# EDGAR Filing Document

**Accession Number:** 0000756894
**File Stem:** 0001193125-23-073226
**Filing Date:** 2023-3
**Character Count:** 434137
**Document Hash:** 68df2dae11757963d2ad8ec414e0e279
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-073226.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001193125-23-073226

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230317

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARRICK GOLD CORP
- **CENTRAL INDEX KEY:** 0000756894
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09059
- **FILM NUMBER:** 23740700

**BUSINESS ADDRESS:**
- **STREET 1:** BCE PLACE, CANADA TRUST TOWER
- **STREET 2:** 161 BAY STREET SUITE 3700
- **CITY:** TORONTO ONTARIO CANA
- **STATE:** A6
- **ZIP:** M5J2S1
- **BUSINESS PHONE:** 4163077470

**MAIL ADDRESS:**
- **STREET 1:** BCE PLACE, CANADA TRUST TOWER
- **STREET 2:** P O BOX 212 TORONTO
- **CITY:** ONTARIO M5J2S1
- **STATE:** A6
- **ZIP:** M5J2S1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARRICK RESOURCES CORP
- **DATE OF NAME CHANGE:** 19860109

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

------

**Form 6-K** 

------

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of March 2023** 

**Commission File Number: 1-9059** 

------

## Barrick Gold Corporation
**(Registrant's name)** 

------

**Brookfield Place, TD Canada Trust Tower, Suite 3700** 

**161 Bay Street, P.O. Box 212** 

**Toronto, Ontario M5J 2S1 Canada** 

**(Address of principal executive offices)** 

------

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: March 17, 2023 | **BARRICK GOLD CORPORATION** | **BARRICK GOLD CORPORATION** |
|  | By: | /s/ Poupak Bahamin |
|  | Name: Poupak Bahamin | Name: Poupak Bahamin |
|  | Title: General Counsel | Title: General Counsel |

---

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | Barrick Gold Corporation's 2022 Annual Report |

---

### Attached PDF Documents

**Attachment 1:** `d442530dex991.pdf`

# INVESTMENT IN GROWTH OPENS NEW OPPORTUNITIES

![img-0.jpeg](img-0.jpeg)

**BARRICK**

ANNUAL REPORT 2022

# CLEAR STRATEGY DRIVES VALUE CREATION

## CUMULATIVE OPERATING CASH FLOW

![img-1.jpeg](img-1.jpeg)

## CUMULATIVE FREE CASH FLOW$^{1}$

![img-2.jpeg](img-2.jpeg)

## DEBT, NET OF CASH

![img-3.jpeg](img-3.jpeg)

## CUMULATIVE DIVIDENDS PER SHARE$^{1}$

![img-4.jpeg](img-4.jpeg)

![img-5.jpeg](img-5.jpeg)

Barrick's foundational strategy was to combine the best people with the best assets to produce the best returns. On every metric it is delivering a sector-leading performance. In 2022, dividends and share buybacks earned shareholders a pay-out of $1.6 billion, topping the previous year's record.

$^{1}$ Dividend declared per share in respect of stated period.

# NEW FRONTIERS AND NEW OPPORTUNITIES

A world-class business has to have a worldwide presence. In Barrick's hunt for new discoveries with Tier One potential, it is steadily expanding a global footprint which already covers 19 countries on four continents. At the same time, further exploration of the existing base is delivering major growth prospects.

- Tier One gold mines
- Other gold mines
- Copper mines
- Pipeline projects
- In closure

1 In April 2020, Porgera was placed on care and maintenance. Porgera interest of 24.5% reflects Barrick's expected ownership interest following the implementation of the binding February 3, 2022 Commencement Agreement.

2 Golden Sunlight is currently reprocessing tailings that produce a sulphur concentrate as fuel for the refractory processing facilities at Nevada Gold Mines.

## NORTH AMERICA

![img-6.jpeg](img-6.jpeg)

Goldrush portal

### Nevada, USA

At Robertson, a maiden proven and probable reserve of 1.6 million ounces1,2 was declared with further expansion potential between existing deposits and along strike. Robertson is a key source of oxide mill feed in the long-term mineplan for the Cortez Complex.

### Nevada, USA

The Carlin Complex's North Leeville inferred resource has grown to 1 million ounces1,2, clearly demonstrating this target's multi-million ounce potential.

### Nevada, USA

The growth potential of Barrick's 100%-owned high-grade Fourmile asset has significantly increased with the new Dorothy discovery confirming significant upside along the corridor to the multi-million ounce Goldrush project.

### USA

Barrick extends its gold and copper exploration focus beyond Nevada Gold Mines.

### Canada

A new pushback in the Hemlo open pit contributed to reserve growth in 2022, which is expected to improve mill productivity and flexibility in the mineplan.

## LATIN AMERICA

![img-7.jpeg](img-7.jpeg)

Pueblo Viejo plant

### Dominican Republic

The plant expansion and mine life extension project at Pueblo Viejo continues to advance and the significant growth in reserves has extended the operation's life to 2040 and beyond3.

### Argentina

Geological work in the Veladero district is focusing on targets with the potential to add to the mine's life. Barrick is also evaluating the significant remaining targets in the prospective El Indio belt.

3 On a 100% basis

![img-8.jpeg](img-8.jpeg)

## A AND ASIA PACIFIC

![img-9.jpeg](img-9.jpeg)

### Japan

The group's strategic alliance with Japan Gold, which holds the largest exploration property portfolio in Japan, has advanced six projects to the second evaluation phase.

### Pakistan

First production from the Reko Diq project - one of the largest undeveloped copper-gold deposits in the world and a potential Tier One asset in the making - is targeted for 2028.

### Papua New Guinea

Porgera continues its progress towards restarting under its new ownership structure for the benefit of all stakeholders.

## AFRICA AND MIDDLE EAST

![img-10.jpeg](img-10.jpeg)

Loulo pit

### Democratic Republic of Congo

Kibali's KZ Zone continues to reveal exciting exploration potential. Multiple open-pit and underground targets are being progressed through the resource triangle.

### Mali

The Loulo District remains one of Barrick's most successful hunting grounds with significant discovery potential, including a 26km-long highly-prospective trend in the Bambadji permit.

### Tanzania

Mining is scheduled to start at the new Gena open pit in the first quarter of 2023, while the new underground fleet at both North Mara and Bulyanhulu continues to deliver on its ramp-up plans.

### Zambia

The pre-feasibility study for a Super Pit and mill expansion at Lumwana is well under way, which has the potential to extend the mine's life beyond 2080.

### Egypt

Barrick now holds a 1,675km2 land package where field teams are actively screening for mineralized systems, and aim to carry out maiden drill programs in 2023.

### Saudi Arabia

Work is under way to develop a new target less than one kilometre from the existing lode at Jabal Sayid, while exploration results continue to confirm the discovery potential across the mine. Barrick is also expanding its exploration joint venture with Ma'aden at new greenfields projects, including Umm Ad Damar.

# 2022 HIGHLIGHTS

GROUP GOLD PRODUCTION

4.1 Moz

NET EARNINGS

$432

MILLION

MOODY'S LONG-TERM
CREDIT RATING

A3

Highest credit rating in the gold
mining industry

GROUP COPPER PRODUCTION

440 Mlb

RETURNS TO SHAREHOLDERS

$1.6

BILLION

Through dividends and share
buybacks

ADJUSTED EBITDA

$5,613

MILLION

NET CASH PROVIDED BY
OPERATING ACTIVITIES

$3,481

MILLION

FREE CASH FLOW

$432

MILLION

GREENHOUSE GAS
EMISSIONS

↓ ~6%

Scope 1 and 2 (market-based)
Compared to the 2021 fiscal year

# 2023 GUIDANCE

GOLD PRODUCTION

4.2 - 4.6 Moz

COST OF SALES

$1,170 - 1,250/oz

TOTAL CASH COSTS

$820 - 880/oz

AISC

$1,170 - 1,250/oz

COPPER PRODUCTION

420 - 470 Mlb

COST OF SALES

$2.60 - 2.90/lb

C1 CASH COSTS

$2.05 - 2.25/lb

AISC

$2.95 - 3.25/lb

TOTAL ATTRIBUTABLE GOLD & COPPER CAPEX

$2,200 - 2,600 million

Barrick Gold Corporation | Annual Report 2022

1

# CONTENTS

2022 Highlights 01
2023 Guidance 01
Key Performance Indicators 04
Who We Are 06
Why Invest In Barrick 07
Letter from the Executive Chairman 08
Board of Directors 10
Message from the President and CEO 12
Executive Committee 16
Financial Review 18
Gold Market Overview 20
Copper Market Overview 21
Our Regions and Operations 22
Reserves and Resources 38
Exploration 40
Mining Sustainably for a Better Future 44
Endnotes 53
Financial Report 54

![img-11.jpeg](img-11.jpeg)

Barrick Gold Corporation shares trade on the New York Stock Exchange (NYSE) under the symbol GOLD, and on the Toronto Stock Exchange (TSX) under the symbol ABX.

# BARRICK

Barrick Gold Corporation

NYSE : GOLD • TSX : ABX
www.barrick.com

Unless otherwise indicated, all amounts are expressed in US dollars.

Facing page: Drilling confirming extensions to mineralization at the Morro Escondido target close to the Veladero operation, Argentina.

2

Annual Report 2022 | Barrick Gold Corporation

Barrick Gold Corporation | Annual Report 2022

# KEY PERFORMANCE INDICATORS

GOLD PRODUCTION

![img-12.jpeg](img-12.jpeg)

GOLD COST OF SALES1

![img-13.jpeg](img-13.jpeg)

GOLD TOTAL CASH COSTS1

![img-14.jpeg](img-14.jpeg)

GOLD AISC1

![img-15.jpeg](img-15.jpeg)

COPPER PRODUCTION

![img-16.jpeg](img-16.jpeg)

COPPER COST OF SALES1

![img-17.jpeg](img-17.jpeg)

COPPER C1 CASH COSTS1

![img-18.jpeg](img-18.jpeg)

COPPER AISC1

![img-19.jpeg](img-19.jpeg)

SAFETY FREQUENCY RATE STATISTICS

![img-20.jpeg](img-20.jpeg)

ENVIRONMENTAL INCIDENTS

![img-21.jpeg](img-21.jpeg)

2022 REVENUE

![img-22.jpeg](img-22.jpeg)

4

Annual Report 2022 | Barrick Gold Corporation

KEY PERFORMANCE INDICATORS (CONTINUED)

# **NET CASH PROVIDED BY OPERATING ACTIVITIES**

![img-23.jpeg](img-23.jpeg)

# **FREE CASH FLOW$^{1}$**

![img-24.jpeg](img-24.jpeg)

# **DEBT, NET OF CASH**

![img-25.jpeg](img-25.jpeg)

# **RETURNS TO SHAREHOLDERS**

![img-26.jpeg](img-26.jpeg)

# **NET EARNINGS PER SHARE (EPS)**

![img-27.jpeg](img-27.jpeg)

# **ADJUSTED NET EPS$^{1}$**

![img-28.jpeg](img-28.jpeg)

# **PROJECT CAPITAL EXPENDITURES$^{1,2}$**

![img-29.jpeg](img-29.jpeg)

# **GOLD AND COPPER PRICE**

![img-30.jpeg](img-30.jpeg)

$^{1}$ Amounts presented on a consolidated cash basis

# **2022 GEOGRAPHIC DISTRIBUTION OF GOLD PRODUCTION**

![img-31.jpeg](img-31.jpeg)

■ North America (including Dominican Republic$^{2}$) ■ Latin America and Asia Pacific ■ Africa and Middle East

$^{2}$ Pueblo Viejo represented approximately 10% of Barrick's attributable gold production in 2022 and is included as part of the North America region and shown in the diagonally striped section for illustrative purposes.

# **2022 GEOGRAPHIC DISTRIBUTION OF COPPER PRODUCTION**

![img-32.jpeg](img-32.jpeg)

■ Africa and Middle East ■ Latin America and Asia Pacific

Barrick Gold Corporation | Annual Report 2022

5

# WHO WE ARE

## Our Business

Barrick is a sector-leading gold and copper producer. Our portfolio spans the world's most prolific gold and copper districts and is focused on high-margin, long-life assets.

## Our Purpose

We are building the world's most valued gold and copper company by owning the best assets, managed by the best people to deliver the best returns and benefits to all our stakeholders.

## Our Strategy

We plan for the long term and continuously invest in sustainable growth, with worldwide exploration programs designed to deliver a steady stream of new business opportunities.

We are committed to partnering with our host countries and communities to transform their natural resources into tangible benefits and mutual prosperity.

We prioritize local hiring and our highly diversified workforce is drawn almost entirely from our host nations and equipped with world-class skills.

![img-33.jpeg](img-33.jpeg)

6

Annual Report 2022 | Barrick Gold Corporation

# WHY INVEST IN BARRICK

## Sustainable Through the Cycles

### ■ Best Asset Base

Largest portfolio of Tier One and world-class gold and copper assets that is unmatched in the industry, with more waiting in the wings.

### ■ Growing Copper Exposure

Well positioned to capitalize on global decarbonization trends driving the demand and long-term fundamental strength of copper.

### ■ Clear Runway

All our mines have 10-year business plans - in some cases being rolled out to 15 and 20 years - firmly anchored in demonstrable geological understanding, engineering and commercial feasibility.

### ■ Exploration is the Foundation

Strong track record of exploration success - new targets and projects extend mine lives while we seek new world-class discoveries.

### ■ Growth from Robust Pipeline and Continued Reserve Replacement

Our growth projects support and enhance current production levels and we continue to add to our reserve base organically through exploration.

### ■ Disciplined Shareholder Returns

An industry-leading performance dividend framework provides for enhanced returns while delivering financial flexibility and predictability.

### ■ Leader in Sustainability

Sustainability is at the core of how we conduct our business. Our approach to ESG is driven by tangible on-the-ground action and measurable results that benefit all stakeholders.

Barrick Gold Corporation | Annual Report 2022

7

# LETTER FROM THE EXECUTIVE CHAIRMAN

In a year where confident market expectations were confounded by the emergence of new macro-economic fundamentals and the growing impact of the geopolitical situation, Barrick's long-term strategy of building its future by continuing to invest in sustainably profitable growth, organic as well as external, has equipped us well to manage challenging circumstances.

![img-0.jpeg](img-0.jpeg)

Guided by this strategy, our agile team, led by President and Chief Executive Mark Bristow, has frequently demonstrated our capacity to deal effectively with the many risks inherent in the business of mining as well as unexpected external threats, as shown by Barrick's exemplary handling of the Covid-19 pandemic. In the current climate of uncertainty, we are proving again that our people are truly world-class and are more than capable of making Barrick the world's most valued gold and copper mining company.

Considering the dynamics of 2022, Barrick's production and financial results were creditable as we continued to distribute peer-leading returns to our investors through a shareholder-friendly, performance-linked dividend policy and a share buyback program, despite the volatility of the market.

Barrick boasts one of the strongest balance sheets in the gold industry, validated by the Moody's long-term credit rating upgrade from Baa1 to A3 with a stable outlook in December 2022. We delivered on some critical projects, kept others on track and identified major new growth opportunities. Barrick has again more than replaced the gold reserves we mined during 2022 and our proven ability to sustain this achievement through ongoing greenfields and brownfields exploration will support the successful execution of the company's 10-year rolling business plan.

Our focus in 2023 will be on expanding Barrick's value foundation, already one of the industry's best, both within and beyond our current borders. The potential expansion of the Lumwana copper mine in Zambia is set to deliver additional value and the Reko Diq project in Pakistan is expected to almost double our current copper production and add to our gold production when it is in full production. The expansion of the Pueblo Viejo gold mine in the Dominican Republic is designed to extend its Tier One status by at least 20 years$^{v}$.

We are extending our presence in North and South America and the Asia Pacific region, and we are particularly excited by new opportunities in North Africa and the Middle East.

At a time when environmental management and human rights are coming under increasing critical scrutiny, Barrick's sustainability strategy has long been embedded in our business plans. The creation of long-term value for all stakeholders has and continues to contribute meaningfully to the social and economic development of our host countries and communities, protect the safety and health of our people, respect human rights, and manage our impact on the environment with future generations in mind.

Sustainability performance accounts for 25% of long-term incentive awards for our senior leaders, demonstrating the importance Barrick attaches to our sustainability commitments. Our 2022 Sustainability Report, which objectively rates our performance against a wide range of metrics, will be published in April 2023.

8

Annual Report 2022 | Barrick Gold Corporation

LETTER FROM THE EXECUTIVE CHAIRMAN (CONTINUED)

Fundamental changes in the global geopolitical and economic landscape auger well for gold, which last year outperformed most other asset classes. The current risks to the global economy outlook recalls the period between 2011 and 2015, when the gold mining industry's eagerness to buy production led to a number of expensive merger and acquisition deals involving high premiums and putting pressure on profitability and performance. Barrick's continued exploration success and disciplined growth strategy ensures that we will continue to evaluate merger and acquisition opportunities, but we won't be tempted to overpay for mediocre assets.

Likewise, driven by the transition to cleaner energy, copper is destined to become as strategically valuable as gold is precious. The timely expansion of our copper portfolio has positioned Barrick ahead of most of its peers in capitalizing on this trend. As we look into 2023 and beyond, we are more certain than ever that Barrick is best placed to deliver sustainable value to our shareholders and other stakeholders.

Other than our value foundation in North America, Barrick's operations are located in developing jurisdictions, which is why we take our responsibility to our stakeholders in those countries so seriously. Mining can and should be a key catalyst for economic growth and social upliftment. Barrick's substantial contribution to our host countries' coffers and our equally significant investment in the welfare of the communities that border on our mines is making a real difference, highlighting the important part that the mining industry can play in narrowing the gap between the richer and poorer nations to make the world a better place.

Barrick also continues to invest in our next leadership generation, recruiting and developing talented young people from across our global network. Similarly, the Board is committed to board renewal and diversity, and in this regard it is worth noting that four of the seven new directors appointed since the Merger1 are very highly qualified women, bringing the proportion of women on the Board to 33%.

1 The merger of Barrick and Randgold completed on January 1, 2019.

In conclusion, I thank the members of the Board for their close engagement with every aspect of the business and the strategic direction we gain from their broad and deep experience. We look forward to another year in which together with the executive we continue to advance Barrick towards its goal of being the world's most valued gold and copper company.

**John L Thornton**
Executive Chairman

## RETURNS TO SHAREHOLDERS

![img-1.jpeg](img-1.jpeg)

## PERFORMANCE DIVIDEND POLICY

In addition to Barrick's quarterly base dividend2, a performance enhancement may be declared based on amount of cash, net of debt, on Barrick's balance sheet at the end of each quarter.

| Performance dividend level | Threshold level | Quarterly base dividend | Quarterly performance dividend | Quarterly total dividend |
| --- | --- | --- | --- | --- |
| Level I | Net cash less than $0 | $0.10 per share | $0.00 per share | $0.10 per share |
| Level II | Net cash greater than $0 and less than $0.5 billion | $0.10 per share | $0.05 per share | $0.15 per share |
| Level III | Net cash greater than $0.5 billion and less than $1 billion | $0.10 per share | $0.10 per share | $0.20 per share |
| Level IV | Net cash greater than $1 billion | $0.10 per share | $0.15 per share | $0.25 per share |

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

Barrick Gold Corporation | Annual Report 2022

9

# BOARD OF DIRECTORS

## John L Thornton

NON-INDEPENDENT,
EXECUTIVE
CHAIRMAN

![img-2.jpeg](img-2.jpeg)

### Director since February 2012
Nationality: American

John Thornton has been Executive Chairman of Barrick since 2014. He has decades of experience in global business, finance and public affairs and has served as a director of numerous public companies, including China Unicom, Ford, HSBC, Industrial and Commercial Bank of China, Intel and News Corporation.

## Helen Cai

INDEPENDENT
DIRECTOR

![img-3.jpeg](img-3.jpeg)

### Director since November 2021
Nationality: Chinese

Member of the Audit & Risk
Committee
Audit Committee Financial Expert
Member of the Compensation
Committee

Helen Cai has almost two decades of experience in finance and investment. She was an equity research analyst with Goldman Sachs covering the American mining and technology sectors. Then, at China International Capital Corporation, she was a lead analyst covering the greater China region, and later as a senior investment banker headed various IPO, restructuring, and M&A transactions.

## Mark Bristow

NON-INDEPENDENT,
PRESIDENT AND
CHIEF EXECUTIVE
OFFICER

![img-4.jpeg](img-4.jpeg)

### Director since January 2019
Nationality: South African

Mark Bristow was formerly the chief executive of Randgold Resources, the company he built from a small Africa-focused exploration business into one of the industry's most profitable and best managed gold miners. He joined Barrick in his current position with the Merger in January 2019. Mark restructured and restrategised Barrick, and within months was the prime mover in the combination of the Nevada assets of Barrick and Newmont, creating the world's single largest gold mining complex, Nevada Gold Mines, majority-owned and operated by Barrick.

## Gustavo A Cisneros

INDEPENDENT
DIRECTOR

![img-5.jpeg](img-5.jpeg)

### Director since September 2003
Nationality: Venezuelan and Spanish

Chair of the ESG & Nominating
Committee
Member of the Compensation
Committee

Gustavo Cisneros is the chairman of Cisneros, a privately held media, entertainment, telecommunications and consumer products organization. He is a member of Barrick's International Advisory Board and is also a senior advisor to RRE Ventures LLC, a venture capital firm.

## J Brett Harvey

INDEPENDENT AND
LEAD DIRECTOR

![img-6.jpeg](img-6.jpeg)

### Director since December 2005
Nationality: American

Chair of the Audit & Risk
Committee
Audit Committee Financial Expert
Member of the Compensation
Committee

Brett Harvey is chairman of the board of Warrior Met Coal Inc. He was CONSOL Energy Inc's chairman emeritus from May 2016 to May 2017, chairman from January 2015 to May 2016, executive chairman from May 2014 to January 2015, chairman and CEO from June 2010 to May 2014, and CEO from January 1998 to June 2010.

## Christopher L Coleman

INDEPENDENT
DIRECTOR

![img-7.jpeg](img-7.jpeg)

### Director since January 2019
Nationality: British

Chair of the Compensation
Committee
Member of the ESG & Nominating
Committee

Christopher Coleman is the chair of the board of Papa John's International Inc. He is also the group head of banking at Rothschild & Co and has more than 25 years' experience in the financial services sector, including corporate and private client banking and project finance. He has had a long-standing involvement in the mining sector in Africa and globally.

10 Annual Report 2022 | Barrick Gold Corporation

BOARD OF DIRECTORS (CONTINUED)

# **Isela Costantini**

INDEPENDENT
DIRECTOR

![img-8.jpeg](img-8.jpeg)

**Director since November 2022**
**Nationality: Brazilian,**
**Argentinian and American**

Isela Costantini has over 25 years of experience in international business and is currently the chief executive of Grupo Financiero GST, a privately held asset management company. Prior to that, she was president and CEO of Argentina's national airline, Aerolíneas Argentina, as well as president and general director, Argentina, Paraguay and Uruguay, for General Motors. Isela is a member of Barrick's International Advisory Board.

# **Anne**
**Kabagambe**

INDEPENDENT
DIRECTOR

![img-9.jpeg](img-9.jpeg)

**Director since November 2020**
**Nationality: Ugandan**

**Member of the Audit & Risk**
**Committee**

Anne Kabagambe has 35 years' experience spanning a diverse range of senior leadership positions in international institutions. She is a former executive director of the World Bank Group and, prior to the World Bank, spent 27 years at the African Development Bank. She has also served on the boards of the Africa American Institute and Junior Achievement Africa.

# **J Michael**
**Evans**

INDEPENDENT
DIRECTOR

![img-10.jpeg](img-10.jpeg)

**Director since July 2014**
**Nationality: Canadian**

**Member of the Audit & Risk**
**Committee**
**Audit Committee Financial Expert**

Michael Evans is the president of Alibaba Group Holding Ltd, a position he has held since August 2015. Prior to becoming president, he was an independent director and member of the audit committee of Alibaba Group Holding Ltd.

# **Brian L**
**Greenspun**

INDEPENDENT
DIRECTOR

![img-11.jpeg](img-11.jpeg)

**Director since July 2014**
**Nationality: American**

**Member of the ESG & Nominating**
**Committee**
**Member of the Compensation**
**Committee**

Brian Greenspun is the publisher and editor of the Las Vegas Sun. He is also chairman and CEO of Greenspun Media Group and has been appointed to two US Presidential Commissions.

# **Andrew J**
**Quinn**

INDEPENDENT
DIRECTOR

![img-12.jpeg](img-12.jpeg)

**Director since January 2019**
**Nationality: British**

**Member of the Audit & Risk**
**Committee**

For 15 years, prior to his retirement in 2011, Andy Quinn was head of mining investment banking for Europe and Africa at CIBC. He has over 40 years' experience in the mining industry.

# **Loreto Silva**

INDEPENDENT
DIRECTOR

![img-13.jpeg](img-13.jpeg)

**Director since August 2019**
**Nationality: Chilean**

**Member of the ESG & Nominating**
**Committee**

Loreto Silva serves as a partner at the Chilean law firm Bofill Escobar Silva Abogados. She is also a director of ICAFAL Ingeniería y Construcción SA, a privately held infrastructure company in Chile. In 2010, she was appointed Vice Minister of Public Works and became the Minister of Public Works at the end of 2012, a position she held until March 2014. She has been named one of Chile's 100 top woman leaders on four occasions.

Barrick Gold Corporation | Annual Report 2022

11

# MESSAGE FROM THE PRESIDENT AND CEO

Four years ago, when we merged Barrick and Randgold, we set out to build a new industry leader: a company that would stand out from its peers, driven by a fundamental promise to our stakeholders that we would create and deliver value, and that we would do so sustainably.

![img-14.jpeg](img-14.jpeg)

In 2018 Barrick had 62 million ounces$^{1,ii}$ of gold reserves and, accounting for the Randgold merger and other transactions since then, we have added a net 10 million ounces$^{1,ii}$ of gold reserves. In 2022 we increased reserves to 76 million ounces$^{1}$ of gold, having produced 19 million ounces of gold and 1.7 billion pounds of copper since the Merger. Added to this, we have significantly expanded our copper resources by 124% in the last year alone, positioning us for future production growth.

Over the same period, we have returned $4 billion to shareholders$^{1}$ while at the same time investing some $7.5 billion in our 10-year rolling business plans. Once mired in debt, Barrick also reduced net debt$^{2}$ by approximately $4 billion, significantly deleveraging the company, and last year Moody's upgraded our long-term credit rating to A3 - the highest in the industry.

We created the world's largest gold mining complex in Nevada, through the formation of the Nevada Gold Mines joint venture, opening up a wide range of opportunities for expanding its existing asset base as well as discovering new world-class resources. In Tanzania, we have transformed the derelict Acacia legacy mines, which now produce gold at a Tier One level as a combined complex.

## Overcoming challenges, exploiting opportunities

The past year was one in which key consensus assumptions were upset by unforeseen economic and geopolitical developments, creating both unique challenges and exceptional opportunities.

The highlight of an eventful year was the continued growth in our gold reserves and resources, driven by our strategy of investing in organic growth through exploration and mineral resource management. Barrick's ability over time to more than replace the ounces we mine reinforces our sustainability and our sector-leading production profile.

Brownfields exploration continues to unlock potential around our existing assets while greenfields work has started delivering real value, detailed in the Exploration section of this report. We're continuing to expand our global exploration footprint with active programs elsewhere in the United States as well as in Canada, Latin America, Saudi Arabia and Egypt.

We made significant progress with the planned expansion of our copper holdings and started work on the reconstituted Reko Diq project in Pakistan, one of the largest and highest-quality undeveloped copper and gold deposits in the world. In Zambia, the revitalized Lumwana mine is planning a new Super Pit and in Saudi Arabia, Jabal Sayid is showing expansion potential. On the back of this successful joint venture, we and our partner Ma'aden have started two new greenfields projects.

In the Dominican Republic, our Tier One gold mine Pueblo Viejo started commissioning its plant expansion project, which on the back of a new TSF complex has added 11 million ounces$^{3,v}$ to its reserves which will extend its life by at least 20 years.

$^{1}$ Through dividends, return of capital and share buybacks.

$^{2}$ Debt, net of cash.

$^{3}$ On a 100% basis, net of depletion.

12 Annual Report 2022 | Barrick Gold Corporation

MESSAGE FROM THE PRESIDENT AND CEO (CONTINUED)

In Nevada, Goldrush advanced to the next stage of its permitting process and Turquoise Ridge commissioned its third shaft, which will ramp up the underground operation. Nevada is Barrick's value foundation and the quality and prospectivity of the Nevada Gold Mines complex cannot be overstated. The benefits of its creation are now becoming evident in the form of mineral resource growth and new discoveries supporting future reserve conversion.

### Strong finish to challenging year

Despite a strong fourth quarter and the usual solid contribution from the Africa and Middle East region, Barrick missed its production guidance for the first time since the Merger, albeit by only 1%. This was mainly due to some unforeseen operational issues at the Carlin, Cortez and Turquoise Ridge mines in Nevada, all of which had staged a robust recovery by the year's end.

Ten of our 16 operations delivered within guidance, led by Loulo-Gounkoto in Mali and Pueblo Viejo in the Dominican Republic. The latter ended the year with a record throughput, a major achievement considering the plant downtime required for the expansion tie-ins and the on-site presence of 6,000 contract workers employed for the project.

The greening of our power grid continued throughout the group, notable examples being the new 80MW and 200MW solar projects in the Dominican Republic and Nevada respectively. Also, the expansion of the solar power and battery energy storage system (BESS) at Loulo-Gounkoto is expected to replace 23 million litres of heavy fuel oil and reduce greenhouse gas (GHG) emissions by a further 62,000 tonnes when it is fully commissioned, and the planned solar power plant and BESS will provide renewable backup to Kibali's three hydropower plants during the dry season.

### The value of real sustainability

Sustainability is fundamental to Barrick's business. We believe that climate risks, poverty and biodiversity loss are inextricably linked and should be managed holistically. This approach is based on our commitment to supporting the socio-economic development of our host countries and communities. Last year alone we invested $35 million in community development projects.

For Barrick, sustainability starts at the mine planning stage, well before construction starts. At the Reko Diq project in Pakistan, we plan to show how mining can be at the forefront of the achievement of the UN's Sustainable Development Goals.

This massive project is expected to have a transformative effect on the impoverished Chagai region, creating thousands of jobs and stimulating the growth of a local economy. We have scheduled the disbursement of social development funds and advance royalties to the Balochistan provincial government well in advance of first production, targeted for 2028, ensuring that its people will get an early return on their 25% stake in Reko Diq. We have also started the environmental and social baseline studies and had our introductory engagement with the local communities.

The health and safety of our workers and their communities are key components of Barrick's sustainability strategy. Sadly, our otherwise creditable record in this regard was blemished by a number of fatalities last year. All of these have been thoroughly investigated and the lessons learned have been applied throughout the group. Significantly, most of these fatalities were suffered by our contractors and we have therefore tightened our oversight of their safety systems and protocols.

### 2023 TO 2027 CUMULATIVE ATTRIBUTABLE FREE CASH FLOW$^{i}$ FROM OPERATING MINES$^{ii}$

![img-15.jpeg](img-15.jpeg)

On an attributable basis; excludes corporate-level costs such as interest, exploration, evaluation and project, G&A as well as closure (average of $0.8 billion per annum). Exclusive of Porgera.

Barrick Gold Corporation | Annual Report 2022

13

MESSAGE FROM THE PRESIDENT AND CEO (CONTINUED)

# **GOLD, COPPER, AND S&P 500 PERFORMANCE - INDEXED SINCE 2000**

![img-16.jpeg](img-16.jpeg)

Source: Bloomberg

# **10-YEAR GOLD AND COPPER - BASE CASE PRODUCTION OUTLOOK WITH REKO DIQ AND LUMWANA SUPER PIT$^{11}$(GOLD EQUIVALENT KOZ)**

![img-17.jpeg](img-17.jpeg)

On an attributable basis, Gold equivalent ounces from copper assets are calculated using a gold price of $1,650/oz for 2023 and $1,300/oz for 2024 and onwards; and a copper price of $3.50/lb for 2023 and $3.00/lb for 2024 and onwards.

14 Annual Report 2022 | Barrick Gold Corporation

MESSAGE FROM THE PRESIDENT AND CEO (CONTINUED)

![img-18.jpeg](img-18.jpeg)

### Committed to shareholder returns, investing in the future

Demonstrating our commitment to strong shareholder returns, we returned a record $1.6 billion in 2022, including $424 million in share buybacks. A new $1 billion share buyback program has been introduced for the next twelve months.

Our returns to shareholders have not been at the expense of our organic growth strategy. We continue to invest in and roll out our 10-year gold and copper plans, projecting real growth on a steady base case production profile. This investment is made possible by the unmatched quality of our assets and the abundant free cash flow they generate. Also embedded in our portfolio is a long pipeline of quality projects from which we are steadily unlocking value. The ability to grow without having to buy is a very significant advantage that differentiates Barrick from its peers.

The case for investing in Barrick is a powerful one. There is no other mining company that has our proven long-term strategy, our quality assets, our growth projects, our world-class team and our social licence to operate, earned through our mutually beneficial partnerships with our host countries. These are the attributes that secure our sustainability and our capacity to outperform our peers in financial and operational delivery.

Barrick has been built on successful partnerships and I thank the many who have helped to bring us this far on our journey to be the world's most valued mining company: our shareholders, our host countries and communities, and our business associates. Above all, I thank our people, who last year again showed that they truly are the best, and our Board, whose collective wisdom and diverse experience continues to guide us steadily to that destination.

A handwritten signature in black ink, appearing to read 'Mark Bristow'.

**Mark Bristow**
*President and Chief Executive*

Barrick Gold Corporation | Annual Report 2022

15

# EXECUTIVE COMMITTEE

# Mark Bristow

PRESIDENT AND
CHIEF EXECUTIVE

![img-19.jpeg](img-19.jpeg)

Mark Bristow was formerly the chief executive of Randgold Resources, the company he built from a small Africa-focused exploration business into one of the industry's most profitable and best managed gold miners. He joined Barrick in his current position with the Merger in January 2019. Mark restructured and restrategised Barrick, and within months he was the prime mover in the combination of the Nevada assets of Barrick and Newmont, creating the world's single largest gold mining complex, Nevada Gold Mines, majority-owned and operated by Barrick. His goal is to make Barrick the world's most valued gold and copper producer, owning the best assets, managed by the best people, and delivering industry leading returns.

# Sebastiaan Bock

CHIEF OPERATING
OFFICER, AFRICA
AND MIDDLE EAST

![img-20.jpeg](img-20.jpeg)

Sebastiaan Bock joined Randgold in 2008 and assumed the position of Senior Vice-President and Chief Financial Officer for the Africa and Middle East region at the time of the Merger. He became the executive responsible for the Africa and Middle East region in July 2022. His broad experience includes operations, finance and legal across multiple jurisdictions. He is a Chartered Accountant and a graduate of the executive program at Harvard Business School.

# Graham Shuttleworth

SENIOR EXECUTIVE
VICE-PRESIDENT, CHIEF
FINANCIAL OFFICER

![img-21.jpeg](img-21.jpeg)

Graham Shuttleworth is a Chartered Accountant with over 28 years' mining industry experience. Previously, he was the Financial Director and Chief Financial Officer of Randgold from July 2007, and prior to that was the managing director and head of metals and mining for the Americas in the global investment banking division of HSBC. He became the Senior Executive Vice-President and CFO of Barrick at the time of the Merger with Randgold in January 2019.

# Christine Keener

CHIEF OPERATING
OFFICER, NORTH
AMERICA

![img-22.jpeg](img-22.jpeg)

Christine Keener is the executive responsible for the North America region and was appointed in February 2022. She has a diversified background having worked in finance, strategy, a number of commercial roles and more recently in operations. Christine formerly served as vice president of operations, Europe and North America, as well as vice president commercial and strategy, aluminum for Alcoa. She holds an MBA from Carnegie Mellon University and a Bachelor of Accounting from Grove City College.

# Kevin Thomson

SENIOR EXECUTIVE
VICE-PRESIDENT,
STRATEGIC MATTERS

![img-23.jpeg](img-23.jpeg)

Kevin Thomson joined Barrick in 2014. He was previously a senior partner at one of Canada's leading law firms, specializing in mergers and acquisitions. He is responsible for all matters of strategic significance to Barrick, including the management of legal issues related to complex negotiations, corporate strategy and governance.

# Mark Hill

CHIEF OPERATING
OFFICER, LATIN
AMERICA AND ASIA
PACIFIC

![img-24.jpeg](img-24.jpeg)

Mark Hill is the executive responsible for the Latin America and Asia Pacific region, a role he assumed in January 2019. He was formerly Chief Investment Officer of Barrick, chairing its investment committee and has more than 28 years' experience in the mining industry.

# Peter Richardson

EXECUTIVE MANAGING
DIRECTOR, NEVADA
GOLD MINES

![img-25.jpeg](img-25.jpeg)

Peter Richardson was appointed Executive Managing Director of Nevada Gold Mines in October 2022. He was formerly senior vice president and chief operating officer for Lundin Mining Corp and before that worked in increasing leadership roles at Boliden AB. Peter holds an MSc in Metallurgical Engineering and has over 28 years' experience in the mining industry.

16

Annual Report 2022 | Barrick Gold Corporation

EXECUTIVE COMMITTEE (CONTINUED)

# **Lois Wark**

GROUP CORPORATE COMMUNICATIONS AND INVESTOR RELATIONS EXECUTIVE

![img-0.jpeg](img-0.jpeg)

Lois Wark joined Randgold when the company was established in 1995 and headed its corporate communications function for 20 years. In January 2019, following the Merger, she assumed responsibility as executive in charge of Barrick's global corporate communications and investor relations programs.

# **Glenn Heard**

MINING EXECUTIVE

![img-1.jpeg](img-1.jpeg)

Glenn Heard is a mining engineer with a Bachelor of Engineering (Mining) Honours and over 30 years' mining experience. In 2017, he was appointed Randgold's Group General Manager - Mining and then Senior Vice President Mining for Barrick following the Merger in January 2019. In 2021, Glenn was appointed Mining Executive responsible for technical and operational oversight.

# **John Steele**

METALLURGY, ENGINEERING AND CAPITAL PROJECTS EXECUTIVE

![img-2.jpeg](img-2.jpeg)

John Steele is the executive responsible for capital projects and provides operational and engineering oversight to the group, a role he assumed following the Merger in January 2019. He joined Randgold in 1996 and was responsible for the successful construction and commissioning of Randgold's Morila, Loulo, Tongon, Gounkoto and Kibali mines.

# **Riaan Grobler**

COMMERCIAL AND SUPPLY CHAIN EXECUTIVE

![img-3.jpeg](img-3.jpeg)

Riaan Grobler holds an Honours degree in Finance and has 24 years' experience in the gold mining industry. He was appointed Group Commercial and Supply Chain General Manager for Randgold in 2014 and Senior Vice President Commercial and Supply Chain for Barrick following the Merger in January 2019. In 2021, Riaan was appointed Commercial and Supply Chain Executive.

# **Darian Rich**

HUMAN RESOURCES EXECUTIVE

![img-4.jpeg](img-4.jpeg)

Darian Rich, who has more than 28 years' experience in human resource management, was appointed Executive Vice-President, Talent Management, in July 2014, when he was tasked with attracting, retaining and developing exceptional people.

# **Simon Bottoms**

MINERAL RESOURCE MANAGEMENT AND EVALUATION EXECUTIVE

![img-5.jpeg](img-5.jpeg)

Simon Bottoms joined Randgold in 2013 and following the Merger in 2019, served as the Mineral Resource Manager for Barrick's Africa and Middle East region, responsible for leading geology, mine planning and associated operational execution within the region. In October 2022, he was appointed Mineral Resource Management and Evaluation Executive. He is a Chartered Geologist and has a Master's degree in Geology from the University of Southampton.

# **Grant Beringer**

GROUP SUSTAINABILITY EXECUTIVE

![img-6.jpeg](img-6.jpeg)

Grant Beringer oversees all sustainability related aspects for the company and is a member of the Environmental & Social Oversight Committee. He holds an MSc in Environmental Management and has over 19 years' experience in the environmental and social consulting industry.

# **Poupak Bahamin**

GENERAL COUNSEL

![img-7.jpeg](img-7.jpeg)

Poupak Bahamin joined Barrick in 2020 as Deputy General Counsel and was appointed General Counsel in April 2022. Previously, she served as a partner and co-head of mining US at Norton Rose Fulbright. Poupak has over 30 years' legal experience having practiced in Canada, France and the United States. She has been listed in Who's Who Legal Directory for Mining and recognized by Chambers Global as a DRC Foreign Expert for general business law as well as corporate and M&A work.

# **Joel Holliday**

EXECUTIVE VICE-PRESIDENT, EXPLORATION

![img-8.jpeg](img-8.jpeg)

Joel Holliday joined Barrick as Senior Vice President for Global Exploration following the Merger in 2019. Previously he had managed Randgold's exploration teams for 15 years with discoveries including Gounkoto and Loulo 3. Joel assumed his current role in November 2021.

Barrick Gold Corporation | Annual Report 2022

17

# FINANCIAL REVIEW

Record annual returns to shareholders, non-core assets divested, the highest long-term credit rating in the gold mining industry and, most importantly, ongoing replacement of reserves net of depletion are the hallmarks of results which differentiate us from our peers.

![img-9.jpeg](img-9.jpeg)

The significance of having the best assets in the gold mining industry is evident when we face economic challenges. Inflation was the new threat that had an impact across the industry in 2022, principally in the form of higher energy prices and the flow-through effect which put pressure on our margins at a time when gold and copper prices were also trending lower. Notwithstanding this, Barrick generated more than $11 billion in revenue and adjusted EBITDA margins remained above 50% for the year.

Ultimately this differentiated operating model underpinned our ability to return a record $1.6 billion to shareholders in the form of dividends and share buybacks in 2022 (and $4 billion over the last four years inclusive of returns of capital). At the same time as delivering these returns, we have been reinvesting in the business to ensure we can maintain these returns in years to come, increasing our attributable capital expenditures by approximately 25% in 2022.

Some of the value of this investment will crystallize in 2023 with the ramp up of the plant expansion at Pueblo Viejo and the benefits of the Third Shaft at Turquoise Ridge which was commissioned at the end of 2022. In the next 12 months, we will be making significant investments in our growth capital, including investments in solar power projects under way in Nevada and Mali, which will deliver both lower energy costs and a reduced carbon footprint. Over the next five years, we expect group production to increase slightly and unit costs to decline.

The performance dividend policy that we established at the start of 2022 delivers a predictable base dividend payable through the cycle while still providing our investors with exposure to the upside that comes from higher gold prices. Higher returns are expected to be realized through delivery of our growth plans and hence it is important that we continue to identify opportunities to drive cost efficiencies, maintain our capital discipline and retain a simplified operating model. We have renewed the $1 billion share buyback program for another 12 months, providing us with an additional tool to manage our capital structure, while our A3 long-term credit rating from Moody's highlights the strength of our balance sheet and lowers our cost of debt.

Our copper business is a further source of differentiation from our peers and made a significant contribution to the bottom line in 2022. We are excited by the growth that Reko Diq is expected to deliver and the potential to turn Lumwana into a Tier One Copper Asset through the development of a Super Pit.

Finally, our industry-leading general and administrative costs have remained at the same low level over the last three years. This is a function of both our efforts to rationalize the portfolio as well as the systems transformation journey that gives us better visibility of our costs and the ability to benchmark and manage our operations.

18 Annual Report 2022 | Barrick Gold Corporation

FINANCIAL REVIEW (CONTINUED)

Identifying and effectively dealing with risk is key to a safe and sustainable business and is an integral part of how we protect and create value. Our risk management process is designed to enable us to identify, evaluate, plan and manage risks, including new and emerging risks that could have an impact on our business and this will continue to be another driver of our competitive advantage in a world that is becoming increasingly less predictable.

**Graham Shuttleworth**
Senior Executive Vice-President, Chief Financial Officer

### BARRICK 5-YEAR GOLD OUTLOOKii

![img-10.jpeg](img-10.jpeg)

All metrics are exclusive of Porgera.
Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,650/oz for 2023 onwards.
Our realized gold pricei in 2022 was $1,795/oz.
Gold Equivalent Ounces (GEO) are calculated using reserve prices - $1,300/oz for gold and $3.00/lb for copper.

### BARRICK 5-YEAR COPPER OUTLOOKii

![img-11.jpeg](img-11.jpeg)

Royalty expenses included in the per pound cost metrics are based on a copper price assumption of $3.50/lb for 2023 onwards.
Our realized copper pricei in 2022 was $3.85/lb.

Barrick Gold Corporation | Annual Report 2022

19

# GOLD MARKET OVERVIEW

**The average price of gold in 2022 was $1,800/oz, a slight increase over the $1,799/oz average in 2021. $1,800/oz was the highest annual average price on record, surpassing the previous high reached in 2021, and was the seventh straight year of annual average gold price increases.**

2022 was another year of global economic challenges, led by the impact of the invasion of Ukraine by Russia, continued Covid-19 lockdowns in China, high levels of inflation and rising interest rates. Through these difficult periods, gold has continued to underscore its value as a safe haven investment. Gold prices ended 2022 at $1,814/oz, above the annual average for the year and have continued to be strong in the early months of 2023.

After historically low global nominal interest rates were put in place in 2020, including a benchmark rate range of 0% to 0.25% in the United States, to help counteract the negative economic impact of the Covid-19 pandemic, benchmark interest rates were raised substantially during 2022 to manage inflation. Rising interest rates and a significant increase in the value of the trade-weighted US dollar had a negative impact on gold prices during the middle part of 2022, with the price falling from a high of $2,070/oz in March 2022 to a low of $1,615/oz in September 2022. These trends subsequently reversed, with inflation expectations decreasing due to the impact of higher interest rates. With inflation declining, expectations of a slowing rate of benchmark interest rate increases in the United States helped lead to a decline in the value of the trade-weighted US dollar, allowing gold prices to trade back above $1,800/oz prior to the end of 2022 and back above $1,900/oz in early 2023.

Overall demand for gold remained strong, with the World Gold Council reporting demand at an 11-year high, reflecting an 18% increase over the prior year, led by significant growth in purchases by global central banks and an increase in investment demand.

Despite the increase in overall investment demand, the World Gold Council reported that collective ETF gold holdings decreased by 110 tonnes during the year, though this was less than the 189 tonne decrease in holdings during 2021. Investment demand was helped by an increase in purchases of bars and coins, which rose 2% versus 2021.

Central bank purchases rose by over 150% year-over-year, representing the highest level of net purchases in over 50 years. The World Gold Council estimates that global central banks added 1,136 tonnes to their reserves during 2022, the 13th consecutive year of net purchases. During late 2022, China reported its first increases in gold reserves since 2019. This could have a strong positive impact going forward if purchases continue.

During the worst impacts of the Covid-19 pandemic, some central banks looked to their holdings of gold as a source of liquidity in difficult economic times, with their ability to do so providing a strong statement as to why gold is a valuable reserve asset and a key source of reserve diversification. The strong year-over-year increase in net purchases in 2022 continues to show that central banks view gold positively and as a long-term store of value.

Global jewellery consumption moderated in 2022, declining 3% versus the prior year after a strong increase in 2021 following a long-term low in 2020 due to the global impact of Covid-19. The decline in jewellery consumption in 2022 was led by a 15% reduction in China that was impacted by Covid-19 lockdowns in the country. As a result of the decrease in China, India regained the mantle of the country with the highest level of gold jewellery consumption. On a combined basis, India and China represented approximately 56% of global gold jewellery consumption in 2022, down from 60% in the prior year.

Gold demand for electronics and other industrial uses fell by 7% in 2022, due in part to supply chain and labor challenges experienced during the year.

Overall supply of gold in 2022 increased by 2%, due mainly to modest increases in mine production and recycled gold.

The supply of recycled gold increased by 1%, but was still 30% lower than the all-time high reached in 2009 despite the record high annual average gold price.

Global mine production rose for the second year in a row but still remained approximately 1% below the peak reached in 2018, highlighting the difficulty that the mining industry faces in increasing production despite higher demand and the second straight year of record high annual average prices. As gold prices have increased and capital has become more readily available in recent years, there is continued evidence of increased spending on exploration by mining companies, but the costs of mine construction and the time required for environmental studies and permitting activities before reaching the production stage means that a return to sustained global production growth remains a challenge.

20 Annual Report 2022 | Barrick Gold Corporation

GOLD AND COPPER MARKET OVERVIEW (CONTINUED)

## GOLD ETFS & SIMILAR PRODUCTS

![img-12.jpeg](img-12.jpeg)

## GLOBAL ANNUAL GOLD MINE PRODUCTION

![img-13.jpeg](img-13.jpeg)

## OFFICIAL SECTOR NET PURCHASES AND GOLD PRICES

![img-14.jpeg](img-14.jpeg)

Source: World Gold Council

# COPPER MARKET OVERVIEW

In 2022, the price of copper remained strong, with an average annual price of $3.99/lb, modestly down from 2021’s all-time annual average high of $4.23/lb.

Early in the pandemic period, copper prices were negatively impacted by the global reduction in manufacturing and economic activity, falling to a four-year low of $1.98/lb in March 2020.

Copper prices recovered strongly over the next two years, reaching an all-time high of $4.92/lb in March 2022 as a result of an uptick in demand from increased manufacturing activity and a rebound in economic growth, low levels of global copper stockpiles and constrained mine supply.

Shortly after reaching the all-time high, copper prices fell to a 19-month low of $3.15/lb in July 2022 as a result of a strengthening trade-weighted US dollar, recession concerns and pandemic-related lockdowns in China. Prices rose over the remainder of the year and into early 2023, as China ended lockdown measures and the US dollar weakened.

China’s GDP growth fell to 3.0% in 2022 as a result of Covid-19 lockdown measures. As China is by far the world’s largest consumer of copper, this relatively low level of economic growth had a significant impact on copper demand, and the price of copper, during the year. With the International Monetary Fund projecting an increase in China’s GDP growth to 5.2% in 2023, this should have a corresponding positive impact on copper demand.

In the longer run, the increase in the volume of copper that is used in the manufacture of electric vehicles versus those with combustion engines bodes well for copper demand, as electric vehicles are poised to comprise a growing share of all vehicles produced over the next decade. Combined with the copper that will be required to build out the electrical grids to support the anticipated growth in usage of electric vehicles, the outlook for copper demand in the coming years remains very positive.

Since the turn of the century, as the global economy has undergone a number of significant challenges, the market prices of both gold and copper have each increased significantly, with copper prices experiencing greater volatility and gold prices showing more consistent strength. Over this period, as well as during 2022, gold and copper prices have both outpaced the S&P 500 Total Return Index, demonstrating the long-term benefits of holding hard assets in an investment portfolio.

Barrick Gold Corporation | Annual Report 2022

21

# NORTH AMERICA1

![img-15.jpeg](img-15.jpeg)

Nevada Gold Mines (61.5%)

100% production: 3,028koz
Attributable production: 1,862koz

Carlin Complex

100% production: 1,571koz
Attributable production: 966koz
P&P Reserves1: 10Moz
M&I Resources2: 19Moz
Inferred Resources2: 5.5Moz

Cortez Complex3

100% production: 731koz
Attributable production: 450koz
P&P Reserves1: 9.6Moz
M&I Resources2: 13Moz
Inferred Resources2: 4.4Moz

Goldrush (61.5%)

Turquoise Ridge

100% production: 459koz
Attributable production: 282koz
P&P Reserves1: 8.0Moz
M&I Resources2: 12Moz
Inferred Resources2: 0.79Moz

Phoenix

100% production: 177koz
Attributable production: 109koz
P&P Reserves1: 2.0Moz
M&I Resources2: 3.9Moz
Inferred Resources2: 0.32Moz

Long Canyon

100% production: 90koz
Attributable production: 55koz
M&I Resources2: 0.82Moz
Inferred Resources2: 0.18Moz

![img-16.jpeg](img-16.jpeg)

Hemlo (100%)

100% production: 133koz
P&P Reserves1: 1.7Moz
M&I Resources2: 3.6Moz
Inferred Resources2: 0.58Moz

Golden Sunlight (100%)4

CANADA

USA

Corporate Office, Toronto

![img-17.jpeg](img-17.jpeg)

Donlin Gold (50%)

M&I Resources2: 20Moz
Inferred Resources2: 3.0Moz

![img-18.jpeg](img-18.jpeg)

Fourmile (100%)

M&I Resources2: 0.49Moz
Inferred Resources2: 2.7Moz

- Tier One gold mines
- Other gold mines
- Pipeline projects
- In closure

1 All figures as at December 31, 2022. Figures for mineral reserves and mineral resources are attributable to Barrick.

2 Mineral resources are reported inclusive of mineral reserves.

3 Mineral reserves and resources at Cortez are reported inclusive of Goldrush.

4 Golden Sunlight is currently reprocessing tailings, producing a sulphur concentrate as fuel for the refractory processing facilities at Nevada Gold Mines.

22 Annual Report 2022 | Barrick Gold Corporation

NORTH AMERICA (CONTINUED)

Barrick is the largest gold producer in the United States. Nevada Gold Mines (NGM) is the single largest gold mining complex in the world and anchors the group’s production from this region. Barrick operates and owns 61.5% of this joint venture, which includes three of the company’s Tier One Gold assets - Carlin, Cortez and Turquoise Ridge. In 2022, attributable gold production from NGM was approximately 1.9 million ounces.

### ATTRIBUTABLE GOLD PRODUCTION

![img-19.jpeg](img-19.jpeg)

$^{1}$ Based on the midpoint of the guidance range.

### GOLD COST OF SALES$^{i}$, TOTAL CASH COSTS$^{i}$ AND AISC$^{i}$

![img-20.jpeg](img-20.jpeg)

$^{i}$ Based on the midpoint of the guidance range.

### ATTRIBUTABLE GOLD MINERAL RESERVES AND RESOURCES$^{1,i}$

![img-21.jpeg](img-21.jpeg)

### NORTH AMERICA 5-YEAR GOLD OUTLOOK$^{ii}$

![img-22.jpeg](img-22.jpeg)

$^{1}$ Mineral resources are inclusive of mineral reserves.

$^{ii}$ Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,650/oz for 2023 onwards. Our realized gold price$^{i}$ in 2022 was $1,795/oz.

Barrick Gold Corporation | Annual Report 2022

23

NORTH AMERICA (CONTINUED)

The creation of the NGM joint venture (JV) was driven by the opportunity to unlock value through the combination of Barrick's and Newmont's assets in Nevada. This is shown by the extension of process facility lives, ore routing improving recovery and reducing costs, and the removal of toll treatment charges lowering costs and improving the cut-off grade at Turquoise Ridge. In addition, the improvement of orebody knowledge and expertise following the establishment of the JV continues to deliver additional resources and exploration opportunities along the fence lines of the properties previously unexplored.

The Carlin complex consists of multiple open pit and underground mines and several processing facilities. These include two roasters, an autoclave, an oxide mill and heap leach pads. Pouring its 100 millionth ounce of gold in 2022, Carlin rivals any gold complex in the world and with additions to resources at Ren and North Leeville, where mineralization is open in all directions, production will continue well into the future. Elsewhere at the Carlin complex, resources increased year on year from the Goldstrike underground, Leeville and the Gold Quarry open pit. In 2023, the Goldstrike autoclave will be converted to a carbon-in-leach (CIL) operation allowing earlier treatment of long-term stockpiles at higher recovery and the Gold Quarry roaster will be upgraded to improve environmental and operational performance.

The Cortez complex consists of multiple open pit and underground mines and several processing facilities. These include an oxide mill and heap leach pads with refractory material transported to and processed at the Carlin complex. Pouring its first gold over 150 years ago, Cortez is expected to continue producing long into the future through the addition of projects such as Goldrush, Robertson and Fourmile1. The final plan of operations has been submitted for Goldrush and the issuance of a Record of Decision (ROD) is expected in the first half of 2023, with commercial production planned for 2026. Maiden reserves were declared at Robertson in 2022 while resources continued to grow, with additional exploration upside being further tested at Distal in 2023. This growth broadens support of Barrick's plan for the deposit to contribute meaningfully to Cortez's production profile and extending beyond the 10-year outlook. Below Cortez Hills underground, successful testing of the Hanson target has increased confidence and drilling continues into 2023.

The Turquoise Ridge complex consists of multiple open pit and underground mines as well as an autoclave, oxide mill and heap leach pads. The high-grade Turquoise Ridge underground mine is the value driver of the complex. The Third Shaft was commissioned in Q4 2022 and will provide additional ventilation for underground mining operations, as well as shorter haulage distances. At the same time, infrastructure investments are being made at the Sage mill to improve performance and reliability at higher throughput volumes. Growth for Turquoise Ridge continues at the BBT Corridor, with additional resources added this year, along with continuity confirmed by exploration.

Completing the NGM portfolio are Phoenix and Long Canyon. At Phoenix, the copper by-product generated by the mine provides diversification and further cash flow growth from this strategic metal. The focus at Long Canyon is now shifting to permitting Phase 2. It is expected to recommence mining in 2026 and is included in the group's 10-year outlook.

Elsewhere in North America, the tailings reprocessing project at Golden Sunlight was completed in early 2022 and is now ramping up to full production. The reprocessing of high-sulphide tailings eliminates the need for perpetual water treatment, providing a valuable fuel source for the Carlin roasters and facilitating proper closure. At Hemlo, most underground physicals have steadily improved, and further productivity enhancements remain the key focus over the near term. Studies are also currently under way for the potential restart of a larger scale open pit, which would greatly improve Hemlo's life of mine, and first production could be achieved as early as 2027.

At Donlin, 2022 saw the largest drill program in over a decade and significant progress has been made over the last two years on improving the understanding of the orebodies. The 2023 work program will focus on reviewing a series of key trade-off studies on infrastructure and processing, assessing mining scenarios and continuing with permitting and regulatory engagement.

1 Fourmile is currently 100% owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the Nevada Gold Mines joint venture if certain criteria are met following the completion of drilling and the requisite feasibility work.

Facing page: Nevada Gold Mines, USA

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Annual Report 2022 | Barrick Gold Corporation

![img-23.jpeg](img-23.jpeg)

Barrick Gold Corporation | Annual Report 2022

25

# LATIN AMERICA AND ASIA PACIFIC1

![img-24.jpeg](img-24.jpeg)

Pueblo Viejo (60%)

100% production: 713koz
Attributable production: 428koz
P&P Reserves1: 12Moz
M&I Resources2: 15Moz
Inferred Resources2: 0.26Moz

![img-25.jpeg](img-25.jpeg)

Veladero (50%)

100% production: 389koz
Attributable production: 195koz
P&P Reserves1: 1.9Moz
M&I Resources2: 2.8Moz
Inferred Resources2: 0.27Moz

Balochistan,
PAKISTAN

![img-26.jpeg](img-26.jpeg)

Reko Diq (50%)4

M&I Copper Resources2: 18,000Mlb
Inferred Copper Resources2: 4,600Mlb
M&I Gold Resources2: 15Moz
Inferred Gold Resources2: 3.7Moz

![img-27.jpeg](img-27.jpeg)

![img-28.jpeg](img-28.jpeg)

Zaldivar (50%)

100% production: 196Mlb
Attributable production: 98Mlb
P&P Reserves1: 1,900Mlb
M&I Resources2: 4,800Mlb
Inferred Resources2: 160Mlb

![img-29.jpeg](img-29.jpeg)

Norte Abierto (50%)

P&P Copper Reserves1: 2,900Mlb
M&I Copper Resources2: 5,500Mlb
Inferred Copper Resources2: 1,400Mlb
P&P Gold Reserves1: 12Moz
M&I Gold Resources2: 22Moz
Inferred Gold Resources2: 4.4Moz

![img-30.jpeg](img-30.jpeg)

Pascua-Lama (100%)

M&I Resources2: 21Moz
Inferred Resources2: 0.86Moz

![img-31.jpeg](img-31.jpeg)

Alturas (100%)

Inferred Resources2: 5.4Moz

![img-32.jpeg](img-32.jpeg)

- Tier One gold mines
- Other gold mines
- Copper mines
- Pipeline projects
- In closure

1 All figures as at December 31, 2022. Figures for mineral reserves and mineral resources are attributable to Barrick.
2 Mineral resources are reported inclusive of mineral reserves.
3 Porgera mineral reserves and mineral resources are reported on a 24.5% interest basis, reflecting Barrick's expected ownership interest following the implementation of the binding February 3, 2022 Commencement Agreement.
4 Reko Diq mineral resources are reported on a 50% interest basis, reflecting Barrick's ownership interest following the completion of the transaction allowing for the reconstitution of the project on December 15, 2022. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders. Barrick is the operator of the project.

26 Annual Report 2022 | Barrick Gold Corporation

LATIN AMERICA AND ASIA PACIFIC (CONTINUED)

Barrick's Latin America and Asia Pacific portfolio includes operations and projects in South America, Dominican Republic, Pakistan and Papua New Guinea. This region continued to drive Barrick's growth pipeline, with the Pueblo Viejo mine in the Dominican Republic adding 6.5 million ounces1 of attributable proven and probable reserves and significant progress made towards securing a potential life of mine extension beyond the 2040s.

# ATTRIBUTABLE GOLD PRODUCTION

![img-0.jpeg](img-0.jpeg)

1 Based on the midpoint of the guidance range.

# GOLD COST OF SALES2, TOTAL CASH COSTS3 AND AISC4

![img-1.jpeg](img-1.jpeg)

1 Based on the midpoint of the guidance range.

# ATTRIBUTABLE GOLD MINERAL RESERVES AND RESOURCES1,i

![img-2.jpeg](img-2.jpeg)

# LATIN AMERICA AND ASIA PACIFIC 5-YEAR GOLD OUTLOOK2,ii

![img-3.jpeg](img-3.jpeg)

1 Mineral resources are inclusive of mineral reserves.

2 Excludes Porgera, which was placed on temporary care and maintenance in April 2020. We expect to update our guidance to include Porgera following the execution of all the definitive agreements to implement the binding February 2022 Porgera Project Commencement Agreement (which replaces the Framework Agreement signed in April 2021) with the Government of Papua New Guinea and the finalization of a timeline for the resumption of full mine operations.

3 Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,650/oz for 2023 onwards. Our realized gold price in 2022 was $1,795/oz.

Barrick Gold Corporation | Annual Report 2022

27

LATIN AMERICA AND ASIA PACIFIC (CONTINUED)

Pueblo Viejo consists of two main open pits, Moore and Monte Negro, with processing through autoclaves. The plant expansion and mine life extension projects remain on track, with commissioning of the plant expansion well under way and the new tailings storage facility (TSF) in the permitting phase. These expansions are expected to extend Pueblo Viejo's mine life to 20401 and beyond, as well as doubling the significant contribution the mine has already made to the economy of the Dominican Republic.

The Pueblo Viejo plant expansion is designed to increase throughput to approximately 14 million tonnes per annum (Mtpa). Areas of the expanded plant are being commissioned and handed over from construction to operations and full plant capacity is planned to be reached by Q3 2023. The plant expansion will allow the operation to maintain average annual gold production of more than 800,000 ounces per year after 2022 (on a 100% basis)2. Site investigation works continue to plan a feasibility level design for the new TSF in 2024.

Close to the existing Pueblo Viejo infrastructure, exploration drilling at both the Main Gate and Arroyo Del Rey targets has intersected alteration and mineralization and further work is being carried out to understand the potential of this mineralization. Additionally, Barrick is progressing early-stage exploration on a regional portfolio in the country.

At Veladero in Argentina, significant progress was made on Phase 7A of the leach pad expansion with the project now commissioned and providing stacking capacity through to the second half of 2024. Construction on the next phase, Phase 7B, is planned to re-start in Q4 2023 for completion in 2024. In addition, the mine was successfully connected to grid power and is now mainly powered by renewable energy sourced from Chile.

Exploration drilling on multiple targets around the Veladero operation progressed through the year and geological work continued on other high priority projects in the district, which includes the large landholding across the El Indio belt as well as further afield in Argentina.

Reko Diq in Pakistan is one of the largest undeveloped copper-gold porphyry projects in the world and is expected to double the size of the company's current copper production profile when it is commissioned.

In December 2022, Barrick executed definitive agreements with the governments of Pakistan and Balochistan. Reko Diq will be operated by Barrick, which owns 50% of the project, with Balochistan holding 25% and three Pakistani state-owned enterprises sharing the remaining 25%. The shareholding structure is in line with Barrick's policy of benefit-sharing partnerships with its host countries.

Significant technical and evaluation work was completed prior to 2011, including an initial feasibility study (FS) in 2010. An update of this FS is planned for completion by the end of 2024, with 2028 targeted for first production.

The updated FS will focus on:

- Optimizing the flow sheet for the 40Mtpa base case under Phase 1 and expansion to 80Mtpa under Phase 2, while maintaining the optionality to go above 80Mtpa.
- Obtaining adequate information on the community development aspects as well as water and power supply options. ESG will also be an important focus in the updated study.

Some of the baseline work has begun and the team has been in-country obtaining data for the socio-economic, ecological and water use surveys. The surrounding communities have been very receptive of this work and there is significant opportunity for Barrick to contribute to the development of these communities as the Reko Diq project is advanced. The exploration team is also now focused on identifying untested upside around the known porphyries as well as upgrading the geological understanding of the deposits as part of the feasibility study update.

In Papua New Guinea (PNG), several important milestones were achieved in 2022 on the path to re-opening the Porgera mine including the signing of the Shareholders Agreement for, and incorporation of, the project company and the holding of its first board meeting. Barrick continues to work with the PNG government to finalize the remaining agreements and satisfy other conditions necessary for the resumption of full mine operations.

Facing page: Pueblo Viejo, Dominican Republic

28 Annual Report 2022 | Barrick Gold Corporation

![img-4.jpeg](img-4.jpeg)

Barrick Gold Corporation | Annual Report 2022

29

# AFRICA AND MIDDLE EAST1

![img-5.jpeg](img-5.jpeg)

**Loulo-Gounkoto Complex (80%)**

100% production: 684koz
Attributable production: 547koz
P&P Reserves1: 6.7Moz
M&I Resources2: 9.1Moz
Inferred Resources2: 1.9Moz

![img-6.jpeg](img-6.jpeg)

**Kibali (45%)**

100% production: 750koz
Attributable production: 337koz
P&P Reserves1: 4.6Moz
M&I Resources2: 7.1Moz
Inferred Resources2: 1.1Moz

![img-7.jpeg](img-7.jpeg)

**Tongon (89.7%)**

100% production: 201koz
Attributable production: 180koz
P&P Reserves1: 0.56Moz
M&I Resources2: 0.77Moz
Inferred Resources2: 0.064Moz

![img-8.jpeg](img-8.jpeg)

**North Mara (84%)**

100% production: 313koz
Attributable production: 263koz
P&P Reserves1: 3.0Moz
M&I Resources2: 4.6Moz
Inferred Resources2: 0.93Moz

![img-9.jpeg](img-9.jpeg)

**Jabal Sayid (50%)**

100% production: 151Mlb
Attributable production: 75Mlb
P&P Reserves1: 670Mlb
M&I Resources2: 830Mlb
Inferred Resources2: 44Mlb

![img-10.jpeg](img-10.jpeg)

**Lumwana (100%)**

100% production: 267Mlb
P&P Reserves1: 6,200Mlb
M&I Resources2: 13,000Mlb
Inferred Resources2: 8,700Mlb

![img-11.jpeg](img-11.jpeg)

**Bulyanhulu (84%)**

100% production: 233koz
Attributable production: 196koz
P&P Reserves1: 2.7Moz
M&I Resources2: 5.0Moz
Inferred Resources2: 4.6Moz

- ● Tier One gold mines
- ● Other gold mines
- ● Copper mines
- ● In closure

1 All figures as at December 31, 2022. Figures for mineral reserves and mineral resources are attributable to Barrick.
2 Mineral resources are reported inclusive of mineral reserves.

30 Annual Report 2022 | Barrick Gold Corporation

AFRICA AND MIDDLE EAST (CONTINUED)

Barrick is the largest gold producer in Africa. Loulo-Gounkoto in Mali and Kibali in the DRC are both Tier One Gold assets, contributing 884,000 attributable ounces of gold during 2022. Additionally, the company’s two gold mines in Tanzania, North Mara and Bulyanhulu, boosted their combined output to 546,000$^{1}$ ounces in 2022, achieving another step towards their potential Tier One status in the group’s asset portfolio as a combined complex.

$^{1}$ On a 100% basis.

### ATTRIBUTABLE GOLD PRODUCTION

![img-12.jpeg](img-12.jpeg)

$^{1}$ Based on the midpoint of the guidance range.

### GOLD COST OF SALES$^{2}$, TOTAL CASH COSTS$^{3}$ AND AISC$^{4}$

![img-13.jpeg](img-13.jpeg)

$^{1}$ Based on the midpoint of the guidance range.

### ATTRIBUTABLE GOLD MINERAL RESERVES AND RESOURCES$^{1,2}$

![img-14.jpeg](img-14.jpeg)

### AFRICA AND MIDDLE EAST 5-YEAR GOLD OUTLOOK$^{1}$

![img-15.jpeg](img-15.jpeg)

$^{1}$ Mineral resources are inclusive of mineral reserves.

$^{2}$ Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,650/oz for 2023 onwards. Our realized gold price in 2022 was $1,795/oz.

Barrick Gold Corporation | Annual Report 2022

31

AFRICA AND MIDDLE EAST (CONTINUED)

The Loulo-Gounkoto complex produced in the top-half of guidance for 2022 and replaced mined reserves for the fourth successive year. At Gounkoto, the complex’s third underground mine is on track to begin ore production from stoping in the second quarter of 2023. Expansion of the solar plant progressed during the year with early procurement enabling the second phase to begin ahead of plan. The Loulo-Gounkoto complex was one of the largest taxpayers in Mali and has been formally thanked by the government for its role in enabling the tax department to achieve its revenue targets for 2022.

At Kibali, Barrick continues to extend the mine’s life beyond 10 years. An updated underground feasibility study on the 11000 lode of the KCD orebody was completed during 2022. Mineral reserves increased at Kibali, net of depletion, for the fourth successive year. The winder change-out planned for the fourth quarter was completed ahead of time allowing additional monitoring during the ramp up phase and aligning with the curing phase of the underground paving project.

In Tanzania, total production output from Bulyanhulu and North Mara continued to support their potential Tier One status as a combined complex. At North Mara, the owner mining strategy has completed a successful ramp up as part of the ongoing open pit expansion, with improved efficiencies already evident. North Mara is now recognized as Tanzania’s largest taxpayer. Barrick’s presence in Tanzania was expanded through the acquisition of the Tembo licence, and it plans to extend its footprint further through exploration licence consolidation.

Through successful exploration, the Tongon gold mine in Côte d’Ivoire further extended its life to 2026 and it continues to pursue growth through exploration targets.

Copper mines Lumwana and Jabal Sayid both met production guidance for the year with the Lumwana copper mineral resource base growing by 89%, net of depletion, relative to 2021. During Q4 2022, Lumwana started the pre-feasibility study for the Super Pit, targeting expansions with the potential to increase its life of mine beyond 2080. In Saudi Arabia, new joint venture agreements with Ma’aden were completed for two prospective exploration projects comprising the Jabal Sayid South (three permits) and Umm Ad Damar licence areas. This is the first step in delivering Barrick’s strategy to create additional value from nearby opportunities by leveraging the existing infrastructure at Jabal Sayid and its demonstrated exploration expertise.

It was an exciting year in Egypt as Barrick worked to establish its exploration programs. Negotiations continued with the Egyptian Mineral Resource Authority regarding the Model Mining Exploitation Agreement. Handover of the Hamash-Sukari exploration licence was completed - the highest priority licence applied for in the 2020 bid round. Field teams are currently screening a total land package of 1,675km2 for systems with Tier One potential and assessing viability of new business opportunities aiming at maiden drill programs later in 2023.

*Facing page: North Mara, Tanzania*

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![img-16.jpeg](img-16.jpeg)

Barrick Gold Corporation | Annual Report 2022 33

# Nevada Gold Mines at the forefront of mineral processing

The Nevada Gold Mines operations process a wide range of mineralization in the ores they treat. From simple heap leach ore types to carbonaceous refractory sulphide ores, NGM can handle the most complex ores in its facilities. The NGM complex not only hosts many gold processing facilities at the Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon sites, but also conducts copper oxide leaching and copper sulphide flotation at its Phoenix mine.

It leads the field in the application of carbonaceous refractory gold sulphide roasting with the Goldstrike and Gold Quarry roasters, which are coupled with dry milling comminution circuits.

The pressure oxidation (POX) circuits at Goldstrike and Turquoise Ridge are suited to refractory sulphide ores with a lower content of carbonaceous matter. These autoclaves are coupled with wet milling circuits.

The choice of processing facility for each ore type depends on many factors such as the:

- Gold grade;
- Level of oxidation;
- Refractory sulphide material;
- Carbonate content;
- Presence of mercury;
- Presence of arsenic; and
- Proximity to the facility.

NGM's metal plan optimizes the feed to each facility based on blending the ores from many surface and underground locations.

Nevada has always been a center of excellence for processing technology. Goldstrike implemented a novel thiosulfate leaching process following pressure oxidation for problematic preg-robbing sulphide ores with gold recovery by resin adsorption. Following the exhaustion of these stockpiled problematic ores, the plant is being converted back to a more-conventional POX with carbon-in-leach (CIL) gold recovery to treat amenable ores facilitated by the joint venture.

NGM's whole ore refractory sulphide processes have always operated sulphur deficient and alternative fuels were sought to augment the ore fuel content. The latest development in this area is the Phoenix sulphide concentrate project, which will supply more sulphide fuel to NGM's roasters and autoclaves as well as recover gold from the Phoenix tails stream. Recent ore testwork and modelling demonstrated a viable route to limit copper in the concentrate product and make the process economics more attractive.

Barrick will continue to innovate to remain at the forefront of metallurgical processing expertise and deploy this where applicable throughout its global operations.

![img-17.jpeg](img-17.jpeg)

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Annual Report 2022 | Barrick Gold Corporation

# Mining our mobile data

## Remote monitoring underscores the value of real-time data in correcting operator behaviour and reducing maintenance costs.

A 24-month trial to remotely analyze mobile data from Barrick's Loulo Sandvik Load and Haul fleet has resulted in a positive improvement in operator behaviour and machine health, while substantially increasing machine utilization and productivity. The trial has now been completed and, in Q4 2022, Barrick started a global rollout across all the sites where Barrick has some 220 connected Sandvik machines while extending the trial to underground and surface drill fleets as well.

Barrick has been working with the Sandvik Remote Monitoring Team, based in Tampere, Finland, who run the data from Loulo's fleet through their algorithms and predictive models. They analyze that data, looking for exceptions to set operating parameters and then report those findings back to Barrick as event alarms. Additionally, there are three Sandvik Product Support Specialists based at Loulo who work with the local teams to maintain connectivity and act on the information from those reports.

These reports come in various forms:

- Ad hoc maintenance reports to site maintenance managers and planners;
- Weekly operator scorecards to provide feedback on how an operator can improve;
- Ad hoc operator guidance reports, which are typically triggered by an incorrect operator action and advise what the proper operator behavior should be to prevent that event from occurring again; and
- Defect-based planned maintenance reports, which ensure that any errors picked up in the data are added to the planned maintenance task for that machine.

One of the key benefits of remote monitoring and real-time data analytics is its ability to quickly highlight areas for improvement in operator competency and training. An observation picked up through the data is the inclination of some operators to select the incorrect gear up and down declines, a practice that not only poses a safety risk but can also prematurely damage the transmission as it constantly changes gears.

Thanks to extensive training and a joint effort to develop an engineering solution, the practice has been nearly eliminated. Overall, a significant reduction in operator events per machine hour has been a consistent outcome throughout the trial.

The other benefits are better machine utilization and improved productivity, with the Mean Time Before Failure (MTBF) of the Loulo fleet increasing despite its age also increasing by 9,000 hours on average, resulting in a significant decrease in breakdowns and a corresponding decrease in operating costs per engine hour. Additionally, the dashboard visualization of the data allows the Barrick team to quickly see trends and act on them, allowing for the proactive rather than reactive management of the fleet and allowing Barrick to move to a predictive maintenance model.

![img-18.jpeg](img-18.jpeg)

Sandvik data scientists at the Remote Monitoring Service headquarters in Tampere, Finland.

Barrick Gold Corporation | Annual Report 2022

35

# Kibali - Powering Our Green Agenda
## Leaders in Microgrids

The Kibali gold mine in the Haut-Uele province of north-east Democratic Republic of Congo is a standout example of how Barrick’s self-powered microgrid infrastructures are configured to serve an immediate need and evolve over time with the right foresight to sustainably deliver cheaper energy with reduced environmental impact.

![img-19.jpeg](img-19.jpeg)

*The Azambi hydropower station near Kibali, DRC.*

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Annual Report 2022 | Barrick Gold Corporation

Kibali was initially built to use thermal power from high-speed diesel generator sets (gensets). This power plant forms the base load capable of delivering approximately 43MW, enough to power the entire mine at $0.37 per kWh. The abundance of water during the rainy season and the mine's close proximity to the Nzoro and Kibali rivers made the investment in hydropower a natural choice to drive down both its power generation cost and greenhouse gas (GHG) emissions. In 2014, the Nzoro II canal fed hydropower station consisting of four Francis turbines totalling 22MW was commissioned. Ambarau followed shortly thereafter in 2016 adding two Kaplan turbines totalling ~10MW and finally in 2018, Azambi added another ~10MW of green energy to the microgrid from two Kaplan turbines.

Stable operation of the microgrid in island mode requires frequency control for grid forming as well as a 7MW spinning reserve from diesel generator sets. The opportunity was identified to reduce the amount of diesel generator sets which supply the spinning reserve for the active and reactive power components of the cyclical winding plant. This spinning reserve requirement was for eight 3512B gensets to provide an intermittent load of approximately ~5.7MW, with a transient reverse power of 1MW running permanently at low load (40%) and ready to accept a transient load impact (up to 100%).

In 2019, a grid stabilizer based on a Battery Energy Storage System (BESS) was installed, dramatically offsetting the spinning reserve requirement and bringing stability to the grid load variations in the event of load shed events. Only four gensets are kept running to maintain frequency and voltage, resulting in a drop in daily diesel consumption during the rainy season to below 12,000 litres per day. This strategic investment has paid dividends over time with a unit cost as low as $0.03 per kWh achieved by August 2022.

In line with Barrick's GHG emission reduction commitments, the operation set itself the challenge of achieving zero thermal power generation during the rainy season. A network system study and transient analysis was completed considering different contributions to the grid as well as the impact of a selection of load start and shed events. The learnings from other Barrick renewable power installations were incorporated in this study, achieving the positive outcome that the addition of a 15MVA BESS would completely offset the use of diesel generators in the rainy season and 17MW of solar power could increase the use of renewable energy during the dry season. The net impact is expected to be an annual reduction of approximately 21 thousand tonnes of CO2 equivalent emissions. The area for the solar plant has been cleared and the engineering design is near completion. Procurement and delivery of long-lead items are expected through 2023 with construction to start early in 2024.

Top right: Aerial view of the Kibali grid stabilizer with five BESS containers and step-up transformers.

Bottom right: Internal view of BESS container housing CAT bi-directional inverters and 3C Li-ion battery banks.

In order to harness the full potential of the low-cost energy sources, the reliability of these installations needs to be exemplary. The Kibali maintenance teams have taken a big step forward from the traditional annual time-based maintenance philosophy by implementing prescriptive maintenance. Instead of discovering defects by opening up the plant once a year or, in a worst-case scenario suffering a breakdown, sensors and instruments are used to detect the diagnostics of the running plant and feed this into an analytical model. This model constantly correlates to the current state with the blueprint or signature of a healthy operational plant. Further to that, the data from the failure events experienced in the past are used to create a library of failure blueprints.

The advantage of prescriptive maintenance is twofold: first, the operating health of every hydropower generator is continuously monitored and validated in order to produce the maximum output; and second, the awareness of potential digression towards a failure signature provides sufficient time to properly plan for corrective maintenance. Since implementation of a prescriptive maintenance approach, there have not been any catastrophic failures of the plants, and this technology has been rolled out to the milling plant as well.

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

Barrick Gold Corporation | Annual Report 2022

37

# RESERVES AND RESOURCES

Significant growth in attributable proven and probable gold mineral reserves by 6.7 million ounces net of depletion, is a result of the continued focus on Tier One assets, and improvements in the understanding of our orebodies through integration of the geological, geotechnical and geometallurgical models which continue to unlock further value.

Reported at $1,300/oz, attributable proven and probable mineral reserves now stand at 76 million ounces1 at 1.67g/t, increasing from 69 million ounces1 at 1.71g/t reported at $1,200/oz in 2021. The change in the commodity prices at which our mineral reserves are estimated has balanced the inflationary cost increases across the business, maintaining the quality of our reserve base and delivering growth organically, rather than adding lower quality reserves through further increases in commodity price assumptions. Gold mineral reserve growth was led by Pueblo Viejo and the Africa & Middle East region, with nearly 12 million ounces1 of attributable proven and probable reserve gains in 2022 before depletion.

The Africa & Middle East region converted a net of 2.4 million ounces1 to attributable proven and probable reserves in 2022, before depletion, with contributions from Kibali, Loulo-Gounkoto, North Mara, Bulyanhulu and Tongon. At Loulo-Gounkoto, this was principally from extensions at the Yalea and Gara underground mines as well as the Faraba open pit replacing annual depletion. At Kibali, the completion of an updated underground feasibility study on the 11000 lode in KCD underground delivered a 0.62 million ounce1 increase in attributable proven and probable reserves before depletion. At North Mara, a focus on underground expansion at Gokona has successfully delivered a 0.44 million ounce1 increase in attributable proven and probable reserves before depletion.

The Latin America & Asia Pacific region converted a net of 7.3 million ounces1 to attributable proven and probable reserves. Most notably, Pueblo Viejo completed a pre-feasibility study for the new Naranjo TSF, adding 6.5 million ounces1 of attributable proven and probable reserves, net of depletion, and extending the mine life beyond 20402.

The North America region converted a net of 1.8 million ounces1 to attributable proven and probable reserves, before depletion. This was primarily driven by the completion of pre-feasibility studies for the Robertson open pit project at Cortez, as well as a new pushback in the Hemlo open pit. As a result, Robertson's maiden attributable proven and probable gold reserves are estimated at 1.0 million ounces1 at 0.46g/t. This represents a milestone for Cortez as a key source of oxide mill feed in the mine plan. Similarly, the new Hemlo open pit pushback is expected to start in 2027 adding 0.86 million ounces1 of gold at 1.49g/t to probable reserves. Proven and probable attributable reserves for the region are now estimated at 31 million ounces1 at 2.54g/t.

Our strategy of investing in organic growth through exploration and mineral resource management, as well as our focus on quality assets, continues to deliver successive reserve growth over and above annual depletion as demonstrated with the successful exploration at both the Lumwana and Jabal Sayid mines, which were the primary drivers in the growth of attributable proven and probable copper reserves. As a result, Barrick replaced 103% of annual global depletion at consistent quality, effectively maintaining attributable proven and probable copper mineral reserves of 12 billion pounds1 at 0.38% in 2022, notwithstanding an increase in the annual reserve price assumption to $3.00/lb.

For Barrick-operated assets, copper mineral reserves for 2022 are estimated using a copper price of $3.00/lb relative to $2.75/lb in 2021.

The growth in total attributable gold mineral resources of nearly 10% relative to 2021 and of total attributable copper mineral resources which more than doubled growing by 124% year on year, both net of annual depletion, underpins the future growth of our production profile. This was driven by the successful completion of a preliminary economic assessment supporting the Lumwana Super Pit expansion, and the incorporation of Reko Diq following the reconstitution of the project in December 2022.

Attributable measured and indicated gold resources for 2022 stand at 180 million ounces1 at 1.07g/t, with a further 42 million ounces1 at 0.8g/t of inferred resources. Attributable measured and indicated copper resources for 2022 stand at 44 billion pounds1 at 0.39%, with a further 15 billion pounds1 at 0.4% of inferred resources.

In 2022, all mineral resources were estimated using a gold price assumption of $1,700 per ounce and a copper price of $3.75 per pound, both up from $1,500 per ounce for gold and $3.50 per pound for copper in 2021 for Barrick-operated assets. Barrick's mineral resources for 2022 continue to be reported on an inclusive basis, incorporating all areas that form mineral reserves. All open-pit mineral resources are contained within a Whittle shell, while all underground mineral resources are contained within optimized mineable shapes.

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RESERVES AND RESOURCES (CONTINUED)

In the Africa and Middle East region, the Lumwana copper mineral resource base grew by 89%, net of depletion, relative to 2021, demonstrating strong potential as a Tier One copper asset and providing a robust basis for the ongoing pre-feasibility study. The reconstitution of the Reko Diq project added an attributable 18 billion pounds$^{1}$ of copper at 0.44% with 15 million ounces$^{1}$ of gold at 0.26g/t to indicated resources, and an attributable 4.6 billion pounds$^{1}$ of copper at 0.4% with 3.7 million ounces$^{1}$ of gold at 0.2g/t to inferred resources. These mineral resources reflect only three porphyries (H13, H14, H15) as well as the Tanjel deposit within the cluster of Western Porphyries. Alongside the ongoing feasibility study update, the team is also planning to evaluate further known porphyry occurrences within the mining lease area.

North America also delivered growth in total attributable mineral resources, net of depletion, supporting future potential reserve growth in line with our strategy to fully replace depletion for the region within a five-year period. This was driven by underground resource extension drilling at both Goldstrike and Leeville in Carlin, as well as successful resource definition drilling at Goldrush and Robertson in Cortez, all of which support the potential for future reserve growth in this region. Measured and indicated attributable gold resources for the region increased by 2.8 million ounces to 73 million ounces$^{1}$ at 2.16g/t, from 70 million ounces$^{1}$ at 2.22g/t in 2021. Importantly, inferred attributable gold resources also increased to 17 million ounces$^{1}$ at 1.8g/t, from 16 million ounces$^{1}$ at 2.0g/t in 2021.

2022 mineral reserves and mineral resources are estimated using the combined value of gold, copper and silver. Accordingly, mineral reserves and mineral resources are reported for all assets where copper or silver is produced and sold as a primary product or a by-product. Barrick's reserves and resources are reported to a rounding standard of two significant digits, which remains unchanged since 2019.

![img-2.jpeg](img-2.jpeg)

### ATTRIBUTABLE GOLD RESERVES$^{1}$

![img-3.jpeg](img-3.jpeg)

### ATTRIBUTABLE COPPER RESERVES$^{1}$

![img-4.jpeg](img-4.jpeg)

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# EXPLORATION

Exploration is the engine that drives Barrick's organic growth strategy. Brownfields work around our existing operations continues to more than replace the ounces of gold and pounds of copper we extract each year, strengthening our already industry-leading gold portfolio and growing our copper holdings. At the same time, robust greenfields programs are hunting down new opportunities in the search for our next Tier One mine.

## CREATING VALUE THROUGH EXPLORATION AND OPTIMIZATION

![img-5.jpeg](img-5.jpeg)

Barrick's exploration is managed using the resource triangle - an integrated business tool. Generative work ensures a constant supply of targets to the base of the triangle and a set of stringent filters, at progressive levels within the triangle, ensures the promotion of quality targets and the rejection of inferior ones, with economic deposits ultimately reaching the pinnacle of the triangle.

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# North America

In Nevada, our growth drilling programs at North Leeville and Ren continue to expand the maiden resources announced last year and discover new mineralized structures, while work at North Turf, Cortez Hills Underground, El Nino, and Turquoise Ridge returned strong results, confirming the potential around these deposits as we work to convert more ounces to reserves and expand their footprints. At Robertson, we declared maiden reserves and increased resources as that deposit is progressed towards production.

We are progressing our copper strategy across North America including at Phoenix in Nevada, where drilling has identified strongly mineralized porphyry beyond the existing model, highlighting further potential to expand resources.

Our exploration programs in Nevada identified multiple discovery opportunities throughout the year culminating in the discovery of high-grade, breccia-hosted mineralization beneath the Dorothy target at Fourmile, confirming significant remaining upside in this well-endowed trend which includes the multi-million ounce Goldrush project. Elsewhere in the Cortez district at the Swift project, an exploration earn-in joint venture for Nevada Gold Mines, drilling has intersected alteration and mineralization in lower-plate carbonates over a wide area, confirming the presence of a significant hydrothermal system.

Around the Turquoise Ridge and Twin Creeks deposits, exciting targets were identified at Fenceline, South Getchell and beneath the Mega Pit. Programs to test these targets will be carried out in 2023.

At Carlin, drilling confirmed open mineralized breccias at the Golden Egg target in Little Boulder Basin while exploration drilling to the west of Goldstrike has significantly expanded the potential along the East Bounding fault system where framework holes confirmed strong alteration, structural complexity and breccia development with widespread low-grade mineralization in a fault corridor that extends for more than seven kilometers of strike length.

We continue to hunt for opportunities across North America and entered an exploration agreement with the opportunity to earn a 100% interest at the Pearl String property, located in the Walker Lane mineral belt of western Nevada. Work to date on the property has included geologic mapping, rock and soil sampling and collection of gravity data to map the underlying basement rock. This data is being compiled and interpreted and will lead to target delineation and framework drill testing in 2023.

In Canada, work at Hemlo focused on improving the geological understanding and models of the deposit, better defining the plunging zones of high-grade mineralization which remain open at depth.

*Right: Cortez, Nevada Gold Mines, USA.*

On the South Uchi project, all results from the 2022 program were received during the fourth quarter of 2022. 461 till samples and 1,065 surface rock samples were analyzed during the summer field mapping and overburden drilling campaigns. Our fieldwork continues across multiple projects in North America as we expand our gold and copper focus.

During the year, Barrick entered into an exploration earn-in agreement over the Pic project which is located on the continuation of the Hemlo greenstone sequence, approximately 20 kilometers to the northwest of Hemlo. Barrick may earn up to an 80% interest in the property and completed till geochemical sampling and mapping as well as logging and scanning of historical drill core in 2022.

![img-6.jpeg](img-6.jpeg)

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# Latin America and Asia Pacific

Our exploration work across the Latam and Asia Pacific area is focused on targets at all levels of the resource triangle from growth drilling around the deposits at Veladero and Pueblo Viejo, to regional generative programs in the hunt for opportunities across South America and the Asia Pacific region.

With the reconstitution of the Reko Diq copper-gold project in Pakistan, the exploration team is focused on identifying untested upside around the known porphyries as well as upgrading the geological understanding of the deposits as part of the feasibility study update.

At Pueblo Viejo, drilling at both the Main Gate and Arroyo Del Rey targets intersected alteration and mineralization close to existing infrastructure and further work is required to understand the potential of this mineralization. Additionally, Barrick is progressing early stage exploration on a regional portfolio across the Dominican Republic and initial results from this work are encouraging.

In Argentina, drilling on multiple targets around the Veladero operation progressed through the year. Priority targets are located at Veladero Sur and in the La Ortiga trend where drilling on a historical target, Morro Escondido, confirmed wide zones of mineralization at surface which may be able to be processed at Veladero. The evaluation of this target will continue through 2023. Geological work continues on other high priority projects in the district, which includes our large landholding across the El Indio belt as well as further afield across Argentina.

In Peru, we are progressing three very prospective early-stage projects, while we are looking for opportunities across Latam to rationalize our extensive permit portfolio.

Our work on the Makapa project in Guyana failed to identify the potential for a large system leading to our exit from that project, however we remain active in the Guyana Shield and we are progressing our understanding of the region through ongoing generative work.

Our Asia Pacific exploration team is evaluating copper and gold opportunities across the region. In Japan, the Phase One screening program on the Japan Gold/Barrick Alliance projects was concluded, leading to six projects being advanced to the Second Evaluation Phase. Work is in progress currently on the two priority targets, Mizobe in Kyushu and Aibetsu in Hokkaido.

![img-7.jpeg](img-7.jpeg)

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# Africa and Middle East

On the Bambadji joint venture in Senegal, multiple zones of mineralization have been discovered on numerous structures across the project, however the search for a large deposit with the potential to be a standalone operation continues. As a majority of the known economic mineralization in the district occurs at depth, deeper drilling is being planned on the largest and most anomalous structures. Target delineation programs have started on the recently granted Bambadji South permit, where initial surface observations have highlighted strongly altered and sulfidized rocks that correlate with high tenor soil geochemistry anomalies. These targets will be prioritized against other opportunities for testing in 2023. On the Dalema joint venture, early-stage exploration activities commenced with the flying of an airborne geophysical survey and auger drilling in the northern part of the permit which identified two priority targets.

At Loulo-Gounkoto in Mali, exploration work is also targeting mineralization at depth on key under-explored structures, several of which host existing deposits, as well as defining and testing high-impact extensions around our orebodies. An example is Gara West where strong mineralization was intersected beneath the open pit, opening up a significant new search space at Loulo. The Domain Boundary structure at Gounkoto which hosts concealed, high-grade zones of mineralization, will be a key focus for follow up in 2023 including a 3D geophysical survey to more effectively target the blind potential.

The priority at Tongon continues to be progressing satellite targets with the potential to extend the life of mine. This continued successfully through the year with the further definition of the recently discovered Seydou North deposit and the identification of several other zones of mineralization along the Stabilo trend, with the potential to develop into significant satellite orebodies within 15 kilometers of Tongon.

At Kibali in the DRC, exploration programs have identified the potential for large scale extensions to mineralization at multiple deposits along the KZ trend including the KCD orebody itself. This trend continues to exhibit extensive discovery potential evidenced by the Oere target near Kalimva where recent high-grade drill intersections beneath weak near surface mineralization demonstrates the lack of maturity along large parts of the trend where deeper drilling has focused largely on the main deposits.

In Tanzania, early work on our expanding regional portfolio, as well as around the North Mara and Bulyanhulu operations, returned encouraging results. At North Mara, drilling beneath post-mineral cover intersected Gokona-type alteration and mineralization two kilometers away from the Gokona deposit indicating a separate, similar hydrothermal center which is an exciting development. At Bulyanhulu, the exploration agreement on the surrounding permits was concluded with early results indicating potential for mineralization beneath underexplored areas of cover within haulage distance of the plant.

Providing additional ore sources to support the development of the Super Pit at Lumwana is the main focus of our exploration work in Zambia, and results from the Lubwe satellite target continue to confirm its development potential. Beyond Lumwana and as part of our global copper strategy, we continue to evaluate opportunities across the Central African Copperbelt.

In Egypt, the three exploration concessions awarded during the industry bid-round were handed over to Barrick and exploration work has started on all of them. We now control 1,675km2 of ground in the Eastern Desert. Meanwhile the industry negotiations with the government to improve the attractiveness of the mining code is nearing completion.

At Jabal Sayid in Saudi Arabia, brownfields drilling delineated a very high-grade extension to the Lode 1 deposit. Meanwhile one kilometer south of Lode 1 at the Janob target, first pass exploration drilling discovered a new zone of ore grade copper mineralization, highlighting the potential along the multiple prospective and largely untested paleosurfaces on the project. Near the end of the year Barrick, in partnership with Ma’aden, was awarded the sought after Umm Ad Damar project in a competitive bid process after which the portfolio was further expanded with the signing of the Jabal Sayid South exploration agreement, extending our exploration footprint in the highly prospective area around the Jabal Sayid mine.

![img-8.jpeg](img-8.jpeg)

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# SUSTAINABILITY STATEMENT

![img-9.jpeg](img-9.jpeg)

## Governance of sustainability and scorecard

Our group-level sustainability strategy rests on four interconnected core pillars: (1) respecting human rights; (2) protecting the health and safety of its people and local communities; (3) sharing the benefits of its operations; and (4) managing its impacts on the environment.

This approach is codified in our Sustainable Development Policy and a full suite of sustainability policies, which are available on our website.

We have a bottom-up governance structure that empowers each mine to be responsible for managing sustainability, while also providing oversight and expert guidance at the group-level. Our Environmental & Social Oversight Committee - our most senior body dedicated to sustainability - connects site-level ownership of sustainability with our Board, alongside regular interaction from the Group Sustainability Executive and regional sustainability leads. We also tie incentive compensation for our President and CEO, members of the Executive Committee and employees to the achievement of company-wide sustainability targets set out in our Sustainability Scorecard.

## Keeping score

In early 2020, we developed our industry-first Sustainability Scorecard as our main tool to define good practice and benchmark ourselves against our peers. It includes key performance indicators aligned to the four pillars of our sustainability strategy and is informed by the expectations of the UN Global Compact and relevant frameworks such as the World Gold Council's (WGC) Responsible Gold Mining Principles (RGMPs) and the International Council for Mining and Metals (ICMM) Mining Principles.

The abridged scorecard is published on page 45. The score is expressed as a ranking for each metric in quintiles to produce a rank of 1 (top) - 5 (bottom). The score for each indicator is then summed to produce a total score against which we grade ourselves using an A to E banding (where A represents top performance and E represents bottom performance). Barrick received a B grade in 2022.

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## SUSTAINABILITY SCORECARD

| Aspect | Key Performance Indicator | 2021 Quintile | 2022 Quintile | Trend |
| --- | --- | --- | --- | --- |
| Safety | Total Recordable Injury Frequency Rate (TRIFR) 1 | 5 | 2 | ⊕ |
|  | Zero Fatalities ( New ) 3,4 | N/A | 5 | N/A |
|  | Percentage of sites that maintained certification to ISO 45001 (2022) ( Updated ) 3 | 1 | 1 | ⊖ |
|  | Percentage of safety leadership interactions completed ( New ) 3,4 | N/A | 2 | N/A |
| Social and economic development | Percentage of annual Community Development Committees commitments met 2 | 2 | 3 | ⊕ |
|  | Percentage of workforce who are host nationals | 1 | 1 | ⊖ |
|  | Percentage of senior management who are host nationals | 2 | 2 | ⊖ |
|  | Percentage of economic value that stays in country | 2 | 2 | ⊖ |
|  | Proportion of grievances resolved within 30 days 2 | 4 | 4 | ⊖ |
| Human rights | Percentage of security personnel receiving training on human rights | 1 | 1 | ⊖ |
|  | Corporate human rights benchmark score 5 | 4 | 4 | ⊖ |
|  | Independent human rights impact assessments with zero significant findings at high-risk sites 2,4 | 1 | 1 | ⊖ |
|  | Upgrade controversy listed by one of the ESG Rating Agencies ( New ) 3,4 | N/A | 1 | N/A |
| Environment (including Climate Change) | Number of significant environmental incidents | 1 | 1 | ⊖ |
|  | Tonne CO 2 e per tonne of ore processed | 3 | 3 | ⊖ |
|  | Progress against absolute emissions target 2 | 1 | 1 | ⊖ |
|  | Water use efficiency (recycled & reused) | 1 | 1 | ⊖ |
|  | Percentage of completion against Biodiversity Action Plan Commitments (2022) ( New ) 2,3 | 1 | 1 | ⊖ |
|  | Independent tailings reviews conducted 2 | 1 | 1 | ⊖ |
|  | Percentage of ISO 14001 certified sites maintained 4 | 1 | 1 | ⊖ |
|  | Global Industry Standard on Tailings Management progress 2 | 2 | 2 | ⊖ |
|  | Proportion of operational sites achieving annual concurrent reclamation targets 2 | 2 | 3 | ⊕ |
| Governance | Progress against RGMP+ implementation 2,6 | 2 | 1 | ⊕ |
|  | Percentage of employees receiving Code of Conduct training 2 | 1 | 1 | ⊖ |
|  | Percentage of supply partners trained on Code of Conduct at time of on-boarding 2 | 1 | 1 | ⊖ |
|  | 30% female Board composition ( New ) 3,4 | N/A | 1 | N/A |
| Overall Score 7 |  | 40 (B) | 47 (B) | ⊖ |

$^{1}$ For 2021, actual score assessed at the third quintile reflecting Barrick's year-on-year improvement; however, this was automatically downgraded to the bottom quintile in consideration of the fatalities recorded for the year.

$^{2}$ Internal metrics.

$^{3}$ Metrics that were changed in 2022 to promote constant improvement.

$^{4}$ N/A due to changes in the metrics that are not comparable year-on-year.

$^{5}$ In comparison to the 56 extractive companies assessed against the Corporate Human Rights Benchmark's methodology, Barrick is ranked in the top 25% in the extractives industry.

$^{6}$ The ICMM and the WGC introduced new frameworks in 2019 - the Mining Principles and the Responsible Gold Mining Principles (RGMP), respectively. Barrick's approach to conformance with these two frameworks has been to use the equivalency tables to evaluate whichever requirement is more stringent for each aspect to dovetail the two frameworks into a single framework, which we refer to as RGMP+.

$^{7}$ For 2022, the grading key was updated to reflect a total of 26 measures assessed by the Sustainability Scorecard resulting in a maximum of 130 quintiles, compared to a total of 22 measures in 2021 resulting in a maximum of 110 quintiles. The total scores and corresponding grades are therefore not directly comparable year-over-year.

## A developing business

**“Sustainable development and successful mines are two sides of the same coin to Barrick. We strive to be a good corporate citizen and a genuine partner for our host communities in locally led development, and to build resilience to global challenges.”**

*Thomas Wilson, Sustainability Lead Africa and Middle East*

The success of any Barrick mine rests on the partnerships we forge with the communities that we are a part of. We seek to earn their support every day through our investment in community development projects, by buying and employing locally, and by establishing Community Development Committees (CDCs) that enable local communities to drive their own development.

In 2022, we invested more than $35 million in community development projects around our mines. These included projects such as the building of clean energy infrastructure in both the DRC and Mali, as well as support to local entrepreneurs.

At all operational mines, these project budgets were allocated through the CDCs.

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SUSTAINABILITY STATEMENT (CONTINUED)

We also support our host countries and communities by paying our fair share of tax; by prioritizing local hiring (96% of employees were host country nationals in 2022); and by procuring from local businesses when we can.

During 2022, 80% of our total procurement spend was from local and host country suppliers. We also work to support local entrepreneurs with mentorship programs, skills training, or by providing loans to cover the cost of materials needed and help them achieve scale or meet standards.

As shown in Figure 1, we distributed over $15.2 billion in 2022 to our workforce, suppliers, host communities and beyond.

We also recognize our responsibility to leave a thriving economic and positive environmental legacy after our mines close. In 2022, we progressed the decommissioning of mine infrastructure at Buzwagi in Tanzania. This included the advancement of a Special Economic Zone aimed at creating 3,000 jobs annually and delivering additional funds to the Tanzanian government.

### Managing resettlement and grievances

An important part of our engagement with communities is our fully accessible and accountable process to the formal raising and resolution of grievances. In 2022, we received 422 grievances across all operating regions and resolved 385.

Also during 2022, we undertook resettlements and land acquisition projects at our Kibali, Pueblo Viejo and North Mara mines. Our approach is guided by our Social Performance Policy and conducted in compliance with applicable laws and regulations and international best practice.

In particular, we progressed the resettlement of the Kalimva-Ikamva community at Kibali in 2022. At Kibali, a total of 659 households were resettled during the year, with affected community members given the option to either move into a house we build for them, or receive an agreed-to sum and build their own house.

More details on our policies, approach and performance on resettlement initiatives is available in our 2021 Sustainability Report.

**FIGURE 1: ECONOMIC VALUE STATEMENT**

|  | 2022 | 2021 | 2020 |
| --- | --- | --- | --- |
| Total economic value | $15.2b | $12.4b | $12.1b |
| Proportion of employees that are host country nationals | 96% | 96% | 97% |
| Number of senior management that are host country nationals | 78% | 78% | 80% |
| Procurement to local and/or national vendors | $6b | $5.5b | $4.5b |

## A BAKER'S 'MARK' IN SAN JUAN

In the shadow of the Andes where our Veladero mine is located, and just six kilometres from Chile, many people in Huasco in San Juan province rely on small and subsistence farming.

That group used to include community minded baker Tito Heredia, but with help from the mine's Business Incubator Program, he now oversees the thriving San Cayetano bakery, employing as many as 16 people, with queues out the door, and products that sell out before lunchtime.

Tito began to make bread several years ago with his mother, baking it by hand and selling it from a window in the family home. With the focus on quality and freshness, and making sure that the aroma permeated onto the street, demand for the bread rapidly grew.

Despite this success, Tito's ability to grow the business was hampered by the lack of equipment - until he applied and was accepted to the Veladero incubator program for funding to buy a mixer, kneading machine and small commercial oven. Acceptance to the program has also provided monthly financial advice from an accountant and additional business training, support, and mentoring.

Tito's business has risen rapidly. He now uses 50 times the amount of ingredients and instead of a sales window, he now has a proud shopfront to sell from. But for Tito, there is further to go. More than just growing economically, he will now look towards expanding and become a leading regional producer of traditional baked goods.

![img-10.jpeg](img-10.jpeg)

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## SOWING THE SEEDS OF AMBITION AT NORTH MARA

In September 2022, we started the Matongo Agricultural project, a program aimed at providing local youth based near our North Mara mine in Tanzania with work and livelihood opportunities.

The project is training 100 young people, including former mine intruders, to develop advanced agronomy skills and methods to bring high-quality, seasonal produce (from carrots to cauliflowers) to market.

To do this, the mine team identified 10 acres of land for cultivation, provided pesticides, seedlings and irrigation equipment, and brought in expert agronomists such as Elard Tarimo from the Tanzanian Horticultural Association (TAHA) to provide training and expert advice.

Further to facilitating training and providing initial inputs for the farm, we have also provided the young farmers with their first market. We introduced them to our mine caterers, AKO, to help facilitate a supply agreement and are now working with them to target new potential customers such as the hotels near the city of Mwanza that are enroute to the mine.

“This land is very fertile and has a lot of potential. In the first three months, 40 tonnes of tomatoes were produced, but it has the potential to more than double that yield with a few small interventions. With time and application, we can become national and regional suppliers.”

*Elard Tarimo, expert agronomist at TAHA*

![img-0.jpeg](img-0.jpeg)

## Health and safety

Mines are a hazardous place to work, and we apply robust safety measures and control mechanisms as our priority is to enable our workforce to return home safe and healthy each day. We have an ambition to create a zero-harm culture.

All our operational sites are certified to ISO 45001 standards and our approach to health and safety is set out in a series of standards, policy guidelines, operating procedures and systems that are regularly reviewed and assured. We also conduct regular risk assessments, internal and external audits as well as inspections. In 2022, our group TRIFR (total recordable injury frequency rate) and LTIFR (lost time injury frequency rate) improved by more than 11% and 23%, respectively, year on year.

Despite this improvement, our safety performance in 2022 was badly marred by five tragic fatalities. These occurred at our Cortez, Kibali, Loulo-Gounkoto, North Mara and Pueblo Viejo mines. Each loss of life is felt across all levels of the company. Full investigations were carried out for each incident in an effort to understand the root cause, with corrective actions widely implemented and shared to prevent recurrence. We also recognize that each fatality has a human impact and provide support to the victims’ families, their co-workers and the extended teams on the ground.

As our safety performance did not meet the standards we expect, we held a group level workshop with safety representatives from each region and other relevant parties in early 2023 to review our approach to safety.

As a result, the roadmap on page 48 has been developed to help not just reverse, but stop, the concerning trend of workplace fatalities. This initiative is directly overseen by our Executive Committee. It includes a commitment to further training for all, a greater focus on leading indicators and raising awareness of our ‘stop work responsibility’ to empower individuals to be accountable for the safety of themselves and their co-workers.

![img-1.jpeg](img-1.jpeg)

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FIGURE 2: OUR SAFETY ROADMAP TO ZERO

![img-2.jpeg](img-2.jpeg)

## Respecting human rights and harnessing diversity

We understand and accept our responsibility to respect human rights. We have zero tolerance for violations of human rights committed by employees, affiliates, or any third parties acting on behalf or related to any of our operations.

Our commitment is codified in our standalone Human Rights Policy and informed by the UN Guiding Principles on Business and Human Rights (UNGPs), the Voluntary Principles on Security and Human Rights (VPs) and the OECD Guidelines for Multinational Enterprises. Our Human Rights Policy also sets out our commitment to recognizing the unique rights and social, economic and cultural heritage of Indigenous Peoples.

On the ground, we monitor human rights incidents and report them. No human rights related grievances or incidents were reported during 2022. The benefits of our transparent and accountable approach are clear in areas such as North Mara in Tanzania.

We also conduct human rights assessments at all our mines on an exposure-to-risk basis over a two to three-year rolling cycle. In 2022, we undertook independent human rights assessments at three of our sites: Lumwana (Zambia); Veladero (Argentina); and Tongon (Côte d'Ivoire).

All employees and relevant suppliers receive training on our human rights expectations and additional specialist human rights training is provided to highly exposed workers such as security personnel.

Right: Successful human rights training was completed at Tongon mine in Côte d'Ivoire during 2022.

## An inclusive culture

We believe we need a diverse workforce to gain the wide range of experience and problem-solving skills necessary to run a world-class mining company, and we engage in several initiatives to attract the best people from a variety of backgrounds and to encourage more women to enter the mining sector.

At the end of 2022, 33% of the Board of Directors were female, exceeding our target of 30%. On the ground, Pueblo Viejo in the Dominican Republic has led the way and 50% of new hires in 2022, as well as 22% of the workforce, are women.

![img-3.jpeg](img-3.jpeg)

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## NORTH MARA: ONGOING PROGRESS TOWARDS A SAFER AND MORE SECURE MINE AND COMMUNITY

North Mara is an area historically beset with social issues including significant in-migration to the area, civil unrest due to poverty and a limited ratio of law enforcement to population. There have also been international allegations of human rights violations against the mine, linked to the Tanzanian Police Force.

Since we acquired the minority stake that Barrick did not already own and took operational control of North Mara in 2019, we have worked internally and in partnership with local community leaders to address legacy issues and rebuild trust, maintain our social licence, and to enable local communities to live and work free from harm and to reduce mine intrusions.

This has been aided by the work of local NGOs, who are working with communities to raise human rights awareness and clarify the reason for the police presence, making it clear that the mine does *not* employ the police and that they work under the jurisdiction of the local authorities.

### Engaging with local stakeholders

In March 2022, a UK-based NGO published a report alleging human rights violations by the Tanzanian Police Force at North Mara. Although we disagree with many of the statements in the report and believe they are factually inaccurate, erroneous and misleading, we take all allegations extremely seriously and have a dedicated grievance mechanism in place to ensure all claims are investigated thoroughly and fairly.

In January 2023, we welcomed the NGO team to the minesite. The intention of the site visit was to show the initiatives we have implemented to improve the lives and livelihoods of our surrounding communities since Barrick assumed operational control in 2019, providing a contextual understanding of the operating environment at North Mara and hold tripartite meetings with key stakeholders. The village leadership did not corroborate any of the allegations made by the NGO. North Mara continues to work with in-country civil society, government, and the local communities to build a better future.

## Environmental stewardship

“We are committed to managing our impacts on the natural environment, both today and with future generations in mind. We take a pragmatic approach and recognize that attempts to tackle climate change, biodiversity loss or water use must go hand-in-hand with efforts to foster thriving local economies and positive community relations.”

*Grant Beringer, Group Sustainability Executive*

Mining impacts the physical environment including the land, air, water and other important natural resources that we rely on and share with our stakeholders. It is fundamental for any modern mining company to minimize and manage its negative environmental impacts and to take opportunities to support conservation.

All our operational mines are certified to ISO 14001:2015 for their environmental management systems, and for the fourth consecutive year, we recorded zero ‘Class 1’ (high significance) environmental incidents. Alongside this, we recorded only two ‘Class 2’ (medium significance) environmental incidents, a record low.

![img-4.jpeg](img-4.jpeg)

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## Climate risk and resilience

We have a long-term aim to achieve net-zero emissions at our operations by 2050, with an ambitious target, built on practicable measures, to reduce Scope 1 and 2 emissions by at least 30% by 2030 (from a 2018 baseline), while maintaining a steady production profile. All our sites have 'Climate Champions' and are working to reduce our carbon footprint, adopt green energy sources and production systems, and build climate resilience for our host communities and countries. We also attended the global 2022 COP27 summit in Egypt, as part of a delegation with the ICMM to observe and participate in debate on climate resilience and action solutions.

In 2022, we were encouraged to see an approximately 6% reduction in our emissions year-on-year, and an 11% decline compared to our 2018 baseline. Some of the factors behind this are the investments in solar power in the US and Mali, and our hydropower stations in DRC. Veladero in Argentina also completed a $54 million (on a 100% basis) power line to connect it to the Chilean electricity grid which is expected to reduce annual emissions at the site by 100,000 tonnes of CO2-e starting early in 2023.

Despite progress, it is important to note that reducing our emissions is not a straight downward projection, and short-term volatility is expected along the way, for example caused by construction or the expansion of our operations.

In 2022, we continued to progress our measurement and engagement roadmap of Scope 3 (value chain) emissions. We continue to evolve the extensive Scope 3 work undertaken since 2021, based on improving the completeness and accuracy of specific emission factors, as we work towards Scope 3 target setting in 2023.

The urgency with which the world must transition to a low carbon economy is also an opportunity. We know that gold and copper mining has a critical role in delivering the resources needed for green technologies and we are actively working to seize this opportunity.

Full details of our approach to climate change, including disclosures in line with the requirements of the Task Force for Climate-related Financial Disclosures (TCFD), is available on our website.

## Water stewardship

Water is vital for production, and a fundamental human right. We are extremely careful to manage local waterbodies in order to minimize potential negative impact on nearby communities.

Each mine has its own site-specific water management plan with a strategy based on four pillars:

- **Conserve and protect:** high quality water resources wherever we operate.
- **Consider other users:** through basin-wide water balances that consider impacts from climate change as well as the current and future demands of our operations and other users.
- **Site wide balances, monitoring and management plans:** to track and ensure we don't exceed our permitted thresholds for abstraction or discharge quality.
- **Honest and open disclosure:** Reporting against the market leading ICMM Water reporting framework with participatory monitoring programs for community members across many sites.

Each site's water management plan considers the different water sources available, local climate conditions and the needs of local users and of the mine. In regions identified as vulnerable to water stress, we take particular care to monitor the supply of freshwater for local communities and ecosystem maintenance, aiming to use low-quality water and to recycle and reuse as much water from our processes as possible. In 2022, we reused or recycled 83% of all the water we use, which was above our target of 80%.

Our commitment to responsible water use is set out in our Environmental Policy and further details of our water management can be found in our 2021 Sustainability Report.

## USING ENGAGEMENT AND EXPERTISE TO REBUILD TRUST AT VELADERO

In the two years leading up to 2017, our Veladero site in Argentina recorded incidents at the Valley Leach Facility, one of which was an out of containment event. Although independent studies were completed, including by the United Nations Environment Programme (UNEP) and United Nations Office for Project Services (UNOP), that determined there was no environmental damage or risk to human health, it was critical to implement measures to prevent future incidents, and provide transparent communications with our communities to rebuild trust. That's why strengthening our water management at the site has been a priority.

We have a robust water management system in place that tests approximately 500 samples per month from a wide array of boreholes and water sources. The monitoring area stretches over 200km downstream.

To drive transparency, the Veladero team invites communities to participate in sample-taking, makes all results public and puts all relevant operating data on a live online feed so that regulators, local communities and others can monitor the system.

The water quality for local communities is historically poor due to the nature of the High Andes geology. Over the past years, the mine, through the CDC, has committed to rebuilding several water treatment stations in the area to improve this water quality.

*Facing page: Testing the water quality from a wide array of water sources.*

50 Annual Report 2022 | Barrick Gold Corporation

![img-5.jpeg](img-5.jpeg)

Barrick Gold Corporation | Annual Report 2022

51

SUSTAINABILITY STATEMENT (CONTINUED)

## Responsible management of waste and tailings

Dealing responsibly with the waste our operations produce - including tailings, waste rock, and non-processing waste - is vital to the health of local environments, local communities and a priority for our business.

We put safety at the center of our approach to tailings management and have a Tailings and Heap Leach Management Standard to ensure our tailings storage facilities (TSF) are carefully and consistently monitored and maintained in line with industry best practice.

We are also working to align our approach with the new Global Industry Standard on Tailings Management (GISTM), having contributed to its development. We are on track to align with all ‘Very High’ and ‘Extreme’ classified facilities by the August 2023 disclosure commitment, pending the conclusion of community consultations. We have a dedicated Director of Reclamation and Closure with direct responsibility for this process, reporting to our Group Sustainability Executive.

In 2022, we also conducted detailed independent reviews of the TSFs at nine sites (Kibali, Loulo, Tongon, North Mara, Phoenix, Nickel Plate, Grizzly Gulch, Golden Sunlight and Pueblo Viejo El Llagal) and conducted follow-up reviews including site visits at five TSFs (Bulyanhulu, Carlin - Goldstrike, Carlin - Gold Quarry, Cortez and Pueblo Viejo Naranjo). We also completed measures to further buttress facilities at our closed sites including Nickel Plate (Canada) and Mercur (US).

True to the spirit of the GISTM, we are also evolving our tailings management to include sustainability in the earliest design stage. In 2022, we became one of the first mining companies in the world to implement the GISTM for a greenfields site. This robust process uses environmental and social considerations to inform the most appropriate location for a new TSF.

Full details of our approach to waste management, including our policies and processes in relation to hazardous materials such as mercury, are available in the 2021 Sustainability Report.

## Protecting nature and biodiversity

The creation and operation of a mine has an undeniable impact on local biodiversity. We are committed to managing and minimizing this, and at every opportunity enhancing biodiversity. Conserving and expanding the natural environment around our sites and beyond is fundamental to protecting the air, water and soil that our operations and local communities depend on, is intimately connected to tackling climate change, and has an important role to play in economic development.

Our commitments to biodiversity management are set out in our Biodiversity Policy and 100% of our operational sites have Biodiversity Action Plans (BAPs) in place. These detail the flora, fauna and habitats on and around the site and outline the strategy we will follow to achieve a net neutral biodiversity impact.

In 2022, we developed a new internal biodiversity standard for Barrick, working with external experts to define measurable conservation actions (MCAs) that not only achieve net neutrality but which can enhance key biodiversity features in a habitat and achieve conservation gains.

Just one example is our commitment to the Garamba National Park, a UNESCO World Heritage Site in the DRC, where this year, we will realize a project to reintroduce white rhino. Garamba used to be home to a population of northern white rhino which are now extinct in the wild. Barrick is the sole sponsor of a project to reintroduce the southern white rhino to Garamba National Park, helping to conserve an endangered animal and one which plays an important role in the maintenance of the natural ecosystem and, in the medium term, promote ecotourism to benefit the local community.

Full details are available in our 2021 Sustainability Report.

*Below: The TSF at North Mara. Tanzanian authorities lifted environmental restrictions in September 2019, following Barrick’s intervention.*

![img-6.jpeg](img-6.jpeg)

52

Annual Report 2022 | Barrick Gold Corporation

# ENDNOTES

i
Please see page 141 of this annual report for corresponding endnotes.

| Key assumptions | 2023 | 2024 | 2025+ |
| --- | --- | --- | --- |
| Gold Price ($/oz) | 1,650 | 1,650 | 1,650 |
| Copper Price ($/lb) | 3.50 | 3.50 | 3.50 |
| Oil Price (WTI) ($/barrel) | 90 | 70 | 70 |
| AUD Exchange Rate (AUD:USD) | 0.75 | 0.75 | 0.75 |
| ARS Exchange Rate (USD:ARS) | 170 | 170 | 170 |
| CAD Exchange Rate (USD:CAD) | 1.30 | 1.30 | 1.30 |
| CLP Exchange Rate (USD:CLP) | 900 | 900 | 900 |
| EUR Exchange Rate (EUR:USD) | 1.20 | 1.20 | 1.20 |

This five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. This outlook is based on our current reserves and resources as disclosed in our annual report and assumes that we will continue to be able to convert resources into reserves. Our gold and copper reserve price assumptions are based on $1,300/oz and $3.00/lb, respectively.

Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the group gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following:

- New open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for pre-stripping prior to first ore production in 2027.
- Production from the proposed Pueblo Viejo plant expansion and tailings storage facility project starting in 2023.
- Tongon will enter care and maintenance by 2026.

This five-year indicative outlook excludes:

- Production from Fourmile.
- Production from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto or Alturas.
- Production from Porgera, Reko Diq and the Lumwana Super Pit

Barrick's ten-year production profile is subject to change and is based on the same assumptions as the current five-year outlook detailed above, except that the subsequent five years of the ten-year outlook assumes attributable production from Fourmile as well as exploration and mineral resource management projects in execution at Nevada Gold Mines.

Barrick's ten-year production profile in this annual report also assumes the re-start of Porgera, as well as an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature.

iii
Change in proven and probable gold reserves of 10Moz since 2018 represents the following: an increase of 13.4Moz in proven and probable gold reserves from December 31, 2018 to December 31, 2019, as a result of the Merger between Barrick and Randgold Resources effective January 1, 2019, the acquisition of all of the outstanding shares of Acacia Mining plc not already owned by Barrick effective September 17, 2019, and the divestiture of Barrick's interest in Kalgoorlie Consolidated Gold Mines effective November 28, 2019; a decrease of 2.2Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick's Massawa gold project effective March 4, 2020; and a decrease of 0.90Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick's equity interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 40% of South Arturo that NGM did not already own.

Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2020, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold, and 350 million tonnes grading 0.39%, representing 3,000 million pounds of copper. Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold, and 1,100 million tonnes grading 0.39%, representing 9,700 million pounds of copper. Measured resources of 530 million tonnes grading

2.11g/t, representing 36 million ounces of gold, and 600 million tonnes grading 0.36%, representing 4,800 million pounds of copper. Indicated resources of 2,800 million tonnes grading 1.41g/t, representing 130 million ounces of gold, and 2,500 million tonnes grading 0.36%, representing 20,000 million pounds of copper. Inferred resources of 980 million tonnes grading 1.4g/t, representing 43 million ounces of gold, and 440 million tonnes grading 0.2%, representing 2,200 million pounds of copper. Mineral resources are reported inclusive of mineral reserves. Complete mineral reserve and mineral resource data for all mines and projects referenced, including tonnes, grades, and ounces, can be found on pages 136-143 of Barrick's Fourth Quarter and Year-End 2020 Report.

Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2019, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.42g/t, representing 22 million ounces of gold; 420 million tonnes grading 0.4%, representing 3,700 million pounds of copper; and 150 million tonnes grading 4.31g/t, representing 21 million ounces of silver. Probable reserves of 1,000 million tonnes grading 1.48g/t, representing 49 million ounces of gold; 1,200 million tonnes grading 0.38%, representing 9,800 million pounds of copper; and 750 million tonnes grading 5.18g/t, representing 120 million ounces of silver. Measured resources of 530 million tonnes grading 2.21g/t, representing 37 million ounces of gold; 660 million tonnes grading 0.38%, representing 5,500 million pounds of copper; and 350 million tonnes grading 12.52g/t, representing 140 million ounces of silver. Indicated resources of 2,800 million tonnes grading 1.43g/t, representing 130 million ounces of gold; 2,400 million tonnes grading 0.38%, representing 21,000 million pounds of copper; and 2,000 million tonnes grading 13.44g/t, representing 870 million ounces of silver. Inferred resources of 940 million tonnes grading 1.3g/t, representing 39 million ounces of gold; 430 million tonnes grading 0.2%, representing 2,200 million pounds of copper; and 460 million tonnes grading 3.20g/t, representing 47 million ounces of silver. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves for Barrick are reported, are set out in Barrick's Q4 2019 Report issued on February 12, 2020.

Barrick reserves estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2018, unless otherwise noted. Proven reserves of 344.6 million tonnes grading 2.15g/t, representing 23.9 million ounces of gold and probable reserves of 0.9 billion tonnes grading 1.33g/t, representing 38.4 million ounces of gold. Randgold reserves estimated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"). The JORC Code is an "acceptable foreign code" for purposes of National Instrument 43-101 and, as a result, Barrick is entitled to include Randgold ore reserves and mineral resources disclosure in this annual report. Ore reserves and mineral resources reported pursuant to the JORC Code are functionally equivalent to CIM reporting standards. In addition, Barrick has reconciled the reported Randgold ore reserves to the CIM definition of "mineral reserves" and there are no material differences. Randgold's gold ore reserves as of December 31, 2018 comprising total proved gold ore reserves of 48 million tonnes, at a grade of 3.35 g/tonne, containing 3.3 million attributable ounces and total probable gold ore reserves of 104 million tonnes, at a grade of 4.30 g/tonne, containing 9.6 million attributable ounces, for aggregate proved and probable total gold ore reserves of 152 million tonnes, at a grade of 4.03 g/tonne, containing 13 million attributable ounces. Complete 2018 mineral reserve and mineral resource data for all mines and projects referenced in this report, including tonnes, grades, and ounces, can be found on pages 35-46 of Barrick's Annual Information Form/Form 40-F for the year ended December 31, 2018 on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.

iv
Class 2 - Medium Significance is defined as an incident that has the potential to cause negative impact on human health or the environment but is reasonably anticipated to result in only localized and short-term environmental or community impact requiring minor remediation.

v
Refer to the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 17, 2023.

Barrick Gold Corporation | Annual Report 2022

53

# FINANCIAL REPORT
FOR 2022

## CONTENTS

| Management's Discussion and Analysis | 55 |
| --- | --- |
| Mineral Reserves and Resources | 155 |
| Financial Statements | 168 |
| Notes to Financial Statements | 173 |
| Shareholder Information | 216 |

MANAGEMENT'S DISCUSSION AND ANALYSIS

# MANAGEMENT'S DISCUSSION AND ANALYSIS ('MD&A')

Management's Discussion and Analysis ('MD&A') is intended to help the reader understand Barrick Gold Corporation ('Barrick', 'we', 'our', the 'Company' or the 'Group'), our operations, financial performance and the present and future business environment. This MD&A, which has been prepared as of February 14, 2023, should be read in conjunction with our audited consolidated financial statements ('Financial Statements') for the year ended December 31, 2022. Unless otherwise indicated, all amounts are presented in U.S. dollars.

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

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

Continuous disclosure materials, including our most recent Form 40-F/Annual Information Form, annual MD&A, audited consolidated financial statements, and Notice of Annual Meeting of Shareholders and Proxy Circular will be available on our website at www.barrick.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. For an explanation of terminology unique to the mining industry, readers should refer to the glossary on page 154.

## ABBREVIATIONS

| BAP | Biodiversity Action Plans |
| --- | --- |
| BLM | Bureau of Land Management |
| BNL | Barrick Niugini Limited |
| Boroo | Boroo Pte Ltd. |
| CDCs | Community Development Committees |
| CHUG | Cortez Hills Underground |
| Commencement Agreement | Detailed Porgera Project Commencement Agreement |
| E&S Committee | Environmental and Social Oversight Committee |
| E&E | Exploration and Evaluation |
| ENRE | Ente Nacional Regulador de Electricidad, Argentina's national power regulator |
| ESG | Environmental, Social and Governance |
| ESG & Nominating Committee | Environmental, Social, Governance & Nominating Committee |
| ESIA | Environmental and Social Impact Assessment |
| FEIS | Final Environmental Impact Statement |
| GHG | Greenhouse Gas |
| GISTM | Global Industry Standard for Tailings Management |
| GoT | Government of Tanzania |
| i-80 Gold | i-80 Gold Corp. |
| ICMM | International Council on Mining and Metals |
| IFRS | International Financial Reporting Standards |
| IRC | Internal Revenue Commission |
| IRP | Incident Review Process |

| IRR | Internal Rate of Return |
| --- | --- |
| KCD | Karagba, Chauffeur and Durba |
| Kumul Minerals | Kumul Minerals Holdings Limited |
| LBMA | London Bullion Gold Association |
| LIBOR | London Interbank Offered Rate |
| LTI | Lost Time Injury |
| LTIFR | Lost Time Injury Frequency Rate |
| MRE | Mineral Resources Enga Limited |
| NOA | Notice of Availability |
| NGM | Nevada Gold Mines |
| OECD | Organisation for Economic Co-operation and Development |
| PNG | Papua New Guinea |
| Randgold | Randgold Resources |
| RC | Reverse Circulation |
| ROD | Record of Decision |
| Roundtable | Environmental, Social and Governance Raters Roundtable |
| SDG | Sustainable Development Goals |
| SML | Special Mining Lease |
| TCFD | Task Force for Climate-related Financial Disclosures |
| TRIFR | Total Recordable Injury Frequency Rate |
| TSF | Tailings Storage Facilities |
| TW | True Width |
| WACC | Weighted Average Cost of Capital |
| WTI | West Texas Intermediate |

Barrick Gold Corporation | Annual Report 2022

55

MANAGEMENT'S DISCUSSION AND ANALYSIS

## CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this MD&A, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes 'forward-looking statements'. All statements, other than statements of historical fact, are forward-looking statements. The words 'believe', 'expect', 'anticipated', 'vision', 'aim', 'strategy', 'target', 'plan', 'opportunities', 'guidance', 'forecast', 'outlook', 'objective', 'intend', 'project', 'pursue', 'goal', 'continue', 'committed', 'budget', 'estimate', 'potential', 'prospective', 'future', 'focus', 'ongoing', 'following', 'subject to', 'scheduled', 'may', 'will', 'can', 'could', 'would', 'should' and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick's forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and performance dividend policy, including the criteria for dividend payments; mine life and production rates; projected capital estimates and anticipated permitting timelines related to the Goldrush Project, as well as opportunities for development in the Redhill mining zone during the permitting process; the planned updating of the historical Reko Diq feasibility study and targeted first production; our plans and expected completion and benefits of our growth projects, including the Goldrush Project, Pueblo Viejo plant expansion and mine life extension project, including approval of the final location of the additional TSF for Pueblo Viejo following submission of the ESIA in the Dominican Republic and changes to the estimated capital cost of that facility following the completion of pre-feasibility engineering, proposed Lumwana Super Pit Expansion, new mobile equipment fleet at Lumwana, and Veladero Phase 7 leach pad and power transmission line projects, solar power projects at NGM and Loulo-Gounkoto, the completion of final construction activities for the Turquoise Ridge Third Shaft, and the Jabal Sayid Lode 1 project; the potential development of a super pit at Lumwana; capital expenditures related to upgrades and ongoing management initiatives; Barrick's global exploration strategy and planned exploration activities; the timeline for execution and effectiveness of definitive agreements to implement the binding Commencement Agreement between PNG and BNL and the timeline for resolution of outstanding tax audits with PNG's IRC; the duration of the temporary suspension of operations at Porgera, the conditions for the reopening of the mine and the timeline to recommence operations; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves and future reserve replacement; asset sales, joint ventures and partnerships; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues, including climate change, greenhouse gas emissions reduction targets (including with respect to our Scope 3 emissions), TSF management, responsible water use, biodiversity and human rights initiatives; Barrick's engagement with local communities to manage the Covid-19 pandemic; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this MD&A in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results

will not be consistent with the Company's expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this MD&A are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals, including the issuance of a ROD for the Goldrush Project and/or whether the Goldrush Project will be permitted to advance as currently designed under its Feasibility Study, approval of the final location of the additional TSF for Pueblo Viejo following submission of the ESIA in the Dominican Republic, and permitting activities required to optimize Long Canyon's life of mine; non-renewal of key licenses by governmental authorities, including the new SML for Porgera; failure to comply with environmental and health and safety laws and regulations; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry; and the ability to maintain insurance to cover such losses; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick's infrastructure, information technology systems and the implementation of Barrick's technological initiatives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company's management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to

56 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets. Barrick also cautions that its 2023 guidance may be impacted by the ongoing business and social disruption caused by the spread of Covid-19.

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

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

## USE OF NON-GAAP FINANCIAL MEASURES

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

- • 'adjusted net earnings'
- • 'free cash flow'
- • 'EBITDA'
- • 'adjusted EBITDA'
- • 'minesite sustaining capital expenditures'
- • 'project capital expenditures'
- • 'total cash costs per ounce'
- • 'C1 cash costs per pound'
- • 'all-in sustaining costs per ounce/pound'
- • 'all-in costs per ounce' and
- • 'realized price'

For a detailed description of each of the non-GAAP measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Measures section of this MD&A on pages 114-140. Each non-GAAP financial measure has been annotated with a reference to an endnote on page 141. The non-GAAP financial measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

## INDEX

| 58 | Overview |
| --- | --- |
| 58 | Our Vision |
| 58 | Our Business |
| 58 | Our Strategy |
| 59 | Financial and Operating Highlights |
| 62 | Key Business Developments |
| 64 | Outlook for 2023 |
| 67 | Environmental, Social and Governance |
| 69 | Market Overview |
| 71 | Reserves and Resources |
| 72 | Risks and Risk Management |
| 74 | Production and Cost Summary |
| 76 | Operating Performance |
| 77 | Nevada Gold Mines |
| 78 | Carlin |
| 80 | Cortez |
| 82 | Turquoise Ridge |
| 84 | Other Mines - Nevada Gold Mines |
| 85 | Pueblo Viejo |
| 87 | Loulo-Gounkoto |
| 89 | Kibali |
| 91 | Veladero |
| 93 | North Mara |
| 95 | Bulyanhulu |
| 97 | Other Mines - Gold |
| 98 | Other Mines - Copper |
| 98 | Growth Project Updates |
| 100 | Exploration and Mineral Resource Management |
| 104 | Review of Financial Results |
| 104 | Revenue |
| 105 | Production Costs |
| 106 | Capital Expenditures |
| 107 | General and Administrative Expenses |
| 107 | Exploration, Evaluation and Project Costs |
| 108 | Finance Costs, Net |
| 108 | Additional Significant Statement of Income Items |
| 109 | Income Tax Expense |
| 110 | Financial Condition Review |
| 111 | Balance Sheet Review |
| 111 | Shareholders' Equity |
| 111 | Financial Position and Liquidity |
| 111 | Summary of Cash Inflow (Outflow) |
| 112 | Summary of Financial Instruments |
| 113 | Commitments and Contingencies |
| 113 | Review of Quarterly Results |
| 114 | Internal Control Over Financial Reporting and Disclosure Controls and Procedures |
| 114 | IFRS Critical Accounting Policies and Accounting Estimates |
| 114 | Non-GAAP Financial Measures |
| 140 | Technical Information |
| 141 | Endnotes |
| 154 | Glossary of Technical Terms |
| 155 | Mineral Reserves and Mineral Resources Tables |
| 164 | Management's Responsibility |
| 164 | Management's Report on Internal Control Over Financial Reporting |
| 165 | Independent Auditor's Report |
| 168 | Financial Statements |
| 173 | Notes to Consolidated Financial Statements |

Barrick Gold Corporation | Annual Report 2022

57

MANAGEMENT'S DISCUSSION AND ANALYSIS

# OVERVIEW

# Our Vision

We strive to be the world's most valued gold and copper mining business by finding, developing and owning the best assets, with the best people, to deliver sustainable returns for our owners and partners.

# Our Business

Barrick is one of the world's leading gold mining companies with annual gold production and gold reserves that are among the largest in the industry. We are principally engaged in the production and sale of gold and copper, as well as related activities such as exploration and mine development. We hold ownership interests in thirteen producing gold mines, including six Tier One Gold Assets1 and a diversified exploration portfolio positioned for growth in many of the world's most prolific gold districts. These gold mines are geographically diversified and are located in Argentina, Canada, Côte d'Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania and the United States. Our mine in Papua New Guinea was placed on care and maintenance in April 2020. Our three copper mines are located in Zambia, Chile and Saudi Arabia. Our exploration and development projects are located throughout the world, including the Americas, Asia and Africa. We sell our production in the world market through the following distribution channels: gold bullion is sold in the gold spot market or to independent refineries; gold and copper concentrate is sold to independent smelting or trading companies; and copper cathode is sold to third-party purchasers or on exchange. Barrick shares trade on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX.

# 2022 REVENUE ($ millions)

![img-0.jpeg](img-0.jpeg)

# Our Strategy

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

# Asset Quality

- Grow and invest in a portfolio of Tier One Gold Assets1, Tier Two Gold Assets2, Tier One Copper Assets3 and Strategic Assets4 with an emphasis on organic growth to leverage our existing footprint. We will focus our efforts on identifying, investing in and developing assets that meet our investment criteria. The required IRR for Tier One Gold Assets and Tier Two Gold Assets is 15% and 20%, respectively, based on our long-term gold price assumption. The required IRR for Tier One Copper Assets is 15% based on our long-term copper price assumption.
- Invest in exploration across extensive land positions in many of the world's most prolific gold and copper districts.
- Maximize the long-term value of our strategic Copper Business5.
- Sell non-core assets over time in a disciplined manner.

# Operational Excellence

- Strive for zero harm workplaces.
- Operate a flat management structure with a strong ownership culture.
- Streamline management and operations, and hold management accountable for the businesses they manage.
- Leverage innovation and technology to drive industry-leading efficiencies.
- Build trust-based partnerships with our host governments, business partners, and local communities to drive shared long-term value.

# Sustainable Profitability

- Follow a disciplined approach to growth and proactively manage our impacts on the wider environment, emphasizing long-term value for all stakeholders.
- Increase returns to shareholders, driven by a focus on return on capital, IRR and free cash flow6.

Numerical annotations throughout the text of this document refer to the endnotes found on page 141.

58 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

# FINANCIAL AND OPERATING HIGHLIGHTS

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Financial Results ($ millions) |  |  |  |  |  |  |  |
| Revenues | 2,774 | 2,527 | 10% | 11,013 | 11,985 | (8%) | 12,595 |
| Cost of sales | 2,093 | 1,815 | 15% | 7,497 | 7,089 | 6% | 7,417 |
| Net (loss) earnings a | (735) | 241 | (405%) | 432 | 2,022 | (79%) | 2,324 |
| Adjusted net earnings b | 220 | 224 | (2%) | 1,326 | 2,065 | (36%) | 2,042 |
| Adjusted EBITDA b | 1,286 | 1,155 | 11% | 5,613 | 7,258 | (23%) | 7,492 |
| Adjusted EBITDA margin b,c | 46% | 46% | 0% | 51% | 61% | (16%) | 59% |
| Minesite sustaining capital expenditures b,d | 557 | 571 | (2%) | 2,071 | 1,673 | 24% | 1,559 |
| Project capital expenditures b,d | 324 | 213 | 52% | 949 | 747 | 27% | 471 |
| Total consolidated capital expenditures d,e | 891 | 792 | 13% | 3,049 | 2,435 | 25% | 2,054 |
| Net cash provided by operating activities | 795 | 758 | 5% | 3,481 | 4,378 | (20%) | 5,417 |
| Net cash provided by operating activities margin f | 29% | 30% | (3%) | 32% | 37% | (14%) | 43% |
| Free cash flow b | (96) | (34) | (182%) | 432 | 1,943 | (78%) | 3,363 |
| Net (loss) earnings per share (basic and diluted) | (0.42) | 0.14 | (400%) | 0.24 | 1.14 | (79%) | 1.31 |
| Adjusted net earnings (basic) b per share | 0.13 | 0.13 | 0% | 0.75 | 1.16 | (35%) | 1.15 |
| Weighted average diluted common shares (millions of shares) | 1,759 | 1,768 | (1%) | 1,771 | 1,779 | 0% | 1,778 |
| Operating Results |  |  |  |  |  |  |  |
| Gold production (thousands of ounces) g | 1,120 | 988 | 13% | 4,141 | 4,437 | (7%) | 4,760 |
| Gold sold (thousands of ounces) g | 1,111 | 997 | 11% | 4,141 | 4,468 | (7%) | 4,879 |
| Market gold price ($/oz) | 1,726 | 1,729 | 0% | 1,800 | 1,799 | 0% | 1,770 |
| Realized gold price b,g ($/oz) | 1,728 | 1,722 | 0% | 1,795 | 1,790 | 0% | 1,778 |
| Gold cost of sales (Barrick's share) g,h ($/oz) | 1,324 | 1,226 | 8% | 1,241 | 1,093 | 14% | 1,056 |
| Gold total cash costs b,g ($/oz) | 868 | 891 | (3%) | 862 | 725 | 19% | 699 |
| Gold all-in sustaining costs b,g ($/oz) | 1,242 | 1,269 | (2%) | 1,222 | 1,026 | 19% | 967 |
| Copper production (millions of pounds) g | 96 | 123 | (22%) | 440 | 415 | 6% | 457 |
| Copper sold (millions of pounds) g | 99 | 120 | (18%) | 445 | 423 | 5% | 457 |
| Market copper price ($/lb) | 3.63 | 3.51 | 3% | 3.99 | 4.23 | (6%) | 2.80 |
| Realized copper price b,g ($/lb) | 3.81 | 3.24 | 18% | 3.85 | 4.32 | (11%) | 2.92 |
| Copper cost of sales (Barrick's share) g,i ($/lb) | 3.19 | 2.30 | 39% | 2.43 | 2.32 | 5% | 2.02 |
| Copper C1 cash costs b,g ($/lb) | 2.25 | 1.86 | 21% | 1.89 | 1.72 | 10% | 1.54 |
| Copper all-in sustaining costs b,g ($/lb) | 3.98 | 3.13 | 27% | 3.18 | 2.62 | 21% | 2.23 |
|  | As at 12/31/22 | As at 9/30/22 | Change | As at 12/31/22 | As at 12/31/21 | Change | As at 12/31/20 |
| Financial Position ($ millions) |  |  |  |  |  |  |  |
| Debt (current and long-term) | 4,782 | 5,095 | (6%) | 4,782 | 5,150 | (7%) | 5,155 |
| Cash and equivalents | 4,440 | 5,240 | (15%) | 4,440 | 5,280 | (16%) | 5,188 |
| Debt, net of cash | 342 | (145) | (336%) | 342 | (130) | (363%) | (33) |

a. Net (loss) earnings represents net earnings attributable to the equity holders of the Company.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. Represents adjusted EBITDA divided by revenue.

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

e. Total consolidated capital expenditures also includes capitalized interest of $10 million and $29 million, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $8 million; 2021: $15 million; 2020: $24 million).

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

g. On an attributable basis.

h. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).

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

Barrick Gold Corporation | Annual Report 2022

59

MANAGEMENT'S DISCUSSION AND ANALYSIS

# **GOLD PRODUCTION$^{a}$** (thousands of ounces)

![img-1.jpeg](img-1.jpeg)

# **GOLD COST OF SALES$^{c}$, TOTAL CASH COSTS$^{d}$, AND ALL-IN SUSTAINING COSTS$^{d}$** (\$ per ounce)

![img-2.jpeg](img-2.jpeg)

# **NET EARNINGS, ADJUSTED EBITDA$^{d}$ AND ADJUSTED EBITDA MARGIN$^{e}$**

![img-3.jpeg](img-3.jpeg)

# **OPERATING CASH FLOW AND FREE CASH FLOW$^{d}$**

![img-4.jpeg](img-4.jpeg)

# **COPPER PRODUCTION$^{a}$** (millions of pounds)

![img-5.jpeg](img-5.jpeg)

# **COPPER COST OF SALES$^{c}$, C1 CASH COSTS$^{d}$, AND ALL-IN SUSTAINING COSTS$^{d}$** (\$ per pound)

![img-6.jpeg](img-6.jpeg)

# **ATTRIBUTABLE CAPITAL EXPENDITURES$^{f}$** (\$ millions)

![img-7.jpeg](img-7.jpeg)

# **RETURNS TO SHAREHOLDERS** (\$ millions)

![img-8.jpeg](img-8.jpeg)

a. On an attributable basis.

b. Based on the midpoint of the 2023 guidance range.

c. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

d. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

e. Represents adjusted EBITDA divided by revenue.

f. Total attributable capital expenditures also includes capitalized interest. Minesite sustaining and project capital expenditures are non-GAAP financial measures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

60 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

### Factors affecting net earnings and adjusted net earnings6 - three months ended December 31, 2022 versus September 30, 2022

Net loss for the three months ended December 31, 2022 was $735 million compared to net earnings of $241 million in the prior quarter. The decrease was primarily due to the following items:

- a goodwill impairment of $950 million (net of non-controlling interests) related to Loulo-Gounkoto, a non-current asset impairment of $318 million (net of tax) and a net realizable value impairment of leach pad inventory of $27 million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon;
- the combined $63 million gain on the sale of a portfolio of royalties to Maverix Metals Inc. and a portfolio of royalties by NGM to Gold Royalty Corp. occurring in the prior quarter; partially offset by
- an impairment reversal of $120 million and a gain of $300 million following the completion of the transaction allowing for the reconstitution of the Reko Diq project.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings6 of $220 million for the three months ended December 31, 2022 was in line with the prior quarter as the increase in cost of sales per ounce/pound6 and lower copper sales volumes was largely offset by an increase in gold sales volume and a higher realized copper price6. Higher gold sales volume was attributed to a stronger performance at Cortez due to significantly increased ore tonnes mined from Crossroads and processed at the Cortez oxide mill as well as higher grades mined from Cortez Hills; at Carlin resulting from higher grades; and at Tongon reflecting higher grades, throughput and recoveries. This was partially offset by lower production at Pueblo Viejo due to decreased throughput, driven by planned maintenance and lower grades processed. Lower copper sales volumes were primarily driven by Lumwana due to lower grades processed in line with the mine plan and decreased throughput following a planned shutdown of the mill. The realized copper price6 was $3.81 per pound for the three months ended December 31, 2022, compared to $3.24 per pound in the prior quarter.

Refer to page 114 for a full list of reconciling items between net earnings and adjusted net earnings6 for the current and previous periods.

### Factors affecting net earnings and adjusted net earnings6 - year ended December 31, 2022 versus December 31, 2021

Net earnings for the year ended December 31, 2022 were $432 million compared to $2,022 million in the prior year. The decrease was primarily due to:

- a goodwill impairment of $950 million (net of non-controlling interests) related to Loulo-Gounkoto, a non-current asset impairment of $318 million (net of tax) and a net realizable value impairment of leach pad inventory of $27 million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon;
- a gain of $94 million ($213 million before tax and non-controlling interest) in acquisition/disposition gains, primarily resulting from the sale of Lone Tree occurring in the prior year;
- an impairment reversal of $64 million ($63 million before tax and non-controlling interests), primarily resulting from the sale of our 100% interest in Lagunas Norte, occurring in the prior year; partially offset by
- an impairment reversal of $120 million and a gain of $300 million following the completion of the transaction allowing for the reconstitution of the Reko Diq project; and
- the combined $63 million gain on the sale of a portfolio of royalties to Maverix Metals Inc. and a portfolio of royalties by Nevada Gold Mines to Gold Royalty Corp.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings6 of $1,326 million for the year ended December 31, 2022 was $739 million lower than the prior year. The decrease in adjusted net earnings6 was primarily due to higher gold/copper cost of sales per ounce/pound7, lower gold sales volumes and lower realized copper prices6, partially offset by higher copper sales volumes. The increase in gold/copper cost of sales per ounce/pound7 was attributed to higher input prices for energy, labor and consumables driven by inflationary pressures initially related to global supply chain constraints, and then exacerbated by the Russian invasion of Ukraine. Lower gold sales volumes were mainly due to the completion of Phase 1 mining in May 2022 at Long Canyon, lower grades processed at Pueblo Viejo, lower leach and refractory ore tonnes mined at Cortez, and lower throughput due to maintenance events at Turquoise Ridge. These impacts were partially offset by increased production at Carlin as the prior year was impacted by the mechanical mill failure at Carlin's Goldstrike roaster, which occurred in May 2021. The increase in copper sales volumes primarily resulted from higher grades processed at Lumwana. The realized copper price6 was $3.85 per pound in 2022 compared to $4.32 per pound in the prior year.

Refer to page 114 for a full list of reconciling items between net earnings and adjusted net earnings6 for the current and previous periods.

### Factors affecting Operating Cash Flow and Free Cash Flow6 - three months ended December 31, 2022 versus September 30, 2022

In the three months ended December 31, 2022, we generated $795 million in operating cash flow, compared to $758 million in the prior quarter. The increase of $37 million was primarily due to lower cash taxes paid and higher gold sales volumes. This was combined with an increase in realized copper prices6 and lower total cash costs per ounce6. These impacts were partially offset by higher interest paid as a result of the timing of semi-annual interest payments on our bonds, which occur in the second and fourth quarters. Operating cash flow was further impacted by an unfavorable movement in working capital, mainly in accounts receivable. In addition, operating cash flow was also impacted by lower copper sales volumes and higher C1 cash costs per pound6.

Free cash flow6 for the three months ended December 31, 2022 was negative $96 million, compared to negative $34 million in the prior quarter, reflecting higher capital expenditures, partially offset by higher operating cash flows. In the three months ended December 31, 2022, capital expenditures on a cash basis were $891 million compared to $792 million in the prior quarter due to an increase in project capital expenditures6, partially offset by a slight decrease in minesite sustaining capital expenditures6. Project capital expenditures6 increased primarily due to the investment in a new mining fleet at Lumwana, the continued development of the Gounkoto underground expansion, as well as the solar plant projects at both Loulo-Gounkoto and NGM. Minesite sustaining capital expenditures6 decreased slightly compared to the prior quarter, primarily at Cortez due to lower capitalized waste stripping, partially offset by an increase in minesite sustaining capital expenditures6 at North Mara related to the procurement of key underground equipment.

### Factors affecting Operating Cash Flow and Free Cash Flow6 - year ended December 31, 2022 versus December 31, 2021

For the year ended December 31, 2022, we generated $3,481 million in operating cash flow, compared to $4,378 million in the prior year. The decrease of $897 million was primarily due to higher gold/copper total cash costs/C1 cash costs per ounce/pound7, lower gold sales volumes and lower realized copper prices6. These impacts were partially offset by lower cash taxes paid and an increase in interest received on our cash balances resulting from an increase in market interest rates. Operating cash flow was further impacted by higher copper sales volumes.

Barrick Gold Corporation | Annual Report 2022

61

MANAGEMENT'S DISCUSSION AND ANALYSIS

For 2022, we generated free cash flow$^{6}$ of \$432 million compared to \$1,943 million in the prior year. The decrease primarily reflects lower operating cash flows and higher capital expenditures. In 2022, capital expenditures on a cash basis were \$3,049 million compared to \$2,435 million in the prior year, mainly due to an increase in both minesite sustaining capital expenditures$^{6}$ and project capital expenditures$^{6}$. Higher minesite sustaining capital expenditures$^{6}$ were mainly due to increased capitalized waste stripping at Lumwana and Cortez, combined with higher spend on the Llagal tailings storage facility and the purchase of new mining equipment at Pueblo Viejo. Project capital expenditures$^{6}$ increased compared to the prior year, mainly due to the investment in a new mining fleet at Lumwana, the ramp-up of open pit operations at North Mara and the solar plant projects at both Loulo-Gounkoto and NGM.

## Key Business Developments

### Debt Management

On November 23, 2022, Barrick paid \$307 million, including \$2 million of accrued and unpaid interest, to purchase \$319 million (notional value) of its 5.250% Notes due in 2042 through a tender transaction. A gain on debt extinguishment of \$12 million was recorded in the fourth quarter of 2022. Combined with the repurchase of \$56 million (notional value) of the 5.25% Notes due 2042 in the third quarter, this is expected to yield annualized interest savings of \$20 million.

### Credit Facility Extended and Sustainability-Linked Metrics Established

In May 2022, we completed an amendment and restatement of the Company's undrawn \$3.0 billion revolving credit facility, including an extension of the termination date by one year to May 2027, replacement of LIBOR with SOFR as the reference rate for floating interest on any US dollar funds drawn (currently nil), and the establishment of sustainability-linked metrics.

The sustainability-linked metrics incorporated into the revolving credit facility consist of annual environmental and social performance targets directly influenced by Barrick's actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 greenhouse gas emissions intensity, water use efficiency (reuse and recycling rates), and TRIFR$^{8}$. Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set.

### Performance Dividend Policy

At the February 15, 2022 meeting, the Board of Directors approved a performance dividend policy that will enhance the return to shareholders when the Company's liquidity is strong. In addition to our base dividend, the amount of the performance dividend on a quarterly basis will be based on the amount of cash, net of debt, on our consolidated balance sheet at the end of each quarter as per the schedule below. Reflecting this policy, a quarterly dividend payment of \$0.10 per share was declared by the Board of Directors at the February 14, 2023 meeting, comprised only of the base dividend of \$0.10 per share based on our December 31, 2022 consolidated balance sheet. This follows dividend payments, including performance dividends, of \$0.20 per share declared and paid in respect of each of the first and second quarters of 2022 and \$0.15 per share declared and paid in respect of the third quarter of 2022.

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

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

### Share Buyback Program

At the February 14, 2023 meeting, the Board of Directors authorized a new share buyback program for the purchase up to \$1 billion of Barrick's outstanding shares over the next 12 months. Barrick repurchased \$424 million of shares in 2022 under its prior share buyback program, which was announced on February 16, 2022, and terminated in connection with the new program.

The actual number of common shares that may be purchased, and the timing of any such purchases, will be determined by Barrick based on a number of factors, including the Company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.

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

### Reconstituted Reko Diq Project

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

The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non-contributing share held by the Provincial Government of Balochistan, an additional 15% held by a special purpose company owned by the Provincial Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick is the operator of the project. Barrick has started a full update of the project's 2010 feasibility and 2011 expansion pre-feasibility studies and plans to finish the Reko Diq feasibility study update by the end of 2024, with 2028 targeted for first production.

62 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

The key fiscal terms for Reko Diq are a 5% NSR payable to the Provincial Government of Balochistan, a 1% NSR final tax regime payable to the Government of Pakistan (subject to a 15-year exemption following commercial production), and a 0.5% NSR export processing zone surcharge.

Barrick recognized an impairment reversal of $120 million and a gain of $300 million on the increased ownership of the project in the fourth quarter of 2022. Refer to notes 4, 21 and 35 to the Financial Statements for more information.

### Porgera Special Mining Lease Extension

On April 9, 2021, BNL signed a binding Framework Agreement with the Independent State of PNG and Kumul Minerals, a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February 3, 2022, the Framework Agreement was replaced by the Commencement Agreement. The Commencement Agreement was signed by PNG, Kumul Minerals, BNL and its affiliate Porgera (Jersey) Limited on October 15, 2021, and it became effective on February 3, 2022, following signature by MRE, the holder of the remaining 5% of the original Porgera joint venture. The Commencement Agreement reflects the commercial terms previously agreed to under the Framework Agreement, namely that PNG stakeholders will receive a 51% equity stake in the Porgera mine, with the remaining 49% to be held by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group. Accordingly, following the implementation of the Commencement Agreement, Barrick's current 47.5% interest in the Porgera mine is expected to be reduced to a 24.5% interest as reflected in Barrick's reserve and resource estimates for Porgera. BNL will retain operatorship of the mine. The Commencement Agreement also provides that PNG stakeholders and BNL and its affiliates will share the economic benefits derived from the reopened Porgera mine on a 53% and 47% basis over the remaining life of mine, respectively, and that the Government of PNG will retain the option to acquire BNL's or its affiliate's 49% equity participation at fair market value after 10 years.

On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation was certified on May 30, 2022, and will come into effect following a public notice process under PNG law.

On September 13, 2022, the Shareholders' Agreement for the new Porgera joint venture company was executed by Porgera (Jersey) Limited, which is an affiliate of BNL, the state-owned Kumul Minerals (Porgera) Limited and MRE (a previous version of the Shareholders' Agreement had been signed by the BNL and Kumul parties in April 2022 but was not signed by MRE and therefore did not take effect). The new Porgera joint venture company was incorporated on September 22, 2022, and this entity will next apply for a new SML, the receipt of which is a condition of the reopening of the Porgera mine under the Commencement Agreement.

The provisions of the Commencement Agreement will be fully implemented, and work to recommence full mine operations at Porgera will begin, following the execution of the remaining definitive agreements and satisfaction of a number of conditions. These include an Operatorship Agreement pursuant to which BNL will operate the Porgera mine, as well as a Mine Development Contract to accompany the new SML that the new Porgera joint venture company will apply for. Under the terms of the Commencement Agreement, BNL will remain in possession of the site and maintain the mine on care and maintenance.

Porgera was excluded from our 2022 guidance and will also be excluded from our 2023 guidance. We expect to update our guidance following both the execution of all of the definitive agreements to implement the binding Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to notes 21 and 35 to the Financial Statements for more information.

### Covid-19 Pandemic

Barrick continues to work closely with our local communities on managing the impacts of the Covid-19 pandemic on our people and business. Our operations are not currently being impacted in any significant manner. We continue to monitor developments around the world and believe we have positioned Barrick as best we can.

### Mineral Resource Management Executive Changes

After 26 years of dedicated service, Rodney Quick resigned his position as Mineral Resource Management and Evaluation Executive on September 30, 2022 and departed from Barrick at the end of the year. Mr. Quick joined Randgold in 1996 and was involved in the exploration, evaluation, and production phases of all of Randgold's projects since the discovery and development of the Morila gold mine. He became responsible for all project development and evaluation for Randgold in 2009 and assumed the Mineral Resource Management and Evaluation Executive role with Barrick upon the merger with Randgold in 2019. Mr. Quick was succeeded by Simon Bottoms effective October 1, 2022. Mr. Bottoms joined Randgold in 2013 and has served as the Mineral Resource Manager for Barrick's Africa and Middle East region since the merger with Randgold.

### Nevada Gold Mines Management Changes

After 19 years of distinguished service, Greg Walker retired from Barrick at the end of 2022. Mr. Walker joined Barrick in 2003 and has held progressively senior operational leadership roles during his tenure at Barrick, including as Senior Vice President, Operational and Technical Excellence before his appointment as Executive Managing Director, NGM in 2019. Mr. Walker was succeeded by Peter Richardson who was appointed Executive Managing Director, NGM on November 2, 2022. Mr. Richardson brings a diversified background with extensive experience in process engineering, project management, strategy and business development, as well as mining operations leadership. He was formerly Senior Vice President and Chief Operating Officer for Lundin Mining Corp. Mr. Walker served as Technical Advisor to NGM until his retirement on December 31, 2022.

### Africa and Middle East Regional Management Changes

After 13 years of dedicated service, Willem Jacobs retired as Barrick's Chief Operating Officer for the Africa and Middle East region at the end of June 2022. Mr. Jacobs was initially employed by Randgold as the Chief Operating Officer for Central and East Africa before assuming his current role at the time of the merger with Randgold.

Mr. Jacobs was succeeded by Sebastiaan Bock. Mr. Bock joined Randgold in 2008 and previously served as Senior Vice-President, Chief Financial Officer for Barrick's Africa and Middle East region since the merger with Randgold.

### Legal Executive Changes

On April 1, 2022, after 25 years of distinguished service, Rich Haddock transitioned from his position as General Counsel to a new role as Legal Advisor to Barrick. Over his tenure, Mr. Haddock played a critical role across the business, including most recently in the successful reconstitution of the Reko Diq project.

Poupak Bahamin was appointed to the role of General Counsel on April 1, 2022. Ms. Bahamin has over 25 years of experience practicing law and joined Barrick in February 2020, after nine years as a partner with Norton Rose Fulbright.

Barrick Gold Corporation | Annual Report 2022

63

MANAGEMENT'S DISCUSSION AND ANALYSIS

## Outlook for 2023

### Operating Division Guidance

Our 2022 actual gold and copper production, cost of sales, total cash costs$^{6}$, all-in sustaining costs$^{6}$ and 2023 forecast gold and copper production, cost of sales, total cash costs$^{6}$ and all-in sustaining costs$^{6}$ ranges by operating division are as follows:

| Operating Division | 2022 attributable production (000s ozs) | 2022 cost of sales a ($/oz) | 2022 total cash costs b ($/oz) | 2022 all-in sustaining costs b ($/oz) | 2023 forecast attributable production (000s ozs) | 2023 forecast cost of sales a ($/oz) | 2023 forecast total cash costs b ($/oz) | 2023 forecast all-in sustaining costs b ($/oz) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Gold |  |  |  |  |  |  |  |  |
| Carlin (61.5%) c | 966 | 1,069 | 877 | 1,212 | 910 - 1,000 | 1,030 - 1,110 | 820 - 880 | 1,250 - 1,330 |
| Cortez (61.5%) d | 450 | 1,164 | 815 | 1,258 | 580 - 650 | 1,080 - 1,160 | 680 - 740 | 930 - 1,010 |
| Turquoise Ridge (61.5%) | 282 | 1,434 | 1,035 | 1,296 | 300 - 340 | 1,290 - 1,370 | 900 - 960 | 1,170 - 1,250 |
| Phoenix (61.5%) | 109 | 2,039 | 914 | 1,074 | 100 - 120 | 1,860 - 1,940 | 880 - 940 | 1,110 - 1,190 |
| Long Canyon (61.5%) | 55 | 1,282 | 435 | 454 | 0 - 10 | 2,120 - 2,200 | 730 - 790 | 1,080 - 1,160 |
| Nevada Gold Mines (61.5%) | 1,862 | 1,210 | 876 | 1,214 | 1,900 - 2,100 | 1,140 - 1,220 | 790 - 850 | 1,140 - 1,220 |
| Hemlo | 133 | 1,628 | 1,409 | 1,788 | 150 - 170 | 1,400 - 1,480 | 1,210 - 1,270 | 1,590 - 1,670 |
| North America | 1,995 | 1,238 | 912 | 1,252 | 2,100 - 2,300 | 1,160 - 1,240 | 820 - 880 | 1,170 - 1,250 |
| Pueblo Viejo (60%) | 428 | 1,132 | 725 | 1,026 | 470 - 520 | 1,130 - 1,210 | 710 - 770 | 960 - 1,040 |
| Veladero (50%) | 195 | 1,628 | 890 | 1,528 | 160 - 180 | 1,630 - 1,710 | 1,060 - 1,120 | 1,550 - 1,630 |
| Porgera (47.5%) e | - | - | - | - | - | - | - | - |
| Latin America & Asia Pacific | 623 | 1,306 | 777 | 1,189 | 630 - 700 | 1,260 - 1,340 | 800 - 860 | 1,110 - 1,190 |
| Loulo-Gounkoto (80%) | 547 | 1,153 | 778 | 1,076 | 510 - 560 | 1,100 - 1,180 | 750 - 810 | 1,070 - 1,150 |
| Kibali (45%) | 337 | 1,243 | 703 | 948 | 320 - 360 | 1,080 - 1,160 | 710 - 770 | 880 - 960 |
| North Mara (84%) | 263 | 979 | 741 | 1,028 | 230 - 260 | 1,120 - 1,200 | 900 - 960 | 1,240 - 1,320 |
| Bulyanhulu (84%) | 196 | 1,211 | 868 | 1,156 | 160 - 190 | 1,230 - 1,310 | 880 - 940 | 1,160 - 1,240 |
| Tongon (89.7%) | 180 | 1,748 | 1,396 | 1,592 | 180 - 210 | 1,260 - 1,340 | 1,070 - 1,130 | 1,240 - 1,320 |
| Africa and Middle East | 1,523 | 1,219 | 839 | 1,111 | 1,450 - 1,600 | 1,130 - 1,210 | 820 - 880 | 1,080 - 1,160 |
| Total Attributable to Barrick f,g,h | 4,141 | 1,241 | 862 | 1,222 | 4,200 - 4,600 | 1,170 - 1,250 | 820 - 880 | 1,170 - 1,250 |

|  | 2022 attributable production (M lbs) | 2022 cost of sales a ($/lb) | 2022 C1 cash costs b ($/lb) | 2022 all-in sustaining costs b ($/lb) | 2023 forecast attributable production (M lbs) | 2023 forecast cost of sales a ($/lb) | 2023 forecast C1 cash costs b ($/lb) | 2023 forecast all-in sustaining costs b ($/lb) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Copper |  |  |  |  |  |  |  |  |
| Lumwana | 267 | 2.42 | 1.89 | 3.63 | 260 - 290 | 2.45 - 2.75 | 2.00 - 2.20 | 3.20 - 3.50 |
| Zaldivar (50%) | 98 | 3.12 | 2.36 | 2.95 | 100 - 110 | 3.40 - 3.70 | 2.60 - 2.80 | 2.90 - 3.20 |
| Jabal Sayid (50%) | 75 | 1.52 | 1.26 | 1.36 | 65 - 75 | 1.80 - 2.10 | 1.50 - 1.70 | 1.60 - 1.90 |
| Total Copper g | 440 | 2.43 | 1.89 | 3.18 | 420 - 470 | 2.60 - 2.90 | 2.05 - 2.25 | 2.95 - 3.25 |

a. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. Included within our 61.5% interest in Carlin is NGM's 100% interest in South Arturo.

d. Includes Goldrush.

e. Porgera was placed on temporary care and maintenance on April 25, 2020 and remains excluded from our 2023 guidance. We expect to update our guidance to include Porgera following both the execution of definitive agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to page 63 for further details.

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

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

h. Includes corporate administration costs.

64 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

## Operating Division, Consolidated Expense and Capital Guidance

Our 2022 actual gold and copper production, cost of sales, total cash costs$^{6}$, all-in sustaining costs$^{6}$, consolidated expenses and capital expenditures and 2023 forecast gold and copper production, cost of sales, total cash costs$^{6}$, all-in sustaining costs$^{6}$, consolidated expenses and capital expenditures are as follows:

| ($ millions, except per ounce/pound data) | 2022 Guidance a | 2022 Actual | 2023 Guidance a |
| --- | --- | --- | --- |
| Gold production |  |  |  |
| Production (millions of ounces) | 4.20 - 4.60 | 4,141 | 4.20 - 4.60 |
| Gold cost metrics |  |  |  |
| Cost of sales - gold ($ per oz) | 1,070 - 1,150 | 1,241 | 1,170 - 1,250 |
| Total cash costs ($ per oz) b | 730 - 790 | 862 | 820 - 880 |
| Depreciation ($ per oz) | 300 - 330 | 339 | 320 - 350 |
| All-in sustaining costs ($ per oz) b | 1,040 - 1,120 | 1,222 | 1,170 - 1,250 |
| Copper production |  |  |  |
| Production (millions of pounds) | 420 - 470 | 440 | 420 - 470 |
| Copper cost metrics |  |  |  |
| Cost of sales - copper ($ per lb) | 2.20 - 2.50 | 2.43 | 2.60 - 2.90 |
| C1 cash costs ($ per lb) b | 1.70 - 1.90 | 1.89 | 2.05 - 2.25 |
| Depreciation ($ per lb) | 0.70 - 0.80 | 0.72 | 0.80 - 0.90 |
| All-in sustaining costs ($ per lb) b | 2.70 - 3.00 | 3.18 | 2.95 - 3.25 |
| Exploration and project expenses | 310 - 350 | 350 | 400 - 440 |
| Exploration and evaluation | 180 - 200 | 198 | 180 - 200 |
| Project expenses | 130 - 150 | 152 | 220 - 240 |
| General and administrative expenses | -180 | 159 | -180 |
| Corporate administration | -130 | 125 | -130 |
| Stock-based compensation c | -50 | 34 | -50 |
| Other expense (income) | 50 - 70 | (268) | 70 - 90 |
| Finance costs, net | 330 - 370 | 301 | 280 - 320 |
| Attributable capital expenditures d |  |  |  |
| Attributable minesite sustaining b,d | 1,350 - 1,550 | 1,678 | 1,450 - 1,700 |
| Attributable project b,d | 550 - 650 | 725 | 750 - 900 |
| Total attributable capital expenditures d | 1,900 - 2,200 | 2,417 | 2,200 - 2,600 |

a. Based on the communication we received from the Government of PNG that the SML will not be extended, Porgera was placed on temporary care and maintenance on April 25, 2020. Due to the uncertainty related to the timing and scope of future developments on the mine's operating outlook, our 2022 and 2023 guidance excludes Porgera. We expect to update our guidance to include Porgera following both the execution of definitive agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to page 63 for further details. Guidance ranges also exclude Pierina which is producing incidental ounces while in closure.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. 2022 actual results are based on a US$17.21 share price and 2023 guidance is based on a one-month trailing average ending December 31, 2022 of US$17.04 per share.

d. Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu and our 50% share of Zaldivar and Jabal Sayid. Total attributable capital expenditures for 2022 actual results also includes capitalized interest of $14 million.

## 2023 Guidance Analysis

Estimates of future production, cost of sales per ounce$^{7}$, total cash costs per ounce$^{6}$ and all-in sustaining costs per ounce$^{6}$ presented in this MD&A are based on mine plans that reflect the expected method by which we will mine reserves at each site. Actual gold and copper production and associated costs may vary from these estimates due to a number of operational and non-operational risk factors (see the 'Cautionary Statement on Forward-Looking Information' on page 56 of this MD&A for a description of certain risk factors that could cause actual results to differ materially from these estimates).

### Gold Production

We expect 2023 gold production to be in the range of 4.2 to 4.6 million ounces, which is unchanged from our guidance for 2022. We expect stronger year-over-year performance from Cortez, Pueblo Viejo and Turquoise Ridge, together with stable delivery across the remaining Tier One Gold Assets$^{1}$ as detailed further below. Notably at Turquoise Ridge, the commissioning of the Third Shaft in the fourth quarter of 2022, combined with increased availability and reliability of the Sage autoclave, is expected to deliver stronger production in 2023 relative to the prior year.

Our 2023 gold production guidance currently excludes Porgera. We expect to update our guidance following both the execution of all of the definitive agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. This is due to the uncertainty related to the timing and scope of future operations at Porgera following the decision to place the mine on temporary care and maintenance on April 25, 2020 to ensure the safety and security of our employees and communities. We remain in constructive discussions with the Government of PNG and are optimistic about finding a solution to allow operations at Porgera to resume in 2023. Refer to page 63 for more information.

Outside of our Tier One Gold Assets$^{1}$, we expect the following significant changes in year-over-year production. As previously disclosed, mining temporarily ceased at Long Canyon in 2022. As such, the asset remains a residual leach operation in 2023 while Phase 2 is advanced through permitting with mining expected to recommence in 2026. At Veladero, we expect 2023 production to be impacted by lower recoveries from the heap leach as the operation works to address challenges with metallurgical recovery of planned ore feed from the pit, which partially accounted for the asset's underperformance against 2022 guidance. We also expect higher year-over-year operating and capital expenditure largely due to significant inflationary pressures coupled with ongoing Argentine foreign exchange controls (as described further on page 92).

Barrick Gold Corporation | Annual Report 2022

65

MANAGEMENT'S DISCUSSION AND ANALYSIS

Across the four quarters of 2023, the Company's gold production is expected to be the lowest in the first quarter. This is mainly due to lower grades at Kibali due to mine sequencing, the commissioning of the plant expansion at Pueblo Viejo, as well as roaster maintenance and the completion of the autoclave carbon-in-leach conversion at Goldstrike. Separately, major maintenance for the Gold Quarry roaster at Carlin is planned in the second quarter of 2023. As a result, we expect the Company's gold production in the second half of 2023 to be stronger than the first half driven by the steady ramp-up of throughput at Pueblo Viejo, the completion of major roaster maintenance at NGM, as well as higher grades from Kibali and Crossroads (Phase 5) at Cortez due to mine sequencing.

#### *Gold Cost of Sales per Ounce*$^{7}$

On a per ounce basis, cost of sales applicable to gold$^{7}$, after removing the portion related to non-controlling interests, is expected to be in the range of $1,170 to $1,250 per ounce in 2023, compared to the 2022 actual result of $1,241 per ounce.

This reflects changes in the expected sales mix in 2023 with a higher contribution from Cortez and Pueblo Viejo (which are comparatively lower cost) offset by the impact of higher costs at certain other operations as described further in the Gold Total Cash Costs per Ounce$^{8}$ section immediately below.

#### *Gold Total Cash Costs per Ounce*$^{6}$

Total cash costs per ounce$^{6}$ in 2023 is expected to be in the range of $820 to $880 per ounce, compared to the 2022 actual result of $862 per ounce.

This range is based on our expectation that energy pricing should remain the same or slightly moderate in 2023 compared to the levels reached in 2022, which we expect to help offset inflationary pressures throughout our supply chain. This range is also based on planned improved productivity following commissioning of both the plant expansion at Pueblo Viejo and Third Shaft at Turquoise Ridge, as well as the renewal of the mining fleet across several mines in the Company.

In North America, our 2023 guidance for total cash costs per ounce$^{6}$ for NGM of $790 to $850 per ounce compares to the 2022 actual result of $876 per ounce. The higher contribution from Cortez, which has a comparatively lower cost on a per ounce basis, is expected to drive lower costs for NGM year-over-year.

In Latin America & Asia Pacific, total cash costs per ounce$^{6}$ at Pueblo Viejo are expected to be slightly higher than 2022 as the impact of lower grades (in line with the mine and stockpile processing plan) is partially offset by the benefit of higher throughput from the plant expansion in the second half of 2023. As described earlier, we expect higher per ounce costs at Veladero year-over-year, which we expect to drive a slight increase in total cash costs per ounce$^{6}$ in 2023 at the regional level compared to 2022.

For Africa and Middle East, total cash costs per ounce$^{6}$ are expected to be in line with 2022 with lower costs from Tongon largely offset by higher costs expected at Kibali, North Mara and Bulyanhulu, mainly due to inflationary pressures as well as optimizations to the mineplan which impacted open pit development and stockpile management for our operations in Tanzania.

#### *Gold All-In Sustaining Costs per Ounce*$^{6}$

All-in sustaining costs per ounce$^{6}$ in 2023 is expected to be in the range of $1,170 to $1,250 per ounce, compared to the 2022 actual result of $1,222 per ounce. This is based on the expectation that minesite sustaining capital expenditures$^{6}$ on a per ounce basis will be higher than 2022 (refer to Capital Expenditures commentary below for further detail), which is partially offset by slightly lower total cash costs per ounce$^{6}$ for the reasons described in the Gold Total Cash Costs per Ounce$^{6}$ section above.

#### *Copper Production and Costs*

We expect 2023 copper production to be in the range of 420 to 470 million pounds, compared to actual production of 440 million pounds in 2022. Production in the second half of 2023 is expected to be stronger than the first half, mainly due to steadily increasing throughput at Lumwana as we execute on our owner-miner strategy

and commission new fleet equipment. Separately, major maintenance at Zaldivar is scheduled in the first and third quarters of 2023 as reported by the operator, Antofagasta.

In 2023, cost of sales applicable to copper$^{7}$ is expected to be in the range of $2.60 to $2.90 per pound, which compares to the actual result of $2.43 per pound for 2022. The expected increase compared to 2022 reflects higher C1 cash costs per pound$^{6}$ at Zaldivar and to a lesser extent, Lumwana. C1 cash costs per pound$^{6}$ guidance of $2.05 to $2.25 per pound for 2023 is higher than the 2022 actual result of $1.89 per pound, mainly driven by higher-cost inventory unwinding from the leach pad at Zaldivar due to the long leach cycle, as well as slightly lower grades at Lumwana relative to the prior year. Copper all-in sustaining costs per pound$^{6}$ guidance of $2.95 to $3.25 for 2023 compares to the actual result of $3.18 in 2022 and is largely driven by lower minesite sustaining capital expenditures$^{6}$ on a per pound basis at Lumwana (refer to Capital Expenditures commentary below for further detail) partially offset by higher C1 cash costs per pound$^{6}$ at Zaldivar.

#### *Exploration and Project Expenses*

We expect to incur approximately $400 to $440 million of exploration and project expenses in 2023. This is an increase compared to our 2022 guidance range of $310 to $350 million, and is higher than the 2022 actual result of $350 million.

Within this range, we expect our exploration and evaluation expenditures in 2023 to be approximately $180 to $200 million. This is consistent with the 2022 actual result of $198 million and is unchanged from the guidance range for 2022. This expenditure will continue to support our resource and reserve conversion over the coming years.

We also expect to incur approximately $220 to $240 million of project expenses in 2023, compared to $152 million in 2022. The key driver of this increase is the ongoing feasibility study update for the Reko Diq project in Pakistan and the Lumwana Super Pit pre-feasibility study. The remainder of the expected expenditure relates to Pascua-Lama as well as project evaluation costs across the rest of the portfolio, particularly in the Latin America & Asia Pacific region.

#### *General and Administrative Expenses*

In 2023, we expect corporate administration costs to be approximately $130 million, which represents the fourth consecutive year we have kept this guidance range unchanged, notwithstanding inflationary pressures over the course of 2022. This is in line with the actual result for 2022 of $125 million.

Separately, stock-based compensation expense in 2023 is expected to be approximately $50 million based on a share price assumption of $17.04.

#### *Finance Costs, Net*

In 2023, our guidance range for net finance costs of $280 to $320 million primarily represents interest expense on long-term debt, non-cash interest expense relating to the gold and silver streaming agreements at Pueblo Viejo, and accretion, net of finance income. This guidance for 2023 is consistent with the actual result for 2022 of $301 million.

#### *Capital Expenditures*

Total attributable gold and copper capital expenditure for 2023 is expected to be in the range of $2,200 to $2,600 million. This compares to the actual spend for the 2022 year of $2,417 million. We continue to focus on the delivery of our project pipeline and expect attributable project capital expenditures$^{6}$ to be in the range of $750 to $900 million in 2023, which is higher than our actual expenditures of $725 million in 2022. This higher level of spend reflects the final construction and commissioning activities for the plant expansion at Pueblo Viejo, which should transition to expenditure solely for the new Naranjo TSF by mid-2023. In addition, our solar power initiatives at Loulo-Gounkoto and NGM continue to progress as we advance towards our interim 2030 GHG emissions reduction target. The balance of expected project capital expenditures$^{6}$ is mainly related to underground development and infrastructure at Goldrush, open pit development at North Mara and the new mining fleet at Lumwana as we execute our owner-miner strategy.

66 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

Attributable minesite sustaining capital expenditure$^{6}$ for 2023 is expected to be in the range of \$1,450 to \$1,700 million, which compares to the actual spend for 2022 of \$1,678 million. The guidance range for 2023 is split between our gold assets (\$1,170 to \$1,370 million) and copper assets (\$280 to \$330 million). Compared to the prior year, minesite sustaining capital expenditures$^{6}$ in 2023 are expected to be approximately \$100 million higher at NGM, driven by underground infrastructure development, haul truck replacements at Carlin, as well as the natural gas conversion project at the TS Power Plant. Significant underground infrastructure projects include the portals at Pete Bajo and Rita K, the Meikle paste plant as well as

dewatering at Carlin. Offsetting this impact, minesite sustaining capital expenditures$^{6}$ at Lumwana are expected to be approximately \$80 million lower compared to 2022.

#### Effective Income Tax Rate

Based on a gold price assumption of \$1,650/oz, our expected effective tax rate range for 2023 is 27% to 32%, unchanged from 2022. The rate is sensitive to the relative proportion of sales in high versus low tax jurisdictions, realized gold and copper prices, the proportion of income from our equity accounted investments and the level of non-tax affected costs in countries where we generate net losses.

## OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

|  | 2023 Guidance Assumption | Hypothetical Change | Impact on EBITDA a (millions) | Impact on TCC and AISC a |
| --- | --- | --- | --- | --- |
| Gold price sensitivity | $1,650/oz | +/- $100/oz | +/- $590 | +/- $5/oz |
| Copper price sensitivity | $3.50/lb | +/- $0.25/lb | +/- $110 | +/- $0.01/lb |

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

### Environmental, Social and Governance

Sustainability is entrenched in our DNA: our sustainability strategy is our business plan.

Barrick's approach to sustainability is integrated and holistic; sustainability aspects and impacts do not occur in silos, but rather overlap and interlink, and must be tackled in conjunction with, and reference to, each other. We call this approach Holistic and Integrated Sustainability Management. Although we integrate our sustainability management, we discuss our sustainability strategy within four overarching pillars: (1) respecting human rights; (2) protecting the health and safety of our people and local communities; (3) sharing the benefits of our operations; and (4) managing our impacts on the environment.

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

### Governance

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

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

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

Our industry-first Sustainability Scorecard accounts for 25% of the long-term incentive awards for senior leaders as part of the Barrick Partnership Plan. As we strive for ongoing strong performance, the Sustainability Scorecard targets and metrics are updated annually. The results of the 2022 Sustainability Scorecard, and updated metrics and targets for 2023, will be disclosed in our 2022 Sustainability Report, to be published in April 2023. The E&S Committee tracks our progress against all metrics.

In the fourth quarter of 2022, we hosted our Annual Roundtable, during which we discussed Barrick's sustainability vision, policies, approach, and site-level performance, including Board and management oversight of sustainability matters. All of the leading ESG rating firms were invited and the content of the presentation was based on direct feedback from those ESG rating firms. The session included a discussion where attendees could ask questions and engage with the Group Sustainability Executive and other members of management. The intention of the Roundtable was to provide accurate and up-to-date information to the ESG ratings firms, allowing those ratings firms to make informed decisions with respect to their listed controversies.

In late 2022, our Lead Director and the Chair of the Compensation Committee met with significant shareholders representing approximately 30% of the issued and outstanding Barrick Shares (as at December 31, 2022) to provide an update on a variety of topics, including our performance, sustainability strategy, environmental goals, human capital strategy, continued active risk oversight of increasingly complex geopolitical dynamics, executive compensation matters, as well as key governance priorities, including Board composition, diversity, and renewal. The meetings were an instructive two-way discussion where we heard about our shareholders' priorities, discussed Barrick's sustainability vision and provided an opportunity for our performance to be constructively challenged.

### Human rights

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

Barrick Gold Corporation | Annual Report 2022

67

MANAGEMENT'S DISCUSSION AND ANALYSIS

We continue to assess and manage security and human rights risks at all our operations and provide security and human rights training to security forces across our sites.

In 2019, prior to Barrick's acquisition of the minority shareholding of Acacia Mining plc, the LBMA commenced an IRP against North Mara, following complaints made by the UK-based non-governmental organization Rights and Accountability in Development. Due to the IRP, the refiner MMTC-PAMP appointed independent consultants, Synergy, to undertake an assessment of North Mara based on the LBMA's Responsible Gold Guidance and the OECD Due Diligence Guidance. Synergy completed site assessments in both 2019 and 2021, as well as several desktop reviews during the process. During the fourth quarter of 2022, the LBMA confirmed that the IRP is now closed, citing Synergy's findings that there has been significant measurable progress at North Mara since the original assessment in 2019, and the recommendation that MMTC-PAMP continues trading with North Mara. This concludes a multi-year process that provides independent support for the measurable progress and impact implementing Barrick's sustainability strategy has had at North Mara.

We continue to face sporadic security challenges at North Mara as armed and coordinated trespassers continue to intermittently attempt to access the mine, and place our property and employees at risk. Intrusions have decreased since 2019 and have remained relatively stable in the subsequent years. We will continue with our ongoing extensive community engagement and development efforts in Tanzania.

### Safety

We are committed to the safety, health and well-being of our people, their families and the communities in which we operate. Our safety vision is 'Every person going home safe and healthy every day.'

We continue to implement our 'Journey to Zero Harm' initiative, which is focused on engagement with our workforce through Visible Felt Leadership, and by aligning and improving our standards across the Group, ensuring accountability to our safety commitments, and ensuring our employees are fit for duty.

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

Our safety performance in the fourth quarter of 2022 did not meet our high standards and regrettably we recorded two fatalities in December 2022, bringing the total number of fatalities for the year to five. The first fatality occurred at Loulo-Gounkoto of a contractor on December 14, 2022, and the second was at Kibali of an employee on December 22, 2022. Furthermore, in January 2023, two incidents occurred that resulted in fatalities: one at Jabal Sayid which resulted in the fatalities of two mining contractors; and one at Carlin that resulted in the fatality of an employee. Fatality incident investigations are underway and immediate Fatality Prevention Criteria and gap assessments are also being implemented across the Group. Group-wide Safety Intervention and Shift Change Interventions were and continue to be implemented to reinforce our safety procedures and communicate our core safety messages and expectations.

In terms of other key performance indicators, for the fourth quarter of 2022, our LTIFR$^{8}$ was 0.25 and our TRIFR$^{8}$ was 0.93. For the 2022 year, the LTIFR improved significantly to 0.29, and the TRIFR improved to 1.29.

### Social

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

### Community and economic development

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

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

*Sharing the benefits:* We hire and buy local wherever possible as this injects money into and keeps it in our local communities and host countries. By doing this, we build capacity, community resilience and create opportunity. We also invest in community development through our CDCs. Sharing the benefits also means paying our fair share of taxes, royalties and dividends and doing so transparently, primarily through the reporting mechanism of the Canadian Extractive Sector Transparency Measures Act. In April 2022, we published our first Tax Contribution Report which sets out, in detail, our economic contributions to host governments. We will continue to disclose such contributions on an annual basis.

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

We continued our community development initiatives through our CDCs during the quarter. We invested more than $13 million in local community development projects during the fourth quarter of 2022 and $35 million for the full year 2022.

### Environment

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

We maintained our strong track record of stewardship and did not record any Class 1$^{9}$ environmental incidents during the fourth quarter of 2022 or for the full year 2022.

### Climate Change

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

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

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MANAGEMENT'S DISCUSSION AND ANALYSIS

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

In November 2022, Barrick attended COP27 in Egypt as part of a delegation with the ICMM to observe and participate in debate on climate resilience and action solutions.

#### *Identify, understand and mitigate the risks associated with climate change*

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

The risk assessment process includes scenario analysis, which is being rolled out to all sites with an initial focus on our Tier One Gold Assets$^{1}$, to assess site-specific climate related risks and opportunities. This work continued throughout the fourth quarter of 2022 at Loulo-Gounkoto, Kibali and NGM, and we expect to complete this asset-level physical and transitional risk assessment in early 2023 and to disclose key findings in our 2022 Sustainability Report.

#### *Measure and reduce the Group's impact on climate change*

Mining is an energy-intensive business, and we understand the important link between energy use and GHG emissions. By measuring and effectively managing our energy use, we can reduce our GHG emissions, achieve more efficient production, and reduce our costs.

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

We have also undertaken extensive work across our value chain in quantifying our Scope 3 (indirect value chain) emissions. This work has enabled us to develop a Scope 3 engagement roadmap that we will implement with our suppliers to set meaningful and measurable reduction targets, in line with the commitments made through the ICMM Climate Position Paper.

#### *Improve our disclosure on climate change*

As part of our commitment to improve our disclosure on climate change, our Sustainability Report is developed in line with the TCFD recommendations. Barrick continues to monitor the various regulatory climate disclosure standards being developed around the world. In addition, we complete the annual CDP (formerly known as the Carbon Disclosure Project) Climate Change and Water Security questionnaires. This ensures our investor-relevant water use, emissions and climate data is widely available.

#### **Emissions**

As detailed in our 2021 Sustainability Report, Barrick's interim GHG emissions reduction target is for a minimum 30% reduction by 2030 against our 2018 baseline, while maintaining a steady production profile. The basis of this reduction is against a 2018 baseline of 7,541 kt CO$_{2}$-e.

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

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

During the fourth quarter of 2022, the Group's total Scope 1 and 2 (location-based) GHG emissions were 1,890 kt CO$_{2}$-e$^{10}$. The Group's full year Scope 1 and 2 (location-based) GHG emissions were approximately 2% below the prior year.

#### **Water**

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

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

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

We set an annual water recycling and reuse target of 80% for 2022. Our water recycling and reuse rate for the fourth quarter of 2022 increased from the third quarter of 2022 to approximately 84%, and was approximately 83% for the full year 2022.

#### **Tailings**

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

We continue to progress with our conformance to the GISTM. We have completed the consequence classification for a majority of our sites and the self-assessment for selected sites using the Conformance Protocols developed by the ICMM. A summary of our progress is expected to be made public in the third quarter of 2023.

#### **Biodiversity**

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

We continue to work to implement our BAPs, which have been established at all our operational sites, during 2022. The BAPs outline our strategy to achieve net-neutral impacts for all key biodiversity features and their associated management plans.

#### **Market Overview**

The market prices of gold and, to a lesser extent, copper are the primary drivers of our profitability and our ability to generate free cash flow$^{9}$ for our shareholders.

#### **Gold**

The price of gold is subject to volatile price movements over short periods of time and is affected by numerous industry and macroeconomic factors. During 2022, the gold price ranged from

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69

MANAGEMENT'S DISCUSSION AND ANALYSIS

$1,615 per ounce to $2,070 per ounce. The average market price for the year of $1,800 per ounce represented an all-timcznual high, albeit very close to the 2021 average of $1,799 per ounce.

During the year, the gold price remained strong as a result of geopolitical tensions, including the invasion of Ukraine by Russia, global economic uncertainty and the impact of concerns over inflation, tempered by a strengthening of the trade-weighted US dollar and a reduction in global gold exchange-traded fund holdings.

### AVERAGE MONTHLY SPOT GOLD PRICES

(dollars per ounce)

![img-0.jpeg](img-0.jpeg)

### Copper

During 2022, London Metal Exchange copper prices traded in a wide range of $3.15 per pound to an all-time high of $4.92 per pound, averaged $3.99 per pound, and closed the year at $3.80 per pound. Copper prices are heavily influenced by physical demand from emerging markets, especially China.

After copper prices fell to four-year lows in March 2020 due to initial concerns and near-term economic impacts from the spread of Covid-19, they subsequently rose to all-time highs in March 2022 as a result of a growth in economic activity led by the lifting of pandemic-related restrictions across the globe, low global stockpile levels, and the expected impact of global financial stimulus measures. Prices moderated over the remainder of the year as a result of a strengthening trade-weighted US dollar and ongoing pandemic-related lockdowns in China.

### AVERAGE MONTHLY SPOT COPPER PRICES

(dollars per pound)

![img-1.jpeg](img-1.jpeg)

We have provisionally priced copper sales for which final price determination versus the relevant copper index is outstanding at the balance sheet date. As at December 31, 2022, we recorded 60 million pounds of copper sales still subject to final price settlement at an average provisional price of $3.80 per pound. The impact to net income before taxation of a 10% movement in the market price of copper would be approximately $23 million, holding all other variables constant.

### Currency Exchange Rates

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

Fluctuations in these exchange rates increase the volatility of our costs reported in US dollars. In 2022, the Australian dollar traded in a range of $0.62 to $0.77 against the US dollar, while the US dollar against the Canadian dollar, Argentine peso, and West African CFA franc ranged from $1.24 to $1.40, ARS 103 to ARS 177, and XOF 571 to XOF 688, respectively. Due to inflationary pressures in Argentina and the actions of the government, there was a continued weakening of the Argentine peso during the year. During 2022, we did not have any currency hedge positions, and are unhedged against foreign exchange exposures as at December 31, 2022 beyond spot requirements.

### Fuel

For 2022, the price of WTI crude oil traded in a wide range between $70 and $131 per barrel, with an average market price of $94 per barrel, and closed the year at $80 per barrel. Oil prices were significantly impacted by an increase in global economic activity, constrained supply, and geopolitical concerns especially following the invasion of Ukraine by Russia.

### AVERAGE MONTHLY SPOT CRUDE OIL PRICE (WTI)

(dollars per barrel)

![img-2.jpeg](img-2.jpeg)

During 2022, we did not have any fuel hedge positions, and are unhedged against fuel exposures as at December 31, 2022.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

## US Dollar Interest Rates

During March 2020, the US Federal Reserve lowered benchmark interest rates to a range of 0.00% to 0.25% as a result of the economic impacts of the spread of Covid-19 and kept rates at that level through the remainder of 2020 and all of 2021. In response to inflationary pressure, the US Federal Reserve raised benchmark interest rates during 2022 to a range of 4.25% to 4.50% by the end of the year. A lower level of growth in benchmark interest rates is currently expected during 2023 as those inflationary pressures are forecast to ease, but any changes to monetary policy will be dependent on economic data to be observed during the year.

At present, our interest rate exposure mainly relates to interest income received on our cash balances ($4.4 billion at December 31, 2022); the mark-to-market value of derivative instruments; the carrying value of certain non-current assets and liabilities; and the interest payments on our variable-rate debt ($0.1 billion at December 31, 2022). Currently, the amount of interest expense recorded in our consolidated statement of income is not materially impacted by changes in interest rates, because the majority of our debt was issued at fixed interest rates. The relative amounts of variable-rate financial assets and liabilities may change in the future, depending on the amount of operating cash flow we generate, as well as the level of capital expenditures and our ability to borrow on favorable terms using fixed rate debt instruments. Changes in interest rates affect the accretion expense recorded on our provision for environmental rehabilitation and therefore would affect our net earnings.

## Reserves and Resources$^{11}$

For full details of our mineral reserves and mineral resources, refer to page 155 of the Barrick Annual Report 2022.

## Gold Reserves

Barrick's 2022 mineral reserves are estimated using a gold price assumption of $1,300 per ounce, relative to $1,200 per ounce in 2021. Both are reported to a rounding standard of two significant digits, which remains unchanged since 2019.

As of December 31, 2022, Barrick's proven and probable gold reserves were 76 million ounces$^{12}$ at an average grade of 1.67 g/t, compared to 69 million ounces$^{13}$ at an average grade of 1.71 g/t in 2021. Year-over-year, reserves have increased by 6.7 million ounces, net of depletion, while maintaining grade despite an increase in the reserve price assumption.

Mineral reserve growth was led by Pueblo Viejo and the Africa and Middle East region, with nearly 12 million ounces of attributable proven and probable reserve gains in 2022 before depletion. Our strategy of investing in organic growth through exploration and mineral resource management, as well as a focus on quality assets continues to deliver successive reserve growth over and above annual depletion.

The Africa and Middle East region converted a net of 2.4 million ounces to attributable proven and probable reserves in 2022, before depletion, with contributions from Kibali, Loulo-Gounkoto, North Mara, Bulyanhulu and Tongon. At Loulo-Gounkoto, this was principally from extensions at the Yalea and Gara underground mines as well as the Faraba open pit replacing annual depletion. At Kibali, the completion of an updated underground feasibility study on the 11000 lode in KCD underground delivered a 0.62 million ounce increase in attributable proven and probable reserves before depletion. At North Mara, a focus on underground expansion at Gokona has successfully delivered a 0.44 million ounce increase in attributable proven and probable reserves before depletion.

The Latin America & Asia Pacific region converted a net of 7.3 million ounces to attributable proven and probable reserves. Most notably, Pueblo Viejo completed a pre-feasibility study for the new Naranjo TSF, adding 6.5 million ounces of attributable proven and probable reserves, net of depletion, and extending the mine life beyond 2040$^{12,14}$.

The North America region converted a net of 1.8 million ounces to attributable proven and probable reserves, before depletion. This was primarily driven by the completion of pre-feasibility studies for the Robertson open pit project at Cortez, as well as a new pushback in the Hemlo open pit. As a result, Robertson's maiden attributable proven and probable gold reserves are estimated at 1.0 million ounces at 0.46 g/t. This represents a milestone for Cortez as a key source of oxide mill feed in the mine plan. Similarly, the new Hemlo open pit pushback is expected to commence in 2027 adding 0.86 million ounces of gold at 1.49 g/t to probable reserves. Proven and probable attributable reserves for the region are now estimated at 31 million ounces at 2.54 g/t$^{12}$.

## ATTRIBUTABLE CONTAINED GOLD RESERVES$^{12,13,a}$(Moz)

![img-3.jpeg](img-3.jpeg)

a. Figures rounded to two significant digits.

## ATTRIBUTABLE CONTAINED COPPER RESERVES$^{12,13,a}$(Bib)

![img-4.jpeg](img-4.jpeg)

a. Figures rounded to two significant digits.

## Copper Reserves

For Barrick-operated assets, copper mineral reserves for 2022 are estimated using a copper price of $3.00 per pound relative to $2.75 per pound in 2021. Both are reported to a rounding standard of two significant digits, which remains unchanged from 2019.

As of December 31, 2022, attributable proven and probable copper mineral reserves were 12 billion pounds$^{12}$ at an average grade of 0.38%. This is flat relative to the mineral reserves of 12 billion pounds$^{13}$ at an average grade of 0.38% in the prior year. The Barrick-operated Lumwana and Jabal Sayid mines both increased year-over-year reserves, net of depletion, which was offset by depletion from the Antofagasta-operated Zaldivar mine. Before depletion, our copper portfolio converted a net of 640 million pounds to attributable proven and probable reserves in 2022.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

## Gold & Copper Mineral Resources

In 2022, all mineral resources were estimated using a gold price assumption of $1,700 per ounce and a copper price of $3.75 per pound, both up from $1,500 per ounce for gold and $3.50 per pound for copper in 2021 for Barrick-operated assets. Barrick's mineral resources for 2022 continue to be reported on an inclusive basis, incorporating all areas that form mineral reserves. All open-pit mineral resources are contained within a Whittle shell, while all underground mineral resources are contained within optimized mineable shapes.

Barrick's total attributable gold mineral resources grew by nearly 10% relative to 2021, and total attributable copper mineral resources more than doubled, growing by 124% year-over-year, both net of annual depletion. This growth is driven by the successful completion of a preliminary economic assessment supporting the Lumwana Super Pit expansion, and the incorporation of Reko Diq following the reconstitution of the project in December 2022.

In the Africa and Middle East region, the Lumwana copper mineral resource base grew by 89%, net of depletion, relative to 2021, demonstrating strong potential as a Tier One Copper Asset3 and providing a robust basis for the ongoing pre-feasibility study.

The reconstitution of the Reko Diq project added an attributable 18 billion pounds of copper at 0.44% with 15 million ounces gold at 0.26 g/t to indicated resources, and an attributable 4.6 billion pounds of copper at 0.4% with 3.7 million ounces gold at 0.2 g/t to inferred resources12. These mineral resources reflect only three porphyries (H13, H14, H15) as well as the Taneel deposit within the cluster of Western Porphyries. Alongside the ongoing feasibility study update, the team is also planning to evaluate further known porphyry occurrences within the mining lease area.

North America also delivered growth in total attributable mineral resources, net of depletion, supporting future potential reserve growth in line with our strategy to fully replace depletion for the region within a five-year period. This was driven by underground resource extension drilling at both Goldstrike and Leeville in Carlin, as well as successful resource definition drilling at Goldrush and Robertson in Cortez, all of which support the potential for future reserve growth in this region. Measured and indicated attributable gold resources for the region increased by 2.8 million ounces to 73 million ounces at 2.16 g/t12, from 70 million ounces at 2.22 g/t in 202113. Importantly, inferred attributable gold resources also increased to 17 million ounces at 1.8 g/t12, from 16 million ounces at 2.0 g/t in 202113.

Barrick's attributable measured and indicated gold resources for 2022 stand at 180 million ounces12 at 1.07 g/t, with a further 42 million ounces12 at 0.8 g/t of inferred resources. This compares to measured and indicated gold mineral resources of 160 million ounces13 at 1.50 g/t and inferred gold mineral resources of 42 million ounces at 1.3 g/t in 202113. The overall reduction in grade is due to the addition of Reko Diq.

Attributable measured and indicated copper resources for 2022 stand at 44 billion pounds12 at 0.39%, with a further 15 billion pounds12 at 0.4% of inferred resources. This compares to measured and indicated copper resources of 24 billion pounds13 at 0.35% and inferred copper resources of 2.1 billion pounds13 at 0.2% in 2021.

2022 mineral reserves and mineral resources are estimated using the combined value of gold, copper and silver. Accordingly, mineral reserves and mineral resources are reported for all assets where copper or silver is produced and sold as a primary product or a by-product. Barrick's resources are reported to a rounding standard of two significant digits.

## Risks and Risk Management

### Overview

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

- maintain a framework that permits us to manage risk effectively and in a manner that creates the greatest value;
- integrate a process for managing risk into all our important decision-making processes so that we reduce the effect of uncertainty on achieving our objectives;
- actively monitor key controls we rely on to achieve the Company's objectives so they remain in place and are effective at all times; and
- provide assurance to senior management and relevant committees of the Board on the effectiveness of key control activities.

### Board and Committee Oversight

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

The Audit & Risk Committee assists the Board in overseeing the Company's management of principal risks and the implementation of policies and standards for monitoring and modifying such risks, as well as monitoring and reviewing the Company's financial position and financial risk management programs. The ESG & Nominating Committee assists the Board in overseeing the Company's policies and performance for its environmental, health and safety, corporate social responsibility and human rights programs. The Compensation Committee assists the Board in ensuring that executive compensation is appropriately linked to our sustainability performance, including with respect to climate change and water.

### Management Oversight

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

### Principal Risks

The following subsections describe some of our key sources of uncertainty and critical risk mitigation activities. The risks described below are not the only ones facing Barrick. Our business is subject to inherent risks in financial, regulatory, strategic and operational areas. For a more comprehensive discussion of those inherent risks, see "Risk Factors" in our most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities. Also see the "Cautionary Statement on Forward-Looking Information" on page 56 of this MD&A.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

| Risk Factor | Risk Mitigation Strategy |
| --- | --- |
| Free cash flow 6 and costs Our ability to improve productivity, drive down operating costs and working capital remains a focus in 2023 and is subject to several sources of uncertainty. This includes our ability to achieve and maintain industry-leading margins by improving the productivity and efficiency of our operations. | Maximizing the benefit of higher gold prices through agile management and operational execution; Weekly Executive Committee Review to identify, assess and respond to risks in a timely manner; Enabling simplification and agile decision making through unification of business systems; Supply Chain is decentralized to the operations with a centralized Strategic Sourcing Group and is focused on mitigating the risks of rising costs and supply chain disruption; and A flat, operationally focused, agile management structure with a tenet in ownership culture. |
| Social license to operate At Barrick, we are committed to building, operating, and closing our mines in a safe and responsible manner. To do this, we seek to build trust-based partnerships with host governments and local communities to drive shared long-term value while working to minimize the social and environmental impacts of our activities. Geopolitical risks such as resource nationalism and incidents of corruption are inherent in the business of a company operating globally. Past environmental incidents in the extractive industry highlight the hazards (e.g., water management, tailings storage facilities, etc.) and the potential consequences to the environment, community health and safety. Our ability to maintain compliance with regulatory and community obligations in order to protect the environment and our host communities alike remains one of our top priorities. Barrick also recognizes climate change as an area of risk requiring specific focus and that reducing GHG emissions to counter the causes of climate change requires strong collective action by the mining industry. | Our commitment to responsible mining is supported by a robust governance framework, including an overarching Sustainable Development Policy and related policies in the areas of Biodiversity, Conflict-Free Gold, Social Performance, Occupational Health and Safety, Environment and Human Rights; Use of our Sustainability Scorecard to track sustainability performance using key performance indicators aligned to priority areas set out in our strategy; Mandatory training on our Code of Business Conduct and Ethics as well as supporting policies which set out the ethical behavior expected of everyone working at, or with, Barrick; We take a partnership approach with our host governments. This means we work to balance our own interests and priorities with those of our government partners, working to ensure that everyone derives real value from our operations; Established CDCs at each of our operational sites to identify community needs and priorities and to allocate funds to those initiatives most meaningful to the local community; We open our social and environmental performance to third-party scrutiny, including through the ISO 14001 re-certification process, International Cyanide Management Code audits, and annual human rights impact assessments; Our climate change strategy has three pillars: identify, understand and mitigate the risks associated with climate change; measure and reduce our impacts on climate change; and improve our disclosure on climate change; We continuously monitor developments around the world and work closely with our local communities on managing the impacts of health issues, such as Covid-19 or Ebola outbreaks, on our people and business; and We continuously review and update our closure plans and cost estimates to plan for environmentally responsible closure and monitoring of operations. |
| Resources and reserves and production outlook Like any mining company, we face the risk that we are unable to discover or acquire new resources or that we do not convert resources into production. As we move into 2023 and beyond, our overriding objective of growing free cash flow 6 continues to be underpinned by a strong pipeline of organic projects and minesite expansion opportunities in our core regions. Uncertainty related to these and other opportunities exists (potentially both favorable and unfavorable) due to the speculative nature of mineral exploration and development as well as the potential for increased costs, delays, suspensions and technical challenges associated with the construction of capital projects. | Focus on responsible mineral resource management, continuously improve ore body knowledge, and add to reserves and resources; Consolidate and secure dominant land positions in favored operating districts and emerging new prospective geological domains; Focus on economically feasible discoveries with potential Tier One 7 status; Optimize the value of underdeveloped projects; and Identify emerging opportunities and secure them through earn-in agreements or acquisition. |
| Financial position and liquidity Our liquidity profile, level of indebtedness and credit ratings are all factors in our ability to meet short- and long-term financial demands. Barrick's outstanding debt balances impact liquidity through scheduled interest and principal repayments and the results of leverage ratio calculations, which could influence our investment grade credit ratings and ability to access capital markets. In addition, our ability to draw on our credit facility is subject to meeting its covenants. Our primary source of liquidity is our operating cash flow, which is dependent on the ability of our operations to deliver projected future cash flows. The ability of our operations to deliver projected future cash flows, as well as future changes in gold and copper market prices, either favorable or unfavorable, will continue to have a material impact on our cash flow and liquidity. | Continued focus on generating positive free cash flow 8 by improving the underlying cost structures of our operations in a sustainable manner; Disciplined capital allocation criteria for all investments, to ensure a high degree of consistency and rigor is applied to all capital allocation decisions based on a comprehensive understanding of risk and reward; Preparation of budgets and forecasts to understand the impact of different price scenarios on liquidity, including our capacity to provide cash returns to shareholders, repurchase outstanding debt and shares, and formulate appropriate strategies; Review of debt and net debt levels to ensure appropriate leverage and monitor the market for liability management opportunities; and Other options available to the Company to enhance liquidity include drawing on our $3.0 billion undrawn credit facility, asset sales, joint ventures, or the issuance of debt or equity securities. |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

## PRODUCTION AND COST SUMMARY - GOLD

|  | For the three months ended |  |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change |  | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Nevada Gold Mines LLC (61.5%) a |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 516 | 425 | 21% |  | 1,862 | 2,036 | (9%) | 2,131 |
| Cost of sales ($/oz) | 1,257 | 1,242 | 1% |  | 1,210 | 1,072 | 13% | 1,029 |
| Total cash costs ($/oz) b | 906 | 924 | (2%) |  | 876 | 705 | 24% | 702 |
| All-in sustaining costs ($/oz) b | 1,179 | 1,333 | (12%) |  | 1,214 | 949 | 28% | 941 |
| Carlin (61.5%) c |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 265 | 229 | 16% |  | 966 | 923 | 5% | 1,024 |
| Cost of sales ($/oz) | 1,081 | 1,137 | (5%) |  | 1,069 | 968 | 10% | 976 |
| Total cash costs ($/oz) b | 878 | 943 | (7%) |  | 877 | 782 | 12% | 790 |
| All-in sustaining costs ($/oz) b | 1,217 | 1,304 | (7%) |  | 1,212 | 1,087 | 11% | 1,041 |
| Cortez (61.5%) d |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 140 | 98 | 43% |  | 450 | 509 | (12%) | 491 |
| Cost of sales ($/oz) | 1,284 | 1,056 | 22% |  | 1,164 | 1,122 | 4% | 958 |
| Total cash costs ($/oz) b | 848 | 770 | 10% |  | 815 | 763 | 7% | 678 |
| All-in sustaining costs ($/oz) b | 1,037 | 1,426 | (27%) |  | 1,258 | 1,013 | 24% | 998 |
| Turquoise Ridge (61.5%) |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 78 | 62 | 26% |  | 282 | 334 | (16%) | 330 |
| Cost of sales ($/oz) | 1,518 | 1,509 | 1% |  | 1,434 | 1,122 | 28% | 1,064 |
| Total cash costs ($/oz) b | 1,089 | 1,105 | (1%) |  | 1,035 | 749 | 38% | 711 |
| All-in sustaining costs ($/oz) b | 1,304 | 1,423 | (8%) |  | 1,296 | 892 | 45% | 798 |
| Phoenix (61.5%) c |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 30 | 30 | 0% |  | 109 | 109 | 0% | 126 |
| Cost of sales ($/oz) | 1,901 | 1,964 | (3%) |  | 2,039 | 1,922 | 6% | 1,772 |
| Total cash costs ($/oz) b | 946 | 953 | (1%) |  | 914 | 398 | 130% | 649 |
| All-in sustaining costs ($/oz) b | 1,037 | 1,084 | (4%) |  | 1,074 | 533 | 102% | 814 |
| Long Canyon (61.5%) |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 3 | 6 | (50%) |  | 55 | 161 | (66%) | 160 |
| Cost of sales ($/oz) | 1,812 | 1,769 | 2% |  | 1,282 | 739 | 73% | 869 |
| Total cash costs ($/oz) b | 616 | 662 | (7%) |  | 435 | 188 | 131% | 236 |
| All-in sustaining costs ($/oz) b | 664 | 684 | (3%) |  | 454 | 238 | 91% | 405 |
| Pueblo Viejo (60%) |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 98 | 121 | (19%) |  | 428 | 488 | (12%) | 542 |
| Cost of sales ($/oz) | 1,215 | 1,097 | 11% |  | 1,132 | 896 | 26% | 819 |
| Total cash costs ($/oz) b | 764 | 733 | 4% |  | 725 | 541 | 34% | 504 |
| All-in sustaining costs ($/oz) b | 1,065 | 1,063 | 0% |  | 1,026 | 745 | 38% | 660 |
| Loulo-Gounkoto (80%) |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 139 | 130 | 7% |  | 547 | 560 | (2%) | 544 |
| Cost of sales ($/oz) | 1,216 | 1,220 | 0% |  | 1,153 | 1,049 | 10% | 1,060 |
| Total cash costs ($/oz) b | 822 | 845 | (3%) |  | 778 | 650 | 20% | 666 |
| All-in sustaining costs ($/oz) b | 1,102 | 1,216 | (9%) |  | 1,076 | 970 | 11% | 1,006 |
| Kibali (45%) |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 97 | 83 | 17% |  | 337 | 366 | (8%) | 364 |
| Cost of sales ($/oz) | 1,570 | 1,047 | 50% |  | 1,243 | 1,016 | 22% | 1,091 |
| Total cash costs ($/oz) b | 617 | 731 | (16%) |  | 703 | 627 | 12% | 608 |
| All-in sustaining costs ($/oz) b | 981 | 876 | 12% |  | 948 | 818 | 16% | 778 |
| Veladero (50%) |  |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 50 | 41 | 22% |  | 195 | 172 | 13% | 226 |
| Cost of sales ($/oz) | 2,309 | 1,430 | 61% |  | 1,628 | 1,256 | 30% | 1,151 |
| Total cash costs ($/oz) b | 954 | 893 | 7% |  | 890 | 816 | 9% | 748 |
| All-in sustaining costs ($/oz) b | 1,526 | 1,570 | (3%) |  | 1,528 | 1,493 | 2% | 1,308 |

74 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

# PRODUCTION AND COST SUMMARY - GOLD (continued)

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Porgera (47.5%) a |  |  |  |  |  |  |  |
| Gold produced (000s oz) | - | - | - | - | - | - | 86 |
| Cost of sales ($/oz) | - | - | - | - | - | - | 1,225 |
| Total cash costs ($/oz) b | - | - | - | - | - | - | 928 |
| All-in sustaining costs ($/oz) b | - | - | - | - | - | - | 1,115 |
| Tongon (89.7%) |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 63 | 41 | 54% | 180 | 187 | (4%) | 255 |
| Cost of sales ($/oz) | 1,381 | 1,744 | (21%) | 1,748 | 1,504 | 16% | 1,334 |
| Total cash costs ($/oz) b | 1,070 | 1,462 | (27%) | 1,396 | 1,093 | 28% | 747 |
| All-in sustaining costs ($/oz) b | 1,404 | 1,607 | (13%) | 1,592 | 1,208 | 32% | 791 |
| Hemlo |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 38 | 28 | 36% | 133 | 150 | (11%) | 223 |
| Cost of sales ($/oz) | 1,451 | 1,670 | (13%) | 1,628 | 1,693 | (4%) | 1,256 |
| Total cash costs ($/oz) b | 1,227 | 1,446 | (15%) | 1,409 | 1,388 | 2% | 1,056 |
| All-in sustaining costs ($/oz) b | 1,557 | 1,865 | (17%) | 1,788 | 1,970 | (9%) | 1,423 |
| North Mara |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 70 | 71 | (1%) | 263 | 260 | 1% | 261 |
| Cost of sales ($/oz) | 1,030 | 956 | 8% | 979 | 966 | 1% | 992 |
| Total cash costs ($/oz) b | 758 | 737 | 3% | 741 | 777 | (5%) | 702 |
| All-in sustaining costs ($/oz) b | 1,301 | 951 | 37% | 1,028 | 1,001 | 3% | 929 |
| Buzwagi f |  |  |  |  |  |  |  |
| Gold produced (000s oz) |  |  |  |  | 40 | (100%) | 84 |
| Cost of sales ($/oz) |  |  |  |  | 1,334 | (100%) | 1,021 |
| Total cash costs ($/oz) b |  |  |  |  | 1,284 | (100%) | 859 |
| All-in sustaining costs ($/oz) b |  |  |  |  | 1,291 | (100%) | 871 |
| Bulyanhulu |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 49 | 48 | 2% | 196 | 178 | 10% | 44 |
| Cost of sales ($/oz) | 1,237 | 1,229 | 1% | 1,211 | 1,079 | 12% | 1,499 |
| Total cash costs ($/oz) b | 896 | 898 | 0% | 868 | 709 | 22% | 832 |
| All-in sustaining costs ($/oz) b | 1,401 | 1,170 | 20% | 1,156 | 891 | 30% | 895 |
| Total Attributable to Barrick g |  |  |  |  |  |  |  |
| Gold produced (000s oz) | 1,120 | 988 | 13% | 4,141 | 4,437 | (7%) | 4,760 |
| Cost of sales ($/oz) h | 1,324 | 1,226 | 8% | 1,241 | 1,093 | 14% | 1,056 |
| Total cash costs ($/oz) b | 868 | 891 | (3%) | 862 | 725 | 19% | 699 |
| All-in sustaining costs ($/oz) b | 1,242 | 1,269 | (2%) | 1,222 | 1,026 | 19% | 967 |

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

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

d. Starting in the first quarter of 2021, Goldrush is reported as part of Cortez as it is operated by Cortez management. Comparative periods have been restated to include Goldrush.

e. As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data has been provided starting in the third quarter of 2020.

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

g. Excludes Pierina, Morila up until its divestiture in November 2020, Lagunas Norte up until its divestiture in June 1, 2021 and Buzwagi starting in the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.

h. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).

Barrick Gold Corporation | Annual Report 2022

75

MANAGEMENT'S DISCUSSION AND ANALYSIS

## PRODUCTION AND COST SUMMARY - COPPER

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Lumwana |  |  |  |  |  |  |  |
| Copper production (millions lbs) | 53 | 82 | (35%) | 267 | 242 | 10% | 276 |
| Cost of sales ($/lb) | 3.56 | 2.19 | 63% | 2.42 | 2.25 | 8% | 2.01 |
| C1 cash costs ($/lb) a | 2.34 | 1.78 | 31% | 1.89 | 1.62 | 17% | 1.56 |
| All-in sustaining costs ($/lb) a | 4.86 | 3.50 | 39% | 3.63 | 2.80 | 30% | 2.43 |
| Zaldivar (50%) |  |  |  |  |  |  |  |
| Copper production (millions lbs) | 25 | 23 | 9% | 98 | 97 | 1% | 106 |
| Cost of sales ($/lb) | 3.55 | 3.20 | 11% | 3.12 | 3.19 | (2%) | 2.46 |
| C1 cash costs ($/lb) a | 2.69 | 2.45 | 10% | 2.36 | 2.38 | (1%) | 1.79 |
| All-in sustaining costs ($/lb) a | 3.60 | 2.94 | 22% | 2.95 | 2.94 | 0% | 2.25 |
| Jabal Sayid (50%) |  |  |  |  |  |  |  |
| Copper production (millions lbs) | 18 | 18 | 0% | 75 | 76 | (1%) | 75 |
| Cost of sales ($/lb) | 1.72 | 1.58 | 9% | 1.52 | 1.38 | 10% | 1.42 |
| C1 cash costs ($/lb) a | 1.42 | 1.41 | 1% | 1.26 | 1.18 | 7% | 1.11 |
| All-in sustaining costs ($/lb) a | 1.54 | 1.52 | 1% | 1.36 | 1.33 | 2% | 1.24 |
| Total Attributable to Barrick |  |  |  |  |  |  |  |
| Copper production (millions lbs) | 96 | 123 | (22%) | 440 | 415 | 6% | 457 |
| Cost of sales ($/lb) b | 3.19 | 2.30 | 39% | 2.43 | 2.32 | 5% | 2.02 |
| C1 cash costs ($/lb) a | 2.25 | 1.86 | 21% | 1.89 | 1.72 | 10% | 1.54 |
| All-in sustaining costs ($/lb) a | 3.98 | 3.13 | 27% | 3.18 | 2.62 | 21% | 2.23 |

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

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

## OPERATING PERFORMANCE

### Review of Operating Performance

Our presentation of reportable operating segments consists of nine gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara and Bulyanhulu). Starting in the first quarter of 2021, Goldrush was included as part of Cortez as management began reviewing the operating results and assessing performance on a combined level. The remaining operating segments,

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

76 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

# **Nevada Gold Mines (61.5% basis)$^{a}$, Nevada USA**  
 **SUMMARY OF OPERATING AND FINANCIAL DATA**

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Total tonnes mined (000s) | 36,209 | 43,388 | (17%) | 170,302 | 198,725 | (14%) | 223,148 |
| Open pit ore | 8,250 | 5,307 | 55% | 24,540 | 37,670 | (35%) | 36,305 |
| Open pit waste | 26,572 | 36,701 | (28%) | 140,245 | 155,724 | (10%) | 181,675 |
| Underground | 1,387 | 1,380 | 1% | 5,517 | 5,331 | 3% | 5,168 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | 1.55 | 1.47 | 5% | 1.27 | 0.84 | 51% | 1.14 |
| Underground mined | 9.24 | 8.61 | 7% | 8.96 | 9.32 | (4%) | 9.67 |
| Processed | 2.53 | 2.69 | (6%) | 2.50 | 1.78 | 40% | 2.02 |
| Ore tonnes processed (000s) | 10,052 | 7,594 | 32% | 34,873 | 49,232 | (29%) | 43,174 |
| Oxide mill | 2,946 | 3,037 | (3%) | 11,964 | 12,334 | (3%) | 12,907 |
| Roaster | 1,365 | 1,408 | (3%) | 5,506 | 4,866 | 13% | 5,222 |
| Autoclave | 995 | 1,172 | (15%) | 4,341 | 4,683 | (7%) | 5,418 |
| Heap leach | 4,746 | 1,977 | 140% | 13,062 | 27,349 | (52%) | 19,627 |
| Recovery rate b | 80% | 78% | 3% | 78% | 79% | (1%) | 80% |
| Oxide Mill b | 76% | 71% | 7% | 73% | 77% | (5%) | 73% |
| Roaster | 86% | 86% | 0% | 86% | 86% | 0% | 86% |
| Autoclave | 72% | 66% | 9% | 67% | 69% | (3%) | 71% |
| Gold produced (000s oz) | 516 | 425 | 21% | 1,862 | 2,036 | (9%) | 2,131 |
| Oxide mill | 127 | 79 | 61% | 350 | 364 | (4%) | 300 |
| Roaster | 265 | 236 | 12% | 972 | 960 | 1% | 1,070 |
| Autoclave | 94 | 83 | 13% | 357 | 410 | (13%) | 468 |
| Heap leach | 30 | 27 | 11% | 183 | 302 | (39%) | 293 |
| Gold sold (000s oz) | 511 | 424 | 21% | 1,856 | 2,039 | (9%) | 2,134 |
| Revenue ($ millions) | 918 | 744 | 23% | 3,428 | 3,773 | (9%) | 3,867 |
| Cost of sales ($ millions) | 645 | 531 | 21% | 2,275 | 2,186 | 4% | 2,186 |
| Income ($ millions) | 264 | 215 | 23% | 1,144 | 1,675 | (32%) | 1,636 |
| EBITDA ($ millions) c | 426 | 332 | 28% | 1,695 | 2,305 | (26%) | 2,232 |
| EBITDA margin d | 46% | 45% | 2% | 49% | 61% | (20%) | 58% |
| Capital expenditures ($ millions) | 169 | 191 | (12%) | 707 | 555 | 27% | 583 |
| Minesite sustaining c | 128 | 163 | (21%) | 584 | 458 | 28% | 459 |
| Project c | 41 | 28 | 46% | 123 | 97 | 27% | 124 |
| Cost of sales ($/oz) | 1,257 | 1,242 | 1% | 1,210 | 1,072 | 13% | 1,029 |
| Total cash costs ($/oz) c | 906 | 924 | (2%) | 876 | 705 | 24% | 702 |
| All-in sustaining costs ($/oz) c | 1,179 | 1,333 | (12%) | 1,214 | 949 | 28% | 941 |
| All-in costs ($/oz) c | 1,260 | 1,398 | (10%) | 1,280 | 997 | 28% | 998 |

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

b. Excludes the Gold Quarry (Mill 5) concentrator.

c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

d. Represents EBITDA divided by revenue.

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

Barrick Gold Corporation | Annual Report 2022

77

MANAGEMENT'S DISCUSSION AND ANALYSIS

# **Carlin (61.5% basis)$^{a}$, Nevada USA**  
 **SUMMARY OF OPERATING AND FINANCIAL DATA**

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Total tonnes mined (000s) | 11,846 | 17,574 | (33%) | 67,971 | 75,207 | (10%) | 72,820 |
| Open pit ore | 1,686 | 2,274 | (26%) | 6,424 | 6,472 | (1%) | 6,054 |
| Open pit waste | 9,367 | 14,524 | (36%) | 58,267 | 65,507 | (11%) | 63,579 |
| Underground | 793 | 776 | 2% | 3,280 | 3,228 | 2% | 3,187 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | 2.99 | 2.34 | 28% | 2.09 | 0.78 | 168% | 2.08 |
| Underground mined | 7.88 | 7.98 | (1%) | 8.03 | 8.85 | (9%) | 9.36 |
| Processed | 4.29 | 3.42 | 25% | 3.60 | 2.97 | 21% | 3.69 |
| Ore tonnes processed (000s oz) | 2,497 | 2,902 | (14%) | 11,485 | 14,282 | (20%) | 12,195 |
| Oxide mill | 617 | 618 | 0% | 2,448 | 2,735 | (10%) | 2,936 |
| Roaster | 1,126 | 1,161 | (3%) | 4,528 | 3,616 | 25% | 3,743 |
| Autoclave | 503 | 555 | (9%) | 2,175 | 2,221 | (2%) | 3,071 |
| Heap leach | 251 | 568 | (56%) | 2,334 | 5,710 | (59%) | 2,445 |
| Recovery rate b | 81% | 78% | 4% | 78% | 77% | 1% | 79% |
| Roaster | 86% | 85% | 1% | 85% | 85% | 0% | 86% |
| Autoclave | 46% | 47% | (2%) | 44% | 46% | (4%) | 57% |
| Gold produced (000s oz) | 265 | 229 | 16% | 966 | 923 | 5% | 1,024 |
| Oxide mill | 16 | 10 | 60% | 48 | 51 | (6%) | 38 |
| Roaster | 221 | 184 | 20% | 780 | 728 | 7% | 784 |
| Autoclave | 19 | 24 | (21%) | 91 | 102 | (11%) | 161 |
| Heap leach | 9 | 11 | (18%) | 47 | 42 | 12% | 41 |
| Gold sold (000s oz) | 266 | 226 | 18% | 968 | 922 | 5% | 1,024 |
| Revenue ($ millions) | 467 | 390 | 20% | 1,752 | 1,653 | 6% | 1,812 |
| Cost of sales ($ millions) | 291 | 261 | 11% | 1,063 | 893 | 19% | 999 |
| Income ($ millions) | 171 | 123 | 39% | 685 | 733 | (7%) | 795 |
| EBITDA ($ millions) c | 226 | 168 | 35% | 877 | 903 | (3%) | 983 |
| EBITDA margin d | 48% | 43% | 12% | 50% | 55% | (9%) | 54% |
| Capital expenditures ($ millions) | 85 | 76 | 12% | 306 | 260 | 18% | 231 |
| Minesite sustaining c | 85 | 76 | 12% | 306 | 260 | 18% | 231 |
| Project c | 0 | 0 | 0% | 0 | 0 | 0% | 0 |
| Cost of sales ($/oz) | 1,081 | 1,137 | (5%) | 1,069 | 968 | 10% | 976 |
| Total cash costs ($/oz) c | 878 | 943 | (7%) | 877 | 782 | 12% | 790 |
| All-in sustaining costs ($/oz) c | 1,217 | 1,304 | (7%) | 1,212 | 1,087 | 11% | 1,041 |
| All-in costs ($/oz) c | 1,217 | 1,304 | (7%) | 1,212 | 1,087 | 11% | 1,041 |

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

b. Excludes the Gold Quarry (Mill 5) concentrator.

c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

d. Represents EBITDA divided by revenue.

### Safety and Environment

|  | For the three months ended |  | For the years ended |  |
| --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 |
| LTI | 0 | 4 | 6 | 10 |
| LTIFR 8 | 0.00 | 1.76 | 0.69 | 1.19 |
| TRIFR 8 | 2.27 | 2.20 | 2.63 | 3.08 |
| Class 1 9 environmental incidents | 0 | 0 | 0 | 0 |

Unfortunately, on January 23, 2023, an incident occurred at Carlin which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 68 for further details.

### Financial Results

#### Q4 2022 compared to Q3 2022

Carlin's income for the fourth quarter of 2022 was 39% higher than the prior quarter mainly due to a lower cost of sales per ounce$^{7}$ and higher sales volume.

Gold production in the fourth quarter of 2022 was 16% higher compared to the prior quarter. As previously reported, processing of higher grades mined from the Goldstrike 5th NW layback was a significant contributor to fourth quarter production. In addition, higher production was driven by higher grades mined and processed from the Goldstar open pit.

Total tonnes mined in the fourth quarter of 2022 were 33% lower compared to the prior quarter, driven primarily by a transition in open pit mining from Goldstar to Gold Quarry as per the mine schedule,

78 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

resulting in longer hauls and shovel movement. In addition, mining at the Goldstrike 5th NW layback was focused on ore haulage with waste stripping completed in the prior quarter. Open pit ore tonnes mined decreased by 26% due to longer hauls. The average open pit mined grade increased by 28% compared to the prior quarter driven by the Goldstrike 5th NW layback and Goldstar. Underground mined tonnes and grade were in line with the prior quarter.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{6}$ in the fourth quarter of 2022 were 5% and 7% lower, respectively, than the prior quarter, mainly due to higher sales volumes, partially offset by an increase in natural gas prices. In the fourth quarter of 2022, all-in sustaining costs per ounce$^{6}$ was 7% lower compared to the prior quarter mainly due to lower total cash costs per ounce$^{6}$, combined with lower minesite sustaining capital expenditures$^{6}$ on a per ounce basis.

Capital expenditures in the fourth quarter of 2022 were 12% higher than the prior quarter driven by the timing of mobile equipment deliveries, as well as the ramp-up of spend on both the autoclave carbon-in-leach conversion and underground paste plant projects at Goldstrike, partially offset by lower capitalized stripping in the Goldstar and Goldstrike open pits as waste stripping was completed in the prior quarter.

#### 2022 compared to 2021

Carlin's income for 2022 was 7% lower than the prior year, mainly due to an increase in cost of sales per ounce$^{7}$, partially offset by higher sales volume.

#### INCOME AND EBITDA$^{a,a}$

![img-0.jpeg](img-0.jpeg)

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

Gold production in 2022 was 5% higher compared to the prior year, mainly due to higher roaster production following the previously disclosed mechanical mill failure at the Goldstrike roaster on May 26, 2021, and its impact on production in the prior year. In addition, the current year benefited from higher production at the heap leach facilities.

Total tonnes mined in 2022 decreased by 10% compared to the prior year, mainly due to lower waste tonnes mined at the open pit operations. At the Goldstar open pit, mining continued to advance in ore, resulting in lower capitalized waste tonnes mined compared to the prior year. This was partially offset by higher waste stripping at the Goldstrike 5th NW layback for most of the current year to meet tailings dam construction material requirements, as well as to provide access to higher grade ore in the fourth quarter of 2022. The average open pit grade mined increased by 168% compared to the prior year, primarily due to the advancement of mining in the Goldstrike and Goldstar open pits. Underground tonnes mined and the average grade mined were 2% higher and 9% lower, respectively, compared to the prior year, driven by a change in the mix of ore sources across the different underground operations as per the mine plan.

#### PRODUCTION$^{a}$

(thousands of ounces)

![img-1.jpeg](img-1.jpeg)

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

b. Based on the midpoint of the guidance range.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{6}$ for 2022 were 10% and 12% higher, respectively, than the prior year due to higher input costs driven by energy and consumable prices as well as the inclusion of the Nevada mining excise tax effective July 1, 2021, which more than offset the benefit of higher sales volumes. For 2022, all-in sustaining costs per ounce$^{6}$ was 11% higher than the prior year, due to the impact of higher total cash costs per ounce$^{6}$ and higher minesite sustaining capital expenditures$^{6}$.

#### COST OF SALES$^{7}$, TOTAL CASH COSTS$^{6}$

AND ALL-IN SUSTAINING COSTS$^{6}$($ per ounce)

![img-2.jpeg](img-2.jpeg)

a. Based on the midpoint of the guidance range.

Capital expenditures in 2022 increased by 18% from the prior year driven by higher minesite sustaining capital$^{6}$, which included higher spend on tailings dam construction, major improvement projects at all processing facilities, deliveries of mobile equipment at the open pit and underground operations, higher underground development, and higher capitalized drilling.

#### 2022 compared to Guidance

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 966 | 950 - 1,030 |
| Cost of sales 7 ($/oz) | 1,069 | 900 - 980 |
| Total cash costs 6 ($/oz) | 877 | 730 - 790 |
| All-in sustaining costs 6 ($/oz) | 1,212 | 1,020 - 1,100 |

Gold production for 2022 was within the guidance range. Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{6}$ were above the guidance range due to higher input costs, primarily driven by energy and consumable prices. All-in sustaining costs per ounce$^{6}$ was higher than guidance mainly driven by higher total cash costs per ounce$^{6}$ and increased minesite sustaining capital expenditures due to the same input cost drivers described above, which impacted capitalized stripping and underground development.

Barrick Gold Corporation | Annual Report 2022

79

MANAGEMENT'S DISCUSSION AND ANALYSIS

# Cortez (61.5% basis)$^{a}$, Nevada USA

# SUMMARY OF OPERATING AND FINANCIAL DATA

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Total tonnes mined (000s) | 17,427 | 18,896 | (8%) | 72,551 | 74,960 | (3%) | 85,740 |
| Open pit ore | 3,849 | 540 | 613% | 7,096 | 15,456 | (54%) | 11,392 |
| Open pit waste | 13,238 | 17,993 | (26%) | 64,136 | 58,235 | 10% | 73,240 |
| Underground | 340 | 363 | (6%) | 1,319 | 1,269 | 4% | 1,108 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | 1.33 | 0.44 | 202% | 1.11 | 0.71 | 56% | 0.56 |
| Underground mined | 10.20 | 9.43 | 8% | 9.76 | 9.45 | 3% | 9.86 |
| Processed | 1.82 | 3.21 | (43%) | 2.06 | 1.22 | 69% | 1.41 |
| Ore tonnes processed (000s) | 4,170 | 1,092 | 282% | 8,706 | 18,333 | (53%) | 13,019 |
| Oxide mill | 611 | 617 | (1%) | 2,510 | 2,548 | (1%) | 2,432 |
| Roaster | 239 | 247 | (3%) | 978 | 1,250 | (22%) | 1,479 |
| Autoclave | n/a | n/a | n/a | n/a | 10 | n/a | n/a |
| Heap leach | 3,320 | 228 | 1,356% | 5,218 | 14,525 | (64%) | 9,108 |
| Recovery rate | 80% | 81% | (1%) | 80% | 83% | (4%) | 83% |
| Oxide Mill | 77% | 72% | 7% | 74% | 78% | (5%) | 75% |
| Roaster | 84% | 88% | (5%) | 87% | 88% | (1%) | 87% |
| Autoclave | n/a | n/a | n/a | n/a | 81% | n/a | n/a |
| Gold produced (000s oz) | 140 | 98 | 43% | 450 | 509 | (12%) | 491 |
| Oxide mill | 78 | 38 | 105% | 183 | 192 | (5%) | 129 |
| Roaster | 44 | 52 | (15%) | 192 | 232 | (17%) | 286 |
| Autoclave | n/a | n/a | n/a | n/a | 1 | n/a | n/a |
| Heap leach | 18 | 8 | 125% | 75 | 84 | (11%) | 76 |
| Gold sold (000s oz) | 137 | 99 | 38% | 449 | 508 | (12%) | 491 |
| Revenue ($ millions) | 241 | 169 | 43% | 809 | 913 | (11%) | 865 |
| Cost of sales ($ millions) | 175 | 105 | 67% | 522 | 570 | (8%) | 470 |
| Income ($ millions) | 63 | 62 | 2% | 277 | 337 | (18%) | 385 |
| EBITDA ($ millions) b | 122 | 90 | 36% | 432 | 518 | (17%) | 523 |
| EBITDA margin c | 51% | 53% | (4%) | 53% | 57% | (7%) | 60% |
| Capital expenditures ($ millions) | 42 | 80 | (48%) | 251 | 177 | 42% | 235 |
| Minesite sustaining b | 22 | 63 | (65%) | 187 | 118 | 58% | 145 |
| Project b | 20 | 17 | 18% | 64 | 59 | 8% | 90 |
| Cost of sales ($/oz) | 1,284 | 1,056 | 22% | 1,164 | 1,122 | 4% | 958 |
| Total cash costs ($/oz) b | 848 | 770 | 10% | 815 | 763 | 7% | 678 |
| All-in sustaining costs ($/oz) b | 1,037 | 1,426 | (27%) | 1,258 | 1,013 | 24% | 998 |
| All-in costs ($/oz) b | 1,175 | 1,602 | (27%) | 1,400 | 1,129 | 24% | 1,179 |

a. Starting in the first quarter of 2021, Goldrush is reported as part of Cortez as it is operated by Cortez management. Comparative periods have been restated to include Goldrush.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. Represents EBITDA divided by revenue.

# Safety and Environment

|  | For the three months ended |  | For the years ended |  |
| --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 |
| LTI | 1 | 0 | 6 | 7 |
| LTIFR 8 | 0.95 | 0.00 | 1.45 | 1.81 |
| TRIFR 8 | 3.78 | 1.89 | 4.35 | 2.85 |
| Class 1 9 environmental incidents | 0 | 0 | 0 | 0 |

# Financial Results

# Q4 2022 compared to Q3 2022

Cortez's income for the fourth quarter of 2022 was 2% higher than the prior quarter due to higher sales volume, largely offset by a higher cost of sales per ounce$^{7}$.

Gold production in the fourth quarter of 2022 was 43% higher compared to the prior quarter. This was mainly driven by significantly higher ore tonnes mined from Crossroads and processed at the Cortez oxide mill and leach facilities, higher grades mined from Cortez Hills underground, and higher ore tonnes mined from the Goldrush development project, partially offset by lower open pit and underground stockpiles hauled and processed at the Carlin roasters.

80

Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

Total tonnes mined in the fourth quarter of 2022 were 8% lower than the prior quarter. Open pit ore tonnes mined and the average grade mined were both significantly higher compared to the prior quarter, primarily driven by the transition from stripping at Crossroads (Phase 5) to oxide ore delivery, as previously disclosed, resulting in 26% lower waste tonnes mined. Underground tonnes mined were 6% lower while grade mined was 8% higher compared to the prior quarter due to mine sequencing as per the mine plan.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{8}$ in the fourth quarter of 2022 were 22% and 10% higher, respectively, than the prior quarter, driven by the significant change in the sales mix to higher-cost open pit ounces which also carry higher depreciation expense, combined with higher energy prices. In the fourth quarter of 2022, all-in sustaining costs per ounce$^{8}$ was 27% lower than the prior quarter, mainly due to lower minesite sustaining capital expenditures$^{8}$, partially offset by higher total cash costs per ounce$^{8}$.

Capital expenditures in the fourth quarter of 2022 were 48% lower compared to the prior quarter, mainly due to lower minesite sustaining capital expenditures$^{8}$, which was driven by a decrease in capitalized waste stripping at Crossroads (Phase 5).

#### 2022 compared to 2021

Cortez's income in 2022 was 18% lower than the prior year, primarily due to a higher cost of sales per ounce$^{7}$ and lower sales volume.

#### INCOME AND EBITDA$^{6}$

![img-3.jpeg](img-3.jpeg)

Gold production in 2022 was 12% lower than the prior year. This was primarily driven by lower leach and refractory ore tonnes mined from both Crossroads and Pipeline, partially offset by an increase in grade from Cortez Hills underground as well as increased ore tonnes mined and processed from the Goldrush development project.

Total tonnes mined in 2022 were 3% lower, driven by lower ore tonnes mined from the three open pits (Crossroads, Cortez Pits, and Pipeline). Open pit ore tonnes mined were 54% lower compared to the prior year, primarily driven by the transition from the Pipeline pit, which ceased mining operations in the first quarter of 2022, to the next phase at Crossroads (Phase 5). Underground tonnes mined increased by 4% over the same prior year period, driven by increased development activity at Goldrush.

#### PRODUCTION

(thousands of ounces)

![img-4.jpeg](img-4.jpeg)

a. Based on the midpoint of the guidance range.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{8}$ in 2022 were 4% and 7% higher, respectively, than the prior year mainly due to higher input costs driven by energy and consumable prices, as well as the inclusion of the Nevada mining excise tax effective July 1, 2021. For 2022, all-in sustaining costs per ounce$^{8}$ increased by 24% compared to the prior year, driven by an increase in minesite sustaining capital expenditures$^{8}$ and higher total cash costs per ounce$^{8}$.

#### COST OF SALES$^{7}$, TOTAL CASH COSTS$^{6}$ AND ALL-IN SUSTAINING COSTS$^{6}$($ per ounce)

![img-5.jpeg](img-5.jpeg)

a. Based on the midpoint of the guidance range.

Capital expenditures in 2022 increased by 42% from the same prior year period, due to both higher minesite sustaining capital expenditures$^{6}$ and project capital expenditures$^{6}$. Minesite sustaining capital expenditures$^{6}$ were 58% higher compared to the same prior year period, primarily due to an increase in capitalized waste stripping at Crossroads. Project capital expenditures$^{6}$ were 8% higher due to increased development and exploration activities at Goldrush.

#### 2022 compared to Guidance

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 450 | 480 - 530 |
| Cost of sales 7 ($/oz) | 1,164 | 970 - 1,050 |
| Total cash costs 6 ($/oz) | 815 | 650 - 710 |
| All-in sustaining costs 6 ($/oz) | 1,258 | 1,010 - 1,090 |

Gold production for 2022 was below the guidance range, mainly driven by delays in the ramp-up of the Goldrush development project as discussed on page 98. Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{8}$ were above the guidance range due to lower production and sales, higher input costs driven by energy and consumable prices, as well as higher maintenance expense related to the haul truck fleet. All-in sustaining costs per ounce$^{8}$ was also higher than guidance, mainly driven by higher total cash costs per ounce$^{8}$ and higher minesite sustaining capital expenditures$^{8}$ due to the same input cost drivers as described above, which impacted capitalized stripping.

Barrick Gold Corporation | Annual Report 2022

81

MANAGEMENT'S DISCUSSION AND ANALYSIS

# **Turquoise Ridge (61.5%)a, Nevada USA**
**SUMMARY OF OPERATING AND FINANCIAL DATA**

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Total tonnes mined (000s) | 366 | 241 | 52% | 1,053 | 8,510 | (88%) | 15,483 |
| Open pit ore | 107 | 0 | 100% | 131 | 3,020 | (96%) | 5,150 |
| Open pit waste | 4 | 0 | 100% | 4 | 4,656 | (100%) | 9,460 |
| Underground | 255 | 241 | 6% | 918 | 834 | 10% | 873 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | 1.04 | n/a | n/a | 1.13 | 1.69 | (33%) | 2.24 |
| Underground mined | 11.90 | 9.48 | 26% | 11.08 | 10.69 | 4% | 10.44 |
| Processed | 4.89 | 3.61 | 35% | 4.26 | 3.31 | 29% | 3.42 |
| Ore tonnes processed (000s) | 602 | 699 | (14%) | 2,541 | 3,793 | (33%) | 3,613 |
| Oxide Mill | 64 | 82 | (22%) | 329 | 434 | (24%) | 458 |
| Autoclave | 492 | 617 | (20%) | 2,166 | 2,452 | (12%) | 2,346 |
| Heap leach | 46 | 0 | 100% | 46 | 907 | (95%) | 809 |
| Recovery Rate | 84% | 78% | 8% | 81% | 82% | (1%) | 83% |
| Oxide Mill | 88% | 89% | (1%) | 84% | 83% | 1% | 88% |
| Autoclave | 84% | 78% | 8% | 81% | 82% | (1%) | 83% |
| Gold produced (000s oz) | 78 | 62 | 26% | 282 | 334 | (16%) | 330 |
| Oxide Mill | 3 | 1 | 200% | 10 | 16 | (38%) | 16 |
| Autoclave | 75 | 59 | 27% | 266 | 307 | (13%) | 306 |
| Heap leach | 0 | 2 | (100%) | 6 | 11 | (45%) | 8 |
| Gold sold (000s oz) | 74 | 64 | 16% | 278 | 337 | (18%) | 332 |
| Revenue ($ millions) | 130 | 108 | 20% | 501 | 607 | (17%) | 589 |
| Cost of sales ($ millions) | 112 | 95 | 18% | 398 | 378 | 5% | 353 |
| Income ($ millions) | 17 | 11 | 55% | 98 | 229 | (57%) | 229 |
| EBITDA ($ millions) a | 49 | 36 | 36% | 208 | 352 | (41%) | 342 |
| EBITDA margin b | 38% | 33% | 15% | 42% | 58% | (28%) | 58% |
| Capital expenditures ($ millions) | 23 | 28 | (18%) | 97 | 81 | 20% | 51 |
| Minesite sustaining a | 15 | 19 | (21%) | 67 | 47 | 43% | 24 |
| Project a | 8 | 9 | (11%) | 30 | 34 | (12%) | 27 |
| Cost of sales ($/oz) | 1,518 | 1,509 | 1% | 1,434 | 1,122 | 28% | 1,064 |
| Total cash costs ($/oz) a | 1,089 | 1,105 | (1%) | 1,035 | 749 | 38% | 711 |
| All-in sustaining costs ($/oz) a | 1,304 | 1,423 | (8%) | 1,296 | 892 | 45% | 798 |
| All-in costs ($/oz) a | 1,424 | 1,559 | (9%) | 1,405 | 993 | 41% | 879 |

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

b. Represents EBITDA divided by revenue.

# **Safety and Environment**

|  | For the three months ended |  | For the years ended |  |
| --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 |
| LTI | 1 | 0 | 8 | 8 |
| LTIFR 8 | 1.39 | 0.00 | 2.74 | 2.85 |
| TRIFR 8 | 5.56 | 2.70 | 6.84 | 4.63 |
| Class 1 9 environmental incidents | 0 | 0 | 0 | 0 |

# **Financial Results**

# **Q4 2022 compared to Q3 2022**

Turquoise Ridge's income for the fourth quarter of 2022 was 55% higher than the prior quarter mainly due to higher sales volume.

Gold production in the fourth quarter of 2022 was 26% higher than the prior quarter, mainly due to higher underground tonnes and grades mined, combined with higher autoclave recovery, which was positively impacted by improved carbon management. This was partially offset by lower autoclave throughput, which was impacted by a maintenance shutdown that was brought forward from the first quarter of 2023.

Total tonnes mined increased in the fourth quarter of 2022 by 52% compared to the prior quarter, due to higher underground tonnes mined from Turquoise Ridge underground and remnant mining in the Vista open pit, partially offset by lower tonnes mined from Vista underground. Tonnes mined from Turquoise Ridge underground improved significantly with the commissioning of the Third Shaft completed in the fourth quarter of 2022 (refer to page 99 for more details). Tonnes processed were lower than the prior quarter driven by the maintenance shutdown at the Sage autoclave as described above. Consistent with the prior quarter, the plant processed more material than mined during the current period by drawing upon our long-term open pit stockpiles from the Vista and Mega pits. Most of this stockpile was established prior to the formation of Nevada Gold Mines.

82 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{8}$ in the fourth quarter of 2022 were consistent with the prior quarter as the benefit from the improvement in grade and higher recovery were largely offset by higher energy and autoclave maintenance expense. All-in sustaining costs per ounce$^{8}$ were 8% lower than the prior quarter, mainly reflecting lower minesite sustaining capital expenditures$^{8}$.

Capital expenditures in the fourth quarter of 2022 were 18% lower than the prior quarter, due to lower minesite sustaining capital expenditures$^{8}$ and slightly lower project capital expenditures$^{8}$ at the Third Shaft. Lower minesite sustaining capital$^{8}$ was primarily due to reduced underground capital development activity driven by lower capital development tonnes mined as per the mine plan.

#### 2022 compared to 2021

Turquoise Ridge's income in 2022 was 57% lower than the prior year, mainly due to lower sales volume and a higher cost of sales per ounce$^{7}$.

#### INCOME AND EBITDA$^{9}$

![img-6.jpeg](img-6.jpeg)

Gold production in 2022 was 16% lower compared to the prior year, primarily due to lower throughput at the Sage autoclave related to previously disclosed unplanned maintenance events, partially offset by higher grades processed. In addition, the complex has transitioned to an underground-only mining operation supplemented by stockpile reclaim starting in the fourth quarter of 2021, together with residual production from the heap leach facility.

Total tonnes mined in 2022 decreased by 88% compared to the prior year. Open pit mining was largely completed in the fourth quarter of 2021, which was the source of lower grade heap leach material. This was also the driver behind the 29% increase in average grade processed compared to the prior year. Underground tonnes mined were 10% higher compared to the prior year, which benefited from increased ventilation and hoisting from the Third Shaft following the completion of commissioning in the fourth quarter of 2022.

#### PRODUCTION

(thousands of ounces)

![img-7.jpeg](img-7.jpeg)

a. Based on the midpoint of the guidance range.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{8}$ in 2022 were 28% and 38% higher, respectively, than the prior year due to higher maintenance expense, reduced autoclave throughput, and higher input costs driven by energy and consumable prices, as well as the inclusion of the Nevada mining excise tax effective July 1, 2021. All-in sustaining costs per ounce$^{8}$ increased by 45% compared to the prior year due to higher minesite sustaining capital expenditures$^{8}$ and increased total cash costs per ounce$^{8}$.

#### COST OF SALES$^{7}$, TOTAL CASH COSTS$^{8}$ AND ALL-IN SUSTAINING COSTS$^{9}$($ per ounce)

![img-8.jpeg](img-8.jpeg)

a. Based on the midpoint of the guidance range.

Capital expenditures in 2022 increased by 20% compared to the prior year, mainly due to an increase in minesite sustaining capital expenditures$^{8}$. This was driven by the same input cost drivers as described above, which impacted underground development, as well as an overall increase in underground development tonnes mined. This was partially offset by lower project capital expenditures$^{8}$ related to the Third Shaft project.

#### 2022 compared to Guidance

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 282 | 330 - 370 |
| Cost of sales 7 ($/oz) | 1,434 | 1,110 - 1,190 |
| Total cash costs 8 ($/oz) | 1,035 | 770 - 830 |
| All-in sustaining costs 8 ($/oz) | 1,296 | 930 - 1,010 |

As expected and previously disclosed, gold production in 2022 was below the guidance range as operations were disrupted by maintenance events at the Sage autoclave in the second half of 2022. All cost metrics were higher than guidance mainly due to the impact of lower sales volumes, which reflected the disruptions described above, as well as higher maintenance expense and higher input costs driven by energy and consumable prices.

Barrick Gold Corporation | Annual Report 2022

83

MANAGEMENT'S DISCUSSION AND ANALYSIS

# Other Mines - Nevada Gold Mines

# SUMMARY OF OPERATING AND FINANCIAL DATA

|  | 12/31/22 |  |  |  |  | 9/30/22 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Gold produced (000s oz) | Cost of sales ($/oz) | Total cash costs ($/oz) a | All-in sustaining costs ($/oz) a | Capital Expenditures b | Gold produced (000s oz) | Cost of sales ($/oz) | Total cash costs ($/oz) a | All-in sustaining costs ($/oz) a | Capital Expenditures b |  |
|  | Phoenix (61.5%) c | 30 | 1,901 | 946 | 1,037 | 2 | 30 | 1,964 | 953 | 1,084 | 3 |
| Long Canyon (61.5%) | 3 | 1,812 | 616 | 664 | 0 | 6 | 1,769 | 662 | 684 | 0 |  |

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

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

# Phoenix (61.5%)

Gold production for Phoenix in the fourth quarter of 2022 was in line with the prior quarter as improved grades and recovery offset lower mill throughput due to planned maintenance.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{6}$ in the fourth quarter of 2022 were 3% and 1% lower, respectively, than the prior quarter mainly due to the impact of higher sales volume, partially offset by increased energy prices. In the fourth quarter of 2022, all-in sustaining costs per ounce$^{6}$ decreased by 4% compared to the prior quarter due to lower sustaining capital expenditures$^{6}$, combined with slightly lower total cash costs per ounce$^{6}$.

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 109 | 90 - 120 |
| Cost of sales 7 ($/oz) | 2,039 | 2,000 - 2,080 |
| Total cash costs 6 ($/oz) | 914 | 720 - 780 |
| All-in sustaining costs 6 ($/oz) | 1,074 | 890 - 970 |

Compared to our 2022 outlook, gold production and cost of sales per ounce$^{7}$ were within guidance. Total cash costs per ounce$^{6}$ and all-in sustaining costs per ounce$^{6}$ were above the guidance ranges mainly due to lower by-product credits from higher input costs driven by energy and consumable prices, combined with a decrease in the realized copper price$^{6}$.

# Long Canyon (61.5%)

Gold production for Long Canyon in the fourth quarter of 2022 was 50% lower compared to the prior quarter, reflecting the expected decrease in recoveries from the leach pad following the completion of Phase 1 mining in May 2022, as previously disclosed.

Cost of sales per ounce$^{7}$ in the fourth quarter of 2022 was 2% higher mainly due to higher depreciation expense on a per ounce basis, partially offset by lower total cash costs per ounce$^{6}$. Total cash costs per ounce$^{6}$ and all-in sustaining costs per ounce$^{6}$ were 7% and 3% lower, respectively, than the prior quarter driven by lower operating expense, partially offset by the impact of lower sales volume.

Mining of Phase 1 was completed in May 2022, followed by residual production over the remainder of the year. We continue to work on optimizing the asset's mine life extension, including permitting activities.

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 55 | 40 - 50 |
| Cost of sales 7 ($/oz) | 1,282 | 1,420 - 1,500 |
| Total cash costs 6 ($/oz) | 435 | 540 - 600 |
| All-in sustaining costs 6 ($/oz) | 454 | 540 - 620 |

Compared to our 2022 outlook, gold production was above the top end of the guidance range. All cost metrics were well below the guidance ranges driven by higher sales volume, which more than offset inflationary pressures from higher energy and consumable prices.

84

Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

# **Pueblo Viejo (60% basis)$^{a}$, Dominican Republic**  
 **SUMMARY OF OPERATING AND FINANCIAL DATA**

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Open pit tonnes mined (000s) | 5,235 | 5,380 | (3%) | 19,754 | 24,687 | (20%) | 20,262 |
| Open pit ore | 2,427 | 1,853 | 31% | 6,820 | 7,969 | (14%) | 6,147 |
| Open pit waste | 2,808 | 3,527 | (20%) | 12,934 | 16,718 | (23%) | 14,115 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | 1.82 | 2.29 | (21%) | 2.23 | 2.41 | (7%) | 2.57 |
| Processed | 2.43 | 2.89 | (16%) | 2.68 | 3.18 | (16%) | 3.61 |
| Autoclave ore tonnes processed (000s) | 1,353 | 1,501 | (10%) | 5,669 | 5,466 | 4% | 5,297 |
| Recovery rate | 92% | 87% | 6% | 87% | 88% | (1%) | 89% |
| Gold produced (000s oz) | 98 | 121 | (19%) | 428 | 488 | (12%) | 542 |
| Gold sold (000s oz) | 96 | 124 | (23%) | 426 | 497 | (14%) | 541 |
| Revenue ($ millions) | 173 | 212 | (18%) | 776 | 898 | (14%) | 954 |
| Cost of sales ($ millions) | 116 | 136 | (15%) | 482 | 445 | 8% | 443 |
| Income ($ millions) | 47 | 70 | (33%) | 265 | 445 | (40%) | 508 |
| EBITDA ($ millions) b | 83 | 109 | (24%) | 411 | 587 | (30%) | 644 |
| EBITDA margin c | 48% | 51% | (6%) | 53% | 65% | (18%) | 68% |
| Capital expenditures ($ millions) | 95 | 101 | (6%) | 351 | 311 | 13% | 134 |
| Minesite sustaining b | 28 | 40 | (30%) | 124 | 96 | 29% | 79 |
| Project b | 67 | 61 | 10% | 227 | 215 | 6% | 55 |
| Cost of sales ($/oz) | 1,215 | 1,097 | 11% | 1,132 | 896 | 26% | 819 |
| Total cash costs ($/oz) b | 764 | 733 | 4% | 725 | 541 | 34% | 504 |
| All-in sustaining costs ($/oz) b | 1,065 | 1,063 | 0% | 1,026 | 745 | 38% | 660 |
| All-in costs ($/oz) b | 1,757 | 1,554 | 13% | 1,558 | 1,178 | 32% | 761 |

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. Represents EBITDA divided by revenue.

# **Safety and Environment**

|  | For the three months ended |  | For the years ended |  |
| --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 |
| LTI | 0 | 1 | 2 | 1 |
| LTIFR 8 | 0.00 | 0.18 | 0.10 | 0.07 |
| TRIFR 8 | 0.50 | 1.05 | 0.72 | 0.50 |
| Class 1 9 environmental incidents | 0 | 0 | 0 | 0 |

# **Financial Results**

# **Q4 2022 compared to Q3 2022**

Pueblo Viejo's income for the fourth quarter of 2022 was 33% lower than the prior quarter due to lower sales volume and a higher cost of sales per ounce$^{7}$.

Gold production for the fourth quarter of 2022 was 19% lower than the prior quarter due to lower throughput driven by planned maintenance as well as lower grades processed in line with the mine and stockpile processing plan. This was partially offset by higher recovery.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{6}$ for the fourth quarter of 2022 were 11% and 4% higher, respectively, than the prior quarter primarily reflecting the impact of lower production and sales volume as well as planned maintenance. This was combined with lower margins from third-party energy sales at the Quisqueya power plant driven by lower energy prices. The increase in cost of sales per ounce$^{7}$ was also impacted by higher depreciation on a per ounce basis, resulting from the impact of lower production and sales volumes. For the fourth quarter of 2022, all-in sustaining costs per ounce$^{6}$ was in line with the prior quarter, reflecting higher total cash costs per ounce$^{6}$, partially offset by lower sustaining capital expenditures$^{6}$.

Capital expenditures for the fourth quarter of 2022 decreased by 6% compared to the prior quarter, mainly due to lower minesite sustaining capital expenditures$^{6}$ following the purchase of new mining equipment occurring in the prior quarter.

# **2022 compared to 2021**

Pueblo Viejo's income for 2022 was 40% lower than the prior year due to lower sales volume and a higher cost of sales per ounce$^{7}$.

Barrick Gold Corporation | Annual Report 2022

85

MANAGEMENT'S DISCUSSION AND ANALYSIS

# INCOME AND EBITDA6

![img-9.jpeg](img-9.jpeg)

Gold production for 2022 was 12% lower than the prior year, mainly due to lower grades processed in line with the mine and stockpile processing plan, partially offset by higher tonnes processed. Pueblo Viejo once again achieved record throughput in 2022 due to improved maintenance practices and increased tonnes per operating hour, with throughput 4% higher than the previous record set in 2021.

# PRODUCTION

(thousands of ounces)

![img-10.jpeg](img-10.jpeg)

a. Based on the midpoint of the guidance range.

Cost of sales per ounce7 and total cash costs per ounce6 for 2022 increased by 26% and 34%, respectively, compared to the prior year, primarily reflecting the impact of lower grades, as described above, and higher consumable and energy prices. For 2022, all-in sustaining costs per ounce6 increased by 38% compared to the prior year, mainly reflecting higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6.

# COST OF SALES7, TOTAL CASH COSTS6 AND ALL-IN SUSTAINING COSTS6 ($ per ounce)

![img-11.jpeg](img-11.jpeg)

a. Based on the midpoint of the guidance range.

Capital expenditures for 2022 increased by 13% compared to the prior year, mainly due to higher minesite sustaining capital expenditures6 related to the Llagal TSF and the purchase of new mining equipment. This was combined with increased project capital expenditures6 for the plant expansion and mine life extension project.

# 2022 compared to Guidance

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 428 | 400 - 440 |
| Cost of sales7 ($/oz) | 1,132 | 1,070 - 1,150 |
| Total cash costs6 ($/oz) | 725 | 670 - 730 |
| All-in sustaining costs6 ($/oz) | 1,026 | 910 - 990 |

Gold production in 2022 was in the upper half of the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 were also within the guidance ranges, despite the impact of higher consumable and energy prices. All-in sustaining costs per ounce6 was higher than the guidance range mainly driven by increased minesite sustaining capital expenditures6 largely relating to higher diesel prices and a higher strip ratio on limestone mining for the Llagal TSF.

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# Loulo-Gounkoto (80% basis)$^{a}$, Mali

# SUMMARY OF OPERATING AND FINANCIAL DATA

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Total tonnes mined (000s) | 6,417 | 7,271 | (12%) | 30,845 | 33,073 | (7%) | 33,036 |
| Open pit ore | 927 | 643 | 44% | 2,989 | 1,808 | 65% | 1,698 |
| Open pit waste | 4,653 | 5,800 | (20%) | 24,560 | 29,050 | (15%) | 29,078 |
| Underground | 837 | 828 | 1% | 3,296 | 2,215 | 49% | 2,260 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | 2.68 | 2.59 | 3% | 2.29 | 3.22 | (29%) | 5.50 |
| Underground mined | 4.56 | 4.55 | 0% | 4.58 | 4.68 | (2%) | 4.36 |
| Processed | 4.58 | 4.34 | 6% | 4.59 | 4.79 | (4%) | 4.76 |
| Ore tonnes processed (000s) | 1,041 | 1,015 | 3% | 4,069 | 4,015 | 1% | 3,916 |
| Recovery rate | 91% | 92% | (1%) | 91% | 91% | 0% | 91% |
| Gold produced (000s oz) | 139 | 130 | 7% | 547 | 560 | (2%) | 544 |
| Gold sold (000s oz) | 141 | 129 | 9% | 548 | 558 | (2%) | 542 |
| Revenue ($ millions) | 245 | 221 | 11% | 989 | 999 | (1%) | 966 |
| Cost of sales ($ millions) | 170 | 157 | 8% | 631 | 585 | 8% | 576 |
| Income ($ millions) | 70 | 60 | 17% | 342 | 380 | (10%) | 358 |
| EBITDA ($ millions) b | 125 | 108 | 16% | 547 | 602 | (9%) | 572 |
| EBITDA margin c | 51% | 49% | 4% | 55% | 60% | (8%) | 59% |
| Capital expenditures ($ millions) | 76 | 65 | 17% | 258 | 238 | 8% | 185 |
| Minesite sustaining b | 36 | 44 | (18%) | 152 | 159 | (4%) | 170 |
| Project b | 40 | 21 | 90% | 106 | 79 | 34% | 15 |
| Cost of sales ($/oz) | 1,216 | 1,220 | 0% | 1,153 | 1,049 | 10% | 1,060 |
| Total cash costs ($/oz) b | 822 | 845 | (3%) | 778 | 650 | 20% | 666 |
| All-in sustaining costs ($/oz) b | 1,102 | 1,216 | (9%) | 1,076 | 970 | 11% | 1,006 |
| All-in costs ($/oz) b | 1,386 | 1,385 | 0% | 1,270 | 1,111 | 14% | 1,034 |

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. Represents EBITDA divided by revenue.

# Safety and Environment

|  | For the three months ended |  | For the years ended |  |
| --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 |
| LTI | 1 | 0 | 2 | 2 |
| LTIFR 8 | 0.22 | 0.00 | 0.11 | 0.11 |
| TRIFR 8 | 0.65 | 0.00 | 0.45 | 0.92 |
| Class 1 9 environmental incidents | 0 | 0 | 0 | 0 |

Unfortunately, on December 14, 2022, an incident occurred at Loulo-Gounkoto which resulted in the tragic fatality of a contractor. Fatality incident investigations are underway. Please refer to page 68 for further details.

# Financial Results

# Q4 2022 compared to Q3 2022

Loulo-Gounkoto's income for the fourth quarter of 2022 was 17% higher than the prior quarter, mainly due to higher production and sales volume.

Gold production for the fourth quarter of 2022 was 7% higher than the prior quarter, mainly due to higher grades and tonnes processed.

Cost of sales per ounce$^{7}$ for the fourth quarter of 2022 was slightly lower than the prior quarter due to a lower total cash costs per ounce$^{6}$, largely offset by higher depreciation expense. Total cash costs per ounce$^{6}$ were 3% lower than the prior quarter, primarily due to the impact of higher grades. For the fourth quarter of 2022, all-in sustaining costs per ounce$^{6}$ decreased by 9% compared to the prior quarter, primarily reflecting lower minesite sustaining capital expenditures$^{6}$, as well as lower total cash costs per ounce$^{6}$.

Capital expenditures for the fourth quarter of 2022 increased by 17% compared to the prior quarter, mainly due to higher project capital expenditures$^{6}$ relating to the continued development of the Gounkoto underground expansion and the solar plant expansion project, partially offset by lower minesite sustaining capital expenditures$^{6}$.

# 2022 compared to 2021

Loulo-Gounkoto's income for 2022 was 10% lower than the prior year, mainly due to lower sales volume and a higher cost of sales per ounce$^{7}$.

Barrick Gold Corporation | Annual Report 2022

87

MANAGEMENT'S DISCUSSION AND ANALYSIS

# INCOME AND EBITDA$^{6}$

![img-0.jpeg](img-0.jpeg)

Gold production in 2022 was 2% lower compared to the prior year, primarily due to lower grades processed in line with the mine plan, partially offset by higher tonnes processed.

# PRODUCTION

(thousands of ounces)

![img-1.jpeg](img-1.jpeg)

a. Based on the midpoint of the guidance range.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{8}$ in 2022 were 10% and 20% higher, respectively, compared to the prior year, mainly due to the impact of lower grades processed, in line with the mine plan, as well as higher input costs driven by consumable and energy prices. This was combined with higher logistical expenses following the border closures imposed on Mali by the Economic Community of West African States in the first half of 2022. These sanctions were lifted in July 2022, with conditions normalizing during the third quarter of 2022. For 2022, all-in sustaining costs$^{9}$ were 11% higher compared to the prior year reflecting higher total cash costs per ounce$^{8}$, slightly offset by lower minesite sustaining capital expenditures$^{8}$.

# COST OF SALES$^{7}$, TOTAL CASH COSTS$^{6}$AND ALL-IN SUSTAINING COSTS$^{6}$($ per ounce)

![img-2.jpeg](img-2.jpeg)

a. Based on the midpoint of the guidance range.

Capital expenditures in 2022 were 8% higher compared to the prior year, mainly due to higher project capital expenditures$^{6}$ from the development of the Gounkoto underground, which is expected to commence initial stoping activities in the first quarter of 2023, as well as the start of the solar plant expansion project. This was partially offset by slightly lower minesite sustaining capital expenditures$^{6}$.

# 2022 compared to Guidance

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 547 | 510 - 560 |
| Cost of sales 7 ($/oz) | 1,153 | 1,070 - 1,150 |
| Total cash costs 6 ($/oz) | 778 | 680 - 740 |
| All-in sustaining costs 6 ($/oz) | 1,076 | 940 - 1,020 |

Gold production in 2022 was in the upper half of the guidance range. All cost metrics were higher than the guidance ranges as a result of higher input costs driven by consumable and energy prices as well as logistical expenses relating to the border closures imposed on Mali by the Economic Community of West African States as described above.

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Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

# **Kibali (45% basis)$^{a}$, Democratic Republic of Congo**  
 **SUMMARY OF OPERATING AND FINANCIAL DATA**

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Total tonnes mined (000s) | 4,820 | 4,138 | 16% | 16,649 | 14,657 | 14% | 13,308 |
| Open pit ore | 1,028 | 561 | 83% | 2,551 | 1,278 | 100% | 1,380 |
| Open pit waste | 3,367 | 3,126 | 8% | 12,428 | 11,610 | 7% | 10,091 |
| Underground | 425 | 451 | (6%) | 1,670 | 1,769 | (6%) | 1,837 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | 1.67 | 1.44 | 16% | 1.62 | 2.71 | (40%) | 2.22 |
| Underground mined | 5.70 | 5.56 | 3% | 5.62 | 5.63 | 0% | 5.20 |
| Processed | 3.56 | 3.26 | 9% | 3.39 | 3.62 | (6%) | 3.68 |
| Ore tonnes processed (000s) | 954 | 898 | 6% | 3,495 | 3,503 | 0% | 3,434 |
| Recovery rate | 89% | 88% | 1% | 88% | 90% | (2%) | 90% |
| Gold produced (000s oz) | 97 | 83 | 17% | 337 | 366 | (8%) | 364 |
| Gold sold (000s oz) | 94 | 88 | 7% | 332 | 367 | (10%) | 364 |
| Revenue ($ millions) | 164 | 152 | 8% | 598 | 661 | (10%) | 648 |
| Cost of sales ($ millions) | 149 | 91 | 64% | 413 | 373 | 11% | 397 |
| Income ($ millions) | 7 | 45 | (84%) | 142 | 278 | (49%) | 244 |
| EBITDA ($ millions) b | 97 | 72 | 35% | 320 | 419 | (24%) | 418 |
| EBITDA margin c | 59% | 47% | 26% | 54% | 63% | (14%) | 65% |
| Capital expenditures ($ millions) | 35 | 18 | 94% | 92 | 70 | 31% | 51 |
| Minesite sustaining b | 28 | 13 | 115% | 70 | 54 | 30% | 49 |
| Project b | 7 | 5 | 40% | 22 | 16 | 38% | 2 |
| Cost of sales ($/oz) | 1,570 | 1,047 | 50% | 1,243 | 1,016 | 22% | 1,091 |
| Total cash costs ($/oz) b | 617 | 731 | (16%) | 703 | 627 | 12% | 608 |
| All-in sustaining costs ($/oz) b | 981 | 876 | 12% | 948 | 818 | 16% | 778 |
| All-in costs ($/oz) b | 1,044 | 940 | 11% | 1,013 | 861 | 18% | 782 |

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. Represents EBITDA divided by revenue.

# **Safety and Environment**

|  | For the three months ended |  | For the years ended |  |
| --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 |
| LTI | 0 | 2 | 2 | 2 |
| LTIFR 8 | 0 | 0.48 | 0.12 | 0.14 |
| TRIFR 8 | 0.47 | 1.21 | 0.98 | 1.22 |
| Class 1 9 environmental incidents | 0 | 0 | 0 | 0 |

Unfortunately, on December 22, 2022, an incident occurred at Kibali which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 68 for further details.

# **Financial Results**

# **Q4 2022 compared to Q3 2022**

Kibali's income for the fourth quarter of 2022 was 84% lower than the prior quarter as a result of higher cost of sales per ounce$^{7}$, partially offset by higher sales volume.

Gold production for the fourth quarter of 2022 was 17% higher than the prior quarter, due to higher tonnes and grade processed.

Cost of sales per ounce$^{7}$ for the fourth quarter of 2022 was 50% higher than the prior quarter due to higher depreciation expense. Total cash costs per ounce$^{6}$ were 16% lower than the prior quarter, following improved grades from the open pit and underground. All-in sustaining costs per ounce$^{6}$ for the fourth quarter of 2022 ended 12% higher than the prior quarter, mainly due to higher minesite sustaining capital expenditures$^{6}$, partially offset by lower total cash costs per ounce$^{6}$.

Capital expenditures for the fourth quarter of 2022 were 94% higher than the prior quarter, driven by the cyanide recovery plant project, initial deposits on the replacement of the underground mining fleet, as well as higher underground development.

# **2022 compared to 2021**

Kibali's income for 2022 was 49% lower than the prior year due to lower sales volume and a higher cost of sales per ounce$^{7}$.

Barrick Gold Corporation | Annual Report 2022

89

MANAGEMENT'S DISCUSSION AND ANALYSIS

# INCOME AND EBITDA$^{6}$

![img-3.jpeg](img-3.jpeg)

Gold production in 2022 was 8% lower compared to the prior year, mainly due to lower grades processed and a slightly lower recovery following a transition to relatively lower grade open pits as per the mine plan.

# PRODUCTION

(thousands of ounces)

![img-4.jpeg](img-4.jpeg)

a. Based on the midpoint of the guidance range.

Cost of sales per ounce$^{7}$ in 2022 increased by 22% compared to the prior year due to higher depreciation expense and higher total cash costs per ounce$^{6}$. Total cash costs per ounce$^{6}$ were 12% higher, mainly due to higher input costs driven by higher energy prices, as well as lower grades processed as described above. For 2022, all-in sustaining costs per ounce$^{6}$ was 16% higher compared to the prior year, reflecting higher total cash costs per ounce$^{6}$ and higher minesite sustaining capital expenditures$^{6}$.

# COST OF SALES$^{7}$, TOTAL CASH COSTS$^{6}$AND ALL-IN SUSTAINING COSTS$^{6}$($ per ounce)

![img-5.jpeg](img-5.jpeg)

a. Based on the midpoint of the guidance range.

Capital expenditures in 2022 were 31% higher compared to the prior year, due to higher minesite sustaining capital expenditures$^{6}$ driven by the cyanide recovery plant project, combined with increased project capital expenditures$^{6}$ related to the start of development of Lode 11000 and our investment in the Oere and Kalimva/Ikamva open pit projects that are expected to underpin future production in our life of mine plan.

# 2022 compared to Guidance

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 337 | 340 - 380 |
| Cost of sales 7 ($/oz) | 1,243 | 990 - 1,070 |
| Total cash costs 6 ($/oz) | 703 | 600 - 660 |
| All-in sustaining costs 6 ($/oz) | 948 | 800 - 880 |

Gold production in 2022 fell slightly below the low end of the guidance range due to lower than expected grades. All cost metrics were above the guidance ranges as a result of lower production and sales volumes, as well as higher input costs driven by consumable and energy prices.

90

Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

# Veladero (50% basis)$^{a}$, Argentina

# SUMMARY OF OPERATING AND FINANCIAL DATA

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Open pit tonnes mined (000s) | 8,544 | 6,505 | 31% | 30,233 | 37,787 | (20%) | 29,108 |
| Open pit ore | 3,522 | 3,685 | (4%) | 12,464 | 10,629 | 17% | 13,678 |
| Open pit waste | 5,022 | 2,820 | 78% | 17,769 | 27,158 | (35%) | 15,430 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | 0.60 | 0.72 | (17%) | 0.73 | 0.77 | (5%) | 0.78 |
| Processed | 0.61 | 0.72 | (15%) | 0.68 | 0.77 | (12%) | 0.84 |
| Heap leach ore tonnes processed (000s) | 3,659 | 3,676 | 0% | 14,222 | 11,114 | 28% | 12,017 |
| Gold produced (000s oz) | 50 | 41 | 22% | 195 | 172 | 13% | 226 |
| Gold sold (000s oz) | 53 | 44 | 20% | 199 | 206 | (3%) | 186 |
| Revenue ($ millions) | 95 | 75 | 27% | 365 | 382 | (4%) | 333 |
| Cost of sales ($ millions) | 122 | 63 | 94% | 325 | 262 | 24% | 213 |
| Income (loss) ($ millions) | (34) | 12 | (383%) | 32 | 118 | (73%) | 114 |
| EBITDA ($ millions) b | 13 | 35 | (63%) | 152 | 203 | (25%) | 183 |
| EBITDA margin c | 14% | 47% | (70%) | 42% | 53% | (21%) | 55% |
| Capital expenditures ($ millions) | 39 | 32 | 22% | 153 | 142 | 8% | 113 |
| Minesite sustaining b | 29 | 27 | 7% | 120 | 136 | (12%) | 98 |
| Project b | 10 | 5 | 100% | 33 | 6 | 450% | 15 |
| Cost of sales ($/oz) | 2,309 | 1,430 | 61% | 1,628 | 1,256 | 30% | 1,151 |
| Total cash costs ($/oz) b | 954 | 893 | 7% | 890 | 816 | 9% | 748 |
| All-in sustaining costs ($/oz) b | 1,526 | 1,570 | (3%) | 1,528 | 1,493 | 2% | 1,308 |
| All-in costs ($/oz) b | 1,731 | 1,659 | 4% | 1,695 | 1,520 | 12% | 1,390 |

a. Barrick owns 50% of Veladero with our joint venture partner, Shandong Gold, owning the remaining 50%. Veladero is proportionately consolidated on the basis that the joint venture partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. The figures presented in this table and the discussion that follows are based on our 50% interest in Veladero inclusive of the impact of remeasurement of our interest in Veladero following the disposal of a 50% interest on June 30, 2017.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. Represents EBITDA divided by revenue.

# Safety and Environment

|  | For the three months ended |  | For the years ended |  |
| --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 |
| LTI | 0 | 0 | 3 | 3 |
| LTIFR 8 | 0.31 | 0.00 | 0.08 | 0.28 |
| TRIFR 8 | 0.62 | 1.01 | 0.38 | 0.48 |
| Class 1 9 environmental incidents | 0 | 0 | 0 | 0 |

Minera Andina del Sol SRL, the joint venture company that operates the Veladero mine, is the subject of various regulatory proceedings related to operational incidents occurring in March 2017, September 2016 and September 2015. Refer to note 35 to the Financial Statements for more information regarding these and related matters.

# Financial Results

# Q4 2022 compared to Q3 2022

Veladero's income for the fourth quarter of 2022 was 383% lower than the third quarter of 2022, primarily due to a higher cost of sales per ounce$^{7}$, partially offset by higher sales volume.

Gold production in the fourth quarter of 2022 was 22% higher following the sub-zero weather conditions in the prior quarter, as well as leaching of Phases 1 to 5.

Cost of sales per ounce$^{7}$ in the fourth quarter of 2022 increased by 61% mainly due to a net realizable value impairment of leach pad inventory of $42 million. Total cash costs per ounce$^{8}$ increased by 7%, mainly due to a combination of higher open pit mining activity resulting in increased maintenance, as well as higher consumable costs. This was partially offset by higher production volumes and higher capitalized stripping. In the fourth quarter of 2022, all-in sustaining costs per ounce$^{8}$ was 3% lower than the prior quarter, primarily attributable to lower sustaining capital expenditures$^{8}$ on a per ounce basis, partially offset by higher total cash costs per ounce$^{8}$.

Capital expenditures in the fourth quarter of 2022 increased by 22% compared to the prior quarter due to higher project capital expenditures$^{8}$ reflecting the commencement of construction of Phase 7A of the leach pad expansion after the winter season. This was combined with a slight increase in minesite sustaining capital expenditures$^{8}$ resulting from higher capitalized stripping.

# 2022 compared to 2021

Veladero's income for 2022 was 73% lower than the prior year, primarily due to a higher cost of sales per ounce$^{7}$ and lower sales volume.

Barrick Gold Corporation | Annual Report 2022

91

MANAGEMENT'S DISCUSSION AND ANALYSIS

## INCOME AND EBITDA$^{6}$

![img-6.jpeg](img-6.jpeg)

In 2022, gold production increased by 13% compared to the prior year, primarily due to the continuing ramp-up of the Phase 6 leach pad in 2022. As previously disclosed, heap leach processing operations at Veladero were reduced through the first half of 2021 while the mine transitioned to Phase 6. Gold sales were 3% lower than the prior year as we continued to actively manage the timing of sales to minimize our exposure to local currency devaluation.

## PRODUCTION

(thousands of ounces)

![img-7.jpeg](img-7.jpeg)

In 2022, cost of sales per ounce$^{7}$ and total cash costs per ounce$^{8}$ increased by 30% and 9%, respectively, compared to the prior year, mainly due to higher input costs from energy prices and higher labor and contractor expenses related to significant inflationary pressures, coupled with ongoing strict Argentine foreign exchange controls. Cost of sales per ounce$^{7}$ was further impacted by higher depreciation expense and a net realizable value impairment of leach pad inventory of $42 million recorded in the fourth quarter of 2022. All-in sustaining costs per ounce$^{8}$ in 2022 increased by 2% compared to the prior year, primarily due to the impact of higher total cash costs per ounce$^{8}$, partially offset by lower sustaining capital expenditures$^{8}$.

## COST OF SALES$^{7}$, TOTAL CASH COSTS$^{6}$ AND ALL-IN SUSTAINING COSTS$^{6}$($ per ounce)

![img-8.jpeg](img-8.jpeg)

a. Based on the midpoint of the guidance range.

In 2022, capital expenditures increased by 8% compared to the prior year, mainly due to higher project capital expenditures$^{6}$ related to the Phase 7A leach pad expansion. This was partially offset by lower minesite sustaining capital expenditures$^{6}$ following the completion of the Phase 6 leach pad expansion in 2021.

### 2022 compared to Guidance

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 195 | 220 - 240 |
| Cost of sales 7 ($/oz) | 1,628 | 1,210 - 1,290 |
| Total cash costs 6 ($/oz) | 890 | 740 - 800 |
| All-in sustaining costs 6 ($/oz) | 1,528 | 1,270 - 1,350 |

Gold production in 2022 was below the guidance range due to lower recoveries from the leach pad. All cost metrics were above the guidance ranges mainly due to the impact of lower than expected sales volumes and higher input costs, primarily driven by energy and labor related inflationary pressures coupled with the ongoing currency restrictions as described below.

### Regulatory matters

On September 1, 2019, the Argentine government issued Decree 609/2019 announcing currency restrictions in Argentina. Subsequently, the Central Bank of Argentina issued Communication “A” 6770 complementing this decree. As a result, all export proceeds are required to be converted into Argentine pesos at the official Central Bank exchange rate. In addition, dividend distributions and payments to foreign suppliers require specific authorizations from the Central Bank. These currency restrictions have negatively impacted the cost profile at Veladero. We continue to optimize the timing of our gold sales to minimize our exposure to currency devaluation. Discussions continue with the Central Bank on our rights to repatriate profits.

Separately, on October 2, 2020, the Argentine government issued Decree 785/2020 that established the rate for mining export duties at 8%. On December 31, 2021, this decree was extended until December 31, 2023.

92 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

# North Mara (84% basis)$^{a}$, Tanzania

# SUMMARY OF OPERATING AND FINANCIAL DATA

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Total tonnes mined (000s) | 3,493 | 2,188 | 60% | 8,882 | 1,603 | 454% | 3,758 |
| Open pit ore | 1,117 | 1,445 | (23%) | 4,379 | 116 | 3,675% | 1,484 |
| Open pit waste | 1,992 | 319 | 524% | 3,035 | 160 | 1,797% | 1,197 |
| Underground | 384 | 424 | (9%) | 1,468 | 1,327 | 11% | 1,077 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | 2.00 | 1.80 | 11% | 1.94 | 1.63 | 19% | 2.14 |
| Underground mined | 3.54 | 3.23 | 10% | 4.07 | 5.58 | (27%) | 6.19 |
| Processed | 3.37 | 3.23 | 4% | 3.31 | 3.30 | 0% | 3.45 |
| Ore tonnes processed (000s) | 717 | 739 | (3%) | 2,730 | 2,703 | 1% | 2,546 |
| Recovery rate | 92% | 92% | 0% | 91% | 90% | 1% | 92% |
| Gold produced (000s oz) | 70 | 71 | (1%) | 263 | 260 | 1% | 261 |
| Gold sold (000s oz) | 70 | 70 | 0% | 265 | 257 | 3% | 269 |
| Revenue ($ millions) | 123 | 121 | 2% | 479 | 463 | 3% | 480 |
| Cost of sales ($ millions) | 72 | 67 | 7% | 259 | 248 | 4% | 267 |
| Income ($ millions) | 25 | 39 | (36%) | 177 | 214 | (17%) | 214 |
| EBITDA ($ millions) b | 43 | 54 | (20%) | 238 | 261 | (9%) | 290 |
| EBITDA margin c | 35% | 45% | (22%) | 50% | 56% | (11%) | 60% |
| Capital expenditures ($ millions) | 51 | 27 | 89% | 130 | 79 | 65% | 87 |
| Minesite sustaining b | 36 | 14 | 157% | 68 | 52 | 31% | 57 |
| Project b | 15 | 13 | 15% | 62 | 27 | 130% | 30 |
| Cost of sales ($/oz) | 1,030 | 956 | 8% | 979 | 966 | 1% | 992 |
| Total cash costs ($/oz) b | 758 | 737 | 3% | 741 | 777 | (5%) | 702 |
| All-in sustaining costs ($/oz) b | 1,301 | 951 | 37% | 1,028 | 1,001 | 3% | 929 |
| All-in costs ($/oz) b | 1,519 | 1,149 | 32% | 1,265 | 1,105 | 14% | 1,039 |

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. Represents EBITDA divided by revenue.

# Safety and Environment

|  | For the three months ended |  | For the years ended |  |
| --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 |
| LTI | 0 | 1 | 2 | 1 |
| LTIFR 8 | 0.00 | 0.46 | 0.24 | 0.13 |
| TRIFR 8 | 0.85 | 1.39 | 0.95 | 0.90 |
| Class 1 9 environmental incidents | 0 | 0 | 0 | 0 |

# Financial Results

# Q4 2022 compared to Q3 2022

North Mara's income for the fourth quarter of 2022 was 36% lower than the prior quarter mainly due to a non-recurring supplies obsolescence charge. This was further impacted by a higher cost of sales per ounce$^{7}$.

In the fourth quarter of 2022, gold production was in line with the prior quarter. We continued to see higher tonnes mined and cost reductions at our open pit operations with a sequential decrease in per tonne mining costs versus the prior quarter, following the successful transition to an owner miner operation earlier in 2022.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{6}$ in the fourth quarter of 2022 were 8% and 3% higher, respectively, than the prior quarter, as we fed additional underground stockpiles to the mill, in line with our mine plan, combined with increased investment in community spend. This was partially offset by the improved open pit mining performance that focused on waste stripping at the Gena pit to support a strong start to 2023. Looking ahead, we commenced preparatory work at the Gena pit with mining of ore scheduled to begin in the first quarter of 2023. Cost of sales per ounce$^{7}$ was further impacted by higher depreciation expense. All-in sustaining costs per ounce$^{6}$ in the fourth quarter of 2022 was 37% higher than the prior quarter as a result of higher minesite sustaining capital expenditures$^{8}$, combined with higher total cash costs per ounce$^{6}$.

Capital expenditures in the fourth quarter of 2022 were 89% higher than the third quarter of 2022, driven by higher minesite sustaining capital expenditures$^{6}$ mainly due to the procurement of key underground equipment in line with our automation and optimization plans. This was combined with higher project capital expenditures$^{8}$ predominantly relating to the ramp-up of open pit operations.

# 2022 compared to 2021

North Mara's income for 2022 was 17% lower than the prior year mainly due to the non-recurring supplies obsolescence charge as described above. This was further impacted by a marginally higher cost of sales per ounce$^{7}$, partially offset by higher gold sales volumes.

Barrick Gold Corporation | Annual Report 2022

93

MANAGEMENT'S DISCUSSION AND ANALYSIS

# INCOME AND EBITDA$^{6}$

![img-9.jpeg](img-9.jpeg)

In 2022, gold production was 1% higher than the prior year as the investment in our open pit operations has delivered improvements in plant recovery, as well as tonnes and grades processed. The continued investment in our fleet replacement and an improvement in underground mining efficiency resulted in the second consecutive record year of underground tonnes mined. This also marks the second consecutive year when we have delivered improved mill throughput driven by our investment in the underground operations and the successful ramp-up of our open pit mining.

# PRODUCTION

(thousands of ounces)

![img-10.jpeg](img-10.jpeg)

a. Based on the midpoint of the guidance range.

Cost of sales per ounce$^{7}$ in 2022 was 1% higher than the prior year due to higher depreciation, partially offset by lower total cash costs per ounce$^{8}$. The reduction in total cash costs per ounce$^{8}$ of 5% followed the continued ramp-up of both open pit and underground operations, as well as improved mill throughput, higher grades processed and higher recovery. All-in sustaining costs per ounce$^{8}$ was 3% higher than the prior year, primarily due to higher minesite sustaining capital expenditures$^{8}$, partially offset by lower total cash costs per ounce$^{8}$.

# COST OF SALES$^{7}$, TOTAL CASH COSTS$^{6}$AND ALL-IN SUSTAINING COSTS$^{6}$($ per ounce)

![img-11.jpeg](img-11.jpeg)

a. Based on the midpoint of the guidance range.

In 2022, capital expenditures increased by 65% compared to the prior year mainly due to higher project capital expenditures$^{6}$ relating to the ramp-up of open pit operations. This was combined with higher minesite sustaining capital expenditures$^{6}$ relating to the investment in the open pit mining fleet and the construction of a new paste backfill plant in the underground.

# 2022 compared to Guidance

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 263 | 230 - 260 |
| Cost of sales 7 ($/oz) | 979 | 820 - 900 |
| Total cash costs 6 ($/oz) | 741 | 670 - 730 |
| All-in sustaining costs 6 ($/oz) | 1,028 | 930 - 1,010 |

Gold production in 2022 was higher than the guidance range. All cost metrics were above the guidance ranges, reflecting higher input costs driven by consumable and energy prices.

94

Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

# Bulyanhulu (84% basis)$^{a}$, Tanzania

# SUMMARY OF OPERATING AND FINANCIAL DATA

|  | For the three months ended |  |  | For the years ended |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | Change | 12/31/22 | 12/31/21 | Change | 12/31/20 |
| Underground tonnes mined (000s) | 290 | 262 | 11% | 1,029 | 730 | 41% | 83 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Underground mined | 7.07 | 7.86 | (10%) | 7.89 | 9.23 | (15%) | 8.81 |
| Processed | 7.19 | 7.64 | (6%) | 7.78 | 8.95 | (13%) | 1.35 |
| Ore tonnes processed (000s) | 223 | 211 | 6% | 837 | 661 | 27% | 1,618 |
| Recovery rate | 94% | 94% | 0% | 94% | 93% | 1% | 62% |
| Gold produced (000s oz) | 49 | 48 | 2% | 196 | 178 | 10% | 44 |
| Gold sold (000s oz) | 49 | 50 | (2%) | 205 | 166 | 23% | 103 |
| Revenue ($ millions) | 91 | 89 | 2% | 389 | 303 | 28% | 202 |
| Cost of sales ($ millions) | 60 | 62 | (3%) | 248 | 179 | 39% | 154 |
| Income ($ millions) | 13 | 27 | (52%) | 118 | 122 | (3%) | 27 |
| EBITDA ($ millions) b | 25 | 39 | (36%) | 168 | 170 | (1%) | 87 |
| EBITDA margin c | 27% | 44% | (39%) | 43% | 56% | (23%) | 43% |
| Capital expenditures ($ millions) | 29 | 18 | 61% | 81 | 70 | 16% | 64 |
| Minesite sustaining b | 23 | 13 | 77% | 56 | 29 | 93% | 6 |
| Project b | 6 | 5 | 20% | 25 | 41 | (39%) | 58 |
| Cost of sales ($/oz) | 1,237 | 1,229 | 1% | 1,211 | 1,079 | 12% | 1,499 |
| Total cash costs ($/oz) b | 896 | 898 | 0% | 868 | 709 | 22% | 832 |
| All-in sustaining costs ($/oz) b | 1,401 | 1,170 | 20% | 1,156 | 891 | 30% | 895 |
| All-in costs ($/oz) b | 1,536 | 1,263 | 22% | 1,278 | 1,138 | 12% | 1,459 |

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. Represents EBITDA divided by revenue.

# Safety and Environment

|  | For the three months ended |  | For the years ended |  |
| --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 |
| LTI | 2 | 1 | 4 | 4 |
| LTIFR 8 | 1.20 | 0.60 | 0.60 | 0.72 |
| TRIFR 8 | 1.20 | 3.00 | 1.64 | 2.90 |
| Class 1 9 environmental incidents | 0 | 0 | 0 | 0 |

# Financial Results

# Q4 2022 compared to Q3 2022

Bulyanhulu's income for the fourth quarter of 2022 was 52% lower than the prior quarter mainly due to a non-recurring supplies obsolescence charge. This was further impacted by slightly lower sales volume and slightly higher cost of sales per ounce$^{7}$.

In the fourth quarter of 2022, gold production was 2% higher than the prior quarter, primarily reflecting improved throughput, partially offset by lower grades.

Cost of sales per ounce$^{7}$ in the fourth quarter of 2022 increased slightly by 1% due to higher depreciation expense related to the underground ramp-up, while total cash costs per ounce$^{8}$ were in line with the prior quarter. All-in sustaining costs per ounce$^{8}$ in the fourth quarter of 2022 was 20% higher than the prior quarter, mainly as a result of higher minesite sustaining capital expenditures$^{8}$.

Capital expenditures in the fourth quarter of 2022 were 61% higher than the prior quarter, mainly due to increased minesite sustaining capital expenditures$^{8}$ related to the acquisition of additional underground fleet equipment as well as deposits on equipment orders for 2023, combined with the prioritization of underground development as per our mine plan.

# 2022 compared to 2021

Bulyanhulu's income for 2022 was 3% lower than the prior year, primarily due to the non-recurring supplies obsolescence charge as described above, and a higher cost of sales per ounce$^{7}$. This was partially offset by higher sales volumes.

Barrick Gold Corporation | Annual Report 2022

95

MANAGEMENT'S DISCUSSION AND ANALYSIS

## INCOME AND EBITDA$^{6}$

![img-12.jpeg](img-12.jpeg)

In 2022, gold production was 10% higher than the prior year due to the successful ramp-up of the underground mining and processing operations, which was completed in the fourth quarter of 2021. Accordingly, higher tonnes were mined and processed in 2022 as the mine was in the ramp-up phase during the prior year.

## PRODUCTION

(thousands of ounces)

![img-13.jpeg](img-13.jpeg)

a. Based on the midpoint of the guidance range.

Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{6}$ in 2022 were 12% and 22% higher, respectively, than the prior year, mainly due to higher input costs driven by consumable and energy prices as well as the impact of higher throughput. All-in sustaining costs per ounce$^{6}$ was 30% higher than the prior year due to increased total cash costs per ounce$^{6}$ and the impact of higher minesite sustaining capital expenditures$^{6}$.

## COST OF SALES$^{7}$, TOTAL CASH COSTS$^{6}$ AND ALL-IN SUSTAINING COSTS$^{6}$($ per ounce)

![img-14.jpeg](img-14.jpeg)

a. Based on the midpoint of the guidance range.

In 2022, capital expenditures increased by 16% compared to the prior year, reflecting the higher minesite sustaining capital expenditures$^{6}$ mainly from the commissioning of the new underground fleet, as well as increased capitalized drilling. This was partially offset by lower project capital expenditures$^{6}$ following the successful ramp-up of underground operations in the fourth quarter of 2021.

### 2022 compared to Guidance

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 196 | 180 - 210 |
| Cost of sales 7 ($/oz) | 1,211 | 950 - 1,030 |
| Total cash costs 6 ($/oz) | 868 | 630 - 690 |
| All-in sustaining costs 6 ($/oz) | 1,156 | 850 - 930 |

Gold production in 2022 was slightly above the midpoint of the guidance range. All cost metrics were higher than the guidance ranges due to higher input costs driven by consumable and energy prices, combined with an update to the mine plan based on a new geological block model.

96

Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

# Other Mines - Gold

# SUMMARY OF OPERATING AND FINANCIAL DATA

|  | 12/31/22 |  |  |  |  | 9/30/22 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Gold produced (000s oz) | Cost of sales ($/oz) | Total cash costs ($/oz) a | All-in sustaining costs ($/oz) a | Capital Expenditures b | Gold produced (000s oz) | Cost of sales ($/oz) | Total cash costs ($/oz) a | All-in sustaining costs ($/oz) a | Capital Expenditures b |  |
|  | Tongon (89.7%) | 63 | 1,381 | 1,070 | 1,404 | 18 | 41 | 1,744 | 1,462 | 1,607 | 5 |
| Hemlo | 38 | 1,451 | 1,227 | 1,557 | 12 | 28 | 1,670 | 1,446 | 1,865 | 9 |  |
| Porgera c (47.5%) | - | - | - | - | - | - | - | - | - | - |  |

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

c. As Porgera has been on care and maintenance since April 25, 2020, no operating data or per ounce data is provided.

# Tongon (89.7% basis), Côte d'Ivoire

As expected and previously guided, gold production for Tongon in the fourth quarter of 2022 was 54% higher than the prior quarter, reflecting higher grades, throughput and recoveries. Cost of sales per ounce$^{7}$ in the fourth quarter of 2022 was 21% lower than the prior quarter due to lower total cash costs per ounce$^{6}$, partially offset by higher depreciation expense. Total cash costs per ounce$^{6}$ were 27% lower than the prior quarter, primarily due to higher grades processed. All-in sustaining costs per ounce$^{6}$ in the fourth quarter of 2022 were 13% lower than the prior quarter, due to lower total cash costs per ounce$^{6}$, partially offset by higher minesite sustaining capital expenditures$^{6}$.

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 180 | 170 - 200 |
| Cost of sales 7 ($/oz) | 1,748 | 1,700 - 1,780 |
| Total cash costs 6 ($/oz) | 1,396 | 1,220 - 1,280 |
| All-in sustaining costs 6 ($/oz) | 1,592 | 1,400 - 1,480 |

Gold production for the full year 2022 was within the guidance range, as was cost of sales per ounce$^{7}$. Total cash costs per ounce$^{6}$ and all-in sustaining costs per ounce$^{6}$ were both above the guidance ranges driven by lower than expected grades and recoveries and the impact of higher input costs, primarily driven by increased energy and consumable prices.

# Hemlo, Ontario, Canada

Hemlo's gold production in the fourth quarter of 2022 was 36% higher than the prior quarter, primarily due to higher grades and higher ore tonnes mined due to improved underground performance. Cost of sales per ounce$^{7}$ and total cash costs per ounce$^{6}$ in the fourth quarter of 2022 were 13% and 15% lower, respectively, than the prior quarter due to the impact of improved production performance. All-in sustaining costs per ounce$^{6}$ decreased by 17% compared to the prior quarter, primarily due to lower minesite sustaining capital expenditures$^{6}$ on a per ounce basis and lower total cash costs per ounce$^{6}$.

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Gold produced (000s oz) | 133 | 160-180 |
| Cost of sales 7 ($/oz) | 1,628 | 1,340-1,420 |
| Total cash costs 6 ($/oz) | 1,409 | 1,140-1,200 |
| All-in sustaining costs 6 ($/oz) | 1,788 | 1,510-1,590 |

As expected and previously disclosed, gold production in 2022 was below the guidance range, which was due to the temporary water inflow that occurred late in the second quarter of 2022 and impacted mining productivity into the third quarter of 2022. All cost metrics were higher than guidance mainly due to the impact of lower than expected sales volumes which reflected the disruptions described above, as well as higher input costs driven by energy and consumable prices.

# Porgera (47.5% basis), Papua New Guinea

On April 9, 2021, BNL signed a binding Framework Agreement with PNG and Kumul Minerals, a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February 3, 2022, the Framework Agreement was replaced by the Commencement Agreement. The Commencement Agreement was signed by PNG, Kumul Minerals, BNL and its affiliate Porgera (Jersey) Limited on October 15, 2021, and it became effective on February 3, 2022, following signature by MRE, the holder of the remaining 5% of the original Porgera joint venture. The Commencement Agreement reflects the commercial terms previously agreed to under the Framework Agreement, namely that PNG stakeholders will receive a 51% equity stake in the Porgera mine, with the remaining 49% to be held by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group. Accordingly, following the implementation of the Commencement Agreement, Barrick's current 47.5% interest in the Porgera mine is expected to be reduced to a 24.5% interest as reflected in Barrick's reserve and resource estimates for Porgera. BNL will retain operatorship of the mine. The Commencement Agreement also provides that PNG stakeholders and BNL and its affiliates will share the economic benefits derived from the reopened Porgera mine on a 53% and 47% basis over the remaining life of mine, respectively, and that the Government of PNG will retain the option to acquire BNL's or its affiliate's 49% equity participation at fair market value after 10 years.

On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation was certified on May 30, 2022, and will come into effect following a public notice process under PNG law.

On September 13, 2022, the Shareholders' Agreement for the new Porgera joint venture company was executed by Porgera (Jersey) Limited, which is an affiliate of BNL, the state-owned Kumul Minerals (Porgera) Limited and MRE (a previous version of the Shareholders' Agreement had been signed by the BNL and Kumul parties in April 2022 but was not signed by MRE and therefore did not take effect). The new Porgera joint venture company was incorporated on September 22, 2022, and this entity will next apply for a new SML, the receipt of which is a condition of the reopening of the Porgera mine under the Commencement Agreement.

The provisions of the Commencement Agreement will be fully implemented, and work to recommence full mine operations at Porgera will begin, following the execution of the remaining definitive agreements and satisfaction of a number of conditions. These include an Operatorship Agreement pursuant to which BNL will operate the Porgera mine, as well as a Mine Development Contract to accompany the new SML that the new Porgera joint venture company will apply for. Under the terms of the Commencement Agreement, BNL will remain in possession of the site and maintain the mine on care and maintenance.

Porgera was excluded from our 2022 guidance and will also be excluded from our 2023 guidance. We expect to update our guidance following both the execution of all of the definitive agreements to implement the binding Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to notes 21 and 35 to the Financial Statements for more information.

Barrick Gold Corporation | Annual Report 2022

97

MANAGEMENT'S DISCUSSION AND ANALYSIS

# Other Mines - Copper

# SUMMARY OF OPERATING AND FINANCIAL DATA

|  | 12/31/22 |  |  |  |  | 9/30/22 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Copper production (millions of pounds) | Cost of sales ($/lb) | C1 cash costs ($/lb) a | All-in sustaining costs ($/lb) a | Capital Expenditures b | Copper production (millions of pounds) | Cost of sales ($/lb) | C1 cash costs ($/lb) a | All-in sustaining costs ($/lb) a | Capital Expenditures b |  |
|  | Lumwana | 53 | 3.56 | 2.34 | 4.86 | 163 | 82 | 2.19 | 1.78 | 3.50 | 106 |
| Zaldivar (50%) | 25 | 3.55 | 2.69 | 3.60 | 22 | 23 | 3.20 | 2.45 | 2.94 | 8 |  |
| Jabal Sayid (50%) | 18 | 1.72 | 1.42 | 1.54 | 7 | 18 | 1.58 | 1.41 | 1.52 | 6 |  |

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on page 114-140 of this MD&A.

# Lumwana, Zambia

As expected and previously guided, copper production for Lumwana in the fourth quarter of 2022 was 35% lower compared to the prior quarter, resulting from lower grades processed in line with the mine plan and lower throughput following a planned shutdown of the mill for maintenance. Cost of sales per pound$^{7}$ and C1 cash costs per pound$^{6}$ in the fourth quarter of 2022 were 63% and 31% higher, respectively, than the prior quarter primarily due to higher maintenance expense associated with the mill shutdown as well as lower grades and tonnes processed. Cost of sales per pound$^{7}$ was further impacted by higher depreciation expense. In the fourth quarter of 2022, all-in sustaining costs per pound$^{6}$ increased by 39% compared to the prior quarter, primarily due to higher C1 cash costs per pound$^{6}$ and higher minesite sustaining capital expenditures$^{6}$ mainly related to new mining equipment and securing construction assembly slots for the mobile fleet in line with equipment replacement schedules.

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Copper produced (M lbs) | 267 | 250 - 280 |
| Cost of sales 7 ($/lb) | 2.42 | 2.20 - 2.50 |
| C1 cash costs 6 ($/lb) | 1.89 | 1.60 - 1.80 |
| All-in sustaining costs 6 ($/lb) | 3.63 | 3.10 - 3.40 |

Copper production for Lumwana in 2022 was in the upper half of the guidance range. Cost of sales per pound$^{7}$ was also within the guidance range. C1 cash costs per pound$^{6}$ was above the guidance range due to higher input costs related to higher energy and consumable prices. All-in sustaining costs per pound$^{6}$ were above the guidance range primarily due to increased capitalized stripping reflecting the same input cost drivers as described above, as well as increased exploration activity following the commencement of the pre-feasibility study for the potential Super Pit expansion.

# Zaldivar (50% basis), Chile

Copper production for Zaldivar in the fourth quarter of 2022 was 9% higher than the prior quarter, mainly due to improvements in chloride leach recoveries. Cost of sales per pound$^{7}$ and C1 cash costs per pound$^{6}$ in the fourth quarter of 2022 were 11% and 10% higher, respectively, than the prior quarter mainly due to a draw-down in higher-cost stockpiled ore, which was processed in the fourth quarter of 2022. All-in sustaining costs per pound$^{6}$ increased by 22% compared to the prior quarter, primarily due to higher minesite sustaining capital expenditures$^{6}$ due to the catch-up of delayed component replacement work in the previous quarter.

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Copper produced (M lbs) | 98 | 100 - 120 |
| Cost of sales 7 ($/lb) | 3.12 | 2.70 - 3.00 |
| C1 cash costs 6 ($/lb) | 2.36 | 2.00 - 2.20 |
| All-in sustaining costs 6 ($/lb) | 2.95 | 2.50 - 2.80 |

Copper production in 2022 of 98 million pounds was slightly below the guidance range, mainly due to limited heap leach stacking availability and lower than expected chloride leach performance. All cost metrics were above the guidance ranges mainly due to lower production and sales volumes, higher energy and consumable prices, as well as increased site maintenance costs.

# Jabal Sayid (50% basis), Saudi Arabia

Jabal Sayid's copper production in the fourth quarter of 2022 was in line with the prior quarter. Cost of sales per pound$^{7}$ in the fourth quarter of 2022 were 9% higher mainly due to higher depreciation expense. C1 cash costs per pound$^{6}$ and all-in sustaining costs per pound$^{6}$ were both consistent with the prior quarter.

|  | 2022 Actual | 2022 Guidance |
| --- | --- | --- |
| Copper produced (M lbs) | 75 | 70 - 80 |
| Cost of sales 7 ($/lb) | 1.52 | 1.40 - 1.70 |
| C1 cash costs 6 ($/lb) | 1.26 | 1.30 - 1.50 |
| All-in sustaining costs 6 ($/lb) | 1.36 | 1.30 - 1.60 |

Copper production in 2022 was at the midpoint of the guidance range. Cost of sales per pound$^{7}$ and all-in sustaining costs per pound$^{6}$ were within the guidance ranges, while C1 cash costs per pound$^{6}$ was below the guidance range due to higher than expected by-product credits as well as lower shipping rates achieved.

# GROWTH PROJECT UPDATES

# Goldrush Project, Nevada, USA

The FEIS was completed and all supporting material has been combined into a NOA briefing package, which was submitted to the State BLM in January 2023. After the State BLM review is complete, the NOA briefing package will then progress to the Federal BLM for review, ultimately leading to the NOA being published in the Federal Register. This milestone will commence the public comment period for the FEIS. We continue to expect the ROD to be issued by the end of the first half of 2023.

Mine development and test stoping has continued in the Redhill zone where dewatering of the orebody is not required. Development also continues on exploration drifts above the Goldrush orebody to facilitate future underground drilling platforms.

The headcount of Goldrush has ramped up through the course of 2022 and reached 80% by December 31, 2022. While good progress has been made on recruiting mobile maintenance technicians, recruitment of experienced miners remains a key focus.

As at December 31, 2022, project spend was $341 million on a 100% basis (including $11 million in the fourth quarter of 2022) on the Goldrush project, inclusive of the exploration declines. This capital spent to date, together with the remaining expected pre-production capital (with planned commercial production now commencing in 2026), is anticipated to be within the approximate $1 billion initial capital estimate for the Goldrush project (on a 100% basis).

98 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

### Turquoise Ridge Third Shaft, Nevada, USA$^{15}$

Commissioning of the Third Shaft at Turquoise Ridge was completed in the fourth quarter of 2022. All three hoists, which have a hoisting capacity of 5,500 tonnes per day, were handed over to operations for production activities. Together with increased hoisting capacity, the Third Shaft will provide additional ventilation for underground mining operations as well as shorter haulage distances.

Final construction activities, including surface infrastructure will conclude in the first half of 2023, but are not expected to impact the production or hoisting capacity of the shaft. As such, this project will no longer be separately reported in this section of the MD&A.

As at December 31, 2022, project spend was $273 million (including $15 million in the fourth quarter of 2022). We now expect the total project spend to be at the low end of the estimated capital cost range of approximately $300-$330 million (100% basis).

### NGM Solar Project, Nevada, USA

The TS Solar project is a 200 MW photovoltaic solar farm located adjacent to NGM's TS Power Plant and interconnected with the existing plant transmission infrastructure. Upon completion, the project will supply renewable energy to NGM's operations and is expected to realize 254kt of CO$_{2}$ equivalent emissions reduction per annum, equating to an 8% reduction from NGM's 2018 baseline.

Accomplishments in the fourth quarter of 2022 were focused on securing remaining long-lead materials and beginning construction. Remaining key material contracts were awarded and down payments issued to secure a delivery schedule. Site civil preparation was initiated with contractor mobilization, site earthworks, and substation foundation excavation. Contracts were awarded for electrical installation, commissioning, and quality control testing. Array engineering progressed to 90% complete for civil design and 60% complete for electrical design. In the first quarter of 2023, civil earthworks will continue, foundation pile installation will begin, and substation foundations will be completed in preparation to receive critical electrical equipment.

As at December 31, 2022, project spend was $64 million (including $20 million in the fourth quarter of 2022) out of an estimated capital cost of $290-310 million (100% basis).

### Pueblo Viejo Expansion, Dominican Republic$^{14}$

The Pueblo Viejo plant expansion and mine life extension project is designed to increase throughput to 14 million tonnes per annum, allowing the operation to maintain minimum average annual gold production of approximately 800,000 ounces after 2022 (100% basis).

Construction for the plant expansion is now 84% complete (up from 70% as at September 30, 2022). Earthworks and civil concrete works were 99% and 97% complete, respectively, at the end of the fourth quarter of 2022. In addition, completion for steelwork has advanced to 95% and mechanical installation to 87%. Piping and electrical installation progressed to 60% and 37%, respectively. Commissioning activities commenced in January 2023. During the first quarter of 2023, we expect to process first ore and substantially complete the commissioning of the new plant infrastructure.

The technical and social studies for additional tailings storage capacity continued to advance. Barrick completed an ESIA on one of the site alternatives, Naranjo, identified in both the Government and Barrick alternative assessments in accordance with the Dominican Republic's terms of reference, which was submitted during the fourth quarter of 2022. We continue to expect the Government of the Dominican Republic's decision on the ESIA during the first half of 2023.

Geotechnical drilling and site investigation are progressing as planned, the engineering progressed and a pre-feasibility study was completed during the fourth quarter of 2022. This allowed us to add 6.5 million ounces of attributable proven and probable reserves, net of depletion, and extend the mine life beyond 2040$^{12,14}$. Drilling and site investigation continues to allow for a feasibility level design by the end of 2023.

As at December 31, 2022, total project spend was $828 million (including $110 million in the fourth quarter of 2022) on a 100% basis. As previously disclosed, the estimated capital cost of the plant expansion and mine life extension project is now approximately $2.1 billion (on a 100% basis), which incorporates the selected TSF site submitted under the ESIA.

### Veladero Phase 7 Leach Pad, Argentina

In November 2021, the Board of Minera Andina del Sol approved the Phase 7A leach pad construction project with Phase 7B subsequently approved in the third quarter of 2022. Construction on both phases will include sub-drainage and monitoring, leak collection and recirculation, impermeabilization, as well as pregnant leaching solution collection. Additionally, the north channel will be extended along the leach pad facility.

Construction of Phase 7A progressed well during the fourth quarter of 2022, despite a prolonged winter season. Construction is now 91% complete and more than 75% of the new construction area is already being used for ore processing.

Construction of Phase 7B commenced during the fourth quarter of 2022 and advanced to 9% by the end of the quarter. Given current inflationary and currency restriction challenges in Argentina, we have commenced a ramp-down of Phase 7B construction, since we are ahead on the construction timeline and have sufficient stacking capacity for 2023 and into the second half of 2024.

Overall, for Phase 7, as of December 31, 2022, project spend was $89 million (including $21 million in the fourth quarter of 2022) out of an estimated capital cost of $159 million (100% basis).

### Veladero Power Transmission, Chile-Argentina

In 2019, we commenced construction of an extension to the existing Pascua-Lama power transmission line to connect to Veladero to enable the operation to convert to grid power exported from Chile and cease operating the high-cost diesel generation power plant located at site. A power purchase price agreement was executed during the fourth quarter of 2019 to supply power from renewable energy that is expected to reduce CO$_{2}$ equivalent emissions by 100 kt per year, translating to a significant reduction in Veladero's carbon footprint. As previously disclosed, we completed the construction of the Veladero Power Transmission project for $54 million (100% basis).

In March 2022, a Chilean trial court issued injunctions which, among other things, prohibited the administrative authority that oversees electric projects in Chile (the Coordinador Eléctrico Nacional) from completing the procedures required to energize the Veladero Power Transmission project. In September 2022, Barrick's Chilean subsidiary that holds the Chilean portion of the Pascua-Lama project and the plaintiff settled the dispute, and all injunctions have been lifted.

Separately, in November 2022, the Argentinian Secretary of Energy ratified a favorable six-month renewable ENRE energization and line operation permit resolution.

On December 21, 2022, the power infrastructure in Chile and Argentina was successfully energized and the Veladero mine site has since been operating using grid power. As such, this project will no longer be separately reported in this section of the MD&A.

### Loulo-Gounkoto Solar Project, Mali

The scope of this project is to design, supply and install a 40 MW (48 MW peak) photovoltaic solar farm with a 36 MVA battery energy storage system. Upon completion, we expect to realize a reduction of 23 million liters of fuel, which translates to a saving of approximately 62 kt of CO$_{2}$ equivalent emissions per annum. The project is designed to be implemented in two phases of 20 MW (24 MW peak) and 22 MVA battery storage each, with commissioning by the end of 2023 and end of 2024, respectively. Total project status is 47% complete (up from 32% as at September 30, 2022), with Phase 1 ramming of piles near completion and the first trackers being fitted with photovoltaic panels. Upfront procurement of hardware has enabled work on Phase 2 to commence.

As at December 31, 2022, project spend was $34 million (including $12 million in the fourth quarter of 2022) out of an expected capital cost of approximately $90 million (100% basis).

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### Jabal Sayid Lode 1, Saudi Arabia

The scope of this project is to develop and extract a new orebody, located less than a kilometer from the existing lode at Jabal Sayid, following the completion of a feasibility study that comfortably meets our investment criteria. The project design includes underground capital development as well as ventilation, paste plant and underground mining infrastructure upgrades with stoping to commence by mid 2023. The project is 49% complete (up from 39% as at September 30, 2022) with the raisebore development and equipping finished along with the cyclone cluster installation. The circuit is stable and performing well. A reagent plant and additional flotation cells installation will provide flexibility in dealing with the higher zinc content from this sulfide orebody.

As at December 31, 2022, project spend was $27 million (including $7 million in the fourth quarter of 2022) out of an estimated capital cost of approximately $40 million (100% basis).

### Lumwana New Mobile Equipment, Zambia

During the fourth quarter of 2022, we began a transition to an owner miner fleet at Lumwana following a study which concluded that this option could result in a 20% cost reduction within the first five years versus contracted services. Separately, an owner miner strategy positions the operation well for future potential expansions including the Super Pit, which has the potential to extend Lumwana's life into the 2060s.

With the transition, Lumwana will invest in a new fleet initially dedicated to waste stripping. During 2022, we placed the initial deposits on the owner miner fleet to secure production assembly slots, with first delivery expected in the first quarter of 2023. This owner miner transition is being executed concurrently with the Super Pit pre-feasibility study, which also commenced in the fourth quarter of 2022.

As at December 31, 2022, project spend was $27 million (all in the fourth quarter of 2022) out of an estimated capital cost of approximately $115 million.

### EXPLORATION AND MINERAL RESOURCE MANAGEMENT

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

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

During 2022, we made significant progress in our exploration work across all regions, making a number of discoveries which are still being evaluated. In Nevada, drilling on early-stage targets in the Cortez, Carlin and Turquoise Ridge camps has confirmed the presence of anomalous mineralization with alteration and structural complexity under cover, which have the potential to vector us towards new orebodies. We continue to intersect strong mineralization around North Leeville as well as at Turf and Fourmile. We also expanded beyond our existing ground holdings in Nevada with multiple option agreements in both the United States and Canada. In Latin America, we completed a restructuring of the exploration team while targets in Peru, Dominican Republic and Argentina were re-prioritized with ongoing work delivering strong early results from a historical target, Morro Escondido, near Veladero in Argentina. In the Africa and Middle East region, we have reported robust drill intersections in Senegal and

Mali around the Loulo-Gounkoto complex and have also identified material upside around Tongon, Kibali, North Mara, Jabal Sayid and Lumwana. We have a new team evaluating opportunities across the Asia-Pacific region and through 2023 we will maintain a healthy balance in our exploration focus between early-stage and advanced exploration projects in order to deliver Barrick's growth and long-term business plan.

The following section summarizes the exploration results from the fourth quarter of 2022.

### North America

#### Carlin, Nevada, USA$^{10, 17, 18, 19, 20}$

Drilling at North Leeville focused on expanding the mineral footprint to the south and east along identified structures, infilling towards the planned development in 2023. Core drilling along strike of the previously reported NLX-22013b (27.4 meters, true width (TW) 26.3 meters, at 19.57 g/t Au) intersected sulfidized and altered target lithologies within the Merlin corridor. Results are pending for four core holes, but geological observations indicate the continued expansion of the maiden inferred resource and this is expected to continue through 2023.

At North Turf, reserve definition drilling the footwall to the prospective Veld fault continued to return significant intercepts, including 24.4 meters (TW 24.0 meters) at 6.79 g/t Au from NTC-22033 in the western exploration decline. From the eastern decline, drilling intercepted a narrow, high-grade zone of mineralization of 5.0 meters (TW 4.6 meters) at 12.10 g/t Au in NTC-22027, proximal to the NW-trending Merlin fault, interpreted to control high-grade mineralization over 700 meters away in NLX-22013b at North Leeville (as described above). Drilling continues to further expand the reserves and resources footprint beyond Turf and into North Leeville.

Further to the west in the Little Boulder Basin, drilling at the Golden Egg target has intersected thick intervals of brecciation with overprinting hydrothermal sulfide veins in drill hole LBB-22006. While the assay results returned 40 meters of intermittent low-grade mineralization, the presence of sulphides and gold mineralization within a zone of strong brecciation is interpreted as a 'near miss' defining the eastern limit of the target. Drilling is planned to continue into 2023 initially stepping out along the northeast trending corridor which remains open more than a kilometer along strike.

At Ren, the 2022 drilling program added to the existing reserves base and has also increased our understanding of the low-angle controls on mineralization within the sheared package of the Devonian Rodeo Creek, with results including 9.8 meters (TW 4.0 meters) at 5.01 g/t Au in MRC-22009. This upgrade in the model will inform our 2023 surface step-out exploration program aimed at extending the known mineralization in the Corona Corridor further to the north and northeast.

Exploration drilling to the west of Goldstrike has significantly expanded the potential along the East Bounding fault system. Two framework holes drilled in the fourth quarter of 2022 tested this fertile fault corridor over two kilometers along strike to the south of the previous successful drilling at El Niño. Both drill holes encountered strong alteration, structural complexity and breccia development with widespread low-grade mineralization and thin intercepts of higher grades up to 6.85 g/t Au (WSF-22003). The underexplored East Bounding fault corridor extends for more than seven kilometers of strike length and further wide spaced drilling is planned for 2023 to test and target high-grade opportunities down-dip from outcropping orebodies, which include Tara, Bootstrap and Arturo.

At the El Niño underground mine at Arturo, a five-hole program was completed, with geological observations that support and expand the newly identified mineral trend north of existing mining. Only one result has been returned to date: SEC-22008 intercepted 20.4 meters at 6.51 g/t in sheared and stacked lower Devonian Rodeo Creek, with mineralization remaining open towards the north. A follow-up program is planned for 2023.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

# **Cortez, Nevada, USA$^{21, 22}$**

In the fourth quarter of 2022, CHUG saw a step-change in the geological understanding of the Hanson Footwall target. Following encouraging results from the third quarter of 2022, remodeling and subsequent drilling has yielded promising grades from a series of stacked and repeating layers of Silurian Roberts Mountain formation. Results to date include 24.7 meters at 6.67 g/t Au from CMX-22016 and 20.1 meters at 9.64 g/t Au from CMX-22019. Four results remain pending for the year, but the results cover a strike length of 300 meters, open to the northwest and southeast. Drilling in 2023 will infill this framework program as well as extend the footprint below the existing Cortez Hills underground infrastructure.

At the Robertson project, drilling continued to confirm geological continuity between the Gold Pan and Porphyry targets. Results to date include 4.6 meters at 3.28 g/t Au and 3.0 meters at 2.38 g/t Au in PYC-21033, supporting near-surface continuity of mineralization between the two deposits and ultimately, an increase in the resource footprint. At the western extent of Robertson, in the Distal target, results from previous drilling received in the fourth quarter of 2022 confirm the continuity of grade up-dip of the Distal Fault series and nearer to surface in DTL-21007 with 12.0 meters at 2.17 g/t Au, and 13.9 meters at 15.57 g/t Au in DTL-21004. These results continue to improve the resource potential, some 600 meters away from the Gold Pan deposit. Infill and further exploration drilling is planned for 2023 at Distal. Maiden reserves and an increased resource were declared as part of the 2022 Reserves and Resources Statement.

# **Fourmile, Nevada, USA$^{23}$**

At the Dorothy target, 800 meters north of the existing Fourmile resource, two drillholes have successfully intersected the most continuous zones of mineralization to date in the target area. Gold mineralization is primarily hosted within a breccia, as seen in historic drilling, but contains a much higher concentration of mineralized clasts with more consistent sulfidation. These intercepts greatly increase the potential at Dorothy as the mineralization observed is at a lower horizon than previously tested in the target area and remains open in all directions. Results from drill hole FM22-180D include 39.6 meters at 12.71 g/t Au and 5.4 meters at 17.04 g/t Au. Hole FM22-179D intersected similar brecciation with 31.7 meters at 33.67 g/t Au. Initial follow-up drilling is planned to extend a historic hole which was not drilled deep enough to test the new horizon.

Both holes also intersected shallower gold mineralization, along the Sadler Fault, a key structural control within the Fourmile resource to the south. FM22-179D returned 18.0 meters at 29.67 g/t Au and FM22-180D returned 4.0 meters at 13.62 g/t Au. Together, these intercepts are beginning to establish a thicker and more continuous zone of mineralization along this key structure in the Dorothy area as well.

# **Turquoise Ridge, Nevada, USA$^{24}$**

Fourth-quarter drilling and results at Turquoise Ridge continue to define and upgrade our understanding of the mineral controls within the BBT corridor and Getchell Fault Zone. Recent drilling continues to upgrade resource numbers within the Getchell Zone, with results including 10.0 meters (TW 9.2 meters) at 28.00 g/t Au in TUM-22813 and 10.1 meters (TW 8.7 meters) at 20.77 g/t Au in TUM-22816. Similarly, drilling along the TR Corridor has highlighted significant intercepts such as TUM-22219 (34.2 meters (TW 14.6 meters) at 12.93 g/t Au) approximately 300 meters along trend from TUM-22162 (34.8 meters (TW 15.2 meters) at 33.11 g/t Au). Infill drilling is planned to test the undrilled continuity between these two high-grade holes and potentially expand the resource here.

During the fourth quarter of 2022, results were received from the reverse circulation scout drilling program in the Fenceline target area, an alluvial material covered target straddling a legacy property boundary between the Turquoise Ridge underground mine and the Mega pit at Twin Creeks. The results from the program highlight a

corridor of deep oxidation, strong geochemistry and anomalous gold, coincident with a window through the Roberts Mountains thrust fault. Follow-up core drilling began in January 2023.

Work completed within the Mega Pit at Twin Creeks has highlighted the potential for a high-grade, feeder type target at depth below the deposit. Drilling has confirmed the presence of feeder like alteration and mineralization on the extensions of primary ore controlling structures below the elevation of historic drilling. At the targeted elevation, historic drilling is very limited and deep framework drilling is planned to define the geologic and structural setting along the kilometer scale target area at depth.

# **Phoenix, Nevada, USA**

At Phoenix, drilling immediately west and below the northern Bonanza pit has identified a 65-meter-thick downhole (TW not yet known) zone of intensely-veined and strongly-altered porphyry, with visible chalcopyrite and pyrite in veinlets and disseminated within the rockmass. Results for copper and gold assays are still pending, but geological observations suggest the potential for a previously unknown hypogene zone immediately beneath the existing (unmined) resource pit. Follow-up drilling in 2023 will target the extension and further our understanding of the potential for this zone.

# **Pearl String, Nevada, USA**

The Pearl String property, located in the Walker Lane mineral belt of western Nevada, was acquired through an exploration agreement with the opportunity to earn a 100% interest from the underlying claim holder. In addition to the acquired ground, Barrick staked a large claim block around the property encompassing approximately 80 square kilometers of prospective ground. The property consists of a volcanic-hosted high sulfidation epithermal alteration system, outcropping to the east and mostly concealed under post mineral pediment cover to the west. There are small windows of altered and gold-bearing volcanics exposed through this cover. Work to date on the property has included geologic mapping, rock and soil sampling and collection of gravity data to map the underlying basement rock. This data will be compiled and interpreted in the first quarter of 2023, leading to target delineation and framework drill testing.

# **Hemlo, Canada$^{25}$**

A detailed re-interpretation and re-build of the geological model and resource estimation has been completed at Hemlo, better defining the geological controls of the mineralization. This has reduced the contained ounces and residual potential in the Lower B Zone while improving growth targeting in the C and E Zones, where mineralization remains open at depth. Model confirmation drilling continued at C Zone Deep during the fourth quarter of 2022, aiming to extend the mineralization down plunge. Results from this program received in the fourth quarter of 2022 include 4.6 meters at 6.06 g/t Au in 90352207, 4.1 meters at 7.60 g/t Au in 90352208, 3.2 meters at 9.12 g/t Au in 90352209, 2.8 meters at 9.85 g/t Au and 2.6 meters at 6.78 g/t Au in 90352227 and 2.7 meters at 6.38 g/t Au in 90352229. Further drilling also continued in Lower C Zone West, aiming to better define the mineralization in the area. Results include 3.5 meters at 10.57 g/t Au in drillhole 11522104 and 2.7 meters at 13.82 g/t Au in drillhole 1152295. Final assays were received for the E Zone resource expansion drilling completed in the third quarter of 2022, with results including 2.7 meters at 10.74 g/t Au in W2230 and 6.5 meters at 4.40 g/t Au in W2231.1. All these results confirm the updated model.

At the Pic Project to the west of Hemlo, a soil and till sampling and mapping program was conducted over areas of historically identified mineralization and new areas of interest. Approximately 6,600 meters of available historic drill core was scanned using an advanced array of sensors to measure spectral and compositional characteristics and is currently being re-logged to provide context for historical mineralization. More than 550 samples were collected in the northeast area of the property. The results will be utilized to motivate drilling planned for the summer and fall of 2023.

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### Uchi Belt, Canada

On the South Uchi Project, all results from the 2022 program were received during the fourth quarter of 2022. 461 till samples and 1,065 surface rock samples were analyzed during the summer field mapping and overburden drilling campaigns. The results have been disappointing, ultimately leading to the termination of the earn-in agreement with Kenorland Minerals.

### Latin America & Asia-Pacific

#### Pueblo Viejo, Dominican Republic$^{26, 27}$

Drilling at the Main Gate target in the third quarter of 2022 intersected favorable hydrothermal alteration and mineralization below cover, which identified a new target area close to the main Pueblo Viejo deposit. The target remains open over several hundred meters along a northwest trend towards the historical 'ARD1' target. Drilling on this trend is underway and will continue through the first half of 2023.

At the Arroyo del Rey target to the northeast of the Pueblo Viejo deposits, the three-hole framework diamond drilling program confirmed the structurally-controlled, high-grade mineralization previously identified at surface. DPV22-872 intercepted 1.85 meters at 10.93 g/t Au from 143 meters associated with a northeast striking structure. Further drilling to test the wider Arroyo del Rey target as well as the deep extensions to the Cumba deposit are being planned.

To the east of the Mejita pit, at the Mejita Extension target, drillhole DPV22-875 intercepted 5 meters at 1.68 g/t Au from 133.5 meters, including 1.5 meters at 3.7 g/t Au without lateral continuity. This target has been downgraded.

### Regional Exploration, Dominican Republic

Three new exploration concessions covering a total area of 134 km$^{2}$ were granted across the Dominican Republic, within three different geological districts. At the recently granted La Laja project (located 40 kilometers west of Pueblo Viejo), a reconnaissance campaign identified three areas of interest which feature encouraging indications of hydrothermal alteration as well as gold and copper mineralization.

Follow-up field work to define the geological framework and mineralization potential is planned for the first quarter of 2023.

### Veladero District, Argentina$^{28}$

A diamond drill program to validate legacy RC drilling results and to improve the understanding of mineralization controls at the Morro Escondido target began in the fourth quarter of 2022. Four completed holes confirmed significant mineralization with intersections including DDH-MES-02 with 128.0 meters at 0.75 g/t Au from surface, including 9.30 meters at 4.91 g/t Au from surface; DDH-MES-01 with 107.80 meters at 0.74 g/t Au from surface; DDH-MES-04 with 41.00 meters at 1.64 g/t Au, including 4.00 meters at 8.27 g/t Au; and DDH-MES-03 with 75.5 meters at 0.52 g/t Au, including 19.50 meters at 1.04 g/t Au from surface. Concurrently, a ground geophysical Controlled Source Audio Magnetotelluric survey was completed, revealing a large 2.87-km$^{2}$-high resistivity anomaly greater than >2,000 ohm per meter, which is interpreted to represent silica alteration that is associated with mineralization. Bottle roll test analysis on surface outcrop samples yielded results showing the mineralization is potentially amenable for blending with ore from Veladero and further tests are being carried out on the new drill core. The system remains open in all directions and drilling is ongoing.

Geological work continues on other high priority projects in the district focusing on targets with the potential to impact Veladero's mine plan. At Domo Negro, in the Ortiga trend to the north of Morro Escondido, further sampling in a high vein density area yielded encouraging gold values defining a target with gold porphyry potential at depth. At Cerro Lila, in the same trend, surface samples returned encouraging gold values, defining a target area of 500 by 1,000 meters, which is open and under cover to the east. At the Veladero Sur project, field work defined two targets, one of which is a large Veladero-type high-sulfidation system and one which has porphyry potential with a high density of quartz veinlets and associated encouraging gold values. A ground geophysical Controlled Source Audio Magnetotelluric survey is planned for the first quarter of 2023, with diamond drilling to follow.

Ground geophysics supported the target concept of the Atena-Chispas, high-sulfidation target that sits immediately south of the current Veladero Valley Leach Facility. A small proof-of-concept drill program was designed and drilling was initiated prior to end-of-year, and will continue into the first quarter of 2023.

Drilling of the Lama targets continued during the fourth quarter of 2022 with two drill rigs testing mineralization concepts at the Penelope South and Porfiada targets.

### Cerro Bayo, Argentina

In Cerro Bayo prospect, detailed mapping and sampling confirmed the northwest striking mineralized structures on the project. The hydrothermal systems are preserved and close to the surface in certain parts of the property. Surface samples yielded encouraging gold results in northwest-striking veins.

### Peru

At the Austral project, geological mapping, sampling, and ground geophysical surveys were completed as part of the target delineation program. Fieldwork across the project has defined two gold-bearing targets which both feature strong gold results from outcrops and have the potential to host a large deposit. RC drill testing is planned in 2023.

### Porgera, Papua New Guinea

As discussed on page 63, Porgera is currently on temporary care and maintenance and consequently, all exploration activities have ceased.

### Japan Gold Strategic Alliance, Japan

Focused field activities were undertaken on four of the rationalized nine projects in the portfolio, comprising prospect scale mapping, rock chip sampling and geophysical surveys.

At the Mizobe project in Kyushu, interpretation of the induced polarization survey was completed in the fourth quarter of 2022. Combined with results from prior mapping and geochemical sampling, this has resulted in three framework drill holes being planned. Drilling will target the margins of a graben structure, interpreted as potential fluid conduits, beneath late and post mineral volcanic and sedimentary cover sequences. Drilling is currently being permitted.

On the Ebino project, also in Kyushu, an induced polarization survey, prospect scale mapping and surface sampling was completed over the Otsuka prospect. The prospect is defined by a large area of argillic alteration localized over a fault bounded gravity anomaly along the eastern margin of the Okuchi basin, a similar geological setting to the Hishikari deposit located 12 kilometers to the south. Upon receipt and integration of analytical results, follow-up work may be planned.

On the Aibetsu project, located in Hokkaido, prospect scale mapping and rock chip sampling was completed over two areas of interest, characterized by elevated low level gold and associated pathfinder elements interpreted as leakage along low angle bedding planes, with potential for a blind system proximal to first order feeder structures. Geological observations and initial analytical results support this conceptual model, and pending remaining results, next steps may include geophysics and drill testing after the winter season.

### Africa and Middle East

#### Senegal, Exploration$^{29}$

On the Bambadji joint venture, at the Wari Target, diamond drilling is underway testing a kilometer scale alteration and mineralized system confirmed by first phase RC drilling in the third quarter of 2022 with significant intercepts such as 14.0 meters at 2.71 g/t, including 7.0 meters at 4.96 g/t (WARC004). Initial geological observations are encouraging, extending the alteration system down to 200 meter vertical depth (results pending). Alteration and mineralization styles are very similar to the Kabetea system, located 1.5 km to the south, where wide high-grade intercepts have been reported. RC drilling is planned to test the gap between the two targets and assess the potential of the combined system.

On the Dalema joint venture, scout RC drilling commenced in early 2023 to test the first prioritized targets on the permit in the prospective Faleme Domain. Meanwhile auger drilling, mapping and geophysics will continue screening the remaining parts of the project to generate additional opportunities.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

Target delineation programs have commenced on the recently granted Bambadji South permit, where initial surface observations have highlighted strongly altered and sulfidized rocks that correlate with high tenor soil geochemistry anomalies; these targets will be prioritized against other opportunities for testing in the first quarter of 2023.

#### **Loulo-Gounkoto, Mali$^{30}$**

At Gara West, two diamond holes were drilled beneath the pit, to test a conceptual target controlled by a plunging fold axis related to the adjacent Gara orebody. Observations confirmed the alteration system and mineralization at 350 meters vertical depth, with a high-grade intersection of 10.95 meters at 8.19 g/t, including 5.9 meters at 12.63 g/t (GWDH02). These initial results support the potential for a significant underground opportunity and will be a key focus area for early 2023. Additionally, a review of the four-kilometer-long Gara West trend, which has been tested with limited drilling, has been initiated to identify further potential in a key prospective corridor.

Scout drilling at the Hippo and Yalea Ridge South targets located south of the Yalea deposit, has confirmed a wide silica-albite alteration corridor over 1.7 kilometer strike and returned localized strong mineralized intercepts from one hole, hosted in brecciated tourminalized sandstone: YRSAC0010 returned 10 meters at 10.05 g/t, including 7 meters at 13.69 g/t, and 18 meters at 1.83 g/t. The tourmaline breccia host appears to narrow to the south with only weak intercepts reported in the other shallow drill fences located 200 meters along strike. A full integration and model update for the structural corridor is in progress to better understand the control on the high-grade mineralization in the system and identify upside potential.

#### **Tongon, Côte d'Ivoire$^{31}$**

The priority at Tongon continues to be progressing satellite targets with the potential to extend the life of mine.

At Koro A2, results continue to demonstrate economic satellite potential over 500 meters strike, with significant results in the fourth quarter of 2022 including 10.00 meters at 2.49 g/t (KORC020), 12.00 meters at 2.28 g/t (KORC021) and 7.00 meters at 6.54 g/t (KORC028). The system is open along strike in both directions and at depth with further drilling planned in the first quarter of 2023.

At Jubula Main, encouraging results continue to define mineralization on multiple sub-parallel structures 0.5 kilometers from the Seydou North deposit. Best intersections include 13.41 meters at 2.74 g/t and 6.00 meters at 2.70 g/t (JBMDH002). Further analysis is scheduled after receipt of full assay results and metallurgical test work to define upside and economic potential.

At Seydou North, an update to the geological model incorporating the latest drilling has successfully led to the extension of the planned open pit and an increase to the resource. Mining operations commenced at the end of 2022.

A review of the fertile Stabilo Trend is underway to identify new high impact satellite opportunities along the over 5 km structure hosting Seydou North and several additional prospects. Targets will be prioritized prior to testing in the first quarter of 2023.

#### **Kibali, Democratic Republic of Congo$^{32}$**

The remaining results have been received from the initial drill section at Mengu Hill, designed to test for the continuity of high-grade mineralization down-plunge of the previously mined open pit. MDD079W1 returned a significant intercept of 7.82 meters at 11.19 g/t, increasing the high-grade zone to 60 meters width, with mineralization still open towards the southeast and down-plunge to the northeast. Results of the first fence support the potential for a significant satellite underground project. Additional drilling is planned in the first quarter of 2023 to test the width of the mineralized shoot and the open down-plunge extension.

Drilling at Gorumbwa, adjacent to the KCD deposit commenced to test the underground potential below the historical pit. Initial results are showing strong alteration and mineralization, supporting the potential of an underground project and this work has better defined and reduced the size of historic mining voids. Drilling will continue down-plunge during early 2023.

At Oere, recent results from the deepest drillholes on the target have returned the strongest intersections to date indicating underground potential as well as highlighting conceptual potential at depth along the KZ trend in similar settings where near-surface results are weak. Significant results include: 8.1 meters at 11.6 g/t (ORDD0031); 19.80 meters at 6.15 g/t (ORDD0057) and 16.90 meters at 4.29 g/t (ORDD0043). The geological model is currently being updated to place the high-grade results into context prior to planning a program to assess the underground opportunity.

A scout RC program has been completed at Zambula, located on the KZ South structure. The program was designed to assess the most prospective segments of the sparsely tested shear zone for large-scale near-surface satellite potential within 15 kilometers of the Kibali mill with wide spaced drill fences. Consistent alteration and mineralization over more than two kilometers strike length and down to 150 meters vertical depth has been intersected with indications of high grades within the system. Significant results include: 15 meters at 2.13 g/t, including 5 meters at 4.61 g/t (ZBRC0009), 11 meters at 2.68 g/t, including 5 meters at 4.33 g/t (ZBTR0010), 7 meters at 2.39 g/t, including 2 meters at 5.69 g/t (ZBRC0021). Results support the potential for the structure to host a significant satellite deposit, a follow-up program, including deeper diamond drilling, is planned for the first quarter of 2023.

#### **North Mara and Bulyanhulu, Tanzania**

At North Mara, a framework drill program has commenced on the Gokona West corridor; the first holes have intersected strong 'Gokona style' alteration and host rocks supporting the presence of additional mineralized hydrothermal centers along the sparsely tested prospective corridor, which is concealed beneath post-mineral volcanic cover. Results are pending and the program will continue into the first quarter of 2023.

The Gokona Deeps drilling program targeting extensions at depth continued in the fourth quarter of 2022. Several drill holes have intersected mineralization outside of the currently defined mineralization wireframes, which are expected to support extensions of mineral resources. Subsequent conversion drilling will be planned in 2023 based on the results.

At Bulyanhulu, an updated geological model was developed for the northwest extension of the Bulyanhulu system. The new model has highlighted several near mine targets and initial drill testing will start early in 2023. In parallel, target delineation programs including ground geophysics, have been completed over the northern permits of the Bulyanhulu inlier. The new data will support the generation of the next phase of targets to fill the base of the resource triangle with the highest potential targets to be prioritized for drill testing early in 2023.

#### **Egypt, Regional Exploration**

In Egypt, the handover of Barrick's third exploration license Hamash-Sukari was completed and the first-year work program has commenced. The total land package held by Barrick is now 1,675 km$^{2}$ spread between the Hamash-Sukari, Fatiri and Atalla licenses. Field teams are actively screening the three licenses for indications of mineralized systems with Tier One gold system potential with the aim to execute maiden drill programs on prioritized targets later in 2023.

#### **Lumwana**

Following the successful completion of an internal preliminary economic assessment, a pre-feasibility study commenced during the fourth quarter of 2022 to further examine the potential of integrating the Chimi Super Pit with the recently drilled Lubwe deposit. To support this study, drilling continued at Lubwe to test the extents of the orebody and to support the release of a potential maiden resource. The new holes confirmed the presence of thick, higher-grade mineralization, showing the potential to grow the Lubwe starter pits, which will positively impact the potential Super Pit expansion.

Exploration drilling commenced at the Kamalamba target during the fourth quarter of 2022 and initial observations confirmed the presence of shallow chalcopyrite-mineralized schists. The program will continue through early 2023 to fully test the potential for Kamalamba to provide alternative higher-grade mill feed to support the potential Super Pit expansion. At a third near-mine target, the Kababisa geological model has been updated and exploration drilling is scheduled for early 2023.

Barrick Gold Corporation | Annual Report 2022 103

MANAGEMENT'S DISCUSSION AND ANALYSIS

### Jabal Sayid, Kingdom of Saudi Arabia$^{23}$

At Lode 1 at Jabal Sayid, drilling continues to target extensions of the recently discovered high-grade mineralization and samples have been taken for independent geometallurgical test work. Results from the fourth quarter of 2022 include 15.00 meters at 3.51% Cu (BDH1170) and 52.60 meters at 2.67% Cu (BDH1171), supporting potential resource expansion with an interim model update planned in the first quarter of 2023.

Early success at the Janob target located one kilometer southwest of Lode 1 demonstrates new mineralization potential with three drillholes completed to date intersecting near-surface VMS-style alteration and mineralization. The first result of 15.07 meters at 2.11% Cu (BDHR014) within a 41-meter-wide zone of strong Chlorite alteration demonstrates the economic potential of the target with other results pending. A geological model update and ground geophysics are planned early in 2023 to refine and advance the target.

The Umm Ad Damar exploration project was provisionally awarded to the Ma'aden-Barrick consortium following a competitive bid-process. The project, located 20 km south-east of Jabal Sayid, is prospective for VMS mineralization. Aggressive exploration programs are planned to commence early in 2023 upon issuance of the exploration license and will target either stand-alone or satellite opportunities for Jabal Sayid.

## REVIEW OF FINANCIAL RESULTS

### Revenue

| ($ millions, except per ounce/pound data in dollars) | For the three months ended |  | For the years ended |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 | 12/31/20 |
| Gold |  |  |  |  |  |
| 000s oz sold a | 1,111 | 997 | 4,141 | 4,468 | 4,879 |
| 000s oz produced a | 1,120 | 988 | 4,141 | 4,437 | 4,760 |
| Market price ($/oz) | 1,726 | 1,729 | 1,800 | 1,799 | 1,770 |
| Realized price ($/oz) b | 1,728 | 1,722 | 1,795 | 1,790 | 1,778 |
| Revenue | 2,535 | 2,277 | 9,920 | 10,738 | 11,670 |
| Copper |  |  |  |  |  |
| millions lbs sold a | 99 | 120 | 445 | 423 | 457 |
| millions lbs produced a | 96 | 123 | 440 | 415 | 457 |
| Market price ($/lb) | 3.63 | 3.51 | 3.99 | 4.23 | 2.80 |
| Realized price ($/lb) b | 3.81 | 3.24 | 3.85 | 4.32 | 2.92 |
| Revenue | 170 | 200 | 868 | 962 | 697 |
| Other sales | 69 | 50 | 225 | 285 | 228 |
| Total revenue | 2,774 | 2,527 | 11,013 | 11,985 | 12,595 |

a. On an attributable basis.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

Our 2022 gold production of 4.14 million ounces was slightly below the guidance range of 4.2 to 4.6 million ounces. As previously disclosed, this was mainly due to lower than planned production at Turquoise Ridge where processing operations were disrupted by maintenance events at the Sage autoclave in the second half of 2022 and at Hemlo due to the temporary water inflow that occurred late in the second quarter of 2022 and impacted mining productivity into the third quarter of 2022. Gold production was also impacted by lower than expected performance from Cortez and Veladero. As expected and previously guided, copper production of 440 million pounds for 2022 was in the middle of the guidance range of 420 to 470 million pounds.

### Q4 2022 compared to Q3 2022

In the fourth quarter of 2022, gold revenues increased by 11% compared to the prior quarter primarily due to higher sales volume, while prices were in line. The average realized price for the three month period ended December 31, 2022 was $1,728 per ounce versus $1,722 per ounce for the prior quarter. During the fourth quarter of 2022, the gold price ranged from $1,617 per ounce to $1,833 per ounce and closed the quarter at $1,814 per ounce. Gold prices in the fourth quarter of 2022 continued to be volatile as a result of increasing concerns over inflation, expectations of a moderation in the pace of interest rate increases, fluctuations in the price of the trade-weighted US dollar, and geopolitical concerns.

### ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)

Q4 2022 compared to Q3 2022

![img-0.jpeg](img-0.jpeg)

In the fourth quarter of 2022, attributable gold production was 132 thousand ounces higher than the prior quarter, primarily driven by stronger performance at Cortez due to significantly increased ore tonnes mined from Crossroads and processed at the Cortez oxide mill as well as higher grades mined from Cortez Hills; at Carlin resulting from higher grades; and at Tongon (included in the 'Other' category above) reflecting higher grades, throughput and recoveries. This was partially offset by lower production at Pueblo Viejo due to decreased throughput, driven by planned maintenance and lower grades processed.

Copper revenues in the fourth quarter of 2022 decreased by 15% compared to the prior quarter, primarily due to lower copper sales volume, partially offset by a higher realized copper price$^{6}$. The average market price in the fourth quarter of 2022 was $3.63 per pound versus $3.51 per pound in the prior quarter. In the fourth quarter of 2022, the realized copper price$^{6}$ was higher than the market copper price due to the impact of positive provisional pricing adjustments, whereas a negative provisional pricing adjustment was recorded in the prior quarter. During the fourth quarter of 2022, the copper price ranged from $3.32 per pound to $3.91 per pound and closed the quarter at $3.80 per pound. Copper prices in the fourth quarter of 2022 were influenced by economic optimism following the lifting of some pandemic related restrictions, low copper stockpiles, and a weakening trade-weighted US dollar.

Attributable copper production in the fourth quarter of 2022 decreased by 27 million pounds compared to the prior quarter, primarily at Lumwana due to lower grades processed in line with the mine plan and decreased throughput following a planned shutdown of the mill. Attributable copper sales in the fourth quarter of 2022 were 18% lower than the prior quarter.

104 Annual Report 2022 | Barrick Gold Corporation

MANAGEMENT'S DISCUSSION AND ANALYSIS

## 2022 compared to 2021

In 2022, gold revenues decreased by 8% compared to the prior year, primarily due to a decrease in sales volumes while prices were in line. The average market gold price for 2022 was $1,800 per ounce versus $1,799 per ounce in the prior year.

In 2022, attributable gold production was 4,141 thousand ounces, or 296 thousand ounces lower than the prior year, mainly due to the completion of Phase 1 mining in May 2022 at Long Canyon (included in the 'Other' category below), lower grades processed at Pueblo Viejo, lower leach and refractory ore tonnes mined at Cortez, and lower throughput due to maintenance events at Turquoise Ridge. These impacts were partially offset by increased production at Carlin as the prior year was impacted by the mechanical mill failure at Carlin's Goldstrike roaster, which occurred in May 2021. Gold sales were in line with gold production in 2022, whereas in 2021, gold sales were higher than gold production as Veladero sold a portion of its built-up gold inventory.

## ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)

Year ended December 31, 2022

![img-1.jpeg](img-1.jpeg)

\* Other consists primarily of Long Canyon, Buzwagi and Hemlo.

Copper revenues for 2022 were 10% lower compared to the prior year due to a lower realized copper price$^{5}$, partially offset by higher copper sales volume. In 2022, the realized copper price$^{6}$ was lower than the market copper price as a result of negative provisional pricing adjustments, whereas a positive provisional pricing adjustment was recorded in 2021.

Attributable copper production for 2022 was 25 million pounds higher than the prior year, mainly due to higher grades processed at Lumwana.

## Production Costs

| ($ millions, except per ounce/pound data in dollars) | For the three months ended |  | For the years ended |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 | 12/31/20 |
| Gold |  |  |  |  |  |
| Site operating costs | 1,286 | 1,161 | 4,678 | 4,218 | 4,421 |
| Depreciation | 506 | 393 | 1,756 | 1,889 | 1,975 |
| Royalty expense | 85 | 74 | 342 | 371 | 410 |
| Community relations | 13 | 10 | 37 | 26 | 26 |
| Cost of sales | 1,890 | 1,638 | 6,813 | 6,504 | 6,832 |
| Cost of sales ($/oz) a | 1,324 | 1,226 | 1,241 | 1,093 | 1,056 |
| Total cash costs ($/oz) b | 868 | 891 | 862 | 725 | 699 |
| All-in sustaining costs ($/oz) b | 1,242 | 1,269 | 1,222 | 1,026 | 967 |
| Copper |  |  |  |  |  |
| Site operating costs | 88 | 89 | 336 | 266 | 292 |
| Depreciation | 92 | 59 | 223 | 197 | 208 |
| Royalty expense | 16 | 23 | 103 | 103 | 54 |
| Community relations | 1 | 1 | 4 | 3 | 2 |
| Cost of sales | 197 | 172 | 666 | 569 | 556 |
| Cost of sales ($/lb) a | 3.19 | 2.30 | 2.43 | 2.32 | 2.02 |
| C1 cash costs ($/lb) b | 2.25 | 1.86 | 1.89 | 1.72 | 1.54 |
| All-in sustaining costs ($/lb) b | 3.98 | 3.13 | 3.18 | 2.62 | 2.23 |

a. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.

## Q4 2022 compared to Q3 2022

In the fourth quarter of 2022, cost of sales applicable to gold was 15% higher compared to the prior quarter, primarily as a result of higher sales volume. Our 45% interest in Kibali is equity accounted and we therefore do not include its cost of sales in our consolidated gold cost of sales. On a per ounce basis, cost of sales applicable to gold$^{7}$, after including our proportionate share of cost of sales at our equity method investees, was 8% higher than the prior quarter primarily due to higher depreciation expense, partially offset by lower total cash costs$^{8}$ per ounce. Total cash costs per ounce$^{8}$ were 3% lower, mainly due to the impact of higher sales volume partially offset by an increase in natural gas prices at the NGM operations.

In the fourth quarter of 2022, gold all-in sustaining costs$^{8}$ decreased by 2% on a per ounce basis compared to the prior quarter, primarily due to lower total cash costs per ounce$^{8}$ as described above.

Barrick Gold Corporation | Annual Report 2022 105

MANAGEMENT'S DISCUSSION AND ANALYSIS

In the fourth quarter of 2022, cost of sales applicable to copper was 15% higher than the prior quarter, primarily due to higher depreciation expense, partially offset by lower royalty expense at Lumwana. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore we do not include their cost of sales in our consolidated copper cost of sales. On a per pound basis, cost of sales applicable to copper7 and C1 cash costs6, after including our proportionate share of cost of sales at our equity method investees, increased by 39% and 21%, respectively, compared to the prior quarter primarily due to higher maintenance expense associated with the mill shutdown as well as lower grades and tonnes processed at Lumwana. Cost of sales per pound7 was further impacted by higher depreciation expense, mainly at Lumwana.

In the fourth quarter of 2022, copper all-in sustaining costs6, which have been adjusted to include our proportionate share of equity method investees, were 27% higher per pound than the prior quarter, primarily reflecting higher minesite sustaining capital expenditures6 at Lumwana mainly related to new mining equipment, combined with higher C1 cash costs per pound6.

#### 2022 compared to 2021

In 2022, cost of sales applicable to gold was 5% higher than the prior year primarily due to higher site operating costs driven by higher input prices for energy, labor and other consumables as a result of inflationary pressures. This was partially offset by lower sales volumes. On a per ounce basis, cost of sales applicable to gold7, after including our proportionate share of cost of sales at our equity method investees, and total cash costs per ounce6 were 14% and 19% higher, respectively, than the prior year, primarily due to higher input prices for energy, labor and consumables driven by inflationary pressures initially related to global supply chain constraints, and then exacerbated by the Russian invasion of Ukraine.

In 2022, gold all-in sustaining costs per ounce6 increased by 19% compared to the prior year primarily due to higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6.

In 2022, cost of sales applicable to copper was 17% higher than the prior year, primarily due to higher sales volume and the same inflationary pressures as described above. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore we do not include their cost of sales in our consolidated copper cost of sales. On a per pound basis, cost of sales applicable to copper7 and C1 cash costs6, after including our proportionate share of cost of sales at our equity method investees, increased by 5% and 10%, respectively, compared to the prior year, primarily due to higher operating costs as a result of higher input prices for energy, labor and consumables driven by inflationary pressures initially related to global supply chain constraints, and then exacerbated by the Russian invasion of Ukraine.

Copper all-in sustaining costs per pound6 was 21% higher than the prior year, primarily reflecting higher minesite sustaining capital expenditures6, combined with higher total C1 cash costs per pound6.

#### 2022 compared to Guidance

2022 cost of sales applicable to gold7 was $1,241 per ounce, higher than our guidance range of $1,070 to $1,150 per ounce. Gold total cash costs6 for 2022 of $862 per ounce were higher than our guidance range of $730 to $790 per ounce, while all-in sustaining costs6 for 2022 of $1,222 per ounce were higher than the guidance range of $1,040 to $1,120 per ounce. All gold cost metrics were higher than the guidance ranges, as expected and previously disclosed, mainly due to higher input prices for energy, labor and consumables driven by inflationary pressures initially related to global supply chain constraints and then exacerbated by the Russian invasion of Ukraine, as well as lower production and sales volumes.

2022 cost of sales applicable to copper7 and C1 cash costs6 were $2.43 per pound and $1.89 per pound, respectively, within our guidance ranges of $2.20 to $2.50 per pound and $1.70 to $1.90 per pound, respectively. 2022 copper all-in sustaining costs6 of $3.18 per pound was higher than our guidance range of $2.70 to $3.00 per pound, mainly due to higher minesite sustaining capital expenditures6.

#### Capital Expendituresa

| ($ millions) | For the three months ended |  | For the years ended |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 12/31/22 | 9/30/22 | 12/31/22 | 12/31/21 | 12/31/20 |
| Minesite sustainingb,c | 557 | 571 | 2,071 | 1,673 | 1,559 |
| Project capital expendituresb,d | 324 | 213 | 949 | 747 | 471 |
| Capitalized interest | 10 | 8 | 29 | 15 | 24 |
| Total consolidated capital expenditures | 891 | 792 | 3,049 | 2,435 | 2,054 |
| Attributable capital expenditurese | 743 | 609 | 2,417 | 1,951 | 1,651 |
| 2022 Attributable capital expenditures guidancee |  |  | $1,900 to $2,200 |  |  |

a. These amounts are presented on a cash basis.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114-140 of this MD&A.
c. Includes both minesite sustaining and mine development.
d. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.
e. These amounts are presented on the same basis as our guidance on page 64.

#### Q4 2022 compared to Q3 2022

In the fourth quarter of 2022, total consolidated capital expenditures on a cash basis were 13% higher than the prior quarter due to an increase in project capital expenditures6, partially offset by a slight decrease in minesite sustaining capital expenditures6. Project capital expenditures6 increased by 52% primarily due to the investment in a new mining fleet at Lumwana, the continued development of the Gounkoto underground expansion, as well as the solar plant projects at both Loulo-Gounkoto and NGM. Minesite sustaining capital expenditures6 decreased by 2% compared to the prior quarter, primarily at Cortez due to lower capitalized waste stripping, partially offset by an increase in minesite sustaining capital expenditures6 at North Mara from the procurement of key underground equipment.

#### 2022 compared to 2021

In 2022, total consolidated capital expenditures on a cash basis increased by 25% compared to the prior year due to an increase in both minesite sustaining capital expenditures6 and project capital expenditures6. Higher minesite sustaining capital expenditures6 of 24% were mainly due to increased capitalized waste stripping at Lumwana and Cortez, combined with higher spend on the Llagal tailings storage facility and the purchase of new mining equipment at Pueblo Viejo. Project capital expenditures6 increased by 27% compared to the prior year, mainly due to the investment in a new mining fleet at Lumwana, the ramp-up of open pit operations at North Mara and the solar plant projects at both Loulo-Gounkoto and NGM.

106 Annual Report 2022 | Barrick Gold Corporation

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