 15 1.7 0.86 1.3 6.1 2.2 0.43 1.2 1.8 6.6 0.39 2.5 8.0 3.2 0.82 15 4.8 1.6 0.24 14 600 0.2 3.8 2.7 18 0.5 0.32
LATIN AMERICA AND ASIA PACIFIC TOTAL	310 1.06 10	3,600 0.60 70	81 1,100 0.4 14

See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2023

RESERVES AND RESOURCES

100

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Gold Mineral Resources1,3,6,7,8,9	Gold Mineral Resources1,3,6,7,8,9
As at December 31, 2023 Based on attributable ounces	MEASURED(M)10 Tonnes Grade Contained ozs (Mt) (g/t) (Moz)	INDICATED(I)10	(M)+(I)10 INFERRED11 Contained ozs Tonnes Grade Contained ozs (Moz) (Mt) (g/t) (Moz)
		Tonnes Grade Contained ozs (Mt) (g/t) (Moz)
NORTH AMERICA Carlin surface Carlin underground Carlin (61.50%) total Cortez surface Cortez underground Cortez (61.50%) total Donlin surface (50.00%) Fourmile underground (100%) Hemlo surface Hemlo underground Hemlo (100%) total Long Canyon surface Long Canyon underground Long Canyon (61.50%) total Phoenix surface (61.50%) Turquoise Ridge surface Turquoise Ridge underground Turquoise Ridge (61.50%) total	8.3 1.37 0.37 — — — 8.3 1.37 0.37 1.1 1.86 0.064 — — — 1.1 1.86 0.064 — — — — — — — — — 0.98 4.40 0.14 0.98 4.40 0.14 — — — — — — — — — 3.8 0.81 0.100 17 2.22 1.2 10 10.72 3.6 28 5.40 4.8	130 2.14 8.7 31 7.45 7.3 160 3.18 16 150 0.83 4.0 39 6.39 7.9 190 1.97 12 270 2.24 20 1.5 10.04 0.48 50 1.00 1.6 11 4.32 1.5 61 1.58 3.1 5.2 2.62 0.44 1.1 10.68 0.38 6.4 4.03 0.82 250 0.48 3.8 23 2.52 1.9 19 8.96 5.5 42 5.43 7.4	9.0 42 1.3 1.7 7.3 19 7.3 4.4 16 61 3.2 6.2 4.0 81 0.5 1.3 7.9 16 5.4 2.8 12 97 1.3 4.0 20 46 2.0 3.0 0.48 8.2 10.1 2.7 1.6 5.0 0.7 0.12 1.6 2.6 5.9 0.50 3.2 7.7 2.5 0.62 0.44 1.1 0.9 0.029 0.38 0.53 9.1 0.16 0.82 1.6 3.6 0.18 3.9 29 0.3 0.31 3.1 8.1 2.3 0.60 9.1 1.5 7.7 0.37 12 9.6 3.2 0.97
NORTH AMERICA TOTAL	42 4.06 5.5	970 2.01 63	68 260 2.1 18
TOTAL	430 1.76 24	4,800 1.00 150	180 1,500 0.8 39

See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2023

RESERVES AND RESOURCES

101

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Copper Mineral Resources[1,3,6,7,8,9]

As at December 31, 2023 Based on attributable pounds	MEASURED(M)10 Tonnes Grade Contained Cu (Mt) (%) (Mt)	INDICATED(I)10 Tonnes Grade Contained Cu (Mt) (%) (Mt)	(M)+(I)10 INFERRED11 Contained Cu Tonnes Grade Contained Cu (Mt) (Mt) (%) (Mt)
AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total Jabal Sayid surface Jabal Sayid underground Jabal Sayid (50.00%) total Lumwana surface(100%)	0.0088 0.29 0.000026 3.5 0.37 0.013 3.5 0.37 0.013 0.064 2.63 0.0017 8.8 2.58 0.23 8.8 2.58 0.23 160 0.47 0.75	— — — 25 0.37 0.095 25 0.37 0.095 — — — 6.8 2.25 0.15 6.8 2.25 0.15 1,200 0.53 6.3	0.000026 — — — 0.11 17 0.5 0.078 0.11 17 0.5 0.078 0.0017 — — — 0.38 1.3 0.7 0.0092 0.38 1.3 0.7 0.0092 7.1 910 0.4 4.0
AFRICA AND MIDDLE EAST TOTAL	170 0.57 0.99	1,200 0.54 6.6	7.6 930 0.4 4.1
LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface (50.00%) Reko Diq surface (50.00%)5 Zaldívar surface(50.00%)	170 0.21 0.36 — — — 220 0.40 0.90	1,000 0.21 2.2 1,900 0.43 8.3 330 0.36 1.2	2.5 360 0.2 0.66 8.3 640 0.3 2.2 2.1 21 0.3 0.070
LATIN AMERICA AND ASIA PACIFIC TOTAL	400 0.32 1.3	3,300 0.35 12	13 1,000 0.3 2.9
NORTH AMERICA Phoenix surface(61.50%)	5.9 0.16 0.0092	350 0.16 0.55	0.56 31 0.2 0.050
NORTH AMERICA TOTAL	5.9 0.16 0.0092	350 0.16 0.55	0.56 31 0.2 0.050
TOTAL	580 0.39 2.2	4,900 0.39 19	21 2,000 0.4 7.1

See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2023

RESERVES AND RESOURCES

102

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Silver Mineral Resources[1,3,6,7,8,9]

As at December 31, 2023 Based on attributable ounces	MEASURED(M)10 Tonnes Ag Grade Contained Ag (Mt) (g/t) (Moz)	INDICATED(I)10 Tonnes Ag Grade Contained Ag (Mt) (g/t) (Moz)	(M)+(I)10 INFERRED11 Contained Ag Tonnes Ag Grade Contained Ag (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu(84.00%)total	0.0088 6.11 0.0017 3.5 6.91 0.78 3.5 6.90 0.78	— — — 25 6.36 5.2 25 6.36 5.2	0.0017 — — — 6.0 17 7.4 4.0 6.0 17 7.4 4.0
AFRICA AND MIDDLE EAST TOTAL	3.5 6.90 0.78	25 6.36 5.2	6.0 17 7.4 4.0
LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface (50.00%) Pascua-Lama surface (100%) Pueblo Viejo surface (60.00%) Veladero surface (50.00%)	190 1.62 10 43 57.21 79 50 12.01 19 22 13.90 9.7	1,100 1.23 43 390 52.22 660 190 11.74 72 110 13.95 47	53 370 1.0 11 740 15 17.8 8.8 92 4.8 8.1 1.2 57 18 15 8.7
LATIN AMERICA AND ASIA PACIFIC TOTAL NORTH AMERICA Phoenix surface(61.50%)	310 11.95 120 3.8 7.97 0.98	1,800 14.41 820 250 6.12 48	940 410 2.3 30 49 29 5.4 5.1
NORTH AMERICA TOTAL	3.8 7.97 0.98	250 6.12 48	49 29 5.4 5.1
TOTAL	310 11.84 120	2,000 13.32 870	990 450 2.7 39

See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2023

RESERVES AND RESOURCES

103

OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Summary Gold Mineral Reserves[1,2,3]

Summary Gold Mineral Reserves1,2,3
For the years ended December 31 Based on attributable ounces	2023 2022
	Ownership Tonnes Grade Ounces Ownership Tonnes Grade Ounces % (Mt) (g/t) (Moz) % (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu Total Jabal Sayid surface Jabal Sayid underground Jabal Sayid Total Kibali surface Kibali underground Kibali Total Loulo-Gounkoto surface Loulo-Gounkoto underground Loulo-Gounkoto Total North Mara surface North Mara underground North Mara Total Tongon surface	84.00% 0.0088 5.89 0.0017 84.00% — — — 84.00% 18 6.05 3.4 84.00% 13 6.34 2.7 84.00% 18 6.05 3.4 84.00% 13 6.34 2.7 50.00% 0.064 0.38 0.00078 50.00% 0.069 0.34 0.00076 50.00% 14 0.34 0.15 50.00% 13 0.31 0.13 50.00% 14 0.34 0.15 50.00% 13 0.31 0.13 45.00% 24 2.05 1.6 45.00% 20 2.16 1.4 45.00% 24 4.10 3.1 45.00% 23 4.21 3.2 45.00% 47 3.07 4.7 45.00% 44 3.26 4.6 80.00% 24 2.84 2.1 80.00% 25 2.65 2.2 80.00% 33 4.81 5.1 80.00% 28 4.98 4.5 80.00% 57 3.99 7.2 80.00% 54 3.87 6.7 84.00% 30 1.90 1.8 84.00% 29 2.06 2.0 84.00% 9.3 3.60 1.1 84.00% 9.5 3.43 1.0 84.00% 39 2.30 2.9 84.00% 39 2.40 3.0 89.70% 5.5 1.98 0.35 89.70% 7.8 2.25 0.56
AFRICA AND MIDDLE EAST TOTAL	180 3.24 19 170 3.22 18
LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface Porgera surface4 Porgera underground4 Porgera Total4 Pueblo Viejo surface Veladero surface	50.00% 600 0.60 12 50.00% 600 0.60 12 24.50% 5.0 3.55 0.57 24.50% 5.0 3.55 0.57 24.50% 2.9 6.96 0.65 24.50% 2.9 6.96 0.65 24.50% 7.9 4.81 1.2 24.50% 7.9 4.81 1.2 60.00% 170 2.14 12 60.00% 170 2.19 12 50.00% 89 0.70 2.0 50.00% 85 0.71 1.9
LATIN AMERICA AND ASIA PACIFIC TOTAL	870 0.96 27 870 0.97 27
NORTH AMERICA Carlin surface Carlin underground Carlin Total Cortez surface Cortez underground Cortez Total Hemlo surface Hemlo underground Hemlo Total Phoenix surface Turquoise Ridge surface Turquoise Ridge underground Turquoise Ridge Total	61.50% 65 2.39 5.0 61.50% 73 2.27 5.4 61.50% 17 8.34 4.6 61.50% 17 8.79 4.8 61.50% 82 3.64 9.7 61.50% 90 3.50 10 61.50% 110 0.82 2.8 61.50% 110 0.90 3.1 61.50% 27 7.27 6.3 61.50% 26 7.78 6.5 61.50% 130 2.13 9.0 61.50% 130 2.26 9.6 100% 27 0.97 0.84 100% 18 1.49 0.86 100% 6.8 4.12 0.90 100% 5.1 4.88 0.81 100% 34 1.60 1.7 100% 23 2.25 1.7 61.50% 100 0.58 1.9 61.50% 100 0.59 2.0 61.50% 22 2.36 1.7 61.50% 11 2.27 0.77 61.50% 20 10.66 6.9 61.50% 23 9.82 7.2 61.50% 43 6.29 8.6 61.50% 33 7.43 8.0
NORTH AMERICA TOTAL	390 2.45 31 380 2.54 31
TOTAL	1,400 1.65 77 1,400 1.67 76

See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2023

RESERVES AND RESOURCES

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OTHER INFORMATION MINERAL RESERVES OPERATING GROWTH PROJECTS & REVIEW OF FINANCIAL FINANCIAL OVERVIEW & NON-GAAP AND MINERAL PERFORMANCE EXPLORATION RESULTS STATEMENTS RECONCILIATIONS RESOURCES

Mineral Reserves and Resources Endnotes

1. Mineral reserves (“reserves”) and mineral resources (“resources”) have been estimated as at December 31, 2023 (unless otherwise noted) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. For United States reporting purposes, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which was rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured”, “indicated” and “inferred” mineral resources. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required by NI 43-101. U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors are cautioned not to assume that any part or all of Barrick’s mineral resources constitute or will be converted into reserves. Mineral resource and mineral reserve estimations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Richard Peattie, Africa and Middle East Mineral Resource Manager, Chad Yuhasz, Latin America & Asia Pacific Mineral Resource Manager and Craig Fiddes, Lead - Resource Modeling, Nevada Gold Mines and reviewed by Simon Bottoms, Barrick’s Mineral Resource Management and Evaluation Executive. For 2023, reserves have been estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Tongon, where mineral reserves for 2023 were calculated using $1,500/oz; Hemlo, where mineral reserves for 2023 were calculated using $1,400/oz and at Zaldívar, where mineral reserves for 2023 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.50 per pound. For 2022, reserves were estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral reserves for 2022 were calculating using Antofagasta guidance and an assumed copper price of US$3.30 per pound. Reserve estimates incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Barrick’s normal data verification procedures have been employed in connection with the calculations. Verification procedures include industry-standard quality control practices. Resources as at December 31, 2023 have been estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property.

2. In confirming our annual reserves for each of our mineral properties, projects, and operations, we conduct a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk costs and only considers future operating and closure expenses as well as any future capital costs.

3. All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu tonnes are reported to the second significant digit.

4. Porgera mineral reserves and mineral resources are reported on a 24.5% interest basis, reflecting Barrick’s ownership interest in accordance with the Porgera Project Commencement Agreement (the “Commencement Agreement”) completed on December 10, 2023. The Commencement Agreement provided, among other things, for ownership of Porgera to be held in a new joint venture called New Porgera Limited, which is owned 51% by Papua New Guinea stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and accordingly Barrick has a 24.5% ownership interest in the Porgera mine. Barrick Niugini Limited has retained operatorship of the mine. For additional information, see page 45 of Barrick’s Fourth Quarter and Year End Report 2023.

5. Reko Diq mineral resources are reported on a 50% interest basis, reflecting Barrick’s ownership interest following the completion of the transaction allowing for the reconstitution of the project on December 15, 2022. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders. Barrick is the operator of the project. For additional information, see pages 41-42 of Barrick’s Third Quarter Report 2023.

6. 2023 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper and silver mineral resources and mineral reserves.

7. For 2023, mineral resources have been estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except Zaldívar, where mineral resources for 2023 were calculated using Antofagasta guidance and an assumed copper price of US$4.20 per pound. For 2022, mineral resources were estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$3.75 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for 2022 were calculated using Antofagasta guidance and an assumed copper price of US$3.75.

8. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

9. Mineral resources are reported inclusive of mineral reserves.

10. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places.

11. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place.

BARRICK YEAR-END 2023

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