##### 



EXHIBIT 99.1





---



##### 



(BARRICK LOGO)

BARRICK GOLD CORPORATION

Consolidated Financial Statements and

Managements Discussion and Analysis of Financial and Operating Results

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003

In accordance with Canadian Generally Accepted Accounting Principles





---



##### 



Managements Discussion and Analysis of Financial and Operating Results

HIGHLIGHTS

In third quarter 2003, production was 1.48 million ounces of gold at total cash
costs of $180 per ounce, compared to 1.38 million ounces of gold at $182 per
ounce1 in the year earlier quarter. The slightly lower costs in 2003 are
primarily due to purchase accounting adjustments that caused third quarter 2002
costs to be $2 per ounce higher. Net income was $48 million ($0.09 per share),
compared to $38 million ($0.07 per share) for third quarter 2002. Third quarter
earnings benefited from higher gold sales prices and gains on various asset
sales, offset by non-hedge derivative losses and higher income tax expense and
administration costs.

During the quarter, spot gold prices remained above the price we could
have realized by delivering into our forward gold sales contracts. This allowed
us the opportunity to benefit from the flexibility of our forward sales
program, by realizing the higher spot price for most of our gold production
during the first three quarters of the year. Year to date, we have received an
average $352 per ounce for all ounces sold, compared to the average $354 per
ounce spot price.

In third quarter 2003, operating cash flow totaled $200 million, compared
to $137 million for the year earlier quarter, due primarily to higher gold
sales prices and gold sales volumes. In the third quarter, our cash balance
increased by $47 million to over $1 billion at September 30, 2003, even after
spending $98 million on capital and $91 million under our share buyback
program.

GOLD SALES

Revenue for third quarter 2003 was $541 million on gold sales of 1.51 million
ounces, compared to $468 million in revenue on gold sales of 1.38 million
ounces for the year earlier quarter. Higher gold sales during the quarter were
coupled with a $21 per ounce (6%) increase in the average realized price.
During the third quarter, spot gold prices ranged from a high of $389 to a low
of $342 per ounce, averaging $364 per ounce. We realized an average of $359 per
ounce during the quarter by delivering all of our gold at spot gold prices,
which exceeded the prices we could have achieved through our forward sales
contracts.

Our forward sales program remains an important tool for the Company,
particularly as a means of securing our revenue base given the large
development program planned over the next five years. During the quarter the
position remained at 16.1 million ounces, unchanged from second quarter as we
sold all of our production at spot prices. The program is larger than we would
like it to be in the current gold environment. We will continue to use market
opportunities to bring the program down from about three years of production 
toward a more optimal upper parameter of two years of production, or 20% of
operating mine reserves. Ultimately, market conditions will impact the level of
forward sales at any point in time. With higher expected gold price volatility,
we may reduce the size of the program on gold price dips but add to the program
on gold price spikes in an effort to improve the average price of the contracts
in the program.

At quarters end, the unrealized mark-to-market on our derivative
instruments position, including gold and silver forward sales contracts, as
well as currency and interest rate hedge programs, was negative $1 billion.
This mark-to-market value represents the replacement value of these contracts
based on current market levels, and does not represent an economic obligation
for payment by Barrick. Barricks obligations under the gold sales contracts
are to deliver an agreed upon quantity of gold at a hedge price by the
termination date on the contracts (2013 in most cases).

|  |  |                                                                                                                      
|- |  | ---------------------------------------------------------------------------------------------------------------------
| 
|1 |  | For an explanation of non-GAAP
performance measures refer to pages 15-16 of the Managements Discussion and Analysis.



BARRICK THIRD QUARTER REPORT 2003
    1
    MANAGEMENTS DISCUSSION AND ANALYSIS




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##### 



In accordance with hedge accounting rules, the mark-to-market value of our currency and interest rate hedge programs, and of our normal
sales gold and silver contracts is not recorded on our balance sheet, as accounting rules that govern these contracts do not require balance sheet
recognition. The economic impact of our currency and interest rate hedge programs is reflected in our financial statements as the contracts
mature and the forecasted hedged items occur. The economic impact of our normal sales contracts is reflected in our financial statements as we
physically deliver gold and silver under the contracts.

OVERVIEW

For third quarter 2003, our overall production was in line with plan at 1.48 million ounces,
while cash costs were better than plan at $180 per ounce, despite the lower contributions from Meikle and Bulyanhulu. Overall production
for the year is expected to be 5.4 to 5.5 million ounces, at total cash costs
in the $190 to $195 per ounce range.

Looking forward to 2004, production is expected to be about 10% lower and
cash costs about 10% higher than the current year. This is primarily as a
result of lower grades at Pierina and Betze-Post. Pierina is now in its last
year of producing in the 900,000 ounce range, before stepping down to lower
production levels as mining moves to lower grade areas in the pit.

A further weakening of the US dollar is not expected to have a significant
impact on cash costs, due to our Canadian and Australian dollar currency hedge
positions, equivalent to about three years of local Canadian and Australian
dollar costs.

During third quarter 2003, Barrick was actively exploring over 60 projects
in 9 countries. Early stage exploration on over 50 targets continues to define
and prioritize targets for detailed follow up. Drilling was carried out on 17
projects during the quarter and will continue on 13 projects in fourth quarter
2003.

For detailed information on each of our operations and development
projects, please see accompanying US GAAP Managements Discussion and Analysis
of Financial and Operating Results (pages 7-12).

AMORTIZATION

Amortization totaled $122 million, or $77 per ounce1, for third quarter 2003,
compared to $132 million or $91 per ounce1 in the year earlier quarter. The
decrease was due to lower per ounce amortization offset by an increase in
ounces sold compared to the prior year period. On a per ounce basis,
amortization was lower, due mainly to the change in the production mix across
our portfolio of mines.

ADMINISTRATION

Third quarter 2003 administration costs were $19 million, an increase of $3
million over the year earlier period. The increase is primarily related to
severance costs incurred as part of our new organizational design and higher
insurance costs.

For 2003, administration costs are expected to total $80 million, an
increase of $10 million over the beginning of year estimate primarily due to
additional severance, insurance and legal costs. Administration costs in 2004
are expected to be approximately $75 million.

EXPLORATION AND BUSINESS DEVELOPMENT

Exploration and business development expenses totaled $21 million for third
quarter 2003, an increase of $2 million over the year earlier quarter. Half of
the third quarter 2003 expenses were attributable to the North American and
South American regions.

Looking forward to 2004, we would expect exploration and business
development expenses to be in the $70 million range.

INTEREST AND OTHER INCOME

For third quarter 2003, interest and other income was $20 million, an increase
of $8 million compared to the prior year period. In third quarter 2003, we
realized $13 million in gains on various asset sales, including the



BARRICK THIRD QUARTER REPORT 2003
    2
    MANAGEMENTS DISCUSSION AND ANALYSIS




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##### 



Bousquet Mine and certain investments. We also received interest on cash of $9 million.

INTEREST EXPENSE

We incurred $12 million in interest costs in third quarter 2003, compared to
$17 million in the year earlier quarter, relating primarily to our $500 million
of debentures, and the $200 million Bulyanhulu project financing. The decrease
over the year earlier period mainly reflects lower interest rates, including a
$1 million beneficial effect of an interest rate swap used to convert interest
on $250 million of our debentures from fixed to floating during the quarter.

For the full year, we expect to incur approximately $50 million in
interest costs, of which we expect to capitalize $6 million to our construction
projects.

NON-HEDGE DERIVATIVE GAINS (LOSSES)

The principal components of the mark-to-market gains and losses are changes in
currency, commodity, and interest and lease rate contracts, and exclude our
normal sales contracts.

The total mark-to-market loss on the non-hedge derivative positions
included in third quarter 2003 earnings was $21 million (year to date gain of
$25 million), compared with a loss of $2 million for the year earlier period.
The loss during the quarter primarily relates to losses on interest rate
contracts, including our lease rate swaps, due to movements in interest rates
and spot gold prices.

Our gold sales contracts have fixed lease rates; however, for about one
third of the contracts, we swapped out of the fixed lease rates for floating
lease rates to take advantage of lower short-term rates. As gold prices and lease and interest rates decline/(increase), an
unrealized mark-to-market gain/(loss) on these swap contracts occurs and is
recorded, which flows through earnings each quarter. We expect to see ongoing
fluctuations in these swap contracts in the following quarters as gold prices
and lease and interest rates change.

INCOME TAXES

In third quarter 2003, we recorded a net income tax expense of $28 million,
compared to a net income tax expense of $2 million in the prior year quarter,
primarily due to the higher spot gold price. Income tax expense for the
nine-month period ended September 30, 2003 includes a release of valuation
allowances against deferred tax assets totaling $21 million, resulting from
actions completed during the second quarter that provided assurance of the
future realization of such assets. Excluding the valuation allowance release,
our effective tax rate in the first nine months of 2003 increased to 24%,
compared to a recovery of $12 million in the year earlier period. Compared to
the Canadian federal tax rate of 38%, our lower effective tax rate is mainly
due to: the utilization of previously unrecognized tax loss carry forwards,
which mitigated extra taxes that would have arisen from the increase in average
spot gold prices from $306 per ounce in 2002 to $354 per ounce in 2003; as well
as non-hedge derivative gains taxed in a low tax rate jurisdiction. Our tax
rate rises as gold prices rise, as a larger portion of our earnings are taxed
in higher tax-rate jurisdictions. We estimate that in the current gold price
environment our effective tax rate for 2003 will be about 20%, excluding the
effect of changes in valuation allowances and any further non-hedge derivative
gains and losses arising in the fourth quarter.

LIQUIDITY AND CAPITAL RESOURCES

We believe our ability to generate free cash flow from operations is one
of our fundamental financial strengths. Combined with our large cash balance of
$1 billion at September 30, 2003 and our $1 billion undrawn bank facility, we
have sufficient access to capital resources to develop our internal projects
and maintain a strong exploration program.

OPERATING ACTIVITIES

We generated operating cash flow of $200 million in third quarter 2003,
compared to $137 million in the year earlier period. The increase in operating
cash flow in the



BARRICK THIRD QUARTER REPORT 2003
    3
    MANAGEMENTS DISCUSSION AND ANALYSIS




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##### 



third quarter primarily relates to higher gold sales volumes and realized gold prices.

Our operating cash flow in 2003 has been significantly affected by timing
differences between cash payments of tax installments, which are based on 2002
taxable income, and accruals for current taxes based on expected 2003 taxable
income. In third quarter 2003, this timing difference resulted in a net
increase to operating cash flow of $10 million. For the first nine months of
2003, this timing difference resulted in a net decrease in operating cash flow
of $45 million. As taxable income is significantly affected by changes in spot
gold prices, any timing differences resulting from these changes could impact
our operating cash flow.

INVESTING ACTIVITIES

Our principal investing activities are for sustaining capital at our existing
operating properties, new mine development and property and company
acquisitions.

CAPITAL EXPENDITURES

Capital expenditures for third quarter 2003 totaled $98 million, compared to
$69 million for the year earlier period. The increase was due primarily to
increased spending in Australia ($36 million), mainly for underground
development and new mining equipment. Capital expenditures also included $20
million in North America for maintenance capital, and $12 million in Tanzania
spent at the Bulyanhulu Mine on underground development. In South America,
capital expenditures totaled $30 million at Veladero and Pierina, and included
engineering and development work at Pascua-Lama. We would expect capital
spending to increase in 2004, as we expect to begin construction of Veladero,
Cowal and Alto Chicama.

FINANCING ACTIVITIES

During third quarter 2003, our cash outflow on financing activities was $83
million, compared with $nil in the year earlier period. The higher outflow in
third quarter 2003 principally related to the buyback of 5.3 million Barrick
common shares at an average price of $17.30 per share at a total cost of $91
million.

OUTLOOK

Our objective is to grow our business organically and through compelling
acquisition opportunities in the global mining industry. We are focused on
running our existing operations as efficiently and effectively as possible, as we develop our new generation of mines and sustain
one of the largest exploration programs in the industry.

In third quarter 2003, the flexibility in our forward sales program once
again allowed us to participate in higher gold prices, selling production at
the higher spot prices, as gold prices were above our 2003 floor price of $340.
We plan to continue to take advantage of the flexibility inherent in our
program and spot gold price volatility to reduce the size of our forward sales
position over time, subject to market conditions.

Overall for 2003, we are forecasting production of 5.4 to 5.5 million
ounces at an average total cash cost in the $190 to $195 per ounce range, and a
total production cost in the $280 to $285 per ounce range. We expect
exploration and business development expenses to be approximately $70 million.
Administration expense for the year is expected to be approximately $80 million
and interest expense approximately $44 million, while, in the current gold
price environment, our effective tax rate will be about 20%, excluding the
effect of changes in valuation allowances and any further non-hedge derivative
gains and losses. Capital expenditures for the year are expected to total about
$220 million at our operating mines, and a further $175 million at our four
development projects, for a total of $395 million.

In 2004, the Company expects production to be approximately 10% lower than
the current year and costs to run approximately 10% higher, as several of the
Companys key operations, primarily Pierina and Goldstrike, mine lower grade
material.



BARRICK THIRD QUARTER REPORT 2003
    4
    MANAGEMENTS DISCUSSION AND ANALYSIS




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##### 



NON-GAAP MEASURES

We have included cost per ounce data because we understand that certain
investors use this information to determine the Companys ability to generate
earnings as well as cash flow for use in investing and other activities. We
believe that conventional measures of performance prepared in accordance with
GAAP do not fully illustrate the ability of our operating mines to generate
cash flow. The data are 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 profit or cash flow from operations as determined under GAAP.
Where cost per ounce data is computed by dividing GAAP operating cost
components by ounces sold, we have not provided formal reconciliations of these
statistics. Where GAAP operating costs are adjusted in computing cost per ounce
data, we have provided reconciliations below.



BARRICK THIRD QUARTER REPORT 2003
    5
    MANAGEMENTS DISCUSSION AND ANALYSIS




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##### 



Reconciliation of Total Cash Costs Per Ounce3 to Financial Statements

---

Three months ended
    
    Nine months endedSeptember 30,
    
    September 30,(In millions of United States dollarsexcept per ounce amounts)
    
    2003
    
    2002
    
    2003
    
    2002Operating costs per financial statements
    
    $
    290
    
    
    $
    254
    
    
    $
    818
    
    
    $
    793Reclamation costs/other
    
    
    (19
    )
    
    
    (2
    )
    
    
    (37
    )
    
    
    (13
    )Operating costs for per ounce calculation
    
    $
    271
    
    
    $
    252
    
    
    $
    781
    
    
    $
    780Ounces sold (thousands)
    
    
    1,505
    
    
    
    1,384
    
    
    
    4,193
    
    
    
    4,265Total cash costs per ounce
    
    $
    180
    
    
    $
    182
    
    
    $
    186
    
    
    $
    183




---

|3. |  | Total cash costs per ounce data are 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 costs.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Reconciliation of Amortization and Reclamation Costs Per Ounce to Financial
Statements

---

Three months ended
    
    Nine months endedSeptember 30,
    
    September 30,(In millions of United States dollarsexcept per ounce amounts)
    
    2003
    
    2002
    
    2003
    
    2002Amortization per financial statements
    
    $
    122
    
    
    $
    132
    
    
    $
    364
    
    
    $
    386Amortization recorded on property, plant
and equipment
not at operating mine sites
    
    
    6
    
    
    
    5
    
    
    
    21
    
    
    
    16Amortization for per ounce calculation
    
    
    116
    
    
    
    127
    
    
    
    343
    
    
    
    370Reclamation costs
    
    
    19
    
    
    
    2
    
    
    
    37
    
    
    
    13Amortization and reclamation costs for per
ounce calculation
    
    $
    135
    
    
    $
    129
    
    
    $
    380
    
    
    $
    383Ounces sold (thousands)
    
    
    1,505
    
    
    
    1,384
    
    
    
    4,193
    
    
    
    4,265Amortization costs per ounce
    
    $
    77
    
    
    $
    91
    
    
    $
    82
    
    
    $
    87Amortization and reclamation costs per ounce
    
    $
    90
    
    
    $
    93
    
    
    $
    91
    
    
    $
    90




BARRICK THIRD QUARTER REPORT 2003
    6
    MANAGEMENTS DISCUSSION AND ANALYSIS




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##### 



FINANCIAL RISK MANAGEMENT

Forward Gold Sales Hedge Position (as of September 30, 2003)

Gold ounces hedged
    
    16.1 million ounces (or
approximately three years of
expected future production)Current termination date of gold
sales contracts
    
    2013 in most casesAverage projected realizable gold
sales contract price at 2013
termination date
    
    $414/oz1Delivery obligations
    
    Barrick will deliver gold production
from operations against gold sales
contracts by the termination date
(which is currently 2013 in most
cases). However, Barrick may choose
to settle any gold sales contract in
advance of this termination date at
any time, at its discretion.
Historically, delivery has occurred
in advance of the contractual
termination date.2Minimum gold sales price for
remaining expected 2003 production
    
    $345/oz3Average forecast minimum realizable
contract gold sales price for
delivery of 100% of expected future
production into existing sales
contracts over the next three years
    
    $318/oz1,2,4Unrealized mark to market loss at
September 30, 2003
    
    $1.2 billion5Capped price variable price gold
sales contracts outstanding
    
    None




---

|1. |  | Approximate estimated value based on current market US dollar interest
rates and an average lease rate assumption of 1.5%                          
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | Accelerating gold deliveries could potentially lead to reduced contango
that would otherwise have built-up over time.                              
|  
|3. |  | Lowest expected realized price for 2003, assuming the use of certain gold
sales contracts, or the spot market price of gold, whichever is higher.  
|  
|4. |  | Assumes delivery of 100% of expected future production against current
gold sales contracts which would exhaust all remaining gold hedge
positions.
|  
|5. |  | At a spot gold price of $385 per ounce.                                                                                                            

In all of our master trading agreements, which govern the terms of our gold
sales contracts with our 19 counterparties, the following applies:



| |  |  | The counterparties do not have unilateral and discretionary right to break provisions.
| | - |  | ----------------------------------------------------------------------------------------



| |  |  | There are no credit downgrade provisions.
| | - |  | -----------------------------------------



| |  |  | We are not subject to any margin calls  regardless of the price of gold.
| | - |  | -------------------------------------------------------------------------



| |  |  | We have the right to accelerate the delivery of gold at any time during the life of our contracts. This flexibility is
demonstrated by the terms that allow us to close out hedge contracts at any time on two days notice, or keep these hedge
contracts outstanding for as long as 15 years. This feature means that we can sell our gold at the market price or our
hedge price, whichever is higher.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Our trading agreements with our counterparties do provide for early close out
of certain transactions in the event of a material negative change in our
ability to produce gold for delivery under our hedging agreements, or a lack of
gold market, and for customary events of default such as covenant breaches,
insolvency or bankruptcy. The significant financial covenants, which are
calculated using our US GAAP Consolidated Financial Statements, are:



| |  |  | Barrick must maintain a minimum consolidated net worth of at least US$2 billion  currently, it is
US$3.4 billion.
| | - |  | ------------------------------------------------------------------------------------------------------------------



| |  |  | Barrick must maintain a maximum long-term debt to consolidated net worth ratio of 1.5:1  currently, it is under 0.25 :1.
| | - |  | -------------------------------------------------------------------------------------------------------------------------

The foregoing information is a summary of certain aspects of our forward sales
program and is not intended to be comprehensive. For a more complete
understanding, reference should be made to the Companys website
(www.barrick.com).



BARRICK THIRD QUARTER REPORT 2003
    7
    MANAGEMENTS DISCUSSION AND ANALYSIS




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##### 



The estimated fair value of all derivative instruments at September 30,
2003 was approximately $1 billion negative. The year-to-date change in the fair
value of our derivative instruments is detailed as follows:

Mark-to-Market (Fair Value) at September 30, 2003 of all derivative
instruments:

Gold forward sales position
    
    $
    (1,213
    )Silver forward sales position
    
    
    (1
    )Foreign currency position
    
    
    185Interest rate position
    
    
    29All derivative instruments
    
    $
    (1,000
    )


Continuity Schedule of the Change in the Mark-to-Market Value of our gold forward sales position (millions)

Fair value as at December 31, 2002   Unrealized loss
    
    $
    (639
    )Impact of change in spot price (from $347 per ounce to $385 per ounce)
    
    
    (613
    )Contango earned period to date
    
    
    105Impact of change in valuation inputs other than spot metal prices
(e.g. interest rates, lease rates, and volatility)
    
    
    (66
    )Fair value as at September 30, 2003   Unrealized loss
    
    $
    (1,213
    )


The mark-to-market value of the gold contracts is based on a spot gold price of
$385 per ounce and market rates for LIBOR and gold lease rates. The
mark-to-market value of the contracts would approach zero (breakeven) at a spot
gold price of approximately $311 per ounce, assuming all other variables are
constant. The mark-to-market value represents the replacement value of these
contracts based on current market levels, and does not represent an economic
obligation for payment by Barrick. Barricks obligations under the gold sales
contracts are to deliver an agreed upon quantity of gold at a hedge price by
the termination date on the contracts (2013 in most cases).



BARRICK THIRD QUARTER REPORT 2003
    8
    MANAGEMENTS DISCUSSION AND ANALYSIS




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##### 



Consolidated Statements of Income

(in millions of United States dollars, except per share data, Cdn GAAP basis)
    
    Three months ended Sept. 30,
    
    Nine months ended Sept. 30,(Unaudited)
    
    2003
    
    2002
    
    2003
    
    2002Gold sales (note 11)
    
    $
    541
    
    
    $
    468
    
    
    $
    1,477
    
    
    $
    1,426Costs and expenses
Operating (notes 2 and 11)
    
    
    290
    
    
    
    254
    
    
    
    818
    
    
    
    793Amortization  property, plant and equipment (note 11)
    
    
    112
    
    
    
    125
    
    
    
    335
    
    
    
    373Amortization  intangible assets (note 11)
    
    
    10
    
    
    
    7
    
    
    
    29
    
    
    
    13Administration
    
    
    19
    
    
    
    16
    
    
    
    61
    
    
    
    49Exploration and business development
    
    
    21
    
    
    
    19
    
    
    
    57
    
    
    
    43452
    
    
    
    421
    
    
    
    1,300
    
    
    
    1,271Interest and other income (note 3)
    
    
    20
    
    
    
    12
    
    
    
    29
    
    
    
    28Interest expense
    
    
    (12
    )
    
    
    (17
    )
    
    
    (34
    )
    
    
    (51
    )Non-hedge derivative gains (losses) (note 9)
    
    
    (21
    )
    
    
    (2
    )
    
    
    25
    
    
    
    (26
    )Income before income taxes
    
    
    76
    
    
    
    40
    
    
    
    197
    
    
    
    106Income tax recovery (expense) (note 4)
    
    
    (28
    )
    
    
    (2
    )
    
    
    (27
    )
    
    
    12Net income
    
    $
    48
    
    
    $
    38
    
    
    $
    170
    
    
    $
    118Earnings per share data (note 5):Net income
Basic and diluted
    
    $
    0.09
    
    
    $
    0.07
    
    
    $
    0.32
    
    
    $
    0.22


The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.



BARRICK THIRD QUARTER REPORT 2003
    9
    FINANCIAL STATEMENTS




---



##### 



Consolidated Statements of Cash Flow

(in millions of United States dollars, Cdn GAAP basis)
    
    Three months ended Sept. 30,
    
    Nine months ended Sept. 30,(Unaudited)
    
    2003
    
    2002
    
    2003
    
    2002OPERATING ACTIVITIES
Net income for the period
    
    $
    48
    
    
    $
    38
    
    
    $
    170
    
    
    $
    118Amortization (note 11)
    
    
    122
    
    
    
    132
    
    
    
    364
    
    
    
    386Changes in capitalized mining costs
    
    
    18
    
    
    
    9
    
    
    
    34
    
    
    
    11Future income taxes
    
    
    (14
    )
    
    
    (3
    )
    
    
    (47
    )
    
    
    (27
    )Other items (note 12)
    
    
    26
    
    
    
    (39
    )
    
    
    (92
    )
    
    
    (60
    )Net cash provided by operating activities
    
    
    200
    
    
    
    137
    
    
    
    429
    
    
    
    428INVESTING ACTIVITIESProperty, plant and equipmentCapital expenditures (note 11)
    
    
    (98
    )
    
    
    (69
    )
    
    
    (260
    )
    
    
    (200
    )Sales proceeds
    
    
    28
    
    
    
    4
    
    
    
    38
    
    
    
    7Short-term investments
    
    
    
    
    
    
    29
    
    
    
    
    
    
    
    159Net cash used in investing activities
    
    
    (70
    )
    
    
    (36
    )
    
    
    (222
    )
    
    
    (34
    )FINANCING ACTIVITIESCapital stock
Issued on exercise of stock options
    
    
    8
    
    
    
    2
    
    
    
    11
    
    
    
    83Repurchased for cash (note 7A)
    
    
    (91
    )
    
    
    
    
    
    
    (154
    )
    
    
    Long-term debt repayments
    
    
    
    
    
    
    (2
    )
    
    
    (9
    )
    
    
    (3
    )Dividends
    
    
    
    
    
    
    
    
    
    
    (60
    )
    
    
    (60
    )Net cash provided by (used in) financing activities
    
    
    (83
    )
    
    
    
    
    
    
    (212
    )
    
    
    20Increase (decrease) in cash and equivalents
    
    
    47
    
    
    
    101
    
    
    
    (5
    )
    
    
    414Cash and equivalents at beginning of period
    
    
    992
    
    
    
    887
    
    
    
    1,044
    
    
    
    574Cash and equivalents at end of period
    
    $
    1,039
    
    
    $
    988
    
    
    $
    1,039
    
    
    $
    988


The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.



BARRICK THIRD QUARTER REPORT 2003
    10
    FINANCIAL STATEMENTS




---



##### 



Consolidated Balance Sheets

(in millions of United States dollars, Cdn GAAP basis)
    
    As at Sept. 30,
    
    As at Dec. 31,(Unaudited)
    
    2003
    
    2002ASSETSCurrent assetsCash and equivalents
    
    $
    1,039
    
    
    $
    1,044Short-term investments
    
    
    27
    
    
    
    36Accounts receivable
    
    
    67
    
    
    
    72Inventories (note 6)
    
    
    166
    
    
    
    164Other current assets (note 6)
    
    
    30
    
    
    
    121,329
    
    
    
    1,328Property, plant and equipment
    
    
    3,795
    
    
    
    3,881Capitalized mining costs, net
    
    
    238
    
    
    
    272Intangible assets
    
    
    695
    
    
    
    724Goodwill
    
    
    1,247
    
    
    
    1,247Non-current derivative assets
    
    
    21
    
    
    
    16Other assets
    
    
    279
    
    
    
    236Total assets
    
    $
    7,604
    
    
    $
    7,704LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilitiesAccounts payable
    
    $
    198
    
    
    $
    164Other current liabilities
    
    
    309
    
    
    
    282507
    
    
    
    446Long-term debt
    
    
    754
    
    
    
    757Other long-term obligations
    
    
    297
    
    
    
    353Future income taxes
    
    
    488
    
    
    
    552Total liabilities
    
    
    2,046
    
    
    
    2,108Shareholders equityCapital stock
    
    
    4,970
    
    
    
    5,040Retained Earnings
    
    
    614
    
    
    
    577Cumulative foreign currency translation adjustments
    
    
    (26
    )
    
    
    (21
    )Total shareholders equity
    
    
    5,558
    
    
    
    5,596Total liabilities and shareholders equity
    
    $
    7,604
    
    
    $
    7,704


The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.



BARRICK THIRD QUARTER REPORT 2003
    11
    FINANCIAL STATEMENTS




---



##### 



Consolidated Statement of Shareholders Equity

(in millions of United States dollars, Cdn GAAP basis) (Unaudited)
    
    2003Common shares (number in millions)At January 1
    
    
    542Issued for cash/on exercise of stock options
    
    
    1Repurchased for cash (note 7A)
    
    
    (9
    )At September 30
    
    
    534Common shares (amount in millions)At January 1
    
    $
    5,040Issued for cash/on exercise of stock options
    
    
    11Repurchased for cash (note 7A)
    
    
    (81
    )At September 30
    
    $
    4,970Retained EarningsAt January 1
    
    $
    577Net income
    
    
    170Dividends
    
    
    (60
    )Repurchase of common shares(1)
    
    
    (73
    )At September 30
    
    $
    614Cumulative foreign currency translation adjustments
    
    $
    (26
    )Total shareholders equity at September 30
    
    $
    5,558




---

|1 |  | Represents the excess of cash paid over the average book value repurchased as
part of the share buyback plan.
|- |  | -------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.



BARRICK THIRD QUARTER REPORT 2003
    12
    FINANCIAL STATEMENTS




---



##### 



Notes to Unaudited Interim Consolidated Financial Statements (CDN GAAP)

Tabular dollar amounts in millions of United States dollars, unless otherwise
indicated, Canadian GAAP basis. References to C$ and A$ are to Canadian and
Australian dollars, respectively.



|1 |  | BASIS OF PREPARATION
|- |  | --------------------

The United States dollar is the principal currency of our operations. We
prepare and file our primary consolidated financial statements in United
States dollars and under United States generally accepted accounting
principles (US GAAP). The accompanying unaudited interim consolidated
financial statements have been prepared in accordance with Canadian generally
accepted accounting principles (Canadian GAAP) for the preparation of
interim financial information. Accordingly, they do not include all of the
information and disclosures required by Canadian GAAP for annual consolidated
financial statements. The accounting policies used in the preparation of the
accompanying unaudited interim consolidated financial statements are the same
as those described in our audited consolidated financial statements and the
notes thereto for the three years ended December 31, 2002.

In the opinion of management, all adjustments considered necessary for
fair presentation of results for the periods presented have been reflected in
these financial statements. Operating results for the period ended September
30, 2003 are not necessarily indicative of the results that may be expected
for the full year ending December 31, 2003. These unaudited interim
consolidated financial statements should be read in conjunction with the
audited annual consolidated financial statements and the notes thereto for
the three years ended December 31, 2002.

The preparation of financial statements under Canadian GAAP requires us
to make estimates and assumptions that affect:



| |  |  | the reported amounts of assets and liabilities;
| | - |  | -----------------------------------------------



| |  |  | disclosures of contingent assets and liabilities; and
| | - |  | -----------------------------------------------------



| |  |  | revenues and expenses recorded in each reporting period.
| | - |  | --------------------------------------------------------

The most significant estimates and assumptions that affect our financial
position and results of operations are those that use estimates of proven and
probable gold reserves, and non-reserve material expected to be converted
into proven and probable reserves, and/or assumptions of future gold prices.
Such estimates and assumptions affect:



| |  |  | the value of assets and liabilities acquired in business combinations, as well as allocations of goodwill to reporting units;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------



| |  |  | the value of inventories (which are stated at the lower of average cost and net realizable value);
| | - |  | --------------------------------------------------------------------------------------------------



| |  |  | decisions as to when exploration and mine development costs should be capitalized or expensed;
| | - |  | ----------------------------------------------------------------------------------------------



| |  |  | whether property, plant and equipment, capitalized mining costs, intangible assets and goodwill may be impaired;
| | - |  | ----------------------------------------------------------------------------------------------------------------



| |  |  | our ability to realize income tax benefits recorded as future income tax assets; and
| | - |  | ------------------------------------------------------------------------------------



| |  |  | the rate at which we charge amortization to earnings.
| | - |  | -----------------------------------------------------



BARRICK THIRD QUARTER REPORT 2003
    13
    NOTES TO FINANCIAL STATEMENTS




---



##### 



We also estimate:



| |  |  | costs associated with reclamation and closure of mining properties;
| | - |  | -------------------------------------------------------------------



| |  |  | remediation costs for inactive properties;
| | - |  | ------------------------------------------



| |  |  | the timing and amounts of forecasted future expenditures that represent the hedged items underlying hedging relationships for our cash flow hedge contracts;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the fair values of derivative instruments; and
| | - |  | ----------------------------------------------



| |  |  | the likelihood and amounts associated with contingencies.
| | - |  | ---------------------------------------------------------

We regularly review the estimates and assumptions that affect our
financial statements, however, what actually happens could differ from those
estimates and assumptions.



|2 |  | OPERATING COSTS
|- |  | ---------------

Three months ended Sept. 30,
    
    Nine months ended Sept. 30,2003
    
    2002
    
    2003
    
    2002Cost of goods sold
    
    $
    286
    
    
    $
    269
    
    
    $
    819
    
    
    $
    840By-product revenues
    
    
    (33
    )
    
    
    (27
    )
    
    
    (86
    )
    
    
    (89
    )Royalty expenses
    
    
    14
    
    
    
    9
    
    
    
    36
    
    
    
    26Production taxes
    
    
    4
    
    
    
    1
    
    
    
    12
    
    
    
    3Reclamation and closure costs
    
    
    19
    
    
    
    2
    
    
    
    37
    
    
    
    13$
    290
    
    
    $
    254
    
    
    $
    818
    
    
    $
    793


Amortization of capitalized mining costs

We charge most mine operating costs to inventory as incurred. However, we
defer and amortize certain mining costs associated with open-pit deposits
that have diverse ore grades and waste-to-ore ton ratios over the mine life.
These mining costs arise from the removal of waste rock at our open-pit
mines, and we commonly refer to them as deferred stripping costs. We
record in cost of goods sold amortization of amounts deferred based on a
stripping ratio using the units-of-production method. This accounting
method results in the smoothing of these costs over the life of mine, rather
than expensing them as incurred. Some mining companies expense these costs
as incurred, which may result in the reporting of greater volatility in
period-to-period results of operations. The application of our deferred
stripping accounting policy in the three months ended September 30, 2003
resulted in an increase in operating costs by $18 million compared to actual
costs incurred (three months ended September 30, 2002  $9 million increase),
and for the nine months ended September 30, 2003, the application resulted in
an increase in operating costs by $34 million compared to actual costs
incurred (nine months ended September 30, 2002  $11 million increase).

Capitalized mining costs are an asset that represents the excess of
costs capitalized over the related amortization recorded, although it is
possible that a liability could arise if cumulative amortization exceeds
costs capitalized. The carrying amount of capitalized mining costs is
included with related mining property, plant and equipment for impairment
testing purposes.



BARRICK THIRD QUARTER REPORT 2003
    14
    NOTES TO FINANCIAL STATEMENTS




---



##### 



Average stripping ratios(1)

---

Three months ended Sept. 30,
    
    Nine months ended Sept. 30,2003
    
    2002
    
    2003
    
    2002Betze-Post (Goldstrike)
    
    
    112:1
    
    
    
    112:1
    
    
    
    112:1
    
    
    
    112:1Pierina
    
    
    48:1
    
    
    
    48:1
    
    
    
    48:1
    
    
    
    48:1




---

|(1) |  | The stripping ratio is calculated as the ratio of total tons (ore and
waste) of material to be moved compared to total recoverable ounces in
proven and probable gold reserves.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The average remaining life of the above-mentioned open-pit mine operations
for which we capitalize mining costs is
9 years. The full amount of stripping costs incurred will be expensed by the
end of the mine lives.

Pension costs

In 2003, we reduced the assumed rate of return on pension plan assets
from 8.5% to 7%. The effect of this change in 2003 will be to increase
pension cost expense by $2 million for the full year.



|3 |  | INTEREST AND OTHER INCOME
|- |  | -------------------------

Three months ended Sept. 30,
    
    Nine months ended Sept. 30,2003
    
    2002
    
    2003
    
    2002Interest income
    
    $
    9
    
    
    $
    4
    
    
    $
    25
    
    
    $
    18Gains on sale of property, plant and equipment
    
    
    13
    
    
    
    
    
    
    
    24
    
    
    
    5Foreign currency translation gains (losses)
    
    
    (1
    )
    
    
    5
    
    
    
    (6
    )
    
    
    3Losses on short-term investments
    
    
    
    
    
    
    
    
    
    
    (7
    )
    
    
    (4
    )Other items
    
    
    (1
    )
    
    
    3
    
    
    
    (7
    )
    
    
    6$
    20
    
    
    $
    12
    
    
    $
    29
    
    
    $
    28




|4 |  | INCOME TAXES
|- |  | ------------

Income tax recovery (expense)

Three months ended Sept. 30,
    
    Nine months ended Sept. 30,2003
    
    2002
    
    2003
    
    2002Current
    
    $
    (42)
    
    
    $
    (5)
    
    
    $
    (74)
    
    
    $
    (15)Future
    
    
    14
    
    
    
    3
    
    
    
    47
    
    
    
    27$
    (28
    )
    
    $
    (2)
    
    
    $
    (27)
    
    
    $
    12


Following a corporate reorganization of certain North American
subsidiaries in second quarter 2003, we released valuation allowances
totaling $21 million previously recorded against certain future income tax
assets in entities that did not have any current sources of income. The tax
benefits from these previously unrecognized tax assets are now expected to be
realized, and this benefit was recorded as a component of the $47 million
future income tax credit for the nine months ended September 30, 2003.



BARRICK THIRD QUARTER REPORT 2003
    15
    NOTES TO FINANCIAL STATEMENTS




---



##### 



Excluding the $21 million valuation allowance released in second quarter
2003, our estimated underlying effective tax rate for the nine months ended
September 30, 2003 was 24%. The two major reasons why this rate differs from
the Canadian federal statutory rate of 38% include: non-hedge derivative
gains in a low tax-rate jurisdiction caused our effective tax rate to
decrease by 6%; and the benefits of previously unrecognized tax loss
carryforwards in various foreign subsidiaries which were utilized to offset
higher levels of taxable income due to the higher gold price environment,
which caused our effective tax rate to decrease by 8%.



|5 |  | EARNINGS PER SHARE
|- |  | ------------------

Net income per share was calculated using the weighted average number of
common shares outstanding for the three-month period ended September 30,
2003, which amounted to 536 million shares (2002  540 million shares), and
for the nine-month period ended September 30, 2003 amounted to 540 million
shares (2002  540 million shares).

Diluted net income per share reflects the dilutive effect of the
exercise of the common share purchase options outstanding as at the end of
the period. The number of shares for the diluted net income per share
calculation for the three-month period ended September 30, 2003 amounted to
538 million shares (2002  541 million shares) and for the nine-month period
ended September 30, 2003 amounted to 540 million shares (2002  541 million
shares).



|6 |  | INVENTORIES AND OTHER CURRENT ASSETS
|- |  | ------------------------------------

At September 30, 2003
    
    At Dec. 31, 2002Inventories
Gold in process and ore in stockpiles
    
    $
    105
    
    
    $
    105Mine operating supplies
    
    
    61
    
    
    
    59$
    166
    
    
    $
    164Other current assets
Prepaid expenses
    
    
    30
    
    
    
    12$
    30
    
    
    $
    12


Gold in process and ore in stockpiles excludes $63 million (December 31, 2002
  $61 million) of stockpiled ore, which is not expected to be processed in
the following 12 months. This amount is included in other assets.



|7 |  | CAPITAL STOCK
|- |  | -------------



|A |  | Share repurchase program
|- |  | ------------------------

During the three-month period ended September 30, 2003, we repurchased 5.27
million common shares at an average cost of $17.30 per share. For the
nine-month period ended September 30, 2003, we repurchased 8.75 million
common shares at an average cost of $17.56 per share.



BARRICK THIRD QUARTER REPORT 2003
    16
    NOTES TO FINANCIAL STATEMENTS




---



##### 





|B |  | Barrick Gold Inc. (BGI) exchangeable shares
|- |  | ---------------------------------------------

In connection with a 1998 acquisition, BGI, formerly Homestake Canada Inc.,
issued 11.1 million BGI exchangeable shares. Each BGI exchangeable share is
exchangeable for 0.53 of a Barrick common share at any time at the option of
the holder and has essentially the same voting, dividend (payable in Canadian
dollars), and other rights as 0.53 of a Barrick common share. BGI is a
subsidiary that holds our interest in the Hemlo and Eskay Creek Mines.

At September 30, 2003, 1.6 million BGI exchangeable shares were
outstanding, which are equivalent to 0.8 million Barrick common shares. The
equivalent common share amounts are reflected in the number of common shares
outstanding.

At any time on or after December 31, 2008, or when fewer than 1.4
million BGI exchangeable shares are outstanding, we have the right to require
the exchange of each outstanding BGI exchangeable share for 0.53 of a Barrick
common share. While there are exchangeable shares outstanding, we are
required to present summary consolidated financial information relating to
BGI for holders of exchangeable shares.

Summarized financial information for BGI

Three months ended September 30,
    
    Nine months ended September 30,2003
    
    2002
    
    2003
    
    2002Total revenues and other
income
    
    $
    60
    
    
    $
    38
    
    
    $
    165
    
    
    $
    141Less: costs and expenses
    
    
    59
    
    
    
    36
    
    
    
    175
    
    
    
    138Income (loss) before taxes:
    
    $
    1
    
    
    $
    2
    
    
    $
    (10
    )
    
    $
    3Net Income (loss)
    
    $
    1
    
    
    $
    (2
    )
    
    $
    (11
    )
    
    $
    (7)


At September 30, 2003
    
    At December 31, 2002Current assets
    
    $
    137
    
    
    $
    91Non-current assets
    
    
    258
    
    
    
    236Total assets
    
    
    395
    
    
    
    327Current liabilities
    
    
    88
    
    
    
    75Notes payable
    
    
    525
    
    
    
    407Other long-term liabilities
    
    
    14
    
    
    
    18Deferred income taxes
    
    
    94
    
    
    
    122Shareholders equity
    
    
    (326
    )
    
    
    (295
    )Total liabilities and shareholders equity
    
    $
    395
    
    
    $
    327




|8 |  | EMPLOYEE STOCK-BASED COMPENSATION
|- |  | ---------------------------------

Common stock options

Stock option activity (shares in millions)

Common
    
    Weighted
    
    Common
    
    Weightedshares
    
    average
    
    shares
    
    average(number)
    
    price (C$)
    
    (number)
    
    price (US$)At December 31, 2002
    
    
    18.9
    
    
    
    
    
    
    
    3.1Granted
    
    
    1.0
    
    
    $
    25.10
    
    
    
    
    
    
    
    Exercised
    
    
    (0.3
    )
    
    $
    24.00
    
    
    
    (0.4
    )
    
    $
    11.39Canceled or expired
    
    
    (0.7
    )
    
    $
    28.30
    
    
    
    (0.1
    )
    
    $
    23.28At September 30, 2003
    
    
    18.9
    
    
    
    
    
    
    
    2.6




BARRICK THIRD QUARTER REPORT 2003
    17
    NOTES TO FINANCIAL STATEMENTS




---



##### 



CICA Handbook section 3870, Stock-based Compensation and Other Stock-based
Payments (CICA 3870), encourages, but does not require, companies to record
compensation cost for stock-based employee compensation plans based on the fair
value of options granted. We have elected to continue to account for
stock-based compensation using the intrinsic value method prescribed in CICA
3870 and its related interpretations, and to provide disclosures of the pro
forma effects of adoption had we recorded compensation expense under the fair
value method.

Stock option expense (per share amounts in dollars)

Three months ended Sept. 30,
    
    Nine months ended Sept. 30,2003
    
    2002
    
    2003
    
    2002Pro forma effects
Net income, as reported
    
    $
    48
    
    
    $
    38
    
    
    $
    170
    
    
    $
    118Stock-option expense
    
    
    (6
    )
    
    
    (5
    )
    
    
    (18
    )
    
    
    (15
    )Pro forma net income
    
    $
    42
    
    
    $
    33
    
    
    $
    152
    
    
    $
    103Net income per share
As reported1
    
    $
    0.09
    
    
    $
    0.07
    
    
    $
    0.32
    
    
    $
    0.22Pro forma1
    
    $
    0.08
    
    
    $
    0.06
    
    
    $
    0.28
    
    
    $
    0.19




---

|1 |  | basic and diluted
|- |  | -----------------



|9 |  | DERIVATIVE INSTRUMENTS
|- |  | ----------------------



|A |  | Derivative instruments
|- |  | ----------------------

We use derivative financial instruments to reduce or eliminate the inherent
risks of certain identifiable transactions and balances that occur in the
normal course of our business. The inherent risks in these transactions and
balances arise from changes in: commodity prices (gold and silver), interest
rates and foreign currency exchange rates. The purpose of our derivative
program is to ensure that disadvantageous changes in the values or cash flows
from these transactions and balances are offset by changes in the values of
the derivatives. We do not hold derivatives for the purpose of speculation;
our derivative program is designed to enable us to plan our operations on the
basis of secure assumptions that will not be jeopardized by future movements
of gold and silver prices, interest rates and currency exchange rates. For a
more detailed description of the types of derivative instruments we use, and
our accounting policy for derivative instruments, refer to note 23 to our
audited consolidated financial statements for the three years ended December
31, 2002.



|B |  | Gold and silver hedge contracts
|- |  | -------------------------------

Forward gold sales contracts

We have entered into forward gold sales contracts with various counterparties
that fix selling prices at interim dates prior to the final delivery date for
16.1 million ounces of future gold production, and that have fixed price
adjustment mechanisms based on the market gold price in the case of
rescheduling of delivery dates. These contracts act as an economic hedge
against possible price fluctuations in gold. The contracts have final
delivery dates primarily over the next 10 to 15 years, but we have the right
to accelerate the delivery date at any time during this period. At the time a
price is set for a rescheduled interim date, the original contract price is
adjusted based on the difference between the prevailing forward gold market
price and the spot price of gold.



BARRICK THIRD QUARTER REPORT 2003
    18
    NOTES TO FINANCIAL STATEMENTS




---



##### 



For the large majority of contracts, future prices are presently fixed
through 2006. The contract prices are determined based on gold forward market
prices. Forward gold market prices are principally influenced by the spot
price of gold, gold lease rates and U.S. dollar interest rates. The actual
realized price will depend on the timing of the actual future delivery date
and the actual amount of the premium of the forward price of gold over the
spot price of gold on the dates that selling prices are set.

Gold lease rate contracts

In addition to the above-noted forward gold sales contracts, we also have gold
lease rate swaps (where Barrick receives a fixed gold lease rate, and pays a
floating gold lease rate) on 3.7 million ounces of gold spread from 2004 to
2013, for gold sales contracts with expected delivery dates beyond 2006.

We use gold lease rate swap contracts to manage our gold lease rate
exposure. These economic hedges do not qualify for hedge accounting and
therefore the economic impact flows through our earnings each quarter as part
of non-hedge derivative gains (losses).

Major customers

The largest single counterparty as of September 30, 2003 made up 11% of the
ounces of outstanding forward gold sales contracts.

Forward silver sales contracts

Forward silver sales contracts have similar delivery terms and pricing
mechanism as forward gold sales contracts. At September 30, 2003, we had
commitments to deliver 32.2 million ounces of silver over periods of 10 to 15
years. A group of these contracts totaling 13.2 million ounces of silver are
accounted for as normal sales contracts.

A separate group of contracts totaling 19 million ounces are accounted
for as cash flow hedges.



BARRICK THIRD QUARTER REPORT 2003
    19
    NOTES TO FINANCIAL STATEMENTS




---



##### 





|C |  | Other derivative instruments outstanding as at September 30, 2003
|- |  | -----------------------------------------------------------------

Maturity
    
    2003
    
    2004
    
    2005
    
    2006
    
    2007
    
    2008+
    
    TotalWritten silver call optionsOunces (thousands)
    
    
    
    
    
    
    3,000
    
    
    
    2,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,000Average exercise price per ounce
    
    $
    
    
    
    $
    5.40
    
    
    $
    5.00
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5.24Interest rate contractsReceive fixed  swapsNotional amount (millions)
    
    
    
    
    
    $
    50
    
    
    $
    
    
    
    $
    100
    
    
    $
    625
    
    
    $
    375
    
    
    $
    1,150Fixed rate (%)
    
    
    
    
    
    
    3.6
    %
    
    
    
    
    
    
    3.0
    %
    
    
    3.4
    %
    
    
    3.8
    %
    
    
    3.5
    %Pay fixed  swapsNotional amount (millions)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    334
    
    
    $
    334Fixed rate (%)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5.6
    %
    
    
    5.6
    %Net notional position
    
    
    
    
    
    $
    50
    
    
    $
    
    
    
    $
    100
    
    
    $
    625
    
    
    $
    41
    
    
    $
    816Foreign currency contractsCanadian Dollar ForwardsC$ (millions)
    
    $
    76
    
    
    $
    398
    
    
    $
    247
    
    
    $
    38
    
    
    $
    96
    
    
    $
    22
    
    
    $
    877Average Price (US¢)
    
    
    0.66
    
    
    
    0.67
    
    
    
    0.65
    
    
    
    0.66
    
    
    
    0.67
    
    
    
    0.68
    
    
    
    0.66Canadian Dollar Min-Max ContractsC$ (millions)
    
    $
    18
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    18Average Cap Price (US¢)
    
    
    0.69
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.69Average Floor Price (US¢)
    
    
    0.67
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.67Australian Dollar ForwardsA$ (millions)
    
    $
    14
    
    
    $
    505
    
    
    $
    307
    
    
    $
    193
    
    
    $
    139
    
    
    $
    19
    
    
    $
    1,177Average Price (US¢)
    
    
    0.54
    
    
    
    0.55
    
    
    
    0.54
    
    
    
    0.55
    
    
    
    0.58
    
    
    
    0.53
    
    
    
    0.55Australian Dollar Min-Max ContractsA$ (millions)
    
    $
    118
    
    
    $
    20
    
    
    $
    10
    
    
    $
    10
    
    
    
    
    
    
    
    
    
    
    $
    158Average Cap Price (US¢)
    
    
    0.55
    
    
    
    0.54
    
    
    
    0.52
    
    
    
    0.52
    
    
    
    
    
    
    
    
    
    
    
    0.54Average Floor Price (US¢)
    
    
    0.54
    
    
    
    0.52
    
    
    
    0.51
    
    
    
    0.51
    
    
    
    
    
    
    
    
    
    
    
    0.53Fuel contractsBarrels WTI (thousands)
    
    
    60
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    240Cap
    
    $
    30
    
    
    $
    30
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    30Floor
    
    $
    
    
    
    $
    19
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    19


Our written silver call options, interest rate and foreign currency
contracts are recorded at fair value on our balance sheet, with changes in
fair value recorded in earnings as they occur, with the following exceptions:



| |  |  | we have elected cash flow hedge accounting treatment for Canadian
dollar foreign currency contracts with a total notional amount of C$893
million, and Australian dollar foreign currency contracts with a total
notional amount of A$1,259 million.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | we have elected for receive-fixed interest rate swaps with a total
notional amount of $800 million to be accounted for as cash flow hedges
of expected future interest receipts arising on our cash and short-term
investments; and we have elected for receive-fixed interest rate swaps
with a total notional amount of
$350 million to be accounted for as a fair value hedge of our fixed-rate
debentures.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | we have elected for an amortizing pay-fixed interest rate swap with
a total notional amount of $184 million as at September 30, 2003 to be
accounted for as a cash flow hedge of future interest payments relating
to the Bulyanhulu project financing.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



BARRICK THIRD QUARTER REPORT 2003
    20
    NOTES TO FINANCIAL STATEMENTS




---



##### 





|D |  | Non-hedge derivative gains (losses)
|- |  | -----------------------------------

Three months ended September 30,
    
    Nine months ended September 30,2003
    
    2002
    
    2003
    
    2002Commodity contracts
    
    $
    (6
    )
    
    $
    5
    
    
    $
    
    
    
    $
    6Currency contracts
    
    
    (2
    )
    
    
    (1
    )
    
    
    4
    
    
    
    (1
    )Interest and lease rate contracts
    
    
    (17
    )
    
    
    (6
    )
    
    
    11
    
    
    
    (31
    )Hedge ineffectiveness recorded
in earnings
    
    
    4
    
    
    
    
    
    
    
    10
    
    
    
    -$
    (21
    )
    
    $
    (2
    )
    
    $
    25
    
    
    $
    (26
    )


During the nine months ended September 30, 2003, we determined that certain
Australian dollar hedge contracts designated as hedges of forecasted capital
expenditures no longer met the qualifying hedge criteria due to changes in
the expected timing of the forecasted expenditures. Accumulated gains
totaling $9 million were recorded under non-hedge derivative gains.



|10 |  | CONTINGENCIES
|-- |  | -------------

Certain conditions may exist as of the date the financial statements are
issued, which may result in a loss to the Company but which will only be
resolved when one or more future events occur or fail to occur. Management
and, where appropriate, legal counsel, assess such contingent liabilities,
which inherently involves an exercise of judgment.

In assessing loss contingencies related to legal proceedings that are
pending against us or unasserted claims that may result in such proceedings,
the Company and its legal counsel evaluate the perceived merits of any legal
proceedings or unasserted claims as well as the perceived merits of the
amount of relief sought or expected to be sought.

If the assessment of a contingency suggests that it is likely that a
material loss has been incurred and the amount of the liability can be
estimated, then the estimated liability is accrued in the consolidated
financial statements. If the assessment suggests that a potentially material
loss contingency is not likely but is reasonably possible, or is likely but
cannot be estimated,
then the nature of the contingent loss, together with an estimate of the
range of possible loss, if determinable, is disclosed. Loss contingencies
considered remote are generally not disclosed unless they involve guarantees,
in which case we disclose the nature of the guarantee.



|A |  | Environmental
|- |  | -------------

Our mining and exploration activities are subject to various federal,
provincial and state laws and regulations governing the protection of the
environment. These laws and regulations are continually changing and
generally becoming more restrictive. We conduct our operations so as to
protect public health and the environment, and we believe that our operations
are materially in compliance with all applicable laws and regulations. We
have made, and expect to make in the future, expenditures to meet such laws
and regulations.

The Comprehensive Environmental Response, Compensation and Liability Act
imposes heavy liabilities on persons who discharge hazardous substances. The
Environmental Protection Agency publishes a National Priorities List (NPL)
of known or threatened releases of such substances. Homestakes former
uranium millsite near Grants, New Mexico is listed on the NPL.



BARRICK THIRD QUARTER REPORT 2003
    21
    NOTES TO FINANCIAL STATEMENTS




---



##### 





|B |  | Litigation and claims
|- |  | ---------------------

Inmet litigation

In October 1997, Barrick Gold Inc. (BGI), formerly Homestake Canada Inc., a
wholly-owned subsidiary of Barrick, entered into an agreement with Inmet
Mining Corporation (Inmet) to purchase the Troilus mine in Quebec for $110
million plus working capital. In December 1997, BGI terminated the agreement
after deciding 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 BGI in the British
Columbia Supreme Court, disputing the termination of the agreement and
alleging that BGI had breached the agreement. On January 15, 2002, the
Supreme Court of British Columbia released its decision in the matter and
found in favour of Inmet and against BGI. Specifically, the Court held that
Inmet should be awarded equitable damages in the amount of C$88.2 (US$59)
million, which was accrued at December 31, 2001. The Court did not award
Inmet pre-judgement interest. Inmet requested the Court to re-open the trial
to let Inmet make submissions on its claim for pre-judgement interest from
the date of the breach by BGI. The request to re-open was denied by the Court
on May 17, 2002.

On February 7, 2002, BGI filed a Notice of Appeal of the decision with
the British Columbia Court of Appeal. Inmet filed a Cross-Appeal of the
decision regarding pre-judgement interest. A letter of credit of about C$95
million was posted on August 20, 2002 by BGI with the British Columbia Court
of Appeal, pending a decision on the appeal. The Appeal of BGI and the
Cross-Appeal of Inmet was heard during June 2003.

Bre-X Minerals

On April 30, 1998, we were 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 us in connection with
our 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 us in late 1996.

On July 13, 1999, the Court dismissed the claims against us 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 us 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 our
Motion to Dismiss the Fourth Amended Complaint. As a result, we remain a
defendant in the case. We believe that the remaining claims against us are
without merit. We filed our formal answer to the Fourth Amended Complaint on
April 27, 2001 denying all relevant allegations of the plaintiffs against us.
Discovery in the case has been stayed by the Court pending the Courts
decision on whether or not to certify the case as a class action. The amount
of potential loss, if any, which we may incur arising out of the plaintiffs
claims is not presently determinable.



BARRICK THIRD QUARTER REPORT 2003
    22
    NOTES TO FINANCIAL STATEMENTS




---



##### 



On March 31, 2003, the Court denied all of the Plaintiffs motions to
certify the case as a class action. Plaintiffs have not filed an
interlocutory appeal of the Courts decision denying class certification to
the Fifth Circuit Court of Appeals. On June 2, 2003, the Plaintiffs
submitted a proposed Trial and Case Management Plan, suggesting that the Plan
would cure the defects in the Plaintiffs motions to certify the class. The
Court has taken no action with respect to the proposed Trial and Case
Management Plan. The Plaintiffs case against the Defendants may now proceed
in due course, but not on behalf of a class of Plaintiffs but only with
respect to the specific claims of the Plaintiffs named in the lawsuit.
Having failed to certify the case as a class action, we believe that the
likelihood of any of the named Defendants succeeding against Barrick with
respect to their claims for securities fraud is remote.

Blanchard complaint

On January 7, 2003, we were 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 the defendant, along with an unspecified number of additional
defendants to be named later. The complaint alleges that we and bullion
banks with which we 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 our trading agreements with J.
P. Morgan and other bullion banks. In September 2003 the Court issued an
Order granting in part and denying in part Barricks motions to dismiss this
action. Barrick has requested that the Court reconsider portions of that
Order. That request is pending. We intend to defend the action vigorously.

Wagner complaint

On June 12, 2003, a complaint was filed against Barrick and several of its
current or former officers in the U.S. District Court for the Southern
District of New York. The complaint is on behalf of Barrick shareholders who
purchased Barrick shares between February 14, 2002 and September 26, 2002.
It alleges that Barrick and the individual defendants violated the U.S.
securities laws by making false and misleading statements concerning
Barricks projected operating results and earnings in 2002. The complaint
seeks an unspecified amount of damages. At least two other complaints,
making the same basic allegations against the same defendants, have been
filed by other parties on behalf of the same proposed class of Barrick
shareholders. In September the cases were consolidated into a single action
in the Southern District of New York. The plaintiffs have been ordered to
file a Consolidated and/or Amended Complaint by November 4, 2003. Barrick
has yet to respond to the consolidated complaint. We intend to defend the
action vigorously.

Peruvian tax assessment

On December 27, 2002, one of our 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 our 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 we have previously assumed
with a resulting increase in current and future income taxes. While we
believe the tax assessment is incorrect and we will appeal the decision, the
full life of mine effect on



BARRICK THIRD QUARTER REPORT 2003
    23
    NOTES TO FINANCIAL STATEMENTS




---



##### 



our current and future 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.

We intend to pursue all available administrative and judicial appeals.
If we are successful on appeal and our original asset valuation is confirmed
as the appropriate tax basis of assets, we 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, we are not required to make payment of disputed
taxes for prior years pending the outcome of the appeal process, which
routinely takes several years.

We have not provided for $51 million of potential interest and penalties
assessed in the audit. Even if the tax assessment is upheld, we believe that
we 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 we
contest 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 we exhaust our appeals.

Other

From time to time, we are involved in various claims, legal proceedings and
complaints arising in the ordinary course of business. We are also subject to
reassessment for income and mining taxes for certain years. We do not believe
that adverse decisions in any pending or threatened proceedings related to
any potential tax assessments or other matters, or any amount which we may be
required to pay by reason thereof, will have a material adverse effect on our
financial condition or future results of operations.



|11 |  | SEGMENT INFORMATION
|-- |  | -------------------

We operate in the gold mining industry and our operations are managed on a
district basis. The Goldstrike District includes the Betze-Post and Meikle
Mines in the United States. Our other segment includes mainly operations
which have been, or are being, closed.

Income statement information

Segment income (loss)Gold Sales
    
    Operating costs
    
    before income taxesThree months ended Sept. 30,
    
    
    2003
    
    
    
    2002
    
    
    
    2003
    
    
    
    2002
    
    
    
    2003
    
    
    
    2002Goldstrike
    
    $
    237
    
    
    $
    160
    
    
    $
    145
    
    
    $
    112
    
    
    $
    57
    
    
    $
    10Pierina
    
    
    79
    
    
    
    73
    
    
    
    19
    
    
    
    19
    
    
    
    23
    
    
    
    15Bulyanhulu
    
    
    24
    
    
    
    28
    
    
    
    18
    
    
    
    19
    
    
    
    (4
    )
    
    
    -Kalgoorlie
    
    
    46
    
    
    
    32
    
    
    
    24
    
    
    
    21
    
    
    
    18
    
    
    
    7Eskay Creek
    
    
    33
    
    
    
    30
    
    
    
    1
    
    
    
    4
    
    
    
    22
    
    
    
    15Hemlo
    
    
    29
    
    
    
    21
    
    
    
    16
    
    
    
    13
    
    
    
    10
    
    
    
    5Plutonic
    
    
    35
    
    
    
    29
    
    
    
    16
    
    
    
    17
    
    
    
    16
    
    
    
    4Round Mountain
    
    
    35
    
    
    
    36
    
    
    
    20
    
    
    
    23
    
    
    
    9
    
    
    
    6Other
    
    
    23
    
    
    
    59
    
    
    
    31
    
    
    
    26
    
    
    
    (22
    )
    
    
    20$
    541
    
    
    $
    468
    
    
    $
    290
    
    
    $
    254
    
    
    $
    129
    
    
    $
    82




BARRICK THIRD QUARTER REPORT 2003
    24
    NOTES TO FINANCIAL STATEMENTS




---



##### 



Segment income (loss)Gold Sales
    
    Operating costs
    
    before income taxesNine months ended Sept. 30,
    
    2003
    
    2002
    
    2003
    
    2002
    
    2003
    
    2002Goldstrike
    
    $
    590
    
    
    $
    490
    
    
    $
    393
    
    
    $
    331
    
    
    $
    98
    
    
    $
    47Pierina
    
    
    237
    
    
    
    205
    
    
    
    59
    
    
    
    52
    
    
    
    66
    
    
    
    43Bulyanhulu
    
    
    85
    
    
    
    91
    
    
    
    55
    
    
    
    58
    
    
    
    (3
    )
    
    
    6Kalgoorlie
    
    
    112
    
    
    
    90
    
    
    
    65
    
    
    
    62
    
    
    
    33
    
    
    
    14Eskay Creek
    
    
    95
    
    
    
    89
    
    
    
    16
    
    
    
    15
    
    
    
    49
    
    
    
    42Hemlo
    
    
    70
    
    
    
    66
    
    
    
    45
    
    
    
    47
    
    
    
    15
    
    
    
    10Plutonic
    
    
    86
    
    
    
    76
    
    
    
    46
    
    
    
    43
    
    
    
    30
    
    
    
    18Round Mountain
    
    
    101
    
    
    
    102
    
    
    
    51
    
    
    
    64
    
    
    
    32
    
    
    
    20Other
    
    
    101
    
    
    
    217
    
    
    
    88
    
    
    
    121
    
    
    
    (25
    )
    
    
    47$
    1,477
    
    
    $
    1,426
    
    
    $
    818
    
    
    $
    793
    
    
    $
    295
    
    
    $
    247


Asset information
Amortization

---

Three months ended Sept. 30,
    
    Nine months ended Sept. 30,2003
    
    2002
    
    2003
    
    2002Goldstrike
    
    $
    35
    
    
    $
    38
    
    
    $
    99
    
    
    $
    112Pierina
    
    
    37
    
    
    
    39
    
    
    
    112
    
    
    
    110Bulyanhulu
    
    
    10
    
    
    
    9
    
    
    
    33
    
    
    
    27Kalgoorlie
    
    
    4
    
    
    
    4
    
    
    
    14
    
    
    
    14Eskay Creek
    
    
    10
    
    
    
    11
    
    
    
    30
    
    
    
    32Hemlo
    
    
    3
    
    
    
    3
    
    
    
    10
    
    
    
    9Plutonic
    
    
    3
    
    
    
    8
    
    
    
    10
    
    
    
    15Round Mountain
    
    
    6
    
    
    
    7
    
    
    
    18
    
    
    
    18Other
    
    
    14
    
    
    
    13
    
    
    
    38
    
    
    
    49$
    122
    
    
    $
    132
    
    
    $
    364
    
    
    $
    386


Segment capital expenditures

---

Three months ended Sept. 30,
    
    Nine months ended Sept. 30,2003
    
    2002
    
    2003
    
    2002Goldstrike
    
    $
    12
    
    
    $
    11
    
    
    $
    40
    
    
    $
    35Pierina
    
    
    4
    
    
    
    2
    
    
    
    9
    
    
    
    4Bulyanhulu
    
    
    8
    
    
    
    12
    
    
    
    27
    
    
    
    44Kalgoorlie
    
    
    10
    
    
    
    4
    
    
    
    12
    
    
    
    7Eskay Creek
    
    
    1
    
    
    
    5
    
    
    
    4
    
    
    
    8Hemlo
    
    
    2
    
    
    
    2
    
    
    
    7
    
    
    
    5Plutonic
    
    
    15
    
    
    
    6
    
    
    
    40
    
    
    
    14Round Mountain
    
    
    3
    
    
    
    1
    
    
    
    5
    
    
    
    7Pascua/Veladero
    
    
    20
    
    
    
    7
    
    
    
    44
    
    
    
    25Cowal
    
    
    6
    
    
    
    5
    
    
    
    16
    
    
    
    7Alto Chicama
    
    
    6
    
    
    
    7
    
    
    
    23
    
    
    
    16Other
    
    
    11
    
    
    
    7
    
    
    
    33
    
    
    
    28$
    98
    
    
    $
    69
    
    
    $
    260
    
    
    $
    200




BARRICK THIRD QUARTER REPORT 2003
    25
    NOTES TO FINANCIAL STATEMENTS




---



##### 



Reconciliation of segment income to enterprise net income

---

Three months ended September 30,
    
    Nine months ended September 30,2003
    
    2002
    
    2003
    
    2002Segment total
    
    $
    129
    
    
    $
    82
    
    
    $
    295
    
    
    $
    247Exploration and business
development
    
    
    (21
    )
    
    
    (19
    )
    
    
    (57
    )
    
    
    (43
    )Administration
    
    
    (19
    )
    
    
    (16
    )
    
    
    (61
    )
    
    
    (49
    )Interest and other income
    
    
    20
    
    
    
    12
    
    
    
    29
    
    
    
    28Interest expense
    
    
    (12
    )
    
    
    (17
    )
    
    
    (34
    )
    
    
    (51
    )Non-hedge derivative gains
(losses)
    
    
    (21
    )
    
    
    (2
    )
    
    
    25
    
    
    
    (26
    )Income tax recovery (expense)
    
    
    (28
    )
    
    
    (2
    )
    
    
    (27
    )
    
    
    12Net income
    
    $
    48
    
    
    $
    38
    
    
    $
    170
    
    
    $
    118




|12 |  | COMPONENTS OF OTHER NET OPERATING ACTIVITIES
|-- |  | --------------------------------------------

---

Three
months ended September 30,
    
    Nine months ended September 30,2003
    
    2002
    
    2003
    
    2002Non-cash charges (credits):Reclamation costs
    
    $
    (12
    )
    
    $
    2
    
    
    $
    6
    
    
    $
    13Losses on short-term
investments
    
    
    7
    
    
    
    4
    
    
    
    7
    
    
    
    4Gains on sale of property,
plant and equipment
    
    
    (13
    )
    
    
    
    
    
    
    (24
    )
    
    
    (5
    )Non-hedge derivative gains
(losses)
    
    
    21
    
    
    
    2
    
    
    
    (25
    )
    
    
    26Changes in operating assets and
liabilities:Accounts receivable
    
    
    
    
    
    
    
    
    
    
    5
    
    
    
    (5
    )Inventories
    
    
    (7
    )
    
    
    15
    
    
    
    (2
    )
    
    
    69Accounts payable
    
    
    3
    
    
    
    (5
    )
    
    
    (6
    )
    
    
    (14
    )Current income taxes accrued
    
    
    42
    
    
    
    5
    
    
    
    74
    
    
    
    15Other assets and liabilities
    
    
    21
    
    
    
    (26
    )
    
    
    12
    
    
    
    (41
    )Payments of merger related costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (38
    )Payments of accrued reclamation
and closure costs
    
    
    (4
    )
    
    
    (22
    )
    
    
    (20
    )
    
    
    (44
    )Payments of income taxes
    
    
    (32
    )
    
    
    (14
    )
    
    
    (119
    )
    
    
    (40
    )Other net operating activities
    
    $
    26
    
    
    $
    (39
    )
    
    $
    (92
    )
    
    $
    (60
    )




BARRICK THIRD QUARTER REPORT 2003
    26
    NOTES TO FINANCIAL STATEMENTS




---



##### 



Barricks exploration programs are designed and conducted under the supervision
of Alexander J. Davidson, P. Geo., Executive Vice President, Exploration of
Barrick. For information on the geology, exploration activities generally, and
drilling and analysis procedures on Barricks material properties, see
Barricks most recent Annual Information Form on file with Canadian provincial
securities regulatory authorities and the U.S. Securities and Exchange
Commission. Certain statements included herein, including those regarding
production, costs, timing of permitting , construction or production, and other
statements that express managements expectations or estimates of our future
performance, constitute forward-looking statements within the meaning of the
United States Private Securities Litigation Reform Act of 1995. 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 management are inherently subject to significant
business, economic and competitive uncertainties and contingencies. In
particular, our Managements Discussion and Analysis includes many such
forward-looking statements and we caution you that such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual financial results, performance or achievements of
Barrick to be materially different from our estimated future results,
performance or achievements expressed or implied by those forward-looking
statements and our forward-looking statements are not guarantees of future
performance. These risks, uncertainties and other factors include, but are not
limited to: changes in the worldwide price of gold or certain other commodities
(such as silver, copper, diesel fuel and electricity) and currencies; changes
in interest rates or gold lease rates that could impact realized prices under
our forward sales program; legislative, political or economic developments in
the jurisdictions in which Barrick carries on business; 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; and the risks involved in the
exploration, development and mining business. These factors are discussed in
greater detail in Barricks most recent Form 40-F/Annual Information on file
with the U.S. Securities and Exchange Commission and Canadian provincial
securities regulatory authorities.

Barrick expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, events or
otherwise.