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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 40-F

|   |  |                                                                                        
|-- |  | ---------------------------------------------------------------------------------------
|o  |  | Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934   
|or
|þ  |  | Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

|                                         |  |                                   
|---------------------------------------- |  | ----------------------------------
|For Fiscal year ended: December 31, 2002 |  | Commission File number: No. 1-9059

BARRICK GOLD CORPORATION

(Exact name of registrant as specified in its charter)


|                                                                          |  |                                                                              |  |                                                                      
|------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------- |  | ---------------------------------------------------------------------
|Ontario
(Province or other jurisdiction
of incorporation or
organization) |  | 1041
(Primary standard industrial
classification code number, if
applicable) |  | Not Applicable
(I.R.S. employer
identification number, if
applicable)

BCE Place
TD Canada Trust Tower
Suite 3700
161 Bay Street, P.O. Box
212
M5J 2S1 Canada
(800) 720-7415
(Address and telephone number of registrants principal executive office)

Barrick Goldstrike Mines Inc.
P.O. Box 29, Elko, Nevada 89803
(702) 738-8043
(Name, address and telephone number of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act:

|                    |  |                                           
|------------------- |  | ------------------------------------------
|Title of each class |  | Name of each exchange on which registered:
|Common Shares       |  | New York Stock Exchange                   

|                                                                                           |  |     
|------------------------------------------------------------------------------------------ |  | ----
|Securities registered or to be registered pursuant to Section 12(g) of the Act:            |  | None
|Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: |  | None

For annual reports, indicate by check mark the information filed with this form:

|  |  |                         |  |   |  |                                    
|- |  | ----------------------- |  | - |  | -----------------------------------
|þ |  | Annual Information Form |  | þ |  | Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the
issuers classes of capital or common stock as of the close of
the period covered by the annual report:

Common Shares 541,398,522

Indicate by check mark whether the registrant
by filing the information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule12g3-2(b) under the Securities Exchange Act of 1934
(the Exchange Act). If Yes is marked, indicate the file number assigned
to the registrant in connection with such rule.

Yes o
    
    No þ


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13(d) or 15(d) of the Exchange Act during the proceeding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements in the past 90 days.

Yes þ
    
    No o






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BARRICK GOLD CORPORATION

BCE Place
Canada Trust Tower, Suite 3700
P.O. Box 212
Toronto, Ontario
M5J 2S1

ANNUAL INFORMATION FORM

For the year ended December 31, 2002

Dated as of May 14, 2003





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BARRICK GOLD CORPORATION
ANNUAL INFORMATION FORM

TABLE OF CONTENTS

|                                                 |                                             |                 |    |    |    | 
|------------------------------------------------ | ------------------------------------------- | --------------- | -- | -- | -- | 
|GLOSSARY OF TERMS                                |                                             |                 | 3  |   
|REPORTING CURRENCY AND FINANCIAL INFORMATION     |                                             |                 | 8  |   
|DISCLOSURE REGARDING FORWARD-LOOKING INFORMATION |                                             |                 | 8  |   
|SCIENTIFIC AND TECHNICAL INFORMATION             |                                             |                 | 9  |   
|GENERAL INFORMATION                              |                                             |                 | 9  |   
|                                                 | Incorporation                               |                 |    | 9  |   
|                                                 | Market for Securities                       |                 |    | 9  |   
|                                                 | Subsidiaries                                |                 |    | 9  |   
|                                                 | Areas of Interest                           |                 |    | 10 |   
|                                                 | General Development of the Business         |                 |    | 10 |   
|NARRATIVE DESCRIPTION OF THE BUSINESS            |                                             |                 | 14 |   
|                                                 | Gold Mineral Reserves and Mineral Resources |                 |    | 14 |   
|                                                 | Reconciliation of Mineral Reserves          |                 |    | 18 |   
|                                                 | Uses of Gold                                |                 |    | 20 |   
|                                                 | Sales and Refining                          |                 |    | 20 |   
|                                                 | Forward Sales Program                       |                 |    | 20 |   
|                                                 | Employees - Labor Relations                 |                 |    | 23 |   
|                                                 | Competition                                 |                 |    | 24 |   
|OPERATING PROPERTIES                             |                                             |                 | 24 |   
|                                                 | Goldstrike Property                         |                 |    | 24 |   
|                                                 |                                             | Betze-Post Mine |    |    | 26 | 
|                                                 |                                             | Meikle Mine     |    |    | 28 | 
|                                                 | Round Mountain Mine                         |                 |    | 31 |   
|                                                 | Eskay Creek Mine                            |                 |    | 35 |   
|                                                 | Hemlo Property                              |                 |    | 38 |   
|                                                 | Kalgoorlie Mine                             |                 |    | 40 |   
|                                                 | Yilgarn District                            |                 |    | 43 |   
|                                                 |                                             | Plutonic Mine   |    |    | 43 | 
|                                                 |                                             | Darlot Mine     |    |    | 44 | 
|                                                 |                                             | Lawlers Mine    |    |    | 45 | 
|                                                 | Pierina Mine                                |                 |    | 46 |   
|                                                 | Bulyanhulu Mine                             |                 |    | 49 |   

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|                                                                                      |                                        |  |    |    |  | 
|------------------------------------------------------------------------------------- | -------------------------------------- |  | -- | -- |  | 
|OTHER OPERATING PROPERTIES                                                            |                                        |  | 53 |   
|PROJECTS                                                                              |                                        |  | 54 |   
|                                                                                      | Alto Chicama                           |  |    | 54 | 
|                                                                                      | Veladero Property                      |  |    | 56 | 
|                                                                                      | Pascua-Lama Property                   |  |    | 58 | 
|                                                                                      | Cowal Property                         |  |    | 60 | 
|EXPLORATION ACTIVITIES                                                                |                                        |  | 62 |   
|ENVIRONMENT AND CLOSURE                                                               |                                        |  | 63 |   
|LEGAL MATTERS                                                                         |                                        |  | 64 |   
|                                                                                      | Government Controls and Regulations    |  |    | 64 | 
|                                                                                      | Litigation                             |  |    | 65 | 
|RISK FACTORS                                                                          |                                        |  | 67 |   
|SELECTED CONSOLIDATED FINANCIAL INFORMATION                                           |                                        |  | 71 |   
|MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS |                                        |  | 72 |   
|CONSOLIDATED FINANCIAL STATEMENTS                                                     |                                        |  | 72 |   
|DIVIDEND POLICY                                                                       |                                        |  | 72 |   
|DIRECTORS AND OFFICERS OF THE COMPANY                                                 |                                        |  | 73 |   
|NON-GAAP MEASURES                                                                     |                                        |  | 75 |   
|                                                                                      | Reconciliation of Cash Costs per Ounce |  |    | 76 | 
|ADDITIONAL INFORMATION                                                                |                                        |  | 76 |   

- ii -



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GLOSSARY OF TERMS

Assay

The chemical test of rock samples to determine the mineral content.

Autoclave system

Oxidation process in which high temperatures and pressures are applied to
convert refractory sulphide mineralization into amenable oxide ore.

Ball mill

A large steel cylinder containing steel balls into which crushed ore is
fed. The ball mill is rotated, causing the balls to cascade and grind the ore.

Bench

Successive steps/horizontal increments mined as an open pit progresses
deeper.

By-product

A secondary metal or mineral product recovered in the milling process such
as copper and silver.

Carbonaceous

Containing carbon or coal, especially shale or other rock containing small
particles of carbon distributed throughout the whole mass.

Carbon-in-leach (C-I-L)

A process step wherein granular activated carbon particles much larger
than the ground ore particles are introduced into the ore pulp. Cyanide
leaching and precious metals adsorption onto the activated carbon occurs
simultaneously. The loaded activated carbon is mechanically screened to
separate it from the barren pulp, processed to remove the precious metals and
finally prepared for reuse.

Carbon-in-pulp (C-I-P)

A precious metals leaching technique in which granular activated carbon
particles much larger than the ground ore particles are added to the
cyanidation pulp after the precious metals have been solubilized. The activated
carbon and pulp are agitated together to enable the solubilized precious metals
to become adsorbed onto the activated carbon. The loaded activated carbon is
mechanically screened to separate it from the barren pulp, processed to remove
the precious metals and finally prepared for reuse.

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 reduction of ounces not able to be
recovered by the applicable metallurgical process.

Contango

The positive difference between the spot market gold price and the forward
market gold price. It is often expressed as an interest rate quoted with
reference to the difference between inter-bank deposit rates and gold lease
rates.

Crushing and grinding

The process by which ore is broken into small pieces to prepare it for
further processing.

- 3 -



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Cyanidation

A method of extracting gold or silver by dissolving it in a weak solution
of sodium cyanide.

Deferred stripping costs

Mining costs associated with waste rock removal that are deferred and
amortized to operating costs over the life of an open pit mine.

Development

Work carried out for the purpose of opening up a mineral deposit. In an
underground mine this includes shaft sinking, crosscutting, drifting and
raising. In an open pit mine, development includes the removal of overburden.

Dilution

The effect of waste or low-grade ore which is unavoidably included in the
mined ore, lowering the recovered grade.

Doré

Unrefined gold and silver bullion bars usually consisting of approximately
90 percent precious metals that will be further refined to almost pure metal.

Drift

A horizontal tunnel generally driven alongside an ore deposit, from a
shaft, to gain access to the deposit.

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. Used in mineral
exploration.

Reverse circulation:drilling that produces rock chips rather than core.
The chips are forced by air to surface through a double-walled drill pipe and
are collected for examination.

Conventional rotary:drilling that produces rock chips similar to reverse
circulation except that the sample is collected through a single-walled drill
pipe.

In-fill:any method of drilling intervals between existing holes, used to
provide greater geological detail and to help establish reserve estimates.

Geotechnical:diamond drilling targeted and utilized specifically for the
collection of information used for mine engineering purposes.

Exploration

Prospecting, sampling, mapping, diamond-drilling and other work involved
in searching for ore.

Flotation

A process by which some mineral particles are induced to become attached
to bubbles and float, and other particles to sink, so that the valuable
minerals are concentrated and separated from the uneconomic or valueless gangue
or waste.

Grade

The amount of mineral in each ton of ore, expressed as troy ounces per ton
or grams per tonne for precious metals and as a percentage for most other
metals.

Cut-off grade:the minimum metal grade at which an orebody can be
economically mined (used in the calculation of ore reserves).

Mill-head grade:metal content of mined ore going into a mill for
processing.

- 4 -



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Recovered grade:actual metal content of ore determined after processing.

Reserve grade:estimated metal content of an orebody, based on reserve
calculations.

Heap leaching

A process whereby gold is extracted by heaping broken ore on sloping
impermeable pads and continually applying to the heaps a weak cyanide solution
which dissolves the contained gold. The gold-laden solution is then collected
for gold recovery.

Layback

The amount of material which must be mined for the slope of a pit wall to
be at a safe angle.

LIBOR

The London Inter-Bank Offered Rate for deposits.

Lode

A mineral deposit, consisting of a zone of veins, veinlets or
disseminations, in consolidated rock as opposed to a placer deposit.

Long-hole open stoping

A method of mining involving the drilling of holes up to 30 meters or
longer into an ore bearing zone and then blasting a slice of rock which falls
into an open space. The broken rock is extracted and the resulting open chamber
is not immediately filled with supporting material.

Metric conversion

|                          |  |   |                 |          |  |   |   |         |                
|------------------------- |  | - | --------------- | -------- |  | - | - | ------- | ---------------
|Troy ounces               |  | × |                 | 31.10348 |  |   | = |         | Grams          
|Troy ounces per short ton |  | × |                 | 34.28600 |  |   | = |         | Grams per tonne
|Tons                      |  | × |                 | 0.90718  |  |   | = |         | Tonnes         
|Feet                      |  | × |                 | 0.30480  |  |   | = |         | Meters         
|Miles                     |  | × |                 | 1.60930  |  |   | = |         | Kilometers     
|Acres                     |  | × |                 | 0.40468  |  |   | = |         | Hectares       
|Fahrenheit                |  |   | (°F-32)
× 5 ÷ 9 |          |  | = |   | Celsius

Mill

A processing facility where ore is finely ground and thereafter undergoes
physical or chemical treatment to extract the valuable metals.

Mineral reserve

See Narrative Description of the Business  Gold Mineral Reserves and
Mineral Resources.

Mineral resource

See Narrative Description of the Business  Gold Mineral Reserves and
Mineral Resources.

Mining claim

That portion of applicable mineral lands that a party has staked or marked
out in accordance with applicable mining laws to acquire the right to explore
for and exploit the minerals under the surface.

Net profits interest royalty

A royalty based on the profit remaining after recapture of certain
operating, capital and other costs.

Net smelter return royalty

A royalty based on a percentage of valuable minerals produced with
settlement made either in kind or in currency based on the spot sale proceeds
received less all of the offsite smelting, refining and transportation costs
associated with the purification of the economic metals.

- 5 -



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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.

Orebody

A sufficiently large amount of ore that can be mined economically.

Ounces

Troy ounces of a fineness of 999.9 parts per 1,000 parts.

Oxide ore

Mineralized rock in which some of the original minerals have been
oxidized. Oxidation tends to make the ore more amenable to cyanide solutions
so that minute particles of gold in the interior of the minerals will be
readily dissolved.

Qualified Person

See Scientific and Technical Information.

Ramp

An inclined underground tunnel that provides access to and throughout an
orebody for exploration, ventilation or exploitation purposes in an underground
mine.

Reclamation

The process by which lands disturbed as a result of mining activity are
reclaimed back to a beneficial land use. Reclamation activity includes the
removal of buildings, equipment, machinery and other physical remnants of
mining, closure of tailings impoundment, leach pads and other mine features,
and contouring, covering and re-vegetation of waste rock piles and other
disturbed areas.

Reclamation and Closure Costs

The cost of reclamation plus other costs, including without limitation
certain personnel costs, insurance, property holding costs such as taxes,
rental and claim fees, and community programs associated with closing an
operating mine.

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 material recovered compared to the total material
originally present.

Reef

A South African term for a continuous mineral deposit, especially gold
bearing quartz.

Refining

The final stage of metal production in which impurities are removed from
the molten metal.

Refractory material

Gold mineralized material in which the gold is not amenable to recovery by
conventional cyanide methods without any pre-treatment. The refractory nature
can be either silica or sulphide encapsulation of the gold or the presence of
naturally occurring carbons which reduce gold recovery.

Roasting

The treatment of ore by heat and air, or oxygen enriched air, in order to
remove sulphur, carbon, antimony or arsenic.

- 6 -



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Semi-autogenous grinding (SAG)

A method of grinding rock into fine sand, in which the grinding media
consist of larger chunks of rock and steel balls.

Shaft

A vertical passageway to an underground mine for moving personnel,
equipment, supplies and material including ore and waste rock.

Spot deferred contract

See Narrative Description of the Business  Premium Gold Sales Program.

Stope

An area in an underground mine where ore is mined.

Strike length

The longest horizontal dimension of an orebody or zone of mineralization.

Tailings

The remnants or waste material that remains after all metals have been
economically removed from the ore during processing.

Tailings dam

A natural or man-made confined area suitable for depositing the material
that remains after the treatment of ore.

Tons

Short tons (2,000 pounds).

Total cash costs

Total cash costs include site costs for all mining (excluding deferred
stripping costs), processing and administration, royalties and production
taxes, but are exclusive of amortization, reclamation, financing costs, capital
costs and exploration costs.

- 7 -



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REPORTING CURRENCY AND FINANCIAL INFORMATION

All currency amounts in this Annual Information Form are expressed in
United States dollars, unless otherwise indicated. References to C$ are to
Canadian dollars. References to A$ are to Australian dollars. For Canadian
dollars to U.S. dollars, the average exchange rate for 2002 and the exchange
rate at December 31, 2002 were one Canadian dollar per 0.6368 and 0.6331 U.S.
dollars, respectively. For Australian dollars to U.S. dollars, the average
exchange rate for 2002 and the exchange rate at December 31, 2002 were one
Australian dollar per 0.5440 and 0.5662 U.S. dollars, respectively.

Total cash and production costs in this Annual Information Form are
calculated in accordance with The Gold Institute Production Cost Standard and
are net of by-product credits.

Barrick prepares its primary financial statements in accordance with the
United States generally accepted accounting principles (US GAAP).
Accordingly, unless otherwise indicated, financial information in this Annual
Information Form is presented in accordance with US GAAP. Canadian law requires
that Barrick also prepare financial statements in accordance with Canadian
generally accepted accounting principles (Canadian GAAP). The Consolidated
Financial Statements of the Company, for the year ended December 31, 2002 were
prepared in accordance with US GAAP and those prepared in accordance with
Canadian GAAP are incorporated by reference in this Annual Information Form.

DISCLOSURE REGARDING FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this Annual
Information Form, including the information set forth as to the future
financial or operating performance of the Company, constitutes forward-looking
statements. All statements, other than statements of historical fact, are
forward-looking statements. The words believe, expect, anticipate,
contemplate, target, plan, intends, continue, budget, estimate,
may, will, schedule and similar expressions identify forward-looking
statements. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by the Company, 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. Such factors include, but are not limited to: fluctuations in the
currency market; fluctuations in the spot and forward price of gold or certain
other commodities (such as silver, copper, diesel fuel and electricity) and
currencies (such as the Canadian and Australian dollars versus the US dollar);
changes in US dollar interest rates or gold lease rates that could impact the
mark to market value of outstanding derivative instruments and ongoing
payments/receipts under interest rate swaps and variable rate debt obligations;
risks arising from holding derivative instruments (such as credit-risk, market
liquidity risk and mark to market risk); changes in national and local
government legislation, taxation, controls, regulations and political or
economic developments in Canada, the United States, Australia, Chile, Peru,
Argentina, Tanzania or Barbados or other countries in which the Company may
carry on business in the future; business opportunities that may be presented
to, or pursued by, the Company; ability to successfully integrate acquisitions;
operating or technical difficulties in connection with mining or development
activities; the speculative nature of gold exploration and development,
including the risks of diminishing quantities or grades of reserves; adverse
changes in the Companys credit rating; and contests over title to properties,
particularly title to undeveloped properties. In addition, there are risks and
hazards associated with the business of gold exploration, development and
mining, including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures, cave-ins, flooding and gold bullion losses
(and the risk of inadequate insurance, or inability to obtain insurance, to
cover these risks). Many of these uncertainties and contingencies can affect
the Companys actual results and could cause its actual results to differ
materially from those expressed or implied in any forward-looking statements
made by, or on behalf of, the Company. Readers are cautioned that
forward-looking statements are not guarantees of future performance. All of the
forward-looking statements made in this Annual Information Form are qualified
by these cautionary statements. Specific reference is made to Narrative
Description of the Business  Gold Mineral Reserves and Mineral Resources and
Risk Factors and to the Managements Discussion and Analysis of Financial
and Operating Results for the year ended December 31, 2002 (US GAAP) and
Managements Discussion and Analysis of Financial and Operating Results for
the year ended December 31, 2002
- 8 -

(Canadian GAAP) incorporated by reference herein for a discussion of some
of the factors underlying forward-looking statements.

The Company may, from time to time, make oral forward-looking statements.
The Company strongly advises that the above paragraph and the risk factors
described in this Annual Information Form and in the Companys other documents
filed with the Canadian securities commissions and the United States Securities
and Exchange Commission should be read for a description of certain factors
that could cause the actual results of the Company to materially differ from
those in the oral forward-looking statements. The Company disclaims any
intention or obligation to update or revise any oral or written forward-looking
statements whether as a result of new information, future events or otherwise.

SCIENTIFIC AND TECHNICAL INFORMATION

Scientific or technical information in this Annual Information Form
relating to mineral reserves or mineral resources, or describing the geology of
particular properties, is based on information prepared under the supervision
of, or has been reviewed by, Alan R. Hill, P. Eng., Executive Vice President,
Development of Barrick, and/or Alexander J. Davidson, P. Geo., Senior Vice
President, Exploration of Barrick.

Unless otherwise noted, exploration programs described in this Annual
Information Form are designed and carried out under the supervision of
Alexander J. Davidson, P. Geo., Senior Vice President, Exploration of Barrick.

Each of Messrs. Hill and Davidson is a Qualified Person as defined in
National Instrument 43-101. A Qualified Person means an individual who is an
engineer or geoscientist with at least five years of experience in mineral
exploration, mine development or operation or mineral project assessment, or
any combination of these, has experience relevant to the subject matter of the
mineral project, and is a member in good standing of a professional
association.

GENERAL INFORMATION

Incorporation

Barrick Gold Corporation (Barrick or the Company) is a corporation
governed by the Business CorporationsAct (Ontario) resulting from the
amalgamation, effective July 14, 1984 under the laws of the Province of
Ontario, of Camflo Mines Limited, Bob-Clare Investments Limited and the former
Barrick Resources Corporation. By articles of amendment effective December 9,
1985, the Company changed its name to American Barrick Resources Corporation.
Effective January 1, 1995, as a result of an amalgamation with a wholly-owned
subsidiary, the Company changed its name from American Barrick Resources
Corporation to Barrick Gold Corporation. On December 7, 2001, in connection
with its acquisition of Homestake Mining Corporation (Homestake), the Company
amended its articles to create a special voting share, which has special voting
rights designed to permit holders of Homestake Canada Inc. (HCI) exchangeable
shares to vote as a single class with the holders of Barrick common shares.
For a description of Barricks acquisition of Homestake, see General
Information  General Development of the Business.

Market for Securities

Barricks common shares are listed on the New York Stock Exchange, the
Toronto Stock Exchange, the London Stock Exchange, the Swiss Exchange and the
Paris Bourse.

Subsidiaries

A significant portion of Barricks business is carried on through
subsidiaries. A chart showing the names of the significant subsidiaries of
Barrick as at December 31, 2002 and their respective jurisdictions of
incorporation is set
- 9 -

out at the end of this General Information section. All subsidiaries
referred to in the chart are 100% owned unless otherwise noted. Unless
otherwise indicated or the context otherwise requires, references to Barrick or
the Company in this Annual Information Form include Barrick and, where
appropriate, its predecessor corporations and its subsidiaries.

Areas of Interest

For a map showing Barricks principal mining operations and projects, see
the end of this General Information section.

General Development of the Business

Barrick entered the gold mining business in 1983 and is now one of the
largest gold mining companies in the world in terms of production and reserves.
The Company has operating mines or development projects in Canada, the United
States, Australia, Peru, Chile, Argentina and Tanzania. At December 31, 2002,
proven and probable mineral reserves for Canadian reporting purposes stood at
86.9 million ounces of gold and mineral resources stood at 25.4 million ounces
of measured and indicated gold and 16.2 million ounces of inferred gold. For a
breakdown of reserves and resources by category, see  Summary of Mineral
Reserves and Resources. For the year-ended December 31, 2002, Barrick
produced 5.7 million ounces at total cash costs of $177 per ounce (see
Non-GAAP Measures). Gold production is targeted at between 5.4 and 5.5
million ounces in 2003 at total cash costs of $180 to $190 per ounce of gold.

During its first ten years, Barrick focused on acquiring and developing
properties in North America, notably the Companys flagship Goldstrike property
on the Carlin Trend in Nevada. Barrick has transformed Goldstrike from a small
heap-leach operation to a property with 19.9 million ounces of gold reserves
and two producing mines  the Betze-Post and Meikle Mines. Goldstrike produced
2.05 million ounces of gold in 2002 and is expected to produce 2.11 million
ounces of gold in 2003. Since 1994, Barrick has strategically expanded beyond
its North American base to ensure growth in reserves and production and now
operates in South America, Tanzania and Australia.

Barrick has employed a growth strategy that involves disciplined
acquisitions, a district development program and early stage exploration. The
acquisition strategy is illustrated by the acquisitions noted below. The
district development program involves focusing exploration on and around
existing properties. Through this program, the Company discovered and brought
into production the Meikle mine and related mineral deposits on the Goldstrike
property. Given the worlds changing economic conditions over the past five
years, exploration spending across the industry, particularly among junior
companies, has decreased significantly. Barrick, however, has increased its
exploration activities and is engaged in early stage exploration in four major
areas: Peru, Tanzania, Australia and Chile/Argentina. This program resulted in
the grassroots discovery on the Alto Chicama property in Peru.

In 1994, Barrick acquired Lac Minerals Ltd., an international gold mining
company with operating mines in Canada, the United States and Chile. The
acquisition gave Barrick control of what is now known as the Pascua-Lama
Property, which now hosts proven and probable reserves of 16.9 million ounces
of gold and 584 million ounces of silver.

In 1996, Barrick acquired Arequipa Resources Ltd., a natural resources
company engaged in the acquisition and exploration of mineral properties in
Peru, including the Pierina early stage exploration property. The property
commenced production in November 1998 and, since production began, has
produced, in aggregate, over 3.5 million ounces of gold to December 31, 2002 at
an average total cash cost of $51 per ounce.

In 1999, Barrick acquired Sutton Resources Ltd., an exploration company
with mineral properties in Tanzania, including the Bulyanhulu Gold Project. At
the time of acquisition, gold reserves at Bulyanhulu were 3.6 million ounces.
At year-end 2002, proven and probable reserves were 11.6 million ounces. Mine
construction began in the third quarter of 1999 and production commenced in
April 2001. For the year-ended December 31, 2002, its first full year of
production, the mine produced 356,000 ounces of gold at an average total cash
cost of $198 per ounce.

- 10 -



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In December 2001, Barrick acquired Homestake Mining Corporation whose
operations included mining operations in the United States, Canada, Australia
and Chile, development projects in Argentina and Australia, and exploration
projects in the United States, Canada, Australia, Argentina and Chile. The
assets acquired included the Eskay Creek mine, the interests in the Kalgoorlie,
Round Mountain and Hemlo operations, the Plutonic, Lawlers and Darlot mines,
the Cowal project, and the remaining 60 percent interest in the Veladero
project.

The following table summarizes Barricks interest in its principal
producing mines and its share of production from these mines:

|                                           |                 |              |     |      |   |      |           |           |  |  |           |           |  |  |           |           | 
|------------------------------------------ | --------------- | ------------ | --- | ---- | - | ---- | --------- | --------- |  |  | --------- | --------- |  |  | --------- | --------- | 
|Mines                                      |                 | Ownership(1) |     | 2002 |   | 2001 |           | 2000     
|                                           |                 |              |     |      |   |      |           |          
|Goldstrike Property, Nevada                |                 |              |     |      |   |      |           |           |  |  |           |           |  |  |           |          
|                                           | Betze-Post Mine |              |     | 100  | % |      |           | 1,409,985 |  |  |           | 1,549,975 |  |  |           | 1,646,640 | 
|                                           | Meikle Mine     |              |     | 100  | % |      |           | 640,336   |  |  |           | 712,688   |  |  |           | 805,718   | 
|                                           |                 |              |     |      |   |      |           |           |  |  |           |           |  |  |           |           | 
|Goldstrike Property total                  |                 |              |     |      |   |      | 2,050,321 |           |  |  | 2,262,663 |           |  |  | 2,452,358 |          
|                                           |                 |              |     |      |   |      |           |           |  |  |           |           |  |  |           |           | 
|Round Mountain Mine, Nevada(2) (3) (4)     |                 |              | 50  | %    |   |      | 377,747   |           |  |  | 373,475   |           |  |  | 243,734   |          
|Hemlo Property, Ontario (2) (3)            |                 |              | 50  | %    |   |      | 269,057   |           |  |  | 307,514   |           |  |  | 304,882   |          
|Eskay Creek Mine, British Columbia(2)      |                 |              | 100 | %    |   |      | 358,718   |           |  |  | 320,784   |           |  |  | 333,167   |          
|Yilgarn District, Western Australia(2)     |                 |              |     |      |   |      |           |           |  |  |           |           |  |  |           |          
|                                           | Plutonic Mine   |              |     | 100  | % |      |           | 307,377   |  |  |           | 288,360   |  |  |           | 253,643   | 
|                                           | Darlot Mine     |              |     | 100  | % |      |           | 145,443   |  |  |           | 125,024   |  |  |           | 127,099   | 
|                                           | Lawlers Mine    |              |     | 100  | % |      |           | 113,291   |  |  |           | 103,915   |  |  |           | 101,144   | 
|                                           |                 |              |     |      |   |      |           |           |  |  |           |           |  |  |           |           | 
|Yilgarn District total                     |                 |              |     |      |   |      | 566,111   |           |  |  | 517,299   |           |  |  | 481,886   |          
|                                           |                 |              |     |      |   |      |           |           |  |  |           |           |  |  |           |           | 
|Kalgoorlie Mine, Western Australia (2) (3) |                 |              | 50  | %    |   |      | 360,025   |           |  |  | 384,362   |           |  |  | 393,794   |          
|Pierina Mine, Peru                         |                 |              | 100 | %    |   |      | 898,228   |           |  |  | 911,076   |           |  |  | 821,614   |          
|Bulyanhulu Mine, Tanzania (5)              |                 |              | 100 | %    |   |      | 356,319   |           |  |  | 241,575   |           |  |  |          |          
|Other Properties (2) (3)                   |                 |              |     |      |   |      | 458,351   |           |  |  | 805,348   |           |  |  | 918,236   |          
|                                           |                 |              |     |      |   |      |           |           |  |  |           |           |  |  |           |           | 
|Company total                              |                 |              |     |      |   |      | 5,694,877 |           |  |  | 6,124,096 |           |  |  | 5,949,671 |          
|                                           |                 |              |     |      |   |      |           |           |  |  |           |           |  |  |           |           | 



|(1) |  | Barricks interest is subject to royalty obligations at certain mines.                                                                                                                                                                                                                                            
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | Acquired through the acquisition of Homestake in December 2001
(excluding Other Properties  Holt-McDermott mine, Bousquet mine, El
Indio and Tambo mines). Production reflects Homestakes interest prior to
the acquisition (excluding Other Properties  Holt-McDermott mine,
Bousquet mine and El Indio mine).
|   
|(3) |  | Barricks proportional share.                                                                                                                                                                                                                                                                                     
|   
|(4) |  | Effective July 1, 2000, the interest in the Round Mountain Mine was
increased from 25% to 50%.                                                                                                                                                                                                                    
|   
|(5) |  | The Bulyanhulu mine commenced production in April 2001.                                                                                                                                                                                                                                                           

See the Notes to the Consolidated Financial Statements for further
information on the Companys operating and geographic segments.

- 11 -



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(BARRICK GOLD CORPORATION CHART)

- 12 -



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##### 



- 13 -



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NARRATIVE DESCRIPTION OF THE BUSINESS

Gold Mineral Reserves and Mineral Resources

At the beginning of 2003, Barricks total proven and probable gold mineral
reserves for Canadian reporting purposes were 86.9 million ounces. During 2002,
Barrick produced approximately 5.7 million ounces of gold (6.8 million
contained ounces) and added approximately 11.4 million contained ounces to
reserves for a net increase of approximately 4.6 million contained ounces (see
- Reconciliation of Mineral Reserves). The addition to reserves of 11.4
million contained ounces is primarily attributable to the Alto Chicama project,
the Goldstrike property and the Plutonic mine.

2002 reserves have been calculated using an assumed gold price of $300 per
ounce and a silver price of $4.75 per ounce, except with respect to the
Kalgoorlie mine which has been calculated using an assumed gold price of $297
(A$550) per ounce. Barricks proven and probable gold reserves would increase
to approximately 89.4 million ounces if calculated using a $325 per ounce gold
price and decrease to approximately 82.6 million ounces at a $275 per ounce
gold price.

Reserves and resources have been calculated as at December 31, 2002
(except with respect to Alto Chicama, where reserves and resources have been
calculated as at January 31, 2003) in accordance with definitions adopted by
the Canadian Institute of Mining, Metallurgy and Petroleum and incorporated
into National Instrument 43-101 (see Definitions below). Calculations have
been prepared by employees of Barrick under the supervision of Alan R. Hill, P.
Eng., Executive Vice President, Development of Barrick, and/or Alexander J.
Davidson, P. Geo., Senior Vice President, Exploration of Barrick. Such
calculations 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. Mineral resource metal grades and
material densities have been estimated using industry-standard methods
appropriate for each mineral project with support of various commercially
available mining software packages. For the cut-off grades used in the
calculation of reserves, see   Notes to the Reserves, Resources and
Reconciliation Tables. Barricks normal data verification procedures have been
employed in connection with the calculations. Sampling, analytical and test
data underlying the stated mineral resources and reserves have been verified by
Mr. Hill or Mr. Davidson, employees under their supervision, and/or independent
Qualified Persons. Verification procedures include industry-standard quality
control practices. For details of data verification and quality control
practices at each material property, see Properties.

Barrick reports its reserves in accordance with National Instrument
43-101, as required by Canadian securities regulatory authorities. For United
States reporting purposes, Industry Guide 7 (under the Securities Exchange Act
of 1934, as interpreted by the Staff of the U.S. Securities and Exchange
Commission), applies different standards in order to classify mineralization as
a reserve. Accordingly, for U.S. reporting purposes, the mineralization at the
Alto Chicama and Veladero projects is classified as mineralized material.

Although the Company has carefully prepared and verified the mineral
reserve figures presented below and elsewhere in this Annual Information Form,
such figures are estimates, and no assurance can be given that the indicated
level of gold will be produced. See Risk Factors.

Definitions

A mineral resourceis a concentration or occurrence of natural, solid,
inorganic or fossilized organic material 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 sub-divided, in order of increasing geological confidence, into inferred,
indicated and measured categories.

An inferred mineral resourceis that part of a mineral resource for which
quantity and grade or quality can be estimated on the basis of
geological evidence, limited sampling and reasonably assumed but not verified geological

- 14 -



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##### 



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 resourceis 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 resourceis that part of a mineral resource for which
quantity, grade or quality, densities, shape, 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 reserveis 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 reserveis 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 reserveis 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 can be justified.

- 15 -



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Gold Mineral Reserves(1), (3), (4), (7), (10), (11)

|                             |                           |          |         |          |          |         |           |         |      |          |          |         |           |         |         |          |          |         |           |       |  |  |        |        |  |  |           |         |  |  |       |       |  |  |        |        | 
|---------------------------- | ------------------------- | -------- | ------- | -------- | -------- | ------- | --------- | ------- | ---- | -------- | -------- | ------- | --------- | ------- | ------- | -------- | -------- | ------- | --------- | ----- |  |  | ------ | ------ |  |  | --------- | ------- |  |  | ----- | ----- |  |  | ------ | ------ | 
|PROVEN                       |                           | PROBABLE |         | TOTAL   
|                             |                           |          |         |         
|                             |                           |          | Tons    |          | Grade(8) |         | Ounces(9) |         | Tons |          | Grade(8) |         | Ounces(9) |         | Tons    |          | Grade(8) |         | Ounces(9)
|Based on attributable ounces |                           | (000s)  |         | (oz/ton) |          | (000s) |           | (000s) |      | (oz/ton) |          | (000s) |           | (000s) |         | (oz/ton) |          | (000s)
|                             |                           |          |         |          |          |         |           |         |      |          |          |         |           |         |         |          |          |        
|OPERATING MINES              |                           |          |         |          |          |         |           |         |      |          |          |         |           |         |         |          |          |         |           |       |  |  |        |        |  |  |           |         |  |  |       |       |  |  |        |       
|                             | Betze-Post                |          |         | 60,229   |          |         |           | 0.132   |      |          |          | 7,924   |           |         |         | 46,901   |          |         |           | 0.173 |  |  |        | 8,127  |  |  |           | 107,130 |  |  |       | 0.150 |  |  |        | 16,051 | 
|                             | Meikle                    |          |         | 2,641    |          |         |           | 0.512   |      |          |          | 1,352   |           |         |         | 7,129    |          |         |           | 0.356 |  |  |        | 2,536  |  |  |           | 9,770   |  |  |       | 0.398 |  |  |        | 3,888  | 
|                             |                           |          |         |          |          |         |           |         |      |          |          |         |           |         |         |          |          |         |           |       |  |  |        |        |  |  |           |         |  |  |       |       |  |  |        |        | 
|                             | Goldstrike Property Total |          |         | 62,870   |          |         |           | 0.148   |      |          |          | 9,276   |           |         |         | 54,030   |          |         |           | 0.197 |  |  |        | 10,663 |  |  |           | 116,900 |  |  |       | 0.171 |  |  |        | 19,939 | 
|                             | Round Mountain (50%)      |          |         | 47,282   |          |         |           | 0.017   |      |          |          | 815     |           |         |         | 48,775   |          |         |           | 0.022 |  |  |        | 1,060  |  |  |           | 96,057  |  |  |       | 0.020 |  |  |        | 1,875  | 
|                             | Eskay Creek               |          |         | 575      |          |         |           | 1.483   |      |          |          | 853     |           |         |         | 858      |          |         |           | 0.672 |  |  |        | 577    |  |  |           | 1,433   |  |  |       | 0.998 |  |  |        | 1,430  | 
|                             | Hemlo (50%)               |          |         | 11,708   |          |         |           | 0.116   |      |          |          | 1,359   |           |         |         | 8,018    |          |         |           | 0.095 |  |  |        | 759    |  |  |           | 19,726  |  |  |       | 0.107 |  |  |        | 2,118  | 
|                             | Pierina                   |          |         | 29,232   |          |         |           | 0.068   |      |          |          | 1,994   |           |         |         | 41,111   |          |         |           | 0.039 |  |  |        | 1,608  |  |  |           | 70,343  |  |  |       | 0.051 |  |  |        | 3,602  | 
|                             | Plutonic                  |          |         | 2,983    |          |         |           | 0.146   |      |          |          | 436     |           |         |         | 10,993   |          |         |           | 0.191 |  |  |        | 2,097  |  |  |           | 13,976  |  |  |       | 0.181 |  |  |        | 2,533  | 
|                             | Lawlers                   |          |         | 1,456    |          |         |           | 0.134   |      |          |          | 195     |           |         |         | 1,951    |          |         |           | 0.161 |  |  |        | 314    |  |  |           | 3,407   |  |  |       | 0.149 |  |  |        | 509    | 
|                             | Darlot                    |          |         | 3,776    |          |         |           | 0.133   |      |          |          | 501     |           |         |         | 4,426    |          |         |           | 0.174 |  |  |        | 768    |  |  |           | 8,202   |  |  |       | 0.155 |  |  |        | 1,269  | 
|                             | Yilgarn District Total    |          |         | 8,215    |          |         |           | 0.138   |      |          |          | 1,132   |           |         |         | 17,370   |          |         |           | 0.183 |  |  |        | 3,179  |  |  |           | 25,585  |  |  |       | 0.168 |  |  |        | 4,311  | 
|                             | Kalgoorlie (50%)          |          |         | 34,580   |          |         |           | 0.052   |      |          |          | 1,788   |           |         |         | 62,318   |          |         |           | 0.060 |  |  |        | 3,763  |  |  |           | 96,898  |  |  |       | 0.057 |  |  |        | 5,551  | 
|                             | Bulyanhulu                |          |         | 1,846    |          |         |           | 0.397   |      |          |          | 733     |           |         |         | 25,574   |          |         |           | 0.427 |  |  |        | 10,920 |  |  |           | 27,420  |  |  |       | 0.425 |  |  |        | 11,653 | 
|                             | Other Properties          |          |         | 3,723    |          |         |           | 0.033   |      |          |          | 124     |           |         |         | 23,475   |          |         |           | 0.030 |  |  |        | 708    |  |  |           | 27,198  |  |  |       | 0.031 |  |  |        | 832    | 
|PROJECTS                     |                           |          |         |          |          |         |           |         |      |          |          |         |           |         |         |          |          |         |           |       |  |  |        |        |  |  |           |         |  |  |       |       |  |  |        |       
|                             | Alto Chicama(7)           |          |         |         |          |         |           |        |      |          |          |        |           |         |         | 120,948  |          |         |           | 0.054 |  |  |        | 6,535  |  |  |           | 120,948 |  |  |       | 0.054 |  |  |        | 6,535  | 
|                             | Veladero(7)               |          |         | 19,123   |          |         |           | 0.046   |      |          |          | 877     |           |         |         | 235,188  |          |         |           | 0.036 |  |  |        | 8,507  |  |  |           | 254,311 |  |  |       | 0.037 |  |  |        | 9,384  | 
|                             | Pascua-Lama(12)           |          |         | 37,738   |          |         |           | 0.062   |      |          |          | 2,355   |           |         |         | 258,673  |          |         |           | 0.056 |  |  |        | 14,507 |  |  |           | 296,411 |  |  |       | 0.057 |  |  |        | 16,862 | 
|                             | Cowal                     |          |         | 6,197    |          |         |           | 0.044   |      |          |          | 271     |           |         |         | 69,725   |          |         |           | 0.037 |  |  |        | 2,564  |  |  |           | 75,922  |  |  |       | 0.037 |  |  |        | 2,835  | 
|                             |                           |          |         |          |          |         |           |         |      |          |          |         |           |         |         |          |          |         |           |       |  |  |        |        |  |  |           |         |  |  |       |       |  |  |        |        | 
|TOTAL                        |                           |          | 263,089 |          |          |         | 0.082     |         |      |          | 21,577   |         |           |         | 966,063 |          |          |         | 0.068     |       |  |  | 65,350 |        |  |  | 1,229,152 |         |  |  | 0.071 |       |  |  | 86,927 |       
|                             |                           |          |         |          |          |         |           |         |      |          |          |         |           |         |         |          |          |         |           |       |  |  |        |        |  |  |           |         |  |  |       |       |  |  |        |        | 

See  - Notes to the Mineral Reserves, Resources and Reconciliation Tables.

- 16 -



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Gold Mineral Resources(1), (2), (3), (5)

|                             |                           |           |        |           |          |          |           |         |      |          |          |         |           |         |         |         |      |          |          |         |           |  |        |       |  |  |        |       |  |  |         |         |  |  |       |       |  |  |        |       | 
|---------------------------- | ------------------------- | --------- | ------ | --------- | -------- | -------- | --------- | ------- | ---- | -------- | -------- | ------- | --------- | ------- | ------- | ------- | ---- | -------- | -------- | ------- | --------- |  | ------ | ----- |  |  | ------ | ----- |  |  | ------- | ------- |  |  | ----- | ----- |  |  | ------ | ----- | 
|MEASURED                     |                           | INDICATED |        |           |          |          |           |         |      |          |          |         |           |         |         |         |      |         
|(M)                          |                           | (I)       |        | (M) + (I) |          | INFERRED
|                             |                           |           |        |           |          |         
|                             |                           |           | Tons   |           | Grade(8) |          | Ounces(9) |         | Tons |          | Grade(8) |         | Ounces(9) |         | Ounces  |         | Tons |          | Grade(8) |         | Ounces(9)
|Based on attributable ounces |                           | (000s)   |        | (oz/ton)  |          | (000s)  |           | (000s) |      | (oz/ton) |          | (000s) |           | (000s) |         | (000s) |      | (oz/ton) |          | (000s)
|                             |                           |           |        |           |          |          |           |         |      |          |          |         |           |         |         |         |      |          |          |        
|OPERATING MINES              |                           |           |        |           |          |          |           |         |      |          |          |         |           |         |         |         |      |          |          |         |           |  |        |       |  |  |        |       |  |  |         |         |  |  |       |       |  |  |        |      
|                             | Betze-Post                |           |        | 16,445    |          |          |           | 0.069   |      |          |          | 1,139   |           |         |         | 29,955  |      |          |          | 0.070   |           |  |        | 2,092 |  |  |        | 3,231 |  |  |         | 1,217   |  |  |       | 0.074 |  |  |        | 90    | 
|                             | Meikle                    |           |        | 1,932     |          |          |           | 0.584   |      |          |          | 1,129   |           |         |         | 3,175   |      |          |          | 0.393   |           |  |        | 1,249 |  |  |        | 2,378 |  |  |         | 7,819   |  |  |       | 0.351 |  |  |        | 2,741 | 
|                             |                           |           |        |           |          |          |           |         |      |          |          |         |           |         |         |         |      |          |          |         |           |  |        |       |  |  |        |       |  |  |         |         |  |  |       |       |  |  |        |       | 
|                             | Goldstrike Property Total |           |        | 18,377    |          |          |           | 0.123   |      |          |          | 2,268   |           |         |         | 33,130  |      |          |          | 0.101   |           |  |        | 3,341 |  |  |        | 5,609 |  |  |         | 9,036   |  |  |       | 0.313 |  |  |        | 2,831 | 
|                             | Round Mountain (50%)      |           |        | 13,545    |          |          |           | 0.008   |      |          |          | 104     |           |         |         | 3,910   |      |          |          | 0.018   |           |  |        | 72    |  |  |        | 176   |  |  |         | 9,827   |  |  |       | 0.016 |  |  |        | 157   | 
|                             | Eskay Creek               |           |        |          |          |          |           |        |      |          |          |        |           |         |         | 382     |      |          |          | 0.401   |           |  |        | 153   |  |  |        | 153   |  |  |         | 96      |  |  |       | 0.615 |  |  |        | 59    | 
|                             | Hemlo (50%)               |           |        | 888       |          |          |           | 0.128   |      |          |          | 114     |           |         |         | 1,789   |      |          |          | 0.075   |           |  |        | 134   |  |  |        | 248   |  |  |         | 4,001   |  |  |       | 0.137 |  |  |        | 550   | 
|                             | Pierina                   |           |        | 8,599     |          |          |           | 0.016   |      |          |          | 137     |           |         |         | 31,339  |      |          |          | 0.016   |           |  |        | 489   |  |  |        | 626   |  |  |         | 1,134   |  |  |       | 0.020 |  |  |        | 23    | 
|                             | Plutonic                  |           |        | 4,523     |          |          |           | 0.073   |      |          |          | 331     |           |         |         | 14,826  |      |          |          | 0.132   |           |  |        | 1,956 |  |  |        | 2,287 |  |  |         | 7,333   |  |  |       | 0.161 |  |  |        | 1,183 | 
|                             | Lawlers                   |           |        | 2,178     |          |          |           | 0.154   |      |          |          | 336     |           |         |         | 6,201   |      |          |          | 0.126   |           |  |        | 779   |  |  |        | 1,115 |  |  |         | 2,326   |  |  |       | 0.123 |  |  |        | 286   | 
|                             | Darlot                    |           |        | 1,157     |          |          |           | 0.175   |      |          |          | 202     |           |         |         | 3,012   |      |          |          | 0.112   |           |  |        | 338   |  |  |        | 540   |  |  |         | 56      |  |  |       | 0.214 |  |  |        | 12    | 
|                             |                           |           |        |           |          |          |           |         |      |          |          |         |           |         |         |         |      |          |          |         |           |  |        |       |  |  |        |       |  |  |         |         |  |  |       |       |  |  |        |       | 
|                             | Yilgarn District Total    |           |        | 7,858     |          |          |           | 0.111   |      |          |          | 869     |           |         |         | 24,039  |      |          |          | 0.128   |           |  |        | 3,073 |  |  |        | 3,942 |  |  |         | 9,715   |  |  |       | 0.152 |  |  |        | 1,481 | 
|                             | Kalgoorlie (50%)          |           |        | 14,558    |          |          |           | 0.054   |      |          |          | 791     |           |         |         | 27,353  |      |          |          | 0.054   |           |  |        | 1,488 |  |  |        | 2,279 |  |  |         | 6,779   |  |  |       | 0.050 |  |  |        | 342   | 
|                             | Bulyanhulu                |           |        |          |          |          |           |        |      |          |          |        |           |         |         | 4,765   |      |          |          | 0.352   |           |  |        | 1,678 |  |  |        | 1,678 |  |  |         | 4,253   |  |  |       | 0.592 |  |  |        | 2,517 | 
|                             | Other Properties          |           |        |          |          |          |           |        |      |          |          |        |           |         |         | 14,996  |      |          |          | 0.043   |           |  |        | 644   |  |  |        | 644   |  |  |         | 30,805  |  |  |       | 0.028 |  |  |        | 875   | 
|PROJECTS                     |                           |           |        |           |          |          |           |         |      |          |          |         |           |         |         |         |      |          |          |         |           |  |        |       |  |  |        |       |  |  |         |         |  |  |       |       |  |  |        |      
|                             | Alto Chicama              |           |        |          |          |          |           |        |      |          |          |        |           |         |         | 56,352  |      |          |          | 0.035   |           |  |        | 1,998 |  |  |        | 1,998 |  |  |         | 24,820  |  |  |       | 0.042 |  |  |        | 1,045 | 
|                             | Veladero                  |           |        | 9,000     |          |          |           | 0.023   |      |          |          | 209     |           |         |         | 126,760 |      |          |          | 0.024   |           |  |        | 3,051 |  |  |        | 3,260 |  |  |         | 78,211  |  |  |       | 0.024 |  |  |        | 1,894 | 
|                             | Pascua-Lama               |           |        | 3,962     |          |          |           | 0.055   |      |          |          | 216     |           |         |         | 111,883 |      |          |          | 0.029   |           |  |        | 3,271 |  |  |        | 3,487 |  |  |         | 126,841 |  |  |       | 0.027 |  |  |        | 3,475 | 
|                             | Cowal                     |           |        | 1,588     |          |          |           | 0.041   |      |          |          | 65      |           |         |         | 33,623  |      |          |          | 0.035   |           |  |        | 1,190 |  |  |        | 1,255 |  |  |         | 29,462  |  |  |       | 0.033 |  |  |        | 967   | 
|                             |                           |           |        |           |          |          |           |         |      |          |          |         |           |         |         |         |      |          |          |         |           |  |        |       |  |  |        |       |  |  |         |         |  |  |       |       |  |  |        |       | 
|TOTAL                        |                           |           | 78,375 |           |          |          | 0.061     |         |      |          | 4,773    |         |           |         | 470,321 |         |      |          | 0.044    |         |           |  | 20,582 |       |  |  | 25,355 |       |  |  | 334,998 |         |  |  | 0.048 |       |  |  | 16,216 |      
|                             |                           |           |        |           |          |          |           |         |      |          |          |         |           |         |         |         |      |          |          |         |           |  |        |       |  |  |        |       |  |  |         |         |  |  |       |       |  |  |        |       | 

See  - Notes to the Mineral Reserves, Resources and Reconciliation Tables.

- 17 -



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##### 



Reconciliation of Mineral Reserves

|                           |                      |                      |                  |               |  |            |        |         |          |  |              |       |   |  |                  |        |     
|-------------------------- | -------------------- | -------------------- | ---------------- | ------------- |  | ---------- | ------ | ------- | -------- |  | ------------ | ----- | - |  | ---------------- | ------ | ----
|                           |                      |                      |                  |               |  |            |        |         |          |  |              |       |   |  | Mineral Reserves
|                           |                      |                      | Mineral Reserves |               |  |            |        |         | Increase |  | December 31,
|Property (000's of ounces) |                      | December 31, 2001(6) |                  | Mined in 2002 |  | (decrease) |        | 2002(3)
|                           |                      |                      |                  |               |  |            |        |        
|OPERATING MINES            |                      |                      |                  |               |  |            |        |         |          |  |              |       |   |  |                  |       
|                           | Betze-Post           |                      |                  | 16,433        |  |            |        | (1,694  | )        |  |              | 1,312 |   |  |                  | 16,051 |     
|                           | Meikle               |                      |                  | 3,946         |  |            |        | (701    | )        |  |              | 643   |   |  |                  | 3,888  |     
|                           | Round Mountain (50%) |                      |                  | 2,245         |  |            |        | (576    | )        |  |              | 206   |   |  |                  | 1,875  |     
|                           | Eskay Creek          |                      |                  | 1,775         |  |            |        | (385    | )        |  |              | 40    |   |  |                  | 1,430  |     
|                           | Hemlo (50%)          |                      |                  | 2,517         |  |            |        | (284    | )        |  |              | (115  | ) |  |                  | 2,118  |     
|                           | Pierina              |                      |                  | 4,748         |  |            |        | (1,073  | )        |  |              | (73   | ) |  |                  | 3,602  |     
|                           | Plutonic             |                      |                  | 1,588         |  |            |        | (344    | )        |  |              | 1,289 |   |  |                  | 2,533  |     
|                           | Lawlers              |                      |                  | 505           |  |            |        | (116    | )        |  |              | 120   |   |  |                  | 509    |     
|                           | Darlot               |                      |                  | 1,341         |  |            |        | (150    | )        |  |              | 78    |   |  |                  | 1,269  |     
|                           | Kalgoorlie (50%)     |                      |                  | 5,724         |  |            |        | (436    | )        |  |              | 263   |   |  |                  | 5,551  |     
|                           | Bulyanhulu           |                      |                  | 12,009        |  |            |        | (414    | )        |  |              | 58    |   |  |                  | 11,653 |     
|                           | Other Properties     |                      |                  | 1,393         |  |            |        | (581    | )        |  |              | 20    |   |  |                  | 832    |     
|PROJECTS                   |                      |                      |                  |               |  |            |        |         |          |  |              |       |   |  |                  |       
|                           | Alto Chicama         |                      |                  |              |  |            |        |        |          |  |              | 6,535 |   |  |                  | 6,535  | (7) 
|                           | Veladero             |                      |                  | 8,416         |  |            |        |        |          |  |              | 968   |   |  |                  | 9,384  | (7) 
|                           | Pascua-Lama          |                      |                  | 16,862        |  |            |        |        |          |  |              |      |   |  |                  | 16,862 | (12)
|                           | Cowal                |                      |                  | 2,770         |  |            |        |        |          |  |              | 65    |   |  |                  | 2,835  |     
|                           |                      |                      |                  |               |  |            |        |         |          |  |              |       |   |  |                  |        |     
|Total                      |                      |                      | 82,272           |               |  |            | (6,754 | )       |          |  | 11,409       |       |   |  | 86,927           |       
|                           |                      |                      |                  |               |  |            |        |         |          |  |              |       |   |  |                  |        |     

Notes to the Mineral Reserves, Resources and Reconciliation Tables



|(1) |  | Reflects Barricks ownership share where ownership interest is less than
100%.                                                                                                                                                                                                                                                                                                                  
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | These mineral resources are in addition to mineral reserves. Mineral
resources that are not mineral reserves do not have demonstrated economic
viability.                                                                                                                                                                                                                                       
|   
|(3) |  | Mineral reserves have been calculated as at December 31, 2002, except
with respect to the Alto Chicama project, where reserves have been
calculated as at January 31, 2003.                                                                                                                                                                                                                     
|   
|(4) |  | Mineral reserves have been calculated using an assumed gold price of $300
per ounce and a silver price of $4.75 per ounce, except with respect to
the Kalgoorlie property, where a gold price of $297 per ounce (A$550 and
an exchange rate of $0.54 $US/A$) has been used.                                                                                                                     
|   
|(5) |  | Resources have been estimated using varying cut-off grades, depending on
both the type of mine, its maturity and ore type at each property.
Assumed gold prices ranging from $300 to $400 have generally been used in
estimating resources.                                                                                                                                                     
|   
|(6) |  | Mineral reserves have been calculated as at December 31, 2001 using an
assumed gold price of $300 per ounce and a silver price of $5.00 per
ounce, except with respect to the Australian properties where an assumed
gold price of A$475 (for Kalgoorlie, Plutonic and Cowal) or A$500 (for
Lawlers and Darlot) has been used.                                                                  
|   
|(7) |  | Mineral reserves have been calculated in accordance with National
Instrument 43-101, as required by Canadian securities regulatory
authorities. For United States reporting purposes, Industry Guide 7
(under the Securities Exchange Act of 1934), as interpreted by Staff of
the U.S. Securities and Exchange Commission, applies different standards
in order to classify mineralization as a

- 18 -



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##### 





|     |  | reserve. Accordingly, for U.S. reporting purposes, the mineralization at
the Alto Chicama and Veladero projects is classified as mineralized
material.                                                                             
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|(8)  |  | Grade represents an average, weighted by reference to tons of ore type
where several recovery processes apply.                                                                                                                     
|    
|(9)  |  | Ounces estimated to be present in the tons of ore which would be mined
and processed. Mill recovery rates have not been applied in calculating
the contained ounces.                                                               
|    
|(10) |  | Reserves include stockpile material totalling approximately 89.4 million
tons, containing approximately 5.2 million ounces. Properties at which
stockpile material represents more than 5% of the reported reserves are as
follows:

|               |  |         |        |          |  |         |       |  |  |           |       | 
|-------------- |  | ------- | ------ | -------- |  | ------- | ----- |  |  | --------- | ----- | 
|               |  |         |        |          |  |         |       |  |  | Contained
|               |  | Tons    |        | Grade    |  | Ounces 
|Property       |  | (000s) |        | (oz/ton) |  | (000s)
|               |  |         |        |          |  |        
|Kalgoorlie     |  |         | 9,446  |          |  |         | 0.037 |  |  |           | 351   | 
|Goldstrike     |  |         | 40,776 |          |  |         | 0.101 |  |  |           | 4,117 | 
|Round Mountain |  |         | 38,240 |          |  |         | 0.016 |  |  |           | 603   | 



|(11) |  | The metallurgical recovery applicable at each property and the cut-off
grades used to determine reserves are as follows:
|---- |  | ------------------------------------------------------------------------------------------------------------------------

|                    |            |  |               |      |              |  |             |             | 
|------------------- | ---------- |  | ------------- | ---- | ------------ |  | ----------- | ----------- | 
|                    |            |  | Metallurgical |      |              |  |            
|                    |            |  | Recovery      |      | Cutoff Grade
|                    |            |  | (%)           |      | (oz/t)      
|                    |            |  |               |      |             
|OPERATING MINES     |            |  |               |      |              |  |             |            
|Goldstrike Property |            |  |               |      |              |  |             |            
|                    | Betze-Post |  |               | 83.5 |              |  |             | 0.065-0.080 | 
|                    | Meikle     |  |               | 89.7 |              |  |             | 0.220-0.260 | 
|Round Mountain      |            |  | 67.0          |      |              |  | 0.006-0.018 |            
|Eskay Creek         |            |  | 92.1          |      |              |  | 0.631-0.849 |            
|Hemlo Property      |            |  |               |      |              |  |             |            
|                    | David Bell |  |               | 93.0 |              |  |             | 0.145       | 
|                    | Williams   |  |               | 93.5 |              |  |             | 0.023-0.082 | 
|Pierina             |            |  | 79.6          |      |              |  | 0.010-0.015 |            
|Darlot              |            |  | 97.0          |      |              |  | 0.079-0.109 |            
|Lawlers             |            |  | 95.5          |      |              |  | 0.104       |            
|Plutonic            |            |  | 88.2          |      |              |  | 0.015-0.204 |            
|Kalgoorlie          |            |  | 86.1          |      |              |  | 0.026       |            
|Bulyanhulu          |            |  | 89.0          |      |              |  | 0.233-0.263 |            
|PROJECTS            |            |  |               |      |              |  |             |            
|Alto Chicama        |            |  | 80.0          |      |              |  | 0.014       |            
|Veladero            |            |  | 72.8          |      |              |  | 0.017-0.022 |            
|Pascua-Lama         |            |  | 82.7          |      |              |  | 0.029-0.053 |            
|Cowal               |            |  | 84.9          |      |              |  | 0.012-0.018 |            



|(12) |  | Reserves for the Pascua-Lama project have been calculated using a gold
price of $300 per ounce and a silver price of $4.75 per ounce. Based on
current construction cost estimates and the current
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 19 -



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| |  | development plan, which are under continuing review, using a gold price of
$275 per ounce, the project would generate a negligible return.
| |  | ------------------------------------------------------------------------------------------------------------------------------------------

Uses of Gold

Product fabrication and bullion investment are the two principal uses of
gold. Within the fabrication category there are a wide variety of end uses, the
largest of which is the manufacture of jewelry. Other fabrication purposes
include official coins, electronics, miscellaneous industrial and decorative
uses, dentistry, medals and medallions.

Sales and Refining

Gold can be readily sold on numerous markets throughout the world and it
is not difficult to ascertain its market price at any particular time. Since
there are a large number of available gold purchasers, the Company is not
dependent upon the sale of gold to any one customer. Barricks gold is
currently being refined to market delivery standards by MKS Finance S.A. in
Castel San Pietro, Switzerland and Argor-Heraeus S.A. in Mendrisio, Switzerland
(Goldstrike production), by Johnson Matthey Limited in Brampton, Ontario,
Canada (a portion of the Hemlo production), by the Royal Canadian Mint in
Ottawa, Ontario, Canada (a portion of the Hemlo production), by Johnson Matthey
PLC in London (Pierina production and Bulyanhulu gold doré production), by
Johnson Matthey Refining Inc. in Salt Lake City, Utah, United States (Round
Mountain production) and by Australian Gold Refinery in Perth, Australia
(Plutonic mine production, Kalgoorlie mine production, Darlot production and
Lawlers production). The gold is then delivered to meet commitments under gold
sale contracts or sold to various gold bullion dealers or smelters on a
competitive basis at spot prices. The Company believes that, because of the
availability of alternative refiners, no material adverse effect would result
if the Company lost the services of any of its current refiners.

The Bulyanhulu mine produces gold-copper concentrates. At Bulyanhulu,
sales contracts have been established with Pan Pacific Copper Co., Ltd., an
affiliate of Nippon Mining & Metals Co., Ltd. and with Sumitomo Metal Mining
Co., Ltd. for 80% of the mines concentrate production through 2008.

The Eskay Creek mine sells direct shipping ore under long-term sales
contracts with Dowa Mining Company Limited, Akita-Ken, Japan, and Noranda Inc.,
Rouyn-Noranda, for combined ore sales of 135,000 dry tonnes annually. These
contracts expire in 2006 and 2007. The Eskay Creek mine also produces
flotation concentrates, one-half of which is committed under a sales agreement
with Noranda Inc. in Rouyn-Noranda, Quebec, Canada and Teck Cominco Metals Ltd.
in Trail, British Columbia, Canada. These contracts expire at various dates
between 2003 and 2008. To mitigate the impact of the Noranda Inc. smelter
labor strike which began in July 2002, the mine optimized its milling capacity,
increasing throughput (by 19%), re-sequenced the mining efforts to source
higher grade ore, and arranged for increased sales to its other main smelter.
Though the strike continues, shipments in late 2002 and early 2003 were back to
pre-strike levels, and the Company anticipates being able to sustain these
rates through the balance of 2003, even without a strike settlement.

Forward Sales Program

The Company has operations in five principal countries which produce its
primary product, gold, as well as by-products such as silver and copper. The
Companys activities expose it to a variety of market risks, including risks
related to the effects of changes in gold prices. This financial exposure is
monitored and managed by the Company as an integral part of its overall
risk-management program. The Companys risk-management program focuses on the
unpredictability of commodity and financial

- 20 -



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markets and seeks to mitigate the potentially adverse effects that the
volatility of these markets may have on its operating results.

The Company maintains a risk-management strategy that uses financial
instruments to mitigate significant, unanticipated earnings and cash flow
fluctuations that may arise from volatility in commodity prices. Price
fluctuations in gold could cause actual cash inflows from the sale of gold to
differ from anticipated cash inflows. The Company uses gold forward sales
contracts to mitigate these risks. As a gold producer, Barricks gold reserves
underlie its forward sales program and Barrick expects to deliver production
into its forward sales contracts in the normal course of business.

Barricks forward sales contracts represent agreements to sell gold on a
delivery date in the future. Barrick has the flexibility to choose the delivery
date at any time over a 10 to 15 year period from the start of a contract. The
rights and obligations under these contracts are defined by master trading
agreements executed with various counterparties.

The selling price under a contract is based on the forward price of gold
at the future delivery date, which is essentially a function of the spot gold
price on the date the contract is entered into plus a premium (commonly
referred to as contango) through the future delivery date. The amount of
contango is often quoted as a percentage return that reflects the spread
between market LIBOR interest rates (i.e., US dollar interest rates) and gold
borrowing rates (commonly referred to as gold lease rates). Generally, US
dollar interest rates are higher than the gold lease rate, which means that the
future price is higher than the current price under the contract. The longer
the period of time until delivery, the greater the amount of the forward
premium or contango and, provided US dollar interest rates remain higher than
gold lease rates, the greater the contract price compared to the spot price at
the start of the contract. In the event gold lease rates are higher than US
dollar interest rates, the premium becomes negative (known as
backwardation). Over the past five years, backwardation has occurred only
once, and only for a period of two days.

Barrick has arrangements in place with approximately 19 counterparties,
which have an average credit rating of AA. All of the counterparties are
well-established financial institutions with a significant presence in the
bullion trading market. To reduce exposure to defaults by counterparties,
Barrick diversifies its forward sales contracts across a number of
counterparties, limits exposure to individual counterparties, uses master
netting arrangements such that Barricks credit risk is limited to the net
positive fair value of contracts with individual counterparties and regularly
monitors its counterparties credit ratings. To date, all counterparties have
fully performed their obligations under such arrangements.

Barricks trading agreements do provide for customary events of default
such as covenant breaches, insolvency or bankruptcy. If an event of default
occurred, counterparties could require Barrick to immediately settle
outstanding contracts. Under its trading agreements, Barrick is not required
to post any collateral or be subject to any margin calls on its derivative
instruments. Also, the counterparties cannot require settlement of a contract
solely because of an adverse change in the mark to market value. Barrick enters
into financial instruments to act as economic hedges of underlying exposure to
commodity prices, foreign currency exchange rates and interest rates that arise
in the normal course of its business. The maturity of derivative instruments
are spread out over time so that the size of positions maturing is such that
the Company expects the relevant markets for commodities, currencies and
interest rates will be able to absorb those contracts maturing.

In previous years, as a result of the Companys forward sales program and
the level of spot prices for gold, substantially all of the gold produced by
the Company (excluding Homestake production) was delivered against existing
forward sale contracts rather than on the spot market. In 2002, the Company

- 21 -



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##### 



realized an average price of $339 per ounce compared with an average gold
price on the Commodity Exchange Inc. (COMEX) in New York for the year of $310
per ounce. During 2002, the Company delivered a portion of production into the
spot market. With the rise in the gold spot price, above the Companys forward
gold sales price, for much of the first quarter of 2003, Barrick sold a portion
of its production at the higher spot price and deferred delivery for forward
sales contracts to a later date.

At December 31, 2002 the Company had outstanding commitments to deliver
18.1 million ounces of its future gold production under its forward sales
program. This represents approximately 21 percent of proven and probable
reserves (for Canadian reporting purposes), deliverable over the next 10 to 15
years at an average price of $341 per ounce at the scheduled delivery dates.
For 2003, Barrick has the ability to deliver its production into the forward
sales program at an average price of $340 per ounce. On a portion of sales
contracts that had been scheduled for delivery in the first quarter of 2003,
Barrick elected to not deliver production into such sales contracts during the
quarter and decided instead to sell a significant portion of its production
during that time at the higher spot price. This is the first time in 15 years
that gold prices have risen above the Companys outstanding contract sales
price, prompting the Company to sell its production at the higher spot price.

In a continued effort to make Barricks forward sales program smaller and
simpler, the Company took two steps in 2002: it delivered production against
forward sales contracts without replacing those contracts and it reduced its
variable price sales commitments (commitments under which the price at which
the gold is sold varies, typically either (i) within a range, or (ii) capped to
a maximum level) by approximately two-thirds. With the Companys positive
outlook for the gold price, interest rates at 40-year lows (leading to lower
forward sales premiums) and Barricks strong financial position, the Company
has been managing the program down to a lower level of overall reserves.
Subject to market conditions, Barrick expects to continue to reduce the size
and complexity of its forward sales program.

For a summary of the Companys future gold sale and delivery commitments,
derivative financial instruments used in the forward sales program and
associated risks, see Note 23 of the Notes to the Consolidated Financial
Statements for the year ended December 31, 2002, pages 45 to 49 and 54 to 58 of
the Companys Annual Report to Shareholders for the year ended December 31,
2002 and Risk Factors.

The Companys financial risk management activities are subject to the
management, direction, and control of its Finance Committee as part of that
Committees oversight of the Companys investment activities and treasury
function. The Finance Committee, which is comprised of four members of the
Companys Board of Directors, including the Companys Chief Executive Officer,
reports to the Board of Directors on the scope of the Companys risk-management
strategy (including the gold sales program) and other activities. The Finance
Committee approves corporate policy that defines the Companys risk-management
objectives and philosophy relating to financial risk management activities and
provides guidance for financial instrument usage. The Finance Committee also
approves hedging strategies that are developed by management through its
analysis of risk exposures to which the Company is subject, and commodity,
foreign exchange and interest rate market analysis from internal and industry
sources. The resulting hedging strategies are then incorporated into the
Companys overall risk-management strategies. Responsibility for the
implementation of hedging and risk-management strategies is delegated to the
Companys treasury function. A report on Barricks hedge position, detailing
the size of the hedge position by contract type, diversification of the
position among counterparties and each counterpartys recent credit rating and
the latest fair value of each group of contracts, is prepared each week and
distributed to the Chief Executive Officer, the Chief Financial Officer and
members of the Finance Committee. The Board of Directors also receives a report
on Barricks hedging position at each of its regularly scheduled meetings.

- 22 -



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##### 



Barrick maintains a separate compliance function to independently monitor
and verify hedging activities and achieve segregation of duties of personnel
responsible for entering into hedging transactions from personnel responsible
for recording and reporting transactions. In addition, the treasurer regularly
monitors all hedging transactions entered into by the treasury group. All
confirmations and settlements of transactions are processed and checked
independently of the treasury group. Responsibility for entering into hedging
transactions is limited to a small group of experienced treasury personnel.
Summaries of each individual transaction, setting out the terms of the
transactions and the identity of the individual executing each transaction, are
generated by the treasury group and delivered to the compliance function on a
daily basis. Confirmations from counterparties are received directly by the
compliance function and checked against the documentation generated by the
treasury group. Barrick does not enter into gold delivery commitments that are
not covered by scheduled production.

The extent to which the Company will enter into these types of commodity
contracts in the future will depend upon its assessment of gold market
conditions and other factors from time to time. As a result of changes in the
market price of gold, contango rates and other factors, there can be no
assurance that the Companys forward sales program will be as successful in the
future as it has been in the past. The Company may in the future utilize other
types of commodity contracts or financial instruments in its forward sales
program.

Employees - Labor Relations

As at December 31, 2002, Barrick had approximately 5,000 full-time
employees worldwide, as well as approximately 1,800 employees at operations
jointly owned by Barrick, substantially all of who are employed in the United
States, Canada, Australia, Chile, Peru, Argentina and Tanzania. Unions
represent approximately 500 persons at the Companys operations. Although the
Company experienced an unauthorized work stoppage of one week at its Bulyanhulu
mine in late 2002, labor relations at all locations are believed to be good.

Hourly employees are provided with a variety of retirement, insurance and
other benefits generally corresponding to prevailing customs in the relevant
area and industry. Certain of the Companys mining operations participate in
retirement pension plans that are defined contribution plans. The Company also
has pension plans covering certain United States employees. Certain of these
pension plans, covering U.S. salaried and other non-union employees, provide
benefits based on the employees years of service and highest compensation for
a period prior to retirement. Certain of these pension plans, covering U.S.
union employees, provide defined benefits based on each year of service. The
Company also has other post-retirement plans that provide medical and life
insurance benefits for certain retired employees. The excess of accumulated
benefit obligations over plan assets for pension plans with accumulated benefit
obligations in excess of plan assets was $61 million at December 31, 2002, and
was $52 million at December 31, 2001. Plans where the projected benefit
obligation and accumulated benefit obligation exceeded plan assets included a
qualified pension plan covering salaried and non-union employees, a
nonqualified supplemental pension plan covering certain employees and a
nonqualified pension plan covering a director of the Company. In addition, an
irrevocable trust (Rabbi Trust) was set up to fund the nonqualified plans and
certain other deferred compensation plans. The diversified assets held in the
Rabbi Trust included cash of $1 million and short-term investments of $30
million as of December 31, 2002. The Company has put in place a retirement
plan for certain officers of Barrick. Pursuant to the unfunded plan, 15% of the
officers salary and bonus for the year is accrued and accumulated with
interest until retirement. There are no other benefits programs in place that
could result in any unfunded post-retirement benefits. In addition, the Company
has implemented incentive programs for certain employees.

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Competition

The Company competes with other mining and exploration companies in
connection with the acquisition of mining claims and leases on gold and other
precious metals prospects and in connection with the recruitment and retention
of qualified employees.

There is significant competition for the limited number of gold
acquisition opportunities and, as a result, the Company may be unable to
continue to acquire attractive gold mining properties on terms it considers
acceptable.

Given the size of the world market for gold relative to individual
producers and consumers of gold, the Company believes that no single company
has sufficient market influence to significantly affect the price or supply of
gold in the world market.

OPERATING PROPERTIES

The following is a summary of Barricks principal operations by region:
United States, Canada, Australia, South America and Tanzania.

United States

Barricks principal United States operations consist of its Goldstrike
property and its 50% interest in the Round Mountain mine.

Goldstrike Property

General Information

A wholly-owned subsidiary of Barrick owns and operates the Betze-Post open
pit mine and the Meikle underground mine and related deposits on the Goldstrike
property. The property is located in north central Nevada, approximately 25
miles (40 kilometers) north of the town of Carlin, at an elevation of 5,600
feet (1,700 meters) in the hilly terrain of the Tuscarora Mountains. Access to
the property is provided by certain access agreements with Newmont Mining
Corporation, that allow for the use of various roads in the area, and a
right-of-way issued by the Bureau of Land Management. Such roads are accessed
from Elko, Nevada by traveling west on U.S. Interstate 80 to Carlin, Nevada and
then by approximately 23 miles (37 kilometers) of local roads north of Carlin.
Generally, the climate of the area does not materially impact on the mines
operations.

PanCana Minerals Ltd. (PanCana) first mined the property for gold in
1976. In 1978, Western States Minerals Corporation (WSMC) became the operator
in a 50/50 joint venture with PanCana. Barrick acquired a 50% interest and
assumed management of the Goldstrike property on December 31, 1986 pursuant to
a plan of arrangement entered into with PanCana. It completed the acquisition
of 100% ownership of the property with the acquisition of WSMCs 50% interest
in the property in January 1987. At the time of acquisition, mining operations
on the property were concentrated on various shallow oxide deposits. The
principal known deposit was the Post surface oxide deposit, which then
contained approximately half a million ounces of gold. The property was
operated as an open pit, heap leach operation. Reserves for the Post deposit
were delineated during 1986 and mining of the Post deposit commenced in 1987.
Following acquisition, two sulphide ore zones were identified (the Betze and
Deep Post deposits). During the first two years after acquisition, a
carbon-in-leach mill and ancillary facilities, as well as a crushing and
agglomeration plant designed to improve recoveries from low grade oxide ore,

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were constructed. In January 1989, Barrick announced the four-year Betze
Development Plan to develop the Post oxide and Betze sulphide reserves. The
plan, which called for the development of a large open pit and the expansion of
the milling facilities, was completed in 1993 with the commissioning of the
final three of the total of six autoclaves. The Meikle mine, which was
discovered in 1989, commenced production in 1996. During 2000, the Company
completed construction of a roaster facility for the treatment of carbonaceous
ore on the property. The Roaster increased the propertys processing capacity
by approximately 16,000 tons per day. In 2001, an intensive development program
to bring the Rodeo deposit, part of the Meikle mine, into production was
completed and a new ball mill was added to increase autoclave recovery.

At December 31, 2002, the Goldstrike property comprised approximately
9,921 acres (4,000 hectares) of land. This includes 1,762 acres (713 hectares)
of patented lode mining and millsite claims and 1,870 acres (757 hectares) of
unpatented lode mining and millsite claims held directly or by lease, 2,531
acres (1,024 hectares) of land acquired through land exchanges with the United
States government, and 3,848 acres (1,557 hectares) purchased from other mining
companies and a private individual. Patenting is the process that transfers fee
simple title from the federal government to the applicant. The Betze-Post and
Meikle mines and the majority of the beneficiation and processing facilities at
the Goldstrike property are situated on land owned by Barrick.

Geology

The property is located on the Carlin trend, one of North Americas most
prolific gold producing areas. The area of the Goldstrike property consists of
folded and faulted Paleozoic sedimentary rocks, which were intruded by the
diorite to granodiorite Goldstrike stock of the Jurassic Age. Mesozoic folding
and thrust faults form important structural traps for the mineralization in the
Betze-Post pit. Tertiary faulting developed ranges and basins, which were
subsequently filled with volcanics and sediments during Tertiary time. The gold
mineralization occurred at the onset of Tertiary volcanism, approximately 39
million years ago.

The
major gold deposits  Post Oxide, Betze, Meikle and Deep Post  are
all hosted in sedimentary rocks of Silurian to Devonian ages. The Post Oxide
orebody occurs in the siliceous siltstones, mudstones, argillites and minor
limestones of the Rodeo Creek Formation. Betze, Meikle and Deep Post are found
in the silty limestones and debris flows of the Popovich Formation. The gold at
Goldstrike was carried into the various orebodies by hot hydrothermal fluids,
and deposited with very fine pyrite and silica. Over time, the pyrite oxidized,
freeing the gold and making its extraction relatively easy, as in the Post
Oxide deposit. In the deeper deposits  Betze, Deep Post and Meikle  the gold
is still locked up with the iron sulphide and an additional processing step
(autoclaving) is required to free the gold.

Processing

The property has two processing facilities: an autoclave installation,
which is used to treat the propertys non-carbonaceous sulphide (refractory)
ore; and the roaster, which is used to treat the propertys carbonaceous ore
(whose active carbon content responds poorly to autoclaving). The combined
design capacity of these two facilities is approximately 33,000 to 35,000 tons
per day. These process facilities treat the ore from both the Betze-Post and
Meikle mines. Gold contained in recovered ore is processed into doré on-site
and shipped to an outside refinery for processing into gold bullion. Power is
purchased from Sierra Pacific Power Company pursuant to a contract and
applicable tariffs.

In 2002, Goldstrike processed an average grade of 0.20 ounces per ton,
consisting of 0.16 ounces per ton ore from Betze-Post and 0.43 ounces per ton
ore from Meikle. The average process grade is expected

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to remain at 0.20 ounces per ton in 2003, as the grades processed from
both Betze-Post and Meikle move toward the reserve grades.

Environment

In 2002, all activities at the property were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the propertys operations.

At December 31, 2002, future reclamation and closure costs for the
property were estimated at $95 million. At December 31, 2002, Barrick has
accrued $30 million through charges to earnings. In connection with the
reclamation of the mine area, Barrick has provided the financial security as
required by governmental authorities. See Environment and Closure.

Exploration

In 2002, the exploration program on the property included the
interpretation of the property-wide geogphysical survey to delineate potential
targets. The surface drill program of 45,053 feet (13,732 meters) explored for
underground orebodies, primarily at Banshee and North Meikle. The underground
drilling program of 9,804 feet (2,988 meters) included Meikle (4,214 feet
(1,284 meters)) and Griffin (5,590 feet (1,704 meters)). Additional in-fill
surface drilling was conducted at Barrel (13,217 feet (4,028 meters)) and North
Betze (1,910 feet (582 meters)) to confirm orebody geometry for underground
development planning.

The completion of the geophysical survey in 2001 and the interpretation of
the results in 2002 identified several deep targets for follow-up drilling.
Drilling these targets will continue in 2003 and it is expected that the
exploration program at Goldstrike will include a surface drilling program of
33,800 feet (10,300 meters) to explore for orebodies at North Betze, Skarn
Hill, west side of the South Block, Banshee and east of the Post fault. The
underground exploration drilling program will consist of 3,200 feet (975
meters), targeting Griffin and North Meikle.

Capital Expenditures

In 2002, capital expenditures for the Goldstrike property were $46
million, including expenditures for mobile equipment, ongoing Meikle
development, major installation upgrades and improvements as well as dewatering
and other general site expenditures. For 2003, capital expenditures at
Goldstrike are expected to be $50 million, including costs for development
work, mobile equipment, systems improvements and tailings expansion.

Betze-Post Mine

The Betze-Post mine is an open pit truck-and-shovel operation, using
standard proven equipment. It produced 1,409,985 ounces of gold in 2002 at an
average total cash cost of $228 per ounce, and is expected to produce 1,495,000
ounces in 2003 at an average total cash cost of $228 per ounce. Based on
existing reserves and production capacity, the expected remaining mine life is
14 years.

Geology

The gold mineralization at Betze-Post is controlled by favorable
stratigraphy, structural complexities in the form of faults and folds, and the
contact of the Goldstrike intrusive. The deposit represents many styles of
mineralization occurring within numerous rock types and alteration assemblages.
The favored

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host for gold mineralization is the Popovich limestone followed by the
Rodeo Creek unit, Goldstrike sill complex and Roberts Mountains Formation.
Some ore occurs below sills, which act as dams to the ascending hydrothermal
fluids. Alteration is characterized by decalcification of limestone,
silicification of all rock types and clay development in structurally disturbed
areas. Overall, the Betze-Post ore zones extend for 6,000 feet (1,829 meters)
in a northwest direction and averages 600 to 800 feet (183 to 244 meters) in
width and 400 to 600 feet (122 to 183 meters) in thickness.

Drilling and Analysis

More than 6,200 drill holes have been completed within and around the
Betze-Post deposit. Two thirds of the total drill holes are reverse circulation
and rotary drill holes and the remaining one third are diamond core holes.
Drill spacing through the Betze, West Betze and Screamer deposits is
approximately 175 feet (53 meters) and at Post is 150 feet (46 meters). Almost
all of the total drill hole footage has been sampled on five-foot intervals and
assayed for gold by the fire assay method with follow-up cyanide AA assays.
Most sampling and assaying are done on-site by Barrick with both internal check
assays and external check assays performed by independent laboratories.

In 2002, seven drill holes were completed using the horizontal drill rig
to define the extent of mineralization into the Northeast highwall as
identified by blast holes and geologic channel samples. A total of 2,950 feet
(899 meters) of drilling was completed and assayed on 10-foot (3 meter)
intervals. Assay results indicated the existence of the Susannah satellite
deposit.

Oriented core programs have been drilled in the past to assist in the
determination of highwall planning parameters. Grab samples are taken over
roughly every 20 feet (6 meters) of core, and zones of mineralization are
further sampled on five-foot intervals. The last oriented core program
incorporated three drillholes in 2001. The program will continue in 2003.

All drill hole collar, survey and assay information used in modeling and
resource estimation are manually verified and approved by geologic staff prior
to entry into the mine-wide database.

The quality assurance procedures and assay protocols followed by Barrick
in connection with drilling and sampling on the Goldstrike property have been
reviewed by independent consultants and found to conform to industry accepted
quality control methods.

Royalties

Most of the property comprising the Betze-Post mine is subject to a net
smelter return and net profits interest royalties payable on the valuable
minerals produced from the property. The maximum third party royalties payable
on the Betze deposit are a 4% net smelter return and a 6% net profits interest.

Production Information

The following table summarizes certain production and financial
information for the Betze-Post mine for the periods indicated:

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|                                         |  |                   |         |                   |  |   |         | 
|---------------------------------------- |  | ----------------- | ------- | ----------------- |  | - | ------- | 
|                                         |  | Year ended        |         | Year ended       
|                                         |  | December 31, 2002 |         | December 31, 2001
|Tons mined (000s)                       |  |                   | 142,898 |                   |  |   | 154,233 | 
|Tons of ore processed (000s)            |  |                   | 10,322  |                   |  |   | 9,187   | 
|Average grade processed (ounces per ton) |  |                   | 0.16    |                   |  |   | 0.20    | 
|Recovery rate (%)                        |  |                   | 83.3    |                   |  |   | 85.1    | 
|Ounces of gold produced (000s)          |  |                   | 1,410   |                   |  |   | 1,550   | 
|Average total cash costs per ounce       |  | $                 | 228     |                   |  | $ | 215     | 
|Average total production costs per ounce |  | $                 | 286     |                   |  | $ | 267     | 

Meikle Mine

The Meikle orebody, located one mile (1.6 kilometers) north of the
Betze-Post mine on Barricks Goldstrike property, is a high grade orebody which
was discovered in 1989. Two different underground mining methods are used at
Meikle, long-hole open stoping and drift-and-fill (used for flat-lying
mineralization or where ground conditions are less competent). Meikle is a
trackless operation which commenced production in September 1996. The Meikle
orebody now incorporates Main Meikle, Meikle Extension, South Meikle, Griffin
and Rodeo underground zones. An intensive development program to bring the
Rodeo deposit into production was completed in late 2001. While exploration
drilling will continue at depth below Main Meikle and in the Rodeo area, the
best potential for reserve additions is likely north of Main Meikle, in an area
known as Banshee. Based on existing reserves and production capacity, the
expected remaining mine life is 7 years.

The underground mine, which originally produced at a rate of approximately
2,000 tons of ore per day, averaged 3,770 tons per day in 2001 and 4,504 tons
per day in 2002. The Meikle mine produced 640,336 ounces of gold in 2002 and is
expected to produce 620,000 ounces in 2003 at an average total cash cost of
$219 per ounce. In 2002, mining activity took place in five main areas  Main
Meikle, Meikle Extension, South Meikle, Griffin and Rodeo. In 2003, mining
activity will continue in these five areas.

Geology

Carbonate breccias and limestones of the Devonian Popovich Formation and
various intrusive rocks host the Meikle orebody, which is compact in size and
very high grade. In contrast to the Betze-Post Mine area, the overlying
mudstones and argillites of the Devonian Rodeo Creek Member are generally
unmineralized. Gold-bearing fluids have ascended faults and fractures and have
deposited gold and other minerals, such as pyrite and barite, in permeable
horizons in the breccias and limestones. These breccias were formed by a
combination of collapse, tectonic and hydrothermal processes, and display
excellent continuity of grade both down deep and along strike. The fluids have
been focused below a steep dipping monzonite porphyry dyke and the overlying
relatively impermeable Rodeo Creek Member. Since silicification is the dominant
alteration at Meikle, the bulk of the ore is quite hard and competent.

Drilling and Analysis

Prior to underground access at the Meikle deposit, a total of 166 surface
holes defined the deposit with a total of 259,793 feet (79,185 meters).
Underground drilling commenced in 1995 and a total of 877,030 feet (267,319
meters) in 3,586 underground holes had been completed in and around the deposit
as at December 31, 2002. At the Rodeo deposit, prior to underground access, a
total of 101 surface holes defined the deposit with a total of 338,472 feet
(103,166 meters). Underground drilling commenced at Rodeo in 1998, and as of
December 2002, a total of 934 holes totaling 188,443 feet (57,437 meters) had

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been drilled in and around the deposit. Although the majority of drilling
is core, approximately 35% of Meikle and 30% of Rodeo definition drilling are
by underground reverse-circulation methods. Drill spacing through the Meikle
deposit is 25 to 85 feet (8 to 26 meters). Some of the wider-spaced core holes
are sampled on 20-foot intervals (chip samples) and 5-foot whole or split core
in mineralized intervals. All samples are fire-assayed with an atomic
absorption spectrometer finish followed by a gravimetric finish for samples
with AuFA greater than 0.436 oz of gold per ton. Most sampling and assaying is
done on-site by Barrick with both internal check assays and external check
assays performed by independent laboratories.

All drill hole collar, survey and assay information used in modeling and
resource estimation are manually verified and approved by geologic staff prior
to entry into the mine-wide database.

The quality assurance procedures and assay protocols followed by Barrick
in connection with drilling and sampling on the Goldstrike property have been
reviewed by independent contractors and found to conform to industry accepted
quality control methods.

Royalties

The maximum royalties payable on the Meikle deposit are a 4% net smelter
return and a 5% net profits interest.

Production Information

The following table summarizes certain production and financial
information for the Meikle mine for the periods indicated:

|                                         |  |                   |       |                   |  |   |       | 
|---------------------------------------- |  | ----------------- | ----- | ----------------- |  | - | ----- | 
|                                         |  | Year ended        |       | Year ended       
|                                         |  | December 31, 2002 |       | December 31, 2001
|Tons mined (000s)                       |  |                   | 1,635 |                   |  |   | 1,372 | 
|Tons of ore processed (000s)            |  |                   | 1,638 |                   |  |   | 1,375 | 
|Average grade processed (ounces per ton) |  |                   | 0.43  |                   |  |   | 0.56  | 
|Recovery rate (%)                        |  |                   | 91.3  |                   |  |   | 93.0  | 
|Ounces of gold produced (000s)          |  |                   | 640   |                   |  |   | 713   | 
|Average total cash costs per ounce       |  | $                 | 198   |                   |  | $ | 147   | 
|Average total production costs per ounce |  | $                 | 319   |                   |  | $ | 221   | 

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Round Mountain Mine

General Information

Wholly-owned subsidiaries of Barrick own a 50% interest in the Round
Mountain gold mine, which is located approximately 60 miles (96 kilometers)
north of Tonopah in Nye County, Nevada, at an elevation of approximately 6,200
feet (1,890 meters). Kinross Gold Corp. owns the remaining 50% interest and is
the operator. Access to the property is by paved road. Generally, the climate
of the area does not materially impact on the mines operations. Barrick
acquired its interest upon its merger with Homestake. Homestake had acquired
its initial 25% interest in Round Mountain in 1984, and bought an additional
25% in July 2000. Barrick and Kinross Gold Corp. have first refusal rights over
each others interest in the property. The mine has been in operation since
1977. Based on existing reserves and production capacity, the expected
remaining mine life is 5 years. Effective January 31, 2003, Kinross Gold Corp.
succeeded to the interest of Echo Bay Mines Limited by merger.

The Round Mountain property position consists of contiguous patented and
unpatented mining claims covering approximately 36,920 acres (14,930 hectares).
Patented claims cover all of the current reserves in the ultimate pit.

Geology

The Round Mountain orebody is a large, epithermal, low-sulphidation,
volcanic-hosted, hot-springs type, precious metal deposit located along the
margin of a buried volcanic caldera. The deposit genesis is associated with the
Tertiary volcanism and caldera formation. Intra-caldera collapse features and
sympathetic faulting in the metasedimentary rocks provided the major structural
conduits for gold-bearing hydrothermal fluids. Ascending fluids deposited gold
within the metasediments and overlying volcanic tuff units along a broad
northwest trend.

Gold mineralization at Round Mountain occurs as electrum in association
with quartz, adularia, pyrite and iron oxides. Economic gold mineralization is
found in both the volcanic and surrounding metasedimentary rocks as well as
overlaying alluvial placers. The mineralization occurs within shear zone
fractures and veins or as disseminations within the more permeable units.
Narrow fractures in shear zones host higher-grade mineralization while porous
volcanic rocks host the lower-grade disseminated mineralization. Primary
sulphide mineralization consists of electrum associated with or internal to
pyrite grains. In oxidized zones, gold occurs as electrum associated with iron
oxides, or as finely divided blebs along fractures.

Alteration of the volcanic units at Round Mountain can be characterized as
a continuum from fresh rock progressing through chlorite; clay; sericitic and
quartz; adularia, quartz and sericite; and quartz and adularia alteration
assemblages. The alteration is zoned outward from potassic at the center to
propylitic on the margin. There is a reasonable correlation between increasing
gold grades and increasing degrees of alteration. The central ore zone is
characterized by pervasive K-feldspar found replacing the rock groundmass and
primary sanidine, or as crystal growths in open-space.

Alteration within the metasedimentary rocks are more subtle, largely
defined by secondary quartz overgrowths, pyrite, and adularia associated with
narrow northwest trending structures.

The open-pit mine is over a mile (1.6 kilometers) at its longest dimension
and currently more than 1,295 feet (395 meters) from the top bench to the
bottom of the pit.

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Mining and Processing

The operation uses open-pit mining methods and recovers gold using four
independent processing operations. These include crushed ore leaching (reusable
pad), run-of-mine ore leaching (dedicated pad), milling of higher-grade ore,
and the gravity concentration circuit. Recovered gold is smelted on site into
doré and shipped to outside refineries for processing into bullion. Water is
supplied from joint venture-owned wells on the property. Power is purchased
from Sierra Pacific Power Company under a standard industry tariff.

In 2002, Round Mountain produced 755,493 ounces of gold, of which the
Companys share was 377,747 ounces, at an average total cash cost of $187 per
ounce. In 2003, the mine is expected to produce 725,000 ounces of gold, of
which approximately 363,000 ounces would be the Companys share, at an average
total cash cost of $198, with lower gold production from the dedicated pad the
primary reason for the decrease in production.

Environment

In 2002, all activities at the mine were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the mines operations.

At December 31, 2002, Barricks share of future reclamation and closure
costs for the mine were estimated at $37 million. At December 31, 2002, Barrick
has accrued $25 million through charges to earnings. In connection with the
reclamation of the mine area, Barrick has provided financial security as
required by governmental authorities. See Environment and Closure.

Exploration, Drilling and Analysis

In 2002 the mine exploration program focused on the Gold Hill area,
consisting of 111 holes totaling 72,161 feet (21,995 meters). An external
commercial laboratory was used to assay all the exploration drill hole samples.
Blanks, duplicates, and standards are all included with each set of samples for
quality control and quality assurance purposes. In addition, check assays were
completed at an external commercial lab.

Approximately 4,089 drill holes have been completed within and around the
Round Mountain deposit of which seven percent are core holes, with the
remainder drilled by reverse-circulation methods. 96 reverse-circulation holes
totalling 38,970 feet (11,878 meters) were added to the database in 2002.
Optimum spacing within the Round Mountain deposit ranges between 100 and 140
feet (30 and 42 meters). All of the drill holes have footage that has been
sampled on five-foot intervals and assayed for gold by the fire assay method
with a gravimetric finish. For the Round Mountain deposit, all sampling and
assaying is done on-site by the in-house lab. Internal check assays and
external check assays are performed by independent laboratories.

Capital Expenditures

In 2002, Barricks share of capital expenditures were $16 million (of
which $8 million was Barricks share), which included 3 additional 240 trucks,
a wheel dozer, a production drill and the buyout of a wheel loader on lease.
In 2003, capital expenditures are expected to be $16 million (of which $8
million is the Companys share) and will include construction of phase 4 of the
west dedicated pad, mine dewatering and the payout for one 240 ton truck.

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Royalties

All Round Mountain mine production is subject to a royalty determined by a
formula based on the price of gold. The royalties range from approximately 3.5%
of gold revenues at prices of $320 per ounce of gold or less to approximately
6.4% of gold revenues at prices of $440 per ounce of gold or more. During 2002,
the royalties averaged 3.5% of revenues.

Production Information

The following table summarizes certain production and financial
information for the Round Mountain mine for the periods indicated:

|                                                     |  |                   |        |                   |  |   |        | 
|---------------------------------------------------- |  | ----------------- | ------ | ----------------- |  | - | ------ | 
|                                                     |  | Year ended        |        | Year ended       
|                                                     |  | December 31, 2002 |        | December 31, 2001
|Tons mined (000s)                                   |  |                   | 63,146 |                   |  |   | 70,243 | 
|Tons of ore processed (000s)                        |  |                   | 62,221 |                   |  |   | 58,660 | 
|Average grade processed (ounces per ton)             |  |                   | 0.019  |                   |  |   | 0.017  | 
|Ounces of gold produced (000s)                      |  |                   | 755    |                   |  |   | 747    | 
|Ounces of gold produced (000s)- Barricks
share (1) |  |                   | 378    |                   |  |   | 373    | 
|Average total cash costs per ounce                   |  | $                 | 187    |                   |  | $ | 187    | 
|Average total production costs per ounce             |  | $                 | 256    |                   |  | $ | 249    | 

(1) Represents Barricks 50% ownership interest.

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Canada

Barricks principal Canadian properties consist of its Eskay Creek mine
and the 50% owned Hemlo property.

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Eskay Creek Mine

General Information

A wholly-owned subsidiary of Barrick owns the Eskay Creek gold/silver
mine, which is located in northwestern British Columbia approximately 80
kilometers by air north of Stewart, British Columbia. Access is by 60
kilometers of privately owned single-lane gravel road. The mine is located at
an elevation of 800 meters. Generally, the climate of the area does not
materially impact on the mines operations. The Eskay Creek mine was acquired
by Barrick as a result of its merger with Homestake. Homestake acquired an
interest in Eskay Creek in June 1992 when it merged with Corona Corporation,
which owned 50.6% of Prime Resources Group Inc., which in turn owned 100% of
the property. Homestake acquired the remaining 49.4% of Prime Resources Group
Inc. in December 1998. Eskay Creek began commercial production in 1995. In
1997, the gravity and flotation mill was constructed to treat lower grade ore.
Based on existing reserves and production capacity, the expected remaining mine
life is 6 years.

The Eskay Creek property consists of five mining leases, two mineral
claims and various other mineral and surface rights comprising approximately
2,060 hectares. The leases have remaining terms of 19-23 years, subject to
renewal rights. There are aboriginal claims relating to areas of British
Columbia, including a claim by the Tahltan Nation to the area which includes
the Eskay Creek mine. The nature and extent and validity of such claims have
not been determined. Barrick believes that its relations with the Tahltan
Nation are good. Barrick does not believe that aboriginal claims at Eskay Creek
will have any material adverse effect on the operations.

Geology

The Eskay Creek orebody is a precious metal-enriched volcanogenic massive
sulphide deposit that occurs in association with volcanics of the Jurassic-aged
(141 to 195 million years) Hazelton Group. Eskay Creek mineralization generally
is stratabound and occurs in a contact mudstone and breccia bounded below by a
rhyolite flow-dome complex and overlain by volcanic and sedimentary rocks in
the west limb of a north-plunging fold. Recent mineralization has also been
outlined in discordant feeder type relationships in the underlying rhyolite and
dacite. Sphalerite, pyrite, galena and tetrahedrite are the most abundant ore
minerals. Native gold occurs as mostly microscopic particles located between
sulphide grains, in fractures with sulphide grains, or locked in pyrite. Gold
also occurs in volcanic rocks beneath the contact mudstone, along with
coarse-grained sphalerite, pyrite and galena in quarts veins or stockworks.

Mining and Processing

The mine is an underground, trackless operation accessible through three
surface portals. Mining is conducted by a contractor using equipment owned by a
subsidiary of Barrick. The mine utilizes a drift-and-fill mining method with
cemented rock backfill. Higher-grade ore is crushed and blended at the mine
site then sold to third-party smelters without any further processing.
Additional higher-grade and lower-grade ore is sent to a 360 tons per day on-site gravity and flotation mill
for further processing and concentration prior to transport to third party
smelters. Mine waste rock and tailings from the mill are disposed of underwater
in two nearby barren lakes. Water is supplied to the operation from the Eskay
and Argillite Creeks and power is produced by on-site diesel generators.

In 2002, Eskay Creek produced 358,718 ounces of gold and 17.8 million
ounces of silver at an average total cash cost of $40 per ounce of gold. In
2003, Eskay Creek is expected to produce 363,000 ounces of gold and 16.6
million ounces of silver at an average total cash cost of $64 per ounce of
gold.

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The increase in production reflects a decision to accelerate production
by easing blending constraints on the direct ship ore and modifying the mill to
increase throughput.

Environment

In 2002, all activities at the mine were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the mines operations.

At December 31, 2002, future reclamation and closure costs for the mine
were estimated at $6 million. At December 31, 2002, Barrick has accrued $3
million through charges to earnings. In connection with the reclamation of
the mine area, Barrick has provided the security as required by governmental
authorities. See Environment and Closure.

Exploration, Drilling and Analysis

In 2002, the Company continued its development drilling program and
in-fill drilling program. During 2002, 13,990 meters of surface and 35,207
meters of underground diamond drilling were completed. The 2003 exploration
program will continue to follow up on mineralization that was outlined in
previous years as well as new mineralization that was outlined in 2002. In
2003, the exploration program will also test for parallel or feeder potential
below the known mineralization. The plan for 2003 is to complete 12,500 meters
of surface and 33,000 meters of underground diamond drilling.

More than 5,800 diamond drill holes or about 568,197 meters have been
drilled within and around the Eskay Creek Mine. Of this, 1600 holes or about
345,990 meters of core has been drilled from surface and 4200 holes or about
222,207 meters of core drilled from underground.

Surface drilling is generally planned at 100 to 200 meter spacing in
prospective areas and is reduced to 25 meter spacing for follow-up used to
outline resources. Core is split and prospective areas sampled on 1.5 meter
lengths and mineralized sections sampled at 1.0 meter lengths. Known barren
areas are only randomly sampled and all of the core is saved and stored.

Dependent on grade and target geometry, definition programs are nominally
10 meter centers and as tight as 5 meter centers in very high grade target
areas. Diamond drill core in new areas is commonly split, but when in a known
horizon it is usually whole sampled. In unmineralized areas, sample lengths
may be up to 5 meters, but in known ore, sample lengths are generally a maximum
of 1 meter.

Most surface core is assayed off-site. Surface assays are done by
inductively coupled plasma atomic emission spectrometer and any values greater
than 1 gram per ton (g/t) Au are redone by fire assay. All underground core
and the closer-spaced resource driven surface programs are assayed by the
on-site Eskay lab using fire assay for gold and silver and atomic absorption
for base metals. All assays are systematically checked with both internal
standards and systematic check assays performed by independent laboratories.

All drill hole collar, survey and assay information used in modeling and
resource estimation are manually verified and approved by geologic staff prior
to entry into the mine-wide database.

The quality assurance procedures and assay protocols followed in
connection with drilling and sampling on the Eskay property have been reviewed
by independent consultants and smelter representatives and found to conform to
industry accepted quality control methods.

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Capital Expenditures

During 2002, $8 million was spent on capital expenditures at Eskay Creek,
including a ramp extension, underground equipment, mill and pipeline upgrades.
Capital expenditures for 2003 are expected to be $6 million, including
development ramping, ventilation and hydraulic backfill and bulk shotcrete
systems.

Royalties

The mine is subject to a 1% net smelter royalty, with the exception of a
small portion of the orebody, which is subject to a 2% net smelter royalty.

Production Information

The following table summarizes certain production and financial
information for the Eskay Creek mine for the periods indicated:

|                                          |  |                   |      |                   |  |   |      | 
|----------------------------------------- |  | ----------------- | ---- | ----------------- |  | - | ---- | 
|                                          |  | Year ended        |      | Year ended       
|                                          |  | December 31, 2002 |      | December 31, 2001
|Tons mined (000s)                        |  |                   | 254  |                   |  |   | 230  | 
|Tons of ore shipped (000s)               |  |                   | 128  |                   |  |   | 121  | 
|Direct shipped ore grade (ounces per ton) |  |                   | 2.17 |                   |  |   | 2.08 | 
|Direct shipped ore recovery (%)           |  |                   | 95.4 |                   |  |   | 95.6 | 
|Tons of ore milled (000s)                |  |                   | 128  |                   |  |   | 108  | 
|Mill grade (ounces per ton)               |  |                   | 0.83 |                   |  |   | 0.94 | 
|Mill recovery (%)                         |  |                   | 92.5 |                   |  |   | 89.8 | 
|Ounces of gold produced (000s)           |  |                   | 359  |                   |  |   | 321  | 
|Average total cash costs per ounce        |  | $                 | 40   |                   |  | $ | 49   | 
|Average total production costs per ounce  |  | $                 | 174  |                   |  | $ | 176  | 

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Hemlo Property

Barrick owns a 50% interest in the Hemlo operations, which are comprised
of two underground mines (the Williams (which includes an open-pit mine) and
David Bell mines), located in the Hemlo Gold Camp, approximately 350 kilometers
east of Thunder Bay. Equally owned subsidiaries of Barrick and Teck Cominco
Limited operate the mines. Barrick and Teck Cominco Limited provide funds
equally for all costs incurred to operate the mines and have rights of first
refusal over each others interests in the mines and operating companies. Based
on existing reserves and production capacity, the expected remaining mine lives
of the David Bell mine and the Williams mine, respectively, are 6 years and 10
years.

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The Williams and David Bell mines share milling, processing and tailings
facilities. Each mill circuit includes a semi-autogenous mill and a ball mill.
Gravity and C-I-P processes are used to recover gold. Recovered gold is smelted
into doré on-site and shipped to an outside refinery for processing into
bullion. Tailings water is reclaimed for use in the mill and excess water is
treated through a seasonally operated effluent treatment plant prior to
discharge into the environment.

Ground stability continues to be a significant area of focus for the Hemlo
operations. Changes to the mine plan, mining sequence, increased ground support
and increased monitoring instrumentation are ongoing to minimize this risk.

In 2002, the Companys share of Hemlo gold production was 269,057 ounces
at an average cash cost of $224 per ounce. In 2003, the Companys share of
Hemlo gold output is expected to be 253,000 ounces, produced at an average cash
cost of $231. In 2002, the average grade milled was 0.15 ounces per ton, which
is expected to decrease to 0.14 ounces per ton in 2003.

In 2002, all activities at the mine were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the mines operations.

At December 31, 2002, the Companys share of reclamation and closure costs
for the Hemlo operations were estimated at $19 million. At December 31, 2002,
the Company has accrued $10 million through charges to earnings. In connection
with the reclamation of the mine area, the Company has provided financial
security as required by governmental authorities. See Environment and
Closure.

The mining claims at the Williams mine are subject to three net smelter
royalties totaling a net effective rate of 2.06%. The mining claims at the
David Bell mine are subject to a 3% net smelter royalty.

The following table summarizes certain production and financial
information for the Hemlo operations for the periods indicated:

|                                                      |  |                   |       |                   |  |   |       | 
|----------------------------------------------------- |  | ----------------- | ----- | ----------------- |  | - | ----- | 
|                                                      |  | Year ended        |       | Year ended       
|                                                      |  | December 31, 2002 |       | December 31, 2001
|Tons mined (000s)                                    |  |                   | 8,228 |                   |  |   | 6,876 | 
|Tons of ore processed (000s)                         |  |                   | 3,812 |                   |  |   | 3,849 | 
|Average grade processed (ounces per ton)              |  |                   | 0.15  |                   |  |   | 0.17  | 
|Recovery rate (%)                                     |  |                   | 94.7  |                   |  |   | 93.1  | 
|Ounces of gold produced (000s)                       |  |                   | 538   |                   |  |   | 598   | 
|Ounces of gold produced (000s) -
Barricks share (1) |  |                   | 269   |                   |  |   | 307   | 
|Average total cash costs per ounce                    |  | $                 | 224   |                   |  | $ | 196   | 
|Average total production costs per ounce              |  | $                 | 264   |                   |  | $ | 232   | 

(1) Represents Barricks 50% ownership interest.

Australia

Barricks principal Australian operations consist of its Kalgoorlie
operations and its mines located in the Yilgarn District.

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Kalgoorlie Mine

General Information

The Kalgoorlie operations are located adjacent to the town of Kalgoorlie
approximately 550 kilometers northeast of Perth, Western Australia. Access is
by paved road. The mine is located at an elevation of 420 meters above sea
level. Except with respect to the roaster as noted below, generally, the
climate of the area does not impact on the mines operations. Mining operations
in the Kalgoorlie region date back to 1893.

Barrick acquired a 50% interest in the Kalgoorlie operations as a result
of its merger with Homestake in 2001. Subsidiaries of Newmont Mining Company
(Newmont), own the other 50% interest. Barrick, through a wholly-owned
subsidiary, and Newmont jointly own and control Kalgoorlie Consolidated Gold
Mines Pty Ltd. (KCGM), which manages the operations under the direction of a
joint management committee. Homestake acquired its interest in the original
joint venture in 1975. In 1989, KCGM was formed to assume management of the Mt.
Charlotte underground mine and to develop and operate the Super Pit open pit
mine for the joint venture. Mt. Charlotte was scheduled to cease production in
2002, but mining of residual ore may prolong its life through 2003. The Super
Pit mine commenced operations in 1989 and since then approximately 10 million
ounces of gold have been recovered. Based on existing reserves and production
capacity, the expected remaining mine life of the Super Pit mine is 18 years.

The Kalgoorlie properties consist of 58 mining leases and 104 prospecting
licenses covering approximately 23,000 hectares. The mining leases were granted
for a term of 21 years on conditions covering rental, royalties, expenditures,
mining practices and rehabilitation. They are renewable in the final year.
There are a number of native title claims relating to the area of the
Kalgoorlie operations, but the validity of those claims has not been
determined. See Legal Matters  Title to Properties.

Geology

The ore deposits mined in the Kalgoorlie goldfields occur within an
intensely mineralized shear zone system in dolerite host rocks, within the
Norseman-Wiluna greenstone belt, which is part of the Yilgarn Block of Western
Australia. The rocks are of Archean age. The favorable structural, metamorphic
and lithologic setting in conjunction with hydrothermal activity controlled
gold mineralization. Since 1893, in excess of 48 million ounces of gold have
been produced from the Kalgoorlie properties at depths of up to 1,220 meters
from high-grade lodes and adjacent disseminated mineralization in the Golden
Mile Dolerite, and from the large stockwork zones, which characterize Mt.
Charlotte and Reward (underground) orebodies.

Mining and Processing

The Kalgoorlie operations consist of the Super Pit open-pit mine. Ore is
treated at the Fimiston mill. Sulphide concentrates produced at the Fimiston
mill are roasted and leached at the Gidji roaster, located approximately 20
kilometers north of the main Kalgoorlie operations. Gold-laden carbon from the
Gidji roaster is sent to the Fimiston mill for processing. As a result of
increasingly stringent sulfur dioxide emissions constraints and unfavorable
weather conditions, from time to time the roaster is unable to treat all of the
sulphide concentrates produced by the mill. In 2002, through improvements made
to the treatment plant and the roaster, Kalgoorlie was able to reduce its
inventory of sulphide concentrate. Doré is produced on-site and shipped to
offsite refiners for refinement into gold bullion. The Super Pit mine is
located along the Golden Mile orebodies previously mined from underground.
Mining at the Super Pit is by open-pit, truck-and-loader mining methods, with
most of the ore and waste being mined on 10-meter benches. Until the first
quarter of 2000, contractors had been employed to conduct the open-pit mining

- 40 -



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##### 



operations, ore and concentrate haulage, and some specialized services. During
the first quarter of 2000, the transition of mining operations from the
open-pit mining contractor to owner mining was completed.

In 2002, the mine produced 720,049 ounces of gold, of which the Companys
share was 360,025 ounces, at an average total cash cost of $222 per ounce. In
2003, the mine is expected to produce 688,000 ounces of gold, of which 344,000
ounces would be the Companys share, at an average total cash cost of $237 per
ounce. The average grade processed in 2002 was 0.061 ounces per ton, which is
expected to be the same in 2003.

Fresh water is supplied under allocation from the state water system and
is piped approximately 550 kilometers from Perth. Remaining process water
requirements are satisfied using salt water taken from wells and the
underground mine. Power is provided under a power supply agreement with Newmont
Power Pty Ltd., a wholly-owned subsidiary of Newmont Mining Company.

Environment

In 2002, all activities at the mine were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the mines operations.

At December 31, 2002, the Companys share of the reclamation and closure
costs for the mine was estimated at $23 million. At December 31, 2002, the
Company has accrued $10 million through charges to earnings. In connection with
the reclamation of the mine area, the Company has provided the financial
security as required by the governmental authorities. See Environment and
Closure.

Exploration, Drilling and Analysis

Exploration during 2002 was focused on projects in the near-mine area. 37
reverse circulation holes, for a total of 2,332 meters of drilling, were
completed at Aberdare, south of the Fimiston pit, to locate extensions to the
existing resources in this area. Four diamond holes were drilled to the north
and west of Fimiston, for a total 1724 meters of drilling, to test targets
associated with the Golden Pike Fault and two diamond holes were drilled at Mt.
Percy, for a total of 815 meters of drilling, to test a conceptual structural
target. At the Kalgoorlie South project, two diamond holes were drilled, for a
total of 944 meters of drilling, with the aim of locating a northerly extension
of a mineralized shear zone at Hannan South.

In 2003, the planned exploration program at Kalgoorlie includes 10,000
meters of diamond drilling and 10,300 meters of reverse circulation drilling.
The main focus for exploration will be the belt from the Morrison area at the
southern end of Fimiston pit to the Mt. Percy area north of Mt. Charlotte.
Deep diamond drilling is planned to test for high grade lode-style
mineralization in a second dolerite horizon below the Fimiston pit.

More than 9,100 surface drill holes have been completed within and around
the Fimiston Super Pit. Over 65 percent of the surface drill holes are diamond
core holes and the remainder are reverse circulation and conventional rotary
drill holes. More than 11,800 underground diamond core holes have also been
drilled along with over 21,000 reverse circulation holes for grade control.
Drill spacing is 10-20 meters in the upper reserve levels and 40-100 meters
deeper in the orebody.

Drill holes have been sampled mainly on two-meter intervals (65 percent)
or one-meter intervals (30 percent). Samples are assayed for gold by the fire
assay method. Assaying is done by an independent

- 41 -



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laboratory with both internal
check assays and external check assays performed by another independent
laboratory.

All drill hole collar, survey and assay information used in modeling and
resource estimation is manually verified and approved by geologic staff prior
to entry into the mine-wide database.

The quality assurance procedures and assay protocols followed by KCGM in
connection with drilling and sampling on the Fimiston property conform to
industry accepted quality control methods.

Capital Expenditures

Barricks share of capital expenditures at Kalgoorlie in 2002 was $14
million, primarily for mining equipment, treatment optimization projects,
infrastructure, miscellaneous mining projects and sustaining capital projects.
Capital expenditures for 2003 are expected to be $21 million (Barricks share),
primarily for mine equipment, treatment, optimization projects and sustaining
capital.

Royalties

On July 1, 1998 a gold royalty became payable to the State of Western
Australia at a rate of 1.25% on the realized value of gold produced, increasing
to 2.5% on July 1, 2000 in respect of all of the Companys State of Western
Australia properties. The realized value is based on the spot price of gold.
From July 1, 2000 through June 30, 2005, the royalty rate has been reduced to
1.25% during calendar quarters when the spot gold price is less than A$450 per
ounce. At December 31, 2002 the spot gold price was A$613 per ounce. There are
no other royalties currently payable on production from the Kalgoorlie
operations.

Production Information

The following table summarizes certain production and financial
information for the Kalgoorlie operations for the periods indicated:

|                                                      |  |                   |        |                   |  |   |        | 
|----------------------------------------------------- |  | ----------------- | ------ | ----------------- |  | - | ------ | 
|                                                      |  | Year ended        |        | Year ended       
|                                                      |  | December 31, 2002 |        | December 31, 2001
|Tons mined (000s)                                    |  |                   | 92,648 |                   |  |   | 92,601 | 
|Tons of ore processed (000s)                         |  |                   | 14,101 |                   |  |   | 13,192 | 
|Average grade processed (ounces per ton)              |  |                   | 0.061  |                   |  |   | 0.066  | 
|Recovery rate (%)                                     |  |                   | 82.6   |                   |  |   | 84.3   | 
|Ounces of gold produced (000s)                       |  |                   | 720    |                   |  |   | 769    | 
|Ounces of gold produced (000s) -
Barricks share (1) |  |                   | 360    |                   |  |   | 385    | 
|Average total cash costs per ounce                    |  | $                 | 222    |                   |  | $ | 203    | 
|Average total production costs per ounce              |  | $                 | 279    |                   |  | $ | 252    | 

(1) Represents Barricks 50% ownership interest.

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Yilgarn District

The Yilgarn district consists of the Plutonic, Darlot and the Lawlers
mines. Barrick acquired the mines through its merger with Homestake in 2001.
Homestake acquired each of these mines as an operating mine in its 1998 merger
with Plutonic Resources Limited. Plutonic itself was incorporated as Noranda
Limited in Victoria in 1984 and listed on the Australian Associated Stock
Exchange in August 1985. In 1989, it acquired the Plutonic property in Western
Australia following discovery of a gold deposit in 1988. It subsequently
explored, developed and constructed the Plutonic mine, which commenced
production in August 1990. The Darlot mine covers an extensive goldfield
discovered more than 100 years ago. The Lawlers mine has operated since 1986.

Plutonic Mine

A wholly-owned subsidiary of Barrick owns the Plutonic gold mine, which is
located approximately 180 kilometers northeast of Meekatharra, Western
Australia, and approximately 13 kilometers from the Great Northern Highway.
Staff employees and contract personnel work on two-weeks-on and one-week-off
rotations on a fly-in-fly-out-basis. Based on existing reserves and production
capacity, the expected remaining mine life is 10 years.

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The Plutonic mine consists of both open-pit and underground operations.
Underground operations are the primary source of ore, although open-pit mining
of several smaller pits continues. Ore mined from the underground and the open
pits is being supplemented with ore from stockpiles. Ore is treated at the
on-site mill, which operates both sulphide and oxide circuits. Doré is
produced on-site and shipped to offsite refiners for refinement into gold
bullion.

The mine produced 307,377 ounces of gold during 2002 at a total cash cost
of $184 per ounce. In 2003, the mine is expected to produce 295,000 ounces at
a total cash cost of $194 per ounce. The average grade processed in 2002 was
0.097 ounces per ton and the average grade processed in 2003 is expected to be
0.120 ounces per ton (reflecting a higher proportion of underground ore in the
mill feed for 2003).

In 2002, all activities at the mine were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the mines operations.

At December 31, 2002, reclamation and closure costs for the mine were
estimated at $9 million. At December 31, 2002, the Company has accrued $3
million through charges to earnings. In connection with the reclamation of the
mine area, the Company has provided financial security as required by
governmental authorities. See Environment and Closure.

With the exception of the royalty payable to the State of Western
Australia described under Kalgoorlie Operations, the underground operations
are not subject to any royalties. However, 16 mining leases which contain a
relatively small proportion of the mines overall reserves and resources are
subject to a sliding-scale royalty based on tonnage and grade.

The following table summarizes certain production and financial
information for the Plutonic mine for the periods indicated:

|                                         |  |                   |        |                   |  |   |        | 
|---------------------------------------- |  | ----------------- | ------ | ----------------- |  | - | ------ | 
|                                         |  | Year ended        |        | Year ended       
|                                         |  | December 31, 2002 |        | December 31, 2001
|Tons mined (000s)                       |  |                   | 14,289 |                   |  |   | 12,134 | 
|Tons of ore processed (000s)            |  |                   | 3,532  |                   |  |   | 3,496  | 
|Average grade processed (ounces per ton) |  |                   | 0.097  |                   |  |   | 0.091  | 
|Recovery rate (%)                        |  |                   | 89.5   |                   |  |   | 91.3   | 
|Ounces of gold produced (000s)          |  |                   | 307    |                   |  |   | 288    | 
|Average total cash costs per ounce       |  | $                 | 184    |                   |  | $ | 166    | 
|Average total production costs per ounce |  | $                 | 222    |                   |  | $ | 211    | 

Darlot Mine

A wholly-owned subsidiary of Barrick owns the Darlot gold mine, which is
an underground mine located approximately 113 kilometers north of Leonora,
Western Australia. The Darlot mine is a fly-in-fly-out operation with staff
employees and contractor personnel working on two-weeks-on and one-week-off
rotations. Based on existing reserves and production capacity, the expected
remaining mine life is 10 years.

Ore is treated at the on-site mill. Doré is produced on-site and shipped
to offsite refiners for refinement into gold bullion.

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In 2002, the mine produced 145,443 ounces of gold at an average total cash
cost of $168 per ounce. In 2003, the mine is expected to produce 143,000 ounces
of gold at an average total cash cost of $176 per ounce.

In 2002, all activities at the mine were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the mines operations.

At December 31, 2002, reclamation and closure costs for the mine were
estimated at $3 million. At December 31, 2002, the Company has accrued $3
million through charges to earnings. In connection with the reclamation of the
mine area, the Company has provided financial security as required by
governmental authorities. See Environment and Closure.

With the exception of the royalty payable to the State of Western
Australia described under Kalgoorlie Operations, the Darlot mine is not
subject to any royalties.

The following table summarizes certain production and financial
information for the Darlot mine for the periods indicated:

|                                         |  |                   |       |                   |  |   |       | 
|---------------------------------------- |  | ----------------- | ----- | ----------------- |  | - | ----- | 
|                                         |  | Year ended        |       | Year ended       
|                                         |  | December 31, 2002 |       | December 31, 2001
|Tons mined (000s)                       |  |                   | 840   |                   |  |   | 794   | 
|Tons of ore processed (000s)            |  |                   | 849   |                   |  |   | 806   | 
|Average grade processed (ounces per ton) |  |                   | 0.176 |                   |  |   | 0.161 | 
|Recovery rate (%)                        |  |                   | 97.2  |                   |  |   | 96.5  | 
|Ounces of gold produced (000s)          |  |                   | 145   |                   |  |   | 125   | 
|Average total cash costs per ounce       |  | $                 | 168   |                   |  | $ | 173   | 
|Average total production costs per ounce |  | $                 | 215   |                   |  | $ | 219   | 

Lawlers Mine

A wholly-owned subsidiary of Barrick owns the Lawlers gold mine, which is
located approximately 120 kilometers northwest of Leonora, Western Australia.
The mine is a fly-in-fly-out operation with staff employees and contractor
personnel working on a two-weeks-on and one-week-off rotation. Based on
existing reserves and production capacity, the expected remaining mine life is
5 years.

The Lawlers mine consists of both underground and open pit operations.
The primary sources of ore at present are from underground operations situated
approximately 15 kilometers from the mill and are supplemented by open pit
mining. Ore from stockpiles supplements the underground and open pit feed.
Contractors perform the mining. The mine moved to owner mining in the first
quarter of 2003. Ore is treated at the on-site mill, which processes both
sulphide and oxide ores. Doré is produced on-site and shipped for refinement
into gold bullion.

The mine produced 113,291 ounces of gold during 2002 at an average total
cash cost of $179 per ounce. The previously announced targets for 2003 called
for production of 111,000 ounces of gold at an average total cash cost of $213
per ounce. However, mining in the Fairyland open pit was suspended in January
2003 due to slope stability concerns and is not expected to recommence until
later in the year. As a result, the mine is not expected to meet the previously
announced targets. The average grade processed

- 45 -



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in 2002 was 0.162 ounces per ton
and the average grade processed in 2003 is expected to be 0.140 ounces per ton.

In 2002, all activities at the mine were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the mines operations.

At December 31, 2002, reclamation and closure costs for the mine were
estimated at $7 million. At December 31, 2002, the Company has accrued $5
million through charges to earnings. In connection with the reclamation of the
mine area, the Company has provided financial security as required by the
governmental authorities. See Environment and Closure.

With the exception of the royalty payable to the State of Western
Australia described under Kalgoorlie Operations, the Lawlers mine is not
subject to any royalties.

The following table summarizes certain production and financial
information for the Lawlers mine for the periods indicated:

|                                         |  |                   |       |                   |  |   |       | 
|---------------------------------------- |  | ----------------- | ----- | ----------------- |  | - | ----- | 
|                                         |  | Year ended        |       | Year ended       
|                                         |  | December 31, 2002 |       | December 31, 2001
|Tons mined (000s)                       |  |                   | 4,746 |                   |  |   | 628   | 
|Tons of ore processed (000s)            |  |                   | 718   |                   |  |   | 775   | 
|Average grade processed (ounces per ton) |  |                   | 0.162 |                   |  |   | 0.141 | 
|Recovery rate (%)                        |  |                   | 97.3  |                   |  |   | 95.2  | 
|Ounces of gold produced (000s)          |  |                   | 113   |                   |  |   | 104   | 
|Average total cash costs per ounce       |  | $                 | 179   |                   |  | $ | 191   | 
|Average total production costs per ounce |  | $                 | 221   |                   |  | $ | 243   | 

South America

Pierina Mine

General Information

A wholly-owned subsidiary of Barrick owns the Pierina mine, which is
located in the Andean Cordillera in the Department of Ancash, in north central
Peru, approximately 10 kilometers northwest of the city of Huaraz, at an
altitude of approximately 4,100 meters. The property is characterized by
sloping to moderately steep, undulating topography. Generally, the climate of
the area does not impact on the mines operations. The mine is accessed by an
approximately 16 kilometer gravel road from Huaraz. The Mine comprises a total
area of approximately 3,530 hectares. The property was acquired by Barrick
through the acquisition of Arequipa Resources Ltd. in August 1996. The Company
developed Pierina from an advanced stage exploration property to a producing
mine in just over two years. The mine commenced production in November 1998.
Based on existing reserves and production capacity, the remaining mine life is
5 years. The Company owns surface rights and mining concessions covering 5,400
hectares in respect of the Pierina mine. In Peru, mining concessions grant the
holder the right to explore for and exploit mineral deposits.

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Geology

The Pierina district contains structurally controlled gold, silver, lead,
zinc and copper mineralization in the geologic age Calipuy volcanics. An
approximately 70 kilometer long belt of hydrothermal alteration is associated
with the known deposits. Basal andesitic lavas and overlying rhyodacitic pumice
and lithic tuffs underlie the Pierina deposit. Dominant structures in the
deposit trend north-northwest, west-northwest and northeast.

Gold mineralization at Pierina, which is characterized by vuggy silica
alteration, is dominantly hosted in the rhyodacitic pumice tuff with lesser
amounts in the overlying lithic tuff and in the underlying andesite. This is
flanked by immediate quartz-alunite and argillic alteration. Ore-grade
mineralization in the pumice tuff occurs over intervals of more than 260
meters. The area of currently known mineralization at Pierina measures
approximately 450 meters wide by 1,200 meters long and is presently open to the
southeast. There is also significant silver mineralization in the Pierina
deposit. Over 95% of the known mineralization at Pierina is oxide. However,
sulphide feeder zones have been intersected at the bottom of the deposit.

Mining and Processing

The orebody is being mined as an open pit, truck-and-loader operation, at
an average mining rate of 90,004 tons per day in 2002 (expected to be 107,773
tons per day in 2003). Run-of-mine ore is crushed and then transported to the
leach pad area. The leach process is a classic valley-fill method. Recovered
gold is smelted into doré on-site and shipped to an outside refinery for
processing into bullion. Power is provided by a utility company through a
138-kilowatt line connected to the Canyon del Pato 150-megawatt hydroelectric
generating plant, located approximately 90 kilometers from the mine. The waste
dump and leach pad facilities are contained within one valley, limiting
potential environmental impacts. The operations effects on surface water and
ground water resources are taken into account to ensure that residents
downstream of the site are not adversely affected.

Mining activity is focused on three laybacks: the initial layback, mining
of which was completed in the third quarter of 2001; layback 2, which contains
high grade ore and is scheduled to be mined through 2003; and layback 3, which
is expected to provide ore continuously through 2007. In 2002, the average
grade placed on the heap leach pad was 0.080 ounces per ton and it is expected
to be 0.076 ounces per ton in 2003.

The Pierina mine produced 898,228 ounces of gold at a total cash cost of
$80 per ounce in 2002. In 2003, production is expected to be 908,000 ounces of
gold at an average total cash cost of $86 per ounce. The increase in total
cash costs from 2001 is primarily due to the commencement of amortization of
previously deferred stripping costs. In 2001, a continuous improvement
initiative started at the mine, the principal benefits of which have been an
increase in crusher throughput and cost reductions through decreased supply,
consumption and prices. As a result of the improvements, the life-of-mine
average total cash cost is expected to drop below the previously estimated $110
per ounce level to below $90 per ounce.

Environment

In 2002, all activities at the mine were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the mines operations.

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At December 31, 2002, future reclamation and closure costs for the mine
were estimated at $66 million. At December 31, 2002, Barrick has accrued $40
million through charges to earnings. See Environment and Closure.

Exploration, Drilling and Analysis

In 2002, Barrick continued its development drilling program, focusing in
the connection of the northern zone and the southeast extension. In 2003,
Barrick will continue development drilling of certain targets identified in
2002.

Exploration on the Pierina property has been conducted using surface
mapping and sampling, tunneling and drilling. Over 811 drill holes have been
completed in the Pierina area. About 14 percent of these are diamond core drill
holes and the remainder are reverse circulation rotary holes. Reverse
circulation holes have been drilled on approximately 45-meter centers. Diamond
core holes have been used to reduce that spacing to 25 meters locally. While
some early drilling was sampled on 2-meter intervals, the majority has been
sampled on 1-meter intervals. Samples have been prepared and fire assayed for
gold by an independent Peruvian laboratory at its facilities in Huaraz and
Lima. The quality assurance procedure followed at the Pierina property has been
reviewed by an independent contractor and found to conform to industry accepted
quality control methods.

Capital Expenditures

In 2002, capital expenditures for the Pierina property were $5 million,
including sustaining capital expenditures and expenditures for construction of
a leach pad dam and other projects. For 2003, capital expenditures are
expected to be $17 million for sustaining capital, leach pad expansions and
upgrading certain processing facilities.

Royalties

The Pierina mine is not subject to royalties.

Production Information

The following table summarizes certain production and financial
information for the Pierina mine for the periods indicated:

|                                         |  |                   |        |                   |  |   |        | 
|---------------------------------------- |  | ----------------- | ------ | ----------------- |  | - | ------ | 
|                                         |  | Year ended        |        | Year ended       
|                                         |  | December 31, 2002 |        | December 31, 2001
|Tons mined (000s)                       |  |                   | 32,311 |                   |  |   | 30,742 | 
|Tons of ore processed (000s)            |  |                   | 13,414 |                   |  |   | 10,968 | 
|Average grade processed (ounces per ton) |  |                   | 0.080  |                   |  |   | 0.097  | 
|Ounces of gold produced (000s)          |  |                   | 898    |                   |  |   | 911    | 
|Average total cash costs per ounce       |  | $                 | 80     |                   |  | $ | 40     | 
|Average total production costs per ounce |  | $                 | 271    |                   |  | $ | 235    | 

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Africa

Bulyanhulu Mine

General Information

The Bulyanhulu gold mine is located in northwestern Tanzania, East Africa,
approximately 55 kilometers south of Lake Victoria and approximately 150
kilometers from the city of Mwanza.

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Barrick operates the Bulyanhulu property through its wholly-owned
subsidiary Kahama Mining Corporation Limited (Kahama). Bulyanhulu, which is
an underground gold mine, was purchased through Barricks acquisition of Sutton
Resources Ltd. in March 1999.

The property is located in essentially flat topography on the Victoria
Greenstone Belt. Generally, the climate of the area does not impact on the
mines operations. The property can be accessed by road or by air. An airstrip
has been located on the property. The property can be accessed by road from
Mwanza or from the south via an approximately 72 kilometer road, which connects
to the main paved highway to Dar es Salaam, and to a railway line.

Gold was first discovered at Bulyanhulu in 1976. In 1994, after several
exploration efforts, the Government of Tanzania entered into a development
agreement and granted a prospecting license to Kahama (then a subsidiary of
Sutton Resources Ltd.). Kahama began conducting on-site work, including
geochemical and geophysical surveys, in September 1994 and commenced drilling
in January 1995. From June 1998 through to March 1999, various work was
completed (including construction of camp facilities, certain infrastructure,
earthworks, development of an underground ramp for test mining and commencement
of level development).

At the time of acquisition in 1999, proven and probable mineral resources
were approximately 3.6 million ounces of gold. At the end of 2002, Bulyanhulu
had 11.65 million ounces of proven and probable gold reserves. Drill results to
date indicate that grades improve at depth. The current reserves are
concentrated on one reef but significant exploration potential has been
identified on two other reefs on the property. Based on existing reserves and
production capacity, the expected remaining mine life is 22 years.

Geology

At Bulyanhulu, the geology consists of mafic volcanic flows overlain by a
series of pyroclastics and ash tuffs. Argillite is present at the contact
between the mafic and felsic rocks. The gold, silver and copper mineralization
on the property occurs in mineralized reefs or quartz veins localized along
steeply dipping northwest striking structures, generally localized in the
argillite units. The zone strikes 310 degrees and dips steeply to the
northeast. The mineralization has been defined over a strike length of 5
kilometers and averages 2 to 3 meters wide. The most significant structure
discovered on the property to date is Reef 1 and it contains the bulk of the
mineral reserves defined to date.

Mining and Processing

Bulyanhulu is an underground trackless mining operation using long hole
and drift-and-fill as its principal stoping methods. Ore reserves are accessed
via a surface shaft and an internal ramp system. The 3,000 tonnes per day
(3,300 tons per day) plant consists of a crushing and grinding circuit, a
copper/gold/silver flotation circuit, a tailings thickening/filtration circuit
and a tailings disposal. Power to the property is supplied through a
220-kilowatt overhead line connecting the property to the Shinyanga Station and
is purchased pursuant to a contract with the Tanzanian Electric Supply Company,
Ltd. that expires in 2005. Water is supplied through a 48 kilometer pipeline
from Lake Victoria to the property.

In 2002, the mine produced 356,319 ounces of gold at a total cash cost of
$198 per ounce. The previously announced targets for 2003 called for production
of 415,000 ounces of gold at a total cash cost of $175 per ounce. The mine is
not expected to meet the previously announced targets due to a combination of
lower than planned equipment availability, causing the expected underground
tonnage mined to be approximately 5% lower than planned, and local fluctuations
from the mine plan in expected grade mined during 2003.

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During 2002, Barrick updated the mines long-range plan, adding new mining
areas at deeper levels of Reef 1, below and west of the central zone. Gold
recoveries during 2002 averaged 86%, reflecting improvements made to the
flotation circuit of the plant during the first half of the year. The average
grade processed in 2002 was 0.39 ounces per ton, reflecting a slower build-up
in production from higher-grade long-hole stopes. In 2003, the expected grade
for processing is 0.41 ounces per ton. Gold copper concentrate is shipped to an
outside smelter.

Environment

In 2002, all activities at the mine were in compliance in all material
respects with applicable environmental regulations. Barrick is not aware of any
proposed changes to these standards and regulations that would materially
affect the mines operations.

At December 31, 2002, future reclamation and closure costs for the mine
were estimated at $17 million. At December 31, 2002, Barrick has accrued
$700,000 through charges to earnings. See Environment and Closure.

Exploration, Drilling and Analysis

Diamond drilling is the primary method of exploring the Bulyanhulu
deposit. As of December 31, 2002, with no new surface exploration holes being
drilled during 2002, a total of 993 diamond drill holes had been completed for
a total of over 430,000 meters. Holes have been drilled on a regular grid with
a spacing of 25 meters above the 4,850 meter elevation (with surface elevation
being 5,000 meters), spacing of 50 to 100 meters down to the 4,450 meter
elevation, and 100 to 150 meters below the 4,450 meter elevation. Drilling is
done from the hanging wall to the footwall at inclined angles between 45-87
degrees. Exceptions are reverse circulation and geotechnical holes, which are
drilled vertically. Maximum vertical depth drilled to date is 2,225 meters.

The drilling program to date has turned Bulyanhulu into at least five
distinct deposits: the Main, West and East Zones, Reef 2 and Reef 0. The Main
Zone hosts the majority of the existing mineral reserves and is open at depth.
The East Zone was discovered in 2000, is estimated to contain 1.2 million
ounces of gold and is open to the east, west and at depth. The West Zone is
estimated to host almost 2 million ounces and is open at depth and to the west.
Reef 0, a very encouraging reef, is located about 10 meters from the current
Main Zone between Reef 1 and Reef 2. Reef 2 consists of a series of
mineralized structures located approximately 500 meters from Reef 1.

The 2002 underground ore definition drilling program included over 15,750
meters of drilling, targeting the Central and East Zones. The exploration
program for 2003 will consist of infill drilling around existing reserves.
Sampling intervals are based on geological units and mineralized zones;
otherwise minimum and maximum widths for sampling are 0.5 meters and 1 meter
respectively. All samples are prepared and assayed for gold at independent
laboratories in Canada and Tanzania. A standard fire assay method is used, and
high-grade samples are checked with Metallic Screen Fire Assay. Every twentieth
sample submitted to the lab is either a blank or a standard, and results are
reviewed by an independent auditor, who requests assay repeats where required.
Samples are routinely sent to other labs for testing.

Quality assurance procedures used at Bulyanhulu have been set up by an
independent auditor and have been found to meet or exceed standard mining
industry practices.

Bulyanhulu is the hub of Barricks district development program in
Tanzania. The Companys objective is to discover, develop and produce gold
from this new gold district. A development plan for

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Tulawaka, approximately 100 kilometer from Bulyanhulu, is expected to be
completed in the second quarter of 2003.

Capital Expenditures

Capital expenditures in 2002, primarily for completing and equipping the
shaft, for mine development and process plant modifications totalled $56
million. 2003 capital expenditures are expected to total $36 million, mainly
for underground mining equipment and infrastructure.

Royalties

The Bulyanhulu property, under Article 86 of the 1998 Mining Act of
Tanzania, is obligated to pay to the government a royalty of 3% on the net
back value of minerals produced from the property. Net back value means the
market value of minerals freight-on-board at the point of export from Tanzania,
less: (a) the cost of transport, including insurance and handling charges, from
the mining area to the point of export or delivery; and (b) the cost of
smelting and refining or other processing costs unless such other processing
costs relate to processing normally carried out in Tanzania in the mining area.

Pledge of Assets

Drawdown on the mines limited recourse $200 million facility was
completed in the second quarter of 2001. Repayment consists of fourteen
consecutive semi-annual installments falling due on June 15 and December 15 of
each year, with the first installment of $6 million made on December 15, 2002.
Having met the physical and technical requirements of completion during the
first quarter of 2003, the loan has become non-recourse to Barrick. This
facility is insured for political risks equally by branches of the Canadian
government and World Bank. Substantially all the assets of Kahama, including
the Bulyanhulu property, have been pledged as security under the loan. The
average interest rate, inclusive of political risk insurance premiums, is LIBOR
plus 2.60% pre-completion and increases following completion, rising in a
number of steps to average approximately LIBOR plus 3.40%. The effective
interest rate for 2002 was 7.2%. The effective interest rate includes payments
made under an interest-rate swap that matches the loan principal over the term
to repayment, which fixes the rate for the term of the debt at 7%.

Production Information

The following table summarizes certain production and financial
information for the Bulyanhulu mine for the periods indicated:

|                                         |  |                   |       |                   |  |   |      | 
|---------------------------------------- |  | ----------------- | ----- | ----------------- |  | - | ---- | 
|                                         |  | Year ended        |       | Year ended       
|                                         |  | December 31, 2002 |       | December 31, 2001
|                                         |  |                   |       |                  
|Tons mined (000s)                       |  |                   | 944   |                   |  |   | 455  | 
|Tons of ore processed (000s)            |  |                   | 1,075 |                   |  |   | 778  | 
|Average grade processed (ounces per ton) |  |                   | 0.39  |                   |  |   | 0.38 | 
|Recovery rate (%)                        |  |                   | 86.1  |                   |  |   | 82.3 | 
|Ounces of gold produced (000s)          |  |                   | 356   |                   |  |   | 242  | 
|Average total cash costs per ounce       |  | $                 | 198   |                   |  | $ | 197  | 
|Average total production costs per ounce |  | $                 | 300   |                   |  | $ | 295  | 

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OTHER OPERATING PROPERTIES

Barricks other operating properties consist of the Marigold mine (United
States), the Ruby Hill mine (United States), the McLaughlin mine (United
States), the Holt-McDermott mine (Canada), Bousquet mine (Canada), El Indio
mine (Chile) and the Agua de la Falda mine (Chile). With the exception of
Marigold and Holt-McDermott mines, all of the mines ceased operations in 2002.
Both the Marigold mine and the Holt-McDermott mine are expected to continue to
operate beyond 2003.

In 2002, all activities at each of these mines were, and have continued to
be, in compliance in all material respects with applicable environmental
regulations.

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In aggregate, these other properties produced 458,351 ounces of gold in
2002 at an average total cash cost of $186 per ounce. For 2003, the remaining
Holt-McDermott and Marigold mines are expected to produce 142,000 ounces of
gold at an average total cash cost of $203.

OTHER
PROPERTIES  MINE CLOSURES AND OTHER

|                     |  |                              |         |                              |  |            |     |            |  |  |         |  |  |   |     | 
|-------------------- |  | ---------------------------- | ------- | ---------------------------- |  | ---------- | --- | ---------- |  |  | ------- |  |  | - | --- | 
|                     |  | Year Ended December 31, 2002 |         | Year Ended December 31, 2001
|                     |  |                              |         |                             
|                     |  | Gold                         |         | Total                        |  | Gold       |     | Total     
|                     |  | Production                   |         | Cash costs                   |  | Production |     | Cash costs
|                     |  | (ounces)                     |         | per ounce                    |  | (ounces)   |     | per ounce 
|                     |  |                              |         |                              |  |            |     |           
|Marigold             |  |                              | 27,774  |                              |  | $          | 187 |            |  |  | 28,261  |  |  | $ | 180 | 
|Holt-McDermott       |  |                              | 83,577  |                              |  |            | 173 |            |  |  | 83,577  |  |  |   | 165 | 
|Ruby Hill (1)        |  |                              | 135,448 |                              |  |            | 120 |            |  |  | 134,737 |  |  |   | 103 | 
|McLaughlin (1)       |  |                              | 49,593  |                              |  |            | 244 |            |  |  | 115,057 |  |  |   | 224 | 
|Homestake (2)        |  |                              |        |                              |  |            | 172 | (3)        |  |  | 185,307 |  |  |   | 198 | 
|Bousquet (1)         |  |                              | 140,811 |                              |  |            | 236 |            |  |  | 152,412 |  |  |   | 221 | 
|El Indio (1)         |  |                              | 12,520  |                              |  |            | 174 |            |  |  | 87,897  |  |  |   | 255 | 
|Agua de la Falda (1) |  |                              | 8,628   |                              |  |            | 319 |            |  |  | 18,100  |  |  |   | 251 | 
|                     |  |                              |         |                              |  |            |     |            |  |  |         |  |  |   |     | 
|Total                |  |                              | 458,351 |                              |  | $          | 186 |            |  |  | 805,348 |  |  | $ | 195 | 
|                     |  |                              |         |                              |  |            |     |            |  |  |         |  |  |   |     | 

|(1) |  | Ceased operations during 2002.             
|--- |  | -------------------------------------------
|   
|(2) |  | Ceased operations at the end of 2001.      
|   
|(3) |  | In respect of 2001 production sold in 2002.

PROJECTS

Alto Chicama

General Information

The Alto Chicama property is located 140 kilometers east of the coastal
city of Trujillo, Peru, and 175 kilometers north of Barricks Pierina mine.
The property occurs on the western flank of the Peruvian Andes and is at an
elevation of 4,000 to 4,260 meters above sea level. The area is considered to
have a mountain climate. Vegetation consists of small shrubs and grasses. The
property is accessible year round by road from both Trujillo and Huamachuco,
Peru, and consists of approximately 18,550 hectares.

The Alto Chicama region has been actively mined for carbon since the 19th
century, principally for domestic consumption. In 1990, Minero Peru (Centromin)
constructed a camp to re-evaluate the previous carbon operations. The Alto
Chicama property hosts a low grade anthracite coal deposit, but it was not
developed due to the availability of cheaper sources of energy elsewhere.
Centromin Peru, S.A., the State mining company, conducted field surveys in 1999
and concluded there was potential for other mineralization on the property,
including gold.

Barrick began exploring the Alto Chicama property, located in
north-central Peru, in the first quarter of 2001. Barrick signed the Public
Deed of the Mining Option Contract with Centromin on March 28, 2001 and
exercised its option to acquire the property in December 2002, with the result
that the Company now holds the mining rights to the property. The rights have
no expiry date as long as the annual land payments (currently approximately $3
per hectare) are made. Barrick anticipates presentation of an Environmental
Impact Study for the project in 2003.

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Geology

The regional geology of the Alto Chicama area is dominated by a thick
sequence of Mesozoic marine clastic and carbonate sedimentary rocks and
andesitic and dacitic volcanic rocks of the Tertiary Calipuy Group. The
Mesozoic sequence is unconformably overlain by the Tertiary Calipuy volcanic
rocks and cut by numerous small intrusive bodies. The Mesozoic sequence has
been affected by at least one and probably two stages of compressive
deformation during Andean orogenesis.

The Las Lagunas Norte mineralization occurs on the 185 square kilometer
Alto Chicama property. The mineralization is of the high sulphidation type. It
is disseminated and hosted in volcanic and sedimentary breccias and tuffs. The
mineralization outcrops and has been defined over an area of 1,600 meters long
by 750 meters wide and up to 300 meters deep. It is open to the south and
southeast.

Development

Barrick commenced a field program at Alto Chicama in March 2001, which
included geologic mapping, geochemical sampling, and ground geophysics and
resulted in the identification of areas for drill testing. A diamond drill
program commenced in mid-2001 and identified the Las Lagunas Norte area for
detailed follow up.

During 2002, Barrick initiated development planning for Alto Chicama,
including commencement of the environmental impact analysis process. The
engineering studies performed to date, which include extensive metallurgical
test work, have demonstrated the technical feasibility of recovering gold from
the Alto Chicama property by open pit mining and heap leaching methods, similar
to those used at Barricks Pierina mine. Barrick has approved a $35 million
budget for the Alto Chicama project for 2003. Principal expenditures will be
for drilling, land acquisitions, road construction, continued data collection,
completion of the Environmental Impact Statement, continued updating and
optimization of mining plans and related matters and the completion of more
detailed engineering.

Barrick has obtained possessor rights for the majority of the surface
which will be affected by the proposed project. However, legal title and
certain possessor interests remain outstanding and are the subject of on-going
applications, negotiations or discussions, which Barrick expects will be
successfully concluded in the ordinary course. In addition, although Barrick
has obtained all of the permits required for exploration, further permits and
approvals will be required for construction and operation. Through its
experience in constructing and operating the Pierina mine, however, Barrick is
familiar with the statutory, regulatory and procedural framework governing the
environmental approval and permitting process for new mining projects in Peru.
Based on Barricks experience to date, the Company expects that all necessary
surface access and other rights required for development, and all permits and
approvals required for construction and operation, will be obtained in a timely
fashion and in the ordinary course of business.

The Alto Chicama project is being planned as an open pit mine and heap
leaching operation, using equipment, facilities and processes which have been
proven in similar commercial applications throughout the world, including at
Barricks Pierina mine. Permanent electric power is planned to be supplied
from the Peruvian grid, by means of a new 36 kilometer power line extended from
an existing substation. The fresh water requirements of the project are
planned to be supplied by wells, supplemented by surface run-off if required.

Subject to the approval of Barricks Board of Directors, completion of the
acquisition of the necessary surface rights and final permitting, project
construction is targeted to begin in late 2003 or early 2004 with production
scheduled for late 2005. The timing of construction and production is most

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dependent on the receipt of final permits. The Alto Chicama project is anticipated to
produce 500,000 ounces of gold annually at a cash cost of $130 per ounce over
the first decade of the projects life. The capital costs for the project are
estimated at $300 to $350 million.

Exploration, Drilling and Analysis

On April 23, 2002, Barrick announced the discovery of an inferred resource
on the property of 61 million tons, grading 0.57 ounces per ton, for a total of
3.5 million ounces of gold. In early 2003, Barrick brought 6.5 million ounces
into probable reserves for Canadian reporting purposes.

As of the end of 2002, 452 exploration holes had been drilled, totaling
113,338 meters of drilling. Initial drill hole spacing of 200 meter centers
has been reduced to 100 meter centers, and in some areas to 50 meter centers.
Drill hole collars have been surveyed, and down-hole Sperry Sun surveys
conducted on the holes, with data collected approximately every 50 meters.
Core is placed in metal trays at the drill site and transported to the field
camp. Geological logs of all core are then compiled on handheld computers,
using standardized rock codes and descriptive information developed by Barrick
geologists. Changes to the standardized rock codes and other descriptions can
be made only if approved by senior members of the geological staff. Data
recorded on the handheld computers are downloaded to the main server at the end
of every shift, reviewed, field checked if necessary, and then incorporated
into the main database. Sample lengths vary from 0.4 meters to 9 meters. The
average sample length is 1.3 meters. Samples are prepared on site and fire
assayed at an independent laboratory in Lima, Peru. Industry standard quality
assurance and quality control procedures, including standards, duplicates and
check assays, are employed. An independent consulting firm has reviewed and
approved sampling, sample preparation and quality control procedures at site
and at the independent laboratory.

Royalties

Under the terms of the agreement with Centromin, Barrick has paid
Centromin an advance royalty of $2 million, which will be a credit against
Centromins retained net smelter royalty of 2.51%.

Veladero Property

General

The Veladero property is located in San Juan Province, Argentina,
immediately to the south of the Pascua-Lama property, approximately 320
kilometers northwest of the city of San Juan. The property is controlled by
indirect, wholly-owned, subsidiaries of Barrick under the terms of an
exploration contract between the subsidiaries and the Instituto Provincial de
Exploraciones y Explotaciones Mineras de la Provincia de San Juan (IPEEM), a
semi-autonomous entity of the Province of San Juan. Under the terms of the
exploration contract, Barrick must deliver to IPEEM a feasibility study,
defining a project development plan, by June 30, 2003 and it must exercise its
option to enter into an exploitation contract with IPEEM by December 27, 2003.
Barrick anticipates filing a feasibility study and exercising its option to
enter into an exploitation contract in accordance with the terms of the
exploration contract. The project site is located at elevations of between
4,000 and 4,850 meters above sea level. The area is considered to have a
sub-arid, sub-polar, mountain climate. Access to the property is via a
combination of public highways and an upgraded gravel road.

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Barrick submitted an Informe de Impacto Ambiental (IIA) (an environmental
impact study) to the Mining Department of the Province of San Juan in January
2003 in support of the exploitation phase of the Veladero project. Barricks
plan for the Veladero property provides for an open pit mine using heap
leaching. The Veladero project includes the mining of gold and silver from two
open pits: the Filo Federico pit and the Amable pit. Exploration to date has
identified additional resources beyond the Filo Federico and Amable pits,
particularly in the Cuatro Esquinas area between the Filo Federico and Amable
pits. These or other resources defined by ongoing exploration may be able to be
exploited depending on future economic conditions. The facilities included in
the Veladero project plan are designed to facilitate exploitation of such
resources should it be economically feasible.

Geology

The Veladero orebody is an oxide, high sulphidation gold-silver deposit
hosted by a Miocene diatreme-dome complex. Precious metals mineralization
occurs in silicified volcanic breccias at the core of the high sulphidation
alteration and is controlled by stratigraphy, structural trends and elevation.

The mineralization in the deposit forms a broad, disseminated, 3 kilometer
long blanket along a N15°W-striking structural trend. The diatreme-dome complex
has intruded along this trend and includes a massive, brecciated core of
heterolithic Vent Facies tuffisite that transitions outward through a Contact
Zone of clast-supported breccias into the Volcanic Sequence country rocks. A
Bedded Tuff unit that represents fragments ejected from the central vent forms
a ring that overlies portions of the Vent Facies and Contact Zone at the
southern end of the deposit. Much of the deposit is covered by up to 150 meters
of colluvium.

Development

Barrick evaluated unified development opportunities for the Pascua-Lama
and Veladero properties following the merger with Homestake. Based on this
effort, Barrick redesigned the Veladero project, as previously designed by
Homestake, to incorporate exploitation of the Filo Norte deposit that is
situated within the boundaries of the Pascua-Lama property as part of the
Veladero project. The redesigned Veladero project also includes new locations
for various Veladero project facilities that improve project operations and
economics. Other potential benefits of unified development, such as sharing of
infrastructure, may be realized in the future depending on the timing of
Pascua-Lama development.

Veladeros 2003 field program will focus on the construction of an access
road and camp infrastructure. Subject to approval by Barricks Board of
Directors, receiving necessary permits and arranging any project financing,
full construction is expected to commence in the fourth quarter of 2003 with
production expected to commence in early 2006. This schedule may be extended
if the Company is not able to adequately mitigate potential political and
economic uncertainty in Argentina. The capital costs for the project is
estimated at $425 million, based on prevailing exchange rates in effect in late
2002. The Veladero project is projected to have an operating life of
approximately 13 years. The Veladero project is anticipated to produce 530,000
ounces of gold annually at a cash cost of $155 per ounce (based on prevailing
exchange rates in effect in late 2002 and excluding any applicable export
duties) over the first decade of the projects life. Approximately 8.3 million
ounces of by-product silver annually will also be produced. Estimated costs
are sensitive to exchange rate fluctuations; a stronger Peso would result in
higher costs.

Exploration, Drilling and Analysis

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As a result of definition drilling during 2002, Barrick increased reserves
at Veladero for Canadian reporting purposes to 9.4 million ounces of gold as at
December 31, 2002 from 8.4 million ounces of gold in 2001.

At year-end, the drill hole database for the Veladero property contained
747 reverse circulation holes, 110 diamond drill core holes and 539 samples
taken from two underground tunnels. Of these, samples totaling 198,693 meters
from reverse circulation holes, 23,818 meters from diamond drill core holes and
5,153 meters from underground channel cuts were used to estimate the gold and
silver resources. The reverse circulation holes were drilled at an average
spacing of about 60-80 meters within the mineralized zones. All Veladero
samples are prepared and analyzed by external laboratories. The quality
assurance procedures and assay protocols followed by Barrick in connection with
drilling and sampling on the Veladero property have been reviewed by
independent consultants and found to conform to industry accepted quality
control methods.

Royalties

Pursuant to legislation passed by the government of the Province of San
Juan, all gold and silver, among other ores, extracted from the property within
the Province of San Juan are subject to a royalty, payable to the government of
the Province of San Juan, of 3% of the value of the ore at the mine mouth.
Under the terms of an agreement between Barricks subsidiaries and IPEEM, a
0.75% mine mouth royalty on the minerals produced from the Veladero property
is payable to IPEEM. This agreement also provides for the payment of a 0.75%
mine mouth royalty on the minerals produced from the Mina Ursulina Sur, on
which the Filo Norte deposit is situated.

Pascua-Lama Property

General

The Pascua-Lama property is located at the northern end of the El Indio
Belt in Chiles Region III and Argentinas San Juan Province. It straddles the
Chile-Argentina border and is approximately 150 kilometers southeast of the
city of Vallenar, Chile and 300 kilometers northwest of the city of San Juan,
Argentina. The Chilean part of the deposit, which is at an elevation of
approximately 4300 to 5250 meters above sea level, was acquired by Barrick in
1994 and is held through an indirect, wholly-owned, subsidiary of Barrick,
Compania Minera Nevada. The Argentinean part of the property was acquired
subsequently and is held through an indirect, wholly-owned, subsidiary of
Barrick, Barrick Exploraciones Argentina S.A. The legislatures of Chile and
Argentina completed ratification of a Mining Treaty between the two countries
and the Presidents of Chile and Argentina formally exchanged the Mining Treaty
during 2000. The Pascua-Lama Project is within the area subject to the Mining
Treaty and the Project is entitled to enjoy the benefits to cross-border mining
operations that are granted by the Mining Treaty.

High sierras and deep valleys with natural slopes of 20 to 40 degrees
characterize the area of the Pascua-Lama property. Surface material consists
of rock outcrops, scree, and colluvial materials, which are primarily gravel,
sand, silt and clay. Vegetation is sparse. The area is considered to have a
sub-arid, sub-polar, mountain climate. Access to the property will be pursuant
to a combination of public highways and upgraded gravel roads from both Chile
and Argentina.

Geology

The Pascua-Lama district is located in the high cordillera of Region III,
Chile, in what has been designated as the Eastern Belt of Hydrothermal
Alteration. The gold, silver and copper mineralization at

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Pascua-Lama is part of a mineralized acid sulfate system that was
structurally controlled within intrusive and volcanic rock sequences of Upper
Paleozoic and Middle Tertiary age.

Basement rocks in the Pascua-Lama area are dominated by a multiphase
granite pluton that may be a slightly younger upper Permian or lower Triassic
phase of the Permian Guanaco Sonso sequence of intrusives and volcanics. In the
deposit area the granite intrudes older diorites and volcanic pyroclastic units
and is, in turn, intruded by diorite stocks and dykes of mid-Tertiary Bocatoma
age. During Tertiary time, all of the previously described rocks are cut by
sub-vertical fault zones and hydrothermal breccias located at complex fault
intersections.

Numerous breccia bodies occur in the Esperanza, Quebrada de Pascua and
Lama areas. At the surface, these breccias vary in size from outcrops measured
in centimeters up to hundreds of meters. Typically the breccias show a strong
correlation to zones of intersection of two or more major structural zones.
Breccia Central, the large inter mineral breccia pipe, occurs in the Quebrada
de Pascua area. On the surface this breccia is about 650 meters long and up to
250 meters in width while underground between 200 and 400 meters below the
surface the composite body measures about 550 meters in length and up to 130
meters in width. It extends to at least 700 meters below surface. This well
mineralized breccia pipe is evidence of an explosive hydrothermal event related
to the formation of the Quebrada de Pascua ore deposit. Breccia Oeste and
Breccia Sur are the two large post mineralization breccia pipe complexes
located in the mine area. Oriented north/south along the Breccia Oeste fault
zone in the Esperanza area, the Breccia Oeste pipe measures up to 500 meters
long, up to 150 meters wide, and extends up to 300 meters below surface.

Development

The Pascua-Lama mine is being designed as an open pit, centered at an
elevation of 4,600 meters. The processing circuit is expected to consist of
crushing, grinding, counter current decantation (CCD) washing to remove
soluble salts, cyanide leaching, CCD Merrill-Crowe, retorting, electrowinning
and fire refining to produce gold and silver doré. These facilities would be
capable of treating oxide and sulphide ore; the copper sulphide materials would
be floated and tails routed to the cyanide leach circuit. Barrick would recover
the majority of gold from the sulphide ore, but some would float with the
copper and be recovered at a smelter. Recent work on the Pascua-Lama project
has focused on investigating improvements to project infrastructure and process
costs.

The Pascua-Lama project received environmental impact study approval from
appropriate authorities in Chile in May 2001. The process for permitting of the
portion of the mine, the mill and the tailings for the project located in
Argentina continues and approvals are, following updated submissions to the San
Juan regulatory authorities, expected to be issued in due course. Pascua-Lama
is expected to commence production in 2008, subject to Board approval, final
permitting, completing an optimization study and arranging any project
financing. The optimization study is expected to be completed in 2004, with
construction start-up potentially occurring in late 2005. Production is
targeted at 800,000 ounces of gold annually at cash costs of $85 per ounce for
the first decade. The initial construction cost is currently estimated at
$1,175 million.

Exploration, Drilling and Analysis

At year-end, Pascua-Lama had proven and probable reserves of 16.9 million
ounces of gold and 584 million ounces of silver. In connection with the earlier
decision to postpone construction, no reserve development activity took place
during the year. The drill hole database for the Pascua-Lama property contains
1,173 reverse circulation holes, 562 diamond drill core holes, 22,302 meters of
underground tunnel samples and 12,774 meters of surface trench samples. Samples
totaling 322,288 meters from

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reverse circulation holes, 151,265 meters from diamond drill core holes,
22,302 meters from underground tunnels, and 12,774 meters from surface trenches
were used to estimate the gold and silver resources. The drill hole spacing is
variable, approximately 40 meters in the Esperanza area and 40 to 60 meters in
the Quebrada de Pascua area. Pascua-Lama samples were analyzed for gold,
silver and copper by independent laboratories in Santiago, Chile. The quality
assurance procedures and assay protocols followed by Barrick in connection with
drilling and sampling on the Pascua-Lama property have been reviewed by
independent consultants and found to conform to industry accepted quality
control methods.

Royalties

Pursuant to legislation passed by the government of the Province of San
Juan, all gold and silver, among other ores, extracted from the property within
the Province of San Juan are subject to a royalty, payable to the government of
the Province of San Juan, of 3% of the value of the ore at the mine mouth.
In addition, Barrick is obligated to pay a gross proceeds sliding scale royalty
on gold produced from the Pascua-Lama properties located in Chile ranging from
1.5% to 10% and a 2% net smelter royalty on copper produced from the
properties. In addition, a step-scale 5% or 7.5% gross proceeds royalty on gold
produced and a sliding scale net smelter royalty of 0.5% to 6% on all product
other than gold and silver is payable in respect of certain portions of the
property located in Argentina. The sliding scale and step-scale royalties on
gold increase with rising spot gold prices. The higher royalties are not
expected to have a significant effect on project economics since the increased
profitability resulting from higher gold prices would more than offset the
higher royalty obligation.

Cowal Property

General

The Cowal project is located in Central New South Wales, Australia,
approximately 32 kilometers north of West Wyalong and approximately 355
kilometers west of Sydney. Cowal was acquired in 2001 by Homestake from Rio
Tinto following Rio Tintos acquisition of North Limited. The general
landscape is flat to undulating hills. The property can be accessed by road.
The Cowal region is located on the boundaries of the south eastern semi-arid
and the south eastern temperate regions of Australia.

Based on a feasibility study and environmental impact statement completed
in 1998, the project was awarded Development Consent by the New South Wales
Government in February 1999. The approved project envisages the development of
an open pit to a depth of approximately 335 meters, and process facilities
designed to treat 6.6 million tons of ore per year by a combination of
conventional carbon in leach and sulphide flotation technologies.

Geology

The Cowal Project is located in the Lachlan Fold Belt of central New South
Wales. This Ordovician volcanic belt contains high K calc-alkaline to
shoshonitic volcanics and intrusives which host porphyry, epithermal and
mesothermal style gold deposits. The E42 deposit is the largest of several
drill-identified deposits that are located on the western edge of the Lake
Cowal complex. The deposits occur in favourable lithologies and structural
settings within a north south corridor adjacent to a large body of
diorite-gabbro. Low grade porphyry copper mineralization occurs in parts of the
diorite-gabbro intrusive to the south of the gold deposits.

The rocks in the E42 project area do not outcrop as they are obscured
under a cover of Quaternary sediment comprised of lacustrine clay with some
sand and gravels. The E42 deposit is hosted by a suite of Ordovician age
northeast striking and northwest dipping (50°) volcanic sediments and lavas

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(informally known as the Lake Cowal Volcanics) set in an embayment of the
major regional north-south trending diorite. The diorite is also mineralized.
At the E42 deposit the Lake Cowal Volcanics have been informally subdivided
into three conformable stratigraphic units. The basal unit (Cowal Conglomerate
Unit) consists of massive to graded beds of coarse polymictic volcanic debris
interbedded with laminated siltstone and mudstone the central unit (Golden Lava
Unit) consists of porphyritic trachyandesite lava and autobreccias. The
youngest and upper unit (Great Flood Unit) consists of predominantly massive to
graded pyroclastic debris and laminated sediments. The units and diorite are
intruded by diorite/gabbro stocks and porphyritic mafic to intermediate dykes.
The host sequence is offset by two major fault sets - a 340° steeply dipping
strikeslip set and a 290° - 300° moderately north dipping normal fault set.

Gold mineralization occurs predominantly in shallow south dipping
dilational tensional auriferous quartz-carbonate-sulphide vein sets striking
westnorthwest and dipping southwest. Individual mineralized veins are not
laterally continuous, although vein sets are continuous, being controlled by
fault proximity, rheology and chemistry of host rocks. All rocks in the deposit
area except possibly some of the dykes are mineralized. The central Lava, the
basal Cowal Conglomerate and diorite are the most strongly mineralized. Vein
density is extremely variable, ranging from two to five per meter to one per
several meters. The individual vein thickness varies from millimeters to
centimeters. The surface of the deposit has been weathered to an average depth
of about 40 meters but weathering depth ranges up to 100 meters on the eastern
side of the deposit. The upper part of the weathered zone includes commonly
ferruginous mottled and pallid clays referred to as soft oxide. Below the
soft oxide the weathered bedrock is referred to as the hard oxide.

Development

In conjunction with a technical evaluation program, Barrick is also
engaged in progressing a number of final permitting issues including agreements
with native title claimants as a condition of its mining lease grant. There is
continuing opposition to the project from several local individuals and
organizations that has the potential to affect the timing of the development of
the mine. The Development Consent requires that construction commence prior to
March 2004. Subject to Board approval, final permitting and resolving
opposition to the project, construction is expected to commence in 2003, with
production expected to commence in mid-2005. The capital costs for the project
are estimated at $180 million, based on prevailing exchange rates in effect in
late 2002. Cowals mine plan and process facilities have been designed to
produce approximately 270,000 ounces of gold per year at an average cash cost
of $170 per ounce (based on prevailing exchange rates in effect in late 2002).
Estimated costs are sensitive to exchange rate fluctuations; a stronger
Australian dollar would result in higher costs.

Exploration, Drilling and Analysis

At December 31, 2002, the project had proven and probable gold reserves of
approximately 2.84 million ounces. As a result of additional drilling and more
conservative reserve modeling, the Company reduced the estimated grade to 0.037
ounces per ton from 0.049 ounces per ton and ore tons have increased from 56.4
million to 75.9 million. Since the acquisition of Cowal in July 2001, the
Company has commenced a technical program, including drilling and engineering
studies, to optimize the feasibility study. To the end of 2002, the Company had
completed 125 new drill holes (70,000 meters) designed to infill previous
drilling, particularly in the deeper parts of the orebody. For 2003, at least a
further 20,000 meters of drilling is planned, along with engineering field
investigations and metallurgical test work studies.

More than 1,000 drill holes have been completed in the Cowal project
resource area. About 37 percent of these holes are diamond core holes with the
remainder being reverse circulation percussion holes. Drill hole spacing is 40
meters. Samples are collected on one-meter intervals. All samples since

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the acquisition of the property by Barrick are prepared and analyzed by
external laboratories. All drill hole collar, survey and assay information
used in modeling and resource estimation are manually verified and approved by
geologic staff prior to entry into the mine-wide database. The quality
assurance procedures and assay protocols followed by Barrick in connection with
drilling and sampling on the Cowal property conform to industry accepted
quality control methods.

Royalties

The Cowal property is subject to a royalty payable to the state of New
South Wales, Australia of 4% of mine revenue less certain costs including
portions of operating, administration, refining and depreciation.

EXPLORATION ACTIVITIES

General

Barrick has traditionally grown its reserve base through a combination of
acquisitions and focused exploration on and around its operating properties.
Barrick believes there is a higher probability of finding new mineral reserves
around existing mines. Once found, these new reserves can be developed more
quickly and profitably due to existing infrastructure. The Companys strategy
is to maintain a geographic mix of projects at different stages in the
exploration sequence. The low gold price environment that existed in recent
years has required that major mining companies undertake more early stage
exploration than in the past because junior exploration companies have been
less active, and there are fewer new discoveries to buy or joint ventures to
fund. Accordingly, Barrick is engaged in early stage exploration in four major
areas where it possesses significant infrastructure: Peru, Tanzania, Australia
and Chile/Argentina. This program resulted in the grassroots discovery at the
Alto Chicama property in Peru.

Barrick utilizes state-of-the-art technology to explore deeper and more
effectively. At Goldstrike, Barrick uses new deep-penetrating geophysical
techniques and geological modelling to locate and define new targets. These new
techniques are equally applicable in Tanzania and Australia.

Exploration is directed from Barricks head office in Toronto and is
conducted through a number of exploration offices around the world.

Barrick has been highly successful in adding reserves to properties once
they are acquired. At Goldstrike, over 40 million ounces have been discovered
since acquisition. At Pascua-Lama, Barrick increased proven and probable
reserves from less than 2 million ounces to 16.9 million ounces of gold.

At Bulyanhulu in Tanzania, Barrick has more than tripled the proven and
probable reserves on the property to 12 million ounces of gold since Barrick
acquired the property in 1999. Also, Barricks exploration strategy since the
acquisition has allowed Barrick to assemble an extensive land package in the
Lake Victoria Goldfields. Barrick is able to quickly and efficiently explore
these properties, advancing the more prospective projects while using
Bulyanhulu as a logistical and processing hub.

At Pierina in Peru, which Barrick bought in August 1996 as an early stage
exploration property with 70 holes drilled and no reserves, the Company brought
6.5 million ounces of gold into reserves by the end of that year after having
drilled another 201 holes.

The Company spent $104 million on its exploration and business development
activities in 2002 (2001  $103 million) and is expected to spend $100 to $110
million in 2003. Over half of the exploration and business development costs
came in South America, with the balance spent in North America (13%),

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Tanzania (9%), Australia (8%) and the remainder on business development
activities, which include evaluation and due diligence of potential corporate
transactions.

ENVIRONMENT AND CLOSURE

The Companys mining, exploration and development activities are subject
to various levels of federal, provincial and state laws and regulations
relating to protection of the environment, including requirements for closure
and reclamation of mining properties (see Legal Matters - Government Controls
and Regulations).

Barrick has a policy of conducting environmental audits of its operations
to assess the effectiveness of the existing organization, its resources, and
supporting management systems to adhere to policies, guidelines, and procedures
and adopted codes of practice, maintain compliance, reduce risk, and manage
liabilities. The Companys policy is to perform environmental audits on a
regular and scheduled basis. In practice this typically results in
environmental audits at each operating mine every second year and at least once
every five years for all other properties. A committee of Barricks Board of
Directors reviews the Companys environmental policies and programs and
oversees Barricks environmental performance.

During 2002, all of the Companys operations were in compliance in all
material respects with applicable corporate standards and environmental
regulations and there were no material notices of violations, fines or
convictions relating to environmental matters at any of the Companys
operations. The Company has estimated future site reclamation and closure
obligations, which it believes will meet current regulatory requirements, to be
$461 million, $304 million of which has been accrued to December 31, 2002. As
of January 1, 2003, Barrick adopted FAS 143 Accounting for Asset Retirement
Obligations, which addresses financial accounting and reporting for obligations
associated with the retirement of tangible long-lived assets and the associated
asset retirement costs. For a summary of the impact of FAS 143, please see
Notes 2 and 17 of the Notes to the Consolidated Financial Statements for the
year ended December 31, 2002.

The Companys operating facilities have been designed to mitigate
environmental impacts. The operations have processes, procedures or facilities
in place to manage substances that have the potential to be harmful to the
environment. For instance, certain of the Companys operating properties
handle ore or rock which has the potential to be acid generating (Goldstrike,
Pierina, Bulyanhulu, Eskay Creek and Hemlo), use cyanide in the processing of
gold operations (Goldstrike, Pierina, Round Mountain, Marigold, Hemlo,
Holt-McDermott, Kalgoorlie and Yilgarn), or produce mercury as a by-product of
the production process (Goldstrike, Pierina, Round Mountain, and Hemlo). The
Company has implemented programs to manage the handling of ore and rock to
reduce the potential for acid rock drainage. Such procedures include
segregation of potentially acid generating material, containment systems for
the collection and treatment of drainage, and reclamation and closure steps
designed to minimize water infiltration and oxygen flux. Facilities that use
cyanide are designed and constructed to prevent process solutions from being
released to surface water or groundwater. Typically, these facilities include
leak detection systems and have the ability to collect and treat seepage that
may occur. Process solutions containing cyanide that are bound for tailings
facilities are typically neutralized to levels that will not be harmful to
wildlife. The tailings facilities are typically fenced and process ponds are
typically netted or other procedures implemented to deter access. Site
specific management procedures for mercury include handling, monitoring and
transportation exist at each of the operations that produce mercury as a
byproduct. Further, employees receive training in the safe use and proper
management of cyanide, mercury and other hazardous materials.

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Grants Tailings

The Comprehensive Environmental Response, Compensation and Liability Act
(CERCLA) imposes heavy liabilities on persons who own or operate facilities
from which hazardous substances have been released. Pursuant to CERCLA, the
United States Environmental Protection Agency publishes a National Priorities
List (NPL) of such facilities.

A closed uranium mill site acquired by Barrick in the Homestake merger,
near Grants, New Mexico, is listed on the NPL. The EPA asserted that leachate
from the tailings contaminated a shallow aquifer used by some of the residents
in adjacent residential subdivisions. Homestake paid the cost of extending the
municipal water supply to the subdivisions. Homestake also has operated a
water injection and collection system since 1976 that has significantly
improved the quality of the aquifer and since 1999 has operated a water
treatment facility for treating the groundwater adjacent to the tailings. The
estimated costs of continued remediation are included in the accrued
reclamation and closure liability. Homestake has settled with the EPA
concerning its oversight costs for this site.

Under Nuclear Regulatory Commission (NRC) regulations, the
decommissioning of the uranium mill tailings facilities is in accordance with
the provisions of the facilitys license. The facility license sets the closure
of the two tailings impoundments as 2004 and 2013, subject to extension under
certain circumstances. The NRC and EPA signed a Memorandum of Understanding in
1993 which has established the NRC as the oversight and enforcement agency for
decommissioning and reclamation of the site. Mill decommissioning was completed
in 1994 and final closure of the Grants large tailings site is scheduled for
completion in 2013. During 2002, Barricks expenditures at the Grants facility
were $1.5 million. For 2003, Barricks expenditures are planned at $3.0
million.

Title X of the Energy Policy Act of 1992 (the Energy Policy Act) and
subsequent amendments to the Energy Policy Act authorized appropriations of
$335 million to cover the federal governments share of certain costs of
reclamation, decommissioning and remedial action for by-product material
(primarily tailings) generated by certain licensees as an incident of uranium
sales to the federal government. Reimbursement is subject to compliance with
regulations of the Department of Energy (DOE), which were issued in 1994.
Pursuant to the Energy Policy Act, the DOE is responsible for 51.2% of the past
and future costs of reclaiming the Grants site in accordance with NRC license
requirements.

In 1983, the State of New Mexico notified the Company that it intends to
pursue claims against Homestake for natural resource damages resulting from the
Grants site. The State has taken no action to pursue the claims.

LEGAL MATTERS

Government Controls and Regulations

The Companys business is subject to various levels of government controls
and regulations, which are supplemented and revised from time to time. Barrick
is unable to predict what additional legislation or revisions may be proposed
that might affect its business or when any such proposals, if enacted, might
become effective. Such changes, however, could require increased capital and
operating expenditures and could prevent or delay certain operations by the
Company.

The various levels of government controls and regulations address, among
other things, the environmental impact of mining and mineral processing
operations and establish requirements for decommissioning of mining properties
after operations have ceased. With respect to the regulation of

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mining and processing, legislation and regulations in various
jurisdictions establish performance standards, air and water quality emission
standards and other design or operational requirements for various components
of operations, including health and safety standards. Legislation and
regulations also establish requirements for decommissioning, reclamation and
rehabilitation of mining properties following the cessation of operations, and
may require that some former mining properties be managed for long periods of
time. In addition, in certain jurisdictions, the Company is subject to foreign
investment controls and regulations governing its ability to remit earnings
abroad.

The Company believes that it is in substantial compliance with all
material current government controls and regulations at each of its properties.

Litigation

On April 30, 1998, Barrick was added as a defendant in a class action
lawsuit initiated against Bre-X Minerals Ltd., certain of its directors and
officers or former directors and officers and others in the United States
District Court for the Eastern District of Texas, Texarkana Division. The class
action alleges, among other things, that statements made by Barrick in
connection with its efforts to secure the right to develop and operate the
Busang gold deposit in East Kalimantan, Indonesia were materially false and
misleading and omitted to state material facts relating to the preliminary due
diligence investigation undertaken by Barrick in late 1996. On July 13, 1999,
the Court dismissed the claims against Barrick and several other defendants on
the grounds that the plaintiffs had failed to state a claim under United States
securities laws. On August 19, 1999, the plaintiffs filed an amended complaint
restating their claims against Barrick and certain other defendants and on June
14, 2000 filed a further amended complaint, the Fourth Amended Complaint. On
March 31, 2001, the Court granted in part and denied in part Barricks Motion
to Dismiss the Fourth Amended Complaint. As a result, Barrick remains a
defendant in the case. Barrick believes that the remaining claims against it
are without merit. Barrick filed its formal answer to the Fourth Amended
Complaint on April 27, 2001 denying all relevant allegations of the plaintiffs
against Barrick. Discovery in the case has been stayed by the court pending
its decision on whether or not to certify the case as a class action. On March
31, 2003, the U.S. District Court for the Eastern District Court of Texas,
Texarkana Division denied all pending motions of the plaintiffs seeking to
certify a class action in the lawsuit against several defendants, including
Barrick, related to Bre-X Minerals Ltd. Under U.S. rules, the plaintiffs have
the right to appeal the Courts decision declining to certify their lawsuit as
a class action. The amount of potential loss, if any, which Barrick may incur
arising out of the plaintiffs claims is not currently determinable.

In October 1997, a Barrick subsidiary, HCI, entered into an agreement with
Inmet Mining Corporation (Inmet) to purchase the Troilus mine in Quebec for
C$110.0 million plus working capital. In December 1997, HCI terminated the
agreement after determining that, on the basis of due diligence studies,
conditions to closing the arrangement would not be satisfied. On February 23,
1998, Inmet filed suit against HCI in the British Columbia Supreme Court,
disputing the termination of the agreement and alleging that HCI had breached
the agreement. On January 15, 2002, the British Columbia Supreme Court released
its decision concerning this matter and found in favour of Inmet and against
HCI. Specifically, the court held that Inmet should be awarded equitable
damages in the sum of C$88.2 million. Inmet has requested the court to re-open
the trial to permit Inmet to make submissions on its claim for pre-judgment
interest from the date of the breach by HCI. The request to re-open was denied
by the court on May 17, 2002. On February 7, 2002, HCI filed a notice of appeal
of the decision with the British Columbia Court of Appeal. Inmet filed a notice
of appeal of the decision denying Inmet the pre-judgment interest. A letter of
credit of approximately C$95 million was posted on August 20, 2002 by HCI with
the British Columbia Court of Appeal, pending a decision on the appeal.

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On January 7, 2003, Barrick was served with a Complaint for Injunctive
Relief by Blanchard and Company, Inc. (Blanchard), and Herbert Davies
(Davies). The complaint, which is pending in the U. S. District Court for
the Eastern District of Louisiana, also names J. P. Morgan Chase & Company
(J.P. Morgan) as a defendant, along with an unspecified number of additional
defendants to be named later. The complaint alleges that Barrick and bullion
banks with which Barrick entered into spot deferred contracts have manipulated
the price of gold, in violation of U.S. antitrust laws and the Louisiana Unfair
Trade Practices and Consumer Protection Law. Blanchard alleges that it has
been injured as a seller of gold due to reduced interest in gold as an
investment. Davies, a customer of Blanchard, alleges injury due to the reduced
value of his gold investments. The complaint does not seek damages, but seeks
an injunction terminating certain of Barricks trading agreements with J. P.
Morgan and other bullion banks. Barrick intends to defend the action
vigorously.

On March 5, 2003, Barrick commenced legal proceedings against Blanchard in
the Ontario Superior Court of Justice. The proceedings pertain to a series of
false and defamatory statements that Blanchard and its CEO, Donald W. Doyle,
Jr., have published since mid-December 2002 concerning Barrick. On January 29,
2003, Barrick served a formal Libel Notice, which is the first step in the
commencement of legal proceedings of this nature in Canada. Barrick seeks
damages in the amount of C$100 million, aggravated, exemplary and punitive
damages in the amount of C$100 million, a permanent injunction restraining the
defendants from repeating, disseminating, publishing or causing to be
re-published the defamatory statements complained of, and a mandatory
injunction requiring the defendants to remove or cause to be removed all of
their defamatory statements from websites or other locations on the Internet.

On December 27, 2002, one of Barricks Peruvian subsidiaries received an
income tax assessment of $41 million, excluding interest and penalties, from
the Peruvian tax authority SUNAT. The tax assessment relates to a recently
completed tax audit of Barricks Pierina mine for the 1999-2000 fiscal years.
The assessment mainly relates to the revaluation of the Pierina mining
concession and associated tax basis. Under the valuation proposed by SUNAT,
the tax basis of Pierina assets would change from what Barrick had previously
assumed with a resulting increase in current and deferred income taxes. While
Barrick believes the tax assessment is incorrect and will appeal the decision,
the full life of mine effect on the Companys current and deferred income tax
liabilities of $141 million is recorded at December 31, 2002, as well as other
payments of about $21 million due for periods through 2002.

Barrick intends to pursue all available administrative and judicial
appeals. If Barrick is successful on appeal and its original asset valuation
is confirmed as the appropriate tax basis of assets, the Company would benefit
from a $141 million reduction in tax liabilities recorded at December 31, 2002.
The effect of this contingent gain, if any, will be recorded in the period the
contingency is resolved.

Under Peruvian law, Barrick is not required to make payment pending the
outcome of the appeal process, which routinely takes several years.

Barrick has not provided for $51 million of potential interest and
penalties assessed in the audit. Even if the tax assessment is upheld, Barrick
believes that it will prevail on the interest and penalties part, because the
assessment runs counter to applicable law and previous Peruvian tax audits. The
potential amount of interest and penalties, will increase over time while
Barrick contests the tax assessment. A liability for interest and penalties
will only be recorded should it become probable that SUNATs position on
interest and penalties will be upheld, or if the Company exhausts its appeals.

Barrick and its subsidiaries are, from time to time, involved in various
claims, legal proceedings and complaints arising in the ordinary course of
business. Barrick is also subject to reassessment for income and mining taxes
for certain years. Barrick does not believe that adverse decisions in any
pending or threatened proceedings related to any potential tax assessments or
other matters, or any amount which it

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may be required to pay by reason thereof, will have a material adverse
effect on the financial condition or future results of operations of Barrick.

RISK FACTORS

The risks described below are not the only ones facing Barrick.
Additional risks not currently known to Barrick or that Barrick currently deems
immaterial may also impair Barricks operations.

Gold price volatility

Barricks business is affected by the world market price of gold. Gold
prices are subject to volatile price movements over short periods of time and
are affected by numerous factors, all of which are beyond Barricks control.
These include industry factors such as: industrial and jewelry demand; the
level of demand for gold as an investment; central bank lending, sales and
purchases of gold; speculative trading; and costs of and levels of global gold
production by producers of gold. Gold prices may also be affected by
macroeconomic factors, including: expectations of the future rate of inflation;
the strength of, and confidence in, the US dollar, the currency in which the
price of gold is generally quoted, and other currencies; interest rates; and
global or regional, political or economic uncertainties.

If the world market price of gold were to drop and the prices realized by
Barrick on gold sales were to decrease significantly and remain at such a level
for any substantial period, Barricks profitability and cashflow would be
negatively affected. In such circumstances, Barrick may determine that it is
not economically feasible to continue commercial production at some or all of
its operations or the development of some or all of its current projects, which
could have an adverse impact on Barricks financial performance and results of
operations.

Barrick engages in transactions intended to reduce the impact of
fluctuations in gold prices on its profitability. See   Risks associated
with the use of derivatives and Narrative Description of
the Business  Forward Sales Program.

Price volatility of other commodities

The profitability of Barricks business is also affected to a lesser
extent by the market prices of other commodities produced as by-products at
Barricks mines, such as silver and copper, as well as commodities which are
consumed or otherwise used in connection with Barricks operations, such as
diesel fuel and electricity. Prices of such commodities are also subject to
volatile price movements over short periods of time and are affected by factors
that are beyond Barricks control. If Barricks proceeds from the sale of these
by-products were to decrease significantly, or the costs of certain commodities
consumed or otherwise used in connection with Barricks operations were to
increase significantly, and remain at such levels for a substantial period,
Barrick may determine that it is not economically feasible to continue
commercial production at some or all of Barricks operations or the development
of some or all of Barricks current projects. From time to time, Barrick
engages in transactions intended to reduce the impact of such fluctuations on
its profitability. See   Risks associated with the use of derivatives.

Mining risks and insurance risks

The mining industry is subject to significant risks and hazards, including
environmental hazards, industrial accidents, unusual or unexpected rock
formations, pressures, cave-ins, flooding and gold bullion losses, some of
which are beyond Barricks control. These risks and hazards could result in:
damage to, or destruction of, mineral properties or producing facilities;
personal injury or death; environmental damage; delays in mining; and monetary
losses and possible legal liability.

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While Barrick maintains and intends to continue to maintain insurance to
cover some of these risks and hazards to the extent available and consistent
with the industry practice, no assurance can be given that such insurance will
continue to be available, or that it will be available at economically feasible
premiums. Barricks property, business interruption and liability insurance may
not provide sufficient coverage for losses related to these or other risks or
hazards. In addition, Barrick does not have coverage for certain environmental
losses in certain jurisdictions in which it has operations, as such coverage
cannot be purchased at a commercially reasonable cost. This lack of insurance
coverage could result in material economic harm to Barrick.

Mineral reserves and resources

The mineral reserves and mineral resources are estimates, and no assurance
can be given that the indicated level of gold will be produced. Fluctuations in
the price of gold or by-product minerals, such as silver and copper, may render
mineral reserves containing relatively lower grades of gold mineralization
uneconomic. Moreover, short-term operating factors relating to the mineral
reserves, such as the need for orderly development of orebodies or the
processing of new or different ore grades, may cause mineral reserves to be
reduced or Barrick to be unprofitable in any particular accounting period.

Estimated reserves may have to be recalculated based on actual production
experience. Market price fluctuations of gold and silver, as well as increased
production costs or reduced recovery rates, may render the present proven and
probable reserves unprofitable to develop at a particular site or sites for
periods of time. This could cause Barrick to reduce its reserves, which could
have a negative impact on Barricks financial results. Failure to obtain
necessary permits or government approvals could also cause Barrick to reduce
its reserves.

There is no assurance that Barrick will obtain indicated levels of
recovery of gold or the prices assumed in determining gold reserves.

Production and cost estimates

Barrick prepares estimates of future production and cash costs of
production for particular operations. No assurance can be given that such
estimates will be achieved. Failure to achieve production or cost estimates
could have an adverse impact on Barricks future cash flows, forward sales
program, earnings, results of operations and financial condition.

Barricks actual production may vary from estimates for a variety of
reasons, including: actual ore mined varying from estimates of grade, tonnage,
dilution and metallurgical and other characteristics; short-term operating
factors relating to the ore reserves, such as the need for sequential
development of orebodies and the processing of new or different ore grades;
risks and hazards associated with mining; natural phenomena, such as inclement
weather conditions, floods, and earthquakes; and unexpected labour shortages or
strikes. Cash costs of production may be affected by a variety of factors,
including: changing waste-to-ore ratios, ore grade metallurgy, labour costs,
the cost of supplies, and services and currency exchange rates.

Development

Barricks ability to sustain or increase its present levels of gold
production is dependent in part on the successful development of new orebodies
and/or expansion of existing mining operations. The economic feasibility of
development projects is based upon many factors, including: the accuracy of
reserve estimates; metallurgical recoveries; capital and operating costs of
such projects; and future gold prices. Development projects are also subject to
the successful completion of feasibility studies, issuance of

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necessary governmental permits, acquisition of satisfactory surface or
other land rights and availability of adequate financing.

Development projects have no operating history upon which to base
estimates of future cash flow. It is possible that actual costs and economic
returns may differ materially from Barricks estimates or that Barrick could
fail to obtain the governmental approvals necessary for the operation of a
project. It is not unusual in the mining industry for new mining operations to
experience unexpected problems during the start-up phase and to require more
capital than anticipated.

Exploration

Gold exploration is highly speculative in nature. Barricks exploration
projects involve many risks and are frequently unsuccessful. Once a site with
gold mineralisation is discovered, it may take several years from the initial
phases of drilling until production is possible. Substantial expenditures are
required to establish proven and probable reserves and to construct mining and
processing facilities. As a result of these uncertainties, there is no
assurance that current or future exploration programs will be successful and
result in the expansion or replacement of current production with new reserves.

Environmental, health and safety regulations

Barricks domestic and foreign mining operations and exploration
activities are subject to extensive laws and regulations governing the
protection of the environment, waste disposal, worker safety, mine development
and protection of endangered and protected species. Barrick has made, and
expects to make in the future, significant expenditures to comply with such
laws and regulations. Future changes in applicable laws, regulations and
permits or changes in their enforcement or regulatory interpretation could have
an adverse impact on Barricks financial condition or results of operations.
The costs and delays associated with compliance with these laws and regulations
could stop Barrick from proceeding with the development of a project or the
operation or further development of a mine or increase the costs of development
or production.

In the US and Canada, for example, Barrick is required to submit, for
government approval, a reclamation plan for each of its mining sites that
establishes Barricks obligation to reclaim property after minerals have been
mined from the site. In some jurisdictions, bonds or other forms of financial
assurances are required for security for these reclamation activities. Barrick
may incur significant costs in connection with these restoration activities.
The unknown nature of possible future additional regulatory requirements and
the potential for additional reclamation activities create uncertainties
related to future reclamation costs.

Foreign investments and operations

Barrick conducts mining and development activities in many countries,
including the United States, Canada, Australia, Argentina, Chile, Peru and
Tanzania. Mining investments are subject to the risks normally associated with
any conduct of business in foreign countries including: uncertain political and
economic environments; war and civil disturbances; changes in laws or policies
of particular countries; foreign taxation; delays in obtaining or the inability
to obtain necessary governmental permits; limitations on the repatriation of
earnings; and increased financing costs.

These risks may limit or disrupt projects, restrict the movement of funds
or result in the deprivation of contract rights or the taking of property by
nationalization or expropriation without fair compensation.

Currency fluctuations

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Currency fluctuations may affect the costs Barrick incurs at its
operations and may affect Barricks operating results and cash flows. Gold is
sold throughout the world based principally on the US dollar price, but a
portion of Barricks operating expenses are incurred in local currencies. The
appreciation of non-US dollar currencies against the US dollar can increase the
costs of gold production at Barricks mines located outside the United States.
Barrick enters into currency hedging contracts to mitigate the impact on
operating costs of the appreciation of non-US dollar currencies against the US
dollar. This could result in Barrick failing to benefit to some degree if the
US dollar appreciates in value relative to non-US dollar currencies. See  -
Use of derivatives.

Use of derivatives

Barrick uses certain derivative products to manage the risks associated
with gold price volatility, changes in commodity prices, interest rates,
foreign currency exchange rates and energy prices. The use of derivative
instruments involves certain inherent risks including: (a) credit risk  the
risk of default on amounts owing to Barrick by the counterparties with which
Barrick has entered into such transaction; (b) market liquidity risk  risk
that Barrick has entered into a derivative position that cannot be closed out
quickly, by either liquidating such derivative instrument or by establishing an
offsetting position; (c) mark to market risk  the risk that, in respect of
certain derivative products, an adverse change in market prices for
commodities, currencies or interest rates will result in Barrick recognizing a
loss in respect of such derivative products.

For a description of the steps Barrick has taken to mitigate these risks,
see Forward Sales Program.

Employee Relations

Barricks ability to achieve its future goals and objectives is dependent,
in part, on maintaining good relations with its employees. A prolonged labor
disruption at any of its material properties could have a material adverse
impact on its operations as a whole.

Title to properties

The validity of mining claims, which constitute most of Barricks property
holdings, can be uncertain and may be contested. Although Barrick has attempted
to acquire satisfactory title to its properties, some risk exists that some
titles, particularly title to undeveloped properties, may be defective.

Competition

Barrick competes with other mining companies and individuals for mining
claims and leases on exploration properties and the acquisition of gold mining
assets. Barrick cannot assure that it will continue to be able to compete
successfully with Barricks competitors in acquiring such properties and
assets.

Interest rates and gold lease rates

A significant, prolonged decrease in interest rates could have a material
adverse impact on the interest earned on Barricks cash balances. A
significant, prolonged decrease in interest rates and/or increase in gold lease
rates could have a material adverse impact on the difference between the
forward gold price over the current spot price (contango), and, ultimately,
the realized price under new forward gold sales contracts entered into by
Barrick. The Companys interest rate exposure mainly relates to the mark to
market value of derivative instruments, the fair value and ongoing payments
under gold lease rate and US dollar interest-rate swaps, and interest receipts
on the Companys cash balances. The majority of

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Barricks long-term debt is at fixed interest rates and is not affected by changes
in interest rates (though a portion of this fixed rate debt has been swapped to
floating rate debt).

SELECTED CONSOLIDATED FINANCIAL INFORMATION

Reference is made to page 100 of the 2002 Annual Report to shareholders,
which is incorporated by reference into this Annual Information Form, which
should be read together with the Companys Consolidated Financial Statements
(US GAAP) for the year ended December 31, 2002 and the Companys Consolidated
Financial Statements (Canadian GAAP) for the year ended December 31, 2002.

US GAAP

For the years ended December 31, 2002, 2001 and 2000
(in millions of US dollars, except per share data)

|                                |                                               |   |       |       |      |   |       |       |  |   |        |       |     
|------------------------------- | --------------------------------------------- | - | ----- | ----- | ---- | - | ----- | ----- |  | - | ------ | ----- | ----
|                                |                                               |   | 2002  |       | 2001 |   | 2000 
|                                |                                               |   |       |       |      |   |      
|Sales                           |                                               | $ | 1,967 |       |      | $ | 1,989 |       |  | $ | 1,936  |      
|Net income (loss)               |                                               | $ | 193   |       |      | $ | 96    |       |  | $ | (1,189 | )(1) 
|Net income (loss) per share     |                                               |   |       |       |      |   |       |       |  |   |        |      
|                                | Basic                                         |   | $     | 0.36  |      |   | $     | 0.18  |  |   | $      | (2.22 | )(1)
|                                | Diluted                                       |   | $     | 0.36  |      |   | $     | 0.18  |  |   | $      | (2.22 | )(1)
|Total assets                    |                                               | $ | 5,261 |       |      | $ | 5,202 |       |  | $ | 5,393  | (1)  
|Total long-term debt (2)        |                                               | $ | 781   |       |      | $ | 802   |       |  | $ | 904    |      
|Cash dividends per common share |                                               | $ | 0.22  |       |      | $ | 0.22  |       |  | $ | 0.22   |      
|Operating statistics            |                                               |   |       |       |      |   |       |       |  |   |        |      
|                                | Gold production (thousands of ounces)         |   |       | 5,695 |      |   |       | 6,124 |  |   |        | 5,950 |     
|                                | Total cash operating costs per ounce          |   | $     | 177   |      |   | $     | 162   |  |   | $      | 155   |     
|                                | Average price realized per ounce of gold sold |   | $     | 339   |      |   | $     | 317   |  |   | $      | 334   |     
|                                | Average spot price of gold per ounce          |   | $     | 310   |      |   | $     | 271   |  |   | $      | 279   |     

(1)     In 2000 the Company took a $1.4 billion ($2.54 per share) non-cash
provision to earnings, net of income taxes of $243 million, to cover the
writedown of the carrying amounts of various assets.

(2)     Includes current portion of long-term debt.

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Canadian GAAP
For the years ended December 31, 2002, 2001 and 2000
(in millions of US dollars, except per share data)

|                                |                                               |   |       |       |      |   |       |       |  |   |       |       |     
|------------------------------- | --------------------------------------------- | - | ----- | ----- | ---- | - | ----- | ----- |  | - | ----- | ----- | ----
|                                |                                               |   | 2002  |       | 2001 |   | 2000 
|                                |                                               |   |       |       |      |   |      
|Sales                           |                                               | $ | 1,947 |       |      | $ | 1,324 |       |  | $ | 1,307 |      
|Net income (loss)               |                                               | $ | 229   |       |      | $ | 271   |       |  | $ | (768  | )(1) 
|Net income (loss) per share     |                                               |   |       |       |      |   |       |       |  |   |       |      
|                                | Basic                                         |   | $     | 0.42  |      |   | $     | 0.68  |  |   | $     | (1.94 | )(1)
|                                | Diluted                                       |   | $     | 0.42  |      |   | $     | 0.68  |  |   | $     | 1.94  | )(1)
|Total assets                    |                                               | $ | 7,704 |       |      | $ | 7,688 |       |  | $ | 4,535 | (1)  
|Total long-term debt (2)        |                                               | $ | 777   |       |      | $ | 802   |       |  | $ | 676   |      
|Cash dividends per common share |                                               | $ | 0.22  |       |      | $ | 0.22  |       |  | $ | 0.22  |      
|Operating statistics            |                                               |   |       |       |      |   |       |       |  |   |       |      
|                                | Gold production (thousands of ounces)         |   |       | 5,695 |      |   |       | 3,739 |  |   |       | 3,744 |     
|                                | Total cash operating costs per ounce          |   | $     | 177   |      |   | $     | 159   |  |   | $     | 145   |     
|                                | Average price realized per ounce of gold sold |   | $     | 336   |      |   | $     | 341   |  |   | $     | 362   |     
|                                | Average spot price of gold per ounce          |   | $     | 310   |      |   | $     | 271   |  |   | $     | 279   |     

(1)     In 2000 the Company took a $1.1 billion ($2.77 per share) non-cash
provision to earnings, net of income taxes of $230 million, to cover the
writedown of the carrying amounts of various assets.

(2)     Includes current portion of long-term debt.

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to the Managements Discussion and Analysis of Financial
and Operating Results of the Company (US GAAP) for the year ended December 31,
2002 and the Managements Discussion and Analysis of Financial and Operating
Results of the Company (Canadian GAAP), for the year ended December 31, 2002
each of which is incorporated by reference into this Annual Information Form.

CONSOLIDATED FINANCIAL STATEMENTS

Reference is made to the Companys Consolidated Financial Statements for
the year ended December 31, 2002 (US GAAP) and the Companys Consolidated
Financial Statements for the year ended December 31, 2002 (Canadian GAAP), both
of which are incorporated by reference into this Annual Information Form.

DIVIDEND POLICY

In each of 2001 and 2002, Barrick paid a total cash dividend of $0.22 per
share  $0.11 in mid-June and $0.11 in mid-December. The amount and timing of
any dividends is within the discretion of Barricks Board of Directors. The
Board of Directors reviews the dividend policy semi-annually based on the cash
requirements of Barricks operating assets, exploration and development
activities, as well as potential acquisitions, combined with the current and
projected financial position of Barrick.

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DIRECTORS AND OFFICERS OF THE COMPANY

Reference is made to the sections Election of Directors and
Statement
of Corporate Governance Practices on pages 5-10 of the Management Information
Circular and Proxy Statement of the Company dated March 31, 2003 for
information regarding directors of the Company and the Committees of the Board
which pages are incorporated herein by reference. As of March 15, 2003,
Directors and executive officers of Barrick as a group beneficially own,
directly or indirectly, or exercise control or direction over, approximately
0.3% of the outstanding common shares of Barrick.

One director of the Company, Mr. J.L. Rotman, has been a director of other
companies, which during the past ten years have been the subject of a cease
trade or similar order while Mr. Rotman was acting as a director of such
companies. Livent Inc. was the subject of a cease trade order issued by the
Ontario Securities Commission on August 7, 1998 following the discovery of
accounting irregularities. In November 1998 Livent Inc. filed a voluntary
petition under Chapter 11 of the U.S. Bankruptcy Code and filed for protection
under the Companies Creditors Arrangement Act in Canada. The cease trade order
was revoked effective November 20, 1998 and Mr. Rotman resigned as a director
of Livent Inc. on September 29, 1999. Paragon Entertainment Corporation made a
filing under the Companies Creditors Arrangement Act in April 1998; Mr. Rotman
resigned as a director of Paragon in June 1998.

Officers of the Company

The following are the officers of the
Company as at May 1, 2003:

|                                          |  |                                                                |                                           |                                                                                                                                                                                                                                                             
|----------------------------------------- |  | -------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name (age) and municipality               |  | Office                                                         |                                           |                                                                                                                                                                                                                                                             
|of residence                              |  | (date became an Officer)                                       | Principal occupations during past 5 years
|Peter Munk (75)
Toronto, Ontario          |  | Chairman and Director (1984)                                   |                                           | Chairman of the Company; Chairman of
Trizec Properties, Inc. (real estate)
and Chairman and Chief Executive Officer
of Trizec Canada Inc. (real estate);
prior to May 2002, Chairman of
TrizecHahn Corporation (real estate).                               
|                                          |  |                                                                |                                           |                                                                                                                                                                                                                                                             
|Gregory C. Wilkins 
Toronto, Ontario (47) |  | President and Chief Executive
Officer (2003)and Director(1991) |                                           | President and Chief Executive Officer of
the Company; prior to February 2003,
Corporate Director; prior to May 2002,
Vice-Chairman, TrizecHahn Corporation
(real estate); prior to March 2001
President and Chief Operating Officer,
TrizecHahn Corporation.
|                                          |  |                                                                |                                           |                                                                                                                                                                                                                                                             
|John Carrington (59)
Thornhill, Ontario   |  | Vice Chairman and Chief
Operating Officer and Director(1995)   |                                           | Vice Chairman and Chief Operating
Officer of the Company; prior to March
1999, Chief Operating Officer of the
Company.                                                                                                                                      
|                                          |  |                                                                |                                           |                                                                                                                                                                                                                                                             
|Jack Thompson (53)

Alamo, California     |  | Vice Chairman and Director(2001)                               |                                           | Vice Chairman of the Company; prior to
December 2001, Chairman and Chief
Executive Officer of Homestake.                                                                                                                                                    

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|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|----------------------------------------------- |  | -------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name (age) and municipality                     |  | Office                                                   |  |                                                                                                                                                                                                                                                                                                                                                       
|of residence                                    |  | (date became an Officer)                                 |  | Principal occupations during past 5 years                                                                                                                                                                                                                                                                                                             
|Tye W. Burt 
Toronto, Ontario (46)              |  | Executive Director (2002)                                |  | Executive Director, Corporate
Development of the Company; prior to
December 2002, Principal, Harris
Partners Limited (investment banking)
and President, Cartesian Capital Corp.
(investment banking); prior to May 2000,
Chairman, Deutsche Bank Canada
(investment banking) and Managing
Director of Deutsche Banks Global
Metals and Mining Group.
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|Patrick Garver (51)
Toronto, Ontario            |  | Executive Vice President and
General Counsel
(1993)      |  | Executive Vice President and General
Counsel of the Company.                                                                                                                                                                                                                                                                                          
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|Alan Hill (60)
Toronto, Ontario                 |  | Executive Vice President,
Development (1984)             |  | Executive Vice President, Development of
the Company.                                                                                                                                                                                                                                                                                                 
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|Alexander Davidson (51)
North York, Ontario     |  | Senior Vice President,
Exploration (1993)                |  | Senior Vice President, Exploration of
the Company.                                                                                                                                                                                                                                                                                                    
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|Jamie Sokalsky (45)
Toronto, Ontario            |  | Senior Vice President and
Chief Financial
Officer (1993) |  | Senior Vice President and Chief
Financial Officer of the Company; prior
to March 1999, Vice President and
Treasurer of the Company.                                                                                                                                                                                                                   
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|Ammar Al-Joundi (38)
Toronto, Ontario           |  | Vice President and Treasurer
(1999)                      |  | Vice President and Treasurer of the
Company; prior to May 1999, Vice
President, Structured Finance, Citibank
Canada.                                                                                                                                                                                                                                  
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|Vincent Borg (46)
Toronto, Ontario              |  | Vice President, Corporate
Communications (1992)          |  | Vice President, Corporate Communications
of the Company.                                                                                                                                                                                                                                                                                              
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|Michael Brown (45)
Washington, D.C              |  | Vice President, United StatesPublic Affairs (1995)       |  | Vice President, United States Public
Affairs of the Company.                                                                                                                                                                                                                                                                                          
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|André Falzon (48)
Toronto, Ontario              |  | Vice President and Controller(1988)                      |  | Vice President and Controller of the
Company.                                                                                                                                                                                                                                                                                                         
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|James Fleming (52)
Toronto, Ontario             |  | Vice President,
Communications (1995)                    |  | Vice President, Communications of the
Company.                                                                                                                                                                                                                                                                                                        
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|Gordon Fife (44)
Stouffville, Ontario           |  | Vice President, Organizational
Effectiveness (2002)      |  | Vice President, Organizational
effectiveness of the Company; prior to
January 2002, Principal,
PricewaterhouseCoopers LLP; prior to
October 1997, Principal, HR Associates.                                                                                                                                                                           
|                                                |  |                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|Gregory Lang (48)
City Beach, Western Australia |  | Vice President, Australian
Operations (2001)             |  | Vice President, Australian Operations of
the Company; prior to December 2001,
Vice President, Australia, Homestake
Mining Company; prior to January 1999,
Vice President U.S. and International
Operations, Homestake Mining Company.                                                                                                                 

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|                                         |  |                                                  |  |                                                                                                                                                                                                                                                                                                                              
|---------------------------------------- |  | ------------------------------------------------ |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name (age) and municipality              |  | Office                                           |  |                                                                                                                                                                                                                                                                                                                              
|of residence                             |  | (date became an Officer)                         |  | Principal occupations during past 5 years                                                                                                                                                                                                                                                                                    
|John McDonough (56)
Salt Lake City, Utah |  | Vice President, Enviroment (1994)                |  | Vice President, Environment of the
Company.                                                                                                                                                                                                                                                                                  
|                                         |  |                                                  |  |                                                                                                                                                                                                                                                                                                                              
|Stephen Orr (48)
Toronto, Ontario        |  | Vice President, North American
Operations (2001) |  | Vice President, North American
Operations of the Company; prior to
December 2001, Vice President, North
American Operations, Homestake Mining
Company.                                                                                                                                                                       
|                                         |  |                                                  |  |                                                                                                                                                                                                                                                                                                                              
|Raymond Threlkeld (56)
Santiago, Chile   |  | Vice President, Project
Development (2002)       |  | Vice President, Project Development of
the Company; prior to July 2002, Vice
President and General Manager in respect
of the Pascua-Lama property; prior to
December 2000, Vice President and
General Manager in respect of the
Bulyanhulu property; prior to March
1999, General Manager in respect of the
Pierina property.
|                                         |  |                                                  |  |                                                                                                                                                                                                                                                                                                                              
|David Welles (64)
New York, New York     |  | Vice President and Tax 
Counsel (1995)           |  | Vice President and Tax Counsel of the
Company.                                                                                                                                                                                                                                                                               
|                                         |  |                                                  |  |                                                                                                                                                                                                                                                                                                                              
|Richard Young (39)
Mississauga, Ontario  |  | Vice President, Investor
Relations (2000)        |  | Vice President, Investor Relations of
the Company; prior to December 2000,
Director, Investor Relations of the
Company; prior to January 1998, Manager,
Corporate Development of the Company.                                                                                                                                
|                                         |  |                                                  |  |                                                                                                                                                                                                                                                                                                                              
|Sybil Veenman (39)
Toronto, Ontario      |  | Associate General Counsel and
Secretary (1995)   |  | Associate General Counsel and Secretary
of the Company.                                                                                                                                                                                                                                                                      

NON-GAAP MEASURES

It is Barricks understanding that certain investors use cash costs per
ounce data to assess Barricks performance and also determine its ability to
generate cash flow for use in investing and other activities. The inclusion of
cash costs per ounce statistics enables investors to better understand year on
year changes in production costs, which in turn affect the Companys
profitability and cash flow. This data is intended to provide additional
information and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP. The measures are not
necessarily indicative of operating costs or cash flow measures presented under
GAAP.

- 75 -



---



##### 



Reconciliation of Cash Costs per Ounce

|                                                     |  |      |       |      |  |      |       |   |  |   |       |  
|---------------------------------------------------- |  | ---- | ----- | ---- |  | ---- | ----- | - |  | - | ----- | -
|(in millions of US dollars except per ounce amounts) |  | 2002 |       | 2001 |  | 2000
|                                                     |  |      |       |      |  |     
|Operating costs per financial statements             |  | $    | 1,071 |      |  | $    | 1,080 |   |  | $ | 950   |  
|Reclamation,
closure and other costs1                |  |      | (43   | )    |  |      | (60   | ) |  |   | (50   | )
|                                                     |  |      |       |      |  |      |       |   |  |   |       |  
|Operating costs for per ounce calculation            |  | $    | 1,028 |      |  | $    | 1,020 |   |  | $ | 900   |  
|                                                     |  |      |       |      |  |      |       |   |  |   |       |  
|Ounces sold (thousands)                              |  |      | 5,805 |      |  |      | 6,278 |   |  |   | 5,794 |  
|Total cash costs per ounce                           |  | $    | 177   |      |  | $    | 162   |   |  | $ | 155   |  
|                                                     |  |      |       |      |  |      |       |   |  |   |       |  

1 In 2002, includes costs totaling $15 million in connection with the Peruvian
tax assessment. Total cash costs per ounce data is calculated in accordance
with The Gold Institute Production Cost Standard (the Standard). Adoption of
the Standard is voluntary, and the data presented may not be comparable to data
presented by other gold producers. Cash costs per ounce are derived from
amounts included in the Statements of Income and include mine site operating
costs such as mining, processing, administration, royalties and production
taxes, but exclude amortization, reclamation costs, financing costs, and
capital, development and exploration.

ADDITIONAL INFORMATION

The Company will provide to any person, upon a request to the Secretary of
the Company, the following information:



|(a) |  | when the securities of the Company are in the course of a distribution
pursuant to a short form prospectus or a preliminary short form prospectus
which has been filed in respect of a proposed distribution of its
securities:
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i)   |  | one copy of the latest Annual Information Form,
together with one copy of any document, or the pertinent pages
of any document, incorporated therein by reference;                                                                                                                                                                                                       
| | ----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (ii)  |  | one copy of the comparative financial statements of
the Company for its most recently completed financial year for
which financial statements have been filed together with the
accompanying report of the auditor and one copy of any interim
financial statements of the Company subsequent to the financial
statements for its most recently completed financial year;
|
| | (iii) |  | one copy of the information circular of the
Company in respect of its most recent annual meeting of
shareholders which involved the election of directors; and                                                                                                                                                                                                           
|
| | (iv)  |  | one copy of any other documents that are
incorporated by reference into the preliminary short form
prospectus or the short form prospectus and are not required to
be provided under (i) to (iii) above; or                                                                                                                                                              

- 76 -



---



##### 



(b)     at any other time, one copy of any other documents referred to in (a)(i),
(ii) and (iii) above, provided that the Company may require the payment of
a reasonable charge if the request is made by a person or company that is
not a security holder of the Company.

Additional information, including directors and officers remuneration
and indebtedness, principal holders of the Companys securities and options to
purchase securities is contained in the Companys Management Information
Circular and Proxy Statement dated March 31, 2003. As well, additional
financial information is provided in the Companys 2002 Annual Report, in the
Companys Consolidated Financial Statements (both as prepared under US GAAP and
as prepared under Canadian GAAP) and Managements Discussion and Analysis of
Financial and Operating Results for the year ended December 31, 2002 (both as
prepared under US GAAP and as prepared under Canadian GAAP), each of which is
available electronically from the Canadian System for Electronic Document
Analysis and Retrieval (SEDAR) (http://www.sedar.com).

- 77 -



---



##### 



UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

A.     Undertaking



| |                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Barrick Gold Corporation (the Registrant)
undertakes to make
available, in person or by telephone, representatives to respond to
inquiries made by the Commission staff, and to furnish promptly, when
requested to do so by the Commission staff, information relating to: the
securities in relation to which the obligation to file an annual report on
Form 40-F arises; or transactions in said securities.

B.     Consent to Service of Process



| |                                                                                                         
| | --------------------------------------------------------------------------------------------------------
| | The Registrant has previously filed with the Commission
a Form F-X in
connection with the Common Shares.

INCORPORATION BY REFERENCE

T
he Registrants annual report on Form 40-F is incorporated by reference
in the Registrants registration statements on Form F-9/F-3 (Nos. 333-6756 and
333-6756-1) and Form F-3 (No. 333-14148).

CONTROLS AND PROCEDURES

Within the 90-day period prior to the filing of this report, an evaluation
was carried out under the supervision of and with the participation of the
registrants management, including our Chief Executive Officer and Chief
Financial Officer, of the effectiveness of our disclosure controls and
procedures (as defined in Rules 13a-14(c) and 15d-14(c)) under the Securities
Act of 1934. Based on that evaluation our Chief Executive Officer and Chief
Financial Officer concluded that the design and operation of these controls and
procedures were effective. No significant changes were made in our internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation nor were there any significant
deficiencies or material weaknesses in such controls requiring corrective
action. As a result, no corrective actions were taken.





---



##### 



SIGNATURES

Pursuant to
the requirements of the Exchange Act, the Registrant certifies
that it meets all of the requirements for filing on Form 40-F and has duly
caused this annual report to be signed on its behalf by the undersigned,
thereto duly authorized.

| |  |                          |  |                      |  |                          
| |  | ------------------------ |  | -------------------- |  | -------------------------
| |  | BARRICK GOLD CORPORATION
| |  |                          |  |                      |  |                          
| |  | By:                      |  | /s/ SYBIL E. VEENMAN
| |  |                          |  |                     
| |  |                          |  | Name:                |  | Sybil E. Veenman         
| |  |                          |  | Title:               |  | Associate General Counsel
| |  |                          |  |                      |  | and Secretary            
|
| |  | Dated:
May 16, 2003     





---



##### 



CERTIFICATIONS

I, Gregory C. Wilkins, President and Chief Executive Officer of Barrick Gold
Corporation, certify that:



|1. |  | I have reviewed this annual report on Form 40-F of Barrick Gold
Corporation;                                                                                                                                                                                                                                            
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | Based on my knowledge, this annual report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this annual report;
|  
|3. |  | Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly present
in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the
periods presented in this annual report;                   
|  
|4. |  | The registrants other certifying officers and I are
responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for
the registrant and have:                                                                                                  



| | a) |  | designed such disclosure controls and procedures to
ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in
which this annual report is being prepared;
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | b) |  | evaluated the effectiveness of the registrants
disclosure controls and procedures as of a date within 90 days
prior to the filing date of this annual report (the Evaluation
Date); and                                                                                                  
|
| | c) |  | presented in this annual report our conclusions
about the effectiveness of the disclosure controls and
procedures based on our evaluation as of the Evaluation Date;                                                                                                                        



|5. |  | The registrants other certifying officers and I have
disclosed, based on our most recent evaluation, to the registrants
auditors and the audit committee of registrants board of directors
(or persons performing the equivalent function):
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) |  | all significant deficiencies in the design or
operation of internal controls which could adversely affect the
registrants ability to record, process, summarize and report
financial data and have identified for the registrants
auditors any material weaknesses in internal controls; and
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | b) |  | any fraud, whether or not material, that involves
management or other employees who have a significant role in
the registrants internal controls; and                                                                                                                                        



|6. |  | The registrants other certifying officers and I have indicated
in this annual report whether or not there were significant changes
in internal controls or in other factors that could significantly
affect internal controls subsequent to the date of our most recent
evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                                                | 
|----------------------------------------------------------------------------------------------- | 
|/s/   GREGORY C. WILKINS

Name: Gregory C. Wilkins
Title: President and Chief Executive Officer | 

Date: May 16, 2003





---



##### 



I, Jamie C. Sokalsky, Senior Vice President and Chief Financial Officer of
Barrick Gold Corporation, certify that:



|1. |  | I have reviewed this annual report on Form 40-F of Barrick Gold
Corporation;                                                                                                                                                                                                                                            
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | Based on my knowledge, this annual report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this annual report;
|  
|3. |  | Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly present
in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the
periods presented in this annual report;                   
|  
|4. |  | The registrants other certifying officers and I are
responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for
the registrant and have:                                                                                                  



| | a) |  | designed such disclosure controls and procedures to
ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in
which this annual report is being prepared;
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | b) |  | evaluated the effectiveness of the registrants
disclosure controls and procedures as of a date within 90 days
prior to the filing date of this annual report (the Evaluation
Date); and                                                                                                  
|
| | c) |  | presented in this annual report our conclusions
about the effectiveness of the disclosure controls and
procedures based on our evaluation as of the Evaluation Date;                                                                                                                        



|5. |  | The registrants other certifying officers and I have
disclosed, based on our most recent evaluation, to the registrants
auditors and the audit committee of registrants board of directors
(or persons performing the equivalent function):
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) |  | all significant deficiencies in the design or
operation of internal controls which could adversely affect the
registrants ability to record, process, summarize and report
financial data and have identified for the registrants
auditors any material weaknesses in internal controls; and
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | b) |  | any fraud, whether or not material, that involves
management or other employees who have a significant role in
the registrants internal controls; and                                                                                                                                        



|6. |  | The registrants other certifying officers and I have indicated
in this annual report whether or not there were significant changes
in internal controls or in other factors that could significantly
affect internal controls subsequent to the date of our most recent
evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                                                        | 
|------------------------------------------------------------------------------------------------------- | 
|/s/ JAMIE C. SOKALSKY

Name: Jamie C. Sokalsky
Title: Senior Vice President and Chief Financial Officer | 

Date: May 16, 2003





---



##### 



EXHIBIT INDEX

|         |  |                                                                                                                                                                                                                                                                                                                                                     
|-------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits |  | Description                                                                                                                                                                                                                                                                                                                                         
|1        |  | Barrick Gold Corporations Comparative Audited Consolidated
Financial Statements prepared in accordance with U.S. generally
accepted accounting principles (US GAAP), including the Notes
thereto, as at December 31, 2002 and 2001 and for the years ended
December 31, 2002, 2001 and 1999, together with the Auditors
report thereon          
|         |  |                                                                                                                                                                                                                                                                                                                                                     
|2        |  | Barrick Gold Corporations Managements Discussion and Analysis
(US GAAP) for the year ended December 31, 2002                                                                                                                                                                                                                                      
|         |  |                                                                                                                                                                                                                                                                                                                                                     
|3        |  | Barrick Gold Corporations Comparative Audited Consolidated
Financial Statements prepared in accordance with Canadian
generally accepted accounting principles (Canadian GAAP),
including the Notes thereto, as at December 31, 2002 and 2001 and
for the years ended December 31, 2002, 2001 and 2000, together
with the Auditors report thereon
|         |  |                                                                                                                                                                                                                                                                                                                                                     
|4        |  | Barrick Gold Corporations Managements Discussion and Analysis
(Canadian GAAP) for the year ended December 31, 2002                                                                                                                                                                                                                                
|         |  |                                                                                                                                                                                                                                                                                                                                                     
|5        |  | Consent of PricewaterhouseCoopers LLP                                                                                                                                                                                                                                                                                                               
|         |  |                                                                                                                                                                                                                                                                                                                                                     
|6        |  | Certificate of Gregory C. Wilkins pursuant to Section 906 of
Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                             
|         |  |                                                                                                                                                                                                                                                                                                                                                     
|7        |  | Certificate of Jamie C. Sokalsky pursuant to Section 906 of
Sarbanes-Oxley Act of 2002