# EDGAR Filing Document

**Accession Number:** 0000756894
**File Stem:** 0001193125-26-039501
**Filing Date:** 2026-2
**Character Count:** 908018
**Document Hash:** 14181d0473ed49d996a760ba32fa677e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-039501.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001193125-26-039501

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 191

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARRICK MINING CORP
- **CENTRAL INDEX KEY:** 0000756894
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 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:** 26603457

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BROOKFIELD PLACE, TD CANADA TRUST TOWER
- **STREET 2:** 161 BAY STREET SUITE 3700
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2S1
- **BUSINESS PHONE:** 416-861-9911

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BROOKFIELD PLACE, TD CANADA TRUST TOWER
- **STREET 2:** P O BOX 212 TORONTO
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2S1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARRICK MINING Corp
- **DATE OF NAME CHANGE:** 20250506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARRICK GOLD CORP
- **DATE OF NAME CHANGE:** 19950322

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

?xml version='1.0' encoding='ASCII'? 6-K

**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 February 2026**

**Commission File Number: 1-9059**

___________________________________________________________

**Barrick Mining Corporation**

**(Registrant's name)**

___________________________________________________________

Brookfield Place, TD Canada Trust Tower, Suite 3700&nbsp;&nbsp;&nbsp;&nbsp;

161 Bay Street, P.O. Box 212

Toronto, Ontario M5J 2S1 Canada

(800) 720-7415

310 South Main Street

Suite 1150

Salt Lake City, Utah 84101

(801) 990-3745

**(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 ☒

------

**INCORPORATION BY REFERENCE**

Exhibit 99.1 to this report on Form 6-K is furnished, not filed, and will not be incorporated by reference into any registration statement.

Exhibit 99.2 and Exhibit 99.3 to this report on Form 6-K are hereby incorporated by reference into the Registration Statements on Form F-3 (File No. 333-206417), Form S-8 (File Nos. 333-121500, 333-131715, 333-135769, 333-224560) and Form F-10 (File No. 333-287021).

------

**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: February 5, 2026 | **BARRICK MINING CORPORATION** | **BARRICK MINING CORPORATION** |
|  | By: | /s/ Joseph Heckendorn |
|  | Name: | Joseph Heckendorn |
|  | Title: | Senior Vice President, Corporate Secretary & Associate General Counsel |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>Exhibits</u> | <u>Description</u> |
| &nbsp;&nbsp;99.1 | 2025 Q4 and Year-End Report Press Release dated February 5, 2026 |
| &nbsp;&nbsp;99.2 | Barrick Mining Corporation Consolidated Financial Statements prepared in accordance with International Financial Reporting Standards and the notes thereto as at and for the years ended December 31, 2025 and December 31, 2024 and Management's Discussion and Analysis for the same periods. |
| &nbsp;&nbsp;99.3 | Consent of PricewaterhouseCoopers LLP |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g10712dsp001.jpg)

**PRESS RELEASE** 

## Barrick Reports Full Year and Fourth Quarter 2025 Results
**Record shareholder returns and another record quarterly financial performance mark successful delivery of 2025 operating plan** 

∎ Q4 gold production 5% higher than Q3 at 871,000 ounces<sup>1</sup>, 2025 gold and copper production in line with guidance

∎ Record quarterly cash flow with operating cash flow of $2.73 billion and free cash flow<sup>2</sup> of $1.62 billion—up 13% and 9%, respectively, over Q3

∎ Highest ever quarterly net earnings per share of $1.43 and adjusted net earnings per share<sup>2</sup> of $1.04—up 88% and 79%, respectively, on Q3

∎ New dividend policy targets total payout of 50% of attributable free cash flow, including 40%
increase in quarterly base dividend to $0.175 per share, plus performance year end top-up

∎ $0.42 per share quarterly dividend declared—a 140% increase over the third quarter

∎ Repurchased $1.50 billion of shares in 2025, representing about 3.0% of Barrick's
issued and outstanding shares, including $500 million in Q4

∎ Doubled gold resource at Fourmile project in Nevada with further increases expected in 2026<sup>3</sup>

∎ 2026 production guidance: 2.90–3.25 million ounces<sup>1</sup> of gold and 190,000–220,000 tonnes<sup>1</sup> of copper

∎ Following rigorous analysis, the Board has decided to move forward with preparations for an
initial public offering ("IPO") of Barrick's North American gold assets in order to maximize shareholder value

All amounts expressed in U.S. dollars

**Toronto, February 5, 2026** – Barrick Mining Corporation (NYSE:B)(TSX:ABX) ("Barrick" or the "Company") today reported fourth quarter operating and financial results for the period ending December 31, 2025. Barrick produced 871,000 ounces<sup>1</sup> of gold and 62,000 tonnes<sup>1</sup> of copper in the quarter and the Company generated $6.00 billion in revenue, as well as $2.73 billion in operating cash flow and $1.62 billion in free cash flow.<sup>2</sup> Net earnings per share for the quarter of $1.43 and adjusted net earnings per share<sup>2</sup> of $1.04 increased 88% and 79%, respectively, from Q3.

------

For the full year 2025, Barrick reported revenues of $16.96 billion, operating cash flow of $7.69 billion and free cash flow<sup>2</sup> of $3.87 billion, increasing 31%, 71% and 194%, respectively, from 2024. Net earnings per share of $2.93 and adjusted net earnings per share<sup>2</sup> of $2.42 for the full year increased 140% and 92%, respectively, from 2024. Full-year gold production was 3.26 million ounces<sup>1</sup> while full-year copper production was 220,000 tonnes<sup>1</sup>, consistent with the guidance provided at the start of the year.

*"We reported record quarterly cash flow, delivered on our gold and copper production guidance, and successfully executed our 2025 operating plan. These achievements contributed to record adjusted net earnings per share<sup>2</sup> in 2025 and the highest shareholder returns in this company's history. On the back of this financial strength, the Board approved a further 40% increase to our quarterly base dividend and a dividend framework to allow shareholders to further participate in our performance," said Mark Hill, President and Chief Executive Officer. "The outstanding finish to 2025 showcases the strength of Barrick's operations and the commitment of its people. The agreement in Mali to secure the release of our colleagues was a major success and I commend all who were involved for this tremendous result."* 

Mark Hill continued: *"As we progress towards an IPO of our North America business to maximize value, we remain steadfast in our focus on operational performance and improving safety. By maintaining a collaborative culture and operational rigor, we are well-positioned to carry our current momentum forward and continue unlocking value from our premier asset portfolio in 2026."*

**Operational Highlights** 

Gold production in Q4 was 5% higher than Q3 at 871,000 ounces<sup>1</sup>, with cost of sales ("COS")<sup>4</sup> of $1,904 per ounce, total cash costs ("TCC")<sup>2</sup> of $1,205 per ounce and all-in sustaining costs ("AISC")<sup>2</sup> of $1,581 per ounce. Gold COS<sup>4</sup> per ounce and AISC<sup>2</sup> per ounce were 22% and 3% higher than Q3, respectively. Nevada Gold Mines performed well across the board in Q4, led by a 25% increase in Carlin's production over Q3. Throughput at Pueblo Viejo rose to another record high and partially offset reduced recoveries from stockpiled material in the flotation and Carbon-In-Leach circuits.

Full year 2025 gold production was 17% lower than 2024 at 3.26 million ounces<sup>1</sup>, in line with guidance, with COS<sup>4</sup> of $1,697 per ounce, TCC<sup>2</sup> of $1,199 per ounce and AISC<sup>2</sup> of $1,637 per ounce—all slightly above guidance due to higher royalites driven by the higher realized gold price.<sup>2</sup> TCC<sup>2</sup> and AISC<sup>2</sup> were also affected by higher consumable prices, partially driven by tariff impacts.

Copper production in Q4 was 13% higher than Q3 at 62,000 tonnes<sup>1</sup>, with COS<sup>5</sup> of $3.37 per pound, C1 cash costs<sup>2</sup> of $2.45 per pound and AISC<sup>2</sup> of $3.61 per pound. Copper COS<sup>5</sup> per pound and AISC<sup>2</sup> per pound were 26% and 15% higher than Q3, respectively.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>2</sub> | **PRESS RELEASE** |

---

------

Full year 2025 copper production was 13% higher than 2024 at 220,000 tonnes<sup>1</sup>, in line with guidance. Copper COS<sup>5</sup> for full year 2025 was $2.91 per pound with C1 cash costs<sup>2</sup> of $2.14 per pound and AISC<sup>2</sup> of $3.20 per pound—3%, 5% and 7% lower than 2024, respectively. COS<sup>5</sup> and AISC<sup>2</sup> were slightly above guidance as a result of higher royalties due to the higher realized copper price.<sup>2</sup>

Despite a stronger emphasis on safety, two of our colleagues sadly lost their lives in Q4. In addition to the previously disclosed fatal injury at Bulyanhulu on October 21, a team member lost his life at Kibali on December 15. Our thoughts remain with the families, friends and colleagues of the team members who passed away in 2025. We have conducted full investigations into these tragic incidents and have taken actions in an effort to prevent their recurrence. We remain unequivocally committed to prioritizing safety to ensure every person goes home safe and healthy every day.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>3</sub> | **PRESS RELEASE** |

---

------

**Financial Highlights** 

Barrick achieved another record quarterly financial performance, with operating cash flow and free cash flow<sup>2</sup> of $2.73 billion and $1.62 billion—up 13% and 9% over Q3, respectively. In Q4, Barrick achieved net earnings of $2.41 billion ($1.43 per share) and adjusted net earnings<sup>2</sup> of $1.75 billion ($1.04 per share) compared to net earnings of $1.30 billion ($0.76 per share) and adjusted net earnings<sup>2</sup> of $982 million ($0.58 per share) in the prior quarter. Revenues of $6.00 billion in Q4 increased 45% from $4.15 billion in Q3.

Full-year 2025 net earnings were $4.99 billion ($2.93 per share), compared to net earnings of $2.14 billion ($1.22 per share) in 2024—up 133% and 140%, respectively. Adjusted net earnings<sup>2</sup> in 2025 were $4.14 billion ($2.42 per share), compared to $2.21 billion ($1.26 per share) in 2024—up 87% and 92%, respectively. Full-year revenue increased 31% to $16.96 billion, compared to $12.92 billion in 2024. Operating cash flow in 2025 increased 71% to $7.69 billion, compared to $4.49 billion in 2024. Free cash flow<sup>2</sup> for 2025 was $3.87 billion, up 194% from $1.32 billion in 2024.

In addition, the previously announced sales of Hemlo and Tongon closed successfully in Q4, bringing proceeds from non-core asset sales to $2.6 billion in 2025, including Donlin and Alturas. Our strong cash flow generation, together with these proceeds from non-core asset sales, increased Barrick's year-end cash balance of $6.71 billion by 65% over 2024—even after delivering record shareholder returns and funding growth projects in 2025.

**Key Growth Projects** 

At Barrick's 100%-owned Fourmile project in Nevada, the team succeeded in doubling the declared gold mineral resource for the second consecutive year—now reporting 2.6 million ounces of indicated resources (4.6 million tonnes at 17.59 grams per tonne) and 13 million ounces of inferred resources (25 million tonnes at 16.9 grams per tonne).<sup>3</sup> Ongoing prefeasibility studies point to the potential for significant additional resource growth.<sup>3</sup> 2026 is expected to be a critical year at Fourmile, with drilling spend expected to increase to $150–$160 million compared to $91 million in 2025. Planned access via the Bullion Hill Decline is progressing, with development on track to begin in Q4 2026.

The Lumwana expansion remains slightly ahead of schedule, with deliveries of the 2026 mining fleet already underway. At Pueblo Viejo, more than 300 families have now moved into the new community *Nuevos Horizontes ('New Horizons')*, and the tailings storage facility construction is on track to support the expansion. The Reko Diq copper-gold project continued to advance site works in Q4, although in light of a recent increase in security incidents management is currently reviewing all aspects of the project.

**Quarterly Dividend and New Dividend Policy** 

Barrick's Board of Directors approved a $0.42 per share quarterly dividend, representing an increase of 140% over the third quarter, and announced a new dividend policy.

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| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>4</sub> | **PRESS RELEASE** |

---

------

During Q4 2025, the Company repurchased $500 million of its shares, with full year 2025 buybacks totaling $1.5 billion, representing about 3.0% of Barrick's issued and outstanding shares. In total, Barrick returned $2.39 billion to shareholders in 2025—a company record.

In Q4 2025 and going forward, the Company's new dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis, comprised of a fixed base quarterly dividend of $0.175 per share and a performance top-up component at each year end based on the attributable free cash flow during the year. The dividend paid in any given year may be higher or lower than the 50% target based on the strength of cash flow, capital needs, balance sheet considerations and other factors.

**Reserves and Resources** 

2025 gold mineral reserves and resources were calculated using a gold price assumption of $1,500 and $2,000 per ounce, increased from $1,400 and $1,900 in 2024, respectively. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places.

As of December 31, 2025, Barrick's proven and probable gold mineral reserves were 85 million ounces<sup>6</sup> at an average grade of 0.98 g/t, compared to 89 million ounces<sup>7</sup> in 2024 at an average grade of 0.99 g/t. This represents a year-over-year attributable gold mineral reserves decrease of 4.1 million ounces, owing to the divestitures of Tongon and Hemlo (2.2 million-ounce reduction), alongside annual depletion (3.7 million ounces), partially offset by 1.8 million ounces of additions associated with exploration and changes in commodity prices. Although depletion was higher than net conversion by 1.9 million ounces for 2025, the three-year rolling average gold mineral reserve replacement stands close to 190% adding more than 24 million ounces to gold mineral reserves (excluding both acquisitions and divestments), primarily supported by 17 million ounces of net change in the prior year.<sup>7</sup>

Barrick's attributable measured and indicated gold resources for 2025 stand at 150 million ounces<sup>6</sup> at 1.01 g/t along with inferred resources of 43 million ounce<sup>6</sup> at 1.0 g/t. Measured and indicated mineral resources reduced by 20 million ounces as a result of the divestiture of Donlin and a further 2.2 million ounces as a result of the divestiture of Alturas. Overall divestitures in 2025 accounted for a reduction of 26 million ounces of measured and indicated mineral resources and 7.3 million ounces of inferred mineral resources, respectively.

Copper mineral reserves for Barrick-operated assets as of December 31, 2025 are estimated using a copper price assumption of $3.25 per pound, increased from $3.00 per pound in 2024. Copper mineral resources for 2025 are estimated using a price of $4.50 per pound, also increased from $4.00 per pound in 2024. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places.

Attributable proven and probable copper mineral reserves remained at 18 million tonnes of copper<sup>6</sup> at 0.46% in 2025 on an attributable basis compared to 18 million tonnes of copper<sup>7</sup> at 0.45% in 2024. Barrick's attributable measured and indicated copper resources for 2025 stand at 24 million tonnes of copper<sup>6</sup> at 0.39%, with a further 4.2 million tonnes<sup>6</sup> at 0.3% of inferred resources, reflecting increases due to changes in commodity pricing.

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| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>5</sub> | **PRESS RELEASE** |

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**2026 Guidance** 

Following the operational review launched in Q3 2025, mine plan ownership was transitioned back to site teams and responsible regional leaders. These teams developed deliverable, ground-up plans informed by past performance and improved confidence levels. Our 2026 guidance is based on these plans.

Gold production guidance for 2026 is 2.90–3.25 million ounces.<sup>1</sup> This compares to actual 2025 gold production of 3.26 million ounces<sup>1</sup>, or 3.03 million ounces when the divested assets Hemlo and Tongon are excluded. Gold cost guidance for 2026, including COS<sup>4</sup> of $1,870–$2,070, TCC<sup>2</sup> of $1,330–$1,470 and AISC<sup>2</sup> of $1,760–$1,950, is based on a gold price assumption of $4,500 per ounce.<sup>8</sup>

Copper production guidance for 2026 is 190,000–220,000 tonnes<sup>1</sup>, compared to actual production of 220,000 tonnes<sup>1</sup> in 2025, at copper COS<sup>5</sup> of $3.05–$3.35 per pound, C1 cash costs<sup>2</sup> of $2.20–$2.45 per pound and AISC<sup>2</sup> of $3.45–$3.75 per pound. Copper cost guidance is based on a copper price assumption of $5.50 per pound.<sup>8</sup>

**Update on Preparations of North America Gold IPO** 

As announced on December 1, 2025, the Board authorized Barrick's management team to explore the IPO of an entity that will hold Barrick's premier North American gold assets ("NewCo"). Following a rigorous financial and operational analysis by Barrick's management and its advisors, the Board has concluded that the IPO of NewCo represents the best path for maximizing value for Barrick's shareholders. The Board has authorized Barrick's management to begin preparations for the IPO of NewCo and expects the IPO to be completed by late 2026.

NewCo will hold Barrick's joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as Barrick's wholly owned Fourmile gold discovery in Nevada. Barrick intends to retain a significant controlling interest in NewCo following the IPO and continue to benefit financially through its majority ownership of NewCo. Barrick will continue to own and drive value in the Company's other world-class gold and copper assets. Barrick expects to provide further details of the IPO in the coming months.

The completion of the IPO will be subject to market conditions and other customary conditions, including any required regulatory approvals and final approval of the IPO by the Barrick Board of Directors.

**Presentation and Webcast** 

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| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>6</sub> | **PRESS RELEASE** |

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The management team will host a live webcast and presentation today at 11:00 AM ET followed by a question-and-answer session with analysts. To join the webcast, please <u>register here</u>. Presentation materials will be available on Barrick's website prior to the event with a replay available soon after.

**About Barrick Mining Corporation** 

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick's operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol 'B' and on the Toronto Stock Exchange under the symbol 'ABX'.

**Investor Relations Contact** 

Barrick Mining Corporation

Cleve Rueckert, +1 775 397 5443

cleveland.rueckert@barrick.com

**Media Contact** 

Brunswick Group

Carole Cable, +44 (0) 20 7404 5959

barrick@brunswickgroup.com

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| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>7</sub> | **PRESS RELEASE** |

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**Financial and Operating Highlights** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| | **12/31/25** | 9/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | **12/31/25** | 12/31/24 | % Change |
|  **Financial Results** ($ millions) |  |  |  |  |  |  |
|  Revenues | **5997** | 4148 | 45% | **16956** | 12922 | 31% |
|  Cost of sales | **2712** | 1890 | 43% | **8265** | 7961 | 4% |
|  Net earnings<sup>a</sup> | **2406** | 1302 | 85% | **4993** | 2144 | 133% |
|  Adjusted net earnings<sup>b</sup> | **1754** | 982 | 79% | **4139** | 2213 | 87% |
|  Attributable EBITDA<sup>b</sup> | **3084** | 2022 | 53% | **8157** | 5185 | 57% |
|  Attributable EBITDA margin<sup>b</sup> | **64%** | 59% | 8% | **58%** | 48% | 21% |
|  Minesite sustaining capital expenditures<sup>b,c</sup> | **458** | 395 | 16% | **1896** | 2217 | (14)% |
|  Project capital expenditures<sup>b,c</sup> | **630** | 532 | 18% | **1870** | 924 | 102% |
|  Total consolidated capital expenditures<sup>c,d</sup> | **1107** | 943 | 17% | **3821** | 3174 | 20% |
|  Total attributable capital expenditures<sup>e</sup> | **906** | 757 | 20% | **3011** | 2607 | 15% |
|  Net cash provided by operating activities | **2726** | 2422 | 13% | **7689** | 4491 | 71% |
|  Net cash provided by operating activities margin<sup>f</sup> | **45%** | 58% | (22)% | **45%** | 35% | 29% |
|  Free cash flow<sup>b</sup> | **1619** | 1479 | 9% | **3868** | 1317 | 194% |
|  Attributable free cash flow<sup>b</sup> | **1060** | 1154 | (8)% | **2837** | 1091 | 160% |
|  Net earnings per share (basic and diluted) | **1.43** | 0.76 | 88% | **2.93** | 1.22 | 140% |
|  Adjusted net earnings (basic)<sup>b</sup> per share | **1.04** | 0.58 | 79% | **2.42** | 1.26 | 92% |
|  Weighted average diluted common shares (millions of shares) | **1684** | 1703 | (1)% | **1707** | 1751 | (3)% |
|  Debt (current and long-term) | **4703** | 4714 | 0% | **4703** | 4729 | (1)% |
|  Cash and equivalents | **6706** | 5037 | 33% | **6706** | 4074 | 65% |
|  Debt, net of cash | **(2003)** | (323) | 520% | **(2003)** | 655 | (406)% |

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<sup>a.</sup> Net earnings represents net earnings attributable to the equity holders of the Company.

<sup>b.</sup> Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 2 of this press release.

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| | |
|:---|:---|
| <sup>c.</sup> | Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs.  |

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|:---|:---|
| <sup>d.</sup> | Total consolidated capital expenditures also includes capitalized interest of $19 million and $55 million, respectively, for Q4 2025 and 2025 (Q3 2025: $16 million; 2024: $33 million; 2023: $41 million).  |

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|:---|:---|
| <sup>e.</sup> | These amounts are presented on the same basis as our guidance.  |

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<sup>f.</sup> Represents net cash provided by operating activities divided by revenue.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| | **12/31/25** | 9/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | **12/31/25** | 12/31/24 | % Change |
|  **Operating Results** |  |  |  |  |  |  |
|   ***Gold*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold production (thousands of ounces)<sup>a</sup> | **871** | 829 | 5% | **3255** | 3911 | (17)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold sold (thousands of ounces)<sup>a</sup> | **960** | 837 | 15% | **3318** | 3798 | (13)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Market gold price ($/oz) | **4135** | 3457 | 20% | **3432** | 2386 | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gold price<sup>a,b</sup> ($/oz) | **4177** | 3457 | 21% | **3501** | 2397 | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold COS (Barrick's share)<sup>a,c</sup> ($/oz) | **1904** | 1562 | 22% | **1697** | 1442 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold TCC<sup>a,b</sup> ($/oz) | **1205** | 1137 | 6% | **1199** | 1065 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold AISC<sup>a,b</sup> ($/oz) | **1581** | 1538 | 3% | **1637** | 1484 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue ($ millions)<sup>a</sup> | **4111** | 2943 | 40% | **11844** | 9281 | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Attributable EBITDA ($ millions)<sup>b</sup> | **2708** | 1777 | 52% | **7041** | 4667 | 51% |
|   ***Copper*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copper production (thousands of tonnes)<sup>a</sup> | **62** | 55 | 13% | **220** | 195 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Copper sold (thousands of tonnes)<sup>a</sup> | **67** | 52 | 29% | **224** | 177 | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Market copper price ($/lb) | **5.03** | 4.44 | 13% | **4.51** | 4.15 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized copper price<sup>a,b</sup> ($/lb) | **5.42** | 4.39 | 23% | **4.72** | 4.15 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Copper COS (Barrick's share)<sup>a,d</sup> ($/lb) | **3.37** | 2.68 | 26% | **2.91** | 2.99 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Copper C1 cash costs<sup>a,b</sup> ($/lb) | **2.45** | 1.96 | 25% | **2.14** | 2.26 | (5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Copper AISC<sup>a,b</sup> ($/lb) | **3.61** | 3.14 | 15% | **3.20** | 3.45 | (7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue ($ millions)<sup>a</sup> | **769** | 472 | 63% | **2199** | 1484 | 48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Attributable EBITDA ($ millions)<sup>b</sup> | **376** | 245 | 53% | **1116** | 518 | 115% |

---

<sup>a.</sup> On an attributable basis.

<sup>b.</sup> Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 2 of this press release.

<sup>c.</sup> Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).

<sup>d.</sup> Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>8</sub> | **PRESS RELEASE** |

---

------

**Regional Summary<sup>a</sup> and 2026 Guidance<sup>b</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the three months ended | For the three months ended | For the three months ended | For the twelve months ended | For the twelve months ended | 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidance  |
| | **12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/24 | **12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/24 | 2026<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidance  |
|  **Gold** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *North America<sup>c</sup>* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold produced (000s oz) | **595** | 536 | 576 | **2093** | 2145 | 1770 - 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold sold (000s oz) | **608** | 543 | 567 | **2112** | 2140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COS ($/oz)<sup>d</sup> | **1663** | 1567 | 1522 | **1653** | 1512 | 1820 - 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCC ($/oz)<sup>e</sup> | **1169** | 1149 | 1129 | **1217** | 1130 | 1270 - 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AISC ($/oz)<sup>e</sup> | **1460** | 1450 | 1448 | **1601** | 1536 | 1690 - 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue ($ millions) | **2604** | 1910 | 1539 | **7557** | 5262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributable EBITDA ($ millions)<sup>e</sup> | **1730** | 1117 | 651 | **4430** | 2761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *South America & Asia Pacific<sup>c</sup>* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold produced (000s oz) | **72** | 73 | 95 | **322** | 298 | 260 - 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold sold (000s oz) | **69** | 68 | 103 | **317** | 313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COS ($/oz)<sup>d</sup> | **1553** | 1438 | 1263 | **1363** | 1277 | 1870 - 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCC ($/oz)<sup>e</sup> | **983** | 931 | 885 | **901** | 928 | 1170 - 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AISC ($/oz)<sup>e</sup> | **1898** | 1532 | 1395 | **1502** | 1380 | 1500 - 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue ($ millions) | **289** | 226 | 281 | **1066** | 779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributable EBITDA ($ millions)<sup>e</sup> | **155** | 158 | 64 | **676** | 171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Africa & Middle East* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold produced (000s oz) | **204** | 220 | 409 | **840** | 1468 | 870 - 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold sold (000s oz) | **283** | 226 | 295 | **889** | 1345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COS ($/oz)<sup>d</sup> | **2527** | 1587 | 1303 | **1924** | 1368 | 1990 - 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCC ($/oz)<sup>e</sup> | **1364** | 1170 | 944 | **1270** | 1000 | 1490 - 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AISC ($/oz)<sup>e</sup> | **1575** | 1424 | 1389 | **1543** | 1333 | 1840 - 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue ($ millions) | **1218** | 807 | 788 | **3221** | 3240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributable EBITDA ($ millions)<sup>e</sup> | **823** | 502 | 454 | **1935** | 1735 |  |
|  **Total Gold** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold produced (000s oz) | **871** | 829 | 1080 | **3255** | 3911 | 2900 - 3250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold sold (000s oz) | **960** | 837 | 965 | **3318** | 3798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COS ($/oz)<sup>d</sup> | **1904** | 1562 | 1428 | **1698** | 1442 | 1870 - 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCC ($/oz)<sup>e</sup> | **1205** | 1137 | 1046 | **1199** | 1065 | 1330 - 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AISC ($/oz)<sup>e</sup> | **1581** | 1538 | 1451 | **1637** | 1484 | 1760 - 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue ($ millions) | **4111** | 2943 | 2608 | **11844** | 9281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributable EBITDA ($ millions)<sup>e</sup> | **2708** | 1777 | 1169 | **7041** | 4667 |  |
|  **Total Copper** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper produced (kt) | **62** | 55 | 64 | **220** | 195 | 190 - 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper sold (kt) | **67** | 52 | 54 | **224** | 177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COS ($/lb)<sup>f</sup> | **3.37** | 2.68 | 2.62 | **2.91** | 2.99 | 3.05 - 3.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C1 cash costs ($/lb)<sup>e</sup> | **2.45** | 1.96 | 2.04 | **2.14** | 2.26 | 2.20 - 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AISC ($/lb)<sup>e</sup> | **3.61** | 3.14 | 3.07 | **3.20** | 3.45 | 3.45 - 3.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue ($ millions) | **769** | 472 | 436 | **2199** | 1484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributable EBITDA ($ millions)<sup>e</sup> | **376** | 245 | 123 | **1116** | 518 |  |

---

a. All figures in this table are on an attributable basis.

b. See "Outlook Assumptions and Economic Sensitivity Analysis" in endnote 8 of this press release.

c. Starting Q4 2025, we have presented Pueblo Viejo as part of North America instead of South America & Asia
Pacific. Comparative information has been restated.

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

e. Further information on these non-GAAP financial measures, including detailed
reconciliations, is included in endnote 2 of this press release.

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

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>9</sub> | **PRESS RELEASE** |

---

------

**Technical Information** 

The scientific and technical information contained in this press release has been reviewed and approved by Tricia Evans, BSc, SMERM, Mineral Resource Manager: North America; Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr. Sci. Nat, Resource Geology Lead – North America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – South America & Asia Pacific; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a "Qualified Person" as defined in National Instrument 43-101 – *Standards of Disclosure for Mineral Projects*.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – *Standards of Disclosure for Mineral Projects*. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2025.

**Endnotes** 

**Endnote 1** 

On an attributable basis.

**Endnote 2 – Non-GAAP Financial Measures** 

**Free Cash Flow and Attributable Free Cash Flow** 

"Free cash flow" is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. "Attributable free cash flow" starts with free cash flow and adds our attributable share of free cash flow from our equity investees and subtracts the free cash flow attributable to the non-controlling interests. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow and attributable free cash flow are intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.

**Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Attributable Free Cash Flow**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($ millions) | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | **2726** | 2422 | **7689** | 4491 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | **(1107)** | (943) | **(3821)** | (3174) | (3086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated free cash flow | **1619** | 1479 | **3868** | 1317 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Free cash flow applicable to equity investees | **172** | 191 | **585** | 553 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | **(731)** | (516) | **(1616)** | (779) | (712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributable free cash flow | **1060** | 1154 | **2837** | 1091 | 399 |

---

**Adjusted Net Earnings and Adjusted Net Earnings per Share** 

"Adjusted net earnings" and "adjusted net earnings per share" are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The tax effect and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick's shares on a post-tax basis, consistent with net earnings. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>10</sub> | **PRESS RELEASE** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| ($ millions, except per share amounts in dollars) | **12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/25 | **12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/23 |
| &nbsp;&nbsp;&nbsp; Net earnings attributable to equity holders of the Company | **2406** | 1302 | **4993** | 2144 | 1272 |
| &nbsp;&nbsp;&nbsp; Impairment (reversals) charges related to non-current assets<sup>a</sup> | **5** | 3 | **12** | (457) | 312 |
| &nbsp;&nbsp;&nbsp; Acquisition/disposition gains<sup>b</sup> | **(1146)** | (250) | **(1107)** | (24) | (364) |
| &nbsp;&nbsp;&nbsp; Loss on currency translation | **6** | (3) | **3** | 39 | 93 |
| &nbsp;&nbsp;&nbsp; Significant tax adjustments<sup>c</sup> | **80** | (119) | **(89)** | 137 | 220 |
| &nbsp;&nbsp;&nbsp; Other expense adjustments<sup>d</sup> | **559** | 47 | **823** | 249 | 96 |
| &nbsp;&nbsp;&nbsp; Non-controlling interest<sup>e</sup> | **(101)** | 0 | **(116)** | (170) | (98) |
| &nbsp;&nbsp;&nbsp; Tax effect<sup>e</sup> | **(55)** | 2 | **(380)** | 295 | (64) |
| &nbsp;&nbsp;&nbsp; Adjusted net earnings | **1754** | 982 | **4139** | 2213 | 1467 |
| &nbsp;&nbsp;&nbsp; Net earnings per share<sup>f</sup> | **1.43** | 0.76 | **2.93** | 1.22 | 0.72 |
| &nbsp;&nbsp;&nbsp; Adjusted net earnings per share<sup>f</sup> | **1.04** | 0.58 | **2.42** | 1.26 | 0.84 |

---

a. There were no significant impairment charges or reversals in 2025. Net impairment reversals for
2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.

b. Acquisition/disposition gains for 2025 relate to gain on sale of our 50% interest in the Donlin
Gold project in Q2 2025, and sale of our Hemlo gold mine, our interest in the Tongon gold mine and the Alturas project, all occurring in Q4 2025. Q4 2025 was further impacted by the accounting impact of regaining control of the Loulo-Gounkoto
complex on December 16, 2025, which largely offset the losses recognized earlier in 2025 relating to the deconsolidation and recognition of an investment at fair value following the change of control after it was placed under a temporary
provisional administration on June 16, 2025. The acquisition/disposition gains in Q3 2025 mainly related to the revaluation of our 80% equity investment in Loulo-Gounkoto, as it was deconsolidated and an investment at fair value was recognized
in Q2 2025, as described above.

c. Significant tax adjustments in Q4 2025 include the resolution of uncertain tax positions, the
impact of prior year adjustments and the recognition of deferred tax assets. Significant tax adjustments in 2025 primarily relate to the foreign currency remeasurement of tax balances, the resolution of uncertain tax positions and the recognition of
deferred tax assets. For Q3 2025, significant tax adjustments include the foreign currency remeasurement of deferred tax balances and the recognition of deferred tax assets. Significant tax adjustments for 2024 primarily relate to the resolution of
uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets.

d. Other expense adjustments for Q4 2025 and 2025 mainly relate to the settlement payment to the
Government of Mali in November 2025 and the fair value increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto. 2025 was further impacted by reduced operations costs at Loulo-Gounkoto. Other
expense adjustments for 2024 mainly relate to a payment to the Government of Mali to advance negotiations, a customs and royalty settlement at Tongon, interest and penalties recognized following the settlement of the Zaldívar Tax Assessments
in Chile, a provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick, and an accrual relating to the road construction in Tanzania per our community investment
obligations under the Twiga partnership.

e. Non-controlling interest for 2025 primarily relates to
other expense adjustments and tax effect for 2025 primarily relates to acquisition/disposition gains.

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

**Capital Expenditures** 

These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce/pound. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.

**Reconciliation of the Classification of Capital Expenditures**

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| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>11</sub> | **PRESS RELEASE** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| ($ millions) | **12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/25 | **12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/23 |
| &nbsp;&nbsp;&nbsp; Minesite sustaining capital expenditures | **458** | 395 | **1896** | 2217 | 2076 |
| &nbsp;&nbsp;&nbsp; Project capital expenditures | **630** | 532 | **1870** | 924 | 969 |
| &nbsp;&nbsp;&nbsp; Capitalized interest | **19** | 16 | **55** | 33 | 41 |
| &nbsp;&nbsp;&nbsp; Total consolidated capital expenditures | **1107** | 943 | **3821** | 3174 | 3086 |

---

**Total cash costs per ounce and All-in sustaining costs per ounce** 

"Total cash costs" per ounce (TCC/oz) and "All-in sustaining costs" per ounce (AISC/oz) are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the "WGC"). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. TCC/oz start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and costs allocated to by-products. AISC/oz start with TCC/oz and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs related to the current mine plan and reclamation cost accretion and amortization. Barrick believes that the use of TCC/oz and AISC/oz will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from the gold operations portion of our business. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is generated by a mine and therefore Barrick believes these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of Barrick's cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization. TCC/oz and AISC/oz are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| ($ millions, except per ounce information in dollars) | Footnote | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| &nbsp;&nbsp;&nbsp; Cost of sales applicable to gold production |  | **2423** | 1690 | **7357** | 7226 | 7178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | **(503)** | (384) | **(1588)** | (1641) | (1756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash cost applicable to equity method investments |  | **111** | 114 | **435** | 316 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs allocated to by-products |  | **(130)** | (80) | **(334)** | (247) | (252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | a | **(258)** | 5 | **(237)** | 14 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | b | **(487)** | (393) | **(1655)** | (1623) | (1578) |
| &nbsp;&nbsp;&nbsp; Total cash costs |  | **1156** | 952 | **3978** | 4045 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General & administrative costs |  | **64** | 77 | **222** | 115 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minesite exploration and evaluation costs | c | **8** | 7 | **27** | 37 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minesite sustaining capital expenditures | d | **458** | 395 | **1896** | 2217 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustaining leases |  | **4** | 7 | **26** | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rehabilitation - accretion and amortization (operating sites) | e | **16** | 17 | **66** | 66 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest, copper operations and other | f | **(191)** | (171) | **(787)** | (874) | (824) |
| &nbsp;&nbsp;&nbsp; All-in sustaining costs |  | **1515** | 1284 | **5428** | 5636 | 5381 |
| &nbsp;&nbsp;&nbsp; Ounces sold - attributable basis (koz) | g | **960** | 837 | **3318** | 3798 | 4024 |
| &nbsp;&nbsp;&nbsp; COS/oz | h,i | **1904** | 1562 | **1697** | 1442 | 1334 |
| &nbsp;&nbsp;&nbsp; TCC/oz | i | **1205** | 1137 | **1199** | 1065 | 960 |
| &nbsp;&nbsp;&nbsp; AISC/oz | i | **1581** | 1538 | **1637** | 1484 | 1335 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Other -** Other adjustments for Q4 2025 and 2025 include the removal of the fair value
increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto of $283 million and $283 million, respectively (Q3 2025: $nil; 2024: $nil; 2023: $nil).

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>12</sub> | **PRESS RELEASE** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Non-controlling interests -** Non-controlling interests include non-controlling interests related to gold production of $741 million and $2,308 million, respectively, for Q4 2025 and 2025; (Q3
2025: $540 million; 2024: $2,189 million; 2023: $2,192 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon up until its sale on December 1, 2025, North Mara and
Bulyanhulu. Refer to note 5 to the Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Exploration and evaluation costs -** Exploration, evaluation and project expenses are
presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 49 of Barrick's Q4 and Year End 2025 MD&A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Capital expenditures -** Capital expenditures are related to our gold sites only and are
split between minesite sustaining and project capital expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Rehabilitation - accretion and amortization -** Includes depreciation on the assets related
to rehabilitation provisions of our gold operations and accretion on the rehabilitation provisions of our gold operations, split between operating and non-operating sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Non-controlling interest and copper operations -** Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses,
rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interests of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon up until its sale on December 1, 2025, North Mara
and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investments in Kibali and Porgera. Figures remove the impact of Pierina up until December 31, 2023. The impact is summarized as the
following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions) | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| Non-controlling interest, copper operations and other | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| &nbsp;&nbsp;&nbsp; General & administrative costs | **(10)** | (13) | **(35)** | (14) | (9) |
| &nbsp;&nbsp;&nbsp; Minesite exploration and evaluation costs | **(3)** | (1) | **(7)** | (10) | (14) |
| &nbsp;&nbsp;&nbsp; Rehabilitation - accretion and amortization (operating sites) | **(5)** | (5) | **(21)** | (21) | (21) |
| &nbsp;&nbsp;&nbsp; Minesite sustaining capital expenditures | **(173)** | (152) | **(724)** | (829) | (780) |
| &nbsp;&nbsp;&nbsp; All-in sustaining costs total | **(191)** | (171) | **(787)** | (874) | (824) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Ounces sold - attributable basis -** Excludes Pierina, which was producing incidental ounces
until December 31, 2023 while in closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** **COS/oz -** Gold COS/oz is calculated as cost of sales across our gold operations (excluding
sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Per ounce figures -** COS/oz, TCC/oz and AISC/oz may not calculate based on amounts
presented in this table due to rounding.

**C1 cash costs per pound and All-in sustaining costs per pound** 

"C1 cash costs" per pound (C1 cash costs/lb) and "All-in sustaining costs" per pound (AISC/lb) are non-GAAP financial performance measures related to our copper mine operations. We believe that C1 cash costs/lb enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs/lb excludes royalties, production taxes and non-routine charges as they are not direct production costs. AISC/lb is similar to the gold AISC metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. AISC/lb includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, production taxes, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

**Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis** 

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>13</sub> | **PRESS RELEASE** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| ($ millions, except per pound information in dollars) | **12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/25 | **12/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/23 |
| &nbsp;&nbsp;&nbsp; Cost of sales | **281** | 193 | **875** | 706 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation/amortization | **(88)** | (69) | **(285)** | (245) | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treatment and refinement charges | **53** | 44 | **179** | 162 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash cost of sales applicable to equity method investments | **174** | 91 | **439** | 352 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: royalties | **(37)** | (25) | **(108)** | (67) | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs allocated to by-products | **(22)** | (7) | **(46)** | (25) | (19) |
| &nbsp;&nbsp;&nbsp; **C1 cash cost of sales** | **361** | 227 | **1054** | 883 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General & administrative costs | **11** | 12 | **39** | 17 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rehabilitation - accretion and amortization | **1** | 1 | **6** | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalties | **37** | 25 | **108** | 67 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minesite exploration and evaluation costs | **3** | 1 | **7** | 4 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minesite sustaining capital expenditures | **116** | 93 | **356** | 356 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustaining leases | **2** | 2 | **9** | 11 | 12 |
| &nbsp;&nbsp;&nbsp; **All-in sustaining costs** | **531** | 361 | **1579** | 1347 | 1311 |
| &nbsp;&nbsp;&nbsp; Tonnes sold - attributable basis (thousands of tonnes) | **67** | 52 | **224** | 177 | 185 |
| &nbsp;&nbsp;&nbsp; Pounds sold - attributable basis (millions pounds) | **147** | 116 | **494** | 391 | 408 |
| &nbsp;&nbsp;&nbsp; **COS/lb<sup>a,b</sup>** | **3.37** | 2.68 | **2.91** | 2.99 | 2.90 |
| &nbsp;&nbsp;&nbsp; **C1 cash costs per pound<sup>a</sup>** | **2.45** | 1.96 | **2.14** | 2.26 | 2.28 |
| &nbsp;&nbsp;&nbsp; **AISC/lb<sup>a</sup>** | **3.61** | 3.14 | **3.20** | 3.45 | 3.21 |

---

---

| | |
|:---|:---|
| <sup>a.</sup> | COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.  |

---

<sup>b.</sup> Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

**EBITDA, Adjusted EBITDA, Attributable EBITDA, Attributable EBITDA Margin and Net Leverage** 

EBITDA is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. Barrick believes these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. Barrick believes this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced. Attributable EBITDA margin is calculated as attributable EBITDA divided by revenues - as adjusted. We believe this ratio will assist analysts, investors and other stakeholders of Barrick to better understand the relationship between revenues and EBITDA or operating profit. Net leverage is calculated as debt, net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of Barrick in monitoring our leverage and evaluating our balance sheet. EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

**Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA** 

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>14</sub> | **PRESS RELEASE** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| ($ millions) | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| &nbsp;&nbsp;&nbsp; Net earnings | **3213** | 1904 | **7154** | 3088 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | **794** | 477 | **1651** | 1520 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs, net<sup>a</sup> | **42** | 21 | **138** | 143 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | **599** | 460 | **1906** | 1915 | 2043 |
| &nbsp;&nbsp;&nbsp; EBITDA | **4648** | 2862 | **10849** | 6666 | 4940 |
| &nbsp;&nbsp;&nbsp; Impairment charges (reversals) of non-current assets<sup>b</sup> | **5** | 3 | **12** | (457) | 312 |
| &nbsp;&nbsp;&nbsp; Acquisition/disposition gains<sup>c</sup> | **(1146)** | (250) | **(1107)** | (24) | (364) |
| &nbsp;&nbsp;&nbsp; Loss on currency translation | **6** | (3) | **3** | 39 | 93 |
| &nbsp;&nbsp;&nbsp; Other expense adjustments<sup>d</sup> | **559** | 47 | **823** | 249 | 96 |
| &nbsp;&nbsp;&nbsp; Income tax expense, net finance costs<sup>a</sup>, and depreciation from equity<br> investees | **238** | 197 | **732** | 532 | 397 |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA | **4310** | 2856 | **11312** | 7005 | 5474 |
| &nbsp;&nbsp;&nbsp; Non-controlling Interests | **(1226)** | (834) | **(3155)** | (1820) | (1487) |
| &nbsp;&nbsp;&nbsp; Attributable EBITDA | **3084** | 2022 | **8157** | 5185 | 3987 |
| &nbsp;&nbsp;&nbsp; Revenues - as adjusted<sup>e</sup> | **4810** | 3405 | **13950** | 10724 | 9411 |
| &nbsp;&nbsp;&nbsp; Attributable EBITDA margin<sup>f</sup> | **64%** | 59% | **58%** | 48% | 42% |
|  |  |  | **As at 12/31/25** | As at 12/31/24 | As at 12/31/23 |
| &nbsp;&nbsp;&nbsp; Net leverage<sup>g</sup> |  |  | **-0.2:1** | 0.1:1 | 0.1:1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;a. Finance costs exclude accretion.

&nbsp;&nbsp;&nbsp;&nbsp;b. There were no significant impairment charges or reversals in 2025. Net impairment reversals for
2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.

&nbsp;&nbsp;&nbsp;&nbsp;c. Acquisition/disposition gains for 2025 relate to gain on sale of our 50% interest in the Donlin
Gold project in Q2 2025, and sale of our Hemlo gold mine, our interest in the Tongon gold mine and the Alturas project, all occurring in Q4 2025. Q4 2025 was further impacted by the accounting impact of regaining control of the Loulo-Gounkoto
complex on December 16, 2025, which largely offset the losses recognized earlier in 2025 relating to the deconsolidation and recognition of an investment at fair value following the change of control after it was placed under a temporary
provisional administration on June 16, 2025. The acquisition/disposition gains in Q3 2025 mainly related to the revaluation of our 80% equity investment in Loulo-Gounkoto, as it was deconsolidated and an investment at fair value was recognized
in Q2 2025, as described above.

&nbsp;&nbsp;&nbsp;&nbsp;d. Other expense adjustments for Q4 2025 and 2025 mainly relate to the settlement payment to the
Government of Mali in November 2025 and the fair value increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto. 2025 was further impacted by reduced operations costs at Loulo-Gounkoto. Other
expense adjustments for 2024 mainly relate to a payment to the Government of Mali to advance negotiations, a customs and royalty settlement at Tongon, interest and penalties recognized following the settlement of the Zaldívar Tax Assessments
in Chile, a provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick, and an accrual relating to the road construction in Tanzania per our community investment
obligations under the Twiga partnership.

&nbsp;&nbsp;&nbsp;&nbsp;e. Refer to Reconciliation of Sales to Realized Price per pound/ounce on page 69 of Barrick's
Q4 and Year End 2025 MD&A.

&nbsp;&nbsp;&nbsp;&nbsp;f. Represents attributable EBITDA divided by revenues - as adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;g. Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **15** | **PRESS RELEASE** |

---

------

**Realized Price** 

"Realized price" is a non-GAAP financial performance measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our Company's past performance and is a better indicator of its expected performance in future periods. The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles realized prices to the most directly comparable IFRS measure.

**Reconciliation of Sales to Realized Price per ounce/pound** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per | For the three months ended | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended | For the years ended | For the years ended |
| ($ millions, except per |  |  |  |  |  |  |  |  |  |  |
| ounce/pound information in dollars) | Gold | Gold | Copper | Copper | Gold | Gold | Gold | Copper | Copper | Copper |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 | **12/31/25** | 12/31/24 | 12/31/23 |
| &nbsp;&nbsp;&nbsp; Sales | **5353** | 3748 | **514** | 320 | **15147** | 11820 | 10350 | **1475** | 855 | 795 |
| &nbsp;&nbsp;&nbsp; Sales applicable to non-controlling interests | **(1756)** | (1237) | **0** | 0 | **(4895)** | (3579) | (3179) | **0** | 0 | 0 |
| &nbsp;&nbsp;&nbsp; Sales applicable to equity method investments<sup>a,b</sup> | **418** | 377 | **233** | 147 | **1353** | 849 | 667 | **679** | 603 | 587 |
| &nbsp;&nbsp;&nbsp; Sales applicable to sites in closure or care and maintenance<sup>c</sup> | **(5)** | (1) | **0** | 0 | **(8)** | (8) | (15) | **0** | 0 | 0 |
| &nbsp;&nbsp;&nbsp; Treatment and refining charges | **10** | 7 | **53** | 44 | **30** | 29 | 30 | **179** | 162 | 191 |
| &nbsp;&nbsp;&nbsp; Other<sup>d</sup> | **(10)** | 0 | **0** | 0 | **(10)** | (7) | (15) | **0** | 0 | 0 |
| &nbsp;&nbsp;&nbsp; Revenues – as adjusted | **4010** | 2894 | **800** | 511 | **11617** | 9104 | 7838 | **2333** | 1620 | 1573 |
| &nbsp;&nbsp;&nbsp; Ounces/pounds sold (000s ounces/millions pounds)<sup>c</sup> | **960** | 837 | **147** | 116 | **3318** | 3798 | 4024 | **494** | 391 | 408 |
| &nbsp;&nbsp;&nbsp; Realized gold/copper price per ounce/pound<sup>e</sup> | **4177** | 3457 | **5.42** | 4.39 | **3501** | 2397 | 1948 | **4.72** | 4.15 | 3.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;a. Represents sales of $327 million and $1,038 million, respectively, for Q4 2025 and 2025
(Q3 2025: $294 million; 2024: $741 million; 2023: $667 million) applicable to our 45% equity method investment in Kibali and $91 million and $315 million, respectively (Q3 2025: $83 million; 2024: $108 million; 2023:
$nil) applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $151 million and $394 million, respectively, for Q4 2025 and 2025 (Q3 2025: $77 million; 2024: $357 million; 2023: $253 million)
applicable to our 50% equity method investment in Zaldívar and $83 million and $291 million, respectively (Q3 2025: $71 million; 2024: $270 million; 2023: $253 million) applicable to our 50% equity method investment in
Jabal Sayid for copper.

&nbsp;&nbsp;&nbsp;&nbsp;b. Sales applicable to equity method investments are net of treatment and refinement charges.

&nbsp;&nbsp;&nbsp;&nbsp;c. On an attributable basis. Excludes Pierina, which was producing incidental ounces until
December 31, 2023 while in closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;d. Represents cumulative catch-up adjustment to revenue
relating to our streaming arrangements. Refer to note 2e to the Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;e. Realized price per ounce/pound may not calculate based on amounts presented in this table.

**Endnote 3** 

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, 2025, unless otherwise noted. As of December 31, 2024, Fourmile indicated resources of 3.6 million tonnes grading 11.76g/t representing 1.4 million ounces of gold and inferred resources of 14 million tonnes grading 14.1 g/t representing 6.4 million ounces of gold. As of December 31, 2025, Fourmile indicated resources of 4.6 million tonnes grading 17.59 g/t representing 2.6 million ounces of gold and inferred resources of 25 million tonnes grading 16.9 g/t representing 13 million ounces of gold. Complete mineral reserve and mineral resource data for all mines and projects referenced in this press release, including tonnes, grades, and ounces, can be found on pages 74-83 of the MD&A accompanying Barrick's Q4 and year-end 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Fourmile exploration potential tonnage and grade ranges are based upon a preliminary economic assessment which is preliminary in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment for Fourmile is based upon $1,900/oz mineable stope optimizer. The assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing study and are made by the Qualified Person. Fourmile is currently 100% owned by Barrick. Barrick anticipates Fourmile being contributed to the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **16** | **PRESS RELEASE** |

---

------

**Endnote 4** 

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

**Endnote 5** 

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

**Endnote 6** 

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, 2025, unless otherwise noted. Proven reserves of 390 million tonnes grading 1.38 g/t, representing 17 million ounces of gold, and 520 million tonnes grading 0.38%, representing 2.0 million tonnes of copper. Probable reserves of 2,300 million tonnes grading 0.91 g/t, representing 68 million ounces of gold, and 3,400 million tonnes grading 0.47%, representing 16 million tonnes of copper. Measured resources of 570 million tonnes grading 1.45 g/t, representing 26 million ounces of gold, and 740 million tonnes grading 0.36%, representing 2.7 million tonnes of copper. Indicated resources of 4,200 million tonnes grading 0.95 g/t, representing 130 million ounces of gold, and 5,300 million tonnes grading 0.40%, representing 21 million tonnes of copper. Inferred resources of 1,300 million tonnes grading 1.0 g/t, representing 43 million ounces of gold, and 1,400 million tonnes grading 0.3%, representing 4.2 million tonnes of copper. Totals may not appear to sum correctly due to rounding. Complete mineral reserve and mineral resource data for all mines and projects referenced in this press release, including tonnes, grades, and ounces, can be found on pages 74-83 of Barrick's Fourth Quarter and Year-End 2025 Report.

**Endnote 7 – Three Year Rolling Average** 

Reserve replacement measures attributable reserve gains in ounces or gold equivalent ounces<sup>a</sup> (GEOs) calculated from the cumulative net change in attributable reserve in ounces or GEOs<sup>a</sup>, respectively, from the most recently completed three years (excluding any attributable acquisitions or divestments).

The three-year rolling average gold mineral reserve replacement percentage is calculated from the cumulative net change in attributable reserves in ounces from the three most recently completed years divided by the cumulative depletion in attributable reserve in ounces from the three most recently completed years as set forth in the table below (excluding attributable acquisitions and divestments).<sup>b</sup>

The three-year average gold equivalent replacement percentage is calculated from the cumulative net change in attributable reserves in GEOs<sup>a</sup> from the three most recently completed years divided by the cumulative depletion in attributable reserve in GEOs<sup>a</sup> from the three most recently completed years as set forth in the table below (excluding attributable acquisitions and divestments).<sup>b</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Year** | **Attributable P&P<br>Gold (Moz)** | **Attributable P&P<br>Gold Depletion<br>(Moz)** | **Attributable P&P<br>Gold Net Change<br>(Moz)** | **Attributable P&P<br>(GEO<sup>a</sup>)** | **Attributable P&P<br>Depletion (GEO<sup>a</sup>)** | **Attributable P&P<br>Net Change GEO<br>(using reported<br>reserve prices)<sup>a</sup>** |
| &nbsp;&nbsp;&nbsp;2023<sup>c</sup> | 77 | (4.6) | 5 | 105 | (6.0) | 6.7 |
| &nbsp;&nbsp;&nbsp;2024<sup>d</sup> | 89 | (4.6) | 17 | 176 | (6.1) | 79 |
| &nbsp;&nbsp;&nbsp;2025<sup>e</sup> | 85 | (3.7) | 1.8 | 171 | (5.1) | 1.4 |
| &nbsp;&nbsp;&nbsp;*2023 - 2025 Total*<sup>f</sup> | N/A | (12.9) | 23.8 | N/A | (17.2) | 87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Gold equivalent ounces calculated from our copper assets are calculated using long-term mineral
reserve commodity prices of (I) $1,500/oz gold and $3.25/lb copper for 2025, (ii) $1,400/oz gold and $3.00/lb copper for 2024, and (iii) $1,300/oz gold and $3.00/lb copper for 2023. All gold equivalent ounces are reported to the second significant
digit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Complete mineral reserves and mineral resource data for all mines and projects, including tonnes,
grades, and ounces, can be found in the Mineral Reserves and Mineral Resources Tables included in pages 74 to 83 of the MD&A accompanying Barrick's fourth quarter and full year 2025 financial statements filed on SEDAR+ at www.sedarplus.ca
and on EDGAR at www.sec.gov. All estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **17** | **PRESS RELEASE** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Estimates are as of December 31, 2023. Proven mineral reserves of 250 million tonnes
grading 1.85g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million
ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Estimates are as of December 31, 2024. Proven mineral reserves of 270 million tonnes
grading 1.75g/t, representing 15 million ounces of gold, and 380 million tonnes grading 0.42%, representing 1.6 million tonnes of copper. Probable reserves of 2,500 million tonnes grading 0.90g/t, representing 74 million
ounces of gold, and 3,600 million tonnes grading 0.46%, representing 17 million tonnes of copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Estimates are as of December 31, 2025. Proven mineral reserves of 390 million tonnes
grading 1.38g/t, representing 17 million ounces of gold, and 520 million tonnes grading 0.38%, representing 2.0 million tonnes of copper. Probable reserves of 2,300 million tonnes grading 0.91g/t, representing 68 million
ounces of gold, and 3,900 million tonnes grading 0.46%, representing 18 million tonnes of copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Totals may not appear to sum correctly due to rounding.

**Endnote 8 – 2026 Outlook Assumptions and Economic Sensitivity Analysis** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 2026 guidance<br>assumption | Hypothetical change | Consolidated impact on<br>EBITDA (millions) | Attributable impact on<br>EBITDA<sup>2</sup> (millions) | Attributable impact on<br>TCC<sup>2</sup> and AISC<sup>2</sup> |
|  Gold price sensitivity | $4,500/oz | +/-$100/oz | '+/-$650 | '+/-$300 | '+/-$5/oz |
|  Copper price sensitivity | $5.50/lb | +/-$0.25/lb | '+/-$110 | '+/-$110 | '+/-$0.02/lb |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Key Outlook Assumptions** | **2026** | **2027** | **2028** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gold price** ($/oz) | 4500 | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Copper price** ($/lb) | 5.50 | 3.25 | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil price** (WTI) ($/barrel) | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUD exchange rate** (AUD:USD) | 0.75 | 0.75 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ARS exchange rate** (USD:ARS) | 1513 | 1621 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CAD exchange rate** (USD:CAD) | 1.30 | 1.30 | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CLP exchange rate** (USD:CLP) | 900 | 900 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EUR exchange rate** (EUR:USD) | 1.10 | 1.10 | 1.10 |

---

We expect Cortez, Loulo-Gounkoto, Kibali, North Mara and Phoenix to deliver higher year-over-year performances in 2027 relative to 2026, together with stable delivery across the rest of the portfolio. In 2028, the increase in gold production is expected to be driven by NGM and the increase in copper production is expected to be driven by Lumwana.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **18** | **PRESS RELEASE** |

---

------

**Cautionary Statement on Forward-Looking Information** 

Certain information contained or incorporated by reference in this press release, 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", "plan", "committed", "guidance", "project", "progress", "prepare", "continue", "progress", "develop", "on track", "ongoing", "estimate", "growth", "potential", "future", "extend", "will", "could", "would", "should", "may" and similar expressions identify forward-looking statements. In particular, this press release 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; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; future expansion of the mineral resource at Fourmile; mine life and production rates, including anticipated production growth from Barrick's organic project pipeline; Barrick's global exploration strategy and planned exploration activities; Barrick's copper strategy; our plans, and expected timing, completion and benefits of our growth projects, including the progress at Pueblo Viejo, Lumwana and Reko Diq; potential mineralization and metal or mineral recoveries; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues, including planned resettlement activities at Pueblo Viejo, and health and safety initiatives; Barrick's performance dividend policy and share buyback program; Barrick's intention to pursue and the expected timing for and potential benefits of an initial public offering of its North American gold assets; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **19** | **PRESS RELEASE** |

---

------

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 press release 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 press release 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, including the status of value added tax refunds received in Chile in connection with the Pascua-Lama Project; expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas ("GHG") emission levels, energy efficiency and reporting of risks; the Company's ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick's value chain, but outside of the Company's direct control, to achieve such targets within the specified timeframes; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick's infrastructure, information technology systems and the implementation of Barrick's technological initiatives, including risks related cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick's existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company's management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets.

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

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **20** | **PRESS RELEASE** |

---

------

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 press release 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 press release. 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.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **21** | **PRESS RELEASE** |

---

## Exhibit 99.2

?xml version='1.0' encoding='ASCII'? EX-99.2

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>1</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

**Exhibit 99.2**

![Barrick_jpg.jpg](g10712abx-20251231_g1.jpg)

Management's Discussion and Analysis ("MD&A")

## Fourth Quarter and Full Year 2025
Management's Discussion and Analysis ("MD&A") is

intended to help the reader understand Barrick Mining

Corporation (formerly 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 4, 2026, should be read in conjunction with our

audited consolidated financial statements ("Financial

Statements") for the year ended December 31, 2025.

Unless otherwise indicated, all amounts are presented in

U.S. dollars.

For the purposes of preparing our MD&A, we

consider the materiality of information. Information is

considered material if: (i) such information results in, or

would reasonably be expected to result in, a significant

change in the market price or value of our shares; (ii) there

is a substantial likelihood that a reasonable investor would

consider it important in making an investment decision; or

(iii) it would significantly alter the total mix of information

available to investors. We evaluate materiality with

reference to all relevant circumstances, including potential

market sensitivity.

Continuous disclosure materials, including our

most recent Form 40-F/Annual Information Form, annual

MD&A, audited consolidated financial statements, and

Notice of Annual Meeting of Shareholders and Proxy

Circular will be available on our website at

www.barrick.com, on SEDAR+ at www.sedarplus.ca and on

EDGAR at www.sec.gov. For an explanation of terminology

unique to the mining industry, readers should refer to the

glossary on page 74.

**Abbreviations**

---

| | |
|:---|:---|
| **AISC** | All-in Sustaining Costs |
| **ARK** | Agbarabo-Rhino-Kombokolo |
| **BNL** | Barrick Niugini Limited |
| **CDCs** | Community Development Committees |
| **CIL** | Carbon-in-leach |
| **Commencement** <br>**Agreement**<br>| Detailed Porgera Project Commencement <br>Agreement between PNG and BNL<br>|
| **DRC** | Democratic Republic of the Congo |
| **E&S Committee** | Environmental and Social Oversight <br>Committee<br>|
| **EPCM** | Engineering, Procurement, and Construction <br>Management<br>|
| **ESG &** <br>**Nominating** <br>**Committee**<br>| Environmental, Social, Governance & <br>Nominating Committee<br>|
| **GHG** | Greenhouse Gas |
| **GISTM** | Global Industry Standard for Tailings <br>Management<br>|
| **GoT** | Government of Tanzania |
| **ICMM** | International Council on Mining and Metals |
| **ICSID** | International Centre for the Settlement of <br>Investment Disputes<br>|
| **IFRS** | IFRS Accounting Standards as issued by the <br>International Accounting Standards Board<br>|
| **IPO** | Initial Public Offering |
| **KCD** | Karagba, Chauffeur and Durba |
| **Ktpa** | Thousand tonnes per annum |

---

---

| | |
|:---|:---|
| **Lb** | Pound |
| **LTI** | Lost Time Injury |
| **LTIFR** | Lost Time Injury Frequency Rate |
| **LOM** | Life of Mine |
| **Mtpa** | Million tonnes per annum |
| **MVA** | Megavolt-amperes |
| **MW** | Megawatt |
| **NGM** | Nevada Gold Mines |
| **OECD** | Organisation for Economic Co-operation and <br>Development<br>|
| **Oz** | Ounce |
| **PJL** | Porgera Jersey Limited |
| **PNG** | Papua New Guinea |
| **Randgold** | Randgold Resources Limited |
| **SDG** | Sustainable Development Goals |
| **TCC** | Total Cash Costs |
| **TCFD** | Task Force for Climate-related Financial <br>Disclosures<br>|
| **TRIFR** | Total Recordable Injury Frequency Rate |
| **TSF** | Tailings Storage Facilities |
| **TW** | True Width |
| **TWMS** | Temporary Water Management Structures |
| **VAT** | Value-Added Tax |
| **WGC** | World Gold Council |
| **WTI** | West Texas Intermediate |

---

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>2</sub> | **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",

"aim", "strategy", "ramp up", "target", "plan", "opportunities",

"guidance", "forecast", "outlook", "project", "develop",

"progress", "continue", "temporary", "committed", "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 and cost guidance, including our three-year gold

and copper production outlook; anticipated production

growth from Barrick's organic project pipeline and reserve

replacement; 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; mine life and

production rates; contingent consideration from the sale of

the Hemlo gold mine and the Tongon gold mine; anticipated

timing for development of the Goldrush Project; our plans,

timelines, and expected completion and benefits of our

growth projects, including the Goldrush Project, Fourmile,

Ren, Pueblo Viejo plant expansion and mine life extension

project, Veladero Phase 8 Leach Pad, Reko Diq, solar

power project at Kibali, and the Lumwana Super Pit

Expansion; anticipated production at Goldrush, Ren, Reko

Diq and Lumwana; the doubling of mineral resources at

Fourmile; capital expenditures related to upgrades and

ongoing management initiatives; Barrick's global

exploration strategy and planned exploration activities;

Barrick's strategic copper business; our pipeline of high

confidence projects at or near existing operations; the

resumption of operations at Loulo-Gounkoto following the

resolution of disputes with the Government of Mali,

including adoption of the 2023 Mining Code; the

incorporation of Fourmile into the NGM joint venture at fair

market value; potential mineralization and metal or mineral

recoveries; Barrick's intention to explore and potential

benefits and expected timing of an initial public offering of

its North American gold assets; 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 sustainability

issues, including climate change, greenhouse gas ("GHG")

emissions reduction targets, human rights, safety

performance, community development and resettlement,

and responsible water use; Barrick's search for a

permanent President and Chief Executive Officer; 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, including the expropriation or

nationalization of property and political or economic

developments in Canada, the United States or other

countries in which Barrick does or may carry on business in

the future; risks relating to political instability in certain of

the jurisdictions in which Barrick operates; timing of receipt

of, or failure to comply with, necessary permits and

approvals; non-renewal of key licenses by governmental

authorities; failure to comply with environmental and health

and safety laws and regulations; increased costs and

physical and transition risks related to climate change,

including extreme weather events, resource shortages,

emerging policies and increased regulations related to GHG

emission levels, energy efficiency and reporting of risks; the

Company's ability to achieve its sustainability goals,

including its climate-related goals and GHG emissions

reduction targets, in particular its ability to achieve its Scope

3 emissions targets which require reliance on entities within

Barrick's value chain, but outside of the Company's direct

control, to achieve such targets within the specified time

frames; contests over title to properties, particularly title to

undeveloped properties, or over access to water, power and

other required infrastructure; the liability associated with

risks and hazards in the mining industry, and the ability to

maintain insurance to cover such losses; damage to the

Company's reputation due to the actual or perceived

occurrence of any number of events, including negative

publicity with respect to the Company's handling of

environmental matters or dealings with community groups,

whether true or not; risks related to operations near

communities that may regard Barrick's operations as being

detrimental to them; litigation and legal and administrative

proceedings; operating or technical difficulties in connection

with mining or development 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

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>3</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

challenges associated with the construction of capital

projects; risks associated with working with partners in

jointly controlled assets; risks related to disruption of supply

routes which may cause delays in construction and mining

activities, including disruptions in the supply of key mining

inputs due to the invasion of Ukraine by Russia and

conflicts in the Middle East; risk of loss due to acts of war,

terrorism, sabotage and civil disturbances; risks associated

with artisanal and illegal mining; risks associated with

Barrick's infrastructure, information technology systems and

the implementation of Barrick's technological initiatives,

including risks related to cybersecurity incidents, including

those caused by computer viruses, malware, ransomware

and other cyberattacks, or similar information technology

system failures, delays and/or disruptions; the impact of

global liquidity and credit availability on the timing of cash

flows and the values of assets and liabilities based on

projected future cash flows; the impact of inflation, including

global inflationary pressures driven by ongoing global

supply chain disruptions, global energy cost increases

following the invasion of Ukraine by Russia and country-

specific political, economic factors in Argentina and

uncertainty related to Venezuela; adverse changes in our

credit ratings; fluctuations in the currency markets; changes

in U.S. dollar interest rates; changes in U.S. trade, tariff and

other controls on imports and exports, tax, immigration or

other policies that may impact relations with foreign

countries, result in retaliatory policies, lead to increased

costs for raw materials and components, or impact Barrick's

existing operations and material growth projects; risks

arising from holding derivative instruments (such as credit

risk, market liquidity risk and mark-to-market risk); risks

related to the demands placed on the Company's

management, the ability of management to implement its

business strategy and enhanced political risk in certain

jurisdictions; uncertainty whether some or all of Barrick's

targeted investments and projects will meet the Company's

capital allocation objectives and internal hurdle rate;

whether benefits expected from recent transactions are

realized; business opportunities that may be presented to,

or pursued by, the Company; our ability to successfully

integrate acquisitions or complete divestitures; risks related

to competition in the mining industry; employee relations

including loss of key employees; availability and increased

costs associated with mining inputs and labor; risks

associated with diseases, epidemics and pandemics; risks

related to the failure of internal controls; and risks related to

the impairment of the Company's goodwill and assets. In

addition, there are risks and hazards associated with the

business of mineral exploration, development and mining,

including environmental hazards, industrial accidents,

unusual or unexpected formations, pressures, cave-ins,

flooding and gold bullion, copper cathode or gold or copper

concentrate losses (and the risk of inadequate insurance, or

inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can

affect our actual results and could cause actual results to

differ materially from those expressed or implied in any

forward-looking statements made by, or on behalf of, us.

Readers are cautioned that forward-looking statements are

not guarantees of future performance. All of the 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 and

ratios in our MD&A:

■"adjusted net earnings"

■"free cash flow"

■"attributable free cash flow"

■"EBITDA"

■"adjusted EBITDA"

■"attributable EBITDA"

■"attributable EBITDA margin"

■"net leverage"

■"minesite sustaining capital expenditures"

■"project capital expenditures"

■"TCC/oz"

■"C1 cash costs/lb"

■"AISC per oz/lb" and

■"realized price per oz/lb"

For a detailed description of each of the non-GAAP

financial 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 57 to 69. Each

non-GAAP financial measure has been annotated with a

reference to an endnote on page 70. 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.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>4</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

**Index**

---

| | | | |
|:---|:---|:---|:---|
| [5](#i9b586ce33d0945d78cb79c215b9ba342_157) | **Overview** | **Overview** | **Overview** |
|  | [5](#i9b586ce33d0945d78cb79c215b9ba342_160) | Our Vision | Our Vision |
|  | [5](#i9b586ce33d0945d78cb79c215b9ba342_163) | Our Business | Our Business |
|  | [5](#i9b586ce33d0945d78cb79c215b9ba342_169) | Our Strategy | Our Strategy |
|  | [6](#i9b586ce33d0945d78cb79c215b9ba342_172) | Financial and Operating Highlights | Financial and Operating Highlights |
|  | [9](#i9b586ce33d0945d78cb79c215b9ba342_181) | Key Business Developments | Key Business Developments |
|  | [12](#i9b586ce33d0945d78cb79c215b9ba342_187) | Outlook for 2026 | Outlook for 2026 |
|  | [15](#i9b586ce33d0945d78cb79c215b9ba342_199) | Sustainability | Sustainability |
|  | [18](#i9b586ce33d0945d78cb79c215b9ba342_202) | Market Overview | Market Overview |
|  | [19](#i9b586ce33d0945d78cb79c215b9ba342_205) | Reserves and Resources | Reserves and Resources |
|  | [21](#i9b586ce33d0945d78cb79c215b9ba342_208) | Risks and Risk Management | Risks and Risk Management |
| [23](#i9b586ce33d0945d78cb79c215b9ba342_211) | **Operating Performance** | **Operating Performance** | **Operating Performance** |
|  | [23](#i9b586ce33d0945d78cb79c215b9ba342_214) | Nevada Gold Mines | Nevada Gold Mines |
|  |  | [24](#i9b586ce33d0945d78cb79c215b9ba342_217) | Carlin |
|  |  | [26](#i9b586ce33d0945d78cb79c215b9ba342_220) | Cortez |
|  |  | [28](#i9b586ce33d0945d78cb79c215b9ba342_223) | Turquoise Ridge |
|  | [30](#i9b586ce33d0945d78cb79c215b9ba342_232) | Pueblo Viejo | Pueblo Viejo |
|  | [32](#i9b586ce33d0945d78cb79c215b9ba342_238) | Kibali | Kibali |
|  | [34](#i9b586ce33d0945d78cb79c215b9ba342_241) | North Mara | North Mara |
|  | [36](#i9b586ce33d0945d78cb79c215b9ba342_244) | Bulyanhulu | Bulyanhulu |
|  | [38](#i9b586ce33d0945d78cb79c215b9ba342_247) | Other Mines - Gold | Other Mines - Gold |
|  | [40](#i9b586ce33d0945d78cb79c215b9ba342_250) | Lumwana | Lumwana |
|  | [42](#i9b586ce33d0945d78cb79c215b9ba342_253) | Other Mines - Copper | Other Mines - Copper |
| [43](#i9b586ce33d0945d78cb79c215b9ba342_256) | **Future Growth** | **Future Growth** | **Future Growth** |

---

---

| | | |
|:---|:---|:---|
| [46](#i9b586ce33d0945d78cb79c215b9ba342_262) | **Review of Financial Results** | **Review of Financial Results** |
|  | [46](#i9b586ce33d0945d78cb79c215b9ba342_265) | Revenue |
|  | [47](#i9b586ce33d0945d78cb79c215b9ba342_268) | Production Costs |
|  | [48](#i9b586ce33d0945d78cb79c215b9ba342_274) | General and Administrative Expenses |
|  | [49](#i9b586ce33d0945d78cb79c215b9ba342_277) | Exploration, Evaluation and Project Costs |
|  | [49](#i9b586ce33d0945d78cb79c215b9ba342_280) | Finance Costs, Net |
|  | [49](#i9b586ce33d0945d78cb79c215b9ba342_283) | Additional Significant Statement of <br>Income Items |
|  | [50](#i9b586ce33d0945d78cb79c215b9ba342_298) | Income Tax Expense |
| [52](#i9b586ce33d0945d78cb79c215b9ba342_301) | **Financial Condition Review** | **Financial Condition Review** |
|  | [52](#i9b586ce33d0945d78cb79c215b9ba342_304) | Balance Sheet Review |
|  | [52](#i9b586ce33d0945d78cb79c215b9ba342_310) | Financial Position and Liquidity |
|  | [53](#i9b586ce33d0945d78cb79c215b9ba342_313) | Summary of Cash Inflow (Outflow) |
|  | [54](#i9b586ce33d0945d78cb79c215b9ba342_316) | Summary of Financial Instruments |
| [55](#i9b586ce33d0945d78cb79c215b9ba342_319) | **Commitments and Contingencies** | **Commitments and Contingencies** |
| [56](#i9b586ce33d0945d78cb79c215b9ba342_322) | **Review of Quarterly Results** | **Review of Quarterly Results** |
| [56](#i9b586ce33d0945d78cb79c215b9ba342_325) | **Internal Control Over Financial Reporting and** <br>**Disclosure Controls and Procedures** | **Internal Control Over Financial Reporting and** <br>**Disclosure Controls and Procedures** |
| [57](#i9b586ce33d0945d78cb79c215b9ba342_328) | **IFRS Critical Accounting Policies and Accounting** <br>**Estimates** | **IFRS Critical Accounting Policies and Accounting** <br>**Estimates** |
| [57](#i9b586ce33d0945d78cb79c215b9ba342_331) | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** |
| [70](#i9b586ce33d0945d78cb79c215b9ba342_349) | **Technical Information** | **Technical Information** |
| [70](#i9b586ce33d0945d78cb79c215b9ba342_349) | **Endnotes** | **Endnotes** |
| [74](#i9b586ce33d0945d78cb79c215b9ba342_352) | **Glossary of Technical Terms** | **Glossary of Technical Terms** |
| [75](#i9b586ce33d0945d78cb79c215b9ba342_355) | **Mineral Reserves and Mineral Resources Tables** | **Mineral Reserves and Mineral Resources Tables** |
| [85](#i9b586ce33d0945d78cb79c215b9ba342_379) | **Management's Responsibility** | **Management's Responsibility** |
| [85](#i9b586ce33d0945d78cb79c215b9ba342_382) | **Management's Report on Internal Control Over** <br>**Financial Reporting** | **Management's Report on Internal Control Over** <br>**Financial Reporting** |
| [86](#i9b586ce33d0945d78cb79c215b9ba342_385) | **Independent Auditor's Report** | **Independent Auditor's Report** |
| [90](#i9b586ce33d0945d78cb79c215b9ba342_391) | **Financial Statements** | **Financial Statements** |
| [95](#i9b586ce33d0945d78cb79c215b9ba342_412) | **Notes to Consolidated Financial Statements** | **Notes to Consolidated Financial Statements** |

---

![](g10712abx-20251231_g2.gif)

<sup>1</sup>*Numerical annotations throughout the text of this document refer to the endnotes found on page 70.* 

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>5</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Overview**

**Our Vision**

We strive to be the world's most valued gold and copper

company by owning the best assets, managed by the best

people, to deliver the best returns and benefits for all our

stakeholders.

**Our Business**

Barrick is a sector-leading gold and copper producer with

annual gold production and gold reserves that are among

the highest in the industry. We are principally engaged in

the responsible production and sale of gold and copper, as

well as related activities such as exploration and mine

development. We hold ownership interests in eleven

producing gold mines and three producing copper mines.

These include five Tier One Gold Assets<sup>1</sup>, two Tier One

Copper Assets/Projects<sup>3</sup>and a diversified exploration

portfolio positioned for growth in many of the world's most

prolific gold districts. Over 50% of our gold production

comes from North America. Our eleven producing gold

mines are geographically diversified spanning the United

States, the Dominican Republic, Tanzania, the Democratic

Republic of the Congo, Mali, Argentina and Papua New

Guinea. Our three producing copper mines are located in

Zambia, Chile and Saudi Arabia, with a greenfield project in

Pakistan. Our exploration and other development projects

are located throughout the world, including the Americas,

Asia and Africa. We sell our production globally 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 an exchange. Barrick shares trade

on the New York Stock Exchange under the symbol B

(formerly GOLD) and the Toronto Stock Exchange under

the symbol ABX.

**2025 REVENUE**($ millions)

![30](g10712abx-20251231_g3.gif)

**Our Strategy**

We apply a business ownership model to our operations,

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 and safety. We seek to deliver for all our

stakeholders by optimizing free cash flow and managing

risk to create long-term value for our shareholders while

partnering with host governments and local communities to

transform their country's natural resources into sustainable

benefits with mutual prosperity. We aim to achieve this

through the following:<sup>1</sup>

Asset Quality

■Grow and invest in a portfolio of Tier One Gold Assets<sup>1</sup>,

Tier Two Gold Assets<sup>2</sup>, Tier One Copper Assets/

Projects<sup>3</sup> and Strategic Assets<sup>4</sup> with an emphasis on

organic growth, leveraging our footprint in world-class

geological districts. We focus our efforts on identifying

and developing assets that meet our investment

criteria. Our required return on Tier One<sup>1,3</sup> capital

investments is 15%, adjusting to 10% return on long-

life (20+ year) investments with exposure to multiple

commodity cycles. Our required return on investment

for Tier Two Gold Assets<sup>2</sup> is 20%.

■Invest in exploration across extensive land positions in

many of the world's most prolific gold and copper

districts.

■Maximize the long-term value of our strategic Copper

Business<sup>5</sup>.

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

Operational Excellence

■Strive for zero harm workplaces.

■Operate a decentralized 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.

■Focus on increasing returns to shareholders, driven by

return on capital, internal rate of return and free cash

flow<sup>6</sup> generation.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>6</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Financial and Operating Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | % Change | **12/31/25** | 12/31/24 | % Change | 12/31/23 |
| **Financial Results** ($ millions) |  |  |  |  |  |  |  |
| Revenues | **5997** | 4148 | 45% | **16956** | 12922 | 31% | 11397 |
| Cost of sales | **2712** | 1890 | 43% | **8265** | 7961 | 4% | 7932 |
| Net earnings<sup>a</sup> | **2406** | 1302 | 85% | **4993** | 2144 | 133% | 1272 |
| Adjusted net earnings<sup>b</sup> | **1754** | 982 | 79% | **4139** | 2213 | 87% | 1467 |
| Attributable EBITDA<sup>b</sup> | **3084** | 2022 | 53% | **8157** | 5185 | 57% | 3987 |
| Attributable EBITDA margin<sup>b</sup> | **64%** | 59% | 8% | **58%** | 48% | 21% | 42% |
| Minesite sustaining capital expenditures<sup>b,c</sup> | **458** | 395 | 16% | **1896** | 2217 | (14)% | 2076 |
| Project capital expenditures<sup>b,c</sup> | **630** | 532 | 18% | **1870** | 924 | 102% | 969 |
| Total consolidated capital expenditures<sup>c,d</sup> | **1107** | 943 | 17% | **3821** | 3174 | 20% | 3086 |
| Total attributable capital expenditures<sup>e</sup> | **906** | 757 | 20% | **3011** | 2607 | 15% | 2363 |
| Net cash provided by operating activities | **2726** | 2422 | 13% | **7689** | 4491 | 71% | 3732 |
| Net cash provided by operating activities margin<sup>f</sup> | **45%** | 58% | (22)% | **45%** | 35% | 29% | 33% |
| Free cash flow<sup>b</sup> | **1619** | 1479 | 9% | **3868** | 1317 | 194% | 646 |
| Attributable free cash flow<sup>b</sup> | **1060** | 1154 | (8)% | **2837** | 1091 | 160% | 399 |
| Net earnings per share (basic and diluted) | **1.43** | 0.76 | 88% | **2.93** | 1.22 | 140% | 0.72 |
| Adjusted net earnings (basic)<sup>b</sup>per share | **1.04** | 0.58 | 79% | **2.42** | 1.26 | 92% | 0.84 |
| Weighted average diluted common shares <br>(millions of shares)<br>| **1684** | 1703 | (1)% | **1707** | 1751 | (3)% | 1755 |
| **Operating Results** |  |  |  |  |  |  |  |
| Gold production (thousands of ounces)<sup>g</sup> | **871** | 829 | 5% | **3255** | 3911 | (17)% | 4054 |
| Gold sold (thousands of ounces)<sup>g</sup> | **960** | 837 | 15% | **3318** | 3798 | (13)% | 4024 |
| Market gold price ($/oz) | **4135** | 3457 | 20% | **3432** | 2386 | 44% | 1941 |
| Realized gold price<sup>b,g</sup>($/oz) | **4177** | 3457 | 21% | **3501** | 2397 | 46% | 1948 |
| Gold COS (Barrick's share)<sup>g,h</sup>($/oz) | **1904** | 1562 | 22% | **1697** | 1442 | 18% | 1334 |
| Gold TCC<sup>b,g</sup>($/oz) | **1205** | 1137 | 6% | **1199** | 1065 | 13% | 960 |
| Gold AISC<sup>b,g</sup>($/oz) | **1581** | 1538 | 3% | **1637** | 1484 | 10% | 1335 |
| Copper production (thousands of tonnes)<sup>g</sup> | **62** | 55 | 13% | **220** | 195 | 13% | 191 |
| Copper sold (thousands of tonnes)<sup>g</sup> | **67** | 52 | 29% | **224** | 177 | 27% | 185 |
| Market copper price ($/lb) | **5.03** | 4.44 | 13% | **4.51** | 4.15 | 9% | 3.85 |
| Realized copper price<sup>b,g</sup>($/lb) | **5.42** | 4.39 | 23% | **4.72** | 4.15 | 14% | 3.85 |
| Copper COS (Barrick's share)<sup>g,i</sup>($/lb) | **3.37** | 2.68 | 26% | **2.91** | 2.99 | (3)% | 2.90 |
| Copper C1 cash costs<sup>b,g</sup>($/lb) | **2.45** | 1.96 | 25% | **2.14** | 2.26 | (5)% | 2.28 |
| Copper AISC<sup>b,g</sup>($/lb) | **3.61** | 3.14 | 15% | **3.20** | 3.45 | (7)% | 3.21 |
|  | **As at** <br>**12/31/25**<br>| As at <br>9/30/25<br>| % Change | **As at** <br>**12/31/25**<br>| As at <br>12/31/24<br>| % Change | As at <br>12/31/23<br>|
| **Financial Position** ($ millions) |  |  |  |  |  |  |  |
| Debt (current and long-term) | **4703** | 4714 | 0% | **4703** | 4729 | (1)% | 4726 |
| Cash and equivalents | **6706** | 5037 | 33% | **6706** | 4074 | 65% | 4148 |
| Debt, net of cash | **(2003)** | (323) | 520% | **(2003)** | 655 | (406)% | 578 |

---

<sup>a.</sup>Net earnings represents net earnings attributable to the equity holders of the Company.

<sup>b.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>c.</sup>Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of AISC.

<sup>d.</sup>Total consolidated capital expenditures also includes capitalized interest of $19 million and $55 million, respectively, for Q4 2025 and 2025 (Q3 2025: $16 million;

2024: $33 million; 2023: $41 million).

<sup>e.</sup>These amounts are presented on the same basis as our guidance.

<sup>f.</sup>Represents net cash provided by operating activities divided by revenue.

<sup>g.</sup>On an attributable basis.

<sup>h.</sup>Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an

attributable basis using Barrick's ownership share).

<sup>i.</sup>Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>7</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | |
|:---|:---|
| **GOLD PRODUCTION**<sup>a</sup>(thousands of ounces) | **COPPER PRODUCTION**<sup>a</sup>(thousands of tonnes) |

---

![6](g10712abx-20251231_g4.gif)

![7](g10712abx-20251231_g5.gif)

---

| | |
|:---|:---|
| **GOLD COST OF SALES**<sup>b</sup>**, TOTAL CASH COSTS**<sup>c</sup>**,** | **COPPER COST OF SALES**<sup>b</sup>**, C1 CASH COSTS**<sup>c</sup> |
| **AND ALL-IN SUSTAINING COSTS**<sup>c</sup>($ per ounce) | **AND ALL-IN SUSTAINING COSTS**<sup>c</sup>($ per pound) |

---

![17](g10712abx-20251231_g6.gif)

![18](g10712abx-20251231_g7.gif)

---

| | |
|:---|:---|
| **NET EARNINGS, ATTRIBUTABLE EBITDA**<sup>c</sup> **AND** <br>**ATTRIBUTABLE EBITDA MARGIN**<sup>c</sup><br>| **CAPITAL EXPENDITURES**<sup>c,d</sup>($ millions) |

---

![28](g10712abx-20251231_g8.gif)

![31](g10712abx-20251231_g9.gif)

---

| | |
|:---|:---|
| **OPERATING CASH FLOW AND FREE CASH FLOW**<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RETURNS TO SHAREHOLDERS**<sup>e</sup>($ millions) |

---

![35](g10712abx-20251231_g10.gif)

![41](g10712abx-20251231_g11.gif)

<sup>a.</sup>On an attributable basis.

<sup>b.</sup>Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an

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

an attributable basis using Barrick's ownership share).

<sup>c.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>d.</sup>Capital expenditures also includes capitalized interest.

<sup>e.</sup>Dividends declared are inclusive of the performance dividend.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>8</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Factors affecting net earnings and adjusted net earnings<sup>6</sup> -

Q4 2025 versus Q3 2025

Net earnings for Q4 2025 were $2,406 million compared to

$1,302 million in Q3 2025. The increase was primarily due

to the following items:

■acquisition/disposition gains of $1,146 million, mainly

relating to the sale of our Hemlo gold mine, our interest

in the Tongon gold mine and the Alturas project,

combined with the accounting impact of regaining

control of the Loulo-Gounkoto complex on December

16, 2025; partially offset by

■other expense adjustments of $559 million in Q4 2025

which mainly related to the settlement payment to the

Government of Mali in November 2025 and the fair

value increment on inventory resulting from the

purchase price allocation when we regained control of

Loulo-Gounkoto.

After adjusting for items that are not indicative of future

operating earnings, adjusted net earnings<sup>6</sup> of $1,754 million

for Q4 2025 was $772 million higher than Q3 2025 mainly

due to the higher realized gold price<sup>6</sup>, and higher gold

sales volumes. These impacts were partially offset by an

increase in gold COS/oz<sup>7</sup>. The Q4 2025 realized gold price<sup>6</sup>

was 21% higher when compared to Q3 2025. The increase

in gold sales volumes was primarily due to a stronger

performance at NGM, mainly at Carlin due to higher

throughput and grades processed at both the roasters and

the autoclave; and at Turquoise Ridge due to higher grades

from the undergrounds; combined with the sale of the

reacquired gold and restart of production at Loulo-Gounkoto

after regaining control of the mine. These impacts were

partially offset by lower production at Tongon and Hemlo as

a result of the divestitures in Q4 2025. The increase in gold

COS/oz<sup>7</sup> was primarily a result of the impact of the fair

value increment on inventory resulting from the purchase

price allocation when we regained control of Loulo-

Gounkoto, combined with higher royalties due to an

increase in the realized gold price<sup>6</sup>(impact approximately

$45/oz). This was combined with increased sulfuric acid

consumption and prices at Carlin.

Refer to page 57 for a full list of reconciling items

between net earnings and adjusted net earnings<sup>6</sup> for the

current and previous periods.

Factors affecting net earnings and adjusted net earnings<sup>6</sup> -

2025 versus 2024

Net earnings for the year ended December 31, 2025 were

$4,993 million compared to $2,144 million in 2024. The

primary drivers of the increase were higher realized gold

and copper prices<sup>6</sup>, and lower copper COS/oz<sup>7</sup>. These

impacts were partially offset by lower gold sales volumes

and an increase in gold COS/oz<sup>7</sup>.

After adjusting for items that are not indicative of

future operating earnings, adjusted net earnings<sup>6</sup> of $4,139

million for the year ended December 31, 2025 was $1,926

million higher than 2024. This result for 2025 was the

highest adjusted net earnings<sup>6</sup>since 2011. 2025 realized

gold and copper prices<sup>6</sup> were 46% and 14% higher,

respectively when compared to 2024. Copper COS/oz<sup>7</sup>

was lower primarily due to higher grades processed and

higher capitalized waste stripping at Lumwana. Gold sales

volumes were lower largely driven by the temporary

suspension of operations at Loulo-Gounkoto on January 14,

2025. Control was subsequently regained on December 15,

2025. In addition to this, lower underground grades were

mined at Carlin although this was partially offset by Cortez

with more of the higher grade Cortez refractory ore being

processed at the Carlin roasters. A further driver of the

decrease was the divestitures of Tongon and Hemloin Q4

2025. These unfavorable impacts were offset by increased

production at Turquoise Ridge due to higher underground

tonnes mined and higher tonnes processed. The increase

in gold COS/oz<sup>7</sup> was primarily due to the fair value

increment on inventory resulting from the purchase price

allocation when we regained control of Loulo-Gounkoto,

lower production across the portfolio (resulting in reduced

fixed cost dilution), lower grades processed at a number of

operations, higher share-based compensation and higher

royalties (impact approximately $55/oz) associated with the

increase in the realized gold price<sup>6</sup>.

Significant adjusting items for 2025 include:

■acquisition/disposition gains of $1,107 million, mainly

relating to the sale of our 50% interest in the Donlin

Gold project, our Hemlo gold mine, our interest in the

Tongon gold mine and the Alturas project; partially

offset by

■other expense adjustments of $823 million in Q4 2025

which mainly related to the settlement payment to the

Government of Mali in November 2025, the fair value

increment on inventory resulting from the purchase

price allocation when we regained control of Loulo-

Gounkoto, and reduced operations costs at Loulo-

Gounkoto.

Refer to page 57 for a full list of reconciling items between

net earnings and adjusted net earnings<sup>6</sup> for the current and

previous periods.

Factors affecting operating cash flow and free cash flow<sup>6</sup> -

Q4 2025 versus Q3 2025

In Q4 2025, we generated $2,726 million in operating cash

flow, compared to $2,422 million in Q3 2025. The increase

of $304 million was primarily due to the the higher realized

gold price<sup>6</sup>, combined with increased gold sales volumes.

These impacts were slightly offset by an increase in gold

TCC/oz<sup>6</sup>. Operating cash flow was also negatively impacted

by an increase in cash taxes paid and higher interest paid

as a result of the timing of semi-annual interest payments

on our bonds, which primarily occur in the second and

fourth quarters. These results were further impacted by an

unfavorable working capital movement, mainly in accounts

receivable, partially offset by a favorable movement in

inventory.

Free cash flow<sup>6</sup> for Q4 2025 was $1,619 million,

compared to $1,479 million in Q3 2025, reflecting higher

operating cash flows, partially offset by higher capital

expenditures. In Q4 2025, capital expenditures on a cash

basis were $1,107 million compared to $943 million in Q3

2025, primarily due to higher project capital expenditures<sup>6</sup>

relating to the Lumwana Super Pit Expansion project,

combined with higher minesite sustaining capital

expenditures<sup>6</sup> at Pueblo Viejo as a result of restoring fleet

reliability and increased activities at the Llagal TSF.

Factors affecting operating cash flow and free cash flow<sup>6</sup> -

2025 versus 2024

For the year ended December 31, 2025, we generated

$7,689 million in operating cash flow, compared to $4,491

million in 2024. The increase of $3,198 million was primarily

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>9</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

due to higher realized gold and copper prices<sup>6</sup>, combined

with lower copper C1 cash costs/lb<sup>6</sup>. These impacts were

partially offset by lower gold sales volumes and an increase

in gold TCC/oz<sup>6</sup>. Operating cash flow was further impacted

by a favorable movement in working capital, mainly in

inventory, VAT receivable and other current liabilities,

partially offset by an unfavorable movement in other current

assets and accounts payable. These favourable impacts

were partially offset by higher cash taxes paid.

For 2025, we generated free cash flow<sup>6</sup> of $3,868

million compared to $1,317 million in 2024. The increase

primarily reflects higher operating cash flows, partially offset

by higher capital expenditures. In 2025, capital

expenditures on a cash basis were $3,821 million

compared to $3,174 million in 2024, mainly due to higher

project capital expenditures<sup>6</sup> mainly related to costs being

capitalized at Reko Diq as the feasibility study was

completed in Q4 2024 and at Lumwana on the Super Pit

Expansion project, partially offset by lower minesite

sustaining capital expenditures<sup>6</sup> mainly at Loulo-Gounkoto

as operations were temporarily suspended and the mine

was subsequently placed under a temporary provisional

administration until December 16, 2025.

**Key Business Developments**

2025 Highlights

■Gold prices averaged $3,432 per ounce in 2025, a 44%

increase over 2024 and an all-time annual high, and

closed the year at $4,368 per ounce;

■Annual net earnings of $5.0 billion, earnings per share of

$2.93, adjusted net earnings of $4.1 billion and adjusted

earnings per share of $2.42were all records in 2025;

■Record annual operating cash flow of $7.7 billion and free

cash flow<sup>6</sup> of $3.9 billion in 2025;

■Year-end cash balance of $6.7 billion is an all-time high;

■Returned $2.4 billion to shareholders in 2025, including

$0.9 billion of dividends and $1.5 billion of share

buybacks, also all-time records for the company;

■New dividend policy announced linked to attributable free

cash flow;

■Resolved disputes in Mali, securing employees' release

and regaining control of the Loulo-Gounkoto mine;

■Portfolio optimization led to the disposition of the Hemlo

and Tongon mines, as well as the Donlin and Alturas

projects for cash proceeds totalling over $2.1 billion in

2025; and

■Accelerated drilling over 2025 confirms Fourmile as one

of the most significant discoveries this century.

Leadership transition

On February 4, 2026, Mark Hill was appointed as Group

President and Chief Executive Officer, following his

appointment as Group Chief Operating Officer and Interim

President and Chief Executive Officer on September 29,

2025. Mark Hill has delivered strong performance since

his interim appointment and the Board of Directors

determined he is the ideal person to lead Barrick through its

next phase as President and Chief Executive Officer.

Accordingly, the Board's Search Committee has paused its

search for this position. Mr. Hill, who was previously

responsible for Barrick's LATAM and Asia Pacific region, is

a seasoned mining executive with 30 years of experience.

He joined Barrick in 2006 and has experience in strategy,

corporate development and leading major projects across

the world, and was also integral in the initial decision to

undertake exploration at the Fourmile gold project in

Nevada.

On September 29, 2925, Mark Bristow stepped

down as President and CEO after nearly seven years,

having joined Barrick following Barrick's merger with

Randgold in 2019. Mark Bristow led the successful

integration of the two companies, and during his tenure

made significant investments in Barrick's world-class assets

to better position Barrick to maintain profitable gold and

copper growth.

On January 19, 2026, we announced the

appointment of Helen Cai as Senior Executive Vice

President and Chief Financial Officer. Ms. Cai will become

Chief Financial Officer on March 1, 2026, following the

departure of Graham Shuttleworth, who will be leaving

Barrick. Ms. Cai has served on the Barrick Board of

Directors since November 2021 and brings more than two

decades of experience in equity research, corporate

finance, strategic planning, capital markets, and M&A

across the mining, industrial, and technology sectors,

primarily with Goldman Sachs and China International

Capital Corporation.

North America IPO

As announced on December 1, 2025, the Board authorized

Barrick's management team to explore the IPO of an entity

that will hold Barrick's premier North American gold assets

("NewCo"). Following a rigorous financial and operational

analysis by Barrick's management and its advisors, the

Board has concluded that the IPO of NewCo represents the

best path for maximizing value for Barrick's shareholders.

The Board has authorized Barrick's management to begin

preparations for the IPO of NewCo and expects the IPO to

be completed by late 2026.

NewCo will hold Barrick's joint venture interests in

Nevada Gold Mines and Pueblo Viejo, as well as Barrick's

wholly owned Fourmile gold discovery in Nevada. Barrick

intends to retain a significant controlling interest in NewCo

following the IPO and continue to benefit financially through

its majority ownership of NewCo. Barrick will continue to

own and drive value in the Company's other world-class

gold and copper assets. Barrick expects to provide further

details of the IPO in the coming months.

The completion of the IPO will be subject to

market conditions and other customary conditions, including

any required regulatory approvals and final approval of the

IPO by the Barrick Board of Directors.

For this reason, we have also restructured the

regional teams within Barrick so that the Pueblo Viejo mine

is now included in our North America region. The remaining

assets within the newly named South America & Asia

Pacific region are Veladero, Porgera and Zaldívar.

Fourmile

In September 2025, we presented an update on the 100%

owned Fourmile project in Nevada, further establishing its

status as one of the most significant discoveries this

century. Refer to page [43](#i9b586ce33d0945d78cb79c215b9ba342_256) for more information.

Hemlo sale

On September 11, 2025, Barrick announced that it reached

an agreement to sell the Hemlo Gold Mine ("Hemlo") in

Canada to Carcetti Capital Corp., which was renamed to

Hemlo Mining Corp. ("HMC"). The sale agreement provides

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>10</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

for gross proceeds of up to $1.09 billion, consisting of

$875 million of cash proceeds due on closing, HMC shares

with an aggregate value of $50 million, and a production

and tiered gold price-linked cash payment structure of up to

$165 million starting in January 2027 for a five-year term.

The transaction closed on November 26, 2025 and we

recognized a gain on sale of $545 million and contingent

consideration of $22 million in Q4 2025.

Tongon sale

On October 6, 2025, Barrick announced that it reached an

agreement to sell its interests in the Tongon gold mine

("Tongon") and certain of its exploration properties in Côte

d'lvoire to the Atlantic Group for total consideration of up to

$305 million. The consideration is composed of cash

consideration of $192 million, inclusive of a $23 million

shareholder loan repayment within six months of closing,

and contingent cash payments totaling up to $113 million

payable based on the price of gold over 2.5 years and

resource conversions over 5 years. The transaction closed

on December 1, 2025 and we recognized a gain on sale of

$134 million and contingent consideration of $113 in Q4

2025. Loulo-Gounkoto Mining Conventions Dispute

The Company and the Government of Mali had engaged in

a dispute in connection with the existing mining conventions

of Société des Mines de Loulo SA ("Somilo") and Société

des Mines de Gounkoto ("Gounkoto") (together, the

"Conventions").

On December 18, 2024, after multiple good faith

attempts to resolve the dispute, Somilo and Gounkoto

submitted a request for arbitration to ICSID in accordance

with the provisions of their respective Convention. On

January 14, 2025, due to the restrictions imposed by the

Government of Mali on gold shipments, the Company

announced that the Loulo-Gounkoto complex would

temporarily suspend operations.

On June 16, 2025, the Bamako Commercial

Tribunal placed Loulo-Gounkoto under a temporary

provisional administration. While Barrick retained its 80%

legal ownership of the mining complex, operational control

was transferred to an external administrator. As a result of

this loss of control event, the assets, liabilities and non-

controlling interest of Loulo-Gounkoto were deconsolidated

and derecognized and a retained investment was

recognized at fair value in Q2 2025.

On November 24, 2025, Barrick announced that

an agreement had been entered into with the Government

of the Republic of Mali to put an end to all disputes

regarding the Loulo and Gounkoto mines. The provisional

administration of the Loulo-Gounkoto complex was

terminated on December 16, 2025, at which point

operational control was handed back to Somilo and

Gounkoto's management. This was accounted for as a

business acquisition in Q4 2025 where the investment was

derecognized and the assets, liabilities and non-controlling

interest of Loulo-Gounkoto were consolidated from this date

again.

For more information, refer to notes 4, 35 and 36

of the Financial Statements.

Donlin Sale

On April 22, 2025, Barrick announced it had entered into an

agreement to sell its 50% interest in the Donlin Gold project

located in Alaska, USA to affiliates of Paulson Advisers LLC

and NOVAGOLD Resources Inc. ("NOVAGOLD") for total

cash consideration of $1 billion. In addition, Barrick has

granted NOVAGOLD an option to purchase the outstanding

debt owed to Barrick (value of $164 million as at

September 30, 2025 and presented in Other Assets) in

connection with the Donlin Gold project for $90 million if

purchased prior to closing (which was not exercised), or for

$100 million if purchased within 18 months from closing,

when the option expires. If that option is not exercised, the

debt will remain outstanding, substantially in accordance

with its existing terms which would largely defer repayment

to the commencement of production.

The transaction closed on June 3, 2025 and we

recognized a gain on sale of $745 million in Q2 2025. In

addition, NOVAGOLD retains the option to purchase the

outstanding debt for $100 million within 18 months from

closing.

Alturas Sale

On August 8, 2025, Barrick announced that it has reached

an agreement to sell the Alturas Project in Chile to a

subsidiary of Boroo Pte Ltd (Singapore) ("Boroo") for an up-

front cash payment of $50 million. In addition, Barrick will

be granted a 0.5% net smelter return royalty on gold and

silver produced from the Project, which will terminate once

2 million ounces of gold and gold-equivalent have been

produced. Boroo may repurchase the royalty within four

years from closing for $10 million. The transaction closed

on November 7, 2025 and we recognized a gain on sale of

$53 million in Q4 2025.

Name and Ticker Change

At the Company's Annual and Special Meeting of

Shareholders on May 6, 2025, Barrick's shareholders

approved the change of the Company's corporate name

from Barrick Gold Corporation to Barrick Mining

Corporation, which was made effective on that date. In

addition, as of May 9, 2025, Barrick's ticker on the New

York Stock Exchange changed to "B" from "GOLD", better

reflecting Barrick's current business and our mission to

achieve sustainable and profitable gold and copper growth.

Barrick's ticker on the TSX remains unchanged.

Board of Directors Changes

Also at the Company's Annual and Special Meeting of

Shareholders on May 6, 2025, two new independent

directors were elected to the Board of Directors: Ben van

Beurden and Pekka Vauramo. They replaced Christopher

Coleman and Andrew Quinn who retired from the Board.

At the August 8, 2025 meeting, the Board of

Directors appointed Ben van Beurden as Lead Director,

succeeding Brett Harvey who continues to serve on the

Board as an independent director.

On November 26, 2025, it was announced that

Ben van Beurden had stepped down as a Director of the

Board and Lead Independent Director. Loreto Silva has

succeeded Ben van Beurden as Lead Independent Director.

At the February 4, 2026 meeting Robert Samek

was appointed to the Board of Directors and will join the

Audit & Risk and Compensation Committees. In addition,

Mark Hill, President and Chief Executive Officer, will join the

Company's Board of Directors as a Non-Independent

Director.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>11</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

New Dividend Policy

On February 4, 2026, the Board of Directors announced the

declaration of a $0.42 per share dividend in respect of

performance for the fourth quarter of 2025, representing an

increase of 140% over the third quarter, and announced a

new dividend policy.

In Q4 2025 and going forward, the Company's

new dividend policy targets a total payout of 50% of

attributable free cash flow on an annualized basis,

comprised of a fixed base quarterly dividend of $0.175 per

share and a performance top-up component at each year

end based on the attributable free cash flow during the

year. The dividend paid in any given year may be higher or

lower than the 50% target based on the strength of cash

flow, capital needs, balance sheet considerations, and other

factors.

Share Buyback Program

At the February 11, 2025 meeting, the Board of Directors

authorized a share buyback program for the repurchase of

up to $1.0 billion of the Company's outstanding common

shares over the next 12 months. At the November 7, 2025

meeting, on the back of the strong financial performance of

the Company, the Board of Directors authorized an

increase in the share buyback program for the repurchase

of up to an additional $500 million, raising the total to $1.5

billion. Barrick repurchased $500 million of shares in Q4

2025, bringing the 2025 total to $1.5 billion purchased

under this share buyback program.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>12</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Outlook for 2026**

Operating Division Guidance

Our 2025 actual gold and copper production, cost of sales, TCC<sup>6</sup>, AISC<sup>6</sup> and 2026 forecast gold and copper production, cost of

sales, TCC<sup>6</sup> and AISC<sup>6</sup> ranges by operating division are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Operating Division | 2025 <br>attributable <br>production <br>(000s ozs) <br>| 2025 <br>cost of <br>sales<sup>a</sup><br>($/oz)<br>| 2025 <br>TCC<sup>b</sup><br>($/oz)<br>| 2025 <br>AISC<sup>b</sup><br>($/oz)<br>| 2026 forecast <br>attributable <br>production <br>(000s ozs) <br>| 2026 forecast <br>cost of sales<sup>a</sup><br>($/oz)<br>| 2026 forecast <br>TCC<sup>b</sup> ($/oz)<br>| 2026 forecast <br>AISC<sup>b</sup> ($/oz)<br>|
| ***Gold*** |  |  |  |  |  |  |  |  |
| Carlin (61.5%) | 687 | 1676 | 1340 | 1906 | 600 - 670 | 1770 - 1960 | 1340 - 1490 | 1900 - 2100 |
| Cortez (61.5%)<sup>c</sup> | 454 | 1609 | 1234 | 1513 | 430 - 480 | 1980 - 2190 | 1390 - 1540 | 1690 - 1870 |
| Turquoise Ridge (61.5%) | 341 | 1545 | 1178 | 1358 | 300 - 330 | 1610 - 1790 | 1220 - 1360 | 1490 - 1650 |
| Phoenix (61.5%) | 109 | 1921 | 653 | 920 | 80 - 100 | 2440 - 2710 | 900 - 1000 | 1180 - 1310 |
| Nevada Gold Mines (61.5%) | 1591 | 1647 | 1229 | 1620 | 1420 - 1580 | 1850 - 2050 | 1300 - 1440 | 1720 - 1900 |
| Pueblo Viejo (60%) | 379 | 1608 | 1034 | 1412 | 350 - 400 | 1720 - 1910 | 1160 - 1290 | 1590 - 1760 |
| **North America**<sup>d</sup> | **1970** | **1639** | **1191** | **1580** | **1770 - 1980** | **1820 - 2010** | **1270 - 1410** | **1690 - 1870** |
| Veladero (50%) | 230 | 1286 | 785 | 1450 | 180 - 200 | 2000 - 2210 | 1160 - 1280 | 1460 - 1620 |
| Porgera (24.5%) | 92 | 1553 | 1184 | 1630 | 80 - 100 | 1610 - 1790 | 1190 - 1320 | 1610 - 1780 |
| **South America & Asia** <br>**Pacific**<br>| **322** | **1363** | **901** | **1502** | **260 - 300** | **1870 - 2070** | **1170 - 1300** | **1500 - 1660** |
| Loulo-Gounkoto (80%)<sup>e</sup> | 29 | 4271 | 1449 | 1603 | 260 - 290 | 2860 - 3140 | 2180 - 2390 | 2640 - 2900 |
| Kibali (45%) | 303 | 1568 | 1099 | 1337 | 270 - 310 | 1520 - 1680 | 1130 - 1250 | 1330 - 1470 |
| North Mara (84%) | 249 | 1449 | 1085 | 1333 | 200 - 230 | 1700 - 1880 | 1300 - 1430 | 1520 - 1680 |
| Bulyanhulu (84%) | 153 | 1789 | 1253 | 1795 | 140 - 160 | 1750 - 1940 | 1230 - 1360 | 1870 - 2070 |
| **Africa and Middle East**<sup>f</sup> | **734** | **1680** | **1140** | **1442** | **870 - 970** | **1990 - 2200** | **1490 - 1640** | **1840 - 2040** |
| ***Divested Sites*** |  |  |  |  |  |  |  |  |
| Hemlo (100%) | 123 | 1854 | 1618 | 1936 |  |  |  |  |
| Tongon (89.7%) | 106 | 2200 | 2049 | 2203 |  |  |  |  |
| **Total Gold**<sup>e,g,h,i</sup> | **3255** | **1697** | **1199** | **1637** | **2900 - 3250** | **1870 - 2070** | **1330 - 1470** | **1760 - 1950** |
|  | 2025 <br>attributable <br>production <br>(000s <br>tonnes)<br>| 2025 <br>cost of <br>sales<sup>a</sup><br>($/lb)<br>| 2025 C1 <br>cash <br>costs<sup>b</sup><br>($/lb)<br>| 2025 <br>AISC<sup>b</sup><br>($/lb)<br>| 2026 forecast <br>attributable <br>production<br>(000s tonnes) <br>| 2026 forecast <br>cost of sales<sup>a</sup><br>($/lb)<br>| 2026 forecast <br>C1 cash <br>costs<sup>b</sup> ($/lb)<br>| 2026 forecast <br>AISC<sup>b</sup> ($/lb)<br>|
| ***Copper*** |  |  |  |  |  |  |  |  |
| Lumwana | 151 | 2.54 | 1.86 | 3.05 | 130 - 150 | 2.85 - 3.15 | 2.05 - 2.30 | 3.40 - 3.75 |
| Zaldívar (50%) | 37 | 5.14 | 3.98 | 4.75 | 30 - 35 | 4.80 -5.10 | 3.70 - 3.90 | 5.40 - 5.70 |
| Jabal Sayid (50%) | 32 | 2.09 | 1.28 | 1.46 | 25 - 30 | 2.10 - 2.30 | 1.25 - 1.45 | 1.45 - 1.65 |
| **Total Copper**<sup>h,i</sup> | **220** | **2.91** | **2.14** | **3.20** | **190 - 220** | **3.05 - 3.35** | **2.20 - 2.45** | **3.45 - 3.75** |

---

a.Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an

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

an attributable basis using Barrick's ownership share).

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

c.Includes Goldrush.

d.Excludes Hemlo as it was divested on November 26, 2025.

e.2026 forecast cost of sales does not include the impact of the Loulo-Gounkoto purchase price allocation. Refer to note 4 to the Financial Statements for further

information.

f.Excludes our share of Tongon as it was divested on December 1, 2025.

g.TCC/oz and AISC/oz include costs allocated to non-operating sites.

h.Operating division guidance ranges reflect expectations at each individual operating division, and may not add up to the company-wide guidance range total.

i.Includes corporate administration costs.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>13</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Operating Division, Consolidated Expense and Capital Guidance

Our 2025 actual gold and copper production, cost of sales, TCC<sup>6</sup>, AISC<sup>6</sup>, consolidated expenses and capital expenditures and

2026 forecast gold and copper production, cost of sales, TCC<sup>6</sup>, AISC<sup>6</sup>, consolidated expenses and capital expenditures are as

follows:

---

| | | | |
|:---|:---|:---|:---|
| ($ millions, except per ounce/pound data) | 2025 Guidance<sup>a</sup> | 2025 Actual | 2026 Guidance<sup>a</sup> |
| ***Gold Metrics*** |  |  |  |
| Production (millions of ounces) | 3.15 - 3.50 | 3.26 | 2.90 - 3.25 |
| Cost of sales ($ per oz) | 1460 - 1560 | 1697 | 1870 - 2070 |
| TCC ($ per oz)<sup>b</sup> | 1050 - 1130 | 1199 | 1330 - 1470 |
| Depreciation ($ per oz) | 370 - 400 | 373 | 470 - 520 |
| AISC ($ per oz)<sup>b</sup> | 1460 - 1560 | 1637 | 1760 - 1950 |
| Attributable minesite sustaining<sup>b,d</sup> | 1100 - 1300 | 1204 | 1100 - 1250 |
| Attributable project<sup>b,d</sup> |  | 631 | 900 - 1000 |
| Total gold attributable capital expenditures<sup>b,d</sup> |  | 1851 | 2000 - 2250 |
| ***Copper Metrics*** |  |  |  |
| Production (thousands of tonnes) | 200 - 230 | 220 | 190 - 220 |
| Cost of sales ($ per lb) | 2.50 - 2.80 | 2.91 | 3.05 - 3.35 |
| C1 cash costs ($ per lb)<sup>b</sup> | 1.80 - 2.10 | 2.14 | 2.20 - 2.45 |
| Depreciation ($ per lb) | 0.75 - 0.85 | 0.83 | 0.90 - 1.00 |
| AISC ($ per lb)<sup>b</sup> | 2.80 - 3.10 | 3.20 | 3.45 - 3.75 |
| Attributable minesite sustaining<sup>b,d</sup> | 300 - 350 | 356 | 400 - 450 |
| Attributable project<sup>b,d</sup> |  | 768 | 1600 - 1750 |
| Total copper attributable capital expenditures<sup>b,d</sup> |  | 1160 | 2000 - 2200 |
| ***Group Financial Metrics*** |  |  |  |
| Exploration and project expenses | 330 - 370 | 367 | 450 - 500 |
| Exploration and evaluation | 220 - 240 | 247 | 320 - 350 |
| Project expenses | 110 - 130 | 120 | 130 - 150 |
| General and administrative expenses | ~160 | 222 | ~180 |
| Corporate administration  | ~120 | 103 | ~120 |
| Stock-based compensation<sup>c</sup> | ~40 | 119 | ~60 |
| Other expense (income) | 70 - 90 | (509) | 70 - 90 |
| Finance costs, net | 270 - 310 | 227 | 230 - 250 |
| Total attributable capital expenditures<sup>d</sup> | 3100 - 3600 | 3011 | 4000 - 4450 |

---

a.Guidance ranges exclude Long Canyon which is producing incidental ounces from the leach pad while in closure.

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

c.2025 actual results are based on a US$45.76 share price and 2026 guidance is based on the same share price.

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

89.7% share of Tongon up until its divestiture on December 1, 2025, our 84% share of North Mara and Bulyanhulu, our 45% share of Kibali, our 50% share of

Zaldívar and Jabal Sayid, and our 24.5% share of Porgera. Total attributable capital expenditures for 2025 actual results also includes capitalized interest of $52

million.

2026 Guidance Analysis

Estimates of future production, COS/oz<sup>7</sup>, TCC/oz<sup>6</sup> and

AISC/oz<sup>6</sup>presented in this MD&A are based on mine plans

that reflect the expected method by which we will mine

reserves at each site. Actual gold and copper production

and associated costs may vary from these estimates due to

a number of operational and non-operational risk factors

(see the "Cautionary Statement on Forward-Looking

Information" on page 2 of this MD&A for a description of

certain risk factors that could cause actual results to differ

materially from these estimates).

*Gold Production*

We expect 2026 gold production to be in the range of 2.90

to 3.25 million ounces, compared to our actual 2025 gold

production of 3.26 million ounces. In Q4 2025, we divested

our interests in Hemlo and Tongon and when those two

assets are excluded, our 2025 production was 3.0 million

ounces. The most significant driver of the increase for 2026

across the continuing assets is the additional production

from Loulo-Gounkoto following the return of control in late

Q4. Across the remainder of the portfolio, we expect Pueblo

Viejo to deliver a slightly higher year-over-year performance

with offsetting decreases at Veladero and North Mara. At

Carlin, we expect 2026 production to be slightly lower than

2025 driven by open pit mine sequencing although this is

expected to be partially offset by higher deliveries of Cortez

material processed through the Carlin roasters. At

Turquoise Ridge, we expect lower underground grades as

per the planned mining sequence. We expect stable

delivery for the other assets.

Across the four quarters of 2025, the Company's

gold production is expected to be the lowest in Q1 (between

640 to 680koz) and highest in Q3 and Q4 due to the ramp-

up of Loulo-Gounkoto, the timing of shutdowns, the

Goldrush ramp-up and mine sequencing across the NGM

sites. This is expected to result in an approximately 45% /

55% split of the Company's total gold production between

the first half and second half of the year, respectively.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025**<sub>14</sub> | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

*Gold Cost of Sales per Ounce*<sup>7</sup>

On a per ounce basis, cost of sales applicable to gold<sup>7</sup>,

after removing the portion related to non-controlling

interests, is expected to be in the range of $1,870/oz to

$2,070/oz in 2026, compared to the 2025 actual result of

$1,697/oz.

The drivers of the increase are higher depreciation

and for the reasons described in the Gold TCC/oz<sup>6</sup> section

immediately below. The higher depreciation on a per ounce

basis is mainly driven by Loulo-Gounkoto and NGM. At the

former, it relates to the provisional purchase price allocation

following the return of control. At NGM, it relates to ore

mined from South Arturo (within Carlin) and Crossroads

(within Cortez) where capitalized stripping was incurred in

prior periods and as the ore is mined in 2026, it carries a

higher depreciation charge on a per ounce basis relative to

the other feed at these two sites. In addition to this, across

the other assets, reinvestment in the business is also

contributing to higher depreciation as we incur a full 12

months of depreciation on the newly installed assets.

*Gold Total Cash Costs per Ounce*<sup>6</sup>

TCC/oz<sup>6</sup> in 2026 is expected to be in the range of $1,330/oz

to $1,470/oz, compared to the 2025 actual result of $1,199/

oz.

Our 2026 cost guidance for TCC/oz<sup>6</sup> is based on a

gold price assumption of $4,500/oz whereas the average

gold price realized for 2025 was $3,501/oz. This difference

of $999/oz represents around $60/oz of the increase in

TCC/oz<sup>6</sup>. Furthermore, the average royalty rate for our

Loulo-Gounkoto mine is now 18% as a result of the

royalties and duties applicable under the 2023 Mining

Code. This has increased the overall sensitivity of the costs

incurred at our mines to the gold price and has amplified

the impact of the gold price increase because the Loulo-

Gounkoto mine is expected to produce 260 to 290koz in

2026 compared to the 29koz in 2025.

In our North America region (which also includes

our Pueblo Viejo mine from 2026), our 2026 guidance for

TCC/oz<sup>6</sup> for NGM of $1,300/oz to $1,440/oz compares to

the 2025 actual result of $1,229/oz. The higher gold price

assumption represents ~$35/oz of the increase. We are

also expecting lower grades mined from the open pits

driven by the mine plans and more material hauled from

Cortez to the Carlin roasters (which adds to the cost

profile). In addition, for 2026 we expect that the price of key

consumables will remain at higher levels driven by

increased tariffs whereas in 2025, this was more muted

until Q4.

For our Africa & Middle East region, TCC/oz<sup>6</sup> is

expected to be in the range of $1,490/oz to $1,640/oz,

which is an increase compared to 2025 mainly driven by the

higher production from Loulo Gounkoto at a higher cost

base as we focus on ramping up the mine following the

return of control in mid December 2025 and at North Mara

where lower grades are planned to be fed during 2026

compounded by a higher strip ratio year on year. The higher

gold price assumption also represents ~$30/oz of the

increase in 2026 relative to 2025 based on our $4,500/oz

gold price assumption.

*Gold All-In Sustaining Costs per Ounce*<sup>6</sup>

AISC/oz<sup>6</sup> in 2026 is expected to be in the range of $1,760/

oz to $1,950/oz, compared to the 2025 actual result of

$1,637/oz. ~$60/oz of this increase is driven by the higher

gold price assumption of $4,500/oz used for our 2026

guidance. The remainder of the increase is based on the

expectation that minesite sustaining capital expenditures<sup>6</sup>

on a per ounce basis will be slightly higher than 2025 (refer

to Capital Expenditures commentary below for further

detail).

*Copper Production and Costs*

We expect 2026 copper production to be in the range of

190 to 220 thousand tonnes, compared to actual production

of 220 thousand tonnes in 2025. Production is expected to

be highest in Q2 and Q3 with Q1 being the lowest quarter

of the year mainly driven by grade at Lumwana as per the

mine plan.

In 2026, cost of sales applicable to copper<sup>7</sup> is

expected to be in the range of $3.05/lb to $3.35/lb, which

compares to the actual result of $2.91/lb for 2025. Our 2026

cost guidance for cost of sales/lb<sup>6</sup> is based on a copper

price assumption of $5.50/lb whereas the average realized

copper price for 2025 was $4.72/lb. This difference of

$0.78/lb represents around $0.05/lb of the increase. In

addition, higher maintenance costs at Lumwana driven by

an optimized planned change out schedule to improve

availabilities and deliverability of the mine plan. C1 cash

costs/lb<sup>6</sup> guidance of $2.20/lb to $2.45/lb for 2026

compares to the 2025 actual result of $2.14/lb, mainly

driven by the higher costs at Lumwana as referred to

above. Copper AISC/lb<sup>6</sup> guidance of $3.45/lb to $3.75/lb for

2026 compares to the actual result of $3.20/lb in 2025 with

higher costs expected at Zaldívar and Lumwana.

*Exploration and Project Expenses*

We expect to incur approximately $450 to $500 million of

exploration and project expenses in 2026. This is higher

than our 2025 guidance range, and compares to the 2025

actual result of $367 million. The drivers of the higher spend

are detailed below.

Within this range, we expect our exploration and

evaluation expenditures in 2026 to be approximately $320

to $350 million. This is higher than the 2025 actual result of

$247 million driven by an increase in spending at Barrick's

100% owned Fourmile project where we expect our drilling

spend to increase to $150 to $160 million. This is partially

offset by a lower spend across the rest of the portfolio. This

spend on exploration and evaluation expenditures will

continue to support our resource and reserve conversion

over the coming years continuing our record of replacing

the reserves we mine.

We also expect to incur approximately $130 to

$150 million of project expenses in 2026, compared to $120

million in 2025. The driver of this increase is that we expect

to incur costs of $20 million on studies work for Barrick's

100% owned Fourmile project. The remainder of the

expected spend for 2026 relates to corporate development

activities, Pascua-Lama and project costs at NGM.

*General and Administrative Expenses*

In 2026, we expect corporate administration costs to be

approximately $120 million given our track record over the

last seven years of consistently delivering costs below the

guidance.

Separately, stock-based compensation expense in

2026 is expected to be approximately $60 million based on

a share price assumption of $37.60 noting that the actual

outcome will be impacted by the share price movements

over the course of the 2026 year.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **15** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

*Finance Costs, Net*

In 2026, our guidance range for net finance costs of $230 to

$250 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 2026 is

slightly higher than the actual result for 2025 of $227

million, and reflects our expectation that market interest

rates will on average be lower relative to 2025, translating

to lower interest income earned on our cash balance.

Interest expense incurred on our bonds is at a fixed rate

and consequently does not change with market interest

rates.

*Capital Expenditures*

Total attributable gold and copper capital expenditures for

2026 are expected to be in the range of $4,000 to $4,450

million. This is higher than the actual spend for the 2025

year of $3,011 million driven by the advancement of both

the Lumwana Super Pit Expansion project and the Reko

Diq project. At Lumwana, the capital spend on the growth

project is expected to be $750 to $850 million and at Reko

Diq the capital expenditure is expected to be $600 - $700

million (Barrick's 50% share). Inclusive of these two major

projects, we expect attributable project capital

expenditures<sup>6</sup> to be in the range of $2,500 to $2,750 million

in 2026, which is higher than our actual expenditures of

$1,399 million in 2025. Across the Company's gold assets,

the material growth projects relate to Barrick's 100% owned

Fourmile project in Nevada, the new Naranjo tailings facility

at Pueblo Viejo, the Goldrush ramp-up at Cortez and the

Ren project at Carlin.

Attributable minesite sustaining capital

expenditures<sup>6</sup> for 2026 are expected to be in the range of

$1,500 to $1,700 million, which compares to the actual

spend for 2025 of $1,560 million. The guidance range for

2026 is split between our gold assets ($1,100 to $1,250

million) and copper assets ($400 to $450 million).

Compared to the prior year, minesite sustaining capital

expenditures<sup>6</sup> in 2026 are expected to be only slightly

higher than 2025 across the Company's gold assets, with

higher expenditure at Loulo-Gounkoto and Pueblo Viejo

offset by a lower spend at Veladero (plus the divestiture of

Hemlo and Tongon). For the copper assets, minesite

sustaining capital expenditures<sup>6</sup> in 2026 are expected to be

around $100 million higher than 2025 with a higher spend

expected at Zaldívar and to a lesser extent Lumwana.

*Effective Income Tax Rate*

Based on a gold price assumption of $4,500/oz, our

expected effective tax rate range for 2026 is 24% to 28%.

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**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2026 Guidance <br>Assumption | Hypothetical Change | Consolidated impact <br>on EBITDA<sup>a</sup> (millions) | Attributable impact on <br>EBITDA<sup>a</sup> (millions) | Attributable impact on <br>TCC and AISC<sup>a</sup> |
|  | 2026 Guidance <br>Assumption | Hypothetical Change | Consolidated impact <br>on EBITDA<sup>a</sup> (millions) | Attributable impact on <br>EBITDA<sup>a</sup> (millions) | Attributable impact on <br>TCC and AISC<sup>a</sup> |
| Gold price sensitivity | $4,500/oz | +/- $100/oz | '+/-$650 | '+/-$300 | '+/-$5/oz |
| Copper price sensitivity | $5.50/lb | +/-$0.25/lb | '+/- $110 | '+/- $110 | '+/-$0.02/lb |

---

a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

Three Year (2026-2028) Production Outlook

We expect Cortez, Loulo-Gounkoto, Kibali, North Mara and Phoenix to deliver higher year-over-year performances in 2027

relative to 2026, together with stable delivery across the rest of the portfolio. In 2028, the increase in gold production is driven by

NGM and for copper by Lumwana. Our gold and copper production outlook over the next three years are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2026 Guidance | 2027 Outlook | 2028 Outlook |
| Gold production (millions of ounces) | 2.90 - 3.25 | 3.30 - 3.65 | 3.40 - 3.75 |
| Copper production (thousands of tonnes) | 190 - 220 | 195 - 225 | 255 - 285 |

---

**Sustainability**

Barrick's vision for sustainability is underpinned by

the knowledge that sustainability aspects are

interconnected and must be tackled in conjunction with, and

reference to, each other. We call this approach Holistic and

Integrated Sustainability Management. We must tackle all

sustainability aspects holistically and concurrently to make

meaningful progress in any single aspect. Although we

integrate our sustainability management, we discuss our

sustainability strategy within four overarching pillars: (1)

respecting human rights; (2) protecting the health and

safety of our people and local communities; (3) sharing the

benefits of our operations; and (4) managing our impacts on

the environment.

We implement this strategy by blending top-down

accountability with bottom-up responsibility. This means we

place the day-to-day ownership of sustainability, and the

associated risks and opportunities, in the hands of

individual sites. In the same way that each site must

manage its geological, operational and technical

capabilities to meet business objectives, it must also

manage its environment and people. This is achieved

through identification of programs, metrics, and targets that

measure progress and deliver 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.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **16** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

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|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

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 Group

Chief Operating Officer and Interim 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 Group Chief Operating Officer and Interim

President and Chief Executive Officer reviews the reports of

the E&S Committee at every quarterly meeting of the

Board's ESG & Nominating Committee. The reports are

reviewed to ensure the implementation of our sustainability

policies and to drive performance of our environmental,

health and safety, community relations and development

and human rights programs.

This is supplemented by weekly meetings, at a

minimum, between the Regional Sustainability Leads and

the Group Sustainability Executive. These meetings

examine the sustainability-related risks and opportunities

facing the business, as well as the progress and issues

integrated into weekly Executive Committee review

meetings.

Incentive payments for senior leaders under

Barrick's Partnership Plan are tied to Sustainability

performance. For 2025, this comprised a 20% weighting

under the annual incentive program based on our annual

safety and environment performance, and a 20% weighting

under our Long-Term Company Scorecard linked to the

assessment of our industry-first Sustainability Scorecard.

The Sustainability Scorecard targets and metrics are

updated annually to ensure continuous improvement. The

results of the 2025 Sustainability Scorecard will be

published in the Annual Report and Sustainability Report

during the first half of 2026. The E&S Committee tracks our

progress against all scorecard metrics on a quarterly basis.

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 OECD Guidelines for

Multinational Enterprises, and the Voluntary Principles on

Security and Human Rights. This commitment is fulfilled on

the ground via our Human Rights Program, the fundamental

principles of which include: due diligence, risk identification

and management, monitoring and reporting, training, and

where appropriate disciplinary action and remedy.

We continue to assess and manage security and

human rights risks at all our operations and provide security

and human rights training to private and public security

forces across our sites. During 2025, independent human

rights assessments were undertaken at the following sites:

North Mara in Tanzania; Veladero in Argentina; and Porgera

in Papua New Guinea.

Safety

We are committed to the safety, health and well-being of

our people, their families and the communities in which we

operate to achieve our safety vision for "Everyone to go

home safe and healthy every day."

Our Management-Level Safety Committee

continues to drive the implementation of the "Journey to

Zero" initiative. The current priority is the development of

operational standards, improving the quality of safety

leadership interactions and critical control verifications

through extensive training programs.

We report our safety performance quarterly as

part of both our E&S Committee meetings and our reports

to the ESG & Nominating Committee. Our safety

performance is the first item on our weekly Executive

Committee review meeting.

As part of our Journey to Zero, we have identified

four key elements in developing a culture that fosters a

strong and effective focus on safety: (1) Leadership and

Culture, (2) Zero Fatalities, (3) Risk Management and

hazard identification, and (4) Prevention of Injuries.

Overall, the Group saw an improvement in their

LTIFR and TRIFR performance over the prior year - the

latter of which was one of the best among the ICMM peers

in 2024. The TRIFR<sup>8</sup> of 0.71 improved by 24% compared

to 2024 and the severity of injuries has been reduced

significantly, as evidenced by a 31% decrease in LTIFR<sup>8</sup>

from the prior year to 0.09.

Notwithstanding these positive improvements on

lagging indicators, it is with regret that these advancements

were overshadowed by four fatalities that occurred during

2025; one at NGM, one at Bulyanhulu and two at Kibali. All

four incidents occurred underground, two of which related

to individuals operating mobile equipment near open stopes

and holes, and the remaining two incidents associated with

individuals placing themselves in the line of fire of mobile

equipment. Our focus remains on the Fatal Risk

Management program, entailing Fatal Risk standards,

operational standards and critical controls. The Critical

Control Verifications roll out and adoption has been

successful in the field, with focus now shifting to quality of

interactions.

Social

We regard our host communities and countries as important

partners in our business. Our sustainability policies commit

us to transparency in our relationships with host

communities, government authorities, the public and other

key stakeholders. Through these policies, we commit to

conducting our business with integrity and with absolute

opposition to corruption. We require our suppliers to

operate ethically and responsibly as a condition of doing

business with us.

*Community and economic development*

Our commitment to social and economic development is set

out in our overarching Sustainable Development and Social

Performance policies. Mining has been identified as vital for

the achievement of the United Nations SDGs, not only for

its role in providing the minerals needed to enable the

transition to a lower carbon intensive economy, but more

importantly because of its ability to drive socio-economic

development and build resilience. Creating long-term value

and sharing economic benefits is at the heart of our

approach to sustainability, as well as community

development. This approach is encapsulated in three

concepts:

*The primacy of partnership:* this means that we

invest in real partnerships with mutual responsibility.

Partnerships include local communities, suppliers,

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|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **17** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

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|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

governments and organizations, and this approach is

epitomized through our CDCs with development initiatives

and investments.

*Sharing the benefits:* We hire and buy local

wherever possible as this injects money into and keeps it in

our local communities and host countries. By doing this, we

build capacity, community resilience and create opportunity.

We also invest in community development through our

CDCs. Sharing the benefits also means paying our fair

share of taxes, royalties and dividends and doing so

transparently, primarily through the reporting mechanism of

the Canadian Extractive Sector Transparency Measures

Act. Our annual Tax Contribution Report, most recently

published in May 2025, sets out, in detail, our economic

contributions to host governments.

*Engaging and listening to stakeholders:* We

develop tailored stakeholder engagement plans for every

operation and the business as a whole. These plans guide

and document how often we engage with various

stakeholder groups and allow us to proactively deal with

issues before they escalate into significant risks.

Our community development spend for 2025

totaled nearly $61 million.

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. We

can deliver significant cost savings to our business, reduce

future liabilities and help build stronger stakeholder

relationships by being responsible stewards of the

environment. This includes applying the highest standards

of environmental management, using natural resources and

energy efficiently, recycling and reducing waste, as well as

working to protect biodiversity. 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<sup>9</sup> environmental

incidents in 2025.

Climate Change

The Board's ESG & Nominating Committee is responsible

for overseeing Barrick's policies, programs and

performance relating to sustainability and the environment,

including climate change. The Audit & Risk Committee

assists the Board in overseeing the Group's management

of enterprise risks as well as the implementation of policies

and standards for monitoring and mitigating such risks.

Climate change is built into our formal risk management

process, outputs of which are regularly reviewed by the

Audit & Risk Committee.

Barrick's climate change strategy has three pillars:

(1) identify, understand and mitigate the risks associated

with climate change; (2) measure and reduce our GHG

emissions across our operations and value chain; and (3)

improve our disclosure on climate change. The three pillars

of our climate change strategy do not focus solely on the

development of emissions reduction targets, rather, we

integrate and consider aspects of biodiversity protection,

water management and community resilience in our

approach.

We are acutely aware of the impacts that climate

change and extreme weather events have on our host

communities and countries, particularly developing nations

which are often the most vulnerable. As a responsible

business, we have focused our efforts on building resilience

in our host communities and countries, just as we do for our

business. Our climate disclosure is based on the

recommendations of the TCFD.

*Identify, understand and mitigate the risks associated with* 

*climate change*

We identify and manage risks, build resilience to a

changing climate and extreme weather events, as well as

position ourselves for new opportunities. These factors

continue to be incorporated into our formal risk assessment

process. We have identified several risks and opportunities

for our business including: physical impacts of extreme

weather events; an increase in regulations that seek to

address climate change; and an increase in global

investment in innovation and low-carbon technologies.

The risk assessment process includes climate

scenario analysis to assess site-specific climate-related

risks and opportunities. The key findings and a summary of

material physical and transitional risk assessment were

disclosed as part of our CDP (formerly known as the

Carbon Disclosure Project) questionnaire, submitted to

CDP in September 2025. CDP scored Barrick's stewardship

and transparency an A- (best practice class) for both

climate change and water.

*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 socioeconomic and/or biodiversity

benefits. We have published an achievable emissions

reduction roadmap and continue to assess further reduction

opportunities across our operations. The detailed roadmap

was first published in our 2021 Sustainability Report and

includes committed capital projects and projects under

investigation that rely on technological advances, with a

progress summary contained in the 2024 Sustainability

Report.

We continue to progress our extensive work

across our value chain in understanding our Scope 3<sup>10</sup>

(indirect emissions associated with the value chain)

emissions and implementing our engagement roadmap to

enable our key suppliers to set meaningful and measurable

reduction targets, in line with the commitments made

through the ICMM Climate Position Paper.

*Improve our disclosure on climate change*

Our disclosure on climate change, including in our

Sustainability Report and on our website, is developed in

line with the TCFD recommendations. Barrick continues to

monitor the various regulatory climate disclosure standards

being developed around the world, including the

International Sustainability Standards Board's *S2 Climate-*

*related Disclosures* standard. In addition, we complete the

annual CDP Climate Change and Water Security

questionnaire. This ensures our investor-relevant water

use, emissions and climate data is widely available.

---

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|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **18** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

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| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Emissions

Barrick's interim GHG emissions reduction target was

established in 2018 based on a steady state production

profile. As Barrick's production is forecast to increase

towards the end of the decade, with major projects

expected to be commissioned, such as Goldrush, Reko Diq,

the Lumwana Super Pit expansion and the Pueblo Viejo

expansion, the Group's GHG reduction targets were

updated and published in the 2024 Sustainability Report.

The updated reduction target is for a minimum 30%

intensity reduction by 2030 against our 2018 baseline. The

basis of this reduction is against a 2018 baseline of 7,541 kt

CO2-e and intensity of 0.47 t CO2-e per tonne of ore

processed.

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.

During the fourth quarter of 2025, the Group's total

Scope 1 and 2<sup>10</sup> (location-based) GHG emissions were

1,928 kt CO2-e. The preliminary 2025 annual Scope 1 and 2

emissions are 7,722 kt CO2-e<sup>11</sup> (location-based). Increased

emissions from 2024 are due predominantly to higher

limestone use for neutralization at Pueblo Viejo, and

increased production at Porgera.

Water

Water is a vital and increasingly scarce global resource.

Managing and using water responsibly is one of the most

critical parts of our sustainability strategy. Our commitment

to responsible water use is codified in our Environmental

Policy and standalone Water Policy. Steady, reliable access

to water is critical to the effective operation of our mines.

Access to water is also a fundamental human right.

Understanding the water stress in the regions in

which we operate enables us to better understand the risks

and manage our water resources through site-specific

water balances, based on the ICMM Water Accounting

Framework, aimed at minimizing our water withdrawal and

maximizing water reuse and recycling within our operations.

We include each mine's water risks in its

operational risk register. These risks are then aggregated

and incorporated into the Group risk register. Our identified

water-related risks include: (1) managing excess water in

regions with high rainfall; (2) maintaining access to water in

arid areas and regions prone to water scarcity; and (3)

regulatory risks related to permitting limits as well as

municipal and national regulations for water use.

We set an annual water recycling and reuse target

of 80%. Our water recycling and reuse rate for Q4 2025 and

the year achieved this target, with performance at 82% and

81%, respectively.

Tailings

We are committed to having our TSFs meet global best

practices for safety. Our TSFs are carefully engineered and

regularly inspected, particularly those in regions with high

rainfall and seismic events.

We disclosed our conformance to the GISTM for

all Extreme and Very High consequence facilities on the

Barrick website in August 2023, within the GISTM

disclosure timeframe. All of our sites that are classified as

Very High or Extreme consequence are in conformance

with the GISTM. We disclosed our conformance to the

GISTM for all remaining tailings facilities in August 2025.

Biodiversity

Biodiversity underpins many of the ecosystem services on

which our mines and their surrounding communities

depend. If improperly managed, mining and exploration

activities have the potential to negatively affect biodiversity

and ecosystem services. Protecting biodiversity and

preventing nature loss is also critical and inextricably linked

to the fight against climate change. We work to proactively

manage our impact on biodiversity and strive to protect the

ecosystems in which we operate. Wherever possible, we

aim to achieve a net neutral biodiversity impact, particularly

for ecologically sensitive environments.

We continue to work to implement our BAPs. The

BAPs outline our strategy to achieve no-net loss for all key

biodiversity features and their associated management

plans.

**Market Overview**

The market prices of gold and, to a lesser extent, copper

are the primary drivers of our profitability and our ability to

generate free cash flow<sup>6</sup> 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 2025, the gold price

ranged from $2,615 per ounce to an all-time high of $4,550

per ounce. The average market price for the year of $3,432

per ounce also represented an all-time annual high, and a

44% increase from the 2024 average of $2,386 per ounce.

During the year, the gold price rose strongly,

reaching all-time high nominal and average prices, as

inflation pressures eased, benchmark interest rates were

cut, and the trade-weighted US dollar weakened while the

global economic outlook remained uncertain and

geopolitical conflicts persisted, underscoring gold's role as

a safe haven investment and store of value.

**AVERAGE MONTHLY SPOT GOLD PRICES**

(dollars per ounce)

![1039](g10712abx-20251231_g12.gif)

Copper

During 2025, London Metal Exchange copper prices traded

in a range of $3.68 per pound to an all-time high of $5.88

per pound, averaged $4.51 per pound, and closed the year

at $5.67 per pound. Copper prices are heavily influenced by

physical demand from emerging markets, especially China.

Copper prices in 2025 were impacted by tariff

concerns, supply disruptions, reductions in benchmark

interest rates, and a decrease in the trade-weighted US

dollar.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **19** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

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|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

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**AVERAGE MONTHLY SPOT COPPER PRICES**

(dollars per pound)

![1612](g10712abx-20251231_g13.gif)

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,

2025, we recorded 56 million pounds of copper sales still

subject to final price settlement at an average provisional

price of $5.34 per pound. The impact to net income before

taxation of a 10% movement in the market price of copper

would be approximately $30 million, holding all other

variables constant.

Currency Exchange Rates

The results of our mining operations outside of the United

States are affected by fluctuations in exchange rates. We

have exposure to the Argentine peso through operating

costs at our Veladero mine, and peso denominated VAT

receivable balances. We also have exposure to the

Canadian and Australian dollars, Chilean peso, Papua New

Guinea kina, Zambian kwacha, Tanzanian shilling,

Dominican peso, West African CFA franc, euro, South

African rand, and British pound through mine operating and

capital costs. In addition, we also have exposure to the

Pakistani rupee through project costs and capital costs on

Reko Diq.

Fluctuations in these exchange rates increase the

volatility of our costs reported in US dollars. In 2025, the

Australian dollar traded in a range of $0.59 to $0.67 against

the US dollar, while the US dollar against the Canadian

dollar and West African CFA franc ranged from $1.35 to

$1.48 and XOF 550 to XOF 647, respectively. Due to

inflationary pressures in Argentina and the actions of the

government, there was a continued weakening of the

Argentine peso during the year and it ranged from ARS

1,031 to ARS 1,492.

Fuel

For 2025, the price of WTI crude oil traded in a range

between $55 and $81 per barrel, with the market price

averaging $65 per barrel, and closing the year at $57 per

barrel. Oil prices were impacted by concerns about global

economic growth, managed supply, and geopolitical

concerns, including the ongoing invasion of Ukraine by

Russia, conflicts in the Middle East and uncertainty related

to Venezuela.

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

(dollars per barrel)

![3853](g10712abx-20251231_g14.gif)

US Dollar Interest Rates

During 2025, as inflationary pressures continued to ease,

benchmark interest rates were cut by a total of 75 bps to a

range of 3.50% to 3.75% by the end of the year. Changes

to monetary policy in 2026 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

($6.7 billion at December 31, 2025); the carrying value of

certain non-current assets and liabilities; and the interest

payments on our variable-rate debt (less than $0.05 billion

at December 31, 2025). 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**<sup>12</sup>

For full details of our mineral reserves and mineral

resources, refer to page 74 of the Fourth Quarter 2025

Report.

Gold Reserves and Resources

Barrick's 2025 gold mineral reserves and resources are

estimated using a gold price assumption of $1,500 and

$2,000 per ounce, increased from $1,400 and $1,900 in

2024 respectively. Both are reported to a rounding standard

of two significant digits for tonnes and metal content, with

grades reported to two decimal places.

As of December 31, 2025, Barrick's proven and

probable gold mineral reserves were 85 million ounces<sup>13</sup> at

an average grade of 0.98 g/t, from 89 million ounces<sup>14</sup> at an

average grade of 0.99 g/t in 2024. This represents a year-

over-year, attributable mineral reserves decrease of 4.1

million ounces, which was a result of the Tongon and Hemlo

divestitures which accounted for a reduction of 2.2 million

ounces alongside 3.7 million ounces of 2025 annual

depletion partially offset by 1.8 million ounces of additions

associated with commodity price change and exploration

additions. Although depletion was higher than net

conversion by 1.9 million ounces for 2025, the three-year

rolling average gold mineral reserve replacement stands

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| **BARRICK YEAR-END 2025** | **20** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

close to 190% adding more than 24 million ounces to gold

mineral reserves (excluding both acquisitions and

divestments), primarily supported by 17 million ounces<sup>15</sup> of

net change in the prior year. Furthermore three year

average gold-equivalent net replacement is in excess of

500% supported by the Reko Diq and Lumwana feasibility

studies in the prior year.

**ATTRIBUTABLE CONTAINED GOLD RESERVES**<sup>13,14,a</sup>

(Moz)

![1781](g10712abx-20251231_g15.gif)

<sup>a</sup>Figures rounded to two significant digits.

Barrick attributable measured and indicated gold resources

for 2025 stand at 150 million ounces<sup>13</sup> at 1.01 g/t, with a

further 43 million ounces<sup>13</sup> at 1.0 g/t of inferred resources.

Measured and indicated mineral resources reduced by 20

million ounces as a result of the divestiture of Donlin and a

further 2.2 million ounces as a result of the divestiture of

Alturas. Overall divestitures in 2025 accounted for a

reduction of 26 million ounces of measured and indicated

mineral resources and 7.3 million ounces of inferred mineral

resources respectively. Aside from the divestitures, we

delivered net additions across the rest of the portfolio of

more than 14 million ounces of mineral resources as

detailed further below<sup>13,14</sup>.

Mineral resources are reported inclusive of mineral

reserves and both tonnes and metal content are reported to

a rounding standard of two significant digits for tonnes and

metal content. Measured and indicated mineral resource

grades are reported to two decimal places, whilst inferred

mineral resource grades are reported to one decimal place.

In North America, the ongoing growth drilling at Fourmile

grew inferred mineral resources to 13 million ounces<sup>13</sup> at

16.9 g/t in 2025, from 6.4 million ounces<sup>14</sup> at 14.1 g/t in

2024. Similarly, closer spaced conversion drilling at

Fourmile also more than doubled indicated mineral

resources to 2.6 million ounces<sup>13</sup> at 17.59 g/t from 1.4

million ounces<sup>14</sup> at 11.76 g/t. The substantial increases in

gold mineral resources at Fourmile supports the possibility

for potential future conversions.

The Pueblo Viejo mineral reserves and resources

are reported as part of the North American region for 2025

and were previously reported as part of the South America

& Asia Pacific region in 2024.

Overall gold mineral measured and indicated

resources in the Africa & Middle East region, after annual

depletion, grew to 32 million ounces<sup>13</sup> at 3.20 g/t in 2025

from 31 million ounces<sup>14</sup> at 3.26 g/t in 2024. This was

predominantly driven by both Kibali and North Mara, with

extensions of the ARK, Gea and Rama open pit orebodies

respectively. Similarly inferred gold mineral resources

within the Africa & Middle East region grew to 5.8 million

ounces<sup>13</sup> at 2.8 g/t in 2025 from 5.2 million ounces<sup>14</sup> at 3.1

g/t in 2024.

Copper Reserves and Resources

For Barrick-operated assets, copper mineral reserves for

2025 are estimated using a copper price assumption of

$3.25 per pound, increased from $3.00 per pound in 2024.

Copper mineral resources for 2025 are estimated using a

price of $4.50 per poundalso increased from $4.00 per

pound in 2024. Both are reported to a rounding standard of

two significant digits, for tonnes and metal content, with

grades reported to two decimal places.

Attributable proven and probable copper mineral

reserves remained at 18 million tonnes of copper<sup>13</sup> at

0.46% in 2025 on an attributable basis, from 18 million

tonnes of copper<sup>14</sup> at 0.45% in 2024.

**ATTRIBUTABLE CONTAINED COPPER RESERVES**<sup>13,14,a</sup>

(M tonnes)

![6621](g10712abx-20251231_g16.gif)

<sup>a</sup>Figures rounded to two significant digits.

Barrick's attributable measured and indicated resources for

2025 stands at 24 million tonnes of copper<sup>13</sup> at 0.39%, with

a further 4.2 million tonnes of copper<sup>13</sup> at 0.3% of inferred

resources, reflecting increases related to the change in

commodity pricing. Mineral resources are reported inclusive

of mineral reserves and both tonnes and metal content are

reported to a rounding standard of two significant digits for

tonnes and metal content. Measured and indicated mineral

resource grades are reported to two decimal places, whilst

inferred mineral resource grades are reported to one

decimal place.

2025 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 YEAR-END 2025** | **21** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Risks and Risk Management**

Overview

The ability to deliver on our vision, strategic objectives and

operating guidance depends on our ability to understand

and appropriately respond to the uncertainties or "risks" we

face that may prevent us from achieving our objectives. To

achieve this, we:

■maintain a framework that permits us to manage risk

effectively and in a manner that creates the greatest

value;

■integrate a process for managing risk into all our

important decision-making processes so that we

reduce the effect of uncertainty on achieving our

objectives;

■actively monitor key controls we rely on to achieve the

Company's objectives so they remain in place and are

effective at all times; and

■provide assurance to senior management and relevant

committees of the Board on the effectiveness of key

control activities.

Board and Committee Oversight

We maintain strong risk oversight practices, with

responsibilities outlined in the mandates of the Board and

related committees. The Board's mandate is clear on its

responsibility for reviewing and discussing with

management the processes used to assess and manage

risk, including the identification by management of the

principal risks of the business, and the implementation of

appropriate systems to deal with such risks.

The Audit & Risk Committee assists the Board in

overseeing the Company's management of principal risks

and the implementation of policies and standards for

monitoring and modifying such risks, as well as monitoring

and reviewing the Company's financial position and

financial risk management programs. The ESG &

Nominating Committee assists the Board in overseeing the

Company's policies and performance for its environmental,

health and safety, corporate social responsibility and human

rights programs. The Compensation Committee assists the

Board in ensuring that executive compensation is

appropriately linked to our sustainability performance,

including with respect to climate change and water.

Management Oversight

Our weekly Executive Committee Review is the main forum

for senior management to raise and discuss risks facing the

operations and organization more broadly. Additionally, our

most senior management-level body dedicated to

sustainability is the E&S Committee which meets on a

quarterly basis to review sustainability performance and key

performance indicators across our operations. At every

quarterly meeting, the ESG & Nominating Committee and

the Audit & Risk Committee are provided with updates on

the key issues identified by management at these regular

sessions.

Principal Risks

The following subsections describe some of our key

sources of uncertainty and critical risk mitigation activities.

The risks described below are not the only ones facing

Barrick. Our business is subject to inherent risks in

financial, regulatory, strategic and operational areas. For a

more comprehensive discussion of those inherent risks, see

"Risk Factors" in our most recent Form 40-F/Annual

Information Form on file with the SEC and Canadian

provincial securities regulatory authorities. Also see the

"Cautionary Statement on Forward-Looking Information" on

page 2 of this MD&A.

---

| | |
|:---|:---|
| Risk Factor | Risk Mitigation Strategy |
| *Free cash flow*<sup>6</sup> *and costs* |  |
| Our ability to improve productivity, control operating costs and<br>optimize working capital remains a focus in 2026 and is subject<br>to several sources of uncertainty. This includes our ability to<br>achieve and maintain industry-leading margins by improving the<br>productivity and efficiency of our operations.<br>| **■**Maximizing the benefit of higher gold prices through agile management<br>and operational execution;<br>■Weekly Executive Committee Review to identify, assess and respond to<br>risks in a timely manner;<br>■Enabling simplification and agile decision making through optimization<br>of business systems;<br>■Supply Chain is decentralized to the operations with a centralized<br>Strategic Sourcing Group and is focused on mitigating the risks of rising<br>costs and supply chain disruption;<br>■Disciplined capital allocation criteria for all investments, to ensure a high<br>degree of consistency and rigor is applied to all capital allocation<br>decisions based on a comprehensive understanding of risk and reward;<br>■Continued enhancement and testing of controls to prevent, detect and<br>respond to potential cyber-attacks; and<br>■A flat, operationally focused, agile management structure with an<br>ownership culture.<br>|

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **22** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | |
|:---|:---|
| Risk Factor | Risk Mitigation Strategy |
| *Social license to operate* |  |
| At Barrick, we are committed to building, operating and closing<br>our mines in a safe and responsible manner. To do this, we seek<br>to build trust-based partnerships with host governments and<br>local communities to drive shared long-term value while working<br>to minimize the social and environmental impacts of our<br>activities. Geopolitical risks such as resource nationalism and<br>incidents of corruption are inherent in the business of a company<br>operating globally. Past environmental incidents in the extractive<br>industry highlight the hazards (e.g., water management, tailings<br>storage facilities, etc.) and the potential consequences to the<br>environment, community health and safety. Our ability to<br>maintain compliance with regulatory and community obligations<br>in order to protect the environment and our host communities<br>alike remains one of our top priorities. Barrick also recognizes<br>climate change as an area of risk requiring specific focus and<br>that reducing GHG emissions to counter the causes of climate<br>change requires strong collective action by the mining industry.<br>| ■Our commitment to responsible mining is supported by a robust<br>governance framework, including an overarching Sustainable<br>Development Policy and related policies in the areas of Biodiversity,<br>Conflict-Free Gold, Social Performance, Occupational Health and<br>Safety, Environment and Human Rights;<br>■Use of our Sustainability Scorecard to track sustainability performance<br>using key performance indicators aligned to priority areas set out in our<br>strategy;<br>■Mandatory training on our Code of Business Conduct and Ethics as well<br>as supporting policies which set out the ethical behavior expected of<br>everyone working at, or with, Barrick;<br>■We take a partnership approach with our host governments. This<br>means we work to balance our own interests and priorities with those of<br>our government partners, working to ensure that everyone derives real<br>value from our operations;<br>■Standalone, independent Human Rights Assessment Program whereby<br>each site is assessed on a periodic cycle of two to three years,<br>depending on the risk level and the number and level of identified risks<br>to the rightsholder;<br>■Established CDCs at all our operating mines to identify community<br>needs and priorities and to allocate funds to those initiatives most<br>needed and desired by local stakeholders;<br>■We open our social and environmental performance to third-party<br>scrutiny, including through the ISO 14001 re-certification process,<br>International Cyanide Management Code audits and annual human<br>rights impact assessments;<br>■We published further site-level TSF disclosures, in accordance with<br>Principle 15 of the GISTM, and have worked diligently toward bringing<br>inactive TSFs into Safe Closure on a priority basis;<br>■Our climate change strategy has three pillars: (1) identify, understand<br>and mitigate the risks associated with climate change; (2) measure and<br>reduce our impacts on climate change; and (3) improve our disclosure<br>on climate change;<br>■We continuously monitor developments around the world and work<br>closely with our local communities on managing the impacts of health<br>issues, such as Ebola or Mpox outbreaks, on our people and business;<br>and<br>■We continuously review and update our closure plans and cost<br>estimates to plan for environmentally responsible closure and<br>monitoring of operations.<br>|
| *Resources and reserves and production outlook* |  |
| Like any mining company, we face the risk that we are unable to<br>discover or acquire new resources or that we do not convert<br>resources into production. As we move into 2026 and beyond,<br>our overriding objective of growing free cash flow<sup>6</sup> continues to<br>be underpinned by a strong pipeline of organic projects and<br>minesite expansion opportunities in our core regions.<br>Uncertainty related to these and other opportunities exists<br>(potentially both favorable and unfavorable) due to the<br>speculative nature of mineral exploration and development, as<br>well as the potential for increased costs, delays, suspensions<br>and technical challenges associated with the construction of<br>capital projects.<br>| **■**Focus on responsible mineral resource management, continuously<br>improve ore body knowledge and add to reserves and resources;<br>■Consolidate and secure dominant land positions in favored operating<br>districts and emerging new prospective geological domains;<br>■Focus on economically feasible discoveries with potential Tier One<sup>1,3</sup><br>status;<br>■Optimize the value of underdeveloped projects;<br>■Establish and develop motivated and highly agile discovery-driven<br>teams;<br>■Identify emerging opportunities and secure them through earn-in<br>agreements or acquisition; and<br>■Regular review and management of capital projects at executive<br>committee level.<br>|
| *Financial position and liquidity* |  |
| Our liquidity profile, level of indebtedness and credit ratings are<br>all factors in our ability to meet short- and long-term financial<br>demands. Barrick's outstanding debt balances impact liquidity<br>through scheduled interest and principal repayments and the<br>results of leverage ratio calculations, which could influence our<br>investment grade credit ratings and ability to access capital<br>markets. In addition, our ability to draw on our credit facility is<br>subject to meeting its covenants. Our primary source of liquidity<br>is our operating cash flow, which is dependent on the ability of<br>our operations to deliver projected future cash flows. The ability<br>of our operations to deliver projected future cash flows, as well<br>as future changes in gold and copper market prices, either<br>favorable or unfavorable, will continue to have a material impact<br>on our cash flow and liquidity.<br>| ■Continued focus on generating positive free cash flow<sup>6</sup> by improving the<br>underlying cost structures of our operations in a sustainable manner;<br>■Preparation of budgets and forecasts to understand the impact of<br>different price scenarios on liquidity, including our capacity to provide<br>cash returns to shareholders, repurchase outstanding debt and shares,<br>and formulate appropriate strategies;<br>■Review of debt and net debt levels to ensure appropriate leverage and<br>monitor the market for liability management opportunities; and<br>■Other options available to the Company to enhance liquidity include<br>drawing on our $3.0 billion undrawn Credit Facility, asset sales, joint<br>ventures or the issuance of debt or equity securities.<br>|

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **23** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Operating Performance**

Our presentation of reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo,

Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). Starting with the Q2 2025 MD&A, the

discussion on Loulo-Gounkoto is presented in the "Other Mines - Gold" section as no operating data or per ounce data was

provided for Q1 2025 to Q3 2025 as a result of the temporary suspension of operations starting January 14, 2025, and

subsequent loss of control on June 16, 2025. On November 24, 2025, Barrick announced that an agreement had been entered

into with the Government of the Republic of Mali to put an end to all disputes regarding the Loulo and Gounkoto mines. The

provisional administration of the Loulo-Gounkoto complex was terminated on December 16, 2025, at which point operational

control was handed back to Somilo and Gounkoto's management. 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.

Nevada Gold Mines (61.5% basis)<sup>a</sup>, Nevada USA

**Summary of Operating and Financial Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | Change | **12/31/25** | 12/31/24 | Change | 12/31/23 |
| Total tonnes mined (000s) | **33330** | 34963 | (5)% | **142558** | 155626 | (8)% | 167641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit ore | **7299** | 5080 | 44% | **20341** | 19541 | 4% | 29797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit waste | **24390** | 28239 | (14)% | **115887** | 130049 | (11)% | 132323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground | **1641** | 1644 | 0% | **6330** | 6036 | 5% | 5521 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit mined | **1.24** | 0.96 | 29% | **1.17** | 1.11 | 5% | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground mined | **8.80** | 8.46 | 4% | **8.29** | 8.47 | (2)% | 8.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processed | **2.79** | 2.75 | 1% | **2.76** | 2.84 | (3)% | 1.98 |
| Ore tonnes processed (000s) | **7535** | 6247 | 21% | **25866** | 23959 | 8% | 35590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide mill | **2042** | 1906 | 7% | **7675** | 8266 | (7)% | 9624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roaster | **1442** | 1329 | 9% | **5259** | 5293 | (1)% | 4993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoclave | **1087** | 1126 | (3)% | **4240** | 4235 | 0% | 3636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heap leach | **2964** | 1886 | 57% | **8692** | 6165 | 41% | 17337 |
| Recovery rate<sup>b</sup> | **83%** | 83% | 0% | **83%** | 82% | 1% | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide Mill<sup>b</sup> | **73%** | 82% | (11)% | **78%** | 79% | (1)% | 79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roaster | **85%** | 86% | (1)% | **86%** | 85% | 1% | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoclave | **83%** | 78% | 6% | **80%** | 79% | 1% | 82% |
| Gold produced (000s oz) | **466** | 402 | 16% | **1591** | 1650 | (4)% | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide mill | **67** | 71 | (6)% | **287** | 331 | (13)% | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roaster | **258** | 222 | 16% | **864** | 850 | 2% | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoclave | **131** | 100 | 31% | **399** | 373 | 7% | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heap leach | **10** | 9 | 11% | **41** | 96 | (57)% | 177 |
| Gold sold (000s oz) | **475** | 406 | 17% | **1602** | 1646 | (3)% | 1860 |
| Revenue ($ millions) | **2073** | 1467 | 41% | **5842** | 4069 | 44% | 3721 |
| Cost of sales ($ millions) | **813** | 633 | 28% | **2653** | 2459 | 8% | 2528 |
| Income ($ millions) | **1236** | 828 | 49% | **3141** | 1567 | 100% | 1145 |
| EBITDA ($ millions)<sup>c,d</sup> | **1439** | 962 | 50% | **3709** | 2070 | 79% | 1736 |
| EBITDA margin<sup>e</sup> | **69%** | 66% | 5% | **63%** | 51% | 24% | 47% |
| Capital expenditures<sup>f</sup> ($ millions) | **183** | 168 | 9% | **809** | 820 | (1)% | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining<sup>c</sup> | **118** | 107 | 10% | **585** | 670 | (13)% | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project<sup>c,g</sup> | **64** | 60 | 7% | **220** | 146 | 51% | 206 |
| COS ($/oz) | **1695** | 1557 | 9% | **1647** | 1478 | 11% | 1351 |
| TCC ($/oz)<sup>c</sup> | **1191** | 1156 | 3% | **1229** | 1126 | 9% | 989 |
| AISC ($/oz)<sup>c</sup> | **1461** | 1448 | 1% | **1620** | 1561 | 4% | 1366 |

---

<sup>a.</sup>Barrick is the operator of NGM 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, Cortez, Turquoise Ridge, Phoenix and Long Canyon until it transitioned to care

and maintenance at the end of 2023, as previously reported.

<sup>b.</sup>Excludes the Gold Quarry (Mill 5) concentrator (decommissioned at the end of Q1 2023).

<sup>c.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>d.</sup>EBITDA represents income less depreciation. Depreciation expense is $203 million and $568 million for Q4 2025 and 2025, respectively (Q3 2025: $134

million, 2024: $503 million, 2023: $591 million).

<sup>e.</sup>Represents EBITDA divided by revenue.

<sup>f.</sup>Includes capitalized interest.

<sup>g.</sup>Includes amounts spent on the NGM TS Solar project.

NGM includes Carlin, Cortez, Turquoise Ridge, Phoenix and non-mine site related activity such as the TS Solar Project. Barrick

is the operator of the joint venture and owns 61.5%, with Newmont owning the remaining 38.5%. Refer to pages [24](#i9b586ce33d0945d78cb79c215b9ba342_217) to 29 and [38](#i9b586ce33d0945d78cb79c215b9ba342_247)

for a detailed discussion of each minesite's results.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **24** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Carlin (61.5% basis), Nevada USA

**Summary of Operating and Financial Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | Change | **12/31/25** | 12/31/24 | Change | 12/31/23 |
| Total tonnes mined (000s) | **12704** | 14692 | (14)% | **60148** | 61273 | (2)% | 71059 |
| Open pit ore | **1822** | 1062 | 72% | **3390** | 2867 | 18% | 4067 |
| Open pit waste | **10018** | 12760 | (21)% | **53378** | 54960 | (3)% | 63836 |
| Underground | **864** | 870 | (1)% | **3380** | 3446 | (2)% | 3156 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | **2.45** | 2.21 | 11% | **2.21** | 1.69 | 31% | 2.38 |
| Underground mined | **7.30** | 7.29 | 0% | **7.29** | 7.65 | (5)% | 7.97 |
| Processed | **5.20** | 4.41 | 18% | **4.54** | 4.30 | 6% | 4.51 |
| Ore tonnes processed (000s) | **1554** | 1430 | 9% | **5793** | 6657 | (13)% | 7256 |
| Oxide mill | **0** | 0 | 0% | **0** | 0 | 0% | 377 |
| Roaster | **963** | 926 | 4% | **3798** | 4401 | (14)% | 4350 |
| Autoclave | **569** | 504 | 13% | **1877** | 2256 | (17)% | 1385 |
| Heap leach | **22** | 0 | 100% | **118** | 0 | 100% | 1144 |
| Recovery rate<sup>a</sup> | **82%** | 80% | 2% | **81%** | 81% | 0% | 83% |
| Roaster | **85%** | 85% | 0% | **85%** | 84% | 1% | 85% |
| Autoclave | **70%** | 54% | 30% | **61%** | 64% | (5)% | 72% |
| Gold produced (000s oz) | **207** | 165 | 25% | **687** | 775 | (11)% | 868 |
| Oxide mill | **0** | 0 | 0% | **0** | 0 | 0% | 4 |
| Roaster | **173** | 149 | 16% | **604** | 669 | (10)% | 745 |
| Autoclave | **31** | 13 | 138% | **70** | 86 | (19)% | 87 |
| Heap leach | **3** | 3 | 0% | **13** | 20 | (35)% | 32 |
| Gold sold (000s oz) | **211** | 170 | 24% | **689** | 777 | (11)% | 865 |
| Revenue ($ millions) | **904** | 602 | 50% | **2475** | 1870 | 32% | 1697 |
| Cost of sales ($ millions) | **395** | 254 | 56% | **1159** | 1125 | 3% | 1100 |
| Income ($ millions) | **504** | 345 | 46% | **1302** | 730 | 78% | 577 |
| EBITDA ($ millions)<sup>b,c</sup> | **605** | 394 | 54% | **1532** | 919 | 67% | 770 |
| EBITDA margin<sup>d</sup> | **67%** | 65% | 3% | **62%** | 49% | 27% | 45% |
| Capital expenditures ($ millions)<sup>e</sup> | **91** | 90 | 1% | **453** | 449 | 1% | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining<sup>b</sup> | **70** | 71 | (1)% | **375** | 408 | (8)% | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project<sup>b</sup> | **20** | 18 | 11% | **74** | 41 | 80% | 2 |
| COS ($/oz) | **1863** | 1493 | 25% | **1676** | 1429 | 17% | 1254 |
| TCC ($/oz)<sup>b</sup> | **1380** | 1201 | 15% | **1340** | 1187 | 13% | 1033 |
| AISC ($/oz)<sup>b</sup> | **1732** | 1643 | 5% | **1906** | 1730 | 10% | 1486 |

---

<sup>a.</sup>Excludes the Gold Quarry (Mill 5) concentrator (decommissioned at the end of Q1 2023).

<sup>b.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>c.</sup>EBITDA represents income less depreciation. Depreciation expense is $101 million and $230 million for Q4 2025 and 2025, respectively (Q3 2025: $49 million,

2024: $189 million, 2023: $193 million).

<sup>d.</sup>Represents EBITDA divided by revenue.

<sup>e.</sup>Includes capitalized interest.

*Safety and Environment*

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended | For the three months ended | For the three months ended | For the year ended | For the year ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 |
| LTI | **1** | 0 | **1** | 3 |
| LTIFR<sup>8</sup> | **0.42** | 0.00 | **0.1** | 0.30 |
| TRIFR<sup>8</sup> | **2.10** | 2.11 | **1.66** | 2.33 |
| Class 1<sup>9</sup> environmental <br>incidents<br>| **0** | 0 | **0** | 0 |

---

*Financial Results* 

*Q4 2025 compared to Q3 2025*

Gold production in Q4 2025 was 25% higher compared to

Q3 2025 primarily due to higher throughput and grades

processed at both the roasters and the autoclave. Higher

grades processed were driven by access opening up to

mine higher grade ore in the South Arturo pit, in line with

the mine plan. Autoclave throughput increased following the

completion of the shutdown during Q3 2025 and both

roasters performed better on throughput and runtime in Q4

2025 driven by reliability improvements.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup>in Q4 2025 were 25% and

15% higher, respectively, compared to Q3 2025 due to

increased sulfuric acid consumption due to changes in ore

feed composition. This was compounded by sulfur and

sulfuric acid pricing pressures, the impacts of tariffs on

other key consumables as well as higher royalties from the

higher realized gold price<sup>6</sup>.COS/oz<sup>7</sup> was further impacted

by higher depreciation expense which relates to ore

sourced from South Arturo. In Q4 2025, AISC/oz<sup>6</sup> was 5%

higher compared to Q3 2025, mainly due to higher TCC/

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **25** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

oz<sup>6</sup>, partially offset by lower minesite sustaining capital

expenditures<sup>6</sup> on a per ounce basis.

Capital expenditures in Q4 2025 were in line with

Q3 2025, as higher capitalized stripping was offset by lower

underground development, in line with the mine plan.

*2025 compared to 2024*

Gold production in 2025 was 11% lower compared to 2024,

mainly due to lower underground grades mined. A

secondary impact of this was more of the higher grade

Cortez refractory ore was processed at the Carlin roasters

compared to 2024. This displacement of lower grade Carlin

feed ensured that overall production for NGM was

maximized. Heap leach production was also lower for 2025

owing to the leach cycle with minimal tonnes placed on

leach pads in 2024 and 2025. Leach placement is expected

to increase once the Gold Quarry pit is back mining in ore

(expected in 2027).

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup>for 2025 were 17% and

13% higher, respectively, than 2024, primarily due to the

lower production (resulting in lower fixed cost dilution),

combined with higher royalties from the higher realized gold

price<sup>6</sup>. In addition, processing costs were higher, driven by

higher sulfur pricing in 2025, combined with higher

consumable prices as the impact of tariffs started to be

realized in Q4 2025, specifically on steel products. For

2025, AISC/oz<sup>6</sup>was 10% higher than 2024, due to the

impact of higher TCC/oz<sup>6</sup>, and slightly higher minesite

sustaining capital expenditures<sup>6</sup>on a per ounce basis.

Capital expenditures in 2025 were in line with

2024 as higher project capital expenditures<sup>6</sup>(related to the

ramp-up of the Ren project in 2025), were offset by lower

minesite sustaining capital expenditures<sup>6</sup> following the

completion of the Komatsu-930 truck fleet replacement

project in 2024.

*2025 compared to Guidance*

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 687 | 705 -785 |
| Cost of sales<sup>7</sup> ($/oz) | 1676 | 1470 - 1570 |
| Total cash costs<sup>6</sup> ($/oz) | 1340 | 1140 - 1220 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 1906 | 1630 - 1730 |

---

Gold production for 2025 was below the guidance range, as

previously disclosed, primarily due to a slower than planned

ramp-up of the Gold Quarry roaster and delayed access to

higher grade underground zones due to poor ground

conditions. This was further impacted by an increase in

higher grade ore shipped from Cortez and processed at the

Carlin roasters, to the overall benefit of NGM. COS/oz<sup>7</sup>and

TCC/oz<sup>6</sup>were both above the guidance ranges mainly due

to the impact of lower production, combined with increased

sulfuric acid consumption and pricing, and higher

consumable prices partially driven by the impact of tariffs.

AISC/oz<sup>6</sup>was also higher than guidance, mainly driven by

higher TCC/oz<sup>6</sup>. All cost metrics were also impacted by

higher royalties from the higher realized gold price<sup>6</sup>. Our

cost guidance for 2025 was based on a gold price

assumption of $2,400/oz. Given the actual realized gold

price<sup>6</sup> was considerably higher at $3,501/oz, the cost

guidance ranges for Carlin need to be increased by $40/oz

to provide a more meaningful comparison. After adjusting

for the realized gold price<sup>6</sup>, the guidance ranges are as

follows: COS/oz<sup>7</sup>of $1,510 to $1,610, TCC/oz<sup>6</sup> of $1,180 to

$1,260 and AISC/oz<sup>6</sup> of $1,670 to $1,770. The actual cost

metrics for 2025 were higher than the price adjusted ranges

due to the lower than planned production as explained

above.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **26** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Cortez (61.5% basis), Nevada USA

**Summary of Operating and Financial Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | Change | **12/31/25** | 12/31/24 | Change | 12/31/23 |
| Total tonnes mined (000s) | **13465** | 13699 | (2)% | **56200** | 67928 | (17)% | 70570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit ore | **3147** | 1777 | 77% | **7407** | 5499 | 35% | 14991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit waste | **9770** | 11372 | (14)% | **46711** | 60666 | (23)% | 54133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground | **548** | 550 | 0% | **2082** | 1763 | 18% | 1446 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit mined | **0.73** | 1.16 | (37)% | **0.95** | 1.31 | (27)% | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground mined | **8.65** | 8.06 | 7% | **7.83** | 7.86 | 0% | 9.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processed | **1.82** | 2.26 | (19)% | **2.10** | 2.30 | (9)% | 1.37 |
| Ore tonnes processed (000s) | **2963** | 2028 | 46% | **8326** | 6613 | 26% | 15741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide mill | **540** | 538 | 0% | **2059** | 2433 | (15)% | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roaster | **475** | 403 | 18% | **1457** | 892 | 63% | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoclave | **2** | 44 | (95)% | **187** | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heap leach | **1946** | 1043 | 87% | **4623** | 3288 | 41% | 12594 |
| Recovery rate | **83%** | 83% | 0% | **83%** | 83% | 0% | 84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide Mill | **78%** | 79% | (1)% | **80%** | 80% | 0% | 82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roaster | **86%** | 88% | (2)% | **87%** | 87% | 0% | 88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoclave | **24%** | 45% | (47)% | **46%** | n/a | n/a | n/a |
| Gold produced (000s oz) | **130** | 124 | 5% | **454** | 444 | 2% | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxide mill | **40** | 40 | 0% | **162** | 193 | (16)% | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roaster | **84** | 73 | 15% | **258** | 178 | 45% | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoclave | **0** | 5 | (100)% | **7** | n/a | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heap leach | **6** | 6 | 0% | **27** | 73 | (63)% | 133 |
| Gold sold (000s oz) | **136** | 123 | 11% | **462** | 441 | 5% | 548 |
| Revenue ($ millions) | **577** | 438 | 32% | **1652** | 1061 | 56% | 1068 |
| Cost of sales ($ millions) | **218** | 198 | 10% | **745** | 619 | 20% | 722 |
| Income ($ millions) | **357** | 238 | 50% | **899** | 433 | 108% | 333 |
| EBITDA ($ millions)<sup>a,b</sup> | **410** | 283 | 45% | **1070** | 589 | 82% | 557 |
| EBITDA margin<sup>c</sup> | **71%** | 65% | 9% | **65%** | 56% | 16% | 52% |
| Capital expenditures ($ millions) | **64** | 56 | 14% | **255** | 249 | 2% | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining<sup>a</sup> | **22** | 15 | 47% | **114** | 159 | (28)% | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project<sup>a</sup> | **42** | 41 | 2% | **141** | 90 | 57% | 69 |
| COS ($/oz) | **1592** | 1612 | (1)% | **1609** | 1402 | 15% | 1318 |
| TCC ($/oz)<sup>a</sup> | **1196** | 1242 | (4)% | **1234** | 1046 | 18% | 906 |
| AISC ($/oz)<sup>a</sup> | **1384** | 1407 | (2)% | **1513** | 1441 | 5% | 1282 |

---

<sup>a.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>b.</sup>EBITDA represents income less depreciation. Depreciation expense is $53 million and $171 million for Q4 2025 and 2025, respectively (Q3 2025: $45 million,

2024: $156 million, 2023: $224 million).

<sup>c.</sup>Represents EBITDA divided by revenue.

*Safety and Environment*

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended | For the three months ended | For the three months ended | For the year ended | For the year ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 |
| LTI | **1** | 0 | **1** | 1 |
| LTIFR<sup>8</sup> | **0.88** | 0.00 | **0.22** | 0.23 |
| TRIFR<sup>8</sup> | **2.63** | 5.29 | **2.21** | 1.6 |
| Class 1<sup>9</sup> environmental <br>incidents<br>| **0** | 0 | **0** | 0 |

---

*Financial Results*

*Q4 2025 compared to Q3 2025*

Gold production in Q4 2025 was 5% higher compared to Q3

2025. This was mainly driven by higher ore tonnes from

both Cortez Pits and Goldrush transported and processed

at the Carlin roasters, combined with higher grades from

Cortez Hills underground, partially offset by lower grades

from the open pits.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup> in Q4 2025 were 1% and

4% lower, respectively, than Q3 2025, driven by the

increased production and favorable leach tonne placement

driven by higher open pit ore tonnes, partially offset by

higher royalties from the higher realized gold price<sup>6</sup>. In Q4

2025, AISC/oz<sup>6</sup> were 2% lower than Q3 2025, mainly due to

lower TCC/oz<sup>6</sup>, partially offset by higher minesite sustaining

capital expenditures<sup>6</sup>.

Capital expenditures in Q4 2025 were 14% higher

compared to Q3 2025, mainly due to higher minesite

sustaining capital expenditures<sup>6</sup> driven by increased

capitalized waste stripping and fleet replacements in both

the open pit and underground operations.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **27** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

*2025 compared to 2024*

Gold production in 2025 was 2% higher than 2024 primarily

due to higher refractory ore shipped and processed at the

Carlin roasters driven by productivity improvements in the

Cortez Hills underground, the ramp-up of Goldrush and

higher proportions of refractory ore mined from Cortez Pits.

The other consequence of higher refractory material

sourced from the open pits was lower oxide ore tonnes and

grades through the oxide mill which were the main drivers

of the lower oxide mill production. Finally, leach ounces

were lower compared to the prior year. Although ore

stacked was higher, given close to half of the tonnes were

placed in Q4 and with the longer processing cycle time, the

gold will be realized across 2025 and 2026.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup> in 2025 were 15% and 18%

higher, respectively, than 2024, reflecting a higher

proportion of higher cost refractory ounces processed at the

Carlin roasters in the sales mix and higher royalties from

the higher realized gold price<sup>6</sup>. For 2025, AISC/oz<sup>6</sup>

increased by 5% compared to 2024, driven by higher TCC/

oz<sup>6</sup>, partially offset by lower minesite sustaining capital

expenditures<sup>6</sup>.

Capital expenditures in 2025 increased by 2%

compared to 2024, due to increased project capital

expenditures<sup>6</sup>resulting from higher development and

infrastructure spend at Goldrush and the successful

initiation of the autonomous haul project during the year.

This was partially offset by lower minesite sustaining capital

expenditures<sup>6</sup> following the investment in the Komatsu 930-

E truck fleet which spanned both 2023 and 2024 and lower

capitalized waste stripping at Crossroads following the

completion of Crossroads Phase 6 stripping in Q2 2025.

*2025 compared to Guidance*

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 454 | 420 - 470 |
| Cost of sales<sup>7</sup> ($/oz) | 1609 | 1420 - 1520 |
| Total cash costs<sup>6</sup> ($/oz) | 1234 | 1050 - 1130 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 1513 | 1370 - 1470 |

---

Gold production for 2025 was in the top half of the guidance

range, primarily due to higher than planned refractory ore

shipped and processed at the Carlin roasters and the

Goldstrike autoclave, to the overall benefit of NGM. COS/

oz<sup>7</sup> and TCC/oz<sup>6</sup>were above the original guidance range

reflecting a higher than planned proportion of higher cost

refractory ounces processed at the Carlin roasters in the

sales mix combined with higher sulfur and other

consumable prices, partially driven by tariffs. All cost

metrics were also impacted by higher royalties from the

higher realized gold price<sup>6</sup>. Our cost guidance for 2025 was

based on a gold price assumption of $2,400/oz. Given the

actual realized gold price<sup>6</sup> was considerably higher at

$3,501/oz, the cost guidance ranges for Cortez need to be

increased by $55/oz to provide a more meaningful

comparison. After adjusting for the realized gold price<sup>6</sup>, the

guidance ranges are as follows: COS/oz<sup>7</sup>of $1,475 to

$1,575, TCC/oz<sup>6</sup> of $1,105 to $1,185 and AISC/oz<sup>6</sup> of

$1,425 to $1,525.AISC/oz<sup>6</sup>was within the price adjusted

guidance range as the higher TCC/oz<sup>6</sup>was partially offset

by lower than planned capitalized waste stripping at

Crossroads following the reclassification of waste material

to low grade ore.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **28** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Turquoise Ridge (61.5%), Nevada USA

**Summary of Operating and Financial Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | Change | **12/31/25** | 12/31/24 | Change | 12/31/23 |
| Total tonnes mined (000s) | **327** | 430 | (24)% | **1179** | 2339 | (50)% | 919 |
| Open pit ore | **43** | 54 | (20)% | **97** | 132 | (27)% | 0 |
| Open pit waste | **55** | 152 | (64)% | **214** | 1380 | (84)% | 0 |
| Underground | **229** | 224 | 2% | **868** | 827 | 5% | 919 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | **1.47** | 1.51 | (3)% | **1.50** | 1.25 | 20% | n/a |
| Underground mined | **14.06** | 13.02 | 8% | **12.48** | 12.50 | 0% | 11.28 |
| Processed | **6.20** | 4.61 | 34% | **4.88** | 4.86 | 0% | 4.34 |
| Ore tonnes processed (000s) | **599** | 650 | (8)% | **2474** | 2268 | 9% | 2608 |
| Oxide Mill | **79** | 72 | 10% | **294** | 289 | 2% | 357 |
| Autoclave | **516** | 578 | (11)% | **2176** | 1979 | 10% | 2251 |
| Roaster | **4** | 0 | 100% | **4** | 0 | 100% | 0 |
| Recovery Rate | **88%** | 87% | 1% | **87%** | 85% | 2% | 86% |
| Oxide Mill | **83%** | 86% | (3)% | **85%** | 84% | 1% | 85% |
| Autoclave | **88%** | 87% | 1% | **87%** | 85% | 2% | 86% |
| Roaster | **85%** | n/a | n/a | **85%** | n/a | n/a | n/a |
| Gold produced (000s oz) | **105** | 86 | 22% | **341** | 304 | 12% | 316 |
| Oxide Mill | **4** | 4 | 0% | **18** | 14 | 29% | 14 |
| Autoclave | **100** | 82 | 22% | **322** | 287 | 12% | 299 |
| Heap leach | **1** | 0 | 100% | **1** | 3 | (67)% | 3 |
| Gold sold (000s oz) | **104** | 85 | 22% | **342** | 298 | 15% | 318 |
| Revenue ($ millions) | **443** | 301 | 47% | **1220** | 724 | 69% | 620 |
| Cost of sales ($ millions) | **149** | 123 | 21% | **530** | 481 | 10% | 444 |
| Income ($ millions) | **294** | 180 | 63% | **695** | 238 | 192% | 172 |
| EBITDA ($ millions)<sup>a,b</sup> | **333** | 209 | 59% | **819** | 348 | 135% | 288 |
| EBITDA margin<sup>c</sup> | **75%** | 69% | 9% | **67%** | 48% | 40% | 46% |
| Capital expenditures ($ millions) | **19** | 14 | 36% | **63** | 63 | 0% | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining<sup>a</sup> | **17** | 13 | 31% | **59** | 62 | (5)% | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project<sup>a</sup> | **2** | 1 | 100% | **4** | 1 | 300% | 6 |
| COS ($/oz) | **1422** | 1452 | (2)% | **1545** | 1615 | (4)% | 1399 |
| TCC ($/oz)<sup>a</sup> | **1050** | 1099 | (4)% | **1178** | 1238 | (5)% | 1026 |
| AISC ($/oz)<sup>a</sup> | **1225** | 1244 | (2)% | **1358** | 1466 | (7)% | 1234 |

---

<sup>a.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>b.</sup>EBITDA represents income less depreciation. Depreciation expense is $39 million and $124 million for Q4 2025 and 2025, respectively (Q3 2025: $29 million,

2024: $110 million, 2023: $116 million).

<sup>c.</sup>Represents EBITDA divided by revenue.

*Safety and Environment*

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended | For the three months ended | For the three months ended | For the year ended | For the year ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 |
| LTI | **0** | 0 | **1** | 3 |
| LTIFR<sup>8</sup> | **0.00** | 0.00 | **0.37** | 1.05 |
| TRIFR<sup>8</sup> | **0** | 1.55 | **1.12** | 3.5 |
| Class 1<sup>9</sup> environmental <br>incidents<br>| **0** | 0 | **0** | 0 |

---

*Financial Results*

*Q4 2025 compared to Q3 2025*

Gold production in Q4 2025 was 22% higher than Q3 2025,

mainly due to higher grades from the undergrounds as per

the mine plan resulting in 34% higher processed grades

combined with 2% higher underground tonnes mined owing

to improved mining efficiencies.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup>in Q4 2025 were 2% and

4% lower, respectively, than Q3 2025, primarily due to

higher throughput and grades, partially offset by higher

maintenance costs due to a major planned shutdown at the

autoclave occurring in the quarter. AISC/oz<sup>6</sup> was 2% lower

than Q3 2025, mainly reflecting lower TCC/oz<sup>6</sup>, partially

offset by higher minesite sustaining capital expenditures<sup>6</sup>.

Capital expenditures in Q4 2025 were 36% higher

than Q3 2025 mainly due to the boiler replacement and

other capital works during the planned shutdown, combined

with higher TSF spend with the commencement of phase 1

of the Sage TSF expansion during 2025.

*2025 compared to 2024*

Gold production in 2025 was 12% higher compared to

2024, primarily due to 5% higher underground tonnes

mined owing to improved mining efficiencies and 10%

higher tonnes processed through the autoclave following

the reinvestment in the facility over the last two years to

increase overall reliability and throughput.

COS/oz<sup>7</sup>and TCC/oz<sup>6</sup> in 2025 were 4% and 5%

lower, respectively, than 2024, mainly due to higher

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **29** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

production and lower unit rates in both the underground and

the autoclave driven by improved efficiencies and an overall

reduction in contractor spend and unplanned maintenance

events. This was partially offset by higher royalties from the

higher realized gold price<sup>6</sup>. AISC/oz<sup>6</sup> decreased by 7%

compared to 2024 due to lower TCC/oz<sup>6</sup>, combined with

lower minesite sustaining capital expenditures<sup>6</sup>driven by

lower plant remedial costs required following the investment

in 2024.

*2025 compared to Guidance*

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 341 | 310 - 345 |
| Cost of sales<sup>7</sup> ($/oz) | 1545 | 1370 - 1470 |
| Total cash costs<sup>6</sup> ($/oz) | 1178 | 1000 - 1080 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 1358 | 1260 - 1360 |

---

Gold production in 2025was at the top end of the guidance

range as the improvements in stabilizing the processing

plant and improved mining efficiencies resulted in a strong

H2 performance. COS/oz<sup>7</sup> and TCC/oz<sup>6</sup>were higher than

the original guidance mainly due to a change in the mine

plan which involved higher operating development costs

combined with higher input prices relating to reagents and

consumables, partially driven by tariffs, and higher than

planned maintenance costs. AISC/oz<sup>6</sup> was within guidance

as the impact of the change in the mine plan was not a

driver (higher operating costs were offset by lower minesite

sustaining capital expenditures<sup>6</sup>). All cost metrics were also

impacted by higher royalties from the higher realized gold

price<sup>6</sup>. Our cost guidance for 2025 was based on a gold

price assumption of $2,400/oz. Given the actual realized

gold price<sup>6</sup> was considerably higher at $3,501/oz, the cost

guidance ranges for Turquoise Ridge need to be increased

by $15/oz to provide a more meaningful comparison. After

adjusting for the realized gold price<sup>6</sup>, the guidance ranges

are as follows: COS/oz<sup>7</sup>of $1,385 to $1,485, TCC/oz<sup>6</sup> of

$1,015 to $1,095 and AISC/oz<sup>6</sup> of $1,275 to $1,375.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **30** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Pueblo Viejo (60% basis)<sup>a</sup>, Dominican Republic

**Summary of Operating and Financial Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | Change | **12/31/25** | 12/31/24 | Change | 12/31/23 |
| Open pit tonnes mined (000s) | **6257** | 6303 | (1)% | **17818** | 10885 | 64% | 18074 |
| Open pit ore | **1905** | 1682 | 13% | **4349** | 5879 | (26)% | 7794 |
| Open pit waste | **4352** | 4621 | (6)% | **13469** | 5006 | 169% | 10280 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | **2.29** | 2.12 | 8% | **2.21** | 2.12 | 4% | 2.05 |
| Processed | **2.59** | 2.59 | 0% | **2.44** | 2.46 | (1)% | 2.39 |
| Autoclave ore tonnes processed (000s) | **1807** | 1717 | 5% | **6429** | 5730 | 12% | 5332 |
| Recovery rate | **69%** | 77% | (10)% | **75%** | 79% | (5)% | 81% |
| Gold produced (000s oz) | **103** | 107 | (4)% | **379** | 352 | 8% | 335 |
| Gold sold (000s oz) | **106** | 108 | (2)% | **383** | 351 | 9% | 335 |
| Revenue ($ millions) | **476** | 378 | 26% | **1388** | 851 | 63% | 670 |
| Cost of sales ($ millions) | **157** | 157 | 0% | **615** | 553 | 11% | 475 |
| Income ($ millions) | **313** | 216 | 45% | **755** | 286 | 164% | 187 |
| EBITDA ($ millions)<sup>b,c</sup> | **361** | 263 | 37% | **940** | 462 | 103% | 341 |
| EBITDA margin<sup>d</sup> | **76%** | 70% | 9% | **68%** | 54% | 26% | 51% |
| Capital expenditures ($ millions)<sup>e</sup> | **72** | 47 | 53% | **221** | 195 | 13% | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining<sup>b</sup> | **41** | 27 | 52% | **141** | 108 | 31% | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project<sup>b</sup> | **29** | 18 | 61% | **71** | 62 | 15% | 119 |
| COS ($/oz) | **1492** | 1451 | 3% | **1608** | 1576 | 2% | 1418 |
| TCC ($/oz)<sup>b</sup> | **930** | 929 | 0% | **1034** | 1005 | 3% | 889 |
| AISC ($/oz)<sup>b</sup> | **1322** | 1198 | 10% | **1412** | 1323 | 7% | 1249 |

---

<sup>a.</sup>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.

<sup>b.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>c.</sup>EBITDA represents income less depreciation. Depreciation expense is $48 million and $185 million for Q4 2025 and 2025, respectively (Q3 2025: $47 million,

2024: $176 million, 2023: $154 million).

<sup>d.</sup>Represents EBITDA divided by revenue.

<sup>e.</sup>Starting in the first quarter of 2024, this amount includes capitalized interest.

*Safety and Environment*

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended | For the three months ended | For the three months ended | For the year ended | For the year ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 |
| LTI | **0** | 0 | **0** | 0 |
| LTIFR<sup>8</sup> | **0.00** | 0.00 | **0.06** | 0.07 |
| TRIFR<sup>8</sup> | **0.26** | 0.44 | **0.29** | 0.54 |
| Class 1<sup>9</sup> environmental <br>incidents<br>| **0** | 0 | **0** | 0 |

---

*Financial Results*

*Q4 2025 compared to Q3 2025*

Gold production for Q4 2025 was 4% lower than Q3 2025

due to lower recoveries stemming from lagging recovery

performance of historically stockpiled material in the

flotation-, autoclave- and CIL circuits. Lower recoveries

were partially offset by higher throughput quarter-on-

quarter.

COS/oz<sup>7</sup> for Q4 2025 was 3% higher than Q3

2025 mainly due to higher depreciation expense, while

TCC/oz<sup>6</sup> remained consistent with Q3 2025 as lower fixed

plant maintenance costs were offset by higher royalties

from the higher realized gold price<sup>6</sup>. For Q4 2025, AISC/oz<sup>6</sup>

was 10% higher than Q3 2025, mainly reflecting higher

minesite sustaining capital expenditures<sup>6</sup>.

Capital expenditures for Q4 2025 increased by

53% compared to Q3 2025 due to higher minesite

sustaining capital expenditures<sup>6</sup> associated with restoring

fleet reliability and increased activities at the Llagal TSF,

and higher project capital expenditures on the Naranjo TSF.

*2025 compared to 2024*

Gold production for 2025 was 8% higher than 2024, mainly

due to higher throughput resulting from the plant expansion

(+12% year on year), partially offset by lower recoveries

due to increased utilization of the expansion flotation circuit

and lower recoveries from stockpile material, resulting in

higher ounce production.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup> for 2025 increased by 2%

and 3%, respectively, compared to 2024, primarily due to

higher diesel and electricity consumption, higher plant

maintenance costs and higher royalties from the higher

realized gold price<sup>6</sup>. This was partially offset by the benefit

of greater fixed cost dilution with the increase in throughput

and lower mining costs. For 2025, AISC/oz<sup>6</sup> increased by

7% compared to 2024, mainly reflecting both higher

minesite sustaining capital expenditures<sup>6</sup> and TCC/oz<sup>6</sup>.

Capital expenditures for 2025 increased by 13%

compared to 2024, mainly due tohigher minesite sustaining

capital expenditures<sup>6</sup> relating to plant and mining fleet

component replacements, as well as increased project

capital expenditures<sup>6</sup> relating to the mine life extension

project. Refer to the Future Growth section on page 44 for

more details.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **31** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

*2025 compared to Guidance*

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 379 | 370 - 410 |
| Cost of sales<sup>7</sup> ($/oz) | 1608 | 1540 - 1640 |
| Total cash costs<sup>6</sup> ($/oz) | 1034 | 910 - 990 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 1412 | 1280 - 1380 |

---

Gold production in 2025 was in the lower half of the

guidance range mainly due to lower CIL recovery resulting

from higher than planned copper and preg-robbing ores in

the feed blend, partially offset by higher grades processed.

COS/oz<sup>7</sup> was within the guidance range as the increase in

TCC/oz<sup>6</sup> was partially offset by lower depreciation expense.

TCC/oz<sup>6</sup> was higher than the guidance range mainly due to

higher processing maintenance costs. All cost metrics were

also impacted by higher royalties from the higher realized

gold price<sup>6</sup>. Our cost guidance for 2025 was based on a

gold price assumption of $2,400/oz. Given the actual

realized gold price<sup>6</sup> was considerably higher at $3,501/oz,

the cost guidance ranges for Pueblo Viejo need to be

increased by $40/oz to provide a more meaningful

comparison. After adjusting for the realized gold price<sup>6</sup>, the

guidance ranges are as follows: COS/oz<sup>7</sup>of $1,580 to

$1,680, TCC/oz<sup>6</sup> of $950 to $1,030 and AISC/oz<sup>6</sup> of $1,320

to $1,420. After adjusting for the gold price, AISC/oz<sup>6</sup> was

within the guidance range.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **32** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Kibali (45% basis)<sup>a</sup>, Democratic Republic of the Congo

**Summary of Operating and Financial Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | Change | **12/31/25** | 12/31/24 | Change | 12/31/23 |
| Total tonnes mined (000s) | **6840** | 6089 | 12% | **23596** | 19398 | 22% | 17837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit ore | **884** | 959 | (8)% | **2859** | 2045 | 40% | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit waste | **5607** | 4723 | 19% | **19195** | 15539 | 24% | 13288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground | **349** | 407 | (14)% | **1542** | 1814 | (15)% | 1828 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit mined | **1.59** | 1.49 | 7% | **1.51** | 1.43 | 6% | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground mined | **5.38** | 4.96 | 8% | **5.17** | 5.21 | (1)% | 5.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processed | **2.91** | 3.15 | (8)% | **2.79** | 2.82 | (1)% | 3.21 |
| Ore tonnes processed (000s) | **933** | 935 | 0% | **3745** | 3827 | (2)% | 3700 |
| Recovery rate | **91%** | 90% | 1% | **90%** | 89% | 1% | 90% |
| Gold produced (000s oz) | **79** | 86 | (8)% | **303** | 309 | (2)% | 343 |
| Gold sold (000s oz) | **78** | 84 | (7)% | **298** | 309 | (4)% | 343 |
| Revenue ($ millions) | **328** | 294 | 12% | **1040** | 743 | 40% | 670 |
| Cost of sales ($ millions) | **123** | 124 | (1)% | **468** | 415 | 13% | 419 |
| Income ($ millions) | **205** | 161 | 27% | **527** | 316 | 67% | 243 |
| EBITDA ($ millions)<sup>b,c</sup> | **241** | 199 | 21% | **665** | 450 | 48% | 390 |
| EBITDA margin<sup>d</sup> | **73%** | 68% | 7% | **64%** | 61% | 5% | 58% |
| Capital expenditures ($ millions) | **39** | 39 | 0% | **140** | 116 | 21% | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining<sup>b</sup> | **19** | 19 | 0% | **60** | 58 | 3% | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project<sup>b</sup> | **20** | 20 | 0% | **80** | 58 | 38% | 38 |
| COS ($/oz) | **1557** | 1482 | 5% | **1568** | 1344 | 17% | 1221 |
| TCC ($/oz)<sup>b</sup> | **1093** | 1019 | 7% | **1099** | 905 | 21% | 789 |
| AISC ($/oz)<sup>b</sup> | **1374** | 1286 | 7% | **1337** | 1123 | 19% | 918 |

---

<sup>a.</sup>Barrick owns 45% of Kibali Goldmines SA with the Government of Democratic Republic of the Congo and our joint venture partner, AngloGold Ashanti, owning

10% and 45%, respectively. The figures presented in this table and the discussion that follows are based on our 45% effective interest in Kibali Goldmines SA

held through our 50% interest in Kibali (Jersey) Limited and its other subsidiaries (collectively "Kibali"), inclusive of the impact of the purchase price allocation

resulting from the merger with Randgold. Kibali is accounted for as an equity method investment on the basis that the joint venture partners that have joint

control have rights to the net assets of the joint venture.

<sup>b.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>c.</sup>EBITDA represents income less depreciation. Depreciation expense is $36 million and $138 million for Q4 2025 and 2025, respectively (Q3 2025: $38 million,

2024: $134 million, 2023: $147 million).

<sup>d.</sup>Represents EBITDA divided by revenue.

*Safety and Environment*

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended | For the three months ended | For the three months ended | For the year ended | For the year ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 |
| LTI | 0 | 2 | 4 | 3 |
| LTIFR<sup>8</sup> | 0.00 | 0.37 | 0.19 | 0.17 |
| TRIFR<sup>8</sup> | 0.35 | 0.75 | 0.8 | 1.2 |
| Class 1<sup>9</sup> environmental <br>incidents<br>| 0 | 0 | 0 | 0 |

---

On December 15, 2025, a tragic incident at the Kibali

underground operations resulted in the fatality of an

employee. Please refer to page 16 for further details.

*Financial Results*

*Q4 2025 compared to Q3 2025*

Gold production for Q4 2025 was 8% lower than Q3 2025,

primarily due to lower grades processed linked to lower

tonnes mined from the underground. Lower underground

tonnes to surface was linked to unplanned shaft

maintenance and an extended stoppage due to the tragic

fatality.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup>for Q4 2025 were 5% and

7% higher, respectively, than Q3 2025 mainly due to lower

grades processed, higher mining unit costs and higher

royalties from the higher realized gold price<sup>6</sup>. AISC/oz<sup>6</sup>for

Q4 2025 was 7% higher than in Q3 2025 resulting from

both higher TCC/oz<sup>6</sup>and minesite capital expenditures<sup>6</sup> on

a per ounce basis.

Capital expenditures in Q4 2025 remained flat

compared to Q3 2025 as higher capitalized waste stripping

was offset by the late arrival of underground infrastructure

components and a delay in the river diversion construction

at the Kalimva open pit.

*2025 compared to 2024*

Gold production in 2025 was 2% lower compared to 2024,

mainly due to lower throughput and slightly lower grades

processed.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup>in 2025 increased by 17%

and 21%, respectively, compared to 2024, mainly due to

lower grades processed as well as higher royalties driven

by the higher realized gold price<sup>6</sup>. For 2025, AISC/oz<sup>6</sup> was

19% higher compared to 2024, reflecting both higher TCC/

oz<sup>6</sup>andminesite sustaining capital expenditures<sup>6</sup>.

Capital expenditures in 2025 were 21% higher

compared to 2024 due to higher project capital

expenditures<sup>6</sup>linked to the Pamao in-pit TSF and additional

drilling on the ARK project. Higher minesite sustaining

capital expenditures<sup>6</sup>were driven by higher capitalized

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **33** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

waste stripping and additional spend on underground

equipment.

*2025 compared to Guidance*

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 303 | 310 - 340 |
| Cost of sales<sup>7</sup> ($/oz) | 1568 | 1280 - 1380 |
| Total cash costs<sup>6</sup> ($/oz) | 1099 | 940 - 1020 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 1337 | 1130 - 1230 |

---

Gold production in 2025 ended marginally below the

guidance range, primarily driven by lower grades processed

than planned. All cost metrics were above the guidance

ranges primarily as a result of the lower than planned

production and were also impacted by higher royalties from

the higher realized gold price<sup>6</sup>. Our cost guidance for 2025

was based on a gold price assumption of $2,400/oz. Given

the actual realized gold price<sup>6</sup> was considerably higher at

$3,501/oz, the cost guidance ranges for Kibali need to be

increased by $65/oz to provide a more meaningful

comparison. After adjusting for the realized gold price<sup>6</sup>, the

guidance ranges are as follows: COS/oz<sup>7</sup>of $1,345 to

$1,445, TCC/oz<sup>6</sup> of $1,005 to $1,085 and AISC/oz<sup>6</sup> of

$1,195 to $1,295.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **34** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

North Mara (84% basis)<sup>a</sup>, Tanzania

**Summary of Operating and Financial Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | Change | **12/31/25** | 12/31/24 | Change | 12/31/23 |
| Total tonnes mined (000s) | **4297** | 4189 | 3% | **15600** | 17183 | (9)% | 16547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit ore | **17** | 0 | 100% | **1562** | 3282 | (52)% | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit waste  | **3845** | 3721 | 3% | **12362** | 12319 | 0% | 13610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground | **435** | 468 | (7)% | **1676** | 1582 | 6% | 1537 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit mined | **1.01** | n/a | n/a | **1.98** | 1.96 | 1% | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground mined | **3.74** | 4.09 | (9)% | **3.83** | 4.07 | (6)% | 3.22 |
| Processed | **2.87** | 2.99 | (4)% | **3.14** | 3.31 | (5)% | 3.02 |
| Ore tonnes processed (000s) | **683** | 729 | (6)% | **2781** | 2772 | 0% | 2848 |
| Recovery rate | **90%** | 89% | 1% | **89%** | 90% | (1)% | 92% |
| Gold produced (000s oz) | **56** | 64 | (13)% | **249** | 265 | (6)% | 253 |
| Gold sold (000s oz) | **56** | 72 | (22)% | **246** | 263 | (6)% | 254 |
| Revenue ($ millions) | **234** | 260 | (10)% | **860** | 647 | 33% | 497 |
| Cost of sales ($ millions) | **91** | 108 | (16)% | **356** | 332 | 7% | 306 |
| Income ($ millions) | **129** | 149 | (13)% | **475** | 267 | 78% | 139 |
| EBITDA ($ millions)<sup>b,c</sup> | **150** | 178 | (16)% | **559** | 337 | 66% | 203 |
| EBITDA margin<sup>d</sup> | **64%** | 68% | (6)% | **65%** | 52% | 25% | 41% |
| Capital expenditures ($ millions) | **56** | 41 | 37% | **174** | 136 | 28% | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining<sup>b</sup> | **17** | 13 | 31% | **57** | 71 | (20)% | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project<sup>b</sup> | **39** | 28 | 39% | **117** | 65 | 80% | 81 |
| COS ($/oz) | **1640** | 1497 | 10% | **1449** | 1266 | 14% | 1206 |
| TCC ($/oz)<sup>b</sup> | **1237** | 1069 | 16% | **1085** | 989 | 10% | 944 |
| AISC ($/oz)<sup>b</sup> | **1546** | 1268 | 22% | **1333** | 1274 | 5% | 1335 |

---

<sup>a.</sup>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.

<sup>b.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>c.</sup>EBITDA represents income less depreciation. Depreciation expense is $21 million and $84 million for Q4 2025 and 2025, respectively (Q3 2025: $29 million,

2024: $70 million, 2023: $64 million).

<sup>d.</sup>Represents EBITDA divided by revenue.

*Safety and Environment*

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended | For the three months ended | For the three months ended | For the year ended | For the year ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 |
| LTI | **0** | 0 | **0** | 0 |
| LTIFR<sup>8</sup> | **0.00** | 0.00 | **0.00** | 0.00 |
| TRIFR<sup>8</sup> | **0.32** | 0.00 | **0.32** | 0.35 |
| Class 1<sup>9</sup> environmental <br>incidents<br>| **0** | 0 | **0** | 0 |

---

*Financial Results*

*Q4 2025 compared to Q3 2025*

In Q4 2025, gold production was 13% lower than Q3 2025

mainly due to lower throughput and lower grades, slightly

offset by higher recovery.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup>in Q4 2025 were 10% and

16% higher, respectively, than Q3 2025, resulting from

lower grades processed, higher underground mining costs,

and increased royalties from the higher realized gold price<sup>6</sup>.

AISC/oz<sup>6</sup> in Q4 2025 was 22% higher than Q3 2025,

reflecting both higher TCC/oz<sup>6</sup>and minesite sustaining

capital expenditures<sup>6</sup>.

Capital expenditures in Q4 2025 increased by 37%

compared to Q3 2025, driven by higher project capital

expenditures<sup>6</sup> mainly related to the new underground

decline. This was combined with higher minesite sustaining

capital expenditures<sup>6</sup> due to higher spend on the purchase

of underground loaders in line with our fleet replacement

schedule, and a new Battery Energy Storage System to

further optimize the power supply and cost base.

*2025 compared to 2024*

In 2025, gold production was 6% lower than 2024 due to

lower grades processed from the underground and slightly

lower recovery, as per the mine plan.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup>in 2025 were 14% and 10%

higher, respectively, than 2024, mainly reflecting higher

royalties from the higher realized gold price<sup>6</sup> and the impact

of lower grades processed. AISC/oz<sup>6</sup> was 5% higher than

2024, primarily due to higher TCC/oz<sup>6</sup>, partially offset by

lower minesite sustaining capital expenditures<sup>6</sup>.

In 2025, capital expenditures increased by 28%

compared to 2024 driven by higher project capital

expenditures<sup>6</sup>mainly due to the completion of the paste

plant and Gokona pre-stripping cutback, partially offset by

lower minesite sustaining capital expenditures<sup>6</sup>, reflecting

lower capitalized waste stripping.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **35** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

*2025 compared to Guidance*

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 249 | 230 - 260 |
| Cost of sales<sup>7</sup> ($/oz) | 1449 | 1370 - 1470 |
| Total cash costs<sup>6</sup> ($/oz) | 1085 | 1020 - 1100 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 1333 | 1400 - 1500 |

---

Gold production in 2025 ended in the upper half of the

guidance range, reflecting the successful delivery of the

mine plan committed to at the start of the year. All cost

metrics were within the original guidance ranges,

notwithstanding being impacted by higher royalties from the

higher realized gold price<sup>6</sup>. Our cost guidance for 2025 was

based on a gold price assumption of $2,400/oz. Given the

actual realized gold price<sup>6</sup> was considerably higher at

$3,501/oz, the cost guidance ranges for North Mara need to

be increased by $85/oz to provide a more meaningful

comparison. After adjusting for the realized gold price<sup>6</sup>, the

guidance ranges are as follows: COS/oz<sup>7</sup>of $1,455 to

$1,555, TCC/oz<sup>6</sup> of $1,105 to $1,185 and AISC/oz<sup>6</sup> of

$1,485 to $1,585. On this basis, North Mara delivered lower

costs than guidance.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **36** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Bulyanhulu (84% basis)<sup>a</sup>, Tanzania

**Summary of Operating and Financial Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | Change | **12/31/25** | 12/31/24 | Change | 12/31/23 |
| Underground tonnes mined (000s) | **356** | 416 | (14)% | **1453** | 1252 | 16% | 1217 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground mined | **5.44** | 4.95 | 10% | **5.23** | 5.79 | (10)% | 6.56 |
| Processed | **5.71** | 4.87 | 17% | **5.29** | 5.69 | (7)% | 6.64 |
| Ore tonnes processed (000s) | **224** | 255 | (12)% | **947** | 983 | (4)% | 880 |
| Recovery rate | **97%** | 94% | 3% | **95%** | 93% | 2% | 96% |
| Gold produced (000s oz) | **40** | 38 | 5% | **153** | 168 | (9)% | 180 |
| Gold sold (000s oz) | **39** | 40 | (3)% | **148** | 165 | (10)% | 180 |
| Revenue ($ millions) | **175** | 144 | 22% | **554** | 416 | 33% | 371 |
| Cost of sales ($ millions) | **74** | 73 | 1% | **265** | 250 | 6% | 237 |
| Income ($ millions) | **98** | 69 | 42% | **281** | 162 | 73% | 123 |
| EBITDA ($ millions)<sup>b,c</sup> | **113** | 84 | 35% | **336** | 215 | 56% | 175 |
| EBITDA margin<sup>d</sup> | **65%** | 58% | 12% | **61%** | 52% | 17% | 47% |
| Capital expenditures ($ millions) | **41** | 32 | 28% | **144** | 114 | 26% | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining<sup>b</sup> | **17** | 18 | (6)% | **80** | 57 | 40% | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project<sup>b</sup> | **24** | 14 | 71% | **64** | 57 | 12% | 34 |
| COS ($/oz) | **1885** | 1817 | 4% | **1789** | 1509 | 19% | 1312 |
| TCC ($/oz)<sup>b</sup> | **1262** | 1334 | (5)% | **1253** | 1070 | 17% | 920 |
| AISC ($/oz)<sup>b</sup> | **1694** | 1790 | (5)% | **1795** | 1420 | 26% | 1231 |

---

<sup>a.</sup>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.

<sup>b.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>c.</sup>EBITDA represents income less depreciation. Depreciation expense is $15 million and $55 million for Q4 2025 and 2025, respectively (Q3 2025: $15 million,

2024: $53 million, 2023: $52 million).

<sup>d.</sup>Represents EBITDA divided by revenue.

*Safety and Environment*

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended | For the three months ended | For the three months ended | For the year ended | For the year ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 |
| LTI | **1** | 0 | **1** | 0 |
| LTIFR<sup>8</sup> | **0.48** | 0.00 | **0.12** | 0.00 |
| TRIFR<sup>8</sup> | **2.88** | 0.48 | **1.34** | 1.76 |
| Class 1<sup>9</sup> environmental <br>incidents<br>| **0** | 0 | **0** | 0 |

---

On October 21, 2025, a fatal incident occurred in the

underground operations resulting in the loss of an

employee. Please refer to page 15 for further details.

*Financial Results*

*Q4 2025 compared to Q3 2025*

In Q4 2025, gold production was 5% higher than Q3 2025,

primarily reflecting higher grades processed and higher

recovery, slightly offset by lower throughput.

COS/oz<sup>7</sup>in Q4 2025 increased by 4%, due to

higher depreciation expense, partially offset by lower TCC/

oz<sup>6</sup>. TCC/oz<sup>6</sup> was 5% lower primarily due to higher grades

processed, slightly offset by higher royalties from the higher

realized gold price<sup>6</sup>. AISC/oz<sup>6</sup> in Q4 2025 was 5% lower

than Q3 2025, mainly as a result of lower TCC/oz<sup>6</sup>and

lower minesite sustaining capital expenditures<sup>6</sup>.

Capital expenditures in Q4 2025 were 28% higher

than Q3 2025, mainly due to higher project capital

expenditures<sup>6</sup>relating to the Upper West decline.

*2025 compared to 2024*

In 2025, gold production was 9% lower than 2024 as we

mined in lower grade areas of the mine and continued to

prioritize underground development in higher grade zones,

partially offset by higher recovery.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup> in 2025 were 19% and 17%

higher, respectively, than 2024, reflecting higher royalties

from the higher realized gold price<sup>6</sup>, combined with lower

grades processed and higher mining costs driven by higher

labour and power costs as we go deeper in the mine. AISC/

oz<sup>6</sup> was 26% higher than 2024 due to both increased TCC/

oz<sup>6</sup> and minesite sustaining capital expenditures<sup>6</sup>.

In 2025, capital expenditures increased by 26%

compared to 2024, reflecting higher minesite sustaining

capital expenditures<sup>6</sup>related to a significant step up in

underground development, combined with increased project

capital expenditures<sup>6</sup> mainly due to the Upper West decline.

*2025 compared to Guidance*

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 153 | 150 - 180 |
| Cost of sales<sup>7</sup> ($/oz) | 1789 | 1470 - 1570 |
| Total cash costs<sup>6</sup> ($/oz) | 1253 | 1010 - 1090 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 1795 | 1540 - 1640 |

---

Gold production in 2025 ended within the guidance range,

albeit closer to the low end of the range. All cost metrics

ended above the cost guidance mainly driven by higher

royalties from the higher realized gold price<sup>6</sup> and lower

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **37** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

grades mined and processed. Our cost guidance for 2025

was based on a gold price assumption of $2,400/oz. Given

the actual realized gold price<sup>6</sup> was considerably higher at

$3,501/oz, the cost guidance ranges for Bulyanhulu need to

be increased by $85/oz to provide a more meaningful

comparison. After adjusting for the realized gold price<sup>6</sup>, the

guidance ranges are as follows: COS/oz<sup>7</sup>of $1,555 to

$1,655, TCC/oz<sup>6</sup> of $1,095 to $1,175 and AISC/oz<sup>6</sup> of

$1,625 to $1,725. The actual cost metrics for 2025 were

higher than the price adjusted ranges due to the lower than

planned production as explained above.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **38** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Other Mines - Gold

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Operating and Financial Data** | **Summary of Operating and Financial Data** | **Summary of Operating and Financial Data** | **Summary of Operating and Financial Data** | **Summary of Operating and Financial Data** |  | For the three months ended | For the three months ended | For the three months ended | For the three months ended | For the three months ended |
|  | **12/31/25** | **12/31/25** | **12/31/25** | **12/31/25** | **12/31/25** | 9/30/25 | 9/30/25 | 9/30/25 | 9/30/25 | 9/30/25 |
|  | **Gold** <br>**produced** <br>**(000s oz)**<br>| **COS** <br>**($/oz)**<br>| **TCC** <br>**($/oz)**<sup>a</sup><br>| **AISC** <br>**($/oz)**<sup>a</sup><br>| **Capital** <br>**Expend-**<br>**itures**<sup>b</sup><br>| Gold <br>produced <br>(000s oz)<br>| COS <br>($/oz)<br>| TCC <br>($/oz)<sup>a</sup><br>| AISC <br>($/oz)<sup>a</sup><br>| Capital <br>Expend-<br>itures<sup>b</sup><br>|
| Phoenix (61.5%) | **24** | **1972** | **127** | **279** | **3** | 27 | 2010 | 664 | 935 | 6 |
| Veladero (50%) | **48** | **1526** | **886** | **1915** | **56** | 49 | 1352 | 787 | 1498 | 35 |
| Tongon (89.7%)<sup>c</sup> | **18** | **2648** | **2659** | **2844** | **4** | 32 | 1787 | 1605 | 1692 | 9 |
| Hemlo<sup>d</sup> | **26** | **1738** | **1707** | **1976** | **8** | 27 | 2145 | 1874 | 2417 | 14 |
| Porgera (24.5%) | **24** | **1608** | **1180** | **1865** | **17** | 24 | 1599 | 1200 | 1594 | 9 |
| Loulo-Gounkoto<sup>e</sup> | **11** | **4151** | **1448** | **1448** | **—** |  |  |  |  |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | |  | For the years ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | **12/31/25** | **12/31/25** | **12/31/25** | **12/31/25** | 12/31/24 | 12/31/24 | 12/31/24 | 12/31/24 | 12/31/24 |
|  | **Gold** <br>**produced** <br>**(000s oz)**<br>| **COS** <br>**($/oz)**<br>| **TCC** <br>**($/oz)**<sup>a</sup><br>| **AISC** <br>**($/oz)**<sup>a</sup><br>| **Capital** <br>**Expend-**<br>**itures**<sup>b</sup><br>| Gold <br>produced <br>(000s oz)<br>| COS <br>($/oz)<br>| TCC <br>($/oz)<sup>a</sup><br>| AISC <br>($/oz)<sup>a</sup><br>| Capital <br>Expend-<br>itures<sup>b</sup><br>|
| Phoenix (61.5%) | **109** | **1921** | **653** | **920** | **23** | 127 | 1687 | 765 | 1031 | 26 |
| Veladero (50%) | **230** | **1286** | **785** | **1450** | **180** | 252 | 1254 | 905 | 1334 | 139 |
| Tongon (89.7%)<sup>c</sup> | **106** | **2200** | **2049** | **2203** | **20** | 148 | 1903 | 1670 | 1867 | 20 |
| Hemlo<sup>d</sup> | **123** | **1854** | **1618** | **1936** | **39** | 143 | 1754 | 1483 | 1769 | 38 |
| Porgera (24.5%) | **92** | **1553** | **1184** | **1630** | **44** | 46 | 1423 | 1073 | 1666 | 72 |
| Loulo-Gounkoto<sup>e</sup> | **29** | **4271** | **1449** | **1603** | **18** | 578 | 1218 | 828 | 1304 | 307 |

---

a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 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 57 to 69 of this MD&A.

c.On October 6, 2025, we reached an agreement to sell our interest in the Tongon gold mine and certain of its exploration properties to the Atlantic Group for total

consideration of up to $305 million. The transaction closed on December 1, 2025.Accordingly, operating and financial results provided are up to the closing

date, and no commentary for Q4 2025 was provided.

d.On September 10, 2025, we reached an agreement to sell the Hemlo gold mine to Carcetti Capital Corp. for gross proceeds of up to $1.09 billion. The

transaction closed on November 26, 2025. Accordingly, operating and financial results provided are up to the closing date, and no commentary for Q4 2025

was provided.

e.As a result of temporary suspension of operations at Loulo-Gounkoto starting January 14, 2025, and subsequent loss of control on June 16, 2025, no operating

data or per ounce data was provided for Q1 2025 to Q3 2025. On November 24, 2025, Barrick announced that an agreement had been entered into with the

Government of the Republic of Mali to put an end to all disputes regarding the Loulo and Gounkoto mines. The provisional administration of the Loulo-Gounkoto

complex was terminated on December 16, 2025, at which point operational control was handed back to Somilo and Gounkoto's management.

Phoenix (61.5%)

Gold production for Phoenix in Q4 2025 was 11% lower

than Q3 2025owing to lower recoveries related to

geochemistry following the increased material mined from

Fortitude during Q4 2025.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup> in Q4 2025 were 2% and

81% lower, respectively, than Q3 2025. The improvement in

COS/oz<sup>7</sup> was mainly due to improved mining efficiencies.

In addition to this, TCC/oz<sup>6</sup> was significantly impacted by

higher copper and silver by-product cost allocations. In Q4

2025, AISC/oz<sup>6</sup> decreased by 70% compared to Q3 2025,

due to lower TCC/oz<sup>6</sup> and lower minesite sustaining capital

expenditures<sup>6</sup>.

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 109 | 85 - 105 |
| Cost of sales<sup>7</sup> ($/oz) | 1921 | 2070 - 2170 |
| Total cash costs<sup>6</sup> ($/oz) | 653 | 890 - 970 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 920 | 1240 - 1340 |

---

Compared to our 2025 outlook, gold production

exceeded guidance, driven by improved grades and

recovery. COS/oz<sup>7</sup>, TCC/oz<sup>6</sup> and AISC/oz<sup>6</sup>were below the

guidance ranges driven mainly by higher than expected by-

product cost allocations.

Veladero (50%), Argentina

Gold production for Veladero in Q4 2025 was 2% lower

thanQ3 2025 driven by a decrease in recoverable ounces

placed on the leach pad due to the planned mine sequence.

COS/oz<sup>7</sup> and TCC/oz<sup>6</sup> in Q4 2025 were both 13% higher,

mainly due to higher shovel maintenance costs and the

impact of higher royalties from the higher realized gold

price<sup>6</sup>. In Q4 2025, AISC/oz<sup>6</sup> increased by 28%compared

to Q3 2025, due to both higher minesite sustaining capital

expenditures<sup>6</sup> and TCC/oz<sup>6</sup>.

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 230 | 190 - 220 |
| Cost of sales<sup>7</sup> ($/oz) | 1286 | 1390 - 1490 |
| Total cash costs<sup>6</sup> ($/oz) | 785 | 890 - 970 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 1450 | 1570 - 1670 |

---

Gold production for the full year 2025 was above

the guidance range driven by additional recoverable ounces

placed and higher ounces contributed by phase 1-5 of the

leach facility. All cost metrics were below the guidance

ranges as a result of the higher production, notwithstanding

the impact of higher royalties from the higher realized gold

price<sup>6</sup>.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **39** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Porgera (24.5%), Papua New Guinea

Gold production in Q4 2025 was in line with Q3 2025. COS/

oz<sup>7</sup> was 1% higher than Q3 2025 due to increased

depreciation, partially offset by lower TCC/oz<sup>6</sup>. TCC/oz<sup>6</sup>

was 2% lower due to lower processing and underground

mining cost. AISC/oz<sup>6</sup> increased by 17% compared to Q3

2025 reflecting higher minesite sustaining capital

expenditures<sup>6</sup>, slightly offset by lower TCC/oz<sup>6</sup>.

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Gold produced (000s oz) | 92 | 70 - 95 |
| Cost of sales<sup>7</sup> ($/oz) | 1553 | 1510 - 1610 |
| Total cash costs<sup>6</sup> ($/oz) | 1184 | 1210 - 1290 |
| All-in sustaining costs<sup>6</sup> ($/oz) | 1630 | 1770 - 1870 |

---

Gold production in 2025was at the higher end of

the guidance range. COS/oz<sup>7</sup> was within the guidance

range. TCC/oz<sup>6</sup> and AISC/oz<sup>6</sup>were lower than the

guidance ranges mainly driven by the higher production,

notwithstanding the impact of higher royalties from the

higher realized gold price<sup>6</sup>.

Loulo-Gounkoto (80%), Mali

On January 14, 2025, Loulo-Gounkoto temporarily

suspended operations following an ongoing dispute over

the existing mining Conventions. On June 16, 2025 the

Bamako Commercial Tribunal placed Loulo-Gounkoto

under a temporary provisional administration. While Barrick

retained its 80% legal ownership of the mine, operational

control was transferred to an external administrator. As a

result of this loss of control event, in Q2 2025 the assets,

liabilities and non-controlling interest of Loulo-Gounkoto

were deconsolidated and derecognized and an investment

recognized at fair value. On November 24, 2025, Barrick

announced that an agreement had been entered into with

the Government of the Republic of Mali to put an end to all

disputes regarding the Loulo and Gounkoto mines. The

provisional administration of the Loulo-Gounkoto complex

was terminated on December 16, 2025, at which point

operational control was handed back to Somilo and

Gounkoto's management. This was accounted for as a

business acquisition in Q4 2025 where the investment was

derecognized and the assets, liabilities and non-controlling

interest of Loulo-Gounkoto were consolidated from this date

again. Refer to notes 4, 35 and 36 of the Financial

Statements for further information.

During 2025, Loulo-Gounkoto produced 18

thousand ounces of gold in early January before operations

were suspended and 11 thousand ounces of gold in

December after the provisional administration was

terminated and operations restarted under Barrick control.

This brings full year production to 29 thousand ounces and

full year sales to 91 thousand ounces (this includes the sale

of the gold that was produced in late 2024 that was subject

to an attachment order issued on January 2, 2025 and

returned to the mine following the end of the provisional

administration period). COS/oz<sup>7</sup> for Q4 2025 and 2025

were $4,151 and $4,271, respectively, as it includes the

impact of the fair value increment on inventory resulting

from the purchase price allocation when we regained

control of the mine. TCC/oz<sup>6</sup> and AISC/oz<sup>6</sup>, which excludes

the impact of the fair value increment of $2,486/oz, were

both $1,448 for Q4 2025 and $1,449 and $1,603 for 2025,

respectively.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **40** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Lumwana (100%), Zambia

**Summary of Operating and Financial Data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | Change | **12/31/25** | 12/31/24 | Change | 12/31/23 |
| Open pit tonnes mined (000s) | **32205** | 41678 | (23)% | **141674** | 140866 | 1% | 113633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit ore | **8343** | 10505 | (21)% | **32519** | 26064 | 25% | 26030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open pit waste | **23862** | 31173 | (23)% | **109155** | 114802 | (5)% | 87603 |
| Average grade (grams/tonne) |  |  |  |  |  |  |  |
| Open pit mined | **0.56%** | 0.58% | (3)% | **0.59%** | 0.55% | 7% | 0.51% |
| Processed | **0.65%** | 0.66% | (2)% | **0.64%** | 0.53% | 21% | 0.49% |
| Tonnes processed (000s) | **7029** | 6392 | 10% | **25740** | 25783 | 0% | 26797 |
| Recovery rate | **91%** | 92% | (1)% | **92%** | 90% | 2% | 89% |
| Copper produced (kt) | **42** | 38 | 11% | **151** | 123 | 23% | 118 |
| Copper sold (kt) | **47** | 37 | 27% | **157** | 109 | 44% | 113 |
| Revenue ($ millions) | **520** | 322 | 61% | **1487** | 855 | 74% | 795 |
| Cost of sales ($ millions) | **282** | 193 | 46% | **877** | 704 | 25% | 723 |
| Income ($ millions) | **233** | 124 | 88% | **596** | 135 | 341% | 37 |
| EBITDA ($ millions)<sup>a,b</sup> | **322** | 192 | 68% | **882** | 379 | 133% | 294 |
| EBITDA margin<sup>c</sup> | **62%** | 60% | 3% | **59%** | 44% | 34% | 37% |
| Capital expenditures ($ millions)<sup>d</sup> | **268** | 200 | 34% | **689** | 469 | 47% | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining<sup>a</sup> | **92** | 78 | 18% | **298** | 312 | (4)% | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project<sup>a</sup> | **173** | 119 | 45% | **384** | 157 | 145% | 83 |
| COS ($/lb) | **2.76** | 2.32 | 19% | **2.54** | 2.94 | (14)% | 2.91 |
| C1 cash costs ($/lb)<sup>a</sup> | **1.97** | 1.68 | 17% | **1.86** | 2.23 | (17)% | 2.29 |
| AISC ($/lb)<sup>a</sup> | **3.24** | 2.93 | 11% | **3.05** | 3.85 | (21)% | 3.48 |

---

<sup>a.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>b.</sup>EBITDA represents income less depreciation. Depreciation expense is $89 million and $286 million for Q4 2025 and 2025, respectively (Q3 2025: $68 million,

2024: $244 million, 2023: $257 million).

<sup>c.</sup>Represents EBITDA divided by revenue.

<sup>d.</sup>Includes capitalized interest.

*Safety and Environment*

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the three months ended | For the three months ended | For the three months ended | For the year ended | For the year ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 |
| LTI | **0** | 1 | **2** | 3 |
| LTIFR<sup>8</sup> | **0.00** | 0.19 | **0.10** | 0.19 |
| TRIFR<sup>8</sup> | **0.82** | 0.56 | **0.44** | 0.37 |
| Class 1<sup>9</sup> environmental <br>incidents<br>| **0** | 0 | **0** | 0 |

---

*Financial Results*

*Q4 2025 compared to Q3 2025*

Copper production in Q4 2025 was 11% higher than Q3

2025 primarily due to higher throughput, partially offset by

slightly lower grades processed and recoveries.

COS/lb<sup>7</sup> and C1 cash costs/lb<sup>6</sup> were 19% and 17%

higher, respectively, than Q3 2025 primarily due to higher

mining maintenance costs due to lower fleet availabilities

from premature failures as well as higher power costs. In

Q4 2025, AISC/lb<sup>6</sup> increased by 11% compared to Q3 2025,

primarily driven by the higher C1 cash costs/lb<sup>6</sup> mentioned

above, as well as higher minesite sustaining capital

expenditures<sup>6</sup>, partially offset by the increase in sales

volumes.

Capital expenditures were 34% higher compared

to Q3 2025 due to an increase in both project and minesite

capital expenditures<sup>6</sup>. Project capital expenditures<sup>6</sup>

increased by 45% primarily reflecting down payments on

the mobile fleet as well as payments on awarded civil

engineering and procurement packages for the Lumwana

Super Pit Expansion project. The increase in minesite

sustaining capital expenditures<sup>6</sup> of 18% was primarily

related to rebuilds.

*2025 compared to 2024*

In 2025, copper production increased by 23% compared to

2024, primarily due to higher grades processed and higher

recoveries. Production of 151kt represents Lumwana's

highest ever annual production in the mine's history.

In 2025, COS/lb<sup>7</sup> and C1 cash costs/lb<sup>6</sup>were 14%

and 17% lower, respectively, than 2024 due to higher

grades processed and higher capitalized waste stripping.

AISC/lb<sup>6</sup> in 2025 decreased by 21% compared to 2024,

mainly due to both lower minesite sustaining capital

expenditures<sup>6</sup>and C1 cash costs/lb<sup>6</sup>.

In 2025, capital expenditures increased by 47%

compared to 2024 due to higher project capital

expenditures<sup>6</sup> on the Super Pit Expansion project, as it

entered into its first full year of execution. This is expected

to further increase as we advance through 2026 with higher

anticipated spend as more packages are executed and the

fleet readiness continues to grow. Refer to the Future

Growth section on page [45](#i9b586ce33d0945d78cb79c215b9ba342_259) for more details.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **41** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

*2025 compared to Guidance*

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Copper produced (M lbs) | 151 | 125 - 155 |
| Cost of sales<sup>7</sup> ($/lb) | 2.54 | 2.30 - 2.60 |
| C1 cash costs<sup>6</sup> ($/lb) | 1.86 | 1.60 - 1.90 |
| All-in sustaining costs<sup>6</sup> ($/lb) | 3.05 | 2.80 - 3.10 |

---

Copper production in 2025 ended at the top end of the

guidance range. All cost metrics were also within guidance

ranges despite higher power costs as the mine continues to

drive cost-effective delivery of its mine plan.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **42** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Other Mines - Copper

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Operating and Financial Data** | **Summary of Operating and Financial Data** | **Summary of Operating and Financial Data** | **Summary of Operating and Financial Data** | **Summary of Operating and Financial Data** |  | For the three months ended | For the three months ended | For the three months ended | For the three months ended | For the three months ended |
|  | **12/31/25** | **12/31/25** | **12/31/25** | **12/31/25** | **12/31/25** | 9/30/25 | 9/30/25 | 9/30/25 | 9/30/25 | 9/30/25 |
|  | **Copper** <br>**production** <br>**(kt)**<br>| **COS** <br>**($/lb)**<br>| **C1 cash** <br>**costs** <br>**($/lb)**<sup>a</sup><br>| **AISC** <br>**($/lb)**<sup>a</sup><br>| **Capital** <br>**Expend-**<br>**itures**<sup>b</sup><br>| Copper <br>production <br>(kt)<br>| COS <br>($/lb)<br>| C1 cash <br>costs <br>($/lb)<sup>a</sup><br>| AISC <br>($/lb)<sup>a</sup><br>| Capital <br>Expend-<br>itures<sup>b</sup><br>|
| Zaldívar (50%) | **12** | **6.33** | **5.17** | **6.03** | **25** | 9 | 5.02 | 3.80 | 4.82 | 16 |
| Jabal Sayid (50%) | **8** | **2.21** | **0.94** | **1.20** | **7** | 8 | 2.08 | 1.47 | 1.65 | 6 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | |  | For the years ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | **12/31/25** | **12/31/25** | **12/31/25** | **12/31/25** | 12/31/24 | 12/31/24 | 12/31/24 | 12/31/24 | 12/31/24 |
|  | **Copper** <br>**production** <br>**(kt)**<br>| **COS** <br>**($/lb)**<br>| **C1 cash** <br>**costs** <br>**($/lb)**<sup>a</sup><br>| **AISC** <br>**($/lb)**<sup>a</sup><br>| **Capital** <br>**Expend-**<br>**itures**<sup>b</sup><br>| Copper <br>production <br>(kt)<br>| COS <br>($/lb)<br>| C1 cash <br>costs <br>($/lb)<sup>a</sup><br>| AISC <br>($/lb)<sup>a</sup><br>| Capital <br>Expend-<br>itures<sup>b</sup><br>|
| Zaldívar (50%) | **37** | **5.14** | **3.98** | **4.75** | **61** | 40 | 4.09 | 3.04 | 3.58 | 42 |
| Jabal Sayid (50%) | **32** | **2.09** | **1.28** | **1.46** | **21** | 32 | 1.77 | 1.37 | 1.56 | 19 |

---

<sup>a.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

<sup>b.</sup>Includes both minesite sustaining and project capital expenditures<sup>6</sup>. Further information on these non-GAAP financial measures, including detailed

reconciliations, is included on pages 57 to 69 of this MD&A.

Zaldívar (50% basis), Chile

Copper production for Zaldívar in Q4 2025 was 33% higher

than Q3 2025 driven by higher grades processed. COS/lb<sup>7</sup>

and C1 cash costs/lb<sup>6</sup> in Q4 2025 were 26% and 36%

higher, respectively, than Q3 2025 driven by an inventory

write-down in Q4. AISC/lb<sup>6</sup> was in line with Q3 2025.

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Copper produced (kt) | 37 | 40 - 45 |
| Cost of sales<sup>7</sup> ($/lb) | 5.14 | 3.60 - 3.90 |
| C1 cash costs<sup>6</sup> ($/lb) | 3.98 | 2.70 - 3.00 |
| All-in sustaining costs<sup>6</sup> ($/lb) | 4.75 | 3.50 - 3.80 |

---

Copper production in 2025 was lower than the

guidance range driven by lower throughput and recovery

resulting from unplanned maintenance and less soluble ore

than expected. All cost metrics were above the guidance

ranges driven by the lower production and higher

processing costs.

Our investment in this asset, of which we are not

the operator, continues to be a non-core part of our

portfolio.

Jabal Sayid (50% basis), Saudi Arabia

Jabal Sayid's copper production in Q4 2025 was in line with

Q3 2025. COS/lb<sup>7</sup> in Q4 2025 was 6% higher than Q3 2025

mainly due to higher depreciation expense, partially offset

by lower C1 cash costs/lb<sup>6</sup>. C1 cash costs/lb<sup>6</sup>were 36%

lower mainly due to the impact of increased gold by-product

cost allocations as well as decreased treatment and refining

costs due to negotiating lower rates. AISC/lb<sup>6</sup>was 27%

lower than Q3 2025, mainly due to lower C1 cash costs/lb<sup>6</sup>,

slightly offset by marginally higher minesite sustaining

capital expenditures<sup>6</sup>.

---

| | | |
|:---|:---|:---|
|  | 2025 Actual | 2025 Guidance |
| Copper produced (kt) | 32 | 25 - 35 |
| Cost of sales<sup>7</sup> ($/lb) | 2.09 | 2.00 - 2.30 |
| C1 cash costs<sup>6</sup> ($/lb) | 1.28 | 1.60 - 1.90 |
| All-in sustaining costs<sup>6</sup> ($/lb) | 1.46 | 1.80 - 2.10 |

---

Copper production in 2025 was in the upper half of the

guidance range. COS/lb<sup>7</sup> was at the low end of the

guidance range, while C1 cash costs/lb<sup>6</sup>and AISC/lb<sup>6</sup>were

below the guidance ranges due to higher gold by-product

cost allocations as well as decreased treatment and refining

costs resulting from negotiating lower rates.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **43** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Future Growth**

**Fourmile, Nevada, USA**<sup>16</sup>

Fourmile is a 100% owned Barrick asset in Nevada, located

adjacent to Goldrush, that has the potential to be a

standalone Tier One Gold Asset<sup>1</sup>. Ongoing PFS studies

point to the potential for significant resource growth. For the

second consecutive year, Fourmile has successfully

doubled its declared mineral resource ounces to 2.6 million

ounces indicated (4.6Mt at 17.59g/t) and 13 million ounces

inferred (25Mt at 16.9g/t). This reflects the ongoing

commitment to aggressively grow Fourmile in support of a

PFS expected to be completed in 2028.

The resource update reflects a successful year of

drilling where a fleet of up to 16 deep diamond core drill rigs

achieved 71.4km of drilling across the Fourmile asset. The

drilling combined resource definition drilling, extensional

step outs and satellite exploration targeting to support

growth in the overall known mineralization while also

building the resource conversion pipeline. Of particular note

are drill holes including FM25-291D which intersected 3.7

meters at 34.47 g/t, 8.3 meters at 20.56 g/t and 3.5 meters

at 15.24 g/t which extended the known ore zone of Dorothy

by 150 meters from prior drill intercepts. A further

intersection 200 meters to the north of Dorothy in

FM25-300D intersected 16.0 meters at 38.35 g/t unlocking

the potential for mineralization along a 1 kilometer corridor

below the Mill Canyon stock to the north. Additionally, deep

holes targeting the Lower Rose Stem area (now dubbed

Charlie) including FM25-321D, 26.9 meters at 33.71 g/t and

10.7 meters at 5.15 g/t as well as FM25-314D, 21.4 meters

at 12.74 g/t were able to confirm mineralization more than

300m further down dip than prior intercepts.

In previous years, drilling at Fourmile has paused

over the winter months with drilling recommencing in the

spring once snow has been cleared and access regained.

However, in 2025 considerable efforts have been made to

establish additional drill pads in the lower elevation areas,

and develop other substantive controls to enable safe

drilling operations through the winter months.

Fourmile continues to progress the planning of the

dedicated decline access from twin surface portals located

in Crescent Valley. Key infrastructure items such as

workshop, offices and change house facilities will be

located on previously disturbed land within the Cortez

footprint simplifying permitting and creating flexibility in

construction timelines. Development is on track to begin in

late 2026.

As previously disclosed, Barrick anticipates

Fourmile will be incorporated into the NGM joint venture, at

fair market value, if certain criteria are met following the

completion of drilling and the requisite independent

feasibility. Across drilling and studies activities, we spent

$91 million in 2025 (including $31 million in Q4 2025).

2026 is expected to be a critical year for Fourmile

with an anticipated drilling spend of $150 to $160 million

together with $20 million of spend on studies work (both

expensed) and $70 million on construction and decline

commencement (capital). This phase of the project has

been approved with an estimated total cost of $330 to $430

million extending through mid-2029.

**Goldrush Project, Nevada, USA**<sup>17,18</sup>

Goldrush, which is included within Cortez, is expected to be

a long-life underground mine with anticipated annual

production in excess of 400,000 ounces of gold per year

(100% basis) once in full production by 2028.

In Q4 2025, execution planning continued for key

infrastructure projects. Construction contracts for the

second surface ventilation raise are in progress and site

earthworks were completed to prepare for mobilization of

the shaft sinking contractor in Q1 2026. Ventilation

modeling was finalized to confirm immediate ventilation

requirements, including fan selection and layout for the

second ventilation raise. Preliminary engineering for the

paste plant advanced to define plant layout and

configuration. Laboratory material testing is nearing

completion to define paste backfill makeup and cement

content necessary to satisfy backfill requirements. The

paste plant preliminary design report will be finalized in Q1

2026 and a contract for detailed engineering will be

awarded.

Surface dewatering continued in Horse Canyon as

the third of three wells planned in 2025 was commissioned.

Mine dewatering is on track, with the next wells planned for

2027. The surface shotcrete plant equipment was received

at site and foundation construction began. Remaining plant

erection and commissioning will occur in Q1 2026.

As of December 31, 2025, project spend was $490

million on a 100% basis (including $17 million in Q4 2025)

inclusive of the exploration declines. This capital spent to

date, together with the remaining expected pre-production

capital, is still anticipated to be near the approximate $1

billion initial capital estimate for the Goldrush project (100%

basis).

Along the northeastern edge of Goldrush in the

southern KB area, new results from surface drilling returned

60 meters at 23.12 g/t, including 21 meters at 40.55 g/t in a

breccia (GRC-25001A). A follow up hole (GRC-25002)

returned 11 meters at 17.44 g/t of disseminated

mineralization and 6.1 meters at 37.25 g/t, 4.6 meters at

29.2 g/t and 4.6 meters at 23 g/t in a silicified breccia. The

latter is consistent with the Fourmile high-grade breccia

located 1.5 km to the north. Previous wide spaced drilling

confirms continuity between the two deposits but the area

below the northern third of the Goldrush deposit is largely

untested. Applying the lessons learned at Fourmile, both

surface and underground exploration drilling will ramp up in

2026 to evaluate this new opportunity.

**Ren, Nevada, USA**<sup>19</sup>

Ren is a new ore deposit at Goldstrike Underground and a

key expansion project at Carlin. Located north of Goldstrike

Underground's Meikle and Banshee deposits, Ren is

anticipated to produce an average of 140,000 ounces per

year (contained ounces, 100% basis) once in full production

in 2027.

To develop the deposit, the existing exploration

drift has been duplicated, allowing for increased ventilation

and secondary egress into the working area. Additional

exploration drilling platforms have been constructed from

the duplicate drift to support further drilling for both existing

resource conversion and further deposit growth.

To support production mining of the deposit, an

additional set of twin declines will be driven from the Betze-

Post West Barrel open pit layback, extending to the north

with the intent to provide life of mine ventilation and a direct

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **44** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

path for material to be hauled and hoisted out via the

existing Meikle Headframe. To complete the project, a

seven-meter finished diameter ventilation shaft will be sunk

550 meters to serve as an exhaust raise and utility conduit

for mining the orebody.

During Q4 2025, rehabilitation of the existing

exploration drift to support ventilation and utilities continued

albeit at a slower rate as a result of less favorable ground

conditions. Rehabilitation is expected to finish early in Q1

2026. Work at the West Barrel declines is continuing with

completion of key surface infrastructure to support decline

development beginning in Q1 2026. Mechanical completion

was achieved for the shotcrete plant and building erection is

in progress for the equipment maintenance shop. The Ren

ventilation shaft pre-sinking work scope is advancing on

plan to facilitate transition to production sinking in late Q1

2026. Shaft excavation is nearly complete to pre-sink target

depth while site sinking facility construction and galloway

erection is nearing completion.

As of December 31, 2025, project spend was $167

million (including $29 million in Q4 2025) out of an

estimated capital cost of $410 to $470 million (100% basis).

**Pueblo Viejo Expansion, Dominican Republic**<sup>20</sup>

The Pueblo Viejo life of mine expansion continues to focus

on housing, resettlement, and the Naranjo TSF. Detailed

engineering for the TWMS is now complete, with permits

expected in H1 of 2026 while the permitting package for the

starter dam will be submitted within Q1 2026. Critical water

projects are advancing well with the new effluent treatment

plant engineering at 85% complete and the construction

contract awarded, while engineering for the Reverse

Osmosis Plant and the new water supply to Dos Palmas

community has been tendered, with plans to award in Q1

2026. The dam access road is now in use and the TWMS

enabling works underway with pad construction and

additional roads. The Diorite Crushing pad is on track to

allow the new construction contractor to begin foundation

works in Q1 2026 and the Metso Crusher components have

now begun to ship.

The housing project at Pueblo Viejo continues with

over 600 homes constructed and more than 300 families

now resettled. All focus is on completing the remaining 80

houses along with advancing the church and polytechnical

school design. 70% of resettlement packages have now

been accepted, with the public utility decree issued and full

support from authorities to work with all individuals and

avoid delays to the project.

As at December 31, 2025, total project spend was

$1,229 million (including $43 million in Q4 2025) on a 100%

basis. The estimated capital cost of the plant expansion and

mine life extension project remains approximately $2.6

billion (100% basis).

**Veladero Phase 8 Leach Pad, Argentina** 

The construction of the Phase 8 leach pad will be executed

in three phases which are named 8A, 8B and 8C. Phase 8A

has been completed. Phase 8B was approved in Q3 2025,

with activities and related spend progressing as planned.

The phased execution of the project provides flexibility to

align future stages with economic conditions and the

applicable regulatory framework. Construction of the project

includes cutting, filling, sub-drainage and monitoring, leak

collection and recirculation, impermeabilization, as well as

pregnant leaching solution collection.

Overall, the total Phase 8 leach pad project spend

at December 31, 2025 was $90 million ($22 million in Q4

2025) out of an estimated capital cost of $250-$260 million

(100% basis).

**Reko Diq Project, Pakistan**<sup>21</sup>

At the end of 2024, Barrick completed an updated feasibility

study for the project and added 7.3 million tonnes of copper

and 13 million ounces of attributable gold in probable

reserves as at December 31, 2024<sup>22</sup>. Once fully

commissioned, the Reko Diq project is projected to deliver

240,000 tonnes of copper production and 297,000 ounces

of gold per year during Phase 1 increasing to 460,000

tonnes of copper and 520,000 ounces of gold during the

first ten years of Phase 2 (100% basis). These forward-

looking estimates are based on an increased 45Mtpa

process plant throughput in Phase 1 (from the original

40Mtpa) and 90Mtpa (from the original 80Mtpa) in Phase 2,

following the grind size optimization work undertaken as

part of the feasibility study.

In light of the recent escalation of security risks

and increase in the number of security incidents in the

Province of Balochistan, the Company is undertaking a

review of all aspects of the Reko Diq project, including with

respect to the project's security arrangements, development

timetable and capital budget. This review will begin

immediately and an update will be provided when the

review has been completed.

Capital expenditures commenced in Q2 2024, with

total capitalized spend to date of $849 million (including

$213 million in Q4 2025) (100% basis). Capitalized spend in

2025 was $721 million.

**Kibali Solar Project, DRC**

This project entails the design, supply and installation of a

16 MW photovoltaic solar farm with a 15 MW battery energy

storage system to complement the existing hydroelectric

power stations raising the renewable component of the

mine's energy mix from 81% to 85%. The completion of this

project is projected to deliver a 53% reduction in fuel

consumption in the power plant. During Q4 2025, we

completed the power management system integration

which enabled the solar photovoltaic field to inject

7,715MWh into the Kibali grid. Power management system

optimization is still ongoing to ensure that the supply and

system integration remains stable and the full utilization of

the benefits provided by the solar project is realized. As at

December 31, 2025, project spend was $45 million

(including $1 million in Q4 2025) out of an estimated capital

cost of $55 million (100% basis).

**Lumwana Super Pit Expansion, Zambia**<sup>23</sup>

The Lumwana Super Pit Expansion is projected to deliver

240,000 tonnes of copper production per annum, from a

52Mtpa process plant expansion, with a mine life of more

than 30 years.

The project is tracking slightly ahead of schedule

with the target of first copper production during Q1 2028.

The main critical path for the process plant expansion is the

mill building, where good progress was made during Q4

2025 with the completion of the raft foundation of the mill

building and commencement of the reinforcing steel and

shutter installation for the first civil plinths. The primary

crusher soil remediation has been completed and we

expect the civil construction to commence on schedule in

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **45** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Q1 2026. Long-lead equipment manufacturing is continuing

to make progress and procurement of future packages is

tracking on schedule with the award of key packages during

Q4 2025, including the structural steel packages for both

the wet and dry plant areas. The first crates of the mill

components have been shipped and are en route to site.

The building of the third phase of accommodation is

ongoing and made steady progress during Q4 2025. The

TSF design and reviews have been completed and the

construction of the first diversion channel for the expanded

facility is currently in progress. All orders for the 2026

mining fleet expansion have been completed and deliveries

commenced during Q4 2025, with the PC7000 excavator

completed to 90% assembly progress.

Continued progress on the detailed engineering,

procurement and construction ensured that the total project

remains slightly ahead of schedule. We maintained the

focus on delivery of critical milestones in line with the

execution schedule. As at Q4 2025, we have spent $254

million, (including $106 million in Q4 2025). As at

December 31, 2025, the total spend on the expansion

project was $416 million with 2026 expected to be $750 to

$850 million. The total project capital cost (exclusive of

capitalized stripping) is expected to be $2 billion based on

the approved feasibility study.

**Exploration**

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. 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<sup>1</sup> portfolio. Third, we work to

optimize the value of our major undeveloped projects and

finally, we seek to identify emerging third-party opportunities

early in their value chain and secure them, where

appropriate.

During Q4 2025, Barrick's exploration teams have

been active around all our operations, with strong results

returned from drilling across NGM in Nevada, as detailed

above under Fourmile and Goldrush of this section.

On other advanced projects, drilling at the ARK

target in Kibali during the quarter has extended the system

a further 300 meters downplunge, while in Reko Diq, the

team have identified additional, new porphyry systems.

In early-stage work, framework drilling continues at

the Norris property in Canada while we have also made

material progress this quarter at our projects in Peru, Saudi

Arabia and in the Copper Belt in Zambia and DRC.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **46** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**REVIEW OF FINANCIAL RESULTS**

**Revenue**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions, except <br>per ounce/pound <br>data in dollars)<br>| For the three <br>months ended | For the three <br>months ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Gold |  |  |  |  |  |
| 000s oz sold<sup>a</sup> | **960** | 837 | **3318** | 3798 | 4024 |
| 000s oz <br>produced<sup>a</sup><br>| **871** | 829 | **3255** | 3911 | 4054 |
| Market price <br>($/oz)<br>| **4135** | 3457 | **3432** | 2386 | 1941 |
| Realized <br>price ($/oz)<sup>b</sup><br>| **4177** | 3457 | **3501** | 2397 | 1948 |
| Revenue | **5353** | 3748 | **15147** | 11820 | 10350 |
| Copper |  |  |  |  |  |
| 000s tonnes <br>sold<sup>a</sup><br>| **67** | 52 | **224** | 177 | 185 |
| 000s tonnes <br>produced<sup>a</sup><br>| **62** | 55 | **220** | 195 | 191 |
| Market price <br>($/lb)<br>| **5.03** | 4.44 | **4.51** | 4.15 | 3.85 |
| Realized <br>price ($/lb)<sup>b</sup><br>| **5.42** | 4.39 | **4.72** | 4.15 | 3.85 |
| Revenue | **514** | 320 | **1475** | 855 | 795 |
| Other sales | **130** | 80 | **334** | 247 | 252 |
| Total revenue | **5997** | 4148 | **16956** | 12922 | 11397 |

---

a.On an attributable basis.

b.Further information on these non-GAAP financial measures, including

detailed reconciliations, is included on pages 57 to 69 of this MD&A.

Our 2025 gold production of 3.26million ounces was within

the guidance range of 3.15 to 3.50 million ounces. As

previously disclosed, this was towards the lower end of the

range mainly due to lower than planned production at Carlin

as production was impacted by a slower than planned

ramp-up of the Gold Quarry roaster and delayed access to

higher grade underground zones due to poor ground

conditions, together with an increase in higher grade ore

shipped from Cortez and processed at the Carlin roasters,

to the overall benefit of NGM. Gold production was further

impacted by lower grades processed than planned at Kibali

and the divestiture of both Hemlo and Tongon during Q4

2025. Copper production of 220 thousand tonnes for 2025

was at the higher end of the guidance range of 200 to 230

thousand tonnes.

Q4 2025 compared to Q3 2025

In Q4 2025, gold revenues increased by 43% compared to

Q3 2025 primarily due to a higher realized gold price<sup>6</sup>,

combined with higher sales volume. The average realized

price for Q4 2025 was $4,177 per ounce versus $3,457 per

ounce for Q3 2025. During Q4 2025, the gold price ranged

from $3,820 per ounce to an all-time nominal high of $4,550

per ounce and closed the quarter at $4,368 per ounce. Gold

prices in Q4 2025 continued to rise as a result of reductions

in benchmark interest rates, geopolitical tensions, tariff

uncertainty and global economic concerns.

**ATTRIBUTABLE GOLD PRODUCTION VARIANCE** (000s oz)

Q4 2025 compared to Q3 2025

![1318](g10712abx-20251231_g17.gif)

In Q4 2025, attributable gold production was 42 thousand

ounces higher than Q3 2025, primarily driven by a stronger

performance at NGM, mainly at Carlin due to higher

throughput and grades processed at both the roasters and

the autoclave; and at Turquoise Ridgedue to higher grades

from the undergrounds; combined with the restart of

production at Loulo-Gounkoto after regaining control of the

mine. These impacts were partially offset by lower

production at Tongon and Hemlo(included in the "Other"

category above) as a result of the divestitures in Q4 2025.

Attributable gold sales were higher than attributable gold

production due to the sale of the reacquired gold from

Loulo-Gounkoto.

Copper revenues in Q4 2025 increased by 61%

compared to Q3 2025, primarily due to higher copper sales

volume, combined with a higher realized copper price<sup>6</sup>. The

average market price in Q4 2025 was $5.03 per pound

versus $4.44 per pound in Q3 2025. In Q4 2025, the

realized copper price<sup>6</sup> 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 Q3 2025. During Q4 2025, the

copper price ranged from $4.66 per pound to an all-time

nominal high of $5.88 per pound and closed the quarter at

$5.67 per pound. Copper prices in Q4 2025 were influenced

by a decline in the trade-weighted US dollar, supply

disruptions and tariff uncertainty.

Attributable copper production in Q4 2025 was

13%higher compared to Q3 2025 driven by higher

throughput at Lumwana.

2025 compared to 2024

In 2025, gold revenues increased by 28% compared to

2024, primarily due to a higher realized gold price<sup>6</sup>, partially

offset by a decrease in sales volumes. The average market

gold price for 2025 was $3,432 per ounce compared to

$2,386 per ounce in 2024.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **47** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

In 2025, attributable gold production was 3,255

thousand ounces, or 656 thousand ounces lower than

2024, largely driven by the temporary suspension of

operations at Loulo-Gounkoto on January 14, 2025. Control

was subsequently regained on December 15, 2025. In

addition to this, lower underground grades were mined at

Carlin although this was partially offset by Cortez with more

of the higher grade Cortez refractory ore being processed

at the Carlin roasters. A further driver of the decrease was

the divestitures of Tongon and Hemlo(included in the

"Other" category) in Q4 2025. These unfavorable impacts

were offset by increased production at Turquoise Ridge

due to higher underground tonnes mined and higher tonnes

processed.

**ATTRIBUTABLE GOLD PRODUCTION VARIANCE** (000s oz)

Year ended December 31, 2025

![3553](g10712abx-20251231_g18.gif)

Copper revenues for 2025 were 73% higher compared to

2024 due to higher copper sales volume, combined with a

higher realized copper price<sup>6</sup>. For 2025, the realized copper

price<sup>6</sup> was higher than the market copper price due to the

impact of positive provisional pricing adjustments, whereas

the realized copper price<sup>6</sup> was in line with the market

copper price in 2024.

Attributable copper production for 2025 was 25

thousand tonnes higher than 2024, mainly due to higher

grades processed and higher recoveries at Lumwana.

**Production Costs**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions, except <br>per ounce/pound <br>data in dollars)<br>| For the three <br>months ended | For the three <br>months ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Gold |  |  |  |  |  |
| Site operating <br>costs<br>| **1623** | 1157 | **5056** | 5068 | 4917 |
| Depreciation | **503** | 384 | **1588** | 1641 | 1756 |
| Royalty <br>expense<br>| **229** | 113 | **540** | 405 | 371 |
| Mining and <br>production <br>taxes<br>| **55** | 29 | **132** | 78 | 98 |
| Community <br>relations<br>| **13** | 7 | **41** | 34 | 36 |
| **Cost of sales** | **2423** | 1690 | **7357** | 7226 | 7178 |
| COS ($/oz)<sup>a</sup> | **1904** | 1562 | **1697** | 1442 | 1334 |
| TCC ($/oz)<sup>b</sup> | **1205** | 1137 | **1199** | 1065 | 960 |
| AISC ($/oz)<sup>b</sup> | **1581** | 1538 | **1637** | 1484 | 1335 |
| Copper |  |  |  |  |  |
| Site operating <br>costs<br>| **154** | 98 | **477** | 389 | 401 |
| Depreciation | **88** | 69 | **285** | 245 | 259 |
| Royalty <br>expense<br>| **37** | 25 | **108** | 67 | 62 |
| Community <br>relations<br>| **2** | 1 | **5** | 5 | 4 |
| **Cost of sales** | **281** | 193 | **875** | 706 | 726 |
| COS ($/lb)<sup>a</sup> | **3.37** | 2.68 | **2.91** | 2.99 | 2.90 |
| C1 cash costs <br>($/lb)<sup>b</sup><br>| **2.45** | 1.96 | **2.14** | 2.26 | 2.28 |
| AISC ($/lb)<sup>b</sup> | **3.61** | 3.14 | **3.20** | 3.45 | 3.21 |

---

a.Gold COS/oz is calculated as cost of sales across our gold operations

(excluding sites in closure or care and maintenance) divided by ounces

sold (both on an attributable basis using Barrick's ownership share).

Copper COS/lb is calculated as cost of sales across our copper

operations divided by pounds sold (both on an attributable basis using

Barrick's ownership share).

b.Further information on these non-GAAP financial measures, including

detailed reconciliations, is included on pages 57 to 69 of this MD&A.

Q4 2025 compared to Q3 2025

In Q4 2025, gold COS on a consolidated basis was 43%

higher compared to Q3 2025, primarily as a result of higher

sales volumes, combined with higher depreciation expense

and increased royalty expense as a result of a higher

realized gold price<sup>6</sup>. Our 45% interest in Kibali and 24.5%

interest in Porgera are equity accounted and therefore each

mine's COS is excluded from our consolidated gold COS.

Our per ounce metrics, gold COS/oz<sup>7</sup>and TCC/oz<sup>6</sup>,

includes our proportionate share of cost of sales at our

equity method investees, and were 22% and 6% higher,

respectively, than Q3 2025 primarily due to the inclusion of

higher cost Loulo-Gounkoto ounces and increased sulfuric

acid consumption and prices at Carlin. This was combined

with higher royalties due to an increase in the realized gold

price<sup>6</sup>(impact approximately $45/oz). COS/oz<sup>7</sup> was further

impacted as it includes the impact of the fair value

increment on inventory resulting from the purchase price

allocation when we regained control of Loulo-Gounkoto.

In Q4 2025, gold AISC/oz<sup>6</sup> increased by 3%

compared to Q3 2025, primarily due to higher TCC/oz<sup>6</sup> as

described above, partially offset by lower general and

administrative expenses, while minesite sustaining capital

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **48** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

expenditures<sup>6</sup>on a per ounce basis remained relatively

consistent with the prior quarter.

In Q4 2025, copper COS on a consolidated basis

was 46% higher than Q3 2025, primarily due to the impact

of higher copper sales volumes. Our 50% interests in

Zaldívar and Jabal Sayid are equity accounted and

therefore we do not include their COS in our consolidated

copper COS. Our per pound metrics, copper COS/lb<sup>7</sup> and

C1 cash costs/lb<sup>6</sup> increased by 26% and 25%, respectively,

compared to Q3 2025 primarily due to higher costs at

Zaldívar and higher mining maintenance costs due to lower

fleet availabilities from premature failures as well as higher

power costs at Lumwana.

In Q4 2025, copper AISC/lb<sup>6</sup>, which also includes

our proportionate share of equity method investees, was

15% higher than Q3 2025, primarily reflecting higher C1

cash costs/lb<sup>6</sup>,partially offset by lower minesite sustaining

capital expenditures<sup>6</sup> on a per pound basis.

2025 compared to 2024

In 2025, gold COS on a consolidated basis was 2% higher

than 2024 primarily due to increased royalties as a result of

a higher realized gold price<sup>6</sup>, partially offset by the impact of

lower sales volume. Our per ounce metrics, gold COS/oz<sup>7</sup>

and TCC/oz<sup>6</sup>, after including our proportionate share of

COS at our equity method investees (refer to explanation

above), were 18% and 13% higher, respectively, than 2024,

primarily due to lower production across the portfolio

(resulting in reduced fixed cost dilution), lower grades

processed at a number of operations, higher share-based

compensation and higher royalties (impact approximately

$55/oz) associated with the increase in the realized gold

price<sup>6</sup>.

In 2025, gold AISC/oz<sup>6</sup> increased by 10%

compared to 2024 primarily due to higher TCC/oz<sup>6</sup>, partially

offset by lower minesite sustaining capital expenditures<sup>6</sup>.

In 2025, copper COS on a consolidated basis was

24% higher than 2024, primarily due to higher sales

volumes. Our 50% interests in Zaldívar and Jabal Sayid are

equity accounted and therefore we do not include their COS

in our consolidated copper COS. Copper COS/lb<sup>7</sup>and C1

cash costs/lb<sup>6</sup>were 3% and 5% lower, respectively,

compared to 2024, primarily due to higher grades

processed and higher capitalized waste stripping at

Lumwana, partially offset by higher costs at Zaldívar.

Copper AISC/lb<sup>6</sup> was 7% lower than 2024,

primarily due to a lower C1 cash costs/lb<sup>6</sup>, as discussed

above, combined with lower minesite sustaining capital

expenditures<sup>6</sup>.

2025 compared to Guidance

2025 gold COS/oz<sup>7</sup> and TCC/oz<sup>6</sup>were $1,697 and $1,199

respectively, which were both higher than our guidance

ranges of $1,460 to $1,560 per ounce and $1,050 to $1,130

per ounce, respectively. Gold AISC/oz<sup>6</sup>for 2025 of $1,637

was also higher than the guidance range of $1,460 to

$1,560 per ounce. All gold cost metrics were higher than

the guidance ranges mainly due to higher royalties from the

higher realized gold price<sup>6</sup>. Our cost guidance for 2025 was

based on a gold price assumption of $2,400/oz. Given the

actual realized gold price<sup>6</sup> was considerably higher at

$3,501/oz, the cost guidance ranges need to be increased

by $55/oz to provide a more meaningful comparison. After

adjusting for the realized gold price<sup>6</sup>, the guidance ranges

are as follows: COS/oz<sup>7</sup>of $1,515 to $1,615, TCC/oz<sup>6</sup> of

$1,105 to $1,185 and AISC/oz<sup>6</sup> of $1,515 to $1,615. After

adjusting for the gold price, COS/oz<sup>7</sup> was higher than the

guidance range due to the impact of the fair value

increment on inventory resulting from the purchase price

allocation when we regained control of Loulo-Gounkoto.

TCC/oz<sup>6</sup> and AISC/oz<sup>6</sup> were slightly higher than the

adjusted guidance ranges mainly due to higher consumable

prices at many sites including NGM that was partially driven

by the impact of tariffs.

2025 copper COS/lb<sup>7</sup> and AISC/lb<sup>6</sup>were $2.91 and

$3.20, respectively, which were both slightly higher than our

guidance ranges of $2.50 to $2.80 per pound and $2.80 to

$3.10 per pound, respectively, as a result of higher royalties

due to a higher realized copper price<sup>6</sup>. Our cost guidance

for 2025 was based on a copper price assumption of $4.00/

lb. After adjusting for the impact of higher copper prices, our

actual COS/lb<sup>7</sup> and AISC/lb<sup>6</sup> were above the guidance

ranges mainly due to a year end inventory writedown at

Zaldívar. 2025 C1 cash costs<sup>6</sup> of $2.14per pound was also

slightly above our guidance range of $1.80 to $2.10 per

pound.

**General and Administrative Expenses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions) | For the three <br>months ended | For the three <br>months ended | For the years ended  | For the years ended  | For the years ended  |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Corporate <br>administration<br>| **25** | 25 | **103** | 95 | 101 |
| Share-based <br>compensation<sup>a</sup><br>| **39** | 52 | **119** | 20 | 25 |
| **General &** <br>**administrative** <br>**expenses**<br>| **64** | 77 | **222** | 115 | 126 |
| **2025 Guidance** |  |  |  |  |  |
| Corporate administration | Corporate administration | Corporate administration | **~120** |  |  |
| Share-based compensation | Share-based compensation | Share-based compensation | **~40** |  |  |
| **General & administrative** <br>**expenses** | **General & administrative** <br>**expenses** | **General & administrative** <br>**expenses** | **~160** |  |  |

---

a.Based on US$45.76 share price as at December 31, 2025

(September 30, 2025: US$34.12; 2024: US$15.71; 2023: US$18.09).

Q4 2025 compared to Q3 2025

In Q4 2025, general and administrative expenses

decreased by $13 million compared to Q3 2025, primarily

due to lower share-based compensation as a result of a

smaller increase in our share price during Q4 2025

compared to Q3 2025.

2025 compared to 2024

General and administrative expenses in 2025 increased by

$107 million compared to 2024 due to higher share-based

compensation due to a significant increase in our share

price.

2025 compared to Guidance

General and administrative expenses in 2025 of $222

million were higher than guidance of ~$160 million.

Corporate administration expenses of $103 million were

below our guidance of ~$120 million, highlighting the

continued benefit of our cost discipline, while share-based

compensation expenses of $119 million were higher than

our guidance of ~$40 million due to a significant increase in

our share price during the current year whereas our

guidance was based on a share price assumption of $16.39

as previously disclosed.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **49** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Exploration, Evaluation and Project Costs**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions) | For the three <br>months ended | For the three <br>months ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Global <br>exploration and <br>evaluation<br>| **82** | 58 | **220** | 153 | 143 |
| Project costs: |  |  |  |  |  |
| Reko Diq | **4** | 4 | **11** | 126 | 60 |
| Other | **45** | 23 | **109** | 76 | 118 |
| Global <br>exploration and <br>evaluation and <br>project expense<br>| **131** | 85 | **340** | 355 | 321 |
| Minesite <br>exploration and <br>evaluation<br>| **8** | 7 | **27** | 37 | 40 |
| **Total** <br>**exploration,** <br>**evaluation and** <br>**project** <br>**expenses**<br>| **139** | 92 | **367** | 392 | 361 |
|  |  | 2025 Actuals | 2025 Actuals | 2025 Guidance | 2025 Guidance |
| E&E | E&E | E&E | **247** | **220 - 240** | **220 - 240** |
| Project expenses | Project expenses | Project expenses | **120** | **110 - 130** | **110 - 130** |
| **Total E&E and project expenses** | **Total E&E and project expenses** | **Total E&E and project expenses** | **367** | **330 - 370** | **330 - 370** |

---

Q4 2025 compared to Q3 2025

Exploration, evaluation and project expenses for Q4 2025

increased by $47 million compared to Q3 2025. This was

primarily due to higher global exploration and evaluation

costs and higher project costs across various projects. The

increase in project costs was also driven by legal and

consulting costs related to the Hemlo and Tongon

divestitures (included in "Other").

2025 compared to 2024

Exploration, evaluation and project costs for 2025

decreased by$25 million compared to 2024, primarily due

to lower project costs at Reko Diq as the feasibility study

was completed at the end of 2024, which resulted in the

conversion of resources to mineral reserves and

consequently project development costs are now

capitalized. This was partially offset by higher global

exploration and evaluation costs at Fourmile from the ramp-

up of drilling activities and higher other project costs relating

to the divestitures of Hemlo and Tongon and various other

projects.

2025 compared to Guidance

Exploration, evaluation and project expenses for 2025 of

$367 million were at the upper end of the guidance range.

Exploration and evaluation costs of $247 million were

slightly higher than the guidance range, mainly relating to

the ramp-up of drilling activity at Fourmile, while project

expenses of $120 million were at the midpoint of the

guidance range.

**Finance Costs, Net**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions) | For the three <br>months ended | For the three <br>months ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Interest <br>expense<sup>a</sup><br>| **119** | 93 | **409** | 452 | 387 |
| Accretion | **22** | 22 | **89** | 89 | 87 |
| Interest <br>capitalized<br>| **(19)** | (16) | **(55)** | (33) | (42) |
| Other finance <br>costs<br>| **0** | 4 | **5** | 5 | 7 |
| Finance income | **(58)** | (60) | **(221)** | (281) | (269) |
| **Finance costs,** <br>**net**<br>| **64** | 43 | **227** | 232 | 170 |
| **2025 Guidance** |  | **270 - 310** | **270 - 310** |  |  |

---

a.For Q4 2025 and 2025, interest expense includes approximately $nil

and $24 million, respectively, of non-cash interest expense relating to

the streaming agreement with Royal Gold Inc. (Q3 2025: $8 million;

2024: $33 million; 2023: $32 million). Interest expense also includes

approximately $1 million and $11 million for Q4 2025 and 2025,

respectively, relating to finance costs in Argentina (Q3 2025: $1 million;

2024: $78 million; 2023: $nil)

Q4 2025 compared to Q3 2025

In Q4 2025, finance costs, net increased by 49% compared

to Q3 2025, primarily driven by higher interest expense

resulting from the discounting of the resettlement

reimbursement receivable at Pueblo Viejo.

2025 compared to 2024

In 2025, finance costs, net were 2% lower than 2024,

primarily due to lower interest expense due to decreased

finance costs in Argentina associated with cash repatriation,

partially offset by lower finance income.

2025 compared to Guidance

Finance costs, net for 2025 of $227 million were lower than

the guidance range of $270 to $310 million, mainly due to

higher than expected finance income earned on our cash

balance resulting from our strong cash flow generation.

**Additional Significant Statement of Income Items**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions) | For the three <br>months ended | For the three <br>months ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Impairment <br>charges <br>(reversals)<br>| **5** | 3 | **12** | (457) | 312 |
| Loss (gain) on <br>currency <br>translation<br>| **6** | (3) | **3** | 39 | 93 |
| Closed mine <br>rehabilitation<br>| **(7)** | 4 | **8** | 59 | 16 |
| Other (income) <br>expense<br>| **(839)** | (193) | **(509)** | 214 | (195) |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **50** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Impairment Charges (Reversals)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions) | For the three <br>months ended | For the three <br>months ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Asset impairments (reversals) | Asset impairments (reversals) | Asset impairments (reversals) | Asset impairments (reversals) | Asset impairments (reversals) | Asset impairments (reversals) |
| Carlin | **2** | 1 | **6** | 82 | 4 |
| Cortez | **3** | 1 | **4** | 0 | 0 |
| Pueblo Viejo | **0** | 0 | **1** | 0 | 0 |
| Hemlo | **0** | 1 | **1** | 0 | 0 |
| Lumwana | **0** | 0 | **0** | (655) | 0 |
| Veladero | **0** | 0 | **0** | (437) | 0 |
| Long Canyon | **0** | 0 | **0** | 49 | 280 |
| Tanzania | **0** | 0 | **0** | 0 | 22 |
| Other | **0** | 0 | **0** | 20 | 6 |
| **Total asset** <br>**impairment** <br>**charges** <br>**(reversals)**<br>| **5** | 3 | **12** | (941) | 312 |
| Goodwill | Goodwill | Goodwill | Goodwill | Goodwill | Goodwill |
| Loulo-<br>Gounkoto<br>| **0** | 0 | **0** | 484 | 0 |
| **Total goodwill** <br>**impairment** <br>**charges**<br>| **0** | 0 | **0** | 484 | 0 |
| **Total** <br>**impairment** <br>**charges** <br>**(reversals)**<br>| **5** | 3 | **12** | (457) | 312 |

---

In Q4 2025 and the full year 2025, we recognized $5 million

and $12 million, respectively, of net impairment charges,

with no significant impairment charges or reversals in these

periods. This compares to net impairment reversals of $941

million in 2024, mainly due to non-current asset impairment

reversals of $655 million at Lumwana as a result of the

inclusion of the Super Pit Expansion in the LOM plan and

higher copper prices at Lumwana, and of $437 million at

Veladero, reflecting higher gold prices, extended mine life

and lower country risk. In addition, we recognized a

goodwill impairment of $484 million at Loulo-Gounkoto in

2024. Refer to note 21 to the Financial Statements for a

full description of impairment charges, including pre-tax

amounts and sensitivity analysis.

Loss on Currency Translation

Loss on currency translation for 2025 decreased by $36

million compared to 2024. The loss of $3 million in 2025

was mainly due to unrealized foreign currency losses

relating to the Zambian kwacha and Argentine peso, largely

offset by gains relating to the West African CFA franc and

Chilean peso. The loss of $39 million in 2024 was primarily

due to realized foreign currency losses relating to the

Chilean peso, which were hedged and a corresponding

gain on non-hedge derivatives was recorded in other

income. This was combined with unrealized foreign

currency losses relating to the Argentine peso and West

African CFA franc.

Currency fluctuations result in a revaluation of our

local currency denominated VAT receivables and local

currency denominated payable balances.

Closed mine rehabilitation

Closed mine rehabilitation expense in 2025 was $8 million

compared to $59 million in 2024, as the prior year included

higher closure cost estimates at various closure sites.

Other (Income) Expense

In Q4 2025, other income was $839 million, while the full

year 2025 was $509 million. Other income in Q4 2025

mainly relates to the gain on the sale of non-current assets

totaling $732 million, comprised of our Hemlo gold mine

($545 million), our interest in the Tongon gold mine

($134 million) and the Alturas project ($53 million). This

was combined with the accounting impact of regaining

control of the Loulo-Gounkoto complex on December 16,

2025, partially offset by the settlement payment of $253

million to the Government of Mali in November 2025. In Q3

2025, other income of $193 million primarily related to the

$250 million revaluation of our 80% equity investment in

Loulo-Gounkoto, as it was deconsolidated in Q2 2025 and

recognized as an investment at fair value following the

change of control after it was placed under a temporary

provisional administration on June 16, 2025. The full year

2025 was further impacted by the gain on sale of our 50%

interest in the Donlin Gold project of $745 million, partially

offset by the net loss on the deconsolidation and

recognition of our 80% equity investment in Loulo-Gounkoto

in Q2 2025 (refer to notes 4 and 35 for further details).

Other expense of $214 million in 2024 mainly relates to a

payment to the Government of Mali to advance

negotiations, the customs and royalty settlement at Tongon,

and interest and penalties recognized following the

settlement of the Zaldívar Tax Assessment in Chile.

For a further breakdown of other (income)

expense, refer to note 9 to the Financial Statements.

**Income Tax Expense**

Income tax expense was $1,651 million in 2025. The

unadjusted effective income tax rate for 2025 was 19% of

the income before income taxes.

The underlying effective income tax rate on

ordinary income for 2025 was 25% after adjusting for the

impact of the resolution of uncertain tax positions; the

impact of foreign currency translation losses on current and

deferred tax balances; the impact of the recognition and de-

recognition of deferred tax assets; the impact of the sale of

non-current assets; the impact of Loulo-Gounkoto; and the

impact of other expense adjustments.

We record deferred tax charges or credits if

changes in facts or circumstances affect the estimated tax

basis of assets and, therefore, the expectations in our

ability to realize deferred tax assets. The interpretation of

tax regulations and legislation as well as their application to

our business is complex and subject to change.

We have significant amounts of deferred tax

assets, including tax loss carryforwards, and also deferred

tax liabilities. In 2025, the sale of our Hemlo mine resulted

in a taxable gain that provided sufficient Canadian taxable

profit to utilize a portion of previously unrecognized deferred

tax assets from loss carryforwards. Outside of this

transaction, it remains not probable that sufficient future

taxable profits will be available in Canada, and no additional

tax loss carryforwards are expected to be utilized in the

foreseeable future. Potential changes in any of these

amounts, as well as our ability to realize deferred tax assets

in Canada or elsewhere, could significantly affect net

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **51** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

income or cash flow in future periods. For further details on

income tax expense, refer to note 12 to the Financial

Statements.

---

| | | |
|:---|:---|:---|
| **Reconciliation to Canadian Statutory Rate** | **Reconciliation to Canadian Statutory Rate** | **Reconciliation to Canadian Statutory Rate** |
| For the years ended | **12/31/25** | 12/31/24 |
| At 26.5% statutory rate | **2334** | 1221 |
| Increase (decrease) due to: |  |  |
| Allowances and special tax deductions<sup>a</sup> | **(226)** | (211) |
| Impact of foreign tax rates<sup>b</sup> | **(314)** | 18 |
| Non-deductible expenses / (non-taxable <br>income)<br>| **130** | 111 |
| Loulo-Gounkoto (note 35) | **(324)** | 0 |
| Goodwill impairment charges not tax <br>deductible<br>| **0** | 145 |
| Impact of non-current assets disposals  | **(258)** | 2 |
| Net currency translation losses on current <br>and deferred tax balances<br>| **41** | 52 |
| Tax impact from pass-through entities and <br>equity accounted investments<br>| **(535)** | (263) |
| Current year tax results sheltered by <br>previously unrecognized deferred tax assets<br>| **76** | (5) |
| Recognition and derecognition of deferred <br>tax assets<br>| **27** | (26) |
| Settlements and adjustments in respect of <br>prior years<br>| **2** | 116 |
| Increase to income tax related contingent <br>liabilities<br>| **(33)** | 1 |
| Withholding taxes | **160** | 70 |
| Mining taxes | **584** | 290 |
| Tax impact of amounts recognized within <br>accumulated OCI<br>| **(8)** | 0 |
| Other items | **(5)** | (1) |
| Income tax expense | **1651** | 1520 |

---

a.We are able to claim certain allowances, incentives and tax deductions

unique to extractive industries that result in a lower effective tax rate.

b.We operate in multiple foreign tax jurisdictions that have tax rates

different than the Canadian statutory rate.

The more significant items impacting income tax expense in

2025 and 2024 include the following:

Currency Translation

Current and deferred tax balances are subject to

remeasurement for changes in foreign currency exchange

rates each period. This is required in countries where tax is

paid in local currency and the subsidiary has a different

functional currency (typically US dollars). The most

significant relate to Argentine and Malian tax balances.

In 2025, a tax recovery of $26 millionarose from

net translation gains on deferred tax balances in Mali (prior

to their deconsolidation) and Argentina due to the

strengthening of the West African CFA, partially offset by

the weakening of the Argentine peso against the US dollar.

In 2024, a tax expense of $52 millionarose from translation

losses on tax balances, mainly due to the weakening of the

Argentine peso and the West African CFA against the US

dollar.These net translation losses are included within

income tax expense.

Withholding Taxes

In 2025, we have recorded $6 million (2024: $3 million

related to Saudi Arabia) of dividend withholding taxes

related to the undistributed earnings of our subsidiaries in

Saudi Arabia. We have also recorded $139 million (2024:

$45 million, related to Saudi Arabia, Peru and the United

States) of dividend withholding taxes related to the

distributed earnings of our subsidiaries in Argentina, Côte

d'lvoire, Saudi Arabia, Tanzania and the United States.

Accounting for Joint Ventures and Associates

NGM is a limited liability company treated as a flow through

partnership for US tax purposes. The partnership is not

subject to federal income tax directly, but each of its

partners is liable for tax on its share of the profits of the

partnership. As such, Barrick accounts for its current and

deferred income tax associated with the investment (61.5%

share) following the principles in IAS 12.

Mining Taxes

NGM is subject to a Net Proceeds of Minerals tax in

Nevada at a rate of 5% and the tax expense recorded in

2025 was $282 million (2024: $145 million). The other

significant mining tax is the Dominican Republic's Net

Profits Interest tax, which is determined based on cash

flows as defined by the Pueblo Viejo Special Lease

Agreement. A tax expense of $283 million (2024: $134

million) was recorded for this in 2025. Both taxes are

included on a consolidated basis in the Company's

consolidated statements of income.

United States Tax Reform

Under the Inflation Reduction Act signed in August 2022,

the United States implemented a 15% corporate alternative

minimum tax ("CAMT") on applicable financial statement

income, effective for tax years beginning after December

31, 2022, with CAMT credit carryforwards having an

indefinite life. Barrick is subject to CAMT as it meets the

requisite income thresholds for a foreign-parented multi-

national group.

While final regulations are still awaited, since its

introduction, Barrick has recognized a deferred tax asset

from the CAMT credit carryforwards anticipating recovery

against future US Federal Income Tax liabilities.

Organisation for Economic Co-operation and

Development ("OECD") Pillar Two model rules

We applied the exception under the amendments to IAS 12

and are not recognizing or disclosing deferred tax assets

and liabilities related to Pillar Two income taxes.

Our review of Pillar Two for the current year, based

on the OECD's Transitional Safe Harbour rules

implemented in the Global Minimum Tax Act in Canada, has

not identified any material amounts to be accrued for 2025,

and we do not expect the new safe harbors to result in a

material incremental tax cost. As the law is evolving in

Canada and elsewhere, we will continue to monitor the

impact of this legislation.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **52** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Financial Condition Review** |  |  |  |
| **Summary Balance Sheet and Key Financial Ratios** | **Summary Balance Sheet and Key Financial Ratios** |  |  |
| ($ millions, except ratios and share amounts) |  |  |  |
| As at December 31  | **2025** | 2024 | 2023 |
| Total cash and equivalents | **6706** | 4074 | 4148 |
| Current assets | **3511** | 3558 | 3290 |
| Non-current assets | **41360** | 39994 | 38373 |
| Total Assets | **51577** | 47626 | 45811 |
| Current liabilities excluding short-term debt | **3441** | 2618 | 2345 |
| Non-current liabilities excluding long-term debt<sup>a</sup> | **7517** | 7023 | 6738 |
| Debt (current and long-term) | **4703** | 4729 | 4726 |
| Total Liabilities | **15661** | 14370 | 13809 |
| Total shareholders' equity | **26557** | 24290 | 23341 |
| Non-controlling interests | **9359** | 8966 | 8661 |
| Total Equity | **35916** | 33256 | 32002 |
| Total common shares outstanding (millions of shares)<sup>b</sup> | **1675** | 1727 | 1756 |
| Debt, net of cash | **(2003)** | 655 | 578 |
| **Key Financial Ratios:** |  |  |  |
| Current ratio<sup>c</sup> | **2.92:1** | 2.89:1 | 3.16:1 |
| Debt-to-equity<sup>d</sup> | **0.13:1** | 0.14:1 | 0.15:1 |
| Net leverage<sup>e</sup> | **-0.2:1** | 0.1:1 | 0.1:1 |

---

a.Non-current financial liabilities as at December 31, 2025 were $5,684 million (2024: $5,215 million; 2023: $5,221 million).

b.As of January 27, 2026, the number of common shares outstanding is 1,675,360,395.

c.Represents current assets divided by current liabilities (including short-term debt) as at December 31, 2025, December 31, 2024 and December 31, 2023.

d.Represents debt divided by total shareholders' equity (including minority interest) as at December 31, 2025, December 31, 2024, and December 31, 2023.

e.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

**Balance Sheet Review**

Total assets were $51.6 billion at December 31, 2025,

higher than total assets at December 31, 2024, driven by

our strong cash flow generation and the cash proceeds

received from the sale of certain non-core assets, even

after providing increased returns to shareholders and

investing in our future through project capital expenditures.

Our asset base is primarily comprised of non-

current assets such as property, plant and equipment and

equity method investments, reflecting the capital-intensive

nature of the mining business and our history of growth

through acquisitions and creation of joint ventures with

other mining companies. Other significant assets include

production inventories, indirect taxes recoverable and

receivable, concentrate sales receivables, other

government transaction and joint venture related

receivables, as well as cash and equivalents.

Total liabilities at December 31, 2025 were $15.7

billion, higher than total liabilities at December 31, 2024.

Our liabilities are primarily comprised of debt, other current

and non-current liabilities (such as provisions, derivative

liabilities and deferred income tax liabilities), and accounts

payable.

**Financial Position and Liquidity**

We believe we have sufficient financial resources to meet

our business requirements for the foreseeable future,

including capital expenditures, working capital

requirements, interest payments, environmental

rehabilitation, derivative settlements, securities buybacks

and dividends.

Total cash and cash equivalents as at

December 31, 2025 were $6.7 billion. Our capital structure

comprises a mix of debt, non-controlling interest (primarily

at NGM) and shareholders' equity. As at December 31,

2025, our total debt was $4.7 billion (debt, net of cash and

equivalents was negative $2,003 million) and our debt-to-

equity ratio was 0.13:1. This compares to debt as at

December 31, 2024 of $4.7 billion (debt, net of cash and

cash equivalents was $655 million), and a debt-to-equity

ratio of 0.14:1.

In 2026, we have capital commitments of $828

million and expect to incur attributable sustaining and

project capital expenditures<sup>6</sup> of approximately $4,000 to

$4,450 million based on our guidance range on page 12. In

2026, we have contractual obligations and commitments of

$1,157 million associated with purchase obligations for

supplies and consumables. In addition, we have $283

million in interest payments and other amounts as detailed

in the table on page 55. We expect to fund these

commitments through operating cash flow, which is our

primary source of liquidity, as well as existing cash

balances as necessary. As previously disclosed, we

authorized a 2025 share buyback program, where we may

purchase up to $1.5 billion of Barrick's shares. We

purchased the maximum $1.5 billion of shares under this

program, including $500 million during Q4 2025. A share

buyback program has not been authorized for 2026.

On February 4, 2026, the Board of Directors

announced the declaration of a $0.42 per share dividend in

respect of performance for the fourth quarter of 2025,

representing an increase of 140% over the third quarter,

and announced a new dividend policy.

In Q4 2025 and going forward, the Company's

new dividend policy targets a total payout of 50% of

attributable free cash flow on an annualized basis,

comprised of a fixed base quarterly dividend of $0.175 per

share and a performance top-up component at each year

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **53** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

end based on the attributable free cash flow during the

year. The dividend paid in any given year may be higher or

lower than the 50% target based on the strength of cash

flow, capital needs, balance sheet considerations, and other

factors.

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.

Our operating cash flow is dependent on the ability

of our operations to deliver projected future cash flows. The

market prices of gold and to a lesser extent, copper, are the

primary drivers of our operating cash flow. Other options to

enhance liquidity include portfolio optimization; issuance of

equity or long-term debt securities in the public markets or

to private investors (Moody's and S&P currently rate

Barrick's outstanding long-term debt as investment grade,

with ratings of A3 and BBB+, respectively); and drawing on

the $3.0 billion available under our undrawn Credit Facility

(subject to compliance with covenants and the making of

certain representations and warranties, this facility is

available for drawdown as a source of financing). In May

2025, we completed an update to our undrawn $3.0 billion

revolving Credit Facility, including an extension of the

termination date by one year to May 2030. The revolving

Credit Facility incorporates sustainability-linked metrics

which are made up of annual environmental and social

performance targets directly influenced by Barrick's actions,

rather than based on external ratings. The performance

targets include Scope 1 and Scope 2 GHG emissions

intensity, water use efficiency (reuse and recycling rates),

and TRIFR<sup>8</sup>. Barrick may incur positive or negative pricing

adjustments on drawn credit spreads and standby fees

based on its sustainability performance versus the targets

that have been set. The Credit Facility was undrawn as at

December 31, 2025. The key financial covenant in our

undrawn Credit Facility requires Barrick to maintain a net

debt to total capitalization ratio of less than 0.60:1.

Barrick's net debt to total capitalization ratio was (0.06):1 as

at December 31, 2025 (0.02:1 as at December 31, 2024).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Cash Inflow (Outflow)** | **Summary of Cash Inflow (Outflow)** | **Summary of Cash Inflow (Outflow)** | **Summary of Cash Inflow (Outflow)** |  |  |
| ($ millions) | For the three <br>months ended | For the three <br>months ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| **Net cash** <br>**provided by** <br>**operating** <br>**activities**<br>| **2726** | 2422 | **7689** | 4491 | 3732 |
| **Investing activities** | **Investing activities** |  |  |  |  |
| Capital <br>expenditures<br>| **(1107)** | (943) | **(3821)** | (3174) | (3086) |
| Divestitures | **1163** | 0 | **2162** | 0 | 0 |
| Income taxes <br>paid on <br>divestitures<br>| **(44)** | (44) | **(175)** | 0 | 0 |
| Funding of equity <br>method <br>investments<br>| **0** | (1) | **(1)** | (59) | 0 |
| Dividends <br>received from <br>equity method <br>investments<br>| **100** | 63 | **254** | 198 | 273 |
| Shareholder loan <br>repayments from <br>equity method <br>investments<br>| **121** | 64 | **298** | 155 | 7 |
| Investment <br>(purchases) <br>sales<br>| **43** | 0 | **43** | 97 | (23) |
| Other | **2** | 0 | **4** | 19 | 13 |
| **Total investing** <br>**inflows** <br>**(outflows)**<br>| **278** | (861) | **(1236)** | (2764) | (2816) |
| **Financing activities** | **Financing activities** |  |  |  |  |
| Net change in <br>debt<sup>a</sup><br>| **(4)** | (3) | **(26)** | (14) | (56) |
| Dividends<sup>b</sup> | **(294)** | (254) | **(890)** | (696) | (700) |
| Net <br>disbursements to <br>non-controlling <br>interests<br>| **(570)** | (423) | **(1398)** | (639) | (514) |
| Share buyback <br>program<br>| **(500)** | (589) | **(1500)** | (498) | 0 |
| Other | **0** | (26) | **(9)** | 52 | 65 |
| **Total financing** <br>**outflows**<br>| **(1368)** | (1295) | **(3823)** | (1795) | (1205) |
| Effect of <br>exchange rate<br>| **1** | 1 | **2** | (6) | (3) |
| **Increase** <br>**(decrease) in** <br>**cash and** <br>**equivalents**<br>| **1637** | 267 | **2632** | (74) | (292) |

---

a.The difference between the net change in debt on a cash basis and the

net change on the balance sheet is due to changes in non-cash

charges, specifically the unwinding of discounts and amortization of

debt issue costs.

b.For the three months and year ended December 31, 2025, we declared

and paid dividends per share in US dollars totaling $0.175 and $0.525,

respectively (September 30, 2025: declared and paid $0.15; 2024:

declared and paid $0.40; 2023: declared and paid $0.40).

Q4 2025 compared to Q3 2025

In Q4 2025, we generated $2,726 million in operating cash

flow, compared to $2,422 million in Q3 2025. The increase

of $304 million was primarily due to the higher realized gold

price<sup>6</sup>, combined with increased gold sales volumes. These

impacts were slightly offset by an increase in gold TCC/oz<sup>6</sup>.

Operating cash flow was also negatively impacted by an

increase in cash taxes paid and higher interest paid as a

result of the timing of semi-annual interest payments on our

bonds, which primarily occur in the second and fourth

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **54** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

quarters. These results were further impacted by an

unfavorable working capital movement, mainly in accounts

receivable, partially offset by a favorable movement in

inventory.

Cash inflows from investing activities in Q4 2025

were $278 million, compared to outflows of $861 million in

Q3 2025. The increased inflow of $1,139 million was

primarily due to proceeds from the sale of non-current

assets of $1,163 million, which includes our Hemlo gold

mine, our interest in the Tongon gold mine and the Alturas

project. This was partially offset by an increase in capital

expenditures primarily due to higher project capital

expenditures<sup>6</sup> relating to the Lumwana Super Pit Expansion

project, combined with higher minesite sustaining capital

expenditures<sup>6</sup> at Pueblo Viejo as a result of restoring fleet

reliability and increased activities at the Llagal TSF.

Net financing cash outflows for Q4 2025 amounted

to $1,368 million, compared to $1,295 million in Q3 2025.

The increased outflow of $73 million was primarily due to

higher net disbursements to non-controlling interests,

primarily to Newmont in relation to their interests in NGM

and Pueblo Viejo, and higher dividends paid as the Board

increased the quarterly base dividend by 25% to $0.125 per

share in Q4 2025. This was partially offset by lower

repurchases of shares under our share buyback program

compared to Q3 2025.

2025 compared to 2024

In 2025, we generated $7,689 million in operating cash

flow, compared to $4,491 million in 2024. The increase of

$3,198 million was primarily due to higher realized gold and

copper prices<sup>6</sup>, combined with lower copper C1 cash costs/

lb<sup>6</sup>. These impacts were partially offset by lower gold sales

volumes and an increase in gold TCC/oz<sup>6</sup>. Operating cash

flow was further impacted by a favorable movement in

working capital, mainly in inventory, VAT receivable and

other current liabilities, partially offset by an unfavorable

movement in other current assets and accounts payable.

These favourable impacts were partially offset by higher

cash taxes paid.

Cash outflows from investing activities for 2025

were $1,236 million compared to $2,764 million in 2024.

The decreased outflow of $1,528 million was primarily due

to proceeds from the sale of non-current assets of $2,162

million, which includes our interest in the Donlin project, our

Hemlo gold mine, our interest in the Tongon gold mine and

the Alturas project. This was partially offset by increased

capital expenditures as a result of higher project capital

expenditures<sup>6</sup> mainly related to costs being capitalized at

Reko Diq as the feasibility study was completed in Q4 2024

and at Lumwana on the Super Pit Expansion project,

partially offset by lower minesite sustaining capital

expenditures<sup>6</sup> mainly at Loulo-Gounkoto as operations were

temporarily suspended and the mine was subsequently

placed under a temporary provisional administration until

December 16, 2025.

Net financing cash outflows for 2025 amounted to

$3,823 million, compared to $1,795 million in 2024. The

higher outflow of $2,028 million is primarily due to increased

repurchases of shares under our share buyback program in

2025, combined with higher net disbursements to non-

controlling interests, primarily to Newmont in relation to their

interests in NGM and Pueblo Viejo. The increase in net

financing cash flows was further impacted by higher

dividends paid as Q3 and Q4 2025 included a $0.05

performance dividend, reflecting our increased cash

position, and the Board increased the quarterly base

dividend by 25% to $0.125 per share in Q4 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Summary of Financial Instruments**<sup>a</sup> |  |  |  |
| As at December 31, 2025 |  |  |  |
| **Financial Instrument** | **Principal/Notional Amount** | **Principal/Notional Amount** | **Associated Risks** |
|  |  |  | ■ Interest rate |
| Cash and equivalents | $6706 | million | ■ Credit |
|  |  |  | ■ Credit |
| Accounts receivable | $791 | million | ■ Market |
|  |  |  | ■ Interest rate |
| Notes receivable | $247 | million | ■ Credit |
|  |  |  | ■ Interest rate |
| Kibali joint venture receivable | $333 | million | ■ Credit |
|  |  |  | ■ Interest rate |
| Norte Abierto joint venture partner receivable | $77 | million | ■ Credit |
|  |  |  | ■ Interest rate |
| Restricted cash | $101 | million | ■ Credit |
|  |  |  | ■ Liquidity |
| Contingent consideration | $169 | million | ■ Market |
| Other assets | $218 | million | ■ Liquidity |
| Other investments | $131 | million | ■ Liquidity |
| Accounts payable | $1859 | million | ■ Liquidity |
| Debt | $4724 | million | ■ Interest rate |
|  |  |  | ■ Liquidity |
| Derivative liabilities | $386 | million | ■ Market |
| Other liabilities | $803 | million | ■ Liquidity |
| Restricted share units | $119 | million | ■ Market |
| Deferred share units | $28 | million | ■ Market |

---

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

management, respectively.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **55** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Commitments and Contingencies**

**Litigation and Claims**

We are currently subject to various litigation proceedings as

disclosed in note 36 to the Financial Statements, and we

may be involved in disputes with other parties in the future

that may result in litigation. If we are unable to resolve

these disputes favorably, it may have a material adverse

impact on our financial condition, cash flow and results of

operations.

**Contractual Obligations and Commitments**

In the normal course of business, we enter into contracts

that give rise to commitments for future minimum payments.

The following tablesummarizes the remaining contractual

maturities of our financial liabilities and operating and

capital commitments shown on an undiscounted basis:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions) | Payments due as at December 31, 2025 | Payments due as at December 31, 2025 | Payments due as at December 31, 2025 | Payments due as at December 31, 2025 | Payments due as at December 31, 2025 | Payments due as at December 31, 2025 | Payments due as at December 31, 2025 |
|  | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and <br>thereafter<br>| Total |
| Debt<sup>a</sup> |  |  |  |  |  |  |  |
| Repayment of principal | 47 | 0 | 0 | 0 | 0 | 4630 | 4677 |
| Capital leases | 9 | 9 | 5 | 4 | 3 | 17 | 47 |
| Interest | 283 | 280 | 279 | 279 | 279 | 2394 | 3794 |
| Provisions for environmental rehabilitation<sup>b</sup> | 166 | 121 | 87 | 83 | 68 | 1915 | 2440 |
| Restricted share units | 93 | 26 | 0 | 0 | 0 | 0 | 119 |
| Pension benefits and other post-retirement benefits | 5 | 5 | 5 | 4 | 4 | 72 | 95 |
| Purchase obligations for supplies and consumables<sup>c</sup> | 1157 | 302 | 199 | 151 | 143 | 1885 | 3837 |
| Capital commitments<sup>d</sup> | 828 | 947 | 301 | 208 | 45 | 0 | 2329 |
| Social development costs<sup>e</sup> | 62 | 22 | 24 | 16 | 8 | 54 | 186 |
| Other obligations<sup>f</sup> | 68 | 65 | 63 | 59 | 60 | 491 | 806 |
| Total | 2718 | 1777 | 963 | 804 | 610 | 11458 | 18330 |

---

a.Debt and Interest: Our debt obligations do not include any subjective acceleration clauses or other clauses that enable the holder of the debt to call for early

repayment, except in the event that we breach any of the terms and conditions of the debt or for other customary events of default. We are not required to post

any collateral under any debt obligations. Projected interest payments on variable rate debt were based on interest rates in effect at December 31, 2025.

Interest is calculated on our long-term debt obligations using both fixed and variable rates.

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

provisions for environmental rehabilitation.

c.Purchase obligations for supplies and consumables: Includes commitments related to new purchase obligations to secure supplies of consumables such as

LNG, acid, tires and cyanide for our production process and spares for heavy mining equipment.

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

e.Social development costs: Includes a commitment of $14 million in 2031 and thereafter related to the funding of a power transmission line in Argentina.

f.Other obligations includes the Pueblo Viejo joint venture partner shareholder loan, the deposit on the Pascua-Lama silver sale agreement with Wheaton

Precious Metals Corp. due in 2039, and minimum royalty payments.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **56** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Review of Quarterly Results**

**Quarterly Information**<sup>a</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 |
| ($ millions, except where indicated) | **Q4** | **Q3** | **Q2** | **Q1** | Q4 | Q3 | Q2 | Q1 |
| Revenues | **5997** | **4148** | **3681** | **3130** | 3645 | 3368 | 3162 | 2747 |
| Realized price per ounce – gold<sup>b</sup> | **4177** | **3457** | **3295** | **2898** | 2657 | 2494 | 2344 | 2075 |
| Realized price per pound – copper<sup>b</sup> | **5.42** | **4.39** | **4.36** | **4.51** | 3.96 | 4.27 | 4.53 | 3.86 |
| Cost of sales | **2712** | **1890** | **1878** | **1785** | 1995 | 2051 | 1979 | 1936 |
| Net earnings | **2406** | **1302** | **811** | **474** | 996 | 483 | 370 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per share (dollars)<sup>c</sup> | **1.43** | **0.76** | **0.47** | **0.27** | 0.57 | 0.28 | 0.21 | 0.17 |
| Adjusted net earnings<sup>b</sup> | **1754** | **982** | **800** | **603** | 794 | 529 | 557 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per share (dollars)<sup>b,c</sup> | **1.04** | **0.58** | **0.47** | **0.35** | 0.46 | 0.30 | 0.32 | 0.19 |
| Operating cash flow | **2726** | **2422** | **1329** | **1212** | 1392 | 1180 | 1159 | 760 |
| Consolidated capital expenditures<sup>d</sup> | **1107** | **943** | **934** | **837** | 891 | 736 | 819 | 728 |
| Free cash flow<sup>b</sup> | **1619** | **1479** | **395** | **375** | 501 | 444 | 340 | 32 |
| Attributable free cash flow<sup>b</sup> | **1060** | **1154** | **212** | **411** | 505 | 304 | 285 | (3) |

---

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

<sup>b.</sup>Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to 69 of this MD&A.

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

<sup>d.</sup>Amounts presented on a consolidated cash basis.

Our recent financial results reflect our emphasis on cost

discipline, an agile management structure that empowers

our site-based leadership teams and a portfolio of Tier One

Gold Assets<sup>1</sup>. This, combined with a significant increase in

the gold price and ongoing strength in the copper price, has

resulted in strong operating cash flows over the past

several quarters and record high free cash flow<sup>6</sup> for 2025.

The positive operating cash flow generated has allowed us

to continue to reinvest in our business including our key

growth projects, maintain a strong balance sheet and

materially increase returns to shareholders through share

buybacks and a rising dividend.

In addition to the strength in metal prices, net

earnings has also been impacted by the following items in

each quarter, which have been excluded from adjusted net

earnings<sup>6</sup>. In 2025, we recorded a net loss of $625 million

on the deconsolidation of Loulo-Gounkoto following the

change of control after it was placed under a temporary

provisional administration on June 16, 2025 and

subsequent accounting impact of regaining control on

December 16, 2025 (refer to note 35 of the Financial

Statements for further details), which impacted Q2, Q3 and

Q4 of 2025. In addition, in Q4 2025, we recorded a gain on

the sale of non-current assets of our Hemlo gold mine

($545 million), our interest in the Tongon gold mine ($134

million) and the Alturas project ($53 million). In Q2 2025,

we recorded a gain of $745 million on the sale of our 50%

interest in the Donlin Gold project. In Q4 2024, we

recorded non-current asset impairment reversals of $655

million at Lumwana and of $437 million at Veladero. In

addition, we recorded a goodwill impairment of $484 million

related to Loulo-Gounkoto. In Q2 2024, we recorded a

provision following the proposed settlement of the Zaldívar

Tax Assessments in Chile (refer to note 36 of the Financial

Statements).

**Internal Control Over Financial Reporting and Disclosure Controls and Procedures**

Management is responsible for establishing and

maintaining adequate internal control over financial

reporting and disclosure controls and procedures. Internal

control over financial reporting is a framework designed to

provide reasonable assurance regarding the reliability of

financial reporting and the preparation of financial

statements for external purposes in accordance with IFRS.

The Company's internal control over financial reporting

framework includes those policies and procedures that:

(i) pertain to the maintenance of records that, in reasonable

detail, accurately and fairly reflect the transactions and

dispositions of the assets of the Company; (ii) provide

reasonable assurance that transactions are recorded as

necessary to permit preparation of financial statements in

accordance with IFRS, and that receipts and expenditures

of the Company are being made only in accordance with

authorizations of management and directors of the

Company; and (iii) provide reasonable assurance regarding

prevention or timely detection of unauthorized acquisition,

use or disposition of the Company's assets that could have

a material effect on the Company's consolidated financial

statements.

Disclosure controls and procedures form a broader

framework designed to provide reasonable assurance that

other financial information disclosed publicly fairly presents

in all material respects the financial condition, results of

operations and cash flows of the Company for the periods

presented in this MD&A and Barrick's Annual Report. The

Company's disclosure controls and procedures framework

includes processes designed to ensure that material

information relating to the Company, including its

consolidated subsidiaries, is made known to management

by others within those entities to allow timely decisions

regarding required disclosure.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **57** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Together, the internal control over financial

reporting and disclosure controls and procedures

frameworks provide internal control over financial reporting

and disclosure. Due to its inherent limitations, internal

control over financial reporting and disclosure may not

prevent or detect all misstatements. Further, the

effectiveness of internal control is subject to the risk that

controls may become inadequate because of changes in

conditions, or that the degree of compliance with policies or

procedures may change.

There were no changes in the Company's internal

control over financial reporting during the year ended

December 31, 2025 that have materially affected, or are

reasonably likely to materially affect, the Company's

internal control over financial reporting.

The management of Barrick, at the direction of our

Group Chief Operating Officer and Interim President and

Chief Executive Officer, and Senior Executive Vice-

President and Chief Financial Officer, evaluated the

effectiveness of the design and operation of internal control

over financial reporting as of the end of the period covered

by this report based on the framework and criteria

established in Internal Control – Integrated Framework

(2013) as issued by the Committee of Sponsoring

Organizations of the Treadway Commission. Based on that

evaluation, management concluded that the Company's

internal control over financial reporting was effective as at

December 31, 2025.

Barrick's annual management report on internal

control over financial reporting and the integrated audit

report of Barrick's auditors for the year ended

December 31, 2025 will be included in Barrick's 2025

Annual Report and its 2025 Form 40-F/Annual Information

Form to be filed with the US Securities and Exchange

Commission and Canadian provincial securities regulatory

authorities.

**IFRS Critical Accounting Policies and Accounting Estimates**

Management has discussed the development and selection

of our critical accounting estimates with the Audit & Risk

Committee of the Board of Directors, and the Audit & Risk

Committee has reviewed the disclosure relating to such

estimates in conjunction with its review of this MD&A. The

accounting policies and methods we utilize determine how

we report our financial condition and results of operations,

and they may require management to make estimates or

rely on assumptions about matters that are inherently

uncertain. The consolidated financial statements have been

prepared in accordance with IFRS. Our material accounting

policies are disclosed in note 2 to the Financial Statements,

including a summary of current and future changes in

accounting policies.

**Critical Accounting Estimates and Judgments**

Certain accounting estimates have been identified as being

"critical" to the presentation of our financial condition and

results of operations because they require us to make

subjective and/or complex judgments about matters that are

inherently uncertain; or there is a reasonable likelihood that

materially different amounts could be reported under

different conditions or using different assumptions and

estimates. Our significant accounting judgments, estimates

and assumptions are disclosed in note 3 to the

accompanying Financial Statements.

**Non-GAAP Financial Measures**

**Adjusted Net Earnings and Adjusted Net Earnings per**

**Share**

Adjusted net earnings is a non-GAAP financial measure

which excludes the following from net earnings:

■Impairment charges (reversals) related to

intangibles, goodwill, property, plant and

equipment, and investments;

■Acquisition/disposition gains/losses;

■Foreign currency translation gains/losses;

■Significant tax adjustments;

■Other items that are not indicative of the

underlying operating performance of our core

mining business; and

■Tax effect and non-controlling interest of the above

items.

Management uses this measure internally to evaluate our

underlying operating performance for the reporting periods

presented and to assist with the planning and forecasting of

future operating results. Management believes that

adjusted net earnings is a useful measure of our

performance because impairment charges, acquisition/

disposition gains/losses and significant tax adjustments do

not reflect the underlying operating performance of our core

mining business and are not necessarily indicative of future

operating results. Furthermore, foreign currency translation

gains/losses are not necessarily reflective of the underlying

operating results for the reporting periods presented. The

tax effect and non-controlling interest of the adjusting items

are also excluded to reconcile the amounts to Barrick's

share on a post-tax basis, consistent with net earnings.

As noted, we use this measure for internal

purposes. Management's internal budgets and forecasts

and public guidance do not reflect the types of items we

adjust for. Consequently, the presentation of adjusted net

earnings enables investors and analysts to better

understand the underlying operating performance of our

core mining business through the eyes of management.

Management periodically evaluates the components of

adjusted net earnings based on an internal assessment of

performance measures that are useful for evaluating the

operating performance of our business segments and a

review of the non-GAAP financial measures used by mining

industry analysts and other mining companies.

Adjusted net earnings is intended to provide

additional information only and does not have any

standardized definition under IFRS and should not be

considered in isolation or as a substitute for measures of

performance prepared in accordance with IFRS. The

measures are not necessarily indicative of operating profit

or cash flow from operations as determined under IFRS.

Other companies may calculate these measures differently.

The following table reconciles these non-GAAP financial

measures to the most directly comparable IFRS measure.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **58** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| ($ millions, except per share amounts in dollars) | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Net earnings attributable to equity holders of the Company | **2406** | 1302 | **4993** | 2144 | 1272 |
| Impairment (reversals) charges related to non-current assets<sup>a</sup> | **5** | 3 | **12** | (457) | 312 |
| Acquisition/disposition gains<sup>b</sup> | **(1146)** | (250) | **(1107)** | (24) | (364) |
| Loss on currency translation | **6** | (3) | **3** | 39 | 93 |
| Significant tax adjustments<sup>c</sup> | **80** | (119) | **(89)** | 137 | 220 |
| Other expense adjustments<sup>d</sup> | **559** | 47 | **823** | 249 | 96 |
| Non-controlling interest<sup>e</sup> | **(101)** | 0 | **(116)** | (170) | (98) |
| Tax effect<sup>e</sup> | **(55)** | 2 | **(380)** | 295 | (64) |
| Adjusted net earnings | **1754** | 982 | **4139** | 2213 | 1467 |
| Net earnings per share<sup>f</sup> | **1.43** | 0.76 | **2.93** | 1.22 | 0.72 |
| Adjusted net earnings per share<sup>f</sup> | **1.04** | 0.58 | **2.42** | 1.26 | 0.84 |

---

a.There were no significant impairment charges or reversals in 2025. Net impairment reversals for 2024 mainly relate to long-lived asset impairment reversals at

Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.

b.Acquisition/disposition gains for 2025 relate to gain on sale of our 50% interest in the Donlin Gold project in Q2 2025, and sale of our Hemlo gold mine, our

interest in the Tongon gold mine and the Alturas project, all occurring in Q4 2025. Q4 2025 was further impacted by the accounting impact of regaining control

of the Loulo-Gounkoto complex on December 16, 2025, which largely offset the losses recognized earlier in 2025 relating to the deconsolidation and recognition

of an investment at fair value following the change of control after it was placed under a temporary provisional administration on June 16, 2025. The acquisition/

disposition gains in Q3 2025 mainly related to the revaluation of our 80% equity investment in Loulo-Gounkoto, as it was deconsolidated and an investment at

fair value was recognized in Q2 2025, as described above.

c.Significant tax adjustments in Q4 2025 include the resolution of uncertain tax positions, the impact of prior year adjustments and the recognition of deferred tax

assets. Significant tax adjustments in 2025 primarily relate to the foreign currency remeasurement of tax balances, the resolution of uncertain tax positions and

the recognition of deferred tax assets. For Q3 2025, significant tax adjustments include the foreign currency remeasurement of deferred tax balances and the

recognition of deferred tax assets. Significant tax adjustments for 2024 primarily relate to the resolution of uncertain tax positions; the impact of prior year

adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets.

d.Other expense adjustments for Q4 2025 and 2025 mainly relate to the settlement payment to the Government of Mali in November 2025 and the fair value

increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto. 2025 was further impacted by reduced

operations costs at Loulo-Gounkoto. Other expense adjustments for 2024 mainly relate to a payment to the Government of Mali to advance negotiations, a

customs and royalty settlement at Tongon, interest and penalties recognized following the settlement of the Zaldívar Tax Assessments in Chile, a provision

made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick, and an accrual relating to

the road construction in Tanzania per our community investment obligations under the Twiga partnership.

e.Non-controlling interest for 2025 primarily relates to other expense adjustments and tax effect for 2025 primarily relates to acquisition/disposition gains.

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

**Free Cash Flow and Attributable Free Cash Flow**

Free cash flow is a non-GAAP financial measure that

deducts capital expenditures from net cash provided by

operating activities. Attributable free cash flow starts with

free cash flow and adds our attributable share of free cash

flow from our equity investees and subtracts the free cash

flow attributable to the non-controlling interests.

Management believes these to be useful indicators of our

ability to operate without reliance on additional borrowing or

usage of existing cash.

Free cash flow and attributable free cash flow are

intended to provide additional information only and do not

have any standardized definition under IFRS, and should

not be considered in isolation or as a substitute for

measures of performance prepared in accordance with

IFRS. These measures are not necessarily indicative of

operating profit or cash flow from operations as determined

under IFRS. Other companies may calculate these

measures differently. The following table reconciles this

non-GAAP financial measure to the most directly

comparable IFRS measure.

**Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Attributable Free Cash Flow**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| &nbsp;&nbsp;&nbsp;&nbsp;($ millions) | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Net cash provided by operating activities | **2726** | 2422 | **7689** | 4491 | 3732 |
| Capital expenditures | **(1107)** | (943) | **(3821)** | (3174) | (3086) |
| Consolidated free cash flow | **1619** | 1479 | **3868** | 1317 | 646 |
| Free cash flow applicable to equity investees | **172** | 191 | **585** | 553 | 465 |
| Non-controlling interests | **(731)** | (516) | **(1616)** | (779) | (712) |
| Attributable free cash flow | **1060** | 1154 | **2837** | 1091 | 399 |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **59** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Capital Expenditures**

Capital expenditures are classified into minesite sustaining

capital expenditures or project capital expenditures

depending on the nature of the expenditure. Minesite

sustaining capital expenditures is the capital spending

required to support current production levels. Project

capital expenditures represent the capital spending at new

projects and major, discrete projects at existing operations

intended to increase net present value through higher

production or longer mine life. Management believes this to

be a useful indicator of the purpose of capital expenditures

and this distinction is an input into the calculation of all-in

sustaining costs per ounce/pound.

Classifying capital expenditures is intended to

provide additional information only and does not have any

standardized definition under IFRS, and should not be

considered in isolation or as a substitute for measures of

performance prepared in accordance with IFRS. Other

companies may calculate these measures differently. The

following table reconciles these non-GAAP financial

measures to the most directly comparable IFRS measure.

**Reconciliation of the Classification of Capital Expenditures**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| &nbsp;&nbsp;&nbsp;&nbsp;($ millions) | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Minesite sustaining capital expenditures | **458** | 395 | **1896** | 2217 | 2076 |
| Project capital expenditures | **630** | 532 | **1870** | 924 | 969 |
| Capitalized interest | **19** | 16 | **55** | 33 | 41 |
| Total consolidated capital expenditures | **1107** | 943 | **3821** | 3174 | 3086 |

---

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

**pound**

TCC/oz and AISC/oz are non-GAAP financial measures

which are calculated based on the definition published by

the WGC (a market development organization for the gold

industry comprised of and funded by gold mining

companies from around the world, including Barrick). The

WGC is not a regulatory organization. Management uses

these measures to monitor the performance of our gold

mining operations and its ability to generate positive cash

flow, both on an individual site basis and an overall gold

operations basis.

TCC/oz start with our cost of sales related to gold

production and removes depreciation, the non-controlling

interest of cost of sales and costs allocated to by-products.

AISC/oz start with TCC/oz and includes sustaining capital

expenditures, sustaining leases, general and administrative

costs, minesite exploration and evaluation costs related to

the current mine plan and reclamation cost accretion and

amortization. These additional costs reflect the

expenditures made to maintain current production levels.

We believe that our use of TCC/oz and AISC/oz

will assist analysts, investors and other stakeholders of

Barrick in understanding the costs associated with

producing gold, understanding the economics of gold

mining, assessing our operating performance and also our

ability to generate free cash flow from the gold operations

portion of our business. Due to the capital-intensive nature

of the industry and the long useful lives over which these

items are depreciated, there can be a significant timing

difference between net earnings calculated in accordance

with IFRS and the amount of free cash flow that is

generated by a mine and therefore we believe these

measures are useful non-GAAP operating metrics and

supplement our IFRS disclosures. These measures are not

representative of all of our cash expenditures as they do not

include income tax payments, interest costs or dividend

payments. These measures do not include depreciation or

amortization.

TCC/oz and AISC/oz are intended to provide

additional information only and do not have standardized

definitions under IFRS and should not be considered in

isolation or as a substitute for measures of performance

prepared in accordance with IFRS. These measures are not

equivalent to net income or cash flow from operations as

determined under IFRS. Although the WGC has published a

standardized definition, other companies may calculate

these measures differently.

C1 cash costs/lb and AISC/lb are non-GAAP

financial measures related to our copper mine operations.

We believe that C1 cash costs/lb enables investors to better

understand the performance of our copper operations in

comparison to other copper producers who present results

on a similar basis. C1 cash costs/lb excludes royalties and

production taxes and non-routine charges as they are not

direct production costs. AISC/lb is similar to the gold AISC

metric and management uses this to better evaluate the

costs of copper production. We believe this measure

enables investors to better understand the operating

performance of the copper portion of our business as this

measure reflects all of the sustaining expenditures incurred

in order to produce copper. AISC/lb includes C1 cash costs,

sustaining capital expenditures, sustaining leases, general

and administrative costs, minesite exploration and

evaluation costs, royalties and production taxes,

reclamation cost accretion and amortization and write-

downs taken on inventory to net realizable value.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **60** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| &nbsp;&nbsp;&nbsp;&nbsp;($ millions, except per ounce information in dollars) | Footnote | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Cost of sales applicable to gold production |  | **2423** | 1690 | **7357** | 7226 | 7178 |
| Depreciation |  | **(503)** | (384) | **(1588)** | (1641) | (1756) |
| Total cash cost applicable to equity method investments |  | **111** | 114 | **435** | 316 | 260 |
| Costs allocated to by-products |  | **(130)** | (80) | **(334)** | (247) | (252) |
| Other | a | **(258)** | 5 | **(237)** | 14 | 18 |
| Non-controlling interests | b | **(487)** | (393) | **(1655)** | (1623) | (1578) |
| Total cash costs |  | **1156** | 952 | **3978** | 4045 | 3870 |
| General & administrative costs |  | **64** | 77 | **222** | 115 | 126 |
| Minesite exploration and evaluation costs | c | **8** | 7 | **27** | 37 | 40 |
| Minesite sustaining capital expenditures | d | **458** | 395 | **1896** | 2217 | 2076 |
| Sustaining leases |  | **4** | 7 | **26** | 30 | 30 |
| Rehabilitation - accretion and amortization (operating sites) | e | **16** | 17 | **66** | 66 | 63 |
| Non-controlling interest, copper operations and other | f | **(191)** | (171) | **(787)** | (874) | (824) |
| All-in sustaining costs |  | **1515** | 1284 | **5428** | 5636 | 5381 |
| Ounces sold - attributable basis (koz) | g | **960** | 837 | **3318** | 3798 | 4024 |
| COS/oz | h,i | **1904** | 1562 | **1697** | 1442 | 1334 |
| TCC/oz | i | **1205** | 1137 | **1199** | 1065 | 960 |
| AISC/oz | i | **1581** | 1538 | **1637** | 1484 | 1335 |

---

**a.Other -** Other adjustments for Q4 2025 and 2025 include the removal of the fair value increment on inventory resulting from the purchase price allocation

when we regained control of Loulo-Gounkoto of $283 million and $283 million, respectively (Q3 2025: $nil; 2024: $nil; 2023: $nil).

**b.Non-controlling interests -** Non-controlling interests include non-controlling interests related to gold production of $741 million and $2,308 million,

respectively, for Q4 2025 and 2025; (Q3 2025: $540 million; 2024: $2,189 million; 2023: $2,192 million). Non-controlling interests include NGM, Pueblo

Viejo, Loulo-Gounkoto, Tongon up until its sale on December 1, 2025, North Mara and Bulyanhulu. Refer to note 5 to the Financial Statements for further

information.

**c.Exploration and evaluation costs -** Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine

operations and project if it relates to future projects. Refer to page 49 of this MD&A.

**d.Capital expenditures -** Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures.

**e.Rehabilitation - accretion and amortization -** Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion

on the rehabilitation provisions of our gold operations, split between operating and non-operating sites.

**f.Non-controlling interest and copper operations -** Removes general & administrative costs related to non-controlling interests and copper based on a

percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our

copper sites and the non-controlling interests of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon up until its sale on December 1, 2025, North Mara and

Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investments in Kibali and Porgera. Figures remove

the impact of Pierina up until December 31, 2023. The impact is summarized as the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions) | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest, copper operations and other | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| &nbsp;&nbsp;&nbsp;&nbsp;General & administrative costs | **(10)** | (13) | **(35)** | (14) | (9) |
| Minesite exploration and evaluation costs | **(3)** | (1) | **(7)** | (10) | (14) |
| Rehabilitation - accretion and amortization (operating sites) | **(5)** | (5) | **(21)** | (21) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining capital expenditures | **(173)** | (152) | **(724)** | (829) | (780) |
| &nbsp;&nbsp;&nbsp;&nbsp;All-in sustaining costs total | **(191)** | (171) | **(787)** | (874) | (824) |

---

g.**Ounces sold - attributable basis -** Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes

Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.

**h.COS/oz -** Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces

sold (both on an attributable basis using Barrick's ownership share).

**i.Per ounce figures -** COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to rounding.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **61** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

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

**operating segment**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) |  |  |  |  |
|  | Footnote | **Carlin** | **Cortez** | **Turquoise** <br>**Ridge**<br>| **Phoenix** | **Nevada** <br>**Gold Mines**<sup>a</sup><br>| **Hemlo**<sup>b</sup> | **Pueblo** <br>**Viejo**<br>|
| Cost of sales applicable to gold production |  | **642** | **355** | **241** | **79** | **1318** | **44** | **264** |
| Depreciation |  | **(164)** | **(86)** | **(62)** | **(15)** | **(327)** | **(1)** | **(82)** |
| Costs allocated to by-products |  | **(2)** | **(1)** | **(1)** | **(68)** | **(72)** | **0** | **(17)** |
| Other | c | **(2)** | **(4)** | **0** | **9** | **3** | **0** | **0** |
| Non-controlling interests |  | **(182)** | **(103)** | **(69)** | **(2)** | **(356)** | **0** | **(67)** |
| Total cash costs |  | **292** | **161** | **109** | **3** | **566** | **43** | **98** |
| General & administrative costs |  | **0** | **0** | **0** | **0** | **0** | **0** | **0** |
| Minesite exploration and evaluation costs | d | **5** | **2** | **0** | **0** | **8** | **0** | **0** |
| Minesite sustaining capital expenditures | e | **113** | **36** | **28** | **4** | **190** | **7** | **67** |
| Sustaining capital leases |  | **0** | **0** | **0** | **1** | **1** | **1** | **(1)** |
| Rehabilitation - accretion and amortization <br>(operating sites)<br>| f | **3** | **5** | **1** | **1** | **10** | **0** | **2** |
| Non-controlling interests |  | **(47)** | **(17)** | **(11)** | **(2)** | **(81)** | **0** | **(27)** |
| All-in sustaining costs |  | **366** | **187** | **127** | **7** | **694** | **51** | **139** |
| Ounces sold - attributable basis (000s ounces) |  | **211** | **136** | **104** | **24** | **475** | **27** | **106** |
| COS/oz | g,h | **1863** | **1592** | **1422** | **1972** | **1695** | **1738** | **1492** |
| TCC/oz | h | **1380** | **1196** | **1050** | **127** | **1191** | **1707** | **930** |
| AISC/oz | h | **1732** | **1384** | **1225** | **279** | **1461** | **1976** | **1322** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) |  |  |  | For the three months ended 12/31/25 | For the three months ended 12/31/25 | For the three months ended 12/31/25 | For the three months ended 12/31/25 | For the three months ended 12/31/25 |
|  | Footnote | **Veladero** | **Porgera**<sup>i</sup> | **Loulo-**<br>**Gounkoto**<sup>j</sup><br>| **Kibali** | **North Mara** | **Tongon**<sup>k</sup> | **Bulyanhulu** |
| Cost of sales applicable to gold production |  | **67** | **35** | **472** | **123** | **108** | **56** | **86** |
| Depreciation |  | **(25)** | **(9)** | **(24)** | **(36)** | **(25)** | **1** | **(17)** |
| Costs allocated to by-products |  | **(3)** | **0** | **0** | **(2)** | **(2)** | **0** | **(12)** |
| Other | c | **0** | **0** | **(283)** | **0** | **0** | **0** | **1** |
| Non-controlling interests |  | **0** | **0** | **(33)** | **0** | **(12)** | **(6)** | **(9)** |
| Total cash costs |  | **39** | **26** | **132** | **85** | **69** | **51** | **49** |
| General & administrative costs |  | **0** | **0** | **0** | **0** | **0** | **0** | **0** |
| Minesite exploration and evaluation costs | d | **0** | **0** | **0** | **0** | **0** | **0** | **0** |
| Minesite sustaining capital expenditures | e | **43** | **15** | **0** | **19** | **20** | **3** | **20** |
| Sustaining capital leases |  | **1** | **0** | **0** | **3** | **1** | **1** | **0** |
| Rehabilitation - accretion and amortization <br>(operating sites)<br>| f | **1** | **0** | **0** | **0** | **(1)** | **0** | **0** |
| Non-controlling interests |  | **0** | **0** | **0** | **0** | **(3)** | **(1)** | **(3)** |
| All-in sustaining costs |  | **84** | **41** | **132** | **107** | **86** | **54** | **66** |
| Ounces sold - attributable basis (000s ounces) |  | **47** | **22** | **91** | **78** | **56** | **19** | **39** |
| COS/oz | g,h | **1526** | **1608** | **4151** | **1557** | **1640** | **2648** | **1885** |
| TCC/oz | h | **886** | **1180** | **1448** | **1093** | **1237** | **2659** | **1262** |
| AISC/oz | h | **1915** | **1865** | **1448** | **1374** | **1546** | **2844** | **1694** |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **62** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) |  |  |  |  |
|  | Footnote | Carlin | Cortez | Turquoise <br>Ridge<br>| Phoenix | Nevada Gold <br>Mines<sup>a</sup><br>| Hemlo<sup>b</sup> | Pueblo <br>Viejo<br>|
| Cost of sales applicable to gold production |  | 413 | 322 | 201 | 91 | 1029 | 63 | 260 |
| Depreciation |  | (80) | (73) | (48) | (18) | (220) | (7) | (77) |
| Costs allocated to by-products |  | (1) | (1) | (1) | (49) | (52) | (1) | (16) |
| Other | c | 0 | 0 | 0 | 6 | 6 | 0 | 0 |
| Non-controlling interests |  | (129) | (95) | (58) | (12) | (294) | 0 | (66) |
| Total cash costs |  | 203 | 153 | 94 | 18 | 469 | 55 | 101 |
| General & administrative costs |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minesite exploration and evaluation costs | d | 3 | 1 | 0 | 1 | 5 | 0 | 0 |
| Minesite sustaining capital expenditures | e | 116 | 26 | 20 | 10 | 176 | 14 | 47 |
| Sustaining capital leases |  | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
| Rehabilitation - accretion and amortization <br>(operating sites)<br>| f | 3 | 5 | 1 | 1 | 10 | 0 | 2 |
| Non-controlling interests |  | (46) | (12) | (9) | (5) | (74) | 0 | (21) |
| All-in sustaining costs |  | 279 | 173 | 106 | 26 | 587 | 69 | 129 |
| Ounces sold - attributable basis (000s ounces) |  | 170 | 123 | 85 | 28 | 406 | 29 | 108 |
| COS/oz | g,h | 1493 | 1612 | 1452 | 2010 | 1557 | 2145 | 1451 |
| TCC/oz | h | 1201 | 1242 | 1099 | 664 | 1156 | 1874 | 929 |
| AISC/oz | h | 1643 | 1407 | 1244 | 935 | 1448 | 2417 | 1198 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | For the three months ended 9/30/25 | For the three months ended 9/30/25 | For the three months ended 9/30/25 |
|  | Footnote | Veladero | Porgera<sup>i</sup> | Loulo-<br>Gounkoto<sup>j</sup><br>| Kibali | North Mara | Tongon<sup>k</sup> | Bulyanhulu |
| Cost of sales applicable to gold production |  | 60 | 38 |  | 124 | 130 | 60 | 87 |
| Depreciation |  | (23) | (9) |  | (38) | (35) | (6) | (18) |
| Costs allocated to by-products |  | (2) | (1) |  | 0 | (2) | 0 | (6) |
| Other | c | 0 | 0 |  | 0 | 0 | 0 | 0 |
| Non-controlling interests |  | 0 | 0 |  | 0 | (16) | (5) | (10) |
| Total cash costs |  | 35 | 28 |  | 86 | 77 | 49 | 53 |
| General & administrative costs |  | 0 | 0 |  | 0 | 0 | 0 | 0 |
| Minesite exploration and evaluation costs | d | 0 | 0 |  | 0 | 0 | 0 | 0 |
| Minesite sustaining capital expenditures | e | 30 | 8 |  | 19 | 16 | 1 | 21 |
| Sustaining capital leases |  | 0 | 1 |  | 2 | 0 | 1 | 0 |
| Rehabilitation - accretion and amortization <br>(operating sites)<br>| f | 1 | 0 |  | 1 | 2 | 1 | 0 |
| Non-controlling interests |  | 0 | 0 |  | 0 | (3) | 0 | (3) |
| All-in sustaining costs |  | 66 | 37 |  | 108 | 92 | 52 | 71 |
| Ounces sold - attributable basis (000s ounces) |  | 44 | 24 |  | 84 | 72 | 30 | 40 |
| COS/oz | g,h | 1352 | 1599 |  | 1482 | 1497 | 1787 | 1817 |
| TCC/oz | h | 787 | 1200 |  | 1019 | 1069 | 1605 | 1334 |
| AISC/oz | h | 1498 | 1594 |  | 1286 | 1268 | 1692 | 1790 |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **63** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) |  |  |  |  |
|  | Footnote | **Carlin** | **Cortez** | **Turquoise** <br>**Ridge**<br>| **Phoenix** | **Nevada Gold** <br>**Mines**<sup>a</sup><br>| **Hemlo**<sup>b</sup> | **Pueblo** <br>**Viejo**<br>|
| Cost of sales applicable to gold production |  | **1885** | **1212** | **861** | **341** | **4303** | **232** | **1028** |
| Depreciation |  | **(374)** | **(278)** | **(201)** | **(68)** | **(922)** | **(28)** | **(311)** |
| Costs allocated to by-products |  | **(6)** | **(4)** | **(4)** | **(184)** | **(198)** | **(1)** | **(56)** |
| Other | c | **(2)** | **(4)** | **0** | **27** | **21** | **0** | **0** |
| Non-controlling interests |  | **(579)** | **(357)** | **(253)** | **(45)** | **(1235)** | **0** | **(265)** |
| Total cash costs |  | **924** | **569** | **403** | **71** | **1969** | **203** | **396** |
| General & administrative costs |  | **0** | **0** | **0** | **0** | **0** | **0** | **0** |
| Minesite exploration and evaluation costs | d | **13** | **6** | **0** | **2** | **23** | **0** | **0** |
| Minesite sustaining capital expenditures | e | **610** | **186** | **96** | **37** | **952** | **36** | **234** |
| Sustaining capital leases |  | **0** | **0** | **0** | **2** | **3** | **3** | **(1)** |
| Rehabilitation - accretion and amortization <br>(operating sites)<br>| f | **11** | **18** | **4** | **6** | **39** | **1** | **7** |
| Non-controlling interests |  | **(244)** | **(81)** | **(38)** | **(18)** | **(391)** | **0** | **(96)** |
| All-in sustaining costs |  | **1314** | **698** | **465** | **100** | **2595** | **243** | **540** |
| Ounces sold - attributable basis (000s ounces) |  | **689** | **462** | **342** | **109** | **1602** | **127** | **383** |
| COS/oz | g,h | **1676** | **1609** | **1545** | **1921** | **1647** | **1854** | **1608** |
| TCC/oz | h | **1340** | **1234** | **1178** | **653** | **1229** | **1618** | **1034** |
| AISC/oz | h | **1906** | **1513** | **1358** | **920** | **1620** | **1936** | **1412** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | For the year ended 12/31/2025 | For the year ended 12/31/2025 | For the year ended 12/31/2025 |
|  | Footnote | **Veladero** | **Porgera**<sup>i</sup> | **Loulo-**<br>**Gounkoto**<sup>j</sup><br>| **Kibali** | **North Mara** | **Tongon**<sup>k</sup> | **Bulyanhulu** |
| Cost of sales applicable to gold production |  | **288** | **141** | **486** | **468** | **424** | **260** | **314** |
| Depreciation |  | **(104)** | **(32)** | **(38)** | **(138)** | **(100)** | **(17)** | **(65)** |
| Costs allocated to by-products |  | **(8)** | **(1)** | **0** | **(3)** | **(7)** | **0** | **(32)** |
| Other | c | **0** | **0** | **(283)** | **0** | **0** | **0** | **3** |
| Non-controlling interests |  | **0** | **0** | **(33)** | **0** | **(50)** | **(25)** | **(35)** |
| Total cash costs |  | **176** | **108** | **132** | **327** | **267** | **218** | **185** |
| General & administrative costs |  | **0** | **0** | **0** | **0** | **0** | **0** | **0** |
| Minesite exploration and evaluation costs | d | **3** | **1** | **0** | **0** | **0** | **0** | **0** |
| Minesite sustaining capital expenditures | e | **140** | **37** | **16** | **60** | **68** | **11** | **94** |
| Sustaining capital leases |  | **2** | **1** | **3** | **10** | **1** | **2** | **0** |
| Rehabilitation - accretion and amortization <br>(operating sites)<br>| f | **3** | **1** | **(1)** | **1** | **3** | **5** | **1** |
| Non-controlling interests |  | **0** | **0** | **(4)** | **0** | **(11)** | **(2)** | **(15)** |
| All-in sustaining costs |  | **324** | **148** | **146** | **398** | **328** | **234** | **265** |
| Ounces sold - attributable basis (000s ounces) |  | **226** | **91** | **91** | **298** | **246** | **106** | **148** |
| COS/oz | g,h | **1286** | **1553** | **4271** | **1568** | **1449** | **2200** | **1789** |
| TCC/oz | h | **785** | **1184** | **1449** | **1099** | **1085** | **2049** | **1253** |
| AISC/oz | h | **1450** | **1630** | **1603** | **1337** | **1333** | **2203** | **1795** |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **64** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) |  |  |  |  |
|  | Footnote | Carlin | Cortez | Turquoise <br>Ridge<br>| Phoenix | Nevada Gold <br>Mines<sup>a</sup><br>| Hemlo<sup>b</sup> | Pueblo Viejo |
| Cost of sales applicable to gold production |  | 1829 | 1005 | 782 | 356 | 3977 | 250 | 924 |
| Depreciation |  | (307) | (253) | (179) | (69) | (810) | (38) | (295) |
| Costs allocated to by-products |  | (3) | (3) | (3) | (152) | (161) | 0 | (40) |
| Other | c | (18) | 0 | 0 | 26 | 8 | 0 | 0 |
| Non-controlling interests |  | (578) | (288) | (231) | (62) | (1160) | 0 | (236) |
| Total cash costs |  | 923 | 461 | 369 | 99 | 1854 | 212 | 353 |
| General & administrative costs |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minesite exploration and evaluation costs | d | 12 | 8 | 6 | 5 | 33 | 0 | 0 |
| Minesite sustaining capital expenditures | e | 664 | 259 | 101 | 43 | 1092 | 37 | 180 |
| Sustaining capital leases |  | 0 | 0 | 0 | 1 | 2 | 4 | 0 |
| Rehabilitation - accretion and amortization <br>(operating sites)<br>| f | 12 | 17 | 4 | 7 | 40 | 0 | 6 |
| Non-controlling interests |  | (266) | (110) | (43) | (21) | (451) | 0 | (74) |
| All-in sustaining costs |  | 1345 | 635 | 437 | 134 | 2570 | 253 | 465 |
| Ounces sold - attributable basis (000s ounces) |  | 777 | 441 | 298 | 130 | 1646 | 143 | 351 |
| COS/oz | g,h | 1429 | 1402 | 1615 | 1687 | 1478 | 1754 | 1576 |
| TCC/oz | h | 1187 | 1046 | 1238 | 765 | 1126 | 1483 | 1005 |
| AISC/oz | h | 1730 | 1441 | 1466 | 1031 | 1561 | 1769 | 1323 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | For the year ended 12/31/2024 | For the year ended 12/31/2024 | For the year ended 12/31/2024 |
|  | Footnote | Veladero | Porgera<sup>i</sup> | Loulo-<br>Gounkoto<sup>j</sup><br>| Kibali | North <br>Mara<br>| Tongon<sup>k</sup> | Bulyanhulu |
| Cost of sales applicable to gold production |  | 342 | 62 | 698 | 415 | 395 | 315 | 297 |
| Depreciation |  | (85) | (15) | (223) | (134) | (83) | (38) | (63) |
| Costs allocated to by-products |  | (10) | (1) | 0 | (2) | (3) | 0 | (26) |
| Other | c | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| Non-controlling interests |  | 0 | 0 | (95) | 0 | (49) | (29) | (34) |
| Total cash costs |  | 247 | 46 | 380 | 279 | 260 | 248 | 177 |
| General & administrative costs |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minesite exploration and evaluation costs | d | 4 | 2 | 0 | 0 | 0 | 0 | 0 |
| Minesite sustaining capital expenditures | e | 111 | 21 | 267 | 58 | 84 | 23 | 68 |
| Sustaining capital leases |  | 1 | 2 | 3 | 8 | 0 | 1 | 0 |
| Rehabilitation - accretion and amortization (operating sites) | f | 1 | 1 | 2 | 1 | 5 | 9 | 1 |
| Non-controlling interests |  | 0 | 0 | (54) | 0 | (14) | (4) | (11) |
| All-in sustaining costs |  | 364 | 72 | 598 | 346 | 335 | 277 | 235 |
| Ounces sold - attributable basis (000s ounces) |  | 270 | 43 | 459 | 309 | 263 | 149 | 165 |
| COS/oz | g,h | 1254 | 1423 | 1218 | 1344 | 1266 | 1903 | 1509 |
| TCC/oz | h | 905 | 1073 | 828 | 905 | 989 | 1670 | 1070 |
| AISC/oz | h | 1334 | 1666 | 1304 | 1123 | 1274 | 1867 | 1420 |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **65** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | For the year ended 12/31/2023 | For the year ended 12/31/2023 | For the year ended 12/31/2023 | For the year ended 12/31/2023 | For the year ended 12/31/2023 |
|  | Footnote | Carlin | Cortez | Turquoise <br>Ridge<br>| Long <br>Canyon<sup>l</sup><br>| Phoenix | Nevada Gold <br>Mines<sup>a</sup><br>| Hemlo<sup>b</sup> | Pueblo <br>Viejo<br>|
| Cost of sales applicable to gold production |  | 1789 | 1174 | 722 | 26 | 393 | 4109 | 221 | 791 |
| Depreciation |  | (314) | (364) | (189) | (16) | (76) | (961) | (28) | (255) |
| Costs allocated to by-products |  | (2) | (3) | (4) | 0 | (157) | (166) | (1) | (37) |
| Other | c | (19) | 0 | 0 | 0 | 28 | 9 | 0 | 0 |
| Non-controlling interests |  | (561) | (311) | (203) | (3) | (72) | (1151) | 0 | (201) |
| Total cash costs |  | 893 | 496 | 326 | 7 | 116 | 1840 | 192 | 298 |
| General & administrative costs |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minesite exploration and evaluation costs | d | 23 | 5 | 5 | 0 | 1 | 36 | 0 | 0 |
| Minesite sustaining capital expenditures | e | 605 | 310 | 100 | 0 | 31 | 1063 | 37 | 195 |
| Sustaining capital leases |  | 0 | 0 | 0 | 0 | 2 | 3 | 2 | 0 |
| Rehabilitation - accretion and amortization <br>(operating sites)<br>| f | 12 | 19 | 2 | 0 | 5 | 38 | 1 | 6 |
| Non-controlling interests |  | (248) | (128) | (41) | 0 | (15) | (440) | 0 | (80) |
| All-in sustaining costs |  | 1285 | 702 | 392 | 7 | 140 | 2540 | 232 | 419 |
| Ounces sold - attributable basis (000s ounces) |  | 865 | 548 | 318 | 9 | 120 | 1860 | 139 | 335 |
| COS/oz | g,h | 1254 | 1318 | 1399 | 1789 | 2011 | 1351 | 1589 | 1418 |
| TCC/oz | h | 1033 | 906 | 1026 | 724 | 961 | 989 | 1382 | 889 |
| AISC/oz | h | 1486 | 1282 | 1234 | 779 | 1162 | 1366 | 1672 | 1249 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | ($ millions, except per ounce information in dollars) | For the year ended 12/31/2023 | For the year ended 12/31/2023 | For the year ended 12/31/2023 |
|  | Footnote | Veladero | Porgera<sup>i</sup> | Loulo-<br>Gounkoto<sup>j</sup><br>| Kibali | North <br>Mara<br>| Tongon<sup>k</sup> | Bulyanhulu |
| Cost of sales applicable to gold production |  | 263 |  | 817 | 419 | 365 | 303 | 282 |
| Depreciation |  | (69) |  | (247) | (147) | (77) | (46) | (62) |
| Costs allocated to by-products |  | (9) |  | 0 | (2) | (3) | (1) | (23) |
| Other | c | 0 |  | 0 | 0 | 0 | 0 | 0 |
| Non-controlling interests |  | 0 |  | (114) | 0 | (45) | (27) | (31) |
| Total cash costs |  | 185 |  | 456 | 270 | 240 | 229 | 166 |
| General & administrative costs |  | 0 |  | 0 | 0 | 0 | 0 | 0 |
| Minesite exploration and evaluation costs | d | 5 |  | 0 | 0 | 0 | 0 | 0 |
| Minesite sustaining capital expenditures | e | 85 |  | 221 | 35 | 113 | 30 | 65 |
| Sustaining capital leases |  | 1 |  | 1 | 7 | 0 | 1 | 0 |
| Rehabilitation - accretion and amortization (operating sites) | f | 1 |  | 3 | 2 | 5 | 4 | 1 |
| Non-controlling interests |  | 0 |  | (45) | 0 | (19) | (4) | (10) |
| All-in sustaining costs |  | 277 |  | 636 | 314 | 339 | 260 | 222 |
| Ounces sold - attributable basis (000s ounces) |  | 182 |  | 546 | 343 | 254 | 185 | 180 |
| COS/oz | g,h | 1440 |  | 1198 | 1221 | 1206 | 1469 | 1312 |
| TCC/oz | h | 1011 |  | 835 | 789 | 944 | 1240 | 920 |
| AISC/oz | h | 1516 |  | 1166 | 918 | 1335 | 1408 | 1231 |

---

a.These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon until it transitioned to care and maintenance at the end of 2023, as

previously reported.

**b.**On September 10, 2025, we reached an agreement to sell the Hemlo gold mine to Carcetti Capital Corp. for gross proceeds of up to $1.09 billion. The transaction closed on

November 26, 2025. Accordingly, operating and financial results provided are up to the closing date.

**c.Other -** Other adjustments at Loulo-Gounkoto include the removal of the fair value increment on inventory resulting from the purchase price allocation when we

regained control. Other adjustments at Carlin include the removal of TCC and costs to produce by-products associated with Emigrant, which is producing

incidental ounces.

**d.Exploration and evaluation costs -** Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations

and project if it relates to future projects. Refer to page 49 of this MD&A.

**e.Capital expenditures -** Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures.

**f.Rehabilitation - accretion and amortization** - Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on

the rehabilitation provision of our gold operations, split between operating and non-operating sites.

**g.COS/oz -** Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold

(both on an attributable basis using Barrick's ownership share).

**h.Per ounce figures -** COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to rounding.

**i.**As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no operating data or per ounce data has been provided from Q3 2020 to Q4

2023. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the

Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is held in a joint venture owned 51% by PNG

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **66** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

stakeholders and 49% by a Barrick affiliate, PJL. PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5%

ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed

with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and

the PNG stakeholders share the remaining 53%.

**j.**As a result of temporary suspension of operations at Loulo-Gounkoto starting January 14, 2025, and subsequent loss of control on June 16, 2025, no operating

data or per ounce data was provided for Q1 2025 to Q3 2025. On November 24, 2025, Barrick announced that an agreement had been entered into with the

Government of the Republic of Mali to put an end to all disputes regarding the Loulo and Gounkoto mines. The provisional administration of the Loulo-Gounkoto

complex was terminated on December 16, 2025, at which point operational control was handed back to Somilo and Gounkoto's management.

**k.**On October 6, 2025, we reached an agreement to sell our interest in the Tongon gold mine and certain of its exploration properties to the Atlantic Group for total

consideration of up to $305 million. The transaction closed on December 1, 2025. Accordingly, operating and financial results provided are up to the closing

date.

**l.**Starting Q1 2024, we have ceased to include production or non-GAAP cost metrics for Long Canyon as it was placed on care and maintenance at the end of

2023, as previously reported.

**Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| ($ millions, except per pound information in dollars) | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Cost of sales | **281** | 193 | **875** | 706 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation/amortization | **(88)** | (69) | **(285)** | (245) | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treatment and refinement charges | **53** | 44 | **179** | 162 | 191 |
| Cash cost of sales applicable to equity method <br>investments<br>| **174** | 91 | **439** | 352 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: royalties | **(37)** | (25) | **(108)** | (67) | (62) |
| Costs allocated to by-products | **(22)** | (7) | **(46)** | (25) | (19) |
| **C1 cash cost of sales** | **361** | 227 | **1054** | 883 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General & administrative costs | **11** | 12 | **39** | 17 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rehabilitation - accretion and amortization | **1** | 1 | **6** | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalties | **37** | 25 | **108** | 67 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite exploration and evaluation costs | **3** | 1 | **7** | 4 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minesite sustaining capital expenditures | **116** | 93 | **356** | 356 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustaining leases | **2** | 2 | **9** | 11 | 12 |
| **All-in sustaining costs** | **531** | 361 | **1579** | 1347 | 1311 |
| Tonnes sold - attributable basis (thousands of tonnes) | **67** | 52 | **224** | 177 | 185 |
| Pounds sold - attributable basis (millions pounds) | **147** | 116 | **494** | 391 | 408 |
| **COS/lb**<sup>a,b</sup> | **3.37** | 2.68 | **2.91** | 2.99 | 2.90 |
| **C1 cash costs per pound**<sup>a</sup> | **2.45** | 1.96 | **2.14** | 2.26 | 2.28 |
| **AISC/lb**<sup>a</sup> | **3.61** | 3.14 | **3.20** | 3.45 | 3.21 |

---

<sup>a.</sup>COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.

<sup>b.</sup>Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership

share).

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **67** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis, by**

**operating site**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the three months ended | For the three months ended | For the three months ended | For the three months ended |
| ($ millions, except per pound information in dollars) | **12/31/25** | **12/31/25** | **12/31/25** | 9/30/25 | 9/30/25 | 9/30/25 |
|  | **Zaldívar** | **Lumwana** | **Jabal Sayid** | Zaldívar | Lumwana | Jabal Sayid |
| Cost of sales | **175** | **282** | **38** | 85 | 193 | 33 |
| Depreciation/amortization | **(32)** | **(89)** | **(7)** | (20) | (68) | (7) |
| Treatment and refinement charges | **0** | **53** | **0** | 0 | 42 | 2 |
| Less: royalties | **0** | **(37)** | **0** | 0 | (25) | 0 |
| Costs allocated to by-products | **0** | **(7)** | **(15)** | (1) | (2) | (4) |
| **C1 cash cost of sales** | **143** | **202** | **16** | 64 | 140 | 24 |
| Rehabilitation - accretion and amortization | **1** | **1** | **0** | 0 | 1 | 0 |
| Royalties | **0** | **37** | **0** | 0 | 25 | 0 |
| Minesite exploration and evaluation costs | **3** | **0** | **0** | 1 | 0 | 0 |
| Minesite sustaining capital expenditures | **20** | **92** | **4** | 13 | 78 | 2 |
| Sustaining leases | **1** | **0** | **1** | 2 | 0 | 0 |
| **All-in sustaining costs** | **168** | **332** | **21** | 80 | 244 | 26 |
| Tonnes sold - attributable basis (thousands of tonnes) | **12** | **47** | **8** | 8 | 37 | 7 |
| Pounds sold - attributable basis (millions pounds) | **27** | **103** | **17** | 17 | 83 | 16 |
| **COS/lb**<sup>a,b</sup> | **6.33** | **2.76** | **2.21** | 5.02 | 2.32 | 2.08 |
| **C1 cash costs per pound**<sup>a</sup> | **5.17** | **1.97** | **0.94** | 3.80 | 1.68 | 1.47 |
| **AISC/lb**<sup>a</sup> | **6.03** | **3.24** | **1.20** | 4.82 | 2.93 | 1.65 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per pound information in dollars) | ($ millions, except per pound information in dollars) | ($ millions, except per pound information in dollars) | ($ millions, except per pound information in dollars) |  | For the years ended | For the years ended | For the years ended | For the years ended | For the years ended |
|  | **12/31/25** | **12/31/25** | **12/31/25** | 12/31/24 | 12/31/24 | 12/31/24 | 12/31/23 | 12/31/23 | 12/31/23 |
|  | **Zaldívar** | **Lumwana** | **Jabal** <br>**Sayid**<br>| Zaldívar | Lumwana | Jabal <br>Sayid<br>| Zaldívar | Lumwana | Jabal <br>Sayid<br>|
| Cost of sales | **423** | **877** | **137** | 347 | 704 | 118 | 354 | 723 | 107 |
| Depreciation/amortization | **(94)** | **(286)** | **(27)** | (89) | (244) | (24) | (81) | (257) | (24) |
| Treatment and refinement charges | **0** | **173** | **6** | 0 | 140 | 22 | 0 | 166 | 25 |
| Less: royalties | **0** | **(108)** | **0** | 0 | (67) | 0 | 0 | (62) | 0 |
| Costs allocated to by-products | **(1)** | **(13)** | **(32)** | 0 | 0 | (25) | (1) | 0 | (18) |
| **C1 cash cost of sales** | **328** | **643** | **84** | 258 | 533 | 91 | 272 | 570 | 90 |
| Rehabilitation - accretion and <br>amortization<br>| **2** | **4** | **0** | 0 | 9 | 0 | 0 | 9 | 0 |
| Royalties | **0** | **108** | **0** | 0 | 67 | 0 | 0 | 62 | 0 |
| Minesite exploration and evaluation <br>costs<br>| **7** | **0** | **0** | 4 | 0 | 0 | 7 | 0 | 0 |
| Minesite sustaining capital expenditures | **48** | **298** | **10** | 34 | 312 | 10 | 34 | 223 | 9 |
| Sustaining leases | **6** | **1** | **2** | 7 | 1 | 3 | 6 | 2 | 4 |
| **All-in sustaining costs** | **391** | **1054** | **96** | 303 | 922 | 104 | 319 | 866 | 103 |
| Tonnes sold - attributable basis <br>(thousands of tonnes)<br>| **37** | **157** | **30** | 38 | 109 | 30 | 42 | 113 | 30 |
| Pounds sold - attributable basis (millions <br>pounds)<br>| **82** | **346** | **66** | 85 | 239 | 67 | 92 | 249 | 67 |
| **COS/lb**<sup>a,b</sup> | **5.14** | **2.54** | **2.09** | 4.09 | 2.94 | 1.77 | 3.83 | 2.91 | 1.60 |
| **C1 cash costs per pound**<sup>a</sup> | **3.98** | **1.86** | **1.28** | 3.04 | 2.23 | 1.37 | 2.95 | 2.29 | 1.35 |
| **AISC/lb**<sup>a</sup> | **4.75** | **3.05** | **1.46** | 3.58 | 3.85 | 1.56 | 3.46 | 3.48 | 1.53 |

---

<sup>a.</sup>COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.

<sup>b.</sup>Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership

share).

**EBITDA, Adjusted EBITDA, Attributable EBITDA, Attributable EBITDA Margin and Net Leverage**

EBITDA is a non-GAAP financial measure, which excludes

the following from net earnings:

■Income tax expense;

■Finance costs;

■Finance income; and

■Depreciation.

Management believes that EBITDA is a valuable indicator

of our ability to generate liquidity by producing operating

cash flow to fund working capital needs, service debt

obligations, and fund capital expenditures. Management

uses EBITDA for this purpose. EBITDA is also frequently

used by investors and analysts for valuation purposes

whereby EBITDA is multiplied by a factor or "EBITDA

multiple" that is based on an observed or inferred

relationship between EBITDA and market values to

determine the approximate total enterprise value of a

company.

Adjusted EBITDA removes the effect of

impairment charges; acquisition/disposition gains/losses;

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **68** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

foreign currency translation gains/losses; and other

expense adjustments. We also remove the impact of the

income tax expense, finance costs, finance income and

depreciation incurred in our equity method accounted

investments. Attributable EBITDA further removes the non-

controlling interest portion. We believe these items provide

a greater level of consistency with the adjusting items

included in our adjusted net earnings reconciliation, with the

exception that these amounts are adjusted to remove any

impact on finance costs/income, income tax expense and/or

depreciation as they do not affect EBITDA. We believe this

additional information will assist analysts, investors and

other stakeholders of Barrick in better understanding our

ability to generate liquidity from our attributable business,

including equity method investments, by excluding these

amounts from the calculation as they are not indicative of

the performance of our core mining business and do not

necessarily reflect the underlying operating results for the

periods presented. Additionally, it is aligned with how we

present our forward-looking guidance on gold ounces and

copper pounds produced.

Attributable EBITDA margin is calculated as

attributable EBITDA divided by revenues - as adjusted. We

believe this ratio will assist analysts, investors and other

stakeholders of Barrick to better understand the relationship

between revenues and EBITDA or operating profit.

Net leverage is calculated as debt, net of cash

divided by the sum of adjusted EBITDA of the last four

consecutive quarters. We believe this ratio will assist

analysts, investors and other stakeholders of Barrick in

monitoring our leverage and evaluating our balance sheet.

EBITDA, adjusted EBITDA, attributable EBITDA,

attributable EBITDA margin and net leverage are intended

to provide additional information to investors and analysts

and do not have any standardized definition under IFRS,

and should not be considered in isolation or as a substitute

for measures of performance prepared in accordance with

IFRS. EBITDA, adjusted EBITDA and attributable EBITDA

exclude the impact of cash costs of financing activities and

taxes, and the effects of changes in operating working

capital balances, and therefore are not necessarily

indicative of operating profit or cash flow from operations as

determined under IFRS. Other companies may calculate

EBITDA, adjusted EBITDA, attributable EBITDA,

attributable EBITDA margin and net leverage differently.

**Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended |
| &nbsp;&nbsp;&nbsp;&nbsp;($ millions) | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 |
| Net earnings | **3213** | 1904 | **7154** | 3088 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **794** | 477 | **1651** | 1520 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance costs, net<sup>a</sup> | **42** | 21 | **138** | 143 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | **599** | 460 | **1906** | 1915 | 2043 |
| EBITDA | **4648** | 2862 | **10849** | 6666 | 4940 |
| Impairment charges (reversals) of non-current assets<sup>b</sup> | **5** | 3 | **12** | (457) | 312 |
| Acquisition/disposition gains<sup>c</sup> | **(1146)** | (250) | **(1107)** | (24) | (364) |
| Loss on currency translation | **6** | (3) | **3** | 39 | 93 |
| Other expense adjustments<sup>d</sup> | **559** | 47 | **823** | 249 | 96 |
| Income tax expense, net finance costs<sup>a</sup>, and <br>depreciation from equity investees<br>| **238** | 197 | **732** | 532 | 397 |
| Adjusted EBITDA | **4310** | 2856 | **11312** | 7005 | 5474 |
| Non-controlling Interests | **(1226)** | (834) | **(3155)** | (1820) | (1487) |
| Attributable EBITDA | **3084** | 2022 | **8157** | 5185 | 3987 |
| Revenues - as adjusted<sup>e</sup> | **4810** | 3405 | **13950** | 10724 | 9411 |
| Attributable EBITDA margin<sup>f</sup> | **64%** | 59% | **58%** | 48% | 42% |
|  |  |  | **As at 12/31/25** | As at 12/31/24 | As at 12/31/23 |
| Net leverage<sup>g</sup> |  |  | **-0.2:1** | 0.1:1 | 0.1:1 |

---

a.Finance costs exclude accretion.

b.There were no significant impairment charges or reversals in 2025. Net impairment reversals for 2024 mainly relate to long-lived asset impairment reversals at

Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.

c.Acquisition/disposition gains for 2025 relate to gain on sale of our 50% interest in the Donlin Gold project in Q2 2025, and sale of our Hemlo gold mine, our

interest in the Tongon gold mine and the Alturas project, all occurring in Q4 2025. Q4 2025 was further impacted by the accounting impact of regaining control

of the Loulo-Gounkoto complex on December 16, 2025, which largely offset the losses recognized earlier in 2025 relating to the deconsolidation and recognition

of an investment at fair value following the change of control after it was placed under a temporary provisional administration on June 16, 2025. The acquisition/

disposition gains in Q3 2025 mainly related to the revaluation of our 80% equity investment in Loulo-Gounkoto, as it was deconsolidated and an investment at

fair value was recognized in Q2 2025, as described above.

d.Other expense adjustments for Q4 2025 and 2025 mainly relate to the settlement payment to the Government of Mali in November 2025 and the fair value

increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto. 2025 was further impacted by reduced

operations costs at Loulo-Gounkoto. Other expense adjustments for 2024 mainly relate to a payment to the Government of Mali to advance negotiations, a

customs and royalty settlement at Tongon, interest and penalties recognized following the settlement of the Zaldívar Tax Assessments in Chile, a provision

made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick, and an accrual relating to

the road construction in Tanzania per our community investment obligations under the Twiga partnership.

e.Refer to Reconciliation of Sales to Realized Price per pound/ounce on page 69 of this MD&A.

f.Represents attributable EBITDA divided by revenues - as adjusted.

g.Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **69** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Realized Price**

Realized price is a non-GAAP financial measure which

excludes from sales:

■Treatment and refining charges; and

■Cumulative catch-up adjustment to revenue relating to

our streaming arrangements.

We believe this provides investors and analysts with a more

accurate measure with which to compare to market gold

and copper prices and to assess our gold and copper sales

performance. For those reasons, management believes that

this measure provides a more accurate reflection of our

Company's past performance and is a better indicator of its

expected performance in future periods.

The realized price measure is intended to provide

additional information, and does not have any standardized

definition under IFRS and should not be considered in

isolation or as a substitute for measures of performance

prepared in accordance with IFRS. The measure is not

necessarily indicative of sales as determined under IFRS.

Other companies may calculate this measure differently.

The following table reconciles realized prices to the most

directly comparable IFRS measure.

**Reconciliation of Sales to Realized Price per ounce/pound**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, except per ounce/<br>pound information in dollars) | For the three months ended | For the three months ended | For the three months ended | For the three months ended | For the years ended | For the years ended | For the years ended | For the years ended | For the years ended | For the years ended |
| ($ millions, except per ounce/<br>pound information in dollars) | Gold | Gold | Copper | Copper | Gold | Gold | Gold | Copper | Copper | Copper |
|  | **12/31/25** | 9/30/25 | **12/31/25** | 9/30/25 | **12/31/25** | 12/31/24 | 12/31/23 | **12/31/25** | 12/31/24 | 12/31/23 |
| Sales | **5353** | 3748 | **514** | 320 | **15147** | 11820 | 10350 | **1475** | 855 | 795 |
| Sales applicable to non-controlling <br>interests<br>| **(1756)** | (1237) | **0** | 0 | **(4895)** | (3579) | (3179) | **0** | 0 | 0 |
| Sales applicable to equity method <br>investments<sup>a,b</sup><br>| **418** | 377 | **233** | 147 | **1353** | 849 | 667 | **679** | 603 | 587 |
| Sales applicable to sites in closure <br>or care and maintenance<sup>c</sup><br>| **(5)** | (1) | **0** | 0 | **(8)** | (8) | (15) | **0** | 0 | 0 |
| Treatment and refining charges | **10** | 7 | **53** | 44 | **30** | 29 | 30 | **179** | 162 | 191 |
| Other<sup>d</sup> | **(10)** | 0 | **0** | 0 | **(10)** | (7) | (15) | **0** | 0 | 0 |
| Revenues – as adjusted | **4010** | 2894 | **800** | 511 | **11617** | 9104 | 7838 | **2333** | 1620 | 1573 |
| Ounces/pounds sold (000s ounces/<br>millions pounds)<sup>c</sup><br>| **960** | 837 | **147** | 116 | **3318** | 3798 | 4024 | **494** | 391 | 408 |
| Realized gold/copper price per <br>ounce/pound<sup>e</sup><br>| **4177** | 3457 | **5.42** | 4.39 | **3501** | 2397 | 1948 | **4.72** | 4.15 | 3.85 |

---

a.Represents sales of $327 million and $1,038 million, respectively, for Q4 2025 and 2025(Q3 2025: $294 million; 2024: $741 million; 2023: $667 million)

applicable to our 45% equity method investment in Kibali and $91 million and $315 million, respectively (Q3 2025: $83 million; 2024: $108 million; 2023: $nil)

applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $151 million and $394 million, respectively, for Q4 2025 and 2025

(Q3 2025: $77 million; 2024: $357 million; 2023: $253 million) applicable to our 50% equity method investment in Zaldívar and $83 million and $291 million,

respectively (Q3 2025: $71 million; 2024: $270 million; 2023: $253 million) applicable to our 50% equity method investment in Jabal Sayid for copper.

b.Sales applicable to equity method investments are net of treatment and refinement charges.

c.On an attributable basis. Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes Long Canyon

which is producing residual ounces from the leach pad while in care and maintenance.

d.Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2e to the Financial Statements for more

information.

e.Realized price per ounce/pound may not calculate based on amounts presented in this table.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **70** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Technical Information**

The scientific and technical information contained in this

MD&A has been reviewed and approved by Tricia Evans,

BSc, SMERM, Mineral Resource Manager: North America;

Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr.

Sci. Nat, Resource Geology Lead – North America; Richard

Peattie, MPhil, FAusIMM, Mineral Resources Manager:

Africa and Middle East; Peter Jones, MAIG, Manager

Resource Geology – South America & Asia Pacific; and

Joel Holliday, FAusIMM, Executive Vice-President,

Exploration – each a "Qualified Person" as defined in

National Instrument 43-101 – *Standards of Disclosure for*

*Mineral Projects*.

All mineral reserve and mineral resource estimates

are estimated in accordance with National Instrument

43-101 – *Standards of Disclosure for Mineral Projects*.

Unless otherwise noted, such mineral reserve and mineral

resource estimates are as ofDecember 31, 2025.

**Endnotes** 

1A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual

production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. Tier

One Assets must be located in a world-class geological district with potential for organic reserve growth and long-term

geologically driven addition.

2A Tier Two Gold Asset is an asset with a reserve with potential to deliver a minimum 10-year life, annual production of at

least 250,000 ounces of gold and TCC/oz over the mine life that are in the lower half of the industry cost curve.

3A Tier One Copper Asset/Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support of

at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost

curve.

4A Strategic Asset is an asset, which in the opinion of Barrick, has the potential to deliver significant unrealized value in the

future.

5Currently consists of Barrick's Lumwana mine, Zaldívar and Jabal Sayid joint ventures, and Reko Diq project.

6Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 57 to

69 of this MD&A.

7Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and

maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).Copper COS/lb is

calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using

Barrick's ownership share).

8TRIFR is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of

hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated

injuries. LTIFR is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number

of hours worked.

9Class 1 - High Significance is defined as an incident that causes significant negative impacts on human health or the

environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse

impact to surrounding communities, livestock or wildlife.

10Categories as defined in the Greenhouse Gas Protocol's Technical Guidance for Calculating Scope 3 Emissions.

Achievement of Barrick's Scope 3 targets will require collaboration with suppliers and customers in our value chain, which

are outside of Barrick's direct control.

11Preliminary figures and subject to external assurance.

12All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu Mt are reported to the second

significant digit. All measured and indicated mineral resource estimates of grade and all proven and probable mineral

reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places. All inferred mineral resource

estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place. 2025 polymetallic mineral resources and

mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold,

copper & silver mineral resources and mineral reserves.

13Estimated 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, 2025, unless otherwise noted. Proven

reserves of 390 million tonnes grading 1.38 g/t, representing 17 million ounces of gold, and 520 million tonnes grading

0.38%, representing 2.0 million tonnes of copper. Probable reserves of 2,300 million tonnes grading 0.91 g/t, representing

68 million ounces of gold, and 3,400 million tonnes grading 0.47%, representing 16 million tonnes of copper. Measured

resources of 570 million tonnes grading 1.45 g/t, representing 26 million ounces of gold, and 740 million tonnes grading

0.36%, representing 2.7 million tonnes of copper. Indicated resources of 4,200 million tonnes grading 0.95 g/t,

representing 130 million ounces of gold, and 5,300 million tonnes grading 0.40%, representing 21 million tonnes of

copper. Inferred resources of 1,300 million tonnes grading 1.0 g/t, representing 43 million ounces of gold, and 1,400

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **71** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

million tonnes grading 0.3%, representing 4.2 million tonnes of copper. Totals may not appear to sum correctly due to

rounding. Complete mineral reserve and mineral resource data for all mines and projects referenced in this MD&A,

including tonnes, grades, and ounces, can be found on pages 74-83 of Barrick's Fourth Quarter and Year-End 2025

Report.

14Estimated 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, 2024, unless otherwise noted. Proven

reserves of 270 million tonnes grading 1.75 g/t, representing 15 million ounces of gold, and 380 million tonnes grading

0.42%, representing 1.6 million tonnes of copper. Probable reserves of 2,500 million tonnes grading 0.90 g/t, representing

74 million ounces of gold, and 3,600 million tonnes grading 0.46%, representing 17 million tonnes of copper. Measured

resources of 450 million tonnes grading 1.68 g/t, representing 24 million ounces of gold, and 600 million tonnes grading

0.38%, representing 2.3 million tonnes of copper. Indicated resources of 4,800 million tonnes grading 1.01 g/t,

representing 150 million ounces of gold, and 5,400 million tonnes grading 0.39%, representing 22 million tonnes of

copper. Inferred resources of 1,400 million tonnes grading 0.9 g/t, representing 41 million ounces of gold, and 1,300

million tonnes grading 0.3%, representing 3.9 million tonnes of copper. Totals may not appear to sum correctly due to

rounding. Complete 2024 mineral reserve and mineral resource data for all mines and projects referenced in this MD&A,

including tonnes, grades, and ounces, can be found on pages 32-45 of Barrick's Annual Information Form/Form 40-F for

the year ended December 31, 2024 on file with Canadian provincial securities regulatory authorities and the U.S.

Securities and Exchange Commission.

15Reserve replacement measures attributable reserve gains in ounces or gold equivalent ounces<sup>a</sup> calculated from the

cumulative net change in attributable reserve in ounces or gold equivalent ounces<sup>a</sup>, respectively, from the most recently

completed three years (excluding any attributable acquisitions or divestments).

The three-year rolling average gold mineral reserve replacement percentage is calculated from the cumulative

net change in attributable reserves in ounces from the three most recently completed years divided by the cumulative

depletion in attributable reserve in ounces from the three most recently completed years as set forth in the table below

(excluding attributable acquisitions and divestments).<sup>b</sup>

The three-year average gold equivalent replacement percentage is calculated from the cumulative net change in

attributable reserves in gold equivalent ounces<sup>a</sup> from the three most recently completed years divided by the cumulative

depletion in attributable reserve in gold equivalent ounces<sup>a</sup> from the three most recently completed years as set forth in

the table below (excluding attributable acquisitions and divestments):<sup>b</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year | Attributable <br>P&P Gold <br>(Moz)<br>| Attributable P&P <br>Gold Depletion <br>(Moz)<br>| Attributable P&P <br>Gold Net <br>Change (Moz)<br>| Attributable <br>P&P (GEO<sup>a</sup>)<br>| Attributable P&P <br>Depletion (GEO<sup>a</sup>)<br>| Attributable P&P <br>Net Change GEO <br>(using reported <br>reserve prices)<sup>a</sup><br>|
| 2023<sup>c</sup> | 77 | (4.6) | 5 | 105 | (6.0) | 6.7 |
| 2024<sup>d</sup> | 89 | (4.6) | 17 | 176 | (6.1) | 79 |
| 2025<sup>e</sup> | 85 | (3.7) | 1.8 | 171 | (5.1) | 1.4 |
| *2023 - 2025* <br>*Total*<sup>f</sup><br>| *N/A* | (12.9) | 23.8 | N/A | (17.2) | 87 |

---

<sup>a</sup>Gold equivalent ounces calculated from our copper assets are calculated using long-term mineral reserve commodity

prices of (I) $1,500/oz gold and $3.25/lb copper for 2025, (ii) $1,400/oz gold and $3.00/lb copper for 2024, and (iii)

$1,300/oz gold and $3.00/lb copper for 2023. All gold equivalent ounces are reported to the second significant digit.

<sup>b</sup> Complete mineral reserves and mineral resource data for all mines and projects, including tonnes, grades, and ounces,

can be found in the Mineral Reserves and Mineral Resources Tables included in pages [75](#i9b586ce33d0945d78cb79c215b9ba342_355) to [84](#i9b586ce33d0945d78cb79c215b9ba342_361) of the MD&A

accompanying Barrick's fourth quarter and full year 2025 financial statements filed on SEDAR+ at www.sedarplus.ca

and on EDGAR at www.sec.gov. All estimates are estimated in accordance with National Instrument 43-101 - *Standards*

*of Disclosure for Mineral Projects* as required by Canadian securities regulatory authorities.

<sup>c</sup> Estimates are as of December 31, 2023. Proven mineral reserves of 250 million tonnes grading 1.85g/t, representing 15

million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable

reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold, and 1,100 million tonnes

grading 0.38%, representing 4.3 million tonnes of copper.

<sup>d</sup> Estimates are as of December 31, 2024. Proven mineral reserves of 270 million tonnes grading 1.75g/t, representing 15

million ounces of gold, and 380 million tonnes grading 0.42%, representing 1.6 million tonnes of copper. Probable

reserves of 2,500 million tonnes grading 0.90g/t, representing 74 million ounces of gold, and 3,600 million tonnes

grading 0.46%, representing 17 million tonnes of copper.

<sup>e</sup> Estimates are as of December 31, 2025. Proven mineral reserves of 390 million tonnes grading 1.38g/t, representing 17

million ounces of gold, and 520 million tonnes grading 0.38%, representing 2.0 million tonnes of copper. Probable

reserves of 2,300 million tonnes grading 0.91g/t, representing 68 million ounces of gold, and 3,900 million tonnes

grading 0.46%, representing 18 million tonnes of copper.

<sup>f</sup>Totals may not appear to sum correctly due to rounding.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **72** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

16*Fourmile Significant Intercepts*<sup>a</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** |
| **Drill Hole**<sup>b</sup> | **Azimuth** | **Dip** | **Interval (m)** | **Width (m)** | **True Width (m)**<sup>c</sup> | **Au (g/t)** |
| FM25-260DW1 | 152 | (82) | 1335.3 - 1338.7 | 3.4 | 3.4 | 37.16 |
| FM25-262D | 5 | (86) | 714.5 - 720.7 | 6.2 | 6.2 | 26.83 |
|  |  |  | 863 - 868.7 | 5.7 | 5.7 | 20.34 |
| FM25-263D | 25 | (82) | 711.9 - 718.4 | 6.5 | 6.5 | 13.98 |
|  |  |  | 845.2 - 865.2 | 20.0 | 16.0 | 23.58 |
| FM25-291D | 50 | (79) | 897.2 - 910.4 | 13.2 | 10.5 | 4.10 |
|  |  |  | 922.3 - 925.7 | 3.4 | 2.7 | 4.18 |
|  |  |  | 1378.2 - 1381.9 | 3.7 | 2.3 | 34.47 |
|  |  |  | 1519.1 - 1527.4 | 8.3 | 5.1 | 20.56 |
|  |  |  | 1548.5 - 1552 | 3.5 | 2.2 | 15.24 |
| FM25-300D | 51 | (74) | 1314.6 - 1330.6 | 16.0 | 13.4 | 38.35 |
| FM25-303D | 123 | (75) | 1131.4 - 1134.9 | 3.5 | 2.6 | 13.93 |
| FM25-314D | 41 | (80) | 1291.4 - 1312.8 | 21.4 | 12.0 | 12.74 |
| FM25-316D | 97 | (79) | 1244.8 - 1247.4 | 2.6 | 2.5 | 22.44 |
| FM25-318D | 66 | (84) | 877.2 - 880 | 2.8 | 2.8 | 4.61 |
|  |  |  | 1201.5 - 1204.6 | 3.1 | 2.7 | 4.43 |
| FM25-319D | 52 | (75) | 1129.9 - 1137.8 | 7.9 | 7.5 | 5.36 |
|  |  |  | 1143.6 - 1150.3 | 6.7 | 6.7 | 20.15 |
|  |  |  | 1200.6 - 1206.1 | 5.5 | 4.3 | 25.12 |
|  |  |  | 1353.6 - 1358.2 | 4.6 | 1.2 | 11.34 |
|  |  |  | 1391.7 - 1395.4 | 3.7 | 3.7 | 9.31 |
| FM25-321D | 195 | (85) | 728.3 - 743.6 | 15.3 | 15.0 | 12.89 |
|  |  |  | 1092.1 - 1095.1 | 3.0 | 3.0 | 6.75 |
|  |  |  | 1101.2 - 1128.1 | 26.9 | 12.2 | 33.71 |
|  |  |  | 1150 - 1160.7 | 10.7 | 3.6 | 5.15 |
| FM25-326D | 50 | (72) | 1214.6 - 1219.2 | 4.6 | 3.8 | 11.08 |
| FM25-328D | 245 | (82) | 1127 - 1129.4 | 2.4 | 2.4 | 5.96 |
|  |  |  | 1137.2 - 1150.6 | 13.4 | 13.4 | 14.71 |
|  |  |  | 1185.7 - 1188.3 | 2.6 | 2.0 | 14.94 |
|  |  |  | 1201.2 - 1207 | 5.8 | 5.0 | 39.78 |

---

a.All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 2.4 meters; internal dilution is less than

20% total width.

b.Fourmile drill hole nomenclature: Project area (FM - Fourmile) followed by the year (25 for 2025) then hole number.

c.True width (TW) for FM drillholes has been estimated based on the latest geological and ore controls model and it is subject to refinement as

additional data becomes available.

The drilling results for Fourmile contained in this MD&A have been prepared in accordance with National Instrument

43-101 – *Standards of Disclosure for Mineral Projects*. All drill hole assay information has been manually reviewed and

approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by

an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery

from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in

connection with drilling and sampling on Fourmile conform to industry accepted quality control methods.

17See the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December

31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.

18*H2 GRUG Significant Intercepts*<sup>a</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** | **Drill Results from Q4 2025** |
|  |  |  |  |  |  | **Including**<sup>c</sup> | **Including**<sup>c</sup> | **Including**<sup>c</sup> |
| **Drill Hole**<sup>b</sup> | **Azimuth** | **Dip** | **Interval (m)** | **Width (m)** | **Au (g/t)** | **Interval (m)** | **Width (m)** | **Au (g/t)** |
| GRC-25001A | 154 | (80) | 388.3-448.3 | 60 | 23.12 | 388.2-389.5 | 1.2 | 30.46 |
|  |  |  |  |  |  | 401.1-402.6 | 1.5 | 49.88 |
|  |  |  |  |  |  | 406.9-408.4 | 1.5 | 76 |
|  |  |  |  |  |  | 418.2-139.2 | 21 | 40.55 |
| GRC-25002 | 92 | (79) | 404-407.5 | 3.5 | 6.35 |  |  |  |
|  |  |  | 410.6-411.9 | 1.4 | 11.25 |  |  |  |
|  |  |  | 425.5-436.5 | 11 | 17.44 | 428.9-430.4 | 1.5 | 65 |
|  |  |  | 422.6-448.7 | 6.1 | 37.25 | 442.6-447.1 | 4.6 | 46.53 |
|  |  |  | 450.2-451.7 | 1.5 | 3.96 |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **73** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 453.2-456.3 | 3 | 31.9 |  |  |  |
| 457.8-459.3 | 1.5 | 3.55 |  |  |  |
| 525.8-530.4 | 4.6 | 29.2 | 525.8-527.3 | 1.5 | 28 |
|  |  |  | 528.8-530.4 | 1.5 | 50.1 |
| 534-538.6 | 4.6 | 23 | 535.5-538.6 | 3 | 26.75 |

---

a.All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 1.0 meters; internal dilution is less than 20%

total width.

b.Drill hole nomenclature: GRC Project area Goldrush followed by the year (25 for 2025) then hole number.

c.Included intervals calculated using a 20.0 g/t intercept width and are uncapped; minimum intercept width is 1.0 meters; internal dilution is less

than 20% total width.

The drilling results for Goldrush contained in this MD&A have been prepared in accordance with National Instrument

43-101 – *Standards of Disclosure for Mineral Projects*. All drill hole assay information has been manually reviewed and

approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by

an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery

from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in

connection with drilling and sampling on Goldrush conform to industry accepted quality control methods.

19Refer to the Technical Report on the Carlin Complex, Eureka and Elko County, Nevada, USA, dated March 14, 2025, and

filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 14, 2025.

20See the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March 17, 2023, and filed on SEDAR+ at

www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.

21Refer to the Technical Report on the Reko Diq Project, Balochistan, Pakistan, dated February 19, 2025, and filed on

SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.

22Estimated 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, 2024, unless otherwise noted. Reko Diq

probable reserves of 1,400 million tonnes grading 0.28 g/t representing 13 million ounces of gold, probable reserves of

1,500 million tonnes grading 0.48% representing 7.3 million tonnes of copper, indicated resources of 1,800 million tonnes

grading 0.25 g/t representing 15 million ounces of gold, inferred resources of 640 million tonnes grading 0.2 g/t

representing 3.9 million ounces of gold, indicated resources of 2,000 million tonnes grading 0.43% representing 8.4 million

tonnes of copper, and inferred resources of 690 million tonnes grading 0.3% representing 2.2 million tonnes of copper.

Complete 2024 mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including

tonnes, grades, and ounces, can be found on pages 83-92 of Barrick's Fourth Quarter and Year-End 2024 Report.

23Refer to the Technical Report on the Lumwana Expansion Project, Republic of Zambia, dated February 19, 2025, and filed

on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **74** | **MANAGEMENT'S DISCUSSION AND ANALYSIS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Glossary of Technical Terms**

**ALL-IN SUSTAINING COSTS:** A non-GAAP measure of cost per

ounce/pound for gold/copper. Refer to page 59 of this MD&A for

further information and a reconciliation of the measure.

**AUTOCLAVE:** Oxidation process in which high temperatures and

pressures are applied to convert refractory sulfide mineralization

into amenable oxide ore.

**BY-PRODUCT:** A secondary metal or mineral product recovered in

the milling process such as silver.

**C1 CASH COSTS:** A non-GAAP measure of cost per pound for

copper. Refer to page 59 of this MD&A for further information and a

reconciliation of the measure.

**CONCENTRATE:** A very fine, powder-like product containing the

valuable ore mineral from which most of the waste mineral has

been eliminated.

**CONTAINED OUNCES:** Represents ounces in the ground before

loss of ounces not able to be recovered by the applicable

metallurgical processing process.

**DEVELOPMENT:** Work carried out for the purpose of gaining

access to an ore body. In an underground mine, this includes shaft

sinking, crosscutting, drifting and raising. In an open-pit mine,

development includes the removal of overburden (more commonly

referred to as stripping in an open pit).

**DILUTION:** The effect of waste or low-grade ore which is

unavoidably extracted and comingled with the ore mined thereby

lowering the recovered grade from what was planned to be mined.

**DORÉ:** Unrefined gold and silver bullion bars usually consisting of

approximately 90 percent precious metals that will be further

refined to almost pure metal.

**DRILLING:**

*Core:* drilling with a hollow bit with a diamond cutting rim to

produce a cylindrical core that is used for geological study and

assays.

*Reverse circulation:* drilling that uses a rotating cutting bit

within a double-walled drill pipe and produces rock chips

rather than core. Air or water is circulated down to the bit

between the inner and outer wall of the drill pipe. The chips

are forced to the surface through the center of the drill pipe

and are collected, examined and assayed.

*In-fill:* drilling closer spaced holes in between existing holes,

used to provide greater geological detail and to help upgrade

resource estimates to reserve estimates.

*Step-out:* drilling to intersect a mineralized horizon or structure

along strike or down-dip.

**EXPLORATION:** Prospecting, sampling, mapping, drilling and

other work involved in searching for minerals.

**FREE CASH FLOW:** A non-GAAP measure that reflects our ability

to generate cash flow. Refer to page 58 of this MD&A for a

definition.

**GRADE:** The amount of metal in each tonne of ore, expressed as

grams per tonne (g/t) for precious metals and as a percentage for

most other metals.

*Cut-off grade:* the minimum metal grade at which an ore body

can be economically mined (used in the calculation of ore

reserves).

*Mill-head grade:* metal content per tonne of ore going into a

mill for processing.

*Reserve grade:* estimated metal content of an ore body,

based on reserve calculations.

**HEAP LEACHING:** A process whereby gold/copper is extracted by

"heaping" broken ore on sloping impermeable pads and continually

applying to the heaps a weak cyanide solution/sulfuric acid which

dissolves the contained gold/copper. The gold/copper-laden

solution is then collected for gold/copper recovery.

**HEAP LEACH PAD:** A large impermeable foundation or pad used

as a base for stacking ore for the purpose of heap leaching.

**MILL:** A processing facility where ore is finely ground and

thereafter undergoes physical or chemical treatment to extract the

valuable metals.

**MINERAL RESERVE:** See pages 74 to 83 – Summary Gold/

Copper Mineral Reserves and Mineral Resources.

**MINERAL RESOURCE:** See pages 74 to 83 – Summary Gold/

Copper Mineral Reserves and Mineral Resources.

**OPEN PIT:** A mine where the minerals are mined entirely from the

surface.

**ORE:** Rock, generally containing metallic or non-metallic minerals,

which can be mined and processed at a profit.

**ORE BODY:** A sufficiently large amount of ore that can be mined

economically.

**OUNCES:** Troy ounce is a unit of measure used for weighing gold

at 999.9 parts per thousand purity and is equivalent to 31.1035g.

**RECLAMATION:** The process by which lands disturbed as a result

of mining activity are modified to support future beneficial land use.

Reclamation activity may include the removal of buildings,

equipment, machinery and other physical remnants of mining,

closure of tailings storage facilities, leach pads and other mine

features, and contouring, covering and re-vegetation of waste rock

dumps and other disturbed areas.

**RECOVERY RATE:** A term used in process metallurgy to indicate

the proportion of valuable material physically recovered in the

processing of ore. It is generally stated as a percentage of the

valuable material recovered compared to the total material

originally contained in the ore.

**REFINING:** The final stage of metal production in which impurities

are removed through heating to extract the pure metal.

**ROASTING:** The treatment of sulfide ore by heat and air, or

oxygen enriched air, in order to oxidize sulfides and remove other

elements (carbon, antimony or arsenic).

**SAFE CLOSURE:** A closed tailings facility that does not pose

ongoing material risks to people or the environment which has

been confirmed by an Independent Tailings Review Board or senior

independent technical reviewer and signed off by an Accountable

Executive as defined by the Global Industry Standard on Tailings

Management.

**STRIPPING:** Removal of overburden or waste rock overlying an

ore body in preparation for mining by open-pit methods.

**TAILINGS:** The material that remains after all economically and

technically recoverable precious metals have been removed from

the ore during processing.

**TOTAL CASH COSTS:** A non-GAAP measure of cost per ounce

for gold. Refer to page 59 of this MD&A for further information and

a reconciliation of the measure.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **75** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Mineral Reserves and Mineral Resources

The tables on the next eight pages set forth Barrick's

interest in the total proven and probable gold, silver and

copper reserves and in the total measured, indicated and

inferred gold, silver and copper resources and certain

related information at each property. For further details of

proven and probable mineral reserves and measured,

indicated and inferred mineral resources by category, metal

and property, see pages 74 to 83.

The Company has carefully prepared and verified

the mineral reserve and mineral resource figures and

believes that its method of estimating mineral reserves has

been verified by mining experience. These figures are

estimates, however, and no assurance can be given that

the indicated quantities of metal will be produced. Metal

price fluctuations may render mineral reserves containing

relatively lower grades of mineralization uneconomic.

Moreover, short-term operating factors relating to the

mineral reserves, such as the need for orderly development

of ore bodies or the processing of new or different ore

grades, could affect the Company's profitability in any

particular accounting period.

**Definitions**

A *mineral resource* is a concentration or occurrence of

diamonds, natural solid inorganic material, or natural solid

fossilized organic material including base and precious

metals, coal, and industrial minerals in or on the Earth's

crust in such form and quantity and of such a grade or

quality that it has reasonable prospects for economic

extraction. The location, quantity, grade, geological

characteristics and continuity of a mineral resource are

known, estimated or interpreted from specific geological

evidence and knowledge. Mineral resources are sub-

divided, in order of increasing geological confidence, into

inferred, indicated and measured categories.

An *inferred mineral resource* is that part of a

mineral resource for which quantity and grade or quality can

be estimated on the basis of geological evidence and

limited sampling and reasonably assumed, but not verified,

geological and grade continuity. The estimate is based on

limited information and sampling gathered through

appropriate techniques from locations such as outcrops,

trenches, pits, workings and drill holes.

An *indicated mineral resource* is that part of a

mineral resource for which quantity, grade or quality,

densities, shape and physical characteristics can be

estimated with a level of confidence sufficient to allow the

appropriate application of technical and economic

parameters, to support mine planning and evaluation of the

economic viability of the deposit. The estimate is based on

detailed and reliable exploration and testing information

gathered through appropriate techniques from locations

such as outcrops, trenches, pits, workings and drill holes

that are spaced closely enough for geological and grade

continuity to be reasonably assumed.

A *measured mineral resource* is that part of a

mineral resource for which quantity, grade or quality,

densities, shape and physical characteristics are so well

established that they can be estimated with confidence

sufficient to allow the appropriate applicationof technical

and economic parameters, to support production planning

and evaluation of the economic viability of the deposit. The

estimate is based on detailed and reliable exploration,

sampling and testing information gathered through

appropriate techniques from locations such as outcrops,

trenches, pits, workings and drill holes that are spaced

closely enough to confirm both geological and grade

continuity.

Mineral resources, which are not mineral reserves,

do not have demonstrated economic viability.

A *mineral reserve* is the economically mineable

part of a measured or indicated mineral resource

demonstrated by at least a preliminary feasibility study. This

study must include adequate information on mining,

processing, metallurgical, economic and other relevant

factors that demonstrate, at the time of reporting, that

economic extraction can be justified.

A *mineral reserve* includes diluting materials and

allowances for losses that may occur when the material is

mined. Mineral reserves are sub-divided in order of

increasing confidence into probable mineral reserves and

proven mineral reserves. A *probable mineral reserve* is the

economically mineable part of an indicated and, in some

circumstances, a measured mineral resource demonstrated

by at least a preliminary feasibility study. This study must

include adequate information on mining, processing,

metallurgical, economic and other relevant factors that

demonstrate, at the time of reporting, that economic

extraction can be justified.

A *proven mineral reserve* is the economically

mineable part of a measured mineral resource

demonstrated by at least a preliminary feasibility study. This

study must include adequate information on mining,

processing, metallurgical, economic and other relevant

factors that demonstrate, at the time of reporting, that

economic extraction is justified.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **76** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Gold Mineral Reserves**<sup>1,2,3,5</sup> |  |  |  |  |  |  |
| As at December 31, 2025 | PROVEN<sup>9</sup> | PROVEN<sup>9</sup> | PROVEN<sup>9</sup> | PROBABLE<sup>9</sup> | PROBABLE<sup>9</sup> | PROBABLE<sup>9</sup> | TOTAL<sup>9</sup> | TOTAL<sup>9</sup> | TOTAL<sup>9</sup> |
|  | Tonnes | Grade | Contained <br>ozs<br>| Tonnes | Grade | Contained <br>ozs<br>| Tonnes | Grade | Contained <br>ozs<br>|
| Based on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) |
| **AFRICA AND MIDDLE EAST** |  |  |  |  |  |  |  |  |  |
| Bulyanhulu surface | 0.0038 | 4.20 | 0.00052 |  |  |  | 0.0038 | 4.20 | 0.00052 |
| Bulyanhulu underground | 0.71 | 5.95 | 0.14 | 16 | 7.03 | 3.7 | 17 | 6.98 | 3.8 |
| Bulyanhulu (84.00%) total | 0.71 | 5.95 | 0.14 | 16 | 7.03 | 3.7 | 17 | 6.98 | 3.8 |
| Jabal Sayid surface | 0.14 | 0.46 | 0.0021 |  |  |  | 0.14 | 0.46 | 0.0021 |
| Jabal Sayid underground | 8.4 | 0.30 | 0.080 | 3.2 | 0.49 | 0.051 | 12 | 0.35 | 0.13 |
| Jabal Sayid (50.00%) total | 8.5 | 0.30 | 0.082 | 3.2 | 0.49 | 0.051 | 12 | 0.35 | 0.13 |
| Kibali surface | 7.0 | 2.17 | 0.49 | 21 | 2.28 | 1.5 | 28 | 2.25 | 2.0 |
| Kibali underground | 6.4 | 4.19 | 0.87 | 16 | 3.74 | 1.9 | 23 | 3.86 | 2.8 |
| Kibali (45.00%) total | 13 | 3.13 | 1.4 | 37 | 2.92 | 3.5 | 50 | 2.97 | 4.8 |
| Loulo-Gounkoto surface<sup>4</sup> | 8.7 | 2.56 | 0.71 | 15 | 3.34 | 1.7 | 24 | 3.06 | 2.4 |
| Loulo-Gounkoto underground<sup>4</sup> | 6.4 | 5.40 | 1.1 | 21 | 5.04 | 3.4 | 27 | 5.13 | 4.5 |
| Loulo-Gounkoto (80.00%) total<sup>4</sup> | 15 | 3.77 | 1.8 | 36 | 4.32 | 5.0 | 51 | 4.16 | 6.9 |
| North Mara surface | 5.4 | 3.22 | 0.55 | 30 | 1.66 | 1.6 | 35 | 1.90 | 2.2 |
| North Mara underground | 1.8 | 3.18 | 0.18 | 6.2 | 4.47 | 0.89 | 7.9 | 4.18 | 1.1 |
| North Mara (84.00%) total | 7.1 | 3.21 | 0.73 | 36 | 2.14 | 2.5 | 43 | 2.32 | 3.2 |
| **AFRICA AND MIDDLE EAST TOTAL** | 45 | 2.87 | 4.1 | 130 | 3.55 | 15 | 170 | 3.37 | 19 |
| **SOUTH AMERICA AND ASIA PACIFIC** | **SOUTH AMERICA AND ASIA PACIFIC** |  |  |  |  |  |  |  |  |
| Norte Abierto surface (50.00%) | 240 | 0.69 | 5.4 | 280 | 0.61 | 5.4 | 520 | 0.65 | 11 |
| Porgera surface | 1.8 | 2.88 | 0.16 | 8.4 | 2.28 | 0.61 | 10 | 2.38 | 0.78 |
| Porgera underground | 1.2 | 5.85 | 0.23 | 2.5 | 4.97 | 0.40 | 3.7 | 5.26 | 0.63 |
| Porgera (24.50%) total | 3.0 | 4.10 | 0.40 | 11 | 2.89 | 1.0 | 14 | 3.15 | 1.4 |
| Reko Diq surface (50.00%) |  |  |  | 1400 | 0.28 | 13 | 1400 | 0.28 | 13 |
| Veladero surface (50.00%) | 25 | 0.67 | 0.53 | 38 | 0.70 | 0.85 | 62 | 0.69 | 1.4 |
| **SOUTH AMERICA AND ASIA PACIFIC** <br>**TOTAL** | 270 | 0.73 | 6.3 | 1800 | 0.36 | 20 | 2000 | 0.41 | 26 |
| **NORTH AMERICA** |  |  |  |  |  |  |  |  |  |
| Carlin surface | 5.0 | 1.56 | 0.25 | 52 | 2.32 | 3.9 | 57 | 2.25 | 4.1 |
| Carlin underground |  |  |  | 18 | 8.15 | 4.7 | 18 | 8.15 | 4.7 |
| Carlin (61.50%) total | 5.0 | 1.56 | 0.25 | 70 | 3.81 | 8.6 | 75 | 3.66 | 8.8 |
| Cortez surface | 1.6 | 1.96 | 0.099 | 60 | 0.92 | 1.8 | 62 | 0.95 | 1.9 |
| Cortez underground |  |  |  | 28 | 6.67 | 6.0 | 28 | 6.67 | 6.0 |
| Cortez (61.50%) total | 1.6 | 1.96 | 0.099 | 88 | 2.76 | 7.8 | 90 | 2.75 | 7.9 |
| Phoenix surface (61.50%) | 4.2 | 0.71 | 0.097 | 110 | 0.57 | 1.9 | 110 | 0.58 | 2.0 |
| Pueblo Viejo surface (60.00%)<sup>13</sup> | 54 | 2.22 | 3.8 | 130 | 1.99 | 8.5 | 190 | 2.06 | 12 |
| Turquoise Ridge surface |  |  |  | 25 | 2.20 | 1.7 | 25 | 2.20 | 1.7 |
| Turquoise Ridge underground | 6.6 | 11.67 | 2.5 | 14 | 10.09 | 4.7 | 21 | 10.59 | 7.2 |
| Turquoise Ridge (61.50%) total | 6.6 | 11.67 | 2.5 | 39 | 5.12 | 6.4 | 46 | 6.07 | 8.9 |
| **NORTH AMERICA TOTAL** | 71 | 2.96 | 6.8 | 440 | 2.37 | 33 | 510 | 2.46 | 40 |
| **TOTAL** | **390** | **1.38** | **17** | **2300** | **0.91** | **68** | **2700** | **0.98** | **85** |
| See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **77** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Copper Mineral Reserves**<sup>1,2,3,5</sup> |  |  |  |  |  |  |
| As at December 31, 2025 | PROVEN<sup>9</sup> | PROVEN<sup>9</sup> | PROVEN<sup>9</sup> | PROBABLE<sup>9</sup> | PROBABLE<sup>9</sup> | PROBABLE<sup>9</sup> | TOTAL<sup>9</sup> | TOTAL<sup>9</sup> | TOTAL<sup>9</sup> |
|  | Tonnes | Cu <br>Grade<br>| Contained <br>Cu<br>| Tonnes | Cu <br>Grade<br>| Contained <br>Cu<br>| Tonnes | Cu <br>Grade<br>| Contained <br>Cu<br>|
| Based on attributable tonnes | (Mt) | (%) | (Mt) | (Mt) | (%) | (Mt) | (Mt) | (%) | (Mt) |
| **AFRICA AND MIDDLE EAST** |  |  |  |  |  |  |  |  |  |
| Bulyanhulu surface | 0.0038 | 0.33 | 0.000013 |  |  |  | 0.0038 | 0.33 | 0.000013 |
| Bulyanhulu underground | 0.71 | 0.32 | 0.0023 | 16 | 0.36 | 0.059 | 17 | 0.36 | 0.061 |
| Bulyanhulu (84.00%) total | 0.71 | 0.32 | 0.0023 | 16 | 0.36 | 0.059 | 17 | 0.36 | 0.061 |
| Jabal Sayid surface | 0.14 | 2.65 | 0.0038 |  |  |  | 0.14 | 2.65 | 0.0038 |
| Jabal Sayid underground | 8.4 | 2.07 | 0.17 | 3.2 | 2.32 | 0.075 | 12 | 2.14 | 0.25 |
| Jabal Sayid (50.00%) total | 8.5 | 2.08 | 0.18 | 3.2 | 2.32 | 0.075 | 12 | 2.15 | 0.25 |
| Lumwana surface (100%) | 150 | 0.47 | 0.69 | 1400 | 0.52 | 7.4 | 1600 | 0.52 | 8.1 |
| **AFRICA AND MIDDLE EAST TOTAL** | 160 | 0.56 | 0.87 | 1400 | 0.53 | 7.5 | 1600 | 0.53 | 8.4 |
| **SOUTH AMERICA AND ASIA PACIFIC** | **SOUTH AMERICA AND ASIA PACIFIC** |  |  |  |  |  |  |  |  |
| Norte Abierto surface (50.00%) | 240 | 0.25 | 0.60 | 280 | 0.23 | 0.64 | 520 | 0.24 | 1.2 |
| Reko Diq surface (50.00%) |  |  |  | 1500 | 0.48 | 7.3 | 1500 | 0.48 | 7.3 |
| Zaldívar surface (50.00%) | 120 | 0.41 | 0.47 | 62 | 0.38 | 0.24 | 180 | 0.40 | 0.71 |
| **SOUTH AMERICA AND ASIA** <br>**PACIFIC TOTAL**<br>| 360 | 0.30 | 1.1 | 1800 | 0.44 | 8.2 | 2200 | 0.42 | 9.2 |
| **NORTH AMERICA** |  |  |  |  |  |  |  |  |  |
| Phoenix surface (61.50%) | 6.0 | 0.15 | 0.0092 | 120 | 0.18 | 0.22 | 130 | 0.18 | 0.23 |
| **NORTH AMERICA TOTAL** | 6.0 | 0.15 | 0.0092 | 120 | 0.18 | 0.22 | 130 | 0.18 | 0.23 |
| **TOTAL** | **520** | **0.38** | **2.0** | **3400** | **0.47** | **16** | **3900** | **0.46** | **18** |
| See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Silver Mineral Reserves**<sup>1,2,3,5</sup> | **Silver Mineral Reserves**<sup>1,2,3,5</sup> | **Silver Mineral Reserves**<sup>1,2,3,5</sup> | **Silver Mineral Reserves**<sup>1,2,3,5</sup> |  |  |  |  |  |  |
| As at December 31, 2025 | PROVEN<sup>9</sup> | PROVEN<sup>9</sup> | PROVEN<sup>9</sup> | PROBABLE<sup>9</sup> | PROBABLE<sup>9</sup> | PROBABLE<sup>9</sup> | TOTAL<sup>9</sup> | TOTAL<sup>9</sup> | TOTAL<sup>9</sup> |
|  | Tonnes | Ag <br>Grade<br>| Contained <br>Ag<br>| Tonnes | Ag <br>Grade<br>| Contained <br>Ag<br>| Tonnes | Ag <br>Grade<br>| Contained <br>Ag<br>|
| Based on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) |
| **AFRICA AND MIDDLE EAST** |  |  |  |  |  |  |  |  |  |
| Bulyanhulu surface | 0.0038 | 5.10 | 0.00063 |  |  |  | 0.0038 | 5.10 | 0.00063 |
| Bulyanhulu underground | 0.71 | 5.46 | 0.12 | 16 | 5.32 | 2.8 | 17 | 5.32 | 2.9 |
| Bulyanhulu (84.00%) total | 0.71 | 5.45 | 0.12 | 16 | 5.32 | 2.8 | 17 | 5.32 | 2.9 |
| **AFRICA AND MIDDLE EAST TOTAL** | 0.71 | 5.45 | 0.12 | 16 | 5.32 | 2.8 | 17 | 5.32 | 2.9 |
| **SOUTH AMERICA AND ASIA PACIFIC** | **SOUTH AMERICA AND ASIA PACIFIC** |  |  |  |  |  |  |  |  |
| Norte Abierto surface (50.00%) | 240 | 1.88 | 15.0 | 280 | 1.38 | 12 | 520 | 1.61 | 27 |
| Veladero surface (50.00%) | 25 | 12.17 | 9.7 | 38 | 13.97 | 17 | 62 | 13.25 | 27 |
| **SOUTH AMERICA AND ASIA** <br>**PACIFIC TOTAL**<br>| 270 | 2.83 | 24 | 310 | 2.88 | 29 | 580 | 2.86 | 54 |
| **NORTH AMERICA** |  |  |  |  |  |  |  |  |  |
| Phoenix surface (61.50%) | 4.2 | 7.89 | 1.1 | 110 | 6.54 | 22 | 110 | 6.59 | 23 |
| Pueblo Viejo surface (60.00%)<sup>13</sup> | 54 | 12.01 | 21 | 130 | 12.42 | 53 | 190 | 12.30 | 74 |
| **NORTH AMERICA TOTAL** | 58 | 11.70 | 22 | 240 | 9.81 | 75 | 300 | 10.18 | 97 |
| **TOTAL** | **330** | **4.40** | **46** | **570** | **5.85** | **110** | **900** | **5.32** | **150** |
| See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **78** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Gold Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Gold Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Gold Mineral Resources**<sup>1,3,5,6,7,8</sup> |  |  |  |  |  |  |  |
| As at December 31, 2025 | MEASURED (M)<sup>9</sup> | MEASURED (M)<sup>9</sup> | MEASURED (M)<sup>9</sup> | INDICATED (I)<sup>9</sup> | INDICATED (I)<sup>9</sup> | INDICATED (I)<sup>9</sup> | (M) + (I)<sup>9</sup> | INFERRED<sup>10</sup> | INFERRED<sup>10</sup> | INFERRED<sup>10</sup> |
|  | Tonnes | Grade | Contained <br>ozs<br>| Tonnes | Grade | Contained <br>ozs<br>| Contained <br>ozs<br>| Tonnes | Grade | Contained <br>ozs<br>|
| Based on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Moz) | (Mt) | (g/t) | (Moz) |
| **AFRICA AND MIDDLE EAST** |  |  |  |  |  |  |  |  |  |  |
| Bulyanhulu surface | 0.0038 | 4.20 | 0.00052 |  |  |  | 0.00052 |  |  |  |
| Bulyanhulu underground | 2.4 | 8.16 | 0.63 | 27 | 7.56 | 6.7 | 7.3 | 9.4 | 7.3 | 2.2 |
| Bulyanhulu (84.00%) total | 2.4 | 8.16 | 0.63 | 27 | 7.56 | 6.7 | 7.3 | 9.4 | 7.3 | 2.2 |
| Jabal Sayid surface | 0.14 | 0.46 | 0.0021 |  |  |  | 0.0021 |  |  |  |
| Jabal Sayid underground | 9.3 | 0.37 | 0.11 | 5.4 | 0.54 | 0.094 | 0.20 | 1.2 | 0.6 | 0.022 |
| Jabal Sayid (50.00%) total | 9.4 | 0.37 | 0.11 | 5.4 | 0.54 | 0.094 | 0.21 | 1.2 | 0.6 | 0.022 |
| Kibali surface | 11 | 2.04 | 0.70 | 38 | 2.17 | 2.6 | 3.3 | 18 | 2.0 | 1.1 |
| Kibali underground | 10 | 4.09 | 1.3 | 32 | 3.35 | 3.4 | 4.8 | 4.5 | 2.4 | 0.35 |
| Kibali (45.00%) total | 21 | 3.04 | 2.0 | 70 | 2.71 | 6.1 | 8.1 | 22 | 2.1 | 1.5 |
| Loulo-Gounkoto surface<sup>4</sup> | 11 | 2.54 | 0.89 | 19 | 3.34 | 2.1 | 3.0 | 2.8 | 2.4 | 0.22 |
| Loulo-Gounkoto <br>underground<sup>4</sup><br>| 18 | 4.16 | 2.4 | 38 | 4.22 | 5.1 | 7.5 | 12 | 2.0 | 0.81 |
| Loulo-Gounkoto (80.00%) <br>total<sup>4</sup><br>| 29 | 3.55 | 3.3 | 57 | 3.93 | 7.2 | 10 | 15 | 2.1 | 1.0 |
| North Mara surface | 9.9 | 2.68 | 0.85 | 48 | 1.64 | 2.5 | 3.4 | 12 | 1.7 | 0.64 |
| North Mara underground | 5.3 | 2.09 | 0.36 | 26 | 2.45 | 2.0 | 2.4 | 5.2 | 2.2 | 0.36 |
| North Mara (84.00%) total | 15 | 2.47 | 1.2 | 74 | 1.92 | 4.6 | 5.8 | 17 | 1.9 | 1.0 |
| **AFRICA AND MIDDLE EAST** <br>**TOTAL**<br>| 76 | 2.95 | 7.3 | 230 | 3.28 | 25 | 32 | 65 | 2.8 | 5.8 |
| **SOUTH AMERICA AND ASIA** <br>**PACIFIC**<br>|  |  |  |  |  |  |  |  |  |  |
| Norte Abierto surface <br>(50.00%)<br>| 320 | 0.67 | 6.9 | 800 | 0.54 | 14 | 21 | 380 | 0.4 | 5.3 |
| Pascua Lama surface <br>(100%)<br>| 43 | 1.86 | 2.6 | 390 | 1.49 | 19 | 21 | 15 | 1.7 | 0.86 |
| Porgera surface | 6.1 | 2.94 | 0.58 | 19 | 2.18 | 1.3 | 1.9 | 14 | 1.6 | 0.72 |
| Porgera underground | 2.6 | 5.24 | 0.44 | 5.2 | 4.52 | 0.75 | 1.2 | 1.9 | 3.8 | 0.23 |
| Porgera (24.50%) total | 8.7 | 3.63 | 1.0 | 24 | 2.68 | 2.1 | 3.1 | 16 | 1.9 | 0.95 |
| Reko Diq surface (50.00%) |  |  |  | 1800 | 0.25 | 15 | 15 | 660 | 0.2 | 4.1 |
| Veladero surface (50.00%) | 27 | 0.66 | 0.58 | 73 | 0.64 | 1.5 | 2.1 | 14 | 0.6 | 0.26 |
| **SOUTH AMERICA AND ASIA** <br>**PACIFIC TOTAL**<br>| 400 | 0.86 | 11 | 3100 | 0.51 | 51 | 62 | 1100 | 0.3 | 11 |
| See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **79** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Gold Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Gold Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Gold Mineral Resources**<sup>1,3,5,6,7,8</sup> |  |  |  |  |  |  |  |
| As at December 31, 2025 | MEASURED (M)<sup>9</sup> | MEASURED (M)<sup>9</sup> | MEASURED (M)<sup>9</sup> | INDICATED (I)<sup>9</sup> | INDICATED (I)<sup>9</sup> | INDICATED (I)<sup>9</sup> | (M) + (I)<sup>9</sup> | INFERRED<sup>10</sup> | INFERRED<sup>10</sup> | INFERRED<sup>10</sup> |
|  | Tonnes | Grade | Contained <br>ozs<br>| Tonnes | Grade | Contained <br>ozs<br>| Contained <br>ozs<br>| Tonnes | Grade | Contained <br>ozs<br>|
| Based on attributable ounces | (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Moz) | (Mt) | (g/t) | (Moz) |
| **NORTH AMERICA** |  |  |  |  |  |  |  |  |  |  |
| Carlin surface  | 9.6 | 1.31 | 0.41 | 87 | 1.95 | 5.5 | 5.9 | 40 | 0.9 | 1.2 |
| Carlin underground |  |  |  | 36 | 7.86 | 9.1 | 9.1 | 20 | 7.3 | 4.6 |
| Carlin (61.50%) total | 9.6 | 1.31 | 0.41 | 120 | 3.67 | 15 | 15 | 59 | 3.0 | 5.8 |
| Cortez surface | 1.6 | 1.96 | 0.099 | 97 | 0.89 | 2.8 | 2.9 | 31 | 0.6 | 0.60 |
| Cortez underground |  |  |  | 39 | 6.23 | 7.8 | 7.8 | 16 | 5.7 | 3.0 |
| Cortez (61.50%) total | 1.6 | 1.96 | 0.099 | 140 | 2.42 | 11 | 11 | 47 | 2.4 | 3.6 |
| Fourmile underground <br>(100%)<br>|  |  |  | 4.6 | 17.59 | 2.6 | 2.6 | 25 | 16.9 | 13 |
| Phoenix surface (61.50%) | 4.2 | 0.71 | 0.097 | 300 | 0.45 | 4.3 | 4.4 | 16 | 0.4 | 0.23 |
| Pueblo Viejo surface <br>(60.00%)<sup>13</sup><br>| 65 | 2.07 | 4.3 | 180 | 1.82 | 11 | 15 | 9.4 | 1.5 | 0.46 |
| Turquoise Ridge surface | 9.0 | 10.99 | 3.2 | 43 | 1.88 | 2.6 | 2.6 | 14 | 1.1 | 0.50 |
| Turquoise Ridge <br>underground<br>|  |  |  | 20 | 9.59 | 6.1 | 9.3 | 4.8 | 9.5 | 1.5 |
| Turquoise Ridge (61.50%) <br>total<br>| 9.0 | 10.99 | 3.2 | 63 | 4.30 | 8.7 | 12 | 19 | 3.2 | 2.0 |
| **NORTH AMERICA TOTAL** | 89 | 2.82 | 8.1 | 810 | 1.98 | 51 | 59 | 180 | 4.5 | 25 |
| **TOTAL** | **570** | **1.45** | **26** | **4200** | **0.95** | **130** | **150** | **1300** | **1.0** | **43** |
| See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **80** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Copper Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Copper Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Copper Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Copper Mineral Resources**<sup>1,3,5,6,7,8</sup> |  |  |  |  |  |  |  |
| As at December 31, 2025 | MEASURED (M)<sup>9</sup> | MEASURED (M)<sup>9</sup> | MEASURED (M)<sup>9</sup> | INDICATED (I)<sup>9</sup> | INDICATED (I)<sup>9</sup> | INDICATED (I)<sup>9</sup> | (M) + (I)<sup>9</sup> | INFERRED<sup>10</sup> | INFERRED<sup>10</sup> | INFERRED<sup>10</sup> |
|  | Tonnes | Grade | Contained <br>Cu<br>| Tonnes | Grade | Contained <br>Cu<br>| Contained Cu | Tonnes | Grade | Contained <br>Cu<br>|
| Based on attributable <br>tonnes<br>| (Mt) | (%) | (Mt) | (Mt) | (%) | (Mt) | (Mt) | (Mt) | (%) | (Mt) |
| **AFRICA AND MIDDLE** <br>**EAST**<br>|  |  |  |  |  |  |  |  |  |  |
| Bulyanhulu surface | 0.0038 | 0.33 | 0.000013 |  |  |  | 0.000013 |  |  |  |
| Bulyanhulu <br>underground<br>| 2.4 | 0.38 | 0.0093 | 27 | 0.38 | 0.11 | 0.11 | 9.4 | 0.3 | 0.032 |
| Bulyanhulu (84.00%) total | 2.4 | 0.38 | 0.0093 | 27 | 0.38 | 0.11 | 0.11 | 9.4 | 0.3 | 0.032 |
| Jabal Sayid surface | 0.14 | 2.65 | 0.0038 |  |  |  | 0.0038 |  |  |  |
| Jabal Sayid <br>underground<br>| 9.3 | 2.43 | 0.23 | 5.4 | 2.25 | 0.12 | 0.35 | 1.2 | 0.4 | 0.0049 |
| Jabal Sayid (50.00%) <br>total<br>| 9.4 | 2.44 | 0.23 | 5.4 | 2.25 | 0.12 | 0.35 | 1.2 | 0.4 | 0.0049 |
| Lumwana surface (100%) | 190 | 0.43 | 0.83 | 1900 | 0.49 | 9.3 | 10 | 250 | 0.4 | 0.91 |
| **AFRICA AND MIDDLE** <br>**EAST TOTAL**<br>| 210 | 0.52 | 1.1 | 1900 | 0.49 | 9.5 | 11 | 260 | 0.4 | 0.95 |
| **SOUTH AMERICA AND** <br>**ASIA PACIFIC**<br>|  |  |  |  |  |  |  |  |  |  |
| Norte Abierto surface <br>(50.00%)<br>| 300 | 0.24 | 0.74 | 760 | 0.21 | 1.6 | 2.3 | 370 | 0.2 | 0.79 |
| Reko Diq surface <br>(50.00%)<br>|  |  |  | 2000 | 0.43 | 8.5 | 8.5 | 720 | 0.3 | 2.4 |
| Zaldívar surface (50.00%) | 230 | 0.38 | 0.86 | 280 | 0.35 | 0.99 | 1.9 | 14 | 0.3 | 0.046 |
| **SOUTH AMERICA AND** <br>**ASIA PACIFIC TOTAL**<br>| 530 | 0.30 | 1.6 | 3000 | 0.37 | 11 | 13 | 1100 | 0.3 | 3.2 |
| **NORTH AMERICA** |  |  |  |  |  |  |  |  |  |  |
| Phoenix surface (61.50%) | 6.0 | 0.15 | 0.0092 | 330 | 0.16 | 0.54 | 0.55 | 19 | 0.1 | 0.023 |
| **NORTH AMERICA TOTAL** | 6.0 | 0.15 | 0.0092 | 330 | 0.16 | 0.54 | 0.55 | 19 | 0.1 | 0.023 |
| **TOTAL** | **740** | **0.36** | **2.7** | **5300** | **0.40** | **21** | **24** | **1400** | **0.3** | **4.2** |
| See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". |

---

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| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **81** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Silver Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Silver Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Silver Mineral Resources**<sup>1,3,5,6,7,8</sup> | **Silver Mineral Resources**<sup>1,3,5,6,7,8</sup> |  |  |  |  |  |  |  |
| As at December 31, 2025 | MEASURED (M)<sup>9</sup> | MEASURED (M)<sup>9</sup> | MEASURED (M)<sup>9</sup> | INDICATED (I)<sup>9</sup> | INDICATED (I)<sup>9</sup> | INDICATED (I)<sup>9</sup> | (M) + (I)<sup>9</sup> | INFERRED<sup>10</sup> | INFERRED<sup>10</sup> | INFERRED<sup>10</sup> |
|  | Tonnes | Ag <br>Grade<br>| Contained <br>Ag<br>| Tonnes | Ag <br>Grade<br>| Contained <br>Ag<br>| Contained Ag | Tonnes | Ag <br>Grade<br>| Contained <br>Ag<br>|
| Based on attributable <br>ounces<br>| (Mt) | (g/t) | (Moz) | (Mt) | (g/t) | (Moz) | (Moz) | (Mt) | (g/t) | (Moz) |
| **AFRICA AND MIDDLE** <br>**EAST**<br>|  |  |  |  |  |  |  |  |  |  |
| Bulyanhulu surface | 0.0038 | 5.10 | 0.00063 |  |  |  | 0.00063 |  |  |  |
| Bulyanhulu <br>underground<br>| 2.4 | 6.94 | 0.54 | 27 | 5.70 | 5.0 | 5.6 | 9.4 | 5.8 | 1.8 |
| Bulyanhulu (84.00%) total | 2.4 | 6.94 | 0.54 | 27 | 5.70 | 5.0 | 5.6 | 9.4 | 5.8 | 1.8 |
| **AFRICA AND MIDDLE** <br>**EAST TOTAL**<br>| 2.4 | 6.94 | 0.54 | 27 | 5.70 | 5.0 | 5.6 | 9.4 | 5.8 | 1.8 |
| **SOUTH AMERICA AND** <br>**ASIA PACIFIC**<br>|  |  |  |  |  |  |  |  |  |  |
| Norte Abierto surface <br>(50.00%)<br>| 320 | 1.72 | 18 | 800 | 1.18 | 30 | 48 | 380 | 1.0 | 13 |
| Pascua-Lama surface <br>(100%)<br>| 43 | 57.21 | 79 | 390 | 52.22 | 660 | 740 | 15 | 17.8 | 8.8 |
| Veladero surface <br>(50.00%)<br>| 27 | 12.50 | 11 | 73 | 13.56 | 32 | 43 | 14 | 13.8 | 6.3 |
| **SOUTH AMERICA AND** <br>**ASIA PACIFIC TOTAL**<br>| 390 | 8.54 | 110 | 1300 | 17.67 | 720 | 830 | 410 | 2.1 | 28 |
| **NORTH AMERICA** |  |  |  |  |  |  |  |  |  |  |
| Phoenix surface (61.50%) | 4.2 | 7.89 | 1.1 | 300 | 5.68 | 55 | 56 | 16 | 5.4 | 2.8 |
| Pueblo Viejo surface <br>(60.00%)<sup>13</sup><br>| 65 | 11.15 | 23 | 180 | 11.16 | 65 | 88 | 9.4 | 8.3 | 2.5 |
| **NORTH AMERICA TOTAL** | 69 | 10.95 | 24 | 480 | 7.75 | 120 | 140 | 26 | 6.5 | 5.3 |
| **TOTAL** | **460** | **8.89** | **130** | **1800** | **14.80** | **840** | **980** | **450** | **2.4** | **35** |
| See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". |

---

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| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **82** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Gold Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Gold Mineral Reserves**<sup>1,2,3,5</sup> |
| For the years ended December 31 | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 |
|  | **Ownership** | **Tonnes** | **Grade**<sup>9</sup> | **Ounces** | Ownership | Tonnes | Grade<sup>9</sup> | Ounces |
| Based on attributable ounces | **%** | **(Mt)** | **(g/t)** | **(Moz)** | % | (Mt) | (g/t) | (Moz) |
| **AFRICA AND MIDDLE EAST** |  |  |  |  |  |  |  |  |
| Bulyanhulu surface | **84.00%** | **0.0038** | **4.20** | **0.00052** | 84.00% | 0.0053 | 3.74 | 0.00064 |
| Bulyanhulu underground | **84.00%** | **17** | **6.98** | **3.8** | 84.00% | 17 | 6.96 | 3.8 |
| Bulyanhulu Total | **84.00%** | **17** | **6.98** | **3.8** | 84.00% | 17 | 6.96 | 3.8 |
| Jabal Sayid surface | **50.00%** | **0.14** | **0.46** | **0.0021** | 50.00% | 0.14 | 0.66 | 0.0030 |
| Jabal Sayid underground | **50.00%** | **12** | **0.35** | **0.13** | 50.00% | 13 | 0.37 | 0.16 |
| Jabal Sayid Total | **50.00%** | **12** | **0.35** | **0.13** | 50.00% | 13 | 0.37 | 0.16 |
| Kibali surface | **45.00%** | **28** | **2.25** | **2.0** | 45.00% | 24 | 2.13 | 1.6 |
| Kibali underground | **45.00%** | **23** | **3.86** | **2.8** | 45.00% | 23 | 3.96 | 2.9 |
| Kibali Total | **45.00%** | **50** | **2.97** | **4.8** | 45.00% | 47 | 3.03 | 4.6 |
| Loulo-Gounkoto surface<sup>4</sup> | **80.00%** | **24** | **3.06** | **2.4** | 80.00% | 26 | 2.95 | 2.5 |
| Loulo-Gounkoto underground<sup>4</sup> | **80.00%** | **27** | **5.13** | **4.5** | 80.00% | 31 | 4.90 | 4.9 |
| Loulo-Gounkoto Total<sup>4</sup> | **80.00%** | **51** | **4.16** | **6.9** | 80.00% | 57 | 4.00 | 7.3 |
| North Mara surface | **84.00%** | **35** | **1.90** | **2.2** | 84.00% | 30 | 1.92 | 1.9 |
| North Mara underground | **84.00%** | **7.9** | **4.18** | **1.1** | 84.00% | 7.9 | 4.16 | 1.1 |
| North Mara Total | **84.00%** | **43** | **2.32** | **3.2** | 84.00% | 38 | 2.39 | 2.9 |
| Tongon surface<sup>11</sup> | **—** | **—** | **—** | **—** | 89.70% | 8.0 | 2.41 | 0.62 |
| **AFRICA AND MIDDLE EAST TOTAL** |  | **170** | **3.37** | **19** |  | 180 | 3.35 | 19 |
| **SOUTH AMERICA AND ASIA PACIFIC** |  |  |  |  |  |  |  |  |
| Norte Abierto surface | **50.00%** | **520** | **0.65** | **11** | 50.00% | 600 | 0.60 | 12 |
| Porgera surface | **24.50%** | **10** | **2.38** | **0.78** | 24.50% | 7.3 | 2.87 | 0.68 |
| Porgera underground | **24.50%** | **3.7** | **5.26** | **0.63** | 24.50% | 3.9 | 6.47 | 0.81 |
| Porgera Total | **24.50%** | **14** | **3.15** | **1.4** | 24.50% | 11 | 4.11 | 1.5 |
| Pueblo Viejo surface<sup>13</sup> | **—** | **—** | **—** | **—** | 60.00% | 180 | 2.11 | 12 |
| Reko Diq surface | **50.00%** | **1400** | **0.28** | **13** | 50.00% | 1400 | 0.28 | 13 |
| Veladero surface | **50.00%** | **62** | **0.69** | **1.4** | 50.00% | 73 | 0.67 | 1.6 |
| **SOUTH AMERICA AND ASIA PACIFIC TOTAL** |  | **2000** | **0.41** | **26** |  | 2300 | 0.54 | 40 |
| **NORTH AMERICA** |  |  |  |  |  |  |  |  |
| Carlin surface | **61.50%** | **57** | **2.25** | **4.1** | 61.50% | 62 | 2.33 | 4.6 |
| Carlin underground | **61.50%** | **18** | **8.15** | **4.7** | 61.50% | 20 | 7.69 | 4.8 |
| Carlin Total | **61.50%** | **75** | **3.66** | **8.8** | 61.50% | 82 | 3.62 | 9.5 |
| Cortez surface | **61.50%** | **62** | **0.95** | **1.9** | 61.50% | 64 | 1.05 | 2.2 |
| Cortez underground | **61.50%** | **28** | **6.67** | **6.0** | 61.50% | 28 | 6.78 | 6.1 |
| Cortez Total | **61.50%** | **90** | **2.75** | **7.9** | 61.50% | 92 | 2.79 | 8.3 |
| Hemlo surface<sup>12</sup> | **—** | **—** | **—** | **—** | 100% | 25 | 0.93 | 0.75 |
| Hemlo underground<sup>12</sup> | **—** | **—** | **—** | **—** | 100% | 6.5 | 4.28 | 0.90 |
| Hemlo Total<sup>12</sup> | **—** | **—** | **—** | **—** | 100% | 32 | 1.62 | 1.6 |
| Phoenix surface  | **61.50%** | **110** | **0.58** | **2.0** | 61.50% | 92 | 0.63 | 1.9 |
| Pueblo Viejo surface<sup>13</sup> | **60.00%** | **190** | **2.06** | **12** | **—** | **—** | **—** | **—** |
| Turquoise Ridge surface  | **61.50%** | **25** | **2.20** | **1.7** | 61.50% | 27 | 2.12 | 1.8 |
| Turquoise Ridge underground  | **61.50%** | **21** | **10.59** | **7.2** | 61.50% | 22 | 10.00 | 7.1 |
| Turquoise Ridge Total  | **61.50%** | **46** | **6.07** | **8.9** | 61.50% | 49 | 5.69 | 8.9 |
| **NORTH AMERICA TOTAL** |  | **510** | **2.46** | **40** |  | 350 | 2.71 | 30 |
| **TOTAL** |  | **2700** | **0.98** | **85** |  | 2800 | 0.99 | 89 |
| See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **83** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Copper Mineral Reserves**<sup>1,2,3,5</sup> | **Summary Copper Mineral Reserves**<sup>1,2,3,5</sup> |
| For the years ended December 31 | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 |
|  | **Ownership** | **Tonnes** | **Cu** <br>**Grade**<sup>9</sup><br>| **Contained** <br>**Tonnes**<br>| Ownership | Tonnes | Cu <br>Grade<sup>9</sup><br>| Contained <br>Tonnes<br>|
| Based on attributable tonnes | **%** | **(Mt)** | **(%)** | **(Mt)** | % | (Mt) | (%) | (Mt) |
| **AFRICA AND MIDDLE EAST** |  |  |  |  |  |  |  |  |
| Bulyanhulu surface | **84.00%** | **0.0038** | **0.33** | **0.000013** | 84.00% | 0.0053 | 0.38 | 0.000020 |
| Bulyanhulu underground | **84.00%** | **17** | **0.36** | **0.061** | 84.00% | 17 | 0.35 | 0.060 |
| Bulyanhulu Total | **84.00%** | **17** | **0.36** | **0.061** | 84.00% | 17 | 0.35 | 0.060 |
| Jabal Sayid surface | **50.00%** | **0.14** | **2.65** | **0.0038** | 50.00% | 0.14 | 2.68 | 0.0037 |
| Jabal Sayid underground | **50.00%** | **12** | **2.14** | **0.25** | 50.00% | 13 | 2.14 | 0.28 |
| Jabal Sayid Total | **50.00%** | **12** | **2.15** | **0.25** | 50.00% | 13 | 2.14 | 0.28 |
| Lumwana surface | **100%** | **1600** | **0.52** | **8.1** | 100% | 1600 | 0.52 | 8.3 |
| **AFRICA AND MIDDLE EAST TOTAL** |  | **1600** | **0.53** | **8.4** |  | 1600 | 0.54 | 8.7 |
| **SOUTH AMERICA AND ASIA PACIFIC** |  |  |  |  |  |  |  |  |
| Norte Abierto surface (50.00%) | **50.00%** | **520** | **0.24** | **1.2** | 50.00% | 600 | 0.22 | 1.3 |
| Reko Diq surface (50.00%) | **50.00%** | **1500** | **0.48** | **7.3** | 50.00% | 1500 | 0.48 | 7.3 |
| Zaldívar surface (50.00%) | **50.00%** | **180** | **0.40** | **0.71** | 50.00% | 180 | 0.43 | 0.75 |
| **SOUTH AMERICA AND ASIA PACIFIC TOTAL** |  | **2200** | **0.42** | **9.2** |  | 2300 | 0.41 | 9.4 |
| **NORTH AMERICA** |  |  |  |  |  |  |  |  |
| Phoenix surface  | **61.50%** | **130** | **0.18** | **0.23** | 61.50% | 120 | 0.18 | 0.21 |
| **NORTH AMERICA TOTAL** |  | **130** | **0.18** | **0.23** |  | 120 | 0.18 | 0.21 |
| **TOTAL** |  | **3900** | **0.46** | **18** |  | 4000 | 0.45 | 18 |
| See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". | See "Mineral Reserves and Resources Endnotes". |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **84** | **RESERVES AND RESOURCES** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Mineral Reserves and Resources Endnotes**

1. Mineral reserves ("reserves") and mineral resources ("resources") have been estimated as at December 31, 2025 (unless

otherwise noted) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") as

required by Canadian securities regulatory authorities. For United States reporting purposes, the SEC has adopted amendments

to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with

the SEC under the Securities and Exchange Act of 1934, as amended (the "Exchange Act"). These amendments became

effective February 25, 2019 (the "SEC Modernization Rules") with compliance required for the first fiscal year beginning on or after

January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that

were included in SEC Industry Guide 7, which was rescinded from and after the required compliance date of the SEC

Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of

"measured", "indicated" and "inferred" mineral resources. In addition, the SEC has amended its definitions of "proven mineral

reserves" and "probable mineral reserves" to be substantially similar to the corresponding Canadian Institute of Mining, Metallurgy

and Petroleum definitions, as required by NI 43-101. U.S. investors should understand that "inferred" mineral resources have a

great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S.

investors are cautioned not to assume that any part or all of Barrick's mineral resources constitute or will be converted into

reserves. Mineral resource and mineral reserve estimations have been prepared by employees of Barrick, its joint venture partners

or its joint venture operating companies, as applicable, under the supervision of Tricia Evans, BSc, SMERM, Mineral Resource

Manager: North America; Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr. Sci. Nat, Resource Geology Lead – North

America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager

Resource Geology – South America & Asia Pacific; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration. For 2025,

reserves have been estimated based on an assumed gold price of US$1,500 per ounce, an assumed silver price of US$21.00 per

ounce, and an assumed copper price of US$3.25 per pound and long-term average exchange rates of 1.30 CAD/US$, except at

Zaldívar, where mineral reserves for 2025 were calculated using Antofagasta guidance and an updated assumed copper price of

US$4.15 per pound; and at Norte Abierto where mineral reserves are reported by Newmont within a $1,700 per ounce gold, $3.50

per pound copper and $20 per ounce silver pit design. For 2024, reserves were estimated based on an assumed gold price of

US$1,400 per ounce, an assumed silver price of US$20.00 per ounce, and an assumed copper price of US$3.00 per pound and

long-term average exchange rates of 1.30 CAD/US$, except at Tongon and Hemlo open pit, where mineral reserves were

estimated using $1,650/oz; at Zaldívar, where mineral reserves were calculated using Antofagasta guidance and an updated

assumed copper price of US$3.80 per pound and at Norte Abierto where mineral reserves are reported by Newmont within a

$1,200 per ounce of gold, $2.75 per pound of copper and $22 per ounce of silver pit design, before application of updated 2023

project economics using escalated operating and capital costs resulting in Newmont guidance of $1,600 per ounce of gold, $4.00

per pound of copper and $23 per ounce of silver for assumed mineral reserve commodity prices. Reserve estimates incorporate

current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the

mine and type of ore contained in the reserves. Barrick's normal data verification procedures have been employed in connection

with the calculations. Verification procedures include industry-standard quality control practices. Resources as at December 31,

2025 have been estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types

at each property.

2. In confirming our annual reserves for each of our mineral properties, projects, and operations, we conduct a reserve test on

December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk

costs and only considers future operating and closure expenses as well as any future capital costs.

3. All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu tonnes are reported to the second significant

digit.

4. The estimated mineral resources and mineral reserves for the Loulo-Gounkoto Complex, which were done under the 1991 Malian

Mining Code and the Loulo and Gounkoto Mining Conventions under which the Complex has operated until 24 November 2025,

have been tested under the 2023 Mining Code and no material impact was found.

5.2025 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and

accordingly are reported as gold, copper and silver mineral resources and mineral reserves.

6. For 2025, mineral resources have been estimated based on an assumed gold price of US$2,000 per ounce, an assumed silver

price of US$25.00 per ounce, and an assumed copper price of US$4.50 per pound and long-term average exchange rates of 1.30

CAD/US$, except Zaldívar, where mineral resources for 2025 were estimated using Antofagasta guidance and an assumed copper

price of US$4.75 per pound, and Norte Abierto, where mineral resources are reported by Newmont within a $2,000 per ounce of

gold, $4.00 per pound of copper and $23/oz per ounce of silver pit shell. For 2024, mineral resources were estimated based on an

assumed gold price of US$1,900 per ounce, an assumed silver price of US$24.00 per ounce, and an assumed copper price of

US$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for

2024 were calculated using Antofagasta guidance and an assumed copper price of US$4.40 and Norte Abierto, where mineral

resources are reported by Newmont within a $1,400 per ounce of gold, $3.25 per pound of copper and $20 per ounce of silver pit

shell, before application of updated 2023 project economics using escalated operating and capital costs resulting in Newmont

guidance of $1,600 per ounce of for gold, $4.00 per pound of for copper and $23 per ounce of silver for assumed mineral resource

commodity price.

7. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

8. Mineral resources are reported inclusive of mineral reserves.

9. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade

for Au g/t, Ag g/t and Cu % are reported to two decimal places.

10. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place.

11. On December 1, 2025, Barrick sold its interest in the Tongon gold mine to the Atlantic Group. For additional information, see page

9 of Barrick's Fourth Quarter and Year End Report 2025.

12. On November 26, 2025, Barrick sold the Hemlo gold mine to Carcetti Capital Corp. For additional information, see page 9 of

Barrick's Fourth Quarter and Year End Report 2025.

13. For 2025 Mineral Resources and Mineral Reserves, Pueblo Viejo is reported as part of the North America Region and sub-totals.

For 2024 Mineral Resources and Mineral Reserves, Pueblo Viejo was reported as part of the South America and Asia Pacific

Region and sub-totals.

---

| | |
|:---|:---|
| **BARRICK YEAR-END 2025** | **85** |

---

Management's Responsibility for

Financial Statements

The accompanying consolidated financial statements have been prepared by and are the responsibility of the Board of Directors

and Management of the Company.

The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the

International Accounting Standards Board and reflect Management's best estimates and judgments based on currently available

information. The Company has developed and maintains a system of internal controls in order to ensure, on a reasonable and

cost effective basis, the reliability of its financial information.

The consolidated financial statements have been audited by PricewaterhouseCoopers LLP, Chartered Professional Accountants.

Their report outlines the scope of their examination and opinion on the consolidated financial statements.

/s/ Graham Shuttleworth

**Graham Shuttleworth**

Senior Executive Vice President

and Chief Financial Officer

February 4, 2026

Management's Report on Internal Control

over Financial Reporting

Barrick's management is responsible for establishing and maintaining adequate internal control over financial reporting.

Barrick's management assessed the effectiveness of the Company's internal control over financial reporting as at December 31,

2025. Barrick's Management used the Internal Control – Integrated Framework (2013) as issued by the Committee of

Sponsoring Organizations of the Treadway Commission (COSO) to evaluate the effectiveness of Barrick's internal control over

financial reporting. Based on management's assessment, Barrick's internal control over financial reporting is effective as at

December 31, 2025.

The effectiveness of the Company's internal control over financial reporting as at December 31, 2025 has been audited by

PricewaterhouseCoopers LLP, Chartered Professional Accountants, as stated in their report which is located on pages [86](#i9b586ce33d0945d78cb79c215b9ba342_385) - [89](#i9b586ce33d0945d78cb79c215b9ba342_388) of

Barrick's 2025 Annual Financial Statements.

PricewaterhouseCoopers LLP

PwC Tower, 18 York Street, Suite 2500, Toronto, Ontario, Canada M5J oB2

T: +1 416 863 1133, F: +1 416 365 8215, Fax to mail: ca_toronto_18_york_fax@pwc.com

"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

![PWC.jpg](g10712abx-20251231_g19.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of Barrick Mining Corporation

**Opinions on the Financial Statements and Internal Control over Financial** 

**Reporting**

We have audited the accompanying consolidated balance sheets of Barrick Mining Corporation

(formerly Barrick Gold Corporation) and its subsidiaries (the Company) as of December 31,

2025 and 2024, and the related consolidated statements of income, of comprehensive income,

of changes in equity and of cash flow for the years then ended, including the related notes

(collectively referred to as the consolidated financial statements). We also have audited the

Company's internal control over financial reporting as of December 31, 2025, based on criteria

established in *Internal Control ‒ Integrated Framework* (2013) issued by the Committee of

Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all

material respects, the financial position of the Company as of December 31, 2025 and 2024, and

its financial performance and its cash flows for the years then ended in conformity with IFRS

Accounting Standards as issued by the International Accounting Standards Board. Also in our

opinion, the Company maintained, in all material respects, effective internal control over

financial reporting as of December 31, 2025, based on criteria established in *Internal Control ‒* 

*Integrated Framework* (2013) issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for

maintaining effective internal control over financial reporting, and for its assessment of the

effectiveness of internal control over financial reporting, included in the accompanying

Management's Report on Internal Control over Financial Reporting. Our responsibility is to

express opinions on the Company's consolidated financial statements and on the Company's

internal control over financial reporting based on our audits. We are a public accounting firm

registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and

are required to be independent with respect to the Company in accordance with the U.S. federal

securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards

require that we plan and perform the audits to obtain reasonable assurance about whether the

consolidated financial statements are free of material misstatement, whether due to error or

fraud, and whether effective internal control over financial reporting was maintained in all

material respects.

Our audits of the consolidated financial statements included performing procedures to assess

the risks of material misstatement of the consolidated financial statements, whether due to

error or fraud, and performing procedures that respond to those risks. Such procedures

included examining, on a test basis, evidence regarding the amounts and disclosures in the

![PWC.jpg](g10712abx-20251231_g19.jpg)

consolidated financial statements. Our audits also included evaluating the accounting principles

used and significant estimates made by management, as well as evaluating the overall

presentation of the consolidated financial statements. Our audit of internal control over

financial reporting included obtaining an understanding of internal control over financial

reporting, assessing the risk that a material weakness exists, and testing and evaluating the

design and operating effectiveness of internal control based on the assessed risk. Our audits also

included performing such other procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our opinions.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide

reasonable assurance regarding the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with generally accepted accounting

principles. A company's internal control over financial reporting includes those policies and

procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately

and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide

reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with generally accepted accounting principles, and that

receipts and expenditures of the company are being made only in accordance with

authorizations of management and directors of the company; and (iii) provide reasonable

assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or

detect misstatements. Also, projections of any evaluation of effectiveness to future periods are

subject to the risk that controls may become inadequate because of changes in conditions, or

that the degree of compliance with the policies or procedures may deteriorate.

**Critical Audit Matters**

The critical audit matter communicated below is a matter arising from the current period audit

of the consolidated financial statements that was communicated or required to be

communicated to the audit committee and that (i) relates to accounts or disclosures that are

material to the consolidated financial statements and (ii) involved our especially challenging,

subjective, or complex judgments. The communication of critical audit matters does not alter in

any way our opinion on the consolidated financial statements, taken as a whole, and we are not,

by communicating the critical audit matter below, providing a separate opinion on the critical

audit matter or on the accounts or disclosures to which it relates.

*Fair Value of the Investments in Somilo and Gounkoto Used as Purchase Consideration and* 

*Fair Value of the Mining Interests Acquired as Part of the Acquisition of Loulo-Gounkoto*

As described in Notes 3, 4, and 35 to the consolidated financial statements, the Company owns

80% of Société des Mines de Loulo SA (Somilo) and Société des Mines de Gounkoto (Gounkoto)

(together, Loulo-Gounkoto). The Company regained control of Loulo-Gounkoto on December

16, 2025. Management determined that this represented a business combination for no cash

consideration and the acquisition price was equal to the fair value of the Company's 80%

investment in the equity of Loulo-Gounkoto, which was $2.6 billion. Management also

![PWC.jpg](g10712abx-20251231_g19.jpg)

determined the fair value of the mining interests acquired, which represented a significant

portion of the property, plant and equipment acquired of $3.1 billion. Management used

discounted cash flow models to determine the fair values of the Company's 80% investment in

the equity of Loulo-Gounkoto and the mining interests based on the life of mine plans.

Management's estimates of fair value were based on judgment and assumptions with respect to

future metal prices, operating and capital costs, weighted average cost of capital and future

production levels, including mineral reserves and resources and expected conversions of

resources to reserves. Management's estimates of future production levels, including mineral

reserves and resources and expected conversions of resources to reserves were based on

information compiled by management's specialists.

The principal considerations for our determination that performing procedures relating tothe

fair value of the investments in Somilo and Gounkoto used as purchase consideration and fair

value of the mining interests acquired as part of the acquisition of Loulo-Gounkoto is a critical

audit matter are (i) the judgment by management, including the use of management's

specialists, in estimating the fair values of the investments in Loulo-Gounkoto and the mining

interests acquired as part of the acquisition of Loulo-Gounkoto; (ii) a high degree of auditor

judgment, subjectivity and effort in performing procedures and evaluating management's

assumptions with respect to future metal prices, operating and capital costs, weighted average

cost of capital, and future production levels, including mineral reserves and resources and

expected conversions of resources to reserves; and (iii) the audit effort involved the use of

professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in

connection with forming our overall opinion on the consolidated financial statements. These

procedures included testing the effectiveness of controls relating to management's valuations of

the investments in Loulo-Gounkoto and the mining interests acquired as part of the acquisition

of Loulo-Gounkoto, including controls over the assumptions used in management's estimates of

fair value. These procedures also included, among others, testing management's process for

determining the fair values of the investments in Loulo-Gounkoto and the mining interests

acquired; evaluating the appropriateness of the methods and discounted cash flow models used;

testing the completeness and accuracy of underlying data used in the models; and evaluating the

reasonableness of the assumptions used by management in the estimates of fair value.

Evaluating the reasonableness of the assumptions used by management in the estimates of fair

value with respect to future metals prices and operating and capital costs involved (i) comparing

future metal prices to external industry data; (ii) comparing operating and capital costs to

recent actual operating and capital costs incurred and assessing whether these assumptions

were consistent with evidence obtained in other areas of the audit, where appropriate; and (iii)

comparing certain operating costs to the Malian 2023 Mining Code. The work of management's

specialists was used in performing the procedures to evaluate the reasonableness of future

production levels, including mineral reserves and resources and expected conversions of

resources to reserves. As a basis for using this work, management's specialists' qualifications

and objectivity were understood and the Company's relationship with management's specialists

was assessed. The procedures performed also included evaluation of the methods and

assumptions used by management's specialists, tests of data used by management's specialists

and an evaluation of management's specialists' findings. Professionals with specialized skill and

![PWC.jpg](g10712abx-20251231_g19.jpg)

knowledge were used to assist in evaluating the appropriateness of the methods and discounted

cash flow models and the reasonableness of the weighted average cost of capital.

**/s/PricewaterhouseCoopers LLP**

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

February 4, 2026

We have served as the Company's auditor since at least 1982. We have not been able to

determine the

specific year we began serving as auditor of the Company.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **90** | **FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Consolidated Statements of Income

---

| | | |
|:---|:---|:---|
| Barrick Mining Corporation (formerly Barrick Gold Corporation) |  |  |
| For the years ended December 31 (in millions of United States dollars, except per share data) | **2025** | 2024 |
| Revenue (notes 5 and 6) | **$16956** | $12922 |
| **Costs and expenses (income)** |  |  |
| Cost of sales (notes 5 and 7) | **8265** | 7961 |
| General and administrative expenses (note 11) | **222** | 115 |
| Exploration, evaluation and project expenses (notes 5 and 8) | **367** | 392 |
| Impairment charges (reversals) (notes 10 and 21) | **12** | (457) |
| Loss on currency translation | **3** | 39 |
| Closed mine rehabilitation (note 27b) | **8** | 59 |
| Income from equity investees (note 16) | **(444)** | (241) |
| Other (income) expense (note 9) | **(509)** | 214 |
| **Income before finance items and income taxes** | **9032** | 4840 |
| Finance costs, net (note 14) | **(227)** | (232) |
| **Income before income taxes** | **8805** | 4608 |
| Income tax expense (note 12) | **(1651)** | (1520) |
| **Net income** | **$7154** | $3088 |
| **Attributable to:** |  |  |
| Equity holders of Barrick Mining Corporation  | **$4993** | $2144 |
| Non-controlling interests (note 32) | **$2161** | $944 |
| Earnings per share data attributable to the equity holders of Barrick Mining Corporation (note 13)  |  |  |
| Net income |  |  |
| Basic | **$2.93** | $1.22 |
| Diluted | **$2.93** | $1.22 |

---

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

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **91** | **FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Consolidated Statements

of Comprehensive Income

---

| | | |
|:---|:---|:---|
| Barrick Mining Corporation (formerly Barrick Gold Corporation) |  |  |
| For the years ended December 31 (in millions of United States dollars) | **2025** | 2024 |
| Net income | **$7154** | $3088 |
| **Other comprehensive income (loss), net of taxes** |  |  |
| **Items that may be reclassified subsequently to profit or loss:** |  |  |
| Unrealized gains (losses) on derivatives designated as cash flow hedges, net of tax $nil and $nil | **(386)** | 1 |
| Realized losses on derivatives designated as cash flow hedges, net of tax $nil and $nil | **1** |  |
| **Items that will not be reclassified to profit or loss:** |  |  |
| Actuarial gain (loss) on post-employment benefit obligations, net of tax $nil and $nil | **6** | (4) |
| Net change in value of equity investments, net of tax $(9) and $nil | **73** | 12 |
| **Total other comprehensive (loss) income** | **(306)** | 9 |
| **Total comprehensive income** | **$6848** | $3097 |
| **Attributable to:** |  |  |
| Equity holders of Barrick Mining Corporation | **$4687** | $2153 |
| Non-controlling interests | **$2161** | $944 |

---

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

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **92** | **FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Consolidated Statements of Cash Flow

---

| | | |
|:---|:---|:---|
| Barrick Mining Corporation (formerly Barrick Gold Corporation) |  |  |
| For the years ended December 31 (in millions of United States dollars) | **2025** | 2024 |
| **OPERATING ACTIVITIES** |  |  |
| Net income | **$7154** | $3088 |
| Adjustments for the following items: |  |  |
| Depreciation | **1906** | 1915 |
| Finance costs, net (note 14) | **227** | 232 |
| Impairment charges (reversals) (notes 10 and 21) | **12** | (457) |
| Income tax expense (note 12) | **1651** | 1520 |
| Income from equity investees (note 16) | **(444)** | (241) |
| Loss on currency translation | **3** | 39 |
| Loulo-Gounkoto (notes 9 and 35) | **625** |  |
| Gain on sale of non-current assets (note 9) | **(1477)** | (24) |
| Change in working capital (note 15) | **(23)** | (382) |
| Other operating activities (note 15)  | **(375)** | (280) |
| Operating cash flows before interest and income taxes | **9259** | 5410 |
| Interest paid  | **(291)** | (380) |
| Interest received | **189** | 237 |
| Income taxes paid<sup>1</sup> | **(1468)** | (776) |
| **Net cash provided by operating activities** | **7689** | 4491 |
| **INVESTING ACTIVITIES** |  |  |
| Property, plant and equipment |  |  |
| Capital expenditures (note 5) | **(3821)** | (3174) |
| Sales proceeds | **4** | 19 |
| Divestitures (note 4) | **2162** |  |
| Income taxes paid on divestitures | **(175)** |  |
| Investment sales | **43** | 97 |
| Funding of equity method investments (note 16) | **(1)** | (59) |
| Dividends received from equity method investments (note 16) | **254** | 198 |
| Shareholder loan repayments from equity method investments (note 16) | **298** | 155 |
| **Net cash used in investing activities**  | **(1236)** | (2764) |
| **FINANCING ACTIVITIES** |  |  |
| Lease repayments | **(12)** | (14) |
| Debt repayments  | **(14)** |  |
| Dividends (note 31) | **(890)** | (696) |
| Share buyback program (note 31) | **(1500)** | (498) |
| Funding from non-controlling interests (note 32) | **362** | 146 |
| Disbursements to non-controlling interests (note 32) | **(1760)** | (785) |
| Pueblo Viejo JV partner shareholder loan (note 29) | **(9)** | 52 |
| **Net cash used in financing activities** | **(3823)** | (1795) |
| **Effect of exchange rate changes on cash and equivalents**  | **2** | (6) |
| Net increase (decrease) in cash and equivalents  | **2632** | (74) |
| Cash and equivalents at beginning of year (note 25a) | **4074** | 4148 |
| **Cash and equivalents at end of year**  | **$6706** | $4074 |

---

<sup>1</sup>Income taxes paid excludes $175 million (2024: $107 million) of income taxes payable that were settled against offsetting value added taxes

("VAT") receivables.

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

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **93** | **FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Consolidated Balance Sheets

---

| | | |
|:---|:---|:---|
| Barrick Mining Corporation (formerly Barrick Gold Corporation) | **As at December** <br>**31, 2025** | As at December <br>31, 2024 |
| (in millions of United States dollars) | **As at December** <br>**31, 2025** | As at December <br>31, 2024 |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and equivalents (note 25a) | **$6706** | $4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable (note 18) | **791** | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories (note 17) | **2068** | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets (note 18) | **652** | 853 |
| Total current assets  | **10217** | 7632 |
| Non-current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current portion of inventory (note 17) | **2792** | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in investees (note 16) | **4216** | 4112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment (note 19) | **29354** | 28559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (note 20a) | **148** | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill (note 20b) | **3034** | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets (note 30) | **43** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets (note 22) | **1773** | 1295 |
| **Total assets** | **$51577** | $47626 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities |  |  |
| Accounts payable (note 23) | **$1859** | $1613 |
| Debt (note 25b) | **56** | 24 |
| Current income tax liabilities | **866** | 545 |
| Other current liabilities (note 24) | **716** | 460 |
| Total current liabilities  | **3497** | 2642 |
| Non-current liabilities |  |  |
| Debt (note 25b) | **4647** | 4705 |
| Provisions (note 27) | **1846** | 1962 |
| Deferred income tax liabilities (note 30) | **3984** | 3887 |
| Other liabilities (note 29) | **1687** | 1174 |
| **Total liabilities** | **15661** | 14370 |
| Equity |  |  |
| Capital stock (note 31) | **26834** | 27661 |
| Deficit | **(1170)** | (5269) |
| Accumulated other comprehensive income (loss) | **(273)** | 33 |
| Other | **1166** | 1865 |
| **Total equity attributable to Barrick Mining Corporation shareholders** | **26557** | 24290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests (note 32) | **9359** | 8966 |
| **Total equity** | **35916** | 33256 |
| Contingencies and commitments (notes 2, 17, 19 and 36) |  |  |
| **Total liabilities and equity** | **$51577** | $47626 |

---

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

---

| | |
|:---|:---|
| Signed on behalf of the Board, |  |
| /s/ John L. Thornton | /s/ Loreto Silva |
| John L. Thornton, Chairman | Loreto Silva, Director |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **94** | **FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Consolidated Statements of Changes in Equity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Barrick Mining Corporation (formerly <br>Barrick Gold Corporation)<br>|  | Attributable to equity holders of the Company  | Attributable to equity holders of the Company  | Attributable to equity holders of the Company  | Attributable to equity holders of the Company  | Attributable to equity holders of the Company  |  |  |
| (in millions of United States dollars) | Common <br>shares (in <br>thousands)<br>| Capital <br>stock<br>| Deficit | Accumulated <br>other <br>comprehensive <br>(loss) income<sup>1</sup><br>| Other<sup>2</sup> | Total equity <br>attributable to <br>shareholders<br>| Non-<br>controlling <br>interests<br>| Total <br>equity<br>|
| **At January 1, 2025** | **1727100** | **$27661** | **($5269)** | **$33** | **$1865** | **$24290** | **$8966** | **$33256** |
| Net income |  |  | 4993 |  |  | 4993 | 2161 | 7154 |
| Total other comprehensive loss |  |  |  | (306) |  | (306) |  | (306) |
| Total comprehensive income (loss) |  | $— | $4993 | ($306) | $— | $4687 | $2161 | $6848 |
| Transactions with owners |  |  |  |  |  |  |  |  |
| Dividends (note 31) |  |  | (890) |  |  | (890) |  | (890) |
| Divestment of Tongon (notes 4 and <br>32)<br>|  |  |  |  |  |  | (19) | (19) |
| Loulo-Gounkoto loss of control <br>(notes 32 and 35)<br>|  |  |  |  |  |  | (686) | (686) |
| Loulo-Gounkoto acquisition (notes 4, <br>32, 35 and 36)<br>|  |  |  |  |  |  | 404 | 404 |
| Funding from non-controlling <br>interests (note 32)<br>|  |  |  |  |  |  | 362 | 362 |
| Disbursements to non-controlling <br>interests (note 32)<br>|  |  |  |  |  |  | (1829) | (1829) |
| Dividend reinvestment plan (note 31) | 163 | 4 | (4) |  |  |  |  |  |
| Share buyback program (note 31) | (51903) | (831) |  |  | (699) | (1530) |  | (1530) |
| Total transactions with owners | (51740) | ($827) | ($894) | $— | ($699) | ($2420) | ($1768) | ($4188) |
| **At December 31, 2025** | **1675360** | **$26834** | **($1170)** | **($273)** | **$1166** | **$26557** | **$9359** | **$35916** |
| **At January 1, 2024** | **1755570** | **$28117** | **($6713)** | **$24** | **$1913** | **$23341** | **$8661** | **$32002** |
| Net income |  |  | 2144 |  |  | 2144 | 944 | 3088 |
| Total other comprehensive income |  |  |  | 9 |  | 9 |  | 9 |
| Total comprehensive income |  | $— | $2144 | $9 | $— | $2153 | $944 | $3097 |
| Transactions with owners |  |  |  |  |  |  |  |  |
| Dividends (note 31) |  |  | (696) |  |  | (696) |  | (696) |
| Funding from non-controlling <br>interests (note 32)<br>|  |  |  |  |  |  | 146 | 146 |
| Disbursements to non-controlling <br>interests (note 32)<br>|  |  |  |  |  |  | (785) | (785) |
| Dividend reinvestment plan (note 31) | 205 | 4 | (4) |  |  |  |  |  |
| Share buyback program | (28675) | (460) |  |  | (48) | (508) |  | (508) |
| Total transactions with owners | (28470) | ($456) | ($700) | $— | ($48) | ($1204) | ($639) | ($1843) |
| **At December 31, 2024** | **1727100** | **$27661** | **($5269)** | **$33** | **$1865** | **$24290** | **$8966** | **$33256** |

---

<sup>1</sup> Includes cumulative translation adjustments as at December 31, 2025: $95 millionloss (December 31, 2024: $95 millionloss).

<sup>2</sup>Includes additional paid-in capital as at December 31, 2025: $1,128 million (December 31, 2024: $1,827 million).

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

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **95** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Notes to Consolidated Financial Statements

**Barrick Mining Corporation.***Tabular dollar amounts in millions of United States dollars, unless otherwise shown. References to*

*A$, ARS, C$, DOP, EUR, GBP, PKR, TZS, XOF, ZAR, and ZMW are to Australian dollars, Argentine pesos, Canadian dollars,*

*Dominican pesos, Euros, British pound sterling, Pakistani rupee, Tanzanian shilling, West African CFA franc, South African rand,*

*and Zambian kwacha, respectively.*

**1** ■**Corporate Information**

Barrick Mining Corporation (formerly Barrick Gold

Corporation) ("Barrick", "we" or the "Company") is a

corporation governed by the *Business Corporations Act*

*(British Columbia)*. The Company's corporate office is

located at Brookfield Place, TD Canada Trust Tower, 161

Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1. The

Company's registered office is 925 West Georgia Street,

Suite 1600, Vancouver, British Columbia, V6C 3L2. Barrick

shares trade on the New York Stock Exchange under the

symbol B (formerly GOLD) and the Toronto Stock Exchange

under the symbol ABX. 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

sell our gold and copper into the world market.

We have ownership interests in producing gold

mines that are located in Argentina, the Democratic

Republic of Congo, the Dominican Republic, Mali, Papua

New Guinea, Tanzania and the United States. We have

ownership interests in producing copper mines in Chile,

Saudi Arabia and Zambia. We also have various projects

located throughout the Americas, Asia and Africa.

**2**■**Material Accounting Policy Information**

**a) Statement of Compliance**

These consolidated financial statements have been

prepared in accordance with IFRS Accounting Standards as

issued by the International Accounting Standards Board

("IFRS"). Accounting policies are consistently applied to all

years presented, unless otherwise stated. These

consolidated financial statements were approved for

issuance by the Board of Directors on February 4, 2026.

**b) Basis of Preparation**

These consolidated financial statements include the

accounts of Barrick, its subsidiaries, its share of joint

operations ("JO") and its equity share of joint ventures

("JV"). When applying the equity method of accounting,

specifically for Porgera, whereby the economic interest

differs from the shareholding, the equity accounting is

based on the economic share contractually agreed among

the shareholders rather than the equity participation. For

non wholly-owned, controlled subsidiaries, profit or loss for

the period that is attributable to non-controlling interests is

typically calculated based on the ownership of the minority

shareholders in the subsidiary.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **96** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Outlined below is information related to our joint arrangements and entities other than 100% owned Barrick subsidiaries at

December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Place of business | Entity type | Interest<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp; | Method<sup>2</sup> |
| Nevada Gold Mines<sup>3</sup> | United States&nbsp;&nbsp;&nbsp;&nbsp; | Subsidiary | 61.5% | Consolidation |
| North Mara<sup>3,4</sup> | Tanzania | Subsidiary | 84% | Consolidation |
| Bulyanhulu<sup>3,4</sup> | Tanzania | Subsidiary | 84% | Consolidation |
| Loulo-Gounkoto<sup>3,5</sup> | Mali | Subsidiary | 80% | Consolidation |
| Pueblo Viejo<sup>3</sup> | Dominican Republic | Subsidiary | 60% | Consolidation |
| Reko Diq Project<sup>3</sup> | Pakistan | Subsidiary | 50% | Consolidation |
| Norte Abierto Project | Chile | JO | 50% | Our share |
| Veladero | Argentina | JO | 50% | Our share |
| Kibali<sup>6</sup> | Democratic Republic of Congo | JV | 45% | Equity Method |
| Jabal Sayid<sup>6</sup> | Saudi Arabia | JV | 50% | Equity Method |
| Zaldívar<sup>6</sup> | Chile | JV | 50% | Equity Method |
| Porgera Mine<sup>6,7</sup> | Papua New Guinea | JV | 24.5% | Equity Method |

---

<sup>1</sup>Unless otherwise noted, all of our JOs are funded by contributions made by the parties sharing joint control in proportion to their economic

interest.

<sup>2</sup>For our JOs, we recognize our share of any assets, liabilities, revenues and expenses of the JO.

<sup>3</sup>We consolidate our interests in Carlin, Cortez, Turquoise Ridge, Phoenix, Long Canyon, North Mara, Bulyanhulu, Loulo-Gounkoto, Pueblo

Viejo and the Reko Diq project and record a non-controlling interest ("NCI") for the interest that we do not own.

<sup>4</sup>The Government of Tanzania receives half of the economic benefits from the Tanzanian operations (Bulyanhulu and North Mara) from taxes,

royalties, clearing fees and participation in all cash distributions made by the mines, after the recoupment of capital investments. Earnings

are recorded proportionally based on our equity interests each period in accordance with the terms of the agreement with the Government

of Tanzania.

<sup>5</sup>Refer to notes 4 and 35 for details of Loulo-Gounkoto's developments during 2025.

<sup>6</sup>Barrick has commitments of $893 million relating to its interest in the joint ventures, including purchase obligations disclosed in note 17 and

capital commitments disclosed in note 19.

<sup>7</sup>Ownership of Porgera is held in a joint venture owned 51% by Papua New Guinea ("PNG") stakeholders and 49% by a Barrick affiliate,

Porgera (Jersey) Limited ("PJL"). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick holds a

24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the

economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the

overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%.

**c) Business Combinations**

On the acquisition of a business, the acquisition method of

accounting is used, whereby the purchase consideration is

allocated to the identifiable assets and liabilities on the

basis of fair value at the date of acquisition. Provisional fair

values allocated at a reporting date are finalized as soon as

the relevant information is available, within a period not to

exceed 12 months from the acquisition date with retroactive

restatement of the impact of adjustments to those

provisional fair values effective as at the acquisition date.

Incremental costs related to acquisitions are expensed as

incurred.

When the cost of the acquisition exceeds the fair

value of the identifiable net assets acquired, the difference

is recorded as goodwill. If the fair value attributable to

Barrick's share of the identifiable net assets exceeds the

cost of acquisition, the difference is recognized as a gain in

the consolidated statement of income.

Non-controlling interests represent the fair value of

net assets in subsidiaries, as at the date of acquisition, that

are not held by Barrick and are presented in the equity

section of the consolidated balance sheet.

**d) Foreign Currency Translation**

The functional currency of all of our operations is the US

dollar. We translate non-US dollar balances for these

operations into US dollars as follows:

▪Property, plant and equipment ("PP&E"), intangible

assets and equity method investments using the rates

at the time of acquisition;

▪Fair value through other comprehensive income

("FVOCI") equity investments using the closing

exchange rate as at the balance sheet date with

translation gains and losses permanently recorded in

Other Comprehensive Income ("OCI");

▪Deferred tax assets and liabilities using the closing

exchange rate as at the balance sheet date with

translation gains and losses recorded in income tax

expense;

▪Other assets and liabilities using the closing exchange

rate as at the balance sheet date with translation gains

and losses recorded in other income/expense; and

▪Income and expenses using the average exchange

rate for the period, except for expenses that relate to

non-monetary assets and liabilities measured at

historical rates, which are translated using the same

historical rate as the associated non-monetary assets

and liabilities.

**e) Revenue Recognition**

We sell our production in the world market through the

following distribution channels: gold bullion is sold in the

gold spot market, to independent refineries or to our non-

controlling interest holders; and gold and copper

concentrate is sold to independent smelting or trading

companies.

Gold Bullion Sales

Gold bullion is sold primarily in the London spot market.

The sale price is fixed on the date of sale based on the gold

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **97** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

spot price. Generally, we record revenue from gold bullion

sales at the time of delivery, which is also the date that title

to the gold passes.

Concentrate Sales

Under the terms of concentrate sales contracts with

independent smelting companies, gold and copper sales

prices are provisionally set on a specified future date after

shipment based upon market prices. We record revenues

under these contracts at the time of shipment, which is also

when the risks and rewards of ownership pass to the

smelting companies, using forward market gold and copper

prices on the expected date that final sales prices will be

determined. Variations between the price recorded at the

shipment date and the actual final price set under the

smelting contracts are caused by changes in market gold

and copper prices, which result in an embedded derivative

in accounts receivable. The receivable is recorded at fair

value each period until final settlement occurs, with

changes in fair value classified as provisional price

adjustments and included in revenue in the consolidated

statement of income and presented separately in note 6 of

these consolidated financial statements.

Copper Cathode Sales

Under the terms of copper cathode sales contracts, copper

sales prices are provisionally set on a specified future date

based upon market commodity prices plus certain price

adjustments. Revenue is recognized at the time of

shipment, which is also when the risks and rewards of

ownership pass to the customer. Revenue is provisionally

measured using forward market prices on the expected

date that final selling prices will be determined. Variations

occur between the price recorded on the date of revenue

recognition and the actual final price under the terms of the

contracts due to changes in market copper prices, which

result in an embedded derivative in accounts receivable.

The receivable is recorded at fair value each period until

final settlement occurs, with changes in fair value classified

as provisional price adjustments and included in revenue in

the consolidated statement of income and presented

separately in note 6 of these consolidated financial

statements.

Streaming Arrangements

As the deferred revenue on streaming arrangements is

considered variable consideration, an adjustment is made

to the transaction price per unit each time there is a change

in the underlying production profile of a mine (typically in Q4

of each year). The change in the transaction price per unit

results in a cumulative catch-up adjustment to revenue in

the period in which the change is made, reflecting the new

production profile expected to be delivered under the

streaming agreement. A corresponding cumulative catch-up

adjustment is made to accretion expense, reflecting the

impact of the change in the deferred revenue balance.

**f) Exploration and Evaluation**

Exploration expenditures are the costs incurred in the initial

search for mineral deposits with economic potential or in

the process of obtaining more information about existing

mineral deposits. Exploration expenditures typically include

costs associated with prospecting, sampling, mapping,

diamond drilling and other work involved in searching for

ore.

Evaluation expenditures are the costs incurred to

establish the technical and commercial viability of

developing mineral deposits identified through exploration

activities or by acquisition. Evaluation expenditures include

the cost of: (i) establishing the volume and grade of

deposits through drilling of core samples, trenching and

sampling activities in an ore body that is classified as either

a mineral resource or a proven and probable reserve;

(ii) determining the optimal methods of extraction and

metallurgical and treatment processes; (iii) studies related

to surveying, transportation and infrastructure requirements;

(iv) permitting activities; and (v) economic evaluations to

determine whether development of the mineralized material

is commercially justified, including scoping, pre-feasibility

and final feasibility studies.

Exploration and evaluation expenditures are

expensed as incurred unless management determines that

probable future economic benefits will be generated as a

result of the expenditures. Once the technical feasibility and

commercial viability of a program or project has been

demonstrated with a pre-feasibility study, and we have

recognized reserves in accordance with the Canadian

Securities Administrators' National Instrument 43-101 -

*Standards of Disclosure for Mineral Projects*, we account

for future expenditures incurred in the development of that

program or project in accordance with our policy for

property, plant and equipment, as described in note 2l.

**g) Production Stage**

A mine that is under construction is determined to enter the

production stage when the project is in the location and

condition necessary for it to be capable of operating in the

manner intended by management. We use the following

factors to assess whether these criteria have been met:

(1) the level of capital expenditures compared to

construction cost estimates; (2) the completion of a

reasonable period of commissioning and testing of mine

plant and equipment; (3) the ability to produce minerals in

saleable form (within specifications); and (4) the ability to

sustain ongoing production of minerals.

When a mine construction project moves into the

production stage, the capitalization of certain mine

construction costs ceases and costs are either capitalized

to inventory or expensed, except for capitalizable costs

related to property, plant and equipment additions or

improvements, open pit stripping activities that provide a

future benefit, underground mine development or

expenditures that meet the criteria for capitalization in

accordance with IAS 16 *Property, Plant and Equipment*.

**h) Taxation**

Current tax for each taxable entity is based on the local

taxable income at the local statutory tax rate enacted or

substantively enacted at the balance sheet date and

includes adjustments to tax payable or recoverable in

respect of previous periods.

Deferred tax is recognized using the balance sheet

method in respect of all temporary differences between the

tax bases of assets and liabilities, and their carrying

amounts for financial reporting purposes, except as

indicated below.

Deferred income tax liabilities are recognized for

all taxable temporary differences, except:

• Where the deferred income tax liability arises from the

initial recognition of goodwill, or the initial recognition of

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **98** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

an asset or liability in an acquisition that is not a

business combination and, at the time of the

acquisition, affects neither the accounting profit nor

taxable profit or loss; and

• In respect of taxable temporary differences associated

with investments in subsidiaries and interests in joint

arrangements, where the timing of the reversal of the

temporary differences can be controlled and it is

probable that the temporary differences will not reverse

in the foreseeable future.

Deferred income tax assets are recognized for all

deductible temporary differences and the carryforward of

unused tax assets and unused tax losses, to the extent that

it is probable that taxable profit will be available against

which the deductible temporary differences and the

carryforward of unused tax assets and unused tax losses

can be utilized, except:

• Where the deferred income tax asset relating to the

deductible temporary difference arises from the initial

recognition of an asset or liability in an acquisition that

is not a business combination and, at the time of the

acquisition, affects neither the accounting profit nor

taxable profit or loss; and

• In respect of deductible temporary differences

associated with investments in subsidiaries and

interests in joint arrangements, deferred tax assets are

recognized only to the extent that it is probable that the

temporary differences will reverse in the foreseeable

future and taxable profit will be available against which

the temporary differences can be utilized.

The carrying amount of deferred income tax assets is

reviewed at each balance sheet date and reduced to the

extent that it is no longer probable that sufficient taxable

profit will be available to allow all or part of the deferred

income tax asset to be utilized. To the extent that an asset

not previously recognized fulfills the criteria for recognition,

a deferred income tax asset is recorded.

Deferred tax is measured on an undiscounted

basis at the tax rates that are expected to apply in the

periods in which the asset is realized or the liability is

settled, based on tax rates and tax laws enacted or

substantively enacted at the balance sheet date.

Current and deferred tax relating to items

recognized directly in equity are recognized in equity and

not in the income statement.

The Company is subject to assessments by

various taxation authorities, who may interpret tax

legislation differently than the Company. Tax liabilities for

uncertain tax positions are adjusted by the Company to

reflect its best estimate of the probable outcome of

assessments and in light of changing facts and

circumstances, such as the completion of a tax audit,

expiration of a statute of limitations, the refinement of an

estimate, and interest accruals associated with the

uncertain tax positions until they are resolved. Some of

these adjustments require significant judgment in estimating

the timing and amount of any additional tax expense.

Royalties and Special Mining Taxes

Income tax expense includes the cost of royalties and

special mining taxes payable to governments that are

calculated based on a percentage of taxable profit whereby

taxable profit represents net income adjusted for certain

items defined in the applicable legislation.

Indirect Taxes

Indirect tax recoverable is recorded at its undiscounted

amount and is disclosed as non-current if not expected to

be recovered within 12 months.

**i) Other Investments**

Investments in publicly quoted equity securities that are

neither subsidiaries nor associates are categorized as

FVOCI pursuant to the irrevocable election available in

IFRS 9 for these instruments. FVOCI equity investments

are recorded at fair value with all realized and unrealized

gains and losses recorded permanently in OCI. Warrant

investments are classified as fair value through profit or loss

("FVPL").

**j) Inventory**

Material extracted from our mines is classified as either ore

or waste. Ore represents material that, at the time of

extraction, we expect to process into a saleable form and

sell at a profit. Raw materials are comprised of both ore in

stockpiles and ore on leach pads as processing is required

to extract benefit from the ore. Ore is accumulated in

stockpiles that are subsequently processed into gold/copper

in a saleable form. The recovery of gold and copper from

certain oxide ores is achieved through the heap leaching

process. Work in process represents gold/copper in the

processing circuit that has not completed the production

process, and is not yet in a saleable form. Finished goods

inventory represents gold/copper in saleable form.

Metal inventories are valued at the lower of cost

and net realizable value. Cost is determined on a weighted

average basis and includes all costs incurred, based on a

normal production capacity, in bringing each product to its

present location and condition. Cost of inventories

comprises: direct labor, materials and contractor expenses,

including non-capitalized stripping costs; depreciation on

PP&E including capitalized stripping costs; and an

allocation of general and administrative costs. As ore is

removed for processing, costs are removed based on the

average cost per ounce/pound in the stockpile. Net

realizable value is determined with reference to relevant

market prices less applicable variable selling and

downstream processing costs. Inventory provisions are

reversed to reflect subsequent improvements in net

realizable value where the inventory is still on hand.

Mine operating supplies represent commodity

consumables and other raw materials used in the

production process, as well as spare parts and other

maintenance supplies that are not classified as capital

items. Provisions are recorded to reduce mine operating

supplies to net realizable value, which is generally

calculated by reference to its salvage or scrap value, when

it is determined that the supplies are obsolete.

**k) Royalties**

Certain of our properties are subject to royalty

arrangements based on mineral production at the

properties. The primary type of royalty is a net smelter

return ("NSR") royalty. Under this type of royalty we pay the

holder an amount calculated as the royalty percentage

multiplied by the value of gold production at market gold

prices less third-party smelting, refining and transportation

costs. Royalty expense is recorded on completion of the

production or sales process in cost of sales. Other types of

royalties include:

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **99** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

• Net profits interest royalty to a party other than a

government,

• Modified NSR royalty,

• Net smelter return sliding scale royalty,

• Gross proceeds sliding scale royalty,

• Gross smelter return royalty,

• Net value royalty,

• Land tenement royalty, and a

• Gold revenue royalty.

**l) Property, Plant and Equipment**

Estimated Useful Lives of Major Asset Categories

---

| | |
|:---|:---|
| Buildings, plant and equipment | 2 - 38 years |
| Underground mobile equipment | 3 - 7 years |
| Light vehicles and other mobile equipment | 2 - 10 years |
| Furniture, computer and office equipment | 2 - 10 years |

---

Buildings, Plant and Equipment

At acquisition, we record buildings, plant and equipment at

cost, including all expenditures incurred to prepare an asset

for its intended use. These expenditures consist of: the

purchase price; brokers' commissions; and installation

costs including architectural, design and engineering fees,

legal fees, survey costs, site preparation costs, freight

charges, transportation insurance costs, duties, testing and

preparation charges.

Buildings, plant and equipment are depreciated on

a straight-line basis over their expected useful life, which

commences when the assets are considered available for

use. Once buildings, plant and equipment are considered

available for use, they are measured at cost less

accumulated depreciation and applicable impairment

losses.

Depreciation on equipment utilized in the

development of assets, including open pit and underground

mine development, is recapitalized as development costs

attributable to the related asset.

Mineral Properties

Mineral properties consist of: the fair value attributable to

mineral reserves and resources acquired in a business

combination or asset acquisition; underground mine

development costs; open pit mine development costs;

capitalized exploration and evaluation costs; and capitalized

interest. In addition, we incur project costs which are

generally capitalized when the expenditures result in a

future benefit.

*i) Acquired Mining Properties*

On acquisition of a mining property, we prepare an estimate

of the fair value attributable to the proven and probable

mineral reserves, mineral resources and exploration

potential attributable to the property. The estimated fair

value attributable to the mineral reserves and the portion of

mineral resources considered to be probable of economic

extraction at the time of the acquisition is depreciated on a

units of production ("UOP") basis whereby the denominator

is the proven and probable reserves and the portion of

mineral resources considered to be probable of economic

extraction based on the current life of mine ("LOM") plan

that benefit from the development and are considered

probable of economic extraction. The estimated fair value

attributable to mineral resources that are not considered to

be probable of economic extraction at the time of the

acquisition is not subject to depreciation until the resources

become probable of economic extraction in the future. The

estimated fair value attributable to exploration licenses is

recorded as an intangible asset and is not subject to

depreciation until the property enters production.

*ii) Underground Mine Development Costs*

At our underground mines, we incur development costs to

build new shafts, declines, drifts and ramps that will enable

us to physically access ore underground. The time over

which we will continue to incur these costs depends on the

mine life. These underground development costs are

capitalized as incurred.

Capitalized underground development costs are

depreciated on a UOP basis, whereby the denominator is

the estimated ounces/pounds of gold/copper in proven and

probable reserves and the portion of resources considered

probable of economic extraction based on the current LOM

plan that benefit from the development and are considered

probable of economic extraction.

*iii) Open Pit Mine Development Costs*

In open pit mining operations, it is necessary to remove

overburden and other waste materials to access ore from

which minerals can be extracted economically. The process

of mining overburden and waste materials is referred to as

stripping. Stripping costs incurred in order to provide initial

access to the ore body (referred to as pre-production

stripping) are capitalized as open pit mine development

costs.

Pre-production stripping costs are capitalized until

an "other than de minimis" level of mineral is extracted,

after which time such costs are either capitalized to

inventory or, if they qualify as an open pit stripping activity

that provides a future benefit, to PP&E. We consider

various relevant criteria to assess when an "other than de

minimis" level of mineral is produced. Some of the criteria

considered would include, but are not limited to, the

following: (1) the amount of minerals mined versus total

ounces in ore expected over the LOM; (2) the amount of

ore tonnes mined versus total LOM expected ore tonnes

mined; (3) the current stripping ratio versus the strip ratio

expected over the LOM; and (4) the ore grade mined

versus the grade expected over the LOM.

Stripping costs incurred during the production

stage of an open pit are accounted for as costs of the

inventory produced during the period that the stripping

costs are incurred, unless these costs are expected to

provide a future economic benefit to an identifiable

component of the ore body. Components of the ore body

are based on the distinct development phases identified by

the mine planning engineers when determining the optimal

development plan for the open pit. Production phase

stripping costs generate a future economic benefit when the

related stripping activity: (1) improves access to a

component of the ore body to be mined in the future;

(2) increases the fair value of the mine (or open pit) as

access to future mineral reserves becomes less costly; and

(3) increases the productive capacity or extends the

productive life of the mine (or open pit). Production phase

stripping costs that are expected to generate a future

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **100** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

economic benefit are capitalized as open pit mine

development costs.

Capitalized open pit mine development costs are

depreciated on a UOP basis whereby the denominator is

the estimated ounces/pounds of gold/copper in proven and

probable reserves and the portion of resources considered

probable of economic extraction based on the current LOM

plan that benefit from the development and are considered

probable of economic extraction.

Construction-in-Progress

Assets under construction are capitalized as construction-

in-progress until the asset is available for its intended use.

The cost of construction-in-progress comprises its purchase

price and any costs directly attributable to bringing it into

working condition for its intended use. Construction-in-

progress amounts related to development projects are

included in the carrying amount of the development project.

Construction-in-progress amounts incurred at operating

mines are presented as a separate asset within PP&E.

Construction-in-progress also includes deposits on long

lead items. Construction-in-progress is not depreciated.

Depreciation commences once the asset is complete,

commissioned and available for use.

Capitalized Interest

We capitalize interest costs for qualifying assets. Qualifying

assets are assets that require a significant amount of time

to prepare for their intended use, including projects that are

in the exploration and evaluation, development or

construction stages. Qualifying assets also include

significant expansion projects at our operating mines.

Capitalized interest costs are considered an element of the

cost of the qualifying asset which is determined based on

gross expenditures incurred on an asset. Capitalization

ceases when the asset is substantially complete or if active

development is suspended or ceases. Where the funds

used to finance a qualifying asset form part of general

borrowings, the amount capitalized is calculated using a

weighted average of rates applicable to the relevant

borrowings during the period. Where funds borrowed are

directly attributable to a qualifying asset, the amount

capitalized represents the borrowing costs specific to those

borrowings. Where surplus funds available out of money

borrowed specifically to finance a project are temporarily

invested, the total capitalized interest is reduced by income

generated from short-term investments of such funds.

**m) Impairment (and Reversals of Impairment) of Non-**

**Current Assets**

We review and test the carrying amounts of PP&E and

intangible assets with finite lives when an indicator of

impairment is considered to exist. Impairment (or reversals

of impairment) assessments on PP&E and intangible assets

are conducted at the level of the cash generating unit

("CGU"), which is the lowest level for which identifiable cash

flows are largely independent of the cash flows of other

assets and includes liabilities specific to the CGU. For

operating mines and projects, the individual mine/project

represents a CGU for impairment testing.

The recoverable amount of a CGU is the higher of

Value in Use ("VIU") and Fair Value Less Costs of Disposal

("FVLCD"). We have determined that the FVLCD is greater

than the VIU amounts and is therefore used as the

recoverable amount for impairment testing purposes. An

impairment loss is recognized for any excess of the carrying

amount of a CGU over its recoverable amount where both

the recoverable amount and carrying value include the

associated other assets and liabilities, including taxes

where applicable, of the CGU. Where it is not appropriate to

allocate the loss to a separate asset, an impairment loss

related to a CGU is allocated to the carrying amount of the

assets of the CGU on a pro rata basis based on the

carrying amount of its non-monetary assets.

Impairment Reversal

An assessment is made at each reporting date to determine

whether there is an indication that previously recognized

impairment losses may no longer exist or may have

decreased. A previously recognized impairment loss is

reversed only if there has been a change in the

assumptions used to determine the CGU's recoverable

amount since the last impairment loss was recognized. This

reversal is recognized in the consolidated statements of

income and is limited to the carrying value that would have

been determined, net of any depreciation where applicable,

had no impairment charge been recognized in prior years.

When an impairment reversal is undertaken, the

recoverable amount is assessed by reference to the higher

of VIU and FVLCD. We have determined that the FVLCD is

greater than the VIU amounts and is therefore used as the

recoverable amount for impairment testing purposes.

**n) Intangible Assets**

On acquisition of a mineral property in the exploration

stage, we prepare an estimate of the fair value attributable

to the exploration licenses acquired, including the fair value

attributable to mineral resources, if any, of that property.

The fair value of the exploration license is recorded as an

intangible asset (acquired exploration potential) as at the

date of acquisition. When an exploration stage property

moves into development, the acquired exploration potential

attributable to that property is transferred to mining interests

within PP&E.

We also have water rights associated with our

mineral properties. Upon acquisition, they are measured at

initial cost and are depreciated when they are being used.

They are also subject to impairment testing when an

indicator of impairment is considered to exist.

**o) Goodwill**

Goodwill is tested for impairment in Q4 and also when there

is an indicator of impairment. At the date of acquisition,

goodwill is assigned to the CGU or group of CGUs that is

expected to benefit from the synergies of the business

combination. For the purposes of impairment testing,

goodwill is allocated to the Company's operating segments,

which are our individual minesites, and corresponds to the

level at which goodwill is internally monitored by the Chief

Operating Decision Maker ("CODM"). Goodwill impairment

charges are not reversible.

For a CGU to which goodwill has been allocated,

the most recent recoverable amount determined for the

CGU may be used in the annual impairment assessment of

that CGU in the current year provided all the following

criteria are met:

• the assets and liabilities making up the CGU have not

changed significantly (change in book value or change

in nature of assets/ liabilities in CGU) since the most

recent recoverable amount calculation;

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **101** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

• The most recent recoverable amount calculation,

completed in prior year, resulted in an amount that

exceeded the carrying amount of the CGU by a

substantial margin; and

• Based on an analysis of events that have occurred and

circumstances that have changed since the most

recent recoverable amount calculation, the likelihood

that a current recoverable amount determination will be

less than the carrying amount of the CGU is remote.

**p) Debt**

Debt is recognized initially at fair value, net of financing

costs incurred, and subsequently measured at amortized

cost. Any difference between the amounts originally

received and the redemption value of the debt is recognized

in the consolidated statements of income over the period to

maturity using the effective interest method.

**q) Derivative Instruments and Hedge Accounting**

Derivative Instruments

Derivative instruments are recorded at fair value on the

consolidated balance sheet, classified based on contractual

maturity. Derivative instruments are classified as either

hedges of the fair value of recognized assets or liabilities or

of firm commitments ("fair value hedges"), hedges of highly

probable forecasted transactions ("cash flow hedges") or

non-hedge derivatives. Derivatives designated as either a

fair value or cash flow hedge that are expected to be highly

effective in achieving offsetting changes in fair value or

cash flows are assessed on an ongoing basis to determine

that they actually have been highly effective throughout the

financial reporting periods for which they were designated.

Derivative assets and derivative liabilities are shown

separately in the balance sheet unless there is a legal right

to offset and intent to settle on a net basis.

Cash Flow Hedges

The effective portion of changes in the fair value of

derivatives that are designated and qualify as cash flow

hedges is recognized in equity. The gain or loss relating to

the ineffective portion is recognized in the consolidated

statements of income. Amounts accumulated in equity are

transferred to the consolidated statements of income in the

period when the forecasted transaction impacts earnings.

When the forecasted transaction that is hedged results in

the recognition of a non-financial asset or a non-financial

liability, the gains and losses previously deferred in equity

are transferred from equity and included in the

measurement of the initial carrying amount of the asset or

liability.

When a derivative designated as a cash flow

hedge expires or is sold and the forecasted transaction is

still expected to occur, any cumulative gain or loss relating

to the derivative that is recorded in equity at that time

remains in equity and is recognized in the consolidated

statements of income when the forecasted transaction

occurs. When a forecasted transaction is no longer

expected to occur, the cumulative gain or loss that was

recorded in equity is immediately transferred to the

consolidated statements of income.

Non-Hedge Derivatives

Derivative instruments that do not qualify as either fair value

or cash flow hedges are recorded at their fair value at the

balance sheet date, with changes in fair value recognized in

the consolidated statements of income.

**r) Environmental Rehabilitation Provision**

Mining, extraction and processing activities normally give

rise to obligations for environmental rehabilitation.

Rehabilitation work can include facility decommissioning

and dismantling; removal or treatment of waste materials;

site and land rehabilitation, including compliance with and

monitoring of environmental regulations; security and other

site-related costs required to perform the rehabilitation

work; and operation of equipment designed to reduce or

eliminate environmental effects. The extent of work required

and the associated costs are dependent on the

requirements of relevant authorities and our environmental

policies. Routine operating costs that may impact the

ultimate closure and rehabilitation activities, such as waste

material handling conducted as an integral part of a mining

or production process, are not included in the provision.

Abnormal costs arising from unforeseen circumstances,

such as the contamination caused by unplanned

discharges, are recognized as an expense and liability

when the event that gives rise to an obligation occurs and

reliable estimates of the required rehabilitation costs can be

made.

Provisions for the cost of each rehabilitation

program are normally recognized at the time that an

environmental disturbance occurs or a new legal or

constructive obligation is determined. When the extent of

disturbance increases over the life of an operation, the

provision is increased accordingly. The major parts of the

carrying amount of provisions relate to closure/rehabilitation

of tailings facilities, heap leach pads and waste dumps;

demolition of buildings/mine facilities; ongoing water

treatment; and ongoing care and maintenance and security

of closed mines. Costs included in the provision encompass

all closure and rehabilitation activity expected to occur

progressively over the life of the operation at the time of

closure and post-closure in connection with disturbances as

at the reporting date. Estimated costs included in the

determination of the provision reflect the risks and

probabilities of alternative estimates of cash flows required

to settle the obligation at each particular operation. The

expected rehabilitation costs are estimated based on the

cost of external contractors performing the work or the cost

of performing the work internally depending on

management's intention.

The timing of the actual rehabilitation expenditure

is dependent upon a number of factors such as the life and

nature of the asset, the operating license conditions and the

environment in which the mine operates. Expenditures may

occur before and after closure and can continue for an

extended period of time depending on rehabilitation

requirements. Rehabilitation provisions are measured at the

expected value of future cash flows, which exclude the

effect of inflation, discounted to their present value using a

current US dollar real risk-free pre-tax discount rate. The

unwinding of the discount, referred to as accretion expense,

is included in finance costs and results in an increase in the

amount of the provision. Provisions are updated each

reporting period for changes to expected cash flows and for

the effect of changes in the discount rate, and the change in

estimate is added to or deducted from the related asset and

depreciated over the expected economic life of the

operation to which it relates.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **102** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

Significant judgments and estimates are involved

in forming expectations of future activities, the amount and

timing of the associated cash flows and the period over

which we estimate those cash flows. Those expectations

are formed based on existing environmental and regulatory

requirements or, if more stringent, our environmental

policies which give rise to a constructive obligation.

When provisions for closure and rehabilitation are

initially recognized, the corresponding cost is capitalized as

an asset, representing part of the cost of acquiring the

future economic benefits of the operation. The capitalized

cost of closure and rehabilitation activities is recognized in

PP&E and depreciated over the expected economic life of

the operation to which it relates.

Adjustments to the estimated amount and timing of

future closure and rehabilitation cash flows are a normal

occurrence in light of the significant judgments and

estimates involved. The principal factors that can cause

expected cash flows to change are: the construction of new

processing facilities; changes in the quantities of material in

reserves and resources with a corresponding change in the

life of mine plan; changing ore characteristics that impact

required environmental protection measures and related

costs; changes in water quality or volumes that impact the

extent of water treatment required; changes in discount

rates; changes in foreign exchange rates; changes in

Barrick's closure policies; and changes in laws and

regulations governing the protection of the environment.

Rehabilitation provisions are adjusted as a result

of changes in estimates and assumptions. Those

adjustments are accounted for as a change in the

corresponding cost of the related assets, including the

related mineral property, except where a reduction in the

provision is greater than the remaining net book value of

the related assets, in which case the value is reduced to nil

and the remaining adjustment is recognized in the

consolidated statements of income. In the case of closed

sites, changes in estimates and assumptions are

recognized immediately in the consolidated statements of

income. For an operating mine, the adjusted carrying

amount of the related asset is depreciated prospectively.

Adjustments also result in changes to future finance costs.

Provisions are discounted to their present value using a

current US dollar real risk-free pre-tax discount rate and the

accretion expense is included in finance costs.

**s) Stock-Based Compensation**

We recognize the expense related to these plans over the

vesting period, beginning once the grant has been

approved and announced to the beneficiaries.

Barrick offers cash-settled (Restricted Share Units

("RSU"), Deferred Share Units ("DSU") and Performance

Granted Share Units ("PGSU")) awards to certain

employees, officers and directors of the Company.

Restricted Share Units

Under our Long-Term Incentive Plan, selected employees

are granted RSUs where each RSU has a value equal to

one Barrick common share. RSUs generally vest within

threeyears in cash and the after-tax value of the award

may be used to purchase common shares on the open

market, depending on the terms of the grant. Additional

RSUs are credited to reflect dividends paid on Barrick

common shares over the vesting period.

A liability for RSUs is measured at fair value on the

grant date and is subsequently adjusted for changes in fair

value. The liability is recognized on a straight-line basis

over the vesting period, with a corresponding charge to

compensation expense, as a component of general and

administrative expenses and cost of sales. Compensation

expenses for RSUs incorporate an estimate for expected

forfeiture rates based on which the fair value is adjusted.

Deferred Share Units

Under our DSU plan, Directors must receive at least 63.6%

of their basic annual retainer in the form of DSUs or cash to

purchase common shares that cannot be sold, transferred

or otherwise disposed of until the Director leaves the Board.

Each DSU has the same value as one Barrick common

share. DSUs must be retained until the Director leaves the

Board, at which time the cash value of the DSUs is paid

out. Additional DSUs are credited to reflect dividends paid

on Barrick common shares. The initial fair value of the

liability is calculated as of the grant date and is recognized

immediately. Subsequently, at each reporting date and on

settlement, the liability is remeasured, with any change in

fair value recorded as compensation expense in the period.

Performance Granted Share Units

Under our PGSU plan, select employees are granted

PGSUs, where each PGSU has a value equal to one

Barrick common share. Annual PGSU awards are

determined based on a multiple ranging from three to six

times base salary (depending on position and level of

responsibility) multiplied by a performance factor. PGSUs

vest within three years in cash, and the after-tax value of

the award is used to purchase common shares on the open

market. Generally, these shares cannot be sold until the

employee meets their share ownership requirement (in

which case only those Barrick shares in excess of the

requirement can be sold), or until they retire or leave the

Company.

The initial fair value of the liability is calculated as

of the grant date and is recognized within compensation

expense using the straight-line method over the vesting

period. Subsequently, at each reporting date and on

settlement, the liability is remeasured, with any changes in

fair value recorded as compensation expense.

**t) New Accounting Standards Issued**

IFRS 18 Presentation and Disclosure in Financial

Statements (effective for annual periods beginning on or

after January 1, 2027)

In April 2024, the IASB issued IFRS 18 which will replace

IAS 1 *Presentation of Financial Statements*. Even though

IFRS 18 will not impact the recognition or measurement of

items in the financial statements, it will impact presentation

and disclosure of certain aspects of the financial statements

including management-defined performance measures

within the financial statements. We are currently assessing

the detailed implications of applying the new standard on

the financial statements and the following potential impacts

have been identified based on our preliminary assessment:

• Although the adoption of IFRS 18 will have no impact

on net income, items of income and expenses in the

statement of income will be grouped into new

categories resulting in new subtotals and/or line items

being presented, including operating profit, and

changes in how certain existing subtotals are

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **103** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

calculated. Income from equity investees and interest

income from cash and cash equivalents will be

presented in the investing section of the Statement of

Income.

• We do not expect there to be a significant change in

the information that is currently disclosed in the notes;

however, there will be new disclosures required for

management-defined performance measures (MPM).

An MPM is a subtotal of income and expenses that a

company uses in public communications outside of its

financial statements to convey an aspect of the

financial performance of the company as a whole. We

have performed an initial assessment of the

performance measures that we currently use in our

communications outside of the financial statements

and believe that the following will meet the MPM

definition: Adjusted net earnings, EBITDA, Adjusted

EBITDA and Attributable EBITDA.

• From a cash flow statement perspective, there will be

changes to how interest received and interest paid are

presented. Interest paid will be presented as financing

cash flows and interest received as investing cash

flows, which is a change from the current presentation

as part of operating cash flows. In addition, operating

profit will be the starting point for determining cash

flows from operating activities instead of net income.

We will apply the new standard from its mandatory effective

date of January 1, 2027. Retrospective application is

required, and so the comparative information for the

financial year ending December 31, 2026 will be restated in

accordance with IFRS 18.

Amendments to the Classification and Measurement of

Financial Instruments (IFRS 9 and IFRS 7) (effective for

annual periods beginning on or after January 1, 2026)

In May 2024, the IASB issued targeted amendments to

IFRS 9 and IFRS 7, which clarify the date of recognition

and derecognition of some financial assets and liabilities,

and updates the disclosures for equity instruments

designated at FVOCI. We performed an assessment of the

impact of these amendments and do not expect them to

have a material impact on the financial statements.

There are certain other new accounting standards and

interpretations that have been published that are either

applicable in the current year or not mandatory for the

current period. We have assessed these standards and

determined they do not have a material impact on Barrick in

the current reporting period. No standards have been early

adopted in the current period.

**3** ■**Critical Judgments, Estimates, Assumptions and** 

**Risks**

Many of the amounts included in the consolidated balance

sheet require management to make judgments and/or

estimates. These judgments and estimates are

continuously evaluated and are based on management's

experience and knowledge of the relevant facts and

circumstances. Actual results may differ from the estimates.

Information about such judgments and estimates is

contained in the description of our accounting policies and/

or other notes to the financial statements. The key areas

where judgments, estimates and assumptions have been

made are summarized below.

Life of Mine Plans and Reserves and Resources

Estimates of the quantities of proven and probable mineral

reserves and mineral resources form the basis for our LOM

plans, which are used for a number of important business

and accounting purposes, including: the calculation of

depreciation expense; the capitalization of production

phase stripping costs; the current/non-current classification

of inventory and certain receivables; the recognition of

deferred revenue related to streaming arrangements and

forecasting the timing of the payments related to the

environmental rehabilitation provision. In addition, the

underlying LOM plans are generally used in the impairment

tests for goodwill and non-current assets and also in the

valuation of acquired businesses. In certain cases, these

LOM plans include assumptions about our ability to obtain

the necessary permits required to complete the planned

activities. We estimate our future production levels,

including mineral reserves and resources and expected

conversion of resources to reserves based on information

compiled by qualified persons as defined in accordance

with the Canadian Securities Administrators' National

Instrument 43-101 - *Standards of Disclosure for Mineral*

*Projects* requirements. To calculate our gold and copper

mineral reserves, as well as measured, indicated, and

inferred mineral resources, we have used the following

assumptions. Refer to notes 19 and 21.

---

| | | |
|:---|:---|:---|
|  | **As at** <br>**December** <br>**31, 2025**<br>| As at <br>December <br>31, 2024<br>|
| **Gold ($/oz)** |  |  |
| Mineral reserves | **$1500** | $1400 |
| Measured, indicated and inferred | **2000** | 1900 |
| **Copper ($/lb)** |  |  |
| Mineral reserves | **3.25** | 3.00 |
| Measured, indicated and inferred | **4.50** | 4.00 |

---

Inventory

The measurement of inventory including the determination

of its net realizable value, especially as it relates to ore in

stockpiles and recoverable from leach pads, involves the

use of estimates. Net realizable value is determined with

reference to relevant market prices less applicable variable

selling expenses. Estimation is also required in determining

the tonnage, recoverable gold and copper contained

therein, and in determining the remaining costs of

completion to bring inventory into its saleable form.

Judgment is also exercised in determining whether to

recognize a provision for obsolescence on mine operating

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **104** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

supplies, and estimates are required to determine salvage

or scrap value of mine operating supplies.

Estimates of recoverable gold or copper on the

leach pads are calculated from the quantities of ore placed

on the leach pads (measured tonnes added to the leach

pads), the grade of ore placed on the leach pads (based on

assay data) and a recovery percentage (based on ore

type).

Impairment and Reversal of Impairment for Non-Current

Assets and Impairment of Goodwill

Goodwill and non-current assets are tested for impairment if

there is an indicator of impairment or reversal of

impairment, and in the case of goodwill annually during the

fourth quarter, for all of our operating segments. We

consider both external and internal sources of information

for indications that non-current assets and/or goodwill are

impaired. External sources of information we consider

include changes in the market, economic, legal and

permitting environment in which the CGU operates that are

not within its control and affect the recoverable amount of

mining interests and goodwill. Internal sources of

information we consider include the manner in which mining

properties and plant and equipment are being used or are

expected to be used and indications of economic

performance of the assets. Calculating the FVLCD of CGUs

for non-current asset and goodwill impairment tests

requires management to make estimates and assumptions

with respect to future production levels, operating, capital

and closure costs in our LOM plans, future metal prices,

foreign exchange rates, Net Asset Value ("NAV") multiples,

fair value of mineral resources outside LOM plans, the

market values per ounce and per pound and weighted

average costs of capital ("WACC"). Changes in any of the

assumptions or estimates used in determining the fair

values could impact the impairment analysis. Refer to notes

2m, 2o and 21 for further information.

Provisions for Environmental Rehabilitation

Management assesses its provision for environmental

rehabilitation on an annual basis or when new information

becomes available. This assessment includes the

estimation of the future rehabilitation costs (including water

treatment), the timing of these expenditures, and the impact

of changes in discount rates and foreign exchange rates.

The actual future expenditures may differ from the amounts

currently provided if the estimates made are significantly

different than actual results or if there are significant

changes in environmental and/or regulatory requirements in

the future. Refer to notes 2r and 27 for further information.

Taxes

Management is required to assess uncertainties and make

judgments and estimations regarding the tax basis of

assets and liabilities and related deferred income tax assets

and liabilities, amounts recorded for uncertain tax positions,

the measurement of income tax expense and indirect taxes

such as royalties and export duties, and estimates of the

timing of repatriation of earnings, which would impact the

recognition of withholding taxes and taxes related to the

outside basis on subsidiaries/associates. While these

amounts represent management's best estimate based on

the laws and regulations that exist at the time of

preparation, we operate in certain jurisdictions that have

increased degrees of political and sovereign risk and while

host governments have historically supported the

development of natural resources by foreign companies, tax

legislation in these jurisdictions is developing and there is a

risk that fiscal reform changes with respect to existing

investments could unexpectedly impact application of this

tax legislation. Such changes could impact the Company's

judgments about the amounts recorded for uncertain tax

positions, tax basis of assets and liabilities, and related

deferred income tax assets and liabilities, and estimates of

the timing of repatriation of earnings. This could necessitate

future adjustments to tax income and expense already

recorded. A number of these estimates require

management to make estimates of future taxable profit, as

well as the recoverability of indirect taxes, and if actual

results are significantly different than our estimates, the

ability to realize the deferred tax assets and indirect tax

receivables recorded on our balance sheet could be

impacted. Refer to notes 2h, 12, 30 and 36 for further

information.

Contingencies

Contingencies can be either possible assets or possible

liabilities arising from past events which, by their nature, will

only be resolved when one or more future events not wholly

within our control occur or fail to occur. The assessment of

such contingencies inherently involves the exercise of

significant judgment and estimates of the outcome of future

events. In assessing loss contingencies related to legal

proceedings that are pending against us or unasserted

claims that may result in such proceedings or regulatory or

government actions that may negatively impact our

business or operations, the Company with assistance from

its legal counsel evaluates the perceived merits of any legal

proceedings or unasserted claims or actions as well as the

perceived merits of the nature and amount of relief sought

or expected to be sought, when determining the amount, if

any, to recognize as a contingent liability or assessing the

impact on the carrying value of assets. If the assessment

of a contingency suggests that a loss is probable, and the

amount can be reliably estimated, then a loss is recorded.

When a contingent loss is not probable but is reasonably

possible, or is probable but the amount of loss cannot be

reliably estimated, then details of the contingent loss are

disclosed. Loss contingencies considered remote are

generally not disclosed unless they involve guarantees, in

which case we disclose the nature of the guarantee.

Contingent assets are not recognized in the consolidated

financial statements. Refer to note 36 for more information.

Streaming Transactions

The upfront cash deposit received from Royal Gold on the

gold and silver streaming transaction for production linked

to Barrick's 60%interest in the Pueblo Viejo mine has been

accounted for as deferred revenue since we have

determined that it is not a derivative as it will be satisfied

through the delivery of non-financial items (i.e., gold and

silver) rather than cash or financial assets. It is our intention

to settle the obligations under the streaming arrangement

through our own production and if we were to fail to settle

the obligations with Royal Gold through our own production,

this would lead to the streaming arrangement becoming a

derivative. This would cause a change to the accounting

treatment, resulting in the revaluation of the fair value of the

agreement through profit and loss on a recurring basis.

Refer to note 29 for further details.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **105** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

The deferred revenue component of our streaming

agreements is considered variable and is subject to

retroactive adjustment when there is a change in the timing

of the delivery of ounces or in the underlying production

profile of the relevant mine. The impact of such a change in

the timing or quantity of ounces to be delivered under a

streaming agreement will result in retroactive adjustments

to both the deferred revenue recognized and the accretion

recorded prior to the date of the change. Refer to note 2e.

For further details on streaming transactions, including our

silver sale agreement with Wheaton Precious Metals Corp.

("Wheaton"), refer to note 29.

Consolidation of Reko Diq

The Reko Diq project is 50% held 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. Pursuant to the joint venture agreement,

Barrick has power over the relevant activities of the project,

including operatorship of the project, the decision to

proceed with development of the project, subject to a

sufficient expected rate of return, as well as development

and approval of LOM plans. Therefore Barrick has

concluded that it controls Reko Diq and it is consolidated in

Barrick's consolidated financial statements with a 50% non-

controlling interest.

Loulo-Gounkoto

On June 16, 2025, Barrick lost control of the subsidiaries

that hold our 80% interest in the Loulo-Gounkoto mine in

Mali when they were placed under a temporary provisional

administration. As a result of this event in Q2 2025, we

determined that we no longer had control of the mine and

stopped consolidating it. As we retained legal ownership of

80% of the companies that hold the mine, we recognized an

investment at fair value to reflect our retained interest until

the temporary provisional administrator was removed and

we regained control on December 16, 2025. As described in

note 4a, we have determined that regaining control

represents a business combination for no cash

consideration with Barrick identified as the acquirer. To

determine the fair value of the acquisition management is

required to make estimates and assumptions with respect

to future production levels, operating, capital and closure

costs in our LOM plans, future metal prices, values of

resources outside LOM plans and discount rates. Refer to

note 35 for further details.

**Other Notes to the Financial Statements**

---

| | |
|:---|:---|
|  | **Note** |
| Acquisitions and Divestitures | 4 |
| Segment Information | 5 |
| Revenue | 6 |
| Cost of Sales | 7 |
| Exploration, Evaluation and Project Expenses | 8 |
| Other Expense (Income) | 9 |
| Impairment Charges (Reversals) | 10 |
| General and Administrative Expenses | 11 |
| Income Tax Expense | 12 |
| Earnings Per Share | 13 |
| Finance Costs, Net | 14 |
| Cash Flow - Other Items | 15 |
| Investments | 16 |
| Inventories | 17 |
| Accounts Receivable and Other Current Assets | 18 |
| Property, Plant and Equipment | 19 |
| Goodwill and other Intangible Assets | 20 |
| Impairment and Reversal of Non-Current Assets | 21 |
| Other Assets | 22 |
| Accounts Payable | 23 |
| Other Current Liabilities | 24 |
| Financial Instruments | 25 |
| Fair Value Measurements | 26 |
| Provisions | 27 |
| Financial Risk Management | 28 |
| Other Non-Current Liabilities | 29 |
| Deferred Income Taxes | 30 |
| Capital Stock | 31 |
| Non-Controlling Interests | 32 |
| Related Party Transactions | 33 |
| Stock-Based Compensation | 34 |
| Loulo-Gounkoto | 35 |
| Contingencies | 36 |

---

**4** ■**Acquisitions and Divestitures**

**a) Loulo-Gounkoto**

On November 24, 2025, Barrick announced that an

agreement had been entered into with the Government of

the Republic of Mali to put an end to all disputes regarding

the Loulo and Gounkoto mines. The provisional

administration of the Loulo-Gounkoto complex was

terminated on December 16, 2025, at which point

operational control was handed back to Somilo and

Gounkoto's management. Refer to note 35 for further

details.

We have determined that this represents a

business combination with Barrick identified as the acquirer.

We have determined the acquisition price should be equal

to the fair value of Barrick's 80% investment in the equity of

Société des Mines de Loulo SA ("Somilo") and Société des

Mines de Gounkoto SA ("Gounkoto").

We have determined the fair value of Barrick's

existing interest in Loulo-Gounkoto immediately before the

acquisition of control, which represents the fair value of the

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **106** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

consideration in the transaction. We have also determined

the fair value of the non-controlling interest and performed a

provisional allocation of the purchase price to identified

assets and liabilities.

The tables below present the provisional allocation

of the purchase price to the assets and liabilities acquired.

This allocation is provisional as we have not had sufficient

time to complete the final analysis and allocation of fair

values, primarily the property, plant and equipment, and we

expect to complete this process in 2026.

---

| | |
|:---|:---|
| ($ millions) |  |
| Fair value of Loulo-Gounkoto (100%) | $3220 |
| Fair value of Loulo-Gounkoto (80%) | 2576 |
| **Provisional fair value allocation at acquisition** | **Provisional fair value allocation at acquisition** |
| Cash | $71 |
| Other current assets | 154 |
| Inventory | 629 |
| Property, plant and equipment | 3131 |
| Other long-term assets | 120 |
| Total assets | $4105 |
| Current liabilities | $347 |
| Deferred income tax liabilities | 474 |
| Lease liabilities | 17 |
| Provisions | 47 |
| Other liability to Loulo-Gounkoto NCI | 240 |
| Total liabilities | $1125 |
| Non-controlling interests | 404 |
| Net assets acquired | $2576 |

---

We primarily used a discounted cash flow model (being the

net present value of expected future cash flows) to

determine the fair value of the mining interests and used a

depreciated replacement cost approach in determining the

fair value of property, plant and equipment. Expected future

cash flows are based on estimates of future gold prices

inclusive of a $3,000/oz long-term gold price and projected

future revenues, estimated quantities of ore reserves and

mineral resources, including expected conversions of

resources to reserves, expected future production costs

and capital expenditures based on the life of mine plans for

the mines as at the acquisition date. A WACC of 16% was

applied in the discounted cash flow model.

Since it has been consolidated from December 16,

2025, Loulo-Gounkoto contributed revenue of $505 million

and net income of $16 million for the year ended

December 31, 2025. If the acquisition had occurred on

January 1, 2025, consolidated revenue and consolidated

net income would have been $1,036 million and

$484 million, respectively. The fair value of accounts

receivable was $92 million (included in other current assets)

as at December 16, 2025, which was equivalent to the

contractual amount.

**b) Tongon**

On October 6, 2025, Barrick announced that it reached an

agreement to sell its interests in the Tongon gold mine

("Tongon") and certain of its exploration properties in Côte

d'lvoire to the Atlantic Group for total consideration of up to

$305 million. The consideration is composed of cash

consideration of $192 million, inclusive of a $23 million

shareholder loan repayment within six months of closing,

and contingent cash payments totaling up to $113 million

payable based on the price of gold over 2.5 years and

resource conversions over 5 years. The transaction closed

on December 1, 2025 and we recognized a gain on sale of

$134 million and contingent consideration of $113 million in

Q4 2025.

**c) Hemlo**

On September 11, 2025, Barrick announced that it reached

an agreement to sell the Hemlo Gold Mine ("Hemlo") in

Canada to Carcetti Capital Corp., which was renamed to

Hemlo Mining Corp. ("HMC"). The sale agreement provides

for gross proceeds of up to $1.09 billion, consisting of

$875 million of cash proceeds due on closing, HMC shares

with an aggregate value of $50 million, and a production

and tiered gold price-linked cash payment structure of up to

$165 million starting in January 2027 for a five-year term.

The transaction closed on November 26, 2025 and we

recognized a gain on sale of $545 million and contingent

consideration of $22 million in Q4 2025.

**d) Alturas**

On August 8, 2025, Barrick announced that it reached an

agreement to sell the Alturas Project in Chile to a subsidiary

of Boroo Pte Ltd (Singapore) ("Boroo") for an up-front cash

payment of $50 million. In addition, Barrick was granted a

0.5% net smelter return royalty on gold and silver produced

from the Project, which will terminate once 2 million ounces

of gold and gold-equivalent have been produced. Boroo

may repurchase the royalty within four years from closing

for $10 million. The transaction closed on November 7,

2025 and we recognized a gain on sale of $53 million in Q4

2025. **e) Donlin Gold**

On April 22, 2025, Barrick announced it entered into an

agreement to sell its 50% interest in the Donlin Gold project

located in Alaska, USA to affiliates of Paulson Advisers LLC

and NOVAGOLD Resources Inc. ("NOVAGOLD") for total

cash consideration of $1 billion. In addition, Barrick has

granted NOVAGOLD an option to purchase the outstanding

debt owed to Barrick (value of $168 million as at

December 31, 2025, classified as FVPL and presented in

Other Assets) in connection with the Donlin Gold project for

$90 million if purchased prior to closing, or for $100 million

if purchased within 18 months from closing, when the option

expires. If that option is not exercised, the debt will remain

outstanding, substantially in accordance with its existing

terms which would largely defer repayment to the

commencement of production.

The transaction closed on June 3, 2025 and we

recognized a gain on sale of $745 million in Q2 2025. In

addition, NOVAGOLD did not exercise the option to

purchase the outstanding debt owed to Barrick at closing,

but retains the option to purchase the outstanding debt for

$100 million within 18 months from closing.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **107** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**5**■**Segment Information**

Barrick's business is organized into fourteenminesites. Barrick's CODM (Mark Bristow, President and Chief Executive Officer

until September 29, 2025 and Mark Hill, Group Chief Operating Officer and Interim President and Chief Executive Officer

thereafter) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite level. Our

presentation of our reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo,

Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments,

including our remaining gold 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.

**Consolidated Statements of Income Information**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Cost of Sales** | **Cost of Sales** |  |  |  |
| For the year ended December 31, 2025 | **Revenue** | **Site operating** <br>**costs, royalties** <br>**and community** <br>**relations**<br>| **Depreciation** | **Exploration,** <br>**evaluation and** <br>**project expenses**<br>| **Other** <br>**expenses** <br>**(income)**<sup>1</sup><br>| **Segment** <br>**income (loss)**<br>|
| Carlin<sup>2</sup> | **$4024** | **$1511** | **$374** | **$13** | **$10** | **$2116** |
| Cortez<sup>2</sup> | **2686** | **934** | **278** | **7** | **7** | **1460** |
| Turquoise Ridge<sup>2</sup> | **1984** | **660** | **201** | **—** | **(8)** | **1131** |
| Pueblo Viejo<sup>2</sup> | **2300** | **717** | **311** | **4** | **13** | **1255** |
| Loulo-Gounkoto<sup>2,3</sup> | **505** | **448** | **38** | **1** | **144** | **(126)** |
| Kibali | **1040** | **330** | **138** | **—** | **45** | **527** |
| Lumwana | **1487** | **591** | **286** | **—** | **14** | **596** |
| North Mara<sup>2</sup> | **1024** | **324** | **100** | **1** | **33** | **566** |
| Bulyanhulu<sup>2</sup> | **659** | **249** | **65** | **—** | **9** | **336** |
| Reportable segment total | **$15709** | **$5764** | **$1791** | **$26** | **$267** | **$7861** |
| Other Mines<sup>2</sup> | **2392** | **904** | **218** | **6** | **30** | **1234** |
| Share of equity investee | **(1040)** | **(330)** | **(138)** | **—** | **(45)** | **(527)** |
| Segment total | **$17061** | **$6338** | **$1871** | **$32** | **$252** | **$8568** |

---

**Consolidated Statements of Income Information**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Cost of Sales | Cost of Sales |  |  |  |
| For the year ended December 31, 2024 | Revenue | Site operating <br>costs, royalties <br>and community <br>relations<br>| Depreciation | Exploration, <br>evaluation and <br>project expenses<br>| Other <br>expenses <br>(income)<sup>1</sup><br>| Segment <br>income (loss)<br>|
| Carlin<sup>2</sup> | $3041 | $1522 | $307 | $12 | $11 | $1189 |
| Cortez<sup>2</sup> | 1725 | 752 | 253 | 9 | 6 | 705 |
| Turquoise Ridge<sup>2</sup> | 1177 | 603 | 179 | 6 | 1 | 388 |
| Pueblo Viejo<sup>2</sup> | 1429 | 629 | 295 | 4 | 8 | 493 |
| Loulo-Gounkoto<sup>2</sup> | 1346 | 475 | 223 |  | 123 | 525 |
| Kibali | 743 | 281 | 134 |  | 12 | 316 |
| Lumwana | 855 | 460 | 244 |  | 16 | 135 |
| North Mara<sup>2</sup> | 770 | 312 | 83 |  | 57 | 318 |
| Bulyanhulu<sup>2</sup> | 495 | 234 | 63 |  | 5 | 193 |
| Reportable segment total | $11581 | $5268 | $1781 | $31 | $239 | $4262 |
| Other Mines<sup>2</sup> | 2076 | 1036 | 229 | 10 | 74 | 727 |
| Share of equity investee | (743) | (281) | (134) |  | (12) | (316) |
| Segment total | $12914 | $6023 | $1876 | $41 | $301 | $4673 |

---

<sup>1</sup>Includes accretion expense, which is included with finance costs in the consolidated statements of income. For the year ended December 31,

2025, accretion expense was $51 million (2024: $53 million).

<sup>2</sup>Includes non-controlling interest portion of revenues, cost of sales and segment income (loss) for the year ended December 31, 2025, for

Pueblo Viejo, $912 million, $412 million, $501 million (2024: $578 million, $370 million, $208 million), Nevada Gold Mines, $3,653 million,

$1,654 million, $1,984 million (2024: $2,539 million, $1,530 million, $989 million), North Mara and Bulyanhulu, $269 million, $118 million,

$143 million (2024: $203 million, $111 million, $81 million), Loulo-Gounkoto, $101 million, $97 million, $(74) million (2024: $269 million,

$140 million, $107 million) and Tongon, $42 million, $27 million, $13 million (2024: $41 million, $32 million, $1 million).

<sup>3</sup>Revenue and Cost of Sales for Loulo-Gounkoto for 2025 relates only to the periods of which we controlled the mine.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **108** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Reconciliation of Reportable Segment Income to Income Before Income Taxes**

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| Reportable segment income | **$7861** | $4262 |
| Segment income from Other Mines | **1234** | 727 |
| Share of equity investees in reportable segment income | **(527)** | (316) |
| Other revenue | **(105)** | 8 |
| Other cost of sales/amortization | **(56)** | (62) |
| Exploration, evaluation and project expenses not attributable to segments | **(335)** | (351) |
| General and administrative expenses | **(222)** | (115) |
| Other income not attributable to segments | **711** | 21 |
| Impairment reversals (charges) | **(12)** | 457 |
| Loss on currency translation | **(3)** | (39) |
| Closed mine rehabilitation | **(8)** | (59) |
| Income from equity investees | **444** | 241 |
| Finance costs, net (includes non-segment accretion) | **(176)** | (179) |
| Gain (loss) on non-hedge derivatives | **(1)** | 13 |
| Income before income taxes | **$8805** | $4608 |

---

**Geographic Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Non-current assets | Non-current assets | Revenue<sup>1</sup> | Revenue<sup>1</sup> |
|  | **As at December** <br>**31, 2025**<br>| As at December <br>31, 2024<br>| **2025** | 2024 |
| United States | **$17335** | $17305 | **$9498** | $6616 |
| Dominican Republic | **5230** | 5163 | **2300** | 1429 |
| Mali | **3337** | 3441 | **505** | 1346 |
| Zambia | **3228** | 2804 | **1487** | 855 |
| Tanzania | **2254** | 2209 | **1683** | 1265 |
| Democratic Republic of Congo | **2155** | 2020 | **—** |  |
| Chile | **1856** | 1920 | **9** | 9 |
| Pakistan | **1791** | 934 | **—** |  |
| Argentina | **1667** | 1667 | **766** | 683 |
| Papua New Guinea | **770** | 781 | **—** |  |
| Saudi Arabia | **412** | 403 | **—** |  |
| Peru | **78** | 64 | **—** |  |
| Canada | **49** | 522 | **302** | 320 |
| Côte d'Ivoire | **—** | 188 | **406** | 399 |
| Unallocated | **1198** | 573 | **—** |  |
| Total | **$41360** | $39994 | **$16956** | $12922 |

---

<sup>1</sup>Geographic location is presented based on the location of the mine from which the product originated.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **109** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Capital Expenditures Information**

---

| | | |
|:---|:---|:---|
|  | Segment Capital Expenditures<sup>1</sup> | Segment Capital Expenditures<sup>1</sup> |
|  | **As at December 31, 2025** | As at December 31, 2024 |
| Carlin | **$661** | $818 |
| Cortez | **414** | 397 |
| Turquoise Ridge | **102** | 103 |
| Pueblo Viejo | **366** | 269 |
| Loulo-Gounkoto | **23** | 383 |
| Kibali | **154** | 127 |
| Lumwana | **689** | 457 |
| North Mara | **206** | 178 |
| Bulyanhulu | **163** | 150 |
| Other Mines | **282** | 261 |
| Segment total | **$3060** | $3143 |
| Other items not allocated to segments | **896** | 274 |
| Total | **$3956** | $3417 |
| Share of equity investee | **(154)** | (127) |
| Total | **$3802** | $3290 |

---

<sup>1</sup>Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the

consolidated statements of cash flow are presented on a cash basis. In 2025, cash expenditures were $3,821 million (2024: $3,174 million)

and the decrease in accrued expenditures was $19 million (2024: $116 million increase).

**6** ■**Revenue**

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| **Gold sales** |  |  |
| Spot market sales | **$14438** | $11268 |
| Concentrate sales | **674** | 536 |
| Provisional pricing adjustments | **35** | 16 |
|  | **$15147** | $11820 |
| **Copper sales** |  |  |
| Copper concentrate sales | **$1411** | $871 |
| Provisional pricing adjustments | **64** | (16) |
|  | **$1475** | $855 |
| **Other sales**<sup>1</sup> | **$334** | $247 |
| **Total** | **$16956** | $12922 |

---

<sup>1</sup>Revenues from the sale of by-products from our gold and

copper mines.

For the year ended December 31, 2025, the Company has

three customers that individually account for more than

10% of the Company's total revenue. These customers

represent approximately 26%, 12% and 11% of total

revenue. However, because gold can be sold through

numerous gold market traders worldwide (including a large

number of financial institutions), the Company is not

economically dependent on a limited number of customers

for the sale of its product.

**Principal Products**

All of our gold mining operations produce gold in doré form,

except Phoenix and Bulyanhulu, which produce both gold

doré and gold concentrate. Gold doré is unrefined gold

bullion bars usually consisting of 90% gold that is refined to

pure gold bullion prior to sale to our customers.

Concentrate is a semi-processed product containing the

valuable metal minerals from which most of the waste

mineral has been removed. Our Lumwana mine produces a

concentrate (which primarily contains copper), and copper

cathodes. Our Phoenix mine produces a concentrate that

contains both gold and copper. Incidental revenues from the

sale of by-products, primarily copper, silver and energy at

our gold mines, are classified within other sales.

**Provisional Copper and Gold Sales**

We have provisionally priced sales for which price

finalization, referenced to the relevant copper and gold

index, is outstanding at the balance sheet date. Our

exposure at December 31, 2025 to the impact of future

movements in market commodity prices for provisionally

priced sales is set out in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Volumes subject to <br>final pricing<br> Copper (millions)<br> Gold (000s) | Volumes subject to <br>final pricing<br> Copper (millions)<br> Gold (000s) | Impact on net income <br>before taxation of <br>10% movement in <br>market price | Impact on net income <br>before taxation of <br>10% movement in <br>market price |
| As at December 31 | **2025** | 2024 | **2025** | 2024 |
| Copper pounds<sup>1</sup> | **56** | 63 | **$30** | $25 |
| Gold ounces | **29** | 48 | **13** | 13 |

---

<sup>1</sup>Amounts in thousands of tonnes: 2025: 25; 2024: 28.

At December 31, 2025, our provisionally priced copper

sales subject to final settlement were recorded at an

average price of $5.34/lb (2024: $4.04/lb). At December 31,

2025, our provisionally priced gold sales subject to final

settlement were recorded at an average price of $4,337/oz

(2024: $2,636/oz). The sensitivities in the above tables

have been determined as the impact of a 10% change in

commodity prices at each reporting date, while holding all

other variables, including foreign currency exchange rates,

constant.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **110** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**7** ■**Cost of Sales**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Gold | Gold | Copper | Copper | Other<sup>4</sup> | Other<sup>4</sup> | Total | Total |
| For the years ended December 31 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Site operating cost<sup>1,2,3</sup> | **$5056** | $5068 | **$477** | $389 | **$—** | $— | **$5533** | $5457 |
| Depreciation<sup>1</sup> | **1588** | 1641 | **285** | 245 | **33** | 29 | **1906** | 1915 |
| Royalty expense | **540** | 405 | **108** | 67 | **—** |  | **648** | 472 |
| Mining and production taxes<sup>5</sup> | **132** | 78 | **—** |  |  |  | **132** | 78 |
| Community relations | **41** | 34 | **5** | 5 | **—** |  | **46** | 39 |
| Total | **$7357** | $7226 | **$875** | $706 | **$33** | $29 | **$8265** | $7961 |

---

<sup>1</sup>Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value of $4 million (2024: $48 million). Refer to

note 17.

<sup>2</sup>Site operating costs includes the costs of extracting by-products.

<sup>3</sup>Includes employee costs of $1,697 million (2024: $1,664 million).

<sup>4</sup>Other includes corporate amortization.

<sup>5</sup>2024 figures have been changed to present mining and production taxes separately from site operating costs.

**8** ■**Exploration, Evaluation and Project Expenses**

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| Global exploration and evaluation<sup>1</sup> | **$220** | $153 |
| Project costs: |  |  |
| Reko Diq | **11** | 126 |
| Other | **109** | 76 |
| Minesite exploration and evaluation<sup>1</sup> | **27** | 37 |
| Total exploration, evaluation and project <br>expenses<br>| **$367** | $392 |

---

<sup>1</sup>Approximates the impact on operating cash flow.

**9** ■**Other Expense (Income)**

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| Other Expense: |  |  |
| Severance costs | **$50** | $— |
| Litigation legal expenses | **72** | 25 |
| Litigation settlement accruals | **91** |  |
| Loulo-Gounkoto (note 35)<sup>1</sup> | **625** | 84 |
| Loss (gain) on warrant investments at FVPL | **(1)** | 4 |
| Bank charges | **6** | 4 |
| Loulo-Gounkoto reduced operations costs | **136** |  |
| Tanzania community relations projects<sup>2</sup> | **10** | 40 |
| Tax interest and penalties | **—** | 62 |
| Tongon customs and royalty settlements | **—** | 60 |
| Write-offs  | **41** |  |
| Other | **33** | 57 |
| Total other expense | **$1063** | $336 |
| Other Income: |  |  |
| Gain on sale of non-current assets<sup>3</sup> | **($1477)** | ($24) |
| Twiga partnership economic benefits sharing <br>adjustment<br>| **(10)** | (22) |
| Remeasurement of contingent consideration | **(41)** |  |
| Insurance proceeds related to Pueblo Viejo | **—** | (46) |
| Loss (gain) on non-hedge derivatives | **1** | (13) |
| Interest income on other assets | **(45)** | (17) |
| Total other income | **($1572)** | ($122) |
| Total | **($509)** | $214 |

---

<sup>1</sup>2024 amount relates to payment to the Government of Mali ("GoM") to

advance negotiations.

<sup>2</sup>2025 amount relates to commitment for education program and 2024

amounts relate to commitment for road construction, both under the

Twiga partnership.

<sup>3</sup>2025 includes a gain of $745 million related to the sale of the Donlin

Gold project, a gain of $546 million related to the sale of Hemlo, a gain

of $134 million related to the sale of Tongon and a gain of $53 million

related to the sale of the Alturas Project (refer to note 4 for further

details).

**10** ■**Impairment Charges (Reversals)**

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| Impairment charges (reversals) of non-<br>current assets<sup>1</sup><br>| **$12** | ($941) |
| Impairment of goodwill<sup>1</sup> | **—** | 484 |
| Total | **$12** | ($457) |

---

<sup>1</sup>Refer to note 21 for further details.

**11**■**General and Administrative Expenses**

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| Corporate administration | **$103** | $95 |
| Share-based compensation | **119** | 20 |
| Total<sup>1</sup> | **$222** | $115 |

---

<sup>1</sup>Includes employee costs of $170 million (2024: $73 million).

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **111** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**12** ■**Income Tax Expense**

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| Tax on profit  |  |  |
| Current tax |  |  |
| Charge for the year | **$2062** | $1063 |
| Adjustment in respect of prior years<sup>1</sup> | **(26)** | 9 |
|  | **$2036** | $1072 |
| Deferred tax |  |  |
| Origination and reversal of temporary <br>differences in the current year<br>| **($379)** | $478 |
| Adjustment in respect of prior years<sup>1</sup> | **(6)** | (30) |
|  | **($385)** | $448 |
| Income tax expense | **$1651** | $1520 |
| Tax expense related to operations | Tax expense related to operations | Tax expense related to operations |
| Current |  |  |
| Canada | **$34** | $8 |
| International | **2002** | 1064 |
|  | **$2036** | $1072 |
| Deferred |  |  |
| Canada | **($31)** | $4 |
| International | **(354)** | 444 |
|  | **($385)** | $448 |
| Income tax expense | **$1651** | $1520 |

---

<sup>1</sup>Includes adjustments to equalize the difference between prior year's

tax return and the year-end provision.

---

| | | |
|:---|:---|:---|
| **Reconciliation to Canadian Statutory Rate** | **Reconciliation to Canadian Statutory Rate** |  |
| For the years ended December 31 | **2025** | 2024 |
| At 26.5% statutory rate | **$2334** | $1221 |
| Increase (decrease) due to: |  |  |
| Allowances and special tax deductions<sup>1</sup> | **(226)** | (211) |
| Impact of foreign tax rates<sup>2</sup> | **(314)** | 18 |
| Non-deductible expenses / (non-taxable <br>income)<br>| **130** | 111 |
| Loulo-Gounkoto (note 35) | **(324)** |  |
| Goodwill impairment charges not tax deductible | **—** | 145 |
| Impact of non-current assets disposals  | **(258)** | 2 |
| Net currency translation losses on current and <br>deferred tax balances<br>| **41** | 52 |
| Tax impact from pass-through entities and <br>equity accounted investments<br>| **(535)** | (263) |
| Current year tax results sheltered by previously <br>unrecognized deferred tax assets<br>| **76** | (5) |
| Recognition and derecognition of deferred tax <br>assets<br>| **27** | (26) |
| Settlements and adjustments in respect of prior <br>years<br>| **2** | 116 |
| Increase to income tax related contingent <br>liabilities<br>| **(33)** | 1 |
| Withholding taxes | **160** | 70 |
| Mining taxes | **584** | 290 |
| Tax impact of amounts recognized within <br>accumulated OCI<br>| **(8)** |  |
| Other items | **(5)** | (1) |
| Income tax expense | **$1651** | $1520 |

---

<sup>1</sup>We are able to claim certain allowances, incentives and tax deductions

unique to extractive industries that result in a lower effective tax rate.

<sup>2</sup>We operate in multiple foreign tax jurisdictions that have tax rates

different than the Canadian statutory rate.

**Currency Translation**

Current and deferred tax balances are subject to

remeasurement for changes in foreign currency exchange

rates each period. This is required in countries where tax is

paid in local currency and the subsidiary has a different

functional currency (typically US dollars). The most

significant relate to Argentine and Malian tax balances.

In 2025, a tax recovery of $26 millionarose from

net translation gains on deferred tax balances in Mali (prior

to their deconsolidation) and Argentina due to the

strengthening of the West African CFA, partially offset by

the weakening of the Argentine peso against the US dollar.

In 2024, a net tax expense of $52 millionarose from

translation losses on tax balances, mainly due to the

weakening of the Argentine peso and the West African CFA

against the US dollar.These net translation losses are

included within income tax expense.

**Withholding Taxes**

In 2025, we have recorded $6 million (2024: $3 million

related to Saudi Arabia) of dividend withholding taxes

related to the undistributed earnings of our subsidiaries in

Saudi Arabia. We have also recorded $139 million (2024:

$45 million related to Saudi Arabia, Peru and the United

States) of dividend withholding taxes related to the

distributed earnings of our subsidiaries in Argentina, Côte

d'lvoire, Saudi Arabia, Tanzania and the United States.

**Recognition of Deferred Tax Assets**

In 2025, we utilized previously unrecognized deferred tax

assets in Canada in connection with the sale of Hemlo. The

transaction has resulted in a taxable gain that provided

sufficient Canadian taxable profit to support the utilization of

a portion of previously unrecognized Canadian tax loss

carryforwards.

Outside of this transaction, it remains not probable

that sufficient future taxable profits will be available in

Canada to utilize the remaining deferred tax assets.

Accordingly, no additional tax loss carryforwards are

expected to be utilized in Canada in the foreseeable future.

**Sale of Non-Current Assets**

In 2025, we completed the sale of the Alturas project and

the Hemlo and Tongon mines (refer to note 4 for further

information). Income tax expense for the year was not

materially impacted by the gains on disposal of our interest

in these assets. This was primarily attributable to the

availability of previously unrecognized tax attributes

alongside the non-taxable nature of certain capital

disposals under local tax regimes. Consequently, these

disposals represent a permanent difference between

accounting profit and taxable income.

**Nevada Gold Mines ("NGM")**

NGM is a limited liability company treated as a flow through

partnership for US tax purposes. The partnership is not

subject to federal income tax directly, but each of its

partners is liable for tax on its share of the profits of the

partnership. As such, Barrick accounts for its current and

deferred income tax associated with the investment (61.5%

% share) following the principles outlined in IAS 12.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **112** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**United States Tax Reform**

Under the Inflation Reduction Act signed in August 2022,

the United States implemented a 15% corporate alternative

minimum tax ("CAMT") on applicable financial statement

income, effective for tax years beginning after December

31, 2022, with CAMT credit carryforwards having an

indefinite life. Barrick is subject to CAMT as it meets the

requisite income thresholds for a foreign-parented multi-

national group.

While final regulations are still awaited, since its

introduction, Barrick has recognized a deferred tax asset

from the CAMT credit carryforwards anticipating recovery

against future US Federal Income Tax liabilities.

**Organisation for Economic Co-operation and**

**Development ("OECD") Pillar Two model rules**

These rules apply to multinational enterprises with annual

consolidated revenues of at least €750 million in at least

two of the prior four fiscal years immediately preceding the

relevant fiscal year, which is reflective of our status.

Canada enacted Pillar Two legislation in Q2 2024,

effective for fiscal years commencing on or after December

31, 2023. Other jurisdictions in which the group operates

have either enacted or are in the process of enacting similar

legislation. On January 5, 2026, the OECD's Inclusive

Framework announced a package of administrative

guidance including new safe harbors and an extension of

the Transitional Country-by-Country Reporting Safe Harbor.

The guidance is intended to provide compliance

simplifications for multinational enterprises and will be

incorporated into the Commentary to the Global Anti-Base

Erosion Model Rules.

In terms of the income tax accounting, we have

applied the exception available under the amendments to

IAS 12 published by the IASB in May 2023 and are not

recognizing or disclosing information about deferred tax

assets and liabilities related to Pillar Two income taxes. Our

review of Pillar Two for the current year, based on the

OECD's Transitional Safe Harbour rules as implemented in

the Global Minimum Tax Act in Canada, has not identified

any material amounts to be accrued for 2025. We have

assessed the potential impact of these new safe harbors

and do not expect the updates to result in a material

incremental tax cost under the current application of the

standard. As the law is evolving, both in Canada and

elsewhere, we will continue to monitor the impact of this

legislation.

**Mining Taxes**

In addition to corporate income tax, we pay mining taxes in

the United States (Nevada), the Dominican Republic, and

Canada (Ontario). NGM is subject to a Net Proceeds of

Minerals tax in Nevada at a rate of 5% and the tax expense

recorded in 2025 was $282 million (2024: $145 million). The

other significant mining tax is the Dominican Republic's Net

Profits Interest tax, which is determined based on cash

flows as defined by the Pueblo Viejo Special Lease

Agreement. A tax expense of $283 million (2024: $134

million) was recorded for this in 2025. Both taxes are

included on a consolidated basis in the Company's

consolidated statements of income.

**Impairments**

In 2025, we recorded net impairment charges of $12 million

(2024: net impairment reversals of $941 million) for non-

current assets. Refer to note 21 for further information.

A deferred tax expense of $nil (2024: deferred tax

expense of $321 million primarily related to the impairment

reversals at Lumwana and Veladero) was recorded.

**13** ■**Earnings Per Share**

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the years ended December 31 ($ millions, except shares in millions and per share <br>amounts in dollars) | **2025** | **2025** | 2024 | 2024 |
| For the years ended December 31 ($ millions, except shares in millions and per share <br>amounts in dollars) | **Basic** | **Diluted** | Basic | Diluted |
| Net income | **$7154** | **$7154** | $3088 | $3088 |
| Net income attributable to non-controlling interests | **(2161)** | **(2161)** | (944) | (944) |
| Net income attributable to the equity holders of Barrick Mining Corporation | **$4993** | **$4993** | $2144 | $2144 |
| Weighted average shares outstanding | **1707** | **1707** | 1751 | 1751 |
| Basic and diluted earnings per share data attributable to the equity holders of Barrick <br>Mining Corporation<br>| **$2.93** | **$2.93** | $1.22 | $1.22 |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **113** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**14** ■**Finance Costs, Net**

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| Interest expense<sup>1</sup> | **$409** | $452 |
| Amortization of debt issue costs | **1** | 1 |
| Amortization of premium | **(1)** | (1) |
| Interest on lease liabilities | **4** | 4 |
| Loss on interest rate hedges | **1** | 1 |
| Interest capitalized<sup>2</sup> | **(55)** | (33) |
| Accretion | **89** | 89 |
| Finance income | **(221)** | (281) |
| Total | **$227** | $232 |

---

<sup>1</sup>Interest in the consolidated statements of cash flow is presented on a cash basis. In 2025, cash interest paid was $291 million (2024: $380

million).

<sup>2</sup>For the year ended December 31, 2025, the general capitalization rate was 6.00% (2024: 6.40%).

**15** ■**Cash Flow – Other Items**

---

| | | |
|:---|:---|:---|
| **Operating Cash Flows - Other Items**  |  |  |
| For the years ended December 31 | **2025** | 2024 |
| Adjustments for non-cash income statement items: |  |  |
| Loss (gain) on non-hedge derivatives | **$1** | ($13) |
| Stock-based compensation expense  | **270** | 65 |
| Loss (gain) on warrant investments at FVPL | **(1)** | 4 |
| Tanzania community relations projects<sup>1</sup> | **10** | 37 |
| Twiga partnership economic benefits sharing adjustment | **(10)** | (22) |
| Insurance proceeds related to Pueblo Viejo | **—** | (46) |
| Change in estimate of rehabilitation costs at closed mines | **(28)** | 15 |
| Inventory impairment charges (note 17) | **3** | 34 |
| Non-cash revenue recognized on Pueblo Viejo gold and silver streaming agreement | **(68)** | (35) |
| Remeasurement of contingent consideration | **(41)** |  |
| Litigation settlement accruals | **91** |  |
| Change in other assets and liabilities | **(307)** | (56) |
| Settlement of stock-based compensation | **(117)** | (66) |
| Settlement of rehabilitation obligations | **(178)** | (197) |
| Other operating activities | **($375)** | ($280) |
| Cash flow arising from changes in: |  |  |
| Accounts receivable | **($45)** | ($4) |
| Inventory | **214** | (172) |
| Value added taxes receivable<sup>2</sup> | **(172)** | (298) |
| Other current assets  | **(69)** | 59 |
| Accounts payable | **(53)** | 48 |
| Other current liabilities | **102** | (15) |
| Change in working capital | **($23)** | ($382) |

---

<sup>1</sup>2024 amounts relate to commitment for road construction under the Twiga partnership.

<sup>2</sup>Excludes$175 million (2024: $107 million) of VAT receivables that were settled against offsetting of income taxes payable and $97 million

(2024: $41 million) of VAT receivables that were settled against offsetting of other duties and liabilities.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **114** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**16** ■**Investments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Equity Accounting Method Investment Continuity** |  |  |  |  |  |  |
|  | Kibali | Jabal Sayid | Zaldívar | Porgera | Other | Total |
| At January 1, 2024 | $2119 | $391 | $874 | $703 | $46 | $4133 |
| Investment in equity accounting method investment |  |  |  | 7 |  | 7 |
| Equity pick-up (loss) from equity investees | 108 | 119 | 1 | 22 | (2) | 248 |
| Funds invested |  |  |  | 55 | 4 | 59 |
| Dividends received from equity investees | (88) | (109) |  |  | (1) | (198) |
| Non-cash dividends received from equity investees<sup>1</sup> | (124) |  |  |  |  | (124) |
| Equity earnings adjustment |  |  |  | (7) |  | (7) |
| Shareholder loan repayment |  |  |  |  | (6) | (6) |
| At December 31, 2024 | $2015 | $401 | $875 | $780 | $41 | $4112 |
| Equity pick-up (loss) from equity investees | 203 | 139 | (26) | 121 |  | 437 |
| Funds invested |  |  |  |  | 1 | 1 |
| Dividends received from equity investees | (67) | (130) |  |  | (2) | (199) |
| Equity earnings adjustment |  |  |  | 7 |  | 7 |
| Shareholder loan repayment |  |  |  | (138) | (4) | (142) |
| At December 31, 2025 | $2151 | $410 | $849 | $770 | $36 | $4216 |

---

<sup>1</sup> Includes a non-cash dividend distributed as JV receivable. Refer to note 18 and note 22.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summarized Equity Investee Financial Information** |  |  | | | | |  |  |
|  | Kibali | Kibali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabal Sayid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabal Sayid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zaldívar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zaldívar | Porgera | Porgera |
| For the years ended December 31 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Revenue | **$2311** | $1650 | **$633** | $544 | **$790** | $714 | **$1291** | $445 |
| Cost of sales (excluding depreciation) | **753** | 639 | **221** | 188 | **658** | 517 | **442** | 191 |
| Depreciation  | **303** | 294 | **55** | 48 | **189** | 178 | **133** | 58 |
| Finance expense (income) | **69** | 77 | **1** | 1 | **6** | 7 | **33** | (21) |
| Other expense (income) | **54** | 49 | **1** |  | **14** | 2 | **(2)** | 7 |
| Income (loss) before income taxes | **$1132** | $591 | **$355** | $307 | **($77)** | $10 | **$685** | $210 |
| Income tax (expense) recovery | **(678)** | (346) | **(76)** | (69) | **26** | (8) | **(218)** | (82) |
| Net income (loss) | **$454** | $245 | **$279** | $238 | **($51)** | $2 | **$467** | $128 |
| Other comprehensive loss | **—** |  | **—** |  | **(1)** | (4) | **—** |  |
| Total comprehensive income (loss) | **$454** | $245 | **$279** | $238 | **($52)** | ($2) | **$467** | $128 |
| Net income (loss) (net of non-controlling interests) | **$406** | $216 | **$279** | $238 | **($51)** | $2 | **$467** | $128 |
| **Summarized Balance Sheet** |  |  |  |  |  |  |  |  |
|  | Kibali | Kibali | Jabal Sayid | Jabal Sayid | Zaldívar | Zaldívar | Porgera | Porgera |
| For the years ended December 31 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Cash and equivalents | **$244** | $89 | **$129** | $105 | **$87** | $97 | **$155** | $91 |
| Other current assets<sup>1</sup> | **303** | 309 | **172** | 163 | **598** | 659 | **346** | 258 |
| Total current assets | **$547** | $398 | **$301** | $268 | **$685** | $756 | **$501** | $349 |
| Non-current assets | **3831** | 3851 | **392** | 395 | **1803** | 1762 | **3158** | 3106 |
| Total assets | **$4378** | $4249 | **$693** | $663 | **$2488** | $2518 | **$3659** | $3455 |
| Current financial liabilities (excluding trade, other <br>payables & provisions)<br>| **$679** | $968 | **$4** | $1 | **$50** | $78 | **$28** | $20 |
| Other current liabilities | **489** | 351 | **104** | 96 | **165** | 103 | **183** | 123 |
| Total current liabilities | **$1168** | $1319 | **$108** | $97 | **$215** | $181 | **$211** | $143 |
| Non-current financial liabilities (excluding trade, other <br>payables & provisions)<br>| **75** | 62 | **2** | 1 | **5** | 7 | **—** | 1 |
| Other non-current liabilities | **836** | 875 | **7** | 8 | **555** | 565 | **818** | 806 |
| Total non-current liabilities | **$911** | $937 | **$9** | $9 | **$560** | $572 | **$818** | $807 |
| Total liabilities | **$2079** | $2256 | **$117** | $106 | **$775** | $753 | **$1029** | $950 |
| Net assets | **$2299** | $1993 | **$576** | $557 | **$1713** | $1765 | **$2630** | $2505 |
| Net assets (net of non-controlling interests) | **$2078** | $1806 | **$576** | $557 | **$1713** | $1765 | **$2630** | $2505 |

---

<sup>1</sup>Zaldívar other current assets include inventory of $365 million (2024: $545 million).

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **115** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

The information above reflects the amounts presented in the financial information of the joint venture adjusted for differences

between IFRS and local GAAP and fair value adjustments on acquisition of equity in investees.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Summarized Financial Information to Carrying Value** |  |  |  |  |
|  | Kibali | Jabal Sayid | Zaldívar | Porgera |
| Opening net assets (net of non-controlling interests) | $1806 | $557 | $1765 | $2505 |
| Income (loss) for the period (net of non-controlling interests) | 406 | 279 | (51) | 467 |
| Dividends received from equity investees | (134) | (260) |  |  |
| Dividends to other shareholders |  |  |  | (61) |
| Other comprehensive loss |  |  | (1) |  |
| Shareholder loan repayment |  |  |  | (276) |
| Other |  |  |  | (5) |
| Closing net assets (net of non-controlling interests), December 31 | $2078 | $576 | $1713 | $2630 |
| Barrick's share of net assets  | 1040 | 287 | 857 | 770 |
| Equity earnings adjustment |  |  | (10) |  |
| Other comprehensive loss |  |  | 2 |  |
| Goodwill recognition | 1111 | 123 |  |  |
| Carrying value | $2151 | $410 | $849 | $770 |

---

**17**■**Inventories**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Gold | Gold | Copper | Copper |
|  | **As at** <br>**December 31,** <br>**2025**<br>| As at <br>December 31, <br>2024<br>| **As at** <br>**December 31,** <br>**2025**<br>| As at <br>December <br>31, 2024<br>|
| Raw materials |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore in stockpiles | **$3019** | $2847 | **$283** | $205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore on leach pads | **558** | 470 | **—** |  |
| Mine operating supplies | **606** | 707 | **76** | 52 |
| Work in process | **181** | 136 | **—** |  |
| Finished products<sup>1</sup> | **130** | 258 | **7** | 50 |
|  | **$4494** | $4418 | **$366** | $307 |
| Non-current ore in stockpiles and on leach pads<sup>2</sup> | **(2577)** | (2616) | **(215)** | (167) |
|  | **$1917** | $1802 | **$151** | $140 |

---

<sup>1</sup>On January 2, 2025, an interim attachment order was issued by the Senior Investigating Judges of the Pôle National Économique et

Financier ("Pôle Économique") against the existing gold stock on the site of the Loulo-Gounkoto mining complex. On January 11, 2025, the

gold was removed from the site to a custodial bank. This gold doré had a carrying value of $92 million at the time of its removal and was

included in finished products as at December 31, 2024. This gold doré was part of the acquired assets when Barrick regained control of the

Loulo-Gounkoto mining complex on December 16, 2025 and was sold before the end of the 2025 year. Refer to notes 4 and 35 for further

details.

<sup>2</sup>Ore that we do not expect to process in the next 12 months is classified within other long-term assets.

---

| | | |
|:---|:---|:---|
| **Inventory Impairment Charges** |  |  |
| For the years ended December 31 | **2025** | 2024 |
| Cortez | **$3** | $28 |
| Carlin | **—** | 17 |
| Long Canyon | **1** | 2 |
| Phoenix | **—** | 1 |
| Inventory impairment charges | **$4** | $48 |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **116** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | | |
|:---|:---|:---|
| **Ore in Stockpiles** | **As at December** <br>**31, 2025**<br>| As at December <br>31, 2024<br>|
| **Gold** |  |  |
| Carlin | **$1184** | $1045 |
| Pueblo Viejo | **835** | 811 |
| Loulo-Gounkoto | **166** | 126 |
| Turquoise Ridge | **267** | 297 |
| Cortez | **221** | 206 |
| North Mara | **174** | 182 |
| Phoenix | **138** | 114 |
| Veladero | **33** | 48 |
| Tongon | **—** | 17 |
| Bulyanhulu | **1** | 1 |
| **Copper** |  |  |
| Lumwana | **283** | 205 |
|  | **$3302** | $3052 |
| **Ore on Leach pads** | **As at December** <br>**31, 2025**<br>| As at December <br>31, 2024<br>|
| **Gold** |  |  |
| Veladero | **$228** | $190 |
| Carlin | **147** | 148 |
| Cortez | **130** | 95 |
| Turquoise Ridge | **34** | 34 |
| Long Canyon | **—** | 3 |
| Phoenix | **19** |  |
|  | **$558** | $470 |

---

**Purchase Commitments**

At December 31, 2025, we had purchase obligations for supplies and consumables of approximately $3,837 million

(2024: $1,621 million).

**18** ■**Accounts Receivable and Other Current Assets**

---

| | | |
|:---|:---|:---|
|  | **As at December** <br>**31, 2025**<br>| As at December <br>31, 2024<br>|
| **Accounts receivable** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts due from concentrate sales | **$250** | $204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | **541** | 559 |
|  | **$791** | $763 |
| **Other current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Value added taxes recoverable<sup>1</sup> | **199** | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **192** | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kibali JV Receivable<sup>2</sup> | **133** | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>3</sup> | **128** | 103 |
|  | **$652** | $853 |

---

<sup>1</sup>Primarily includes VAT and fuel tax recoverables of $43 million in Zambia,$62 millionin Mali, $nil in Côte d'Ivoire, $39 million in Tanzania,

$33 million in Argentina, $nil in Peru, and $16 million in the Dominican Republic (Dec. 31, 2024: $63 million, $100 million, $52 million, $41

million, $33 million, $23 millionand $12 million, respectively).

<sup>2</sup>Refer to note 16 for further details.

<sup>3</sup>2025 and 2024 balances include $50 million asset reflecting the final settlement of Zambian tax matters.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **117** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**19**■**Property, Plant and Equipment**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Buildings,** <br>**plant and** <br>**equipment**<sup>1</sup><br>| **Mining property** <br>**costs subject to** <br>**depreciation**<sup>2,3</sup><br>| **Mining property** <br>**costs not subject** <br>**to depreciation**<sup>2,4</sup><br>| **Total** |
| At January 1, 2025 |  |  |  |  |
| Net of accumulated depreciation | **$8989** | **$15085** | **$4485** | **$28559** |
| Additions<sup>5</sup> | **6** | **116** | **3754** | **3876** |
| Capitalized interest | **—** | **—** | **55** | **55** |
| Acquisitions<sup>6</sup> | **838** | **2097** | **196** | **3131** |
| Divestitures<sup>7</sup> | **(746)** | **(2719)** | **(583)** | **(4048)** |
| Disposals | **(2)** | **(1)** | **(5)** | **(8)** |
| Depreciation | **(1103)** | **(1096)** | **—** | **(2199)** |
| Impairment charges | **(4)** | **(2)** | **(6)** | **(12)** |
| Transfers<sup>8</sup> | **1017** | **1489** | **(2506)** | **—** |
| At December 31, 2025 | **$8995** | **$14969** | **$5390** | **$29354** |
| At December 31, 2025 |  |  |  |  |
| Cost | **$21675** | **$34943** | **$17359** | **$73977** |
| Accumulated depreciation and impairments | **(12680)** | **(19974)** | **(11969)** | **(44623)** |
| Net carrying amount – December 31, 2025 | **$8995** | **$14969** | **$5390** | **$29354** |
|  | Buildings, <br>plant and <br>equipment<sup>1</sup><br>| Mining property <br>costs subject to <br>depreciation<sup>2,3</sup><br>| Mining property <br>costs not subject to <br>depreciation<sup>2,4</sup><br>| Total |
| At January 1, 2024 |  |  |  |  |
| Cost | $19121 | $34622 | $17113 | $70856 |
| Accumulated depreciation and impairments | 12206 | 20279 | 11955 | 44440 |
| Net carrying amount – January 1, 2024 | $6915 | $14343 | $5158 | $26416 |
| Additions<sup>5</sup> | 21 | 135 | 3092 | 3248 |
| Capitalized interest |  |  | 33 | 33 |
| Disposals | (8) |  | (1) | (9) |
| Depreciation | (1052) | (1018) |  | (2070) |
| Impairment reversals (charges) | 347 | 602 | (8) | 941 |
| Transfers<sup>8</sup> | 2766 | 1023 | (3789) |  |
| At December 31, 2024 | $8989 | $15085 | $4485 | $28559 |
| At December 31, 2024 |  |  |  |  |
| Cost | $21773 | $35740 | $16448 | $73961 |
| Accumulated depreciation and impairments | (12784) | (20655) | (11963) | (45402) |
| Net carrying amount – December 31, 2024 | $8989 | $15085 | $4485 | $28559 |

---

<sup>1</sup>Additions include $31 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2025 (2024:

$20 million). Depreciation includes depreciation for leased right-of-use assets of $15 million for the year ended December 31, 2025 (2024:

$17 million). The net carrying amount of leased right-of-use assets was $45 million as at December 31, 2025 (2024: $53 million).

<sup>2</sup>Includes capitalized reserve acquisition costs, capitalized development costs and capitalized exploration and evaluation costs other than

exploration license costs included in intangible assets.

<sup>3</sup>Assets subject to depreciation include the following items for production stage properties: acquired mineral reserves and resources,

capitalized mine development costs, capitalized stripping and capitalized exploration and evaluation costs.

<sup>4</sup>Assets not subject to depreciation include construction-in-progress, projects and acquired mineral resources and exploration potential at

operating minesites and development projects.

<sup>5</sup>Additions include revisions to the capitalized cost of closure and rehabilitation activities.

<sup>6</sup>Relates to the acquisition of our Loulo-Gounkoto mine. Refer to notes 4 and 35 for further details.

<sup>7</sup>Primarily relates to the divestment of our Hemlo and Tongon mines, Donlin Gold project and the deconsolidation of our Loulo-Gounkoto

mine upon loss of control. Refer to notes 4 and 35 for further details.

<sup>8</sup>Primarily relates to non-current assets that are transferred between categories within PP&E once they are placed into service.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **118** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**a) Mining Property Costs Not Subject to Depreciation**

---

| | | |
|:---|:---|:---|
|  | **Carrying** <br>**amount at** <br>**Dec. 31,** <br>**2025**<br>| Carrying <br>amount at <br>Dec. 31, <br>2024<br>|
| Construction-in-progress<sup>1</sup> | **$2190** | $1856 |
| Acquired mineral resources and <br>exploration potential<br>| **53** | 53 |
| Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pascua-Lama | **721** | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norte Abierto | **701** | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reko Diq | **1725** | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Donlin Gold | **—** | 251 |
|  | **$5390** | $4485 |

---

<sup>1</sup>Represents assets under construction at our operating

minesites.

**b) Changes in Gold and Copper Mineral Life of Mine**

**Plan**

As part of our annual business cycle, we prepare updated

estimates of proven and probable gold and copper mineral

reserves and the portion of resources considered probable

of economic extraction for each mineral property. This

forms the basis for our LOM plans. We prospectively revise

calculations of amortization expense for property, plant and

equipment amortized using the UOP method, where the

denominator is our LOM ounces. The effect of changes in

our LOM on amortization expense for 2025 was a $10

million decrease (2024: $21 million decrease).

**c) Capital Commitments**

In addition to entering into various operational commitments

in the normal course of business, we had commitments of

approximately $2,329 million at December 31, 2025 (2024:

$605 million) for construction activities at our sites and

projects.

**d) Other Lease Disclosure**

The Company leases various buildings, plant and

equipment as part of the normal course of operations.

Lease terms are negotiated on an individual basis and

contain a wide range of different terms and conditions.

Refer to note 25 for a lease maturity analysis. Included in

net income for 2025 are short-term payments and variable

lease payments not included in the measurement of lease

liabilities of $10 million (2024: $9 million) and $165 million

(2024: $203 million), respectively.

**20** ■**Goodwill and Other Intangible Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **a) Intangible Assets** |  |  |  |  |
|  | Water rights<sup>1</sup> | Technology<sup>2</sup> | Exploration <br>potential<sup>3</sup><br>| Total |
| Opening balance January 1, 2024 | $61 | $6 | $82 | $149 |
| Amortization and impairment losses |  | (1) |  | (1) |
| Closing balance December 31, 2024 | $61 | $5 | $82 | $148 |
| Amortization and impairment losses |  |  |  |  |
| Closing balance December 31, 2025 | $61 | $5 | $82 | $148 |
| Cost | $61 | $17 | $252 | $330 |
| Accumulated amortization and impairment losses |  | (12) | (170) | (182) |
| Net carrying amount December 31, 2025 | $61 | $5 | $82 | $148 |

---

<sup>1</sup>Relates to water rights in South America, and will be amortized through cost of sales when we begin using these in the future.

<sup>2</sup>The amount is amortized through cost of sales using the UOP method over LOM ounces of the Pueblo Viejo mine, with no assumed

residual value.

<sup>3</sup>Exploration potential consists of the estimated fair value attributable to exploration licenses acquired as a result of a business combination

or asset acquisition. The carrying value of the licenses will be transferred to PP&E when the development of attributable mineral resources

commences.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **119** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**b) Goodwill**

---

| | | | |
|:---|:---|:---|:---|
|  | Closing balance <br>December 31, 2024<br>| Disposals | **Closing balance** <br>**December 31, 2025**<br>|
| Carlin | $1294 | $— | **$1294** |
| Cortez | 899 |  | **899** |
| Turquoise Ridge | 722 |  | **722** |
| Phoenix | 119 |  | **119** |
| Hemlo | 63 | (63) | **—** |
| Total | $3097 | ($63) | **$3034** |

---

On a total basis, the gross amount and accumulated impairment losses are as follows:

---

| | |
|:---|:---|
| Cost  | $10476 |
| Accumulated impairment losses December 31, 2025 | (7442) |
| Net carrying amount December 31, 2025 | $3034 |

---

**21**■**Impairment and Reversal of Non-Current Assets**

**Summary of impairments (reversals)**

For the year ended December 31, 2025, we recorded a net

impairment of $12 million (2024: net impairment reversal of

$941 million) for non-current assets and $nil (2024: $484

million) of impairment to goodwill, as summarized in the

following table:

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| Lumwana | **$—** | ($655) |
| Veladero | **—** | (437) |
| Carlin | **6** | 82 |
| Long Canyon | **—** | 49 |
| Pueblo Viejo | **1** | 10 |
| Cortez | **4** | 9 |
| Other | **1** | 1 |
| Total impairment charges <br>(reversals) of non-current assets<br>| **$12** | ($941) |
| Loulo-Gounkoto goodwill | **—** | 484 |
| Total goodwill impairment charges | **$—** | $484 |
| Total impairment charges <br>(reversals)<br>| **$12** | ($457) |

---

**2025 Indicators of Impairment and Reversals**

In Q4 2025, as per our policy, we performed our annual

goodwill impairment test as required by IAS 36 and

identified no impairments. For certain CGUs a prior year

calculation of the recoverable amount was used for the

annual goodwill impairment test, since all criteria described

in note 2o were satisfied (Carlin, Cortez and Turquoise

Ridge used 2023 recoverable amount; Phoenix used 2024

recoverable amount). Also in Q4 2025, we reviewed the

updated LOM plans for our other operating minesites for

indicators of impairment or reversal.

**2024 Indicators of Impairment and Reversals**

In Q4 2024, as per our policy, we performed our annual

goodwill impairment test as required by IAS 36 and

identified a goodwill impairment at Loulo-Gounkoto. For

certain CGUs a prior year calculation of the recoverable

amount was used for the annual goodwill impairment test,

since all criteria described in note 2o were satisfied (Carlin,

Cortez and Turquoise Ridge used 2023 recoverable

amount). Also, in Q4 2024, we reviewed the updated LOM

plans for our other operating minesites for indicators of

impairment or reversal. We noted indicators of impairment

reversal at our Lumwana and Veladero mines and of

impairment at our Carlin and Long Canyon mines. The key

assumptions used in these impairment assessments are

detailed below.

Loulo-Gounkoto

The Company and the Government of Mali had been

engaged in an ongoing dispute over the existing mining

conventions of Somilo and Gounkoto (together, the

"Conventions"). On January 14, 2025, due to the

restrictions imposed by the Government of Mali on gold

shipments, the Company announced that the Loulo-

Gounkoto mining complex would temporarily suspend

operations (refer to note 35 for more information). In Q4

2024, we determined that the carrying value of

$3,564 million exceeded the FVLCD. We recorded a

goodwill impairment of $484 million based on a FVLCD of

$3,080 million.

Lumwana

In Q4 2024, we updated the LOM plan for Lumwana and we

observed an increase in the mine's discounted cash flows

reflecting the increased confidence of the Super Pit

Expansion following the completion of the feasibility study

and higher copper price assumptions. We determined that

this was an indicator of impairment reversal and concluded

that the mine's FVLCD exceeded its carrying value. We

recorded a partial non-current asset impairment reversal of

$655 million.

Veladero

In Q4 2024, we updated the LOM plan for Veladero and we

observed an increase in the mine's discounted cash flows

reflecting higher gold prices and a decrease in the WACC

primarily due to lower country risk. We determined that this

was an indicator of impairment reversal and concluded that

the mine's FVLCD exceeded its carrying value and we

recorded a non-current asset impairment reversal of $437

million, which represents a full reversal of the non-current

asset impairments recorded in 2018 and 2022.

Carlin

In Q4 2024, we updated the LOM plan for Carlin and

identified that due to a change in the mine plan, an area of

the Goldstrike open pit was no longer economic to be

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **120** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

mined. As a result, we identified a non-current asset

impairment of $82 million related to a capitalized stripping

asset that no longer had a future benefit.

Long Canyon

In Q4 2024, we decided to place the mine in closure and

remove the associated mineral resources from our

December 31, 2024 Mineral Reserves and Resources

statement. As a result, we identified a non-current asset

impairment of $49 million on assets that no longer had a

future benefit.

**Key Assumptions**

Recoverable amount has been determined based on the

estimated FVLCD, which has been determined to be

greater than the VIU amounts. The key assumptions and

estimates used in determining the FVLCD are related to

future metal prices, WACC, NAV multiples for gold assets,

operating costs, capital expenditures, closure costs, future

production levels, continued license to operate, and the

expected start of production for our projects. In addition,

assumptions are related to observable market evaluation

metrics, including identification of comparable entities, and

associated market values per ounce or per pound of

reserves and/or resources, as well as the fair value of

mineral resources outside of LOM plans.

Gold

For the gold CGUs where a recoverable amount was

required to be determined, FVLCD was determined by

calculating the net present value ("NPV") of the future cash

flows expected to be generated by the mines and projects

within the CGU (Level 3 of the fair value hierarchy). The

estimates of future cash flows were derived from the LOM

plans and, where the LOM plans exclude a material portion

of total reserves and resources, we assign value to

resources not considered in these models. Based on

observable market or publicly available data, including

equity sell-side analyst forecasts, we make an assumption

of future gold, copper and silver prices to estimate future

revenues. The future cash flows for each gold mine are

discounted using a real WACC, which reflects specific

market risk factors for each mine. Some gold companies

trade at a market capitalization greater than the NPV of

their expected cash flows. Market participants describe this

as a "NAV multiple", which represents the multiple applied

to the NPV to arrive at the trading price. The NAV multiple

is generally understood to take account of a variety of

additional value factors such as the exploration potential of

the mineral property, namely the ability to find and produce

more metal than what is currently included in the LOM plan

or reserve and resource estimates, and the benefit of gold

price optionality. As a result, we applied a specific NAV

multiple to the NPV of each CGU within each gold segment

based on the NAV multiples observed in the market in

recent periods and that we judged to be appropriate to the

CGU.

Copper

For the copper CGU where a recoverable amount was

required to be determined, FVLCD was determined by

calculating the NPV of the future cash flows expected to be

generated by the mine and projects within the CGU (Level 3

of the fair value hierarchy). The estimates of future cash

flows were derived from the LOM plans, and may include

value attributed to potential projects that would have value

to a market participant. Based on observable market or

publicly available data, including equity sell-side analyst

forecasts, we make an assumption of future copper prices

to estimate future revenues. The future cash flows for each

copper mine are discounted using a real WACC, which

reflects specific market risk factors for each mine.

Assumptions

The short-term and long-term gold and copper price

assumptions used in our fourth quarter 2025 and 2024

impairment testing are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Gold price per oz (short-term) | **$3800** | $2400 |
| Gold price per oz (long-term) | **3000** | 1850 |
| Copper price per lb (short-term) | **4.80** | 4.25 |
| Copper price per lb (long-term) | **4.40** | 4.00 |

---

Neither the increase in the long-term gold price nor long-

term copper price assumption from 2024 were considered

an indicator of impairment reversal as the increased price

would not, in isolation, have resulted in the identification of

an impairment reversal at our CGUs with reversible

impairments. The other key assumptions used in our

impairment testing, based on the CGUs tested in each year,

are summarized in the following table:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| WACC - gold (range) | **5%-8%** | 5%-9% |
| WACC - gold (avg) | **6%** | 6% |
| WACC - copper  | **9%** | 12% |
| NAV multiple - gold (avg) | **1.2** | 1.2 |
| LOM years - gold (avg) | **24** | 21 |

---

**Sensitivities**

Should there be a significant increase or decline in

commodity prices, we would take actions to assess the

implications on our LOM plans, including the determination

of reserves and resources, and the appropriate cost

structure for the CGU. The recoverable amount of the CGU

would be affected by these changes and also be impacted

by other market factors such as changes in NAV multiples

and the value per ounce or pound of comparable market

entities.

We performed a sensitivity analysis on each gold

CGU that was tested for impairment, as well as those gold

CGUs which we believe are most sensitive to changes in

the key assumptions. We flexed the gold prices, WACC

and NAV multiple, which are the most significant

assumptions that impact the impairment calculations. We

first assumed a +/- $100 per ounce change in our gold price

assumptions, while holding all other assumptions constant.

We then assumed a +/-1% change in our WACC,

independent from the change in gold prices, while holding

all other assumptions constant. Finally, we assumed a +/-

0.1 change in the NAV multiple, while holding all other

assumptions constant. These sensitivities help to determine

the theoretical impairment losses that would be recorded

with these changes in gold prices, WACC and NAV multiple.

None of those changes would result in an impairment loss.

We also performed a sensitivity analysis on

Zaldívar. We flexed the copper prices and the WACC, which

are the most significant assumptions that impact the

impairment calculations. We first assumed a +/- $0.25 per

pound change in our copper price assumptions, while

holding all other assumptions constant. We then assumed a

+/-1% change in our WACC, independent from the change

in copper prices, while holding all other assumptions

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **121** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

constant. These sensitivities help to determine the

theoretical impairment losses that would be recorded with

these changes in copper prices and WACC. If the copper

price per pound was decreased by $0.25, a non-current

asset impairment of $108 million would have been

recognized.No other changes would result in an

impairment loss.

The carrying value of the CGUs that are most

sensitive to changes in the key assumptions used in the

FVLCD calculation are:

---

| | |
|:---|:---|
| As at December 31, 2025 | Carrying Value |
| Loulo-Gounkoto | **$2522** |
| Kibali<sup>1</sup> | **2484** |
| Lumwana | **2767** |
| Zaldívar | **849** |

---

<sup>1</sup>Kibali's carrying value is comprised of the equity investment

and JV receivable.

**22** ■**Other Assets**

---

| | | |
|:---|:---|:---|
|  | **As at December** <br>**31, 2025**<br>| As at December <br>31, 2024<br>|
| Value added taxes <br>receivable<sup>1</sup><br>| **$192** | $222 |
| Other investments<sup>2</sup> | **131** | 42 |
| Notes receivable<sup>3</sup> | **247** | 217 |
| Norte Abierto JV partner <br>receivable and contingent <br>consideration<br>| **71** | 51 |
| Restricted cash<sup>4</sup> | **101** | 65 |
| Contingent consideration<sup>5</sup> | **169** |  |
| Kibali JV receivable<sup>6</sup> | **200** | 202 |
| Prepayments<sup>7</sup> | **317** | 234 |
| PV resettlement receivable | **164** | 86 |
| Other | **181** | 176 |
|  | **$1773** | $1295 |

---

<sup>1</sup>Includes VAT and fuel tax receivables of $114 in Mali, $4 million

in Argentina, $1 million in Tanzania, $55 million in Chile and

$18 million in Peru. (Dec. 31, 2024: $100 million, $6 million,

$69 million, $47 million, and $nil, respectively).

<sup>2</sup>Includes equity investments in other mining companies.

<sup>3</sup>Primarily represents the interest bearing promissory note due

from NOVAGOLD.

<sup>4</sup>Primarily represents the cash balance at Pueblo Viejo that is

contractually restricted in respect of disbursements for

environmental rehabilitation, which are expected to occur near

the end of Pueblo Viejo's mine life.

<sup>5</sup>Primarily includes contingent consideration relating to the

divestments of the Tongon mine, Hemlo mine and Alturas

project. Refer to note 4 for further details.

<sup>6</sup>Refer to note 16 for further details.

<sup>7</sup>Primarily relates to prepaid royalties at Carlin and Pueblo Viejo.

**23** ■**Accounts Payable**

---

| | | |
|:---|:---|:---|
|  | **As at** <br>**December** <br>**31, 2025**<br>| As at <br>December <br>31, 2024<br>|
| Accounts payable | **$646** | $655 |
| Accruals | **905** | 673 |
| Payroll accruals | **308** | 285 |
|  | **$1859** | $1613 |

---

**24** ■**Other Current Liabilities**

---

| | | |
|:---|:---|:---|
|  | **As at** <br>**December** <br>**31, 2025**<br>| As at <br>December <br>31, 2024<br>|
| Provision for environmental <br>rehabilitation (note 27b)<br>| **$181** | $226 |
| Deposit on Pueblo Viejo gold and <br>silver streaming agreement<br>| **36** | 40 |
| Share-based payments (note 34) | **192** | 54 |
| Derivative liabilities (note 25c) | **89** |  |
| Pueblo Viejo JV partner <br>shareholder loan (note 29)<br>| **52** | 60 |
| Other | **166** | 80 |
|  | **$716** | $460 |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **122** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**25** ■**Financial Instruments**

Financial instruments include cash; evidence of ownership in an entity; or a contract that imposes an obligation on one party and

conveys a right to a second entity to deliver/receive cash or another financial instrument. Information on certain types of financial

instruments is included elsewhere in these consolidated financial statements as follows: accounts receivable (note 18); and

restricted share units (note 34a).

**a) Cash and Equivalents**

Cash and equivalents include cash, term deposits, treasury bills and money market investments with original maturities of less

than 90 days.

---

| | | |
|:---|:---|:---|
|  | **As at December 31, 2025** | As at December 31, 2024 |
| Cash deposits | **$5369** | $3120 |
| Term deposits | **1337** | 954 |
|  | **$6706** | $4074 |

---

Of total cash and cash equivalents as of December 31, 2025, $nil (2024: $nil) was held in subsidiaries which have regulatory or

contractual restrictions or operate in countries where exchange controls and other legal restrictions apply and are therefore not

available for general use by the Company.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **123** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**b) Debt and Interest**<sup>1</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Closing balance** <br>**December 31, 2024**<br>| **Proceeds** | **Repayments** | **Amortization** <br>**and other**<sup>2</sup><br>| **Closing balance** <br>**December 31, 2025**<br>|
| 5.7% notes<sup>3,10</sup> | **$844** | **$—** | **$—** | **$—** | **$844** |
| 5.25% notes<sup>4</sup> | **373** | **—** | **—** | **—** | **373** |
| 5.80% notes<sup>5,10</sup> | **397** | **—** | **—** | **2** | **399** |
| 6.35% notes<sup>6,10</sup> | **595** | **—** | **—** | **—** | **595** |
| Other fixed rate notes<sup>7,10</sup> | **1042** | **—** | **(2)** | **2** | **1042** |
| Leases<sup>8</sup> | **59** | **—** | **(12)** | **—** | **47** |
| Other debt obligations | **574** | **—** | **(12)** | **(4)** | **558** |
| 5.75% notes<sup>9,10</sup> | **845** | **—** | **—** | **—** | **845** |
|  | **$4729** | **$—** | **($26)** | **$—** | **$4703** |
| Less: current portion<sup>11</sup> | **(24)** |  |  |  | **(56)** |
|  | **$4705** |  |  |  | **$4647** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Closing balance <br>December 31, 2023<br>| Proceeds | Repayments | Amortization and <br>other<sup>2</sup><br>| Closing balance <br>December 31, 2024<br>|
| 5.7% notes<sup>3,10</sup> | $844 | $— | $— | $— | $844 |
| 5.25% notes<sup>4</sup> | 373 |  |  |  | 373 |
| 5.80% notes<sup>5,10</sup> | 396 |  |  | 1 | 397 |
| 6.35% notes<sup>6,10</sup> | 595 |  |  |  | 595 |
| Other fixed rate notes<sup>7,10</sup> | 1042 |  |  |  | 1042 |
| Leases<sup>8</sup> | 56 |  | (14) | 17 | 59 |
| Other debt obligations | 576 |  |  | (2) | 574 |
| 5.75% notes<sup>9,10</sup> | 844 |  |  | 1 | 845 |
|  | $4726 | $— | ($14) | $17 | $4729 |
| Less: current portion<sup>11</sup> | (11) |  |  |  | (24) |
|  | $4715 |  |  |  | $4705 |

---

<sup>1</sup>The agreements that govern our long-term debt each contain various provisions which are not summarized herein. These provisions allow

Barrick, at its option, to redeem indebtedness prior to maturity at specified prices and also may permit redemption of debt by Barrick upon

the occurrence of certain specified changes in tax legislation.

<sup>2</sup>Amortization of debt premium/discount and increases (decreases) in capital leases.

<sup>3</sup>Consists of $850 million (2024: $850 million) of our wholly-owned subsidiary Barrick North America Finance LLC ("BNAF") notes due 2041.

<sup>4</sup>Consists of $375 million (2024: $375 million) of 5.25% notes which mature in 2042.

<sup>5</sup>Consists of $400 million (2024: $400 million) of 5.80% notes which mature in 2034.

<sup>6</sup>Consists of $600 million (2024: $600 million) of 6.35% notes which mature in 2036.

<sup>7</sup>Consists of $1.1 billion (2024: $1.1 billion) in conjunction with our wholly-owned subsidiary BNAF and our wholly-owned subsidiary Barrick

(PD) Australia Finance Pty Ltd. ("BPDAF"). This consists of $250 million (2024: $250 million) of BNAF notes due 2038 and $805 million

(2024: $807 million) of BPDAF notes due 2039.

<sup>8</sup>Consists primarily of leases at Nevada Gold Mines, $9 million, Loulo-Gounkoto, $17 million, Veladero, $2 million, Lumwana, $1 million,

Hemlo, $nil, North Mara, $4 million, Tongon, $nil, and Reko Diq, $9 million (2024: $12 million, $18 million, $2 million, $1 million, $9 million,

$4 million, $5 million, $nil, respectively).

<sup>9</sup>Consists of $850 million (2024: $850 million) in conjunction with our wholly-owned subsidiary BNAF.

<sup>10</sup>We provide an unconditional and irrevocable guarantee on all BNAF, BPDAF, Barrick Gold Finance Company ("BGFC"), and Barrick (HMC)

Mining ("BHMC") notes and generally provide such guarantees on all BNAF, BPDAF, BGFC, and BHMC notes issued, which rank equally

with our other unsecured and unsubordinated obligations.

<sup>11</sup>The current portion of long-term debt consists of $9 million of leases (2024: $13 million) and $47 million of other debt obligations (2024: $11

million).

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **124** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

5.7% Notes

In June 2011, BNAF issued an aggregate of $4.0 billion in

debt securities including $850 million of 5.70% notes that

mature in 2041 issued by BNAF (collectively, the "BNAF

Notes"). Barrick provides an unconditional and irrevocable

guarantee of the BNAF Notes, which rank equally with

Barrick's other unsecured and unsubordinated obligations.

5.25% Notes

On April 3, 2012, we issued an aggregate of $2 billion in

debt securities including $750 million of 5.25% notes that

mature in 2042. During 2022, $375 million of the 5.25%

notes was repaid.

Other Fixed Rate Notes

On October 16, 2009, we issued debentures through our

wholly-owned indirect subsidiary BPDAF consisting of $850

million of 30-year notes with a coupon rate of 5.95%. We

also provide an unconditional and irrevocable guarantee of

these payments, which rank equally with our other

unsecured and unsubordinated obligations. During 2023,

$43 million of the 5.95% notes was repaid. During 2025,

$2 million of the 5.95% notes was repaid.

In September 2008, we issued an aggregate of

$1.25 billion of notes through our wholly-owned indirect

subsidiaries BNAF and BGFC including $250 million of 30-

year notes with a coupon rate of 7.5%. We also provide an

unconditional and irrevocable guarantee of these payments,

which rank equally with our other unsecured and

unsubordinated obligations.

5.75% Notes

On May 2, 2013, we issued an aggregate of $3 billion in

notes through Barrick and our wholly-owned indirect

subsidiary BNAF including $850 million of 5.75% notes

issued by BNAF that mature in 2043. $2 billion of the net

proceeds from this offering was used to repay amounts

outstanding under our revolving Credit Facility at that time.

We provide an unconditional and irrevocable guarantee on

the $850 million of 5.75% notes issued by BNAF, which

rank equally with our other unsecured and unsubordinated

obligations.

Credit Facility

In May 2025, we completed an update of the credit and

guarantee agreement (the "Credit Facility") with certain

Lenders, which requires such Lenders to make available to

us a credit facility of $3.0 billion or the equivalent amount in

Canadian dollars. The Credit Facility, which is unsecured,

currently has an interest rate of Secured Overnight

Financing Rate ("SOFR") plus 1.00% on drawn amounts,

and a standby rate of 0.09% on undrawn amounts. The

Credit Facility incorporates sustainability-linked metrics

which are made up of annual environmental and social

performance targets directly influenced by Barrick's actions,

rather than based on external ratings. The performance

targets include Scope 1 and Scope 2 greenhouse gas

emissions intensity, water use efficiency (reuse and

recycling rates), and total recordable injury frequency rate.

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. As part of the update, the termination date of the

Credit Facility was extended from May 2029 to May 2030.

The Credit Facility was undrawn as at December 31, 2025.

**Interest**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 |
| For the years ended December 31 | **Interest cost** | **Effective rate**<sup>1</sup> | Interest cost | Effective rate<sup>1</sup> |
| 5.7% notes | **$49** | **5.74%** | $49 | 5.74% |
| 5.25% notes | **20** | **5.29%** | 20 | 5.29% |
| 5.80% notes | **23** | **5.85%** | 23 | 5.85% |
| 6.35% notes | **38** | **6.41%** | 38 | 6.41% |
| Other fixed rate notes | **68** | **6.41%** | 68 | 6.41% |
| Leases | **4** | **6.60%** | 4 | 8.16% |
| Other debt obligations | **34** | **6.17%** | 35 | 6.17% |
| 5.75% notes | **49** | **5.79%** | 49 | 5.79% |
| Deposits on Pascua-Lama silver sale agreement (note 29) | **5** | **2.82%** | 5 | 2.82% |
| Deposits on Pueblo Viejo gold and silver streaming agreement (note 29) | **18** | **4.04%** | 28 | 6.16% |
| Other interest<sup>2</sup> | **106** |  | 138 |  |
|  | **$414** |  | $457 |  |
| Less: interest capitalized | **(55)** |  | (33) |  |
|  | **$359** |  | $424 |  |

---

<sup>1</sup>The effective rate includes the stated interest rate under the debt agreement, amortization of debt issue costs and debt discount/premium

and the impact of interest rate contracts designated in a hedging relationship with debt.

<sup>2</sup>This includes $11 million (2024: $78 million) relating to finance costs in Argentina.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **125** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Scheduled Debt Repayments**<sup>1</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Issuer | Maturity <br>Year<br>| 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and <br>thereafter<br>| Total |
| 7.37% notes<sup>2</sup> | BGC | 2026 | $32 | $— | $— | $— | $— | $— | $32 |
| 8.05% notes<sup>2</sup> | BGC | 2026 | 15 |  |  |  |  |  | 15 |
| 6.38% notes<sup>2</sup> | BGC | 2033 |  |  |  |  |  | 200 | 200 |
| 5.80% notes | BGC | 2034 |  |  |  |  |  | 200 | 200 |
| 5.80% notes | BGFC | 2034 |  |  |  |  |  | 200 | 200 |
| 6.45% notes<sup>2</sup> | BGC | 2035 |  |  |  |  |  | 300 | 300 |
| 6.35% notes | BHMC | 2036 |  |  |  |  |  | 600 | 600 |
| 7.50% notes<sup>3</sup> | BNAF | 2038 |  |  |  |  |  | 250 | 250 |
| 5.95% notes<sup>3</sup> | BPDAF | 2039 |  |  |  |  |  | 805 | 805 |
| 5.70% notes | BNAF | 2041 |  |  |  |  |  | 850 | 850 |
| 5.25% notes | BGC | 2042 |  |  |  |  |  | 375 | 375 |
| 5.75% notes | BNAF | 2043 |  |  |  |  |  | 850 | 850 |
|  |  |  | $47 | $— | $— | $— | $— | $4630 | $4677 |
| Minimum annual payments <br>under leases<br>|  |  | $9 | $9 | $5 | $4 | $3 | $17 | $47 |

---

<sup>1</sup>This table illustrates the contractual undiscounted cash flows, and may not agree with the amounts disclosed in the consolidated balance

sheet.

<sup>2</sup>Included in Other debt obligations in the Long-Term Debt table.

<sup>3</sup>Included in Other fixed rate notes in the Long-Term Debt table.

**c)&nbsp;&nbsp;&nbsp;&nbsp;Derivative Instruments ("Derivatives")**

In the normal course of business, our assets, liabilities and

forecasted transactions, as reported in US dollars, are

impacted by various market risks including, but not limited

to:

---

| | |
|:---|:---|
| **Item** | **Impacted by** |
| ●&nbsp;&nbsp;&nbsp;&nbsp;Revenue<br>| ●&nbsp;&nbsp;&nbsp;&nbsp;Prices of gold, silver and <br>copper<br>|
| ●&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales |  |
| o&nbsp;&nbsp;&nbsp;&nbsp;Consumption of <br>diesel fuel, propane, <br>natural gas, and <br>electricity<br>| o&nbsp;&nbsp;&nbsp;&nbsp;Prices of diesel fuel, <br>propane, natural gas, and <br>electricity<br>|
| o&nbsp;&nbsp;&nbsp;&nbsp;Non-US dollar <br>expenditures<br>| o&nbsp;&nbsp;&nbsp;&nbsp;Currency exchange rates - <br>US dollar versus A$, ARS, C$, <br>DOP, EUR, TZS, XOF, ZAR <br>and ZMW<br>|
| ●&nbsp;&nbsp;&nbsp;&nbsp;General and <br>administration, exploration <br>and evaluation costs<br>| ●&nbsp;&nbsp;&nbsp;&nbsp;Currency exchange rates - US <br>dollar versus A$, ARS, C$, DOP, <br>GBP, PKR, TZS, XOF, ZAR, and <br>ZMW<br>|
| ●&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures |  |
| o&nbsp;&nbsp;&nbsp;&nbsp;Non-US dollar <br>capital expenditures<br>| o&nbsp;&nbsp;&nbsp;&nbsp;Currency exchange rates - <br>US dollar versus A$, ARS, C$, <br>DOP, EUR, GBP, PKR, TZS, <br>XOF, ZAR, and ZMW<br>|
| o&nbsp;&nbsp;&nbsp;&nbsp;Consumption of <br>steel<br>| o&nbsp;&nbsp;&nbsp;&nbsp;Price of steel |
| ●&nbsp;&nbsp;&nbsp;&nbsp;Interest earned on <br>cash and equivalents<br>| ●&nbsp;&nbsp;&nbsp;&nbsp;US dollar interest rates |
| ●&nbsp;&nbsp;&nbsp;&nbsp;Interest paid on fixed-<br>rate borrowings<br>| ●&nbsp;&nbsp;&nbsp;&nbsp;US dollar interest rates |

---

The time frame and manner in which we manage those

risks varies for each item based upon our assessment of

the risk and available alternatives for mitigating risk. For

these particular risks, we believe that derivatives are an

appropriate way of managing the risk.

We use derivatives as part of our risk

management program to mitigate variability associated with

changing market values related to the hedged item. Many

of the derivatives we use meet the hedge effectiveness

criteria and are designated in a hedge accounting

relationship.

Certain derivatives are designated as either

hedges of the fair value of recognized assets or liabilities or

of firm commitments ("fair value hedges") or hedges of

highly probable forecasted transactions ("cash flow

hedges"), collectively known as "accounting hedges".

Hedges that are expected to be highly effective in achieving

offsetting changes in fair value or cash flows are assessed

on an ongoing basis to determine that they actually have

been highly effective throughout the financial reporting

periods for which they were designated. Some of the

derivatives we use are effective in achieving our risk

management objectives, but they do not meet the strict

hedge accounting criteria. These derivatives are considered

to be "non-hedge derivatives".

During2024, we did not enter into any derivative

contracts for US dollar interest rates, currencies, metals or

commodity inputs.

During 2025, we entered into 25,000 ounces of

zero cost gold collars that mature every month between

September 2025 and August 2028 for a total of 900,000

ounces. These contracts contain purchased put and sold

call options with strike prices of $3,100/oz and $4,310/oz,

respectively. They are designated as cash flow hedges,

with the effective portion of the hedge recognized in other

comprehensive income (loss) and the ineffective portion

recognized as loss (gain) on non-hedge derivatives. The

realized loss (gain) related to these positions is $nil for

2025 (2024: $nil). As at December 31, 2025, the fair value

of the remaining derivatives is a loss of $386 million

(December 31, 2024: $nil), with $89 million recorded as

other current liabilities and $297 million recorded as other

non-current liabilities (December 31, 2024: $nil and $nil,

respectively). As at December 31, 2025, 800,000 ounces of

gold collars remain outstanding.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **126** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**26**■**Fair Value Measurements**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between

market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation

techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or

liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active

markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves

observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility

measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market

data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the

highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

**a) &nbsp;&nbsp;&nbsp;&nbsp;Assets and Liabilities Measured at Fair Value on a Recurring Basis**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value Measurements** |  |  |  |  |
| At December 31, 2025 | **Quoted Prices in** <br>**Active Markets for** <br>**Identical Assets** <br>| **Significant Other** <br>**Observable Inputs**<br>| **Significant** <br>**Unobservable Inputs**<br>| **Aggregate Fair** <br>**Value** |
| At December 31, 2025 | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Aggregate Fair** <br>**Value** |
| Contingent consideration<sup>3</sup> | **$—** | **$—** | **$240** | **$240** |
| Other investments<sup>1</sup> | **131** | **—** | **—** | **131** |
| Derivatives<sup>2</sup> | **—** | **(386)** | **—** | **(386)** |
| Receivables from provisional copper and gold sales | **—** | **250** | **—** | **250** |
| Receivable from NOVAGOLD<sup>4</sup> | **—** | **—** | **168** | **168** |
|  | **$131** | **($136)** | **$408** | **$403** |
| **Fair Value Measurements** |  |  |  |  |
| At December 31, 2024 | Quoted Prices in <br>Active Markets for <br>Identical Assets <br>| Significant Other <br>Observable Inputs<br>| Significant <br>Unobservable Inputs<br>| Aggregate Fair <br>Value |
| At December 31, 2024 | (Level 1) | (Level 2) | (Level 3) | Aggregate Fair <br>Value |
| Contingent consideration<sup>3</sup> | $— | $— | $58 | $58 |
| Other investments<sup>1</sup> | 42 |  |  | 42 |
| Receivables from provisional copper and gold sales |  | 204 |  | 204 |
|  | $42 | $204 | $58 | $304 |

---

<sup>1</sup> Includes equity investments in other mining companies.

<sup>2</sup>Refer to note 25c for further details.

<sup>3</sup>2025 primarily includes contingent consideration relating to the Tongon mine, Norte Abierto project, Hemlo mine and Alturas project. 2024 primarily includes

contingent consideration relating to the Norte Abierto project and has been changed to include contingent consideration.

<sup>4</sup>Refer to note 4 for further details.

**b) Fair Values of Financial Assets and Liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At December 31, 2025** | **At December 31, 2025** | At December 31, 2024 | At December 31, 2024 |
|  | **Carrying amount** | **Estimated fair value** | Carrying amount | Estimated fair value |
| Financial assets |  |  |  |  |
| Other assets<sup>1</sup> | **$940** | **$940** | $891 | $891 |
| Other investments<sup>2</sup> | **131** | **131** | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration<sup>3</sup> | **240** | **240** | 58 | 58 |
|  | **$1311** | **$1311** | $991 | $991 |
| Financial liabilities |  |  |  |  |
| Debt<sup>4</sup> | **$4703** | **$4970** | $4729 | $4821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities<sup>5</sup> | **386** | **386** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **803** | **803** | 595 | 595 |
|  | **$5892** | **$6159** | $5324 | $5416 |

---

<sup>1</sup>Includes restricted cash and amounts due from our partners and joint ventures.

<sup>2</sup>Includes equity investments in other mining companies. Recorded at fair value. Quoted market prices are used to determine fair value.

<sup>3</sup>2025 primarily includes contingent consideration relating to the Tongon mine, Norte Abierto project, Hemlo mine and Alturas project. 2024 primarily includes

contingent consideration relating to the Norte Abierto project and have been changed to include contingent consideration.

<sup>4</sup>Debt is generally recorded at amortized cost. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-

term portions of debt.

<sup>5</sup>Refer to note 25 for further details.

The fair values of the Company's remaining financial assets and liabilities, which include cash and equivalents, accounts

receivable and trade and other payables, approximate their carrying values due to their short-term nature. We do not offset

financial assets with financial liabilities.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **127** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**c) Assets Measured at Fair Value** **Valuation Techniques**

Receivables from Provisional Copper and Gold Sales

The fair value of receivables arising from copper and gold sales contracts that contain provisional pricing mechanisms is

determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular

metal. As such, these receivables, which meet the definition of an embedded derivative, are classified within Level 2 of the fair

value hierarchy.

Other Long-Term Assets

The fair value of property, plant and equipment, goodwill, intangibles and other assets is determined primarily using an income

approach based on unobservable cash flows, and as a result is classified within Level 3 of the fair value hierarchy. Refer to note

21 for disclosure of inputs used to develop these measures.

Contingent Consideration

The fair value of contingent consideration is determined based on unobservable production and/or resource conversion, and as a

result is classified within Level 3 of the fair value hierarchy. The significant unobservable input used is forecasted gold prices,

which ranged from $2,700/oz to $3,965/oz in 2025 (2024: $1,500/oz). The higher the forecasted gold price, the higher the fair

value.

Derivative Instruments

The fair value of derivative instruments is determined using option pricing models that utilize a variety of inputs that are a

combination of quoted prices and market-corroborated inputs. As a result, the derivative instruments are classified within Level 2

of the fair value hierarchy.

**27**■**Provisions**

---

| | | |
|:---|:---|:---|
| **a) Provisions** |  |  |
|  | **As at December** <br>**31, 2025**<br>| As at December <br>31, 2024<br>|
| Environmental rehabilitation <br>("PER")<br>| **$1602** | $1751 |
| Post-retirement benefits | **33** | 34 |
| Share-based payments <br>(note 34)<br>| **50** | 23 |
| Other employee benefits | **30** | 32 |
| Other | **131** | 122 |
|  | **$1846** | $1962 |

---

---

| | | |
|:---|:---|:---|
| **b) Environmental Rehabilitation** |  |  |
|  | **2025** | 2024 |
| At January 1 | **$1977** | $2153 |
| PERs divested during the year<sup>1</sup> | **(103)** |  |
| Closed Sites |  |  |
| Impact of revisions to expected cash <br>flows recorded in earnings<br>| **(16)** | 38 |
| Settlements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash payments | **(99)** | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement gains | **(6)** | (10) |
| Accretion | **42** | 41 |
| Operating Sites |  |  |
| PER revisions in the year | **26** | (92) |
| Settlements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash payments | **(79)** | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement gains | **(6)** | (4) |
| Accretion | **47** | 48 |
| At December 31 | **$1783** | $1977 |
| Current portion (note 24) | **(181)** | (226) |
|  | **$1602** | $1751 |

---

<sup>1</sup> 2025 primarily relates to the divestment of our Hemlo and

Tongon mines (refer to note 4 for further details).

The eventual settlement of substantially all PERs estimated

is expected to take place between 2026 and 2065.

The total PER has decreased in Q4 2025 by $44 million

primarily due to spending incurred during the quarter,

combined with an increase in the discount rate, partially

offset by the acquisition of Loulo-Gounkoto after control

was obtained in Q4 (refer to note 35 for details) and

accretion. For the year ended December 31, 2025, our PER

balance decreased by $194 million primarily due to

spending incurred during the year, combined with the

divestment of Hemlo and Tongon (refer to note 4 for further

details), partially offset by accretion. A 1% increase in the

discount rate would result in a decrease in the PER by $196

million and a 1% decrease in the discount rate would result

in an increase in the PER by $242 million, while holding the

other assumptions constant.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **128** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**28**■**Financial Risk Management**

Our financial instruments are comprised of financial

liabilities and financial assets. Our principal financial

liabilities, other than derivatives, comprise accounts

payable and debt. The main purpose of these financial

instruments is to manage short-term cash flow and raise

funds for our capital expenditure program. Our principal

financial assets, other than derivative instruments, are cash

and equivalents, restricted cash, contingent consideration,

accounts receivable, notes receivable, JV receivable and

JV partner receivable, which arise directly from our

operations. In the normal course of business, we use

derivative instruments to mitigate exposure to various

financial risks.

We manage our exposure to key financial risks in

accordance with our financial risk management policy. The

objective of the policy is to support the delivery of our

financial targets while protecting future financial security.

The main risks that could adversely affect our financial

assets, liabilities or future cash flows are as follows:

a.Market risk, including commodity price risk, foreign

currency and interest rate risk;

b.Credit risk;

c.Liquidity risk; and

d.Capital risk management.

Management designs strategies for managing each of

these risks, which are summarized below. Our senior

management oversees the management of financial risks,

ensuring that our financial risk-taking activities are

governed by policies and procedures and that financial risks

are identified, measured and managed in accordance with

our policies and our risk appetite. All derivative activities for

risk management purposes are carried out by the

appropriate personnel.

**a) Market Risk**

Market risk is the risk that changes in market factors, such

as commodity prices, foreign exchange rates or interest

rates, will affect the value of our financial instruments. We

manage market risk by either accepting it or mitigating it

through the use of derivatives and other economic hedging

strategies.

Commodity Price Risk

*Gold and Copper*

We sell our gold and copper production in the world market.

The market prices of gold and copper are the primary

drivers of our profitability and ability to generate both

operating and free cash flow. Our corporate treasury group

may implement hedging strategies on an opportunistic

basis to protect us from downside price risk on our gold and

copper production. We have800,000 ounces of gold collars

outstanding as at December 31, 2025. We did not enter into

any positions during 2024. Our remaining gold and copper

production is subject to market prices.

*Fuel*

We consume diesel fuel and natural gas to run our

operations. Diesel fuel is refined from crude oil and is

therefore subject to the same price volatility affecting crude

oil prices. Therefore, volatility in crude oil and natural gas

prices have a direct and indirect impact on our production

costs.

Foreign Currency Risk

The functional and reporting currency for all of our

operating segments is the US dollar and we report our

results using the US dollar. The majority of our operating

and capital expenditures are denominated and settled in US

dollars. We have exposure to the Argentine peso through

operating costs at our Veladero mine, and peso

denominated VAT receivable balances. We also have

exposure to the Canadian and Australian dollars, Zambian

kwacha, Tanzanian shilling, Dominican peso, West African

CFA franc, Euro, South African rand, and British pound

through mine operating, administration, and capital costs. In

addition, we also have exposure to the Pakistan rupee

through project costs and capital costs on Reko Diq.

Consequently, fluctuations in the US dollar exchange rate

against these currencies increase the volatility of cost of

sales, general and administrative costs, project costs and

overall net earnings, when translated into US dollars.

Interest Rate Risk

Interest rate risk refers to the risk that the value of a

financial instrument or cash flows associated with the

instruments will fluctuate due to changes in market interest

rates. Currently, our interest rate exposure mainly relates to

interest receipts on our cash balances ($6.7 billion as at

December 31, 2025); the mark-to-market value of derivative

instruments; and to the interest payments on our variable-

rate debt ($0.05 billion as at December 31, 2025).

The effect on net earnings and equity of a 1%

change in the interest rate of our financial assets and

liabilities as at December 31, 2025 is approximately $30

million (2024: $30 million).

**b) Credit Risk**

Credit risk is the risk that a third party might fail to fulfill its

performance obligations under the terms of a financial

instrument. Credit risk arises from cash and equivalents,

restricted cash, contingent consideration, notes receivable,

JV receivable, JV partner receivable, accounts receivable,

as well as derivative assets. To mitigate our inherent

exposure to credit risk on all financial assets listed above

(other than derivative assets) we maintain policies to limit

the concentration of credit risk, review counterparty

creditworthiness on a monthly basis, and ensure liquidity of

available funds. We also invest our excess cash and

equivalents in highly rated financial institutions, primarily

within the United States and Canada. Furthermore, we sell

our gold and copper production into the world market and to

financial institutions and private customers with strong

credit ratings. Historically, customer defaults have not had a

significant impact on our operating results or financial

position.

The Company's maximum exposure to credit risk at the

reporting date is the carrying value of each of the financial

assets, excluding derivative assets, disclosed as follows:

---

| | | |
|:---|:---|:---|
|  | **As at December** <br>**31, 2025**<br>| As at December <br>31, 2024<br>|
| Cash and equivalents | **$6706** | $4074 |
| Accounts receivable | **791** | 763 |
| Contingent consideration | **169** |  |
| Notes receivable | **247** | 217 |
| Kibali JV receivable | **333** | 462 |
| Norte Abierto JV partner <br>receivable and contingent <br>consideration<br>| **77** | 74 |
| Restricted cash | **101** | 65 |
| Other assets | **$218** | $122 |
|  | **$8642** | $5777 |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **129** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**c) Liquidity Risk**

Liquidity risk is the risk of loss from not having access to

sufficient funds to meet both expected and unexpected

cash demands. We manage our exposure to liquidity risk by

maintaining cash reserves, access to undrawn credit

facilities and access to public debt markets, by staggering

the maturities of outstanding debt instruments to mitigate

refinancing risk and by monitoring of forecasted and actual

cash flows. Details of the undrawn Credit Facility are

included in note 25.

Our capital structure comprises a mix of debt, non-

controlling interest and shareholders' equity. As at

December 31, 2025, our total debt was $4.7 billion (debt net

of cash and equivalents was $(2.0) billion) compared to

total debt as at December 31, 2024 of $4.7 billion (debt net

of cash and equivalents was $655 million).

Our operating cash flow is dependent on the ability

of our operations to deliver projected future cash flows. The

market prices of gold, and to a lesser extent copper, are the

primary drivers of our operating cash flow. Other options to

enhance liquidity include further portfolio optimization;

issuance of equity or long-term debt securities in the public

markets or to private investors (Moody's and S&P currently

rate Barrick's outstanding long-term debt as investment

grade, with ratings of A3 and BBB+, respectively); and

drawing on the $3.0 billion available under our undrawn

Credit Facility (subject to compliance with covenants and

the making of certain representations and warranties, this

facility is available for drawdown as a source of financing).

The key financial covenant in the Credit Facility (undrawn

as at December 31, 2025) requires Barrick to maintain a net

debt to total capitalization ratio, as defined in the

agreement, of 0.60:1 or lower (Barrick's net debt to total

capitalization ratio was (0.06):1 as at December 31, 2025).

The following table outlines the expected maturity

of our significant financial assets and liabilities into relevant

maturity groupings based on the remaining period from the

balance sheet date to the contractual maturity date. As the

amounts presented in the table are the contractual

undiscounted cash flows, these balances may not agree

with the amounts disclosed in the balance sheet.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As at December 31, 2025** |  |  |  |  |  |
| (in $ millions) | **Less than 1 year** | **1 to 3 years**  | **3 to 5 years**  | **Over 5 years**  | **Total**  |
| Cash and equivalents | **$6706** | **$—** | **$—** | **$—** | **$6706** |
| Accounts receivable | **791** | **—** | **—** | **—** | **791** |
| Notes receivable | **—** | **80** | **—** | **167** | **247** |
| Kibali JV receivable | **133** | **200** | **—** | **—** | **333** |
| Norte Abierto JV partner receivable and contingent <br>consideration<br>| **6** | **—** | **32** | **39** | **77** |
| Restricted cash | **—** | **11** | **—** | **90** | **101** |
| Contingent consideration | **—** | **86** | **77** | **6** | **169** |
| Other assets  | **19** | **91** | **92** | **16** | **218** |
| Trade and other payables | **1859** | **—** | **—** | **—** | **1859** |
| Debt | **56** | **14** | **7** | **4647** | **4724** |
| Derivative liabilities | **89** | **297** | **—** | **—** | **386** |
| Other liabilities | **63** | **171** | **367** | **202** | **803** |
| As at December 31, 2024 |  |  |  |  |  |
| (in $ millions) | Less than 1 year  | 1 to 3 years  | 3 to 5 years  | Over 5 years  | Total  |
| Cash and equivalents | $4074 | $— | $— | $— | $4074 |
| Accounts receivable | 763 |  |  |  | 763 |
| Notes receivable |  | 61 |  | 156 | 217 |
| Kibali JV receivable | 260 | 202 |  |  | 462 |
| Norte Abierto JV partner receivable and contingent <br>consideration<br>| 23 |  |  | 51 | 74 |
| Restricted cash |  | 5 |  | 60 | 65 |
| Other assets |  | 46 | 45 | 31 | 122 |
| Trade and other payables | 1613 |  |  |  | 1613 |
| Debt | 24 | 69 | 12 | 4644 | 4749 |
| Other liabilities | 85 | 167 | 97 | 246 | 595 |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **130** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**d) Capital Risk Management**

Our objective when managing capital is to provide value for

shareholders by maintaining an optimal short-term and

long-term capital structure in order to reduce the overall

cost of capital while preserving our ability to continue as a

going concern. Our capital management objectives are to

safeguard our ability to support our operating requirements

on an ongoing basis, continue the development and

exploration of our mineral properties and support any

expansion plans. Our objectives are also to ensure that we

maintain a strong balance sheet and optimize the use of

debt and equity to support our business and maintain

financial flexibility in order to provide meaningful returns to

shareholders and maximize shareholder value. We define

capital as total debt less cash and equivalents and it is

managed by management subject to approved policies and

limits by the Board of Directors. We have no significant

financial covenants or capital requirements with our lenders

or other parties other than what is discussed under Liquidity

Risk in note 28c.

**29**■**Other Non-Current Liabilities**

---

| | | |
|:---|:---|:---|
|  | **As at** <br>**December 31,** <br>**2025**<br>| As at <br>December 31, <br>2024<br>|
| Deposit on Pascua-Lama silver <br>sale agreement<br>| **$172** | $167 |
| Deposit on Pueblo Viejo gold <br>and silver streaming <br>agreement<sup>1</sup><br>| **371** | 408 |
| Long-term income tax payable | **100** | 80 |
| Derivative liabilities (note 25c) | **297** |  |
| Other liability to Loulo-<br>Gounkoto NCI<sup>2</sup><br>| **240** |  |
| GoT shareholder loan | **50** | 60 |
| Pueblo Viejo JV partner <br>shareholder loan<br>| **406** | 407 |
| Provision for offsite remediation | **37** | 36 |
| Other | **14** | 16 |
|  | **$1687** | $1174 |

---

<sup>1</sup>Revenues of $59 million were recognized in 2025 (2024: $30

million) through the drawdown of our streaming liabilities

relating to a contract in place at Pueblo Viejo.

<sup>2</sup>Refer to note 35 for further details.

**Government of Tanzania Shareholder Loan**

On January 24, 2020, Barrick formalized the establishment

of a joint venture between Barrick and the Government of

Tanzania ("GoT"). Effective January 1, 2020, the GoT

received a 16% interest in the shareholder loans owed by

Bulyanhulu and Buzwagi, of which $167 million was

payable to the GoT. During 2023, $37 million was offset

against VAT receivables. During 2025 and 2024, a

$10 million and $22 million reduction, respectively, in the

outstanding balance was recorded against other income as

part of the economic benefits sharing under the Twiga

partnership.

**Pueblo Viejo Shareholder Loan**

In November 2020, Pueblo Viejo entered into a $1.3 billion

loan facility agreement with its shareholders (the "First PV

Shareholder Loan") to provide long-term financing to

expand the mine. The shareholders lend funds pro rata in

accordance with their shareholding in Pueblo Viejo. In

October 2024, Pueblo Viejo entered into an additional

$0.8 billion loan facility agreement with its shareholders (the

"Second PV Shareholder Loan").

The First PV Shareholder Loan is broken up into

two facilities: $0.8 billion of funds that could be drawn on a

pro rata basis until June 30, 2022 ("Facility I") and

$0.5 billion of funds that could be drawn on a pro rata basis

until June 30, 2025 ("Facility II"). During 2022, the drawing

period for Facility I was extended to December 31, 2022.

Starting in 2023, amortized repayments for Facility I began

twice yearly on the scheduled repayment dates, with a final

maturity date of February 28, 2032. Amortized repayments

for Facility II are due to begin twice yearly on the scheduled

repayment dates after June 30, 2025, with a final maturity

date of February 28, 2035. The interest rate on drawn

amounts is SOFR plus 400 basis points for Facility I and

Facility II.

The Second PV Shareholder Loan consists of

$0.8 billion of funds that can be drawn on a pro rata basis

until June 30, 2029. Amortized repayments for the Second

PV Shareholder Loan are due to begin twice yearly on the

scheduled repayment dates after June 30, 2029, with a final

maturity date of February 15, 2039. The interest rate on

drawn amounts is SOFR plus 381 basis points for the

Second PV Shareholder Loan.

During 2022, 2021 and 2020, $369 million,

$327 million and $104 million, respectively, were drawn on

Facility I, fully drawing it down, including $147 million,

$131 million and $42 million, respectively, from Barrick's

Pueblo Viejo JV partner. During 2025, 2024 and 2023,

$80 million, $80 million and $80 million, respectively, was

repaid on Facility I, including $32 million, $32 million and

$32 million, respectively, from Barrick's Pueblo Viejo JV

partner.

During 2025, 2024, 2023 and 2022, $83 million,

$100 million, $242 million and $75 million, respectively,

were drawn on Facility II, including $33 million, $40 million,

$97 million and $30 million, respectively, from Barrick's

Pueblo Viejo JV partner. During 2025, $25 million was

repaid on Facility II, including $10 million from Barrick's

Pueblo Viejo JV partner.

During 2025 and 2024, $niland $110 million,

respectively, was drawn on the Second PV Shareholder

Loan, including $nil and $44 million, respectively, from

Barrick's Pueblo Viejo JV partner.

**Pascua-Lama Silver Sale Agreement**

Our silver sale agreement with Wheaton requires us to

deliver 25% of the life of mine silver production from the

Pascua-Lama project once it is constructed and required

delivery of 100% of silver production from the Lagunas

Norte, Pierina and Veladero mines until March 31, 2018. In

return, we were entitled to an upfront cash payment of $625

million payable over three years from the date of the

agreement, as well as ongoing payments in cash of the

lesser of $3.90 (subject to an annual inflation adjustment of

1 percent starting three years after project completion at

Pascua-Lama) and the prevailing market price for each

ounce of silver delivered under the agreement. An imputed

interest expense was recorded on the liability at the rate

implicit in the agreement. The liability plus imputed interest

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **131** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

was amortized based on the difference between the

effective contract price for silver and the amount of the

ongoing cash payment per ounce of silver delivered under

the agreement. The completion date guarantee under the

silver sale agreement for Pascua-Lama was originally

December 31, 2015 but was subsequently extended to

June 30, 2020. Per the terms of the amended silver

purchase agreement, if the requirements of the completion

guarantee were not satisfied by June 30, 2020, then

Wheaton had the right to terminate the agreement within 90

days of that date, in which case, they would have been

entitled to the return of the upfront consideration paid less

credit for silver delivered up to the date of that event.

Given that, as of September 28, 2020, Wheaton

had not exercised its termination right, a residual liability of

$253 million remains due on September 1, 2039 (assuming

no future deliveries are made). This residual cash liability

was remeasured to $148 million as at September 30, 2020,

which was the present value of the liability due in 2039

discounted at a rate estimated for comparable liabilities,

including Barrick's outstanding debt. The liability had a

balance of $172 millionas at December 31, 2025 and is

measured at amortized cost.

**Pueblo Viejo Gold and Silver Streaming Agreement**

On September 29, 2015, we closed a gold and silver

streaming transaction with Royal Gold, Inc. ("Royal Gold")

for production linked to Barrick's 60% interest in the Pueblo

Viejo mine. Royal Gold made an upfront cash payment of

$610 million and will continue to make cash payments for

gold and silver delivered under the agreement. The $610

million upfront payment is not repayable and Barrick is

obligated to deliver gold and silver based on Pueblo Viejo's

production. We have accounted for the upfront payment as

deferred revenue and will recognize it in earnings, along

with the ongoing cash payments, as the gold and silver is

delivered to Royal Gold. We will also be recording accretion

expense on the deferred revenue balance as the time value

of the upfront deposit represents a significant financing

component of the transaction.

Under the terms of the agreement, Barrick will sell

gold and silver to Royal Gold equivalent to:

• 7.5% of Barrick's interest in the gold produced at

Pueblo Viejo until 990,000 ounces of gold have

been delivered, and 3.75% thereafter. As at

December 31, 2025, approximately 397,000

ounces of gold have been delivered.

• 75% of Barrick's interest in the silver produced at

Pueblo Viejo until 50 million ounces have been

delivered, and 37.5% thereafter. Silver will be

delivered based on a fixed recovery rate of 70%.

Silver above this recovery rate is not subject to the

stream. As at December 31, 2025, approximately

14 million ounces of silver have been delivered.

Barrick will receive ongoing cash payments from Royal

Gold equivalent to 30% of the prevailing spot prices for the

first 550,000 ounces of gold and 23.1 million ounces of

silver delivered. Thereafter payments will double to 60% of

prevailing spot prices for each subsequent ounce of gold

and silver delivered. Ongoing cash payments to Barrick are

tied to prevailing spot prices rather than fixed in advance,

maintaining exposure to higher gold and silver prices in the

future.

**30** ■**Deferred Income Taxes**

**Recognition and Measurement**

We record deferred income tax assets and liabilities where

temporary differences exist between the carrying amounts

of assets and liabilities in our balance sheet and their tax

bases. The measurement and recognition of deferred

income tax assets and liabilities takes into account:

substantively enacted rates that will apply when temporary

differences reverse; interpretations of relevant tax

legislation; estimates of the tax bases of assets and

liabilities; and the deductibility of expenditures for income

tax purposes. In addition, the measurement and recognition

of deferred tax assets takes into account tax planning

strategies. We recognize the effect of changes in our

assessment of these estimates and factors when they

occur. Changes in deferred income tax assets and liabilities

are allocated between net income, other comprehensive

income, equity and goodwill based on the source of the

change.

Current income taxes of $6 million have been

provided in the year on the undistributed earnings of certain

foreign subsidiaries. Our total income tax provision for

these items as at December 31, 2025is $6 million.

Deferred income taxes have not been provided on the

undistributed earnings of all other foreign subsidiaries for

which we are able to control the timing of the remittance,

and it is probable that there will be no remittance in the

foreseeable future. These undistributed earnings amounted

to $14,362 million as at December 31, 2025.

**Sources of Deferred Income Tax Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **As at** <br>**December** <br>**31, 2025**<br>| As at <br>December <br>31, 2024<br>|
| Deferred tax assets |  |  |
| Tax loss carryforwards | **$167** | $204 |
| Tax credits | **169** | 105 |
| Environmental rehabilitation | **248** | 285 |
| Post-retirement benefit obligations <br>and other employee benefits<br>| **31** | 24 |
| Other working capital | **355** | 236 |
| Other | **26** | 11 |
|  | **$996** | $865 |
| Deferred tax liabilities |  |  |
| Property, plant and equipment | **(4363)** | (4321) |
| Inventory | **(597)** | (419) |
| Accrued interest payable | **23** | (12) |
|  | **($3941)** | ($3887) |
| Classification: |  |  |
| Non-current assets  | **$43** | $— |
| Non-current liabilities | **(3984)** | (3887) |
|  | **($3941)** | ($3887) |

---

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **132** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**Expiry Dates of Tax Losses**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2026 | 2027 | 2028 | 2029 | 2030+ | No <br>expiry <br>date<br>| Total |
| Non-<br>capital tax <br>losses<sup>1</sup><br>|  |  |  |  |  |  |  |
| Barbados | $2 | $119 | $2 | $2 | $45 | $— | $170 |
| Canada | 2 | 3 | 27 | 1 | 1834 |  | 1867 |
| Chile |  |  |  |  |  | 1212 | 1212 |
| Peru |  |  |  |  |  | 210 | 210 |
| Tanzania |  |  |  |  |  | 754 | 754 |
| United <br>Kingdom<br>|  |  |  |  |  | 211 | 211 |
| Others |  |  |  |  |  | 48 | 48 |
|  | $4 | $122 | $29 | $3 | $1879 | $2435 | $4472 |

---

<sup>1</sup>Represents the gross amount of tax loss carryforwards

translated at closing exchange rates at December 31, 2025.

The non-capital tax losses include $4,059 million of losses

which are not recognized in deferred tax assets. Of these,

$4 million expire in 2026, $122 million expire in 2027,

$29 million expire in 2028, $3 million expire in 2029,

$1,879 million expire in 2030 or later, and $2,022 million

have no expiry date.

**Recognition of Deferred Tax Assets**

We recognize deferred tax assets taking into account the

effects of local tax law. Deferred tax assets are fully

recognized when we conclude that sufficient positive

evidence exists to demonstrate that it is probable that a

deferred tax asset will be realized. The main factors

considered are:

• Historic and expected future levels of taxable

income;

• Tax plans that affect whether tax assets can be

realized; and

• The nature, amount and expected timing of

reversal of taxable temporary differences.

Levels of future income are mainly affected by: market

prices for gold, copper and silver; forecasted future costs

and expenses to produce gold and copper; quantities of

proven and probable gold and copper reserves; market

interest rates; and foreign currency exchange rates. If these

factors or other circumstances change, we record an

adjustment to the recognition of deferred tax assets to

reflect our latest assessment of the amount of deferred tax

assets that is probable will be realized.

**Deferred Tax Assets Not Recognized**

---

| | | |
|:---|:---|:---|
|  | **As at December** <br>**31, 2025**<br>| As at December <br>31, 2024<br>|
| Australia | **$389** | $467 |
| Barbados | **15** | 31 |
| Canada | **841** | 850 |
| Chile | **1078** | 1129 |
| Côte d'Ivoire | **—** | 7 |
| Mali | **2** | 4 |
| Peru | **86** | 69 |
| Tanzania | **103** | 103 |
| United Kingdom | **53** | 41 |
| Others | **—** | 25 |
|  | **$2567** | $2726 |

---

Deferred tax assets not recognized relate to: non-capital

loss carryforwards of $1,043 million (2024: $1,059 million),

capital loss carryforwards with no expiry date of

$397 million (2024: $403 million), and other deductible

temporary differences with no expiry date of $1,127 million

(2024: $1,264 million).

---

| | | |
|:---|:---|:---|
| **Source of Changes in Deferred Tax Balances** | **Source of Changes in Deferred Tax Balances** | **Source of Changes in Deferred Tax Balances** |
| For the years ended December 31 | **2025** | 2024 |
| Temporary differences |  |  |
| Property, plant and equipment | **($42)** | ($573) |
| Environmental rehabilitation | **(37)** | 15 |
| Tax loss carryforwards | **(37)** | (88) |
| Tax credits | **64** | 48 |
| Inventory | **(178)** | 28 |
| Working capital | **119** | 121 |
| Other | **57** | 1 |
|  | **($54)** | ($448) |
| Intraperiod allocation to: |  |  |
| Income before income taxes | **$385** | ($448) |
| Loulo-Gounkoto (note 4a) | **(475)** |  |
| Income tax payable | **43** | (2) |
| Other comprehensive (income) loss | **(7)** | 2 |
|  | **($54)** | ($448) |
| **Income Tax Related Contingent Liabilities** | **Income Tax Related Contingent Liabilities** | **Income Tax Related Contingent Liabilities** |
|  | **2025** | 2024 |
| At January 1 | **$46** | $48 |
| Additions based on uncertain tax <br>positions related to the current year<br>| **1** |  |
| Reductions for tax positions of prior <br>years<br>| **(39)** | (2) |
| At December 31<sup>1</sup> | **$8** | $46 |

---

<sup>1</sup>If reversed, the total amount of $8 million would be recognized

as a benefit to income taxes on the income statement, and

therefore would impact the reported effective tax rate.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **133** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

---

| | |
|:---|:---|
| **Tax Years Still Under Examination** | **Tax Years Still Under Examination** |
| Argentina  | 2010-2011, 2018-2025 |
| Australia | 2021-2025 |
| Canada | 2019-2025 |
| Chile | 2022-2025 |
| Democratic Republic of Congo | 2024-2025 |
| Dominican Republic  | 2022-2025 |
| Mali | 2024-2025 |
| Papua New Guinea  | 2024-2025 |
| Peru  | 2020-2025 |
| Saudi Arabia | 2019-2025 |
| Tanzania  | 2019-2025 |
| United States  | 2024-2025 |
| Zambia  | 2020-2025 |

---

**31** ■**Capital Stock**

**Authorized Capital Stock**

Our authorized capital stock is composed of an unlimited

number of common shares (issued 1,675,360,395 common

shares as at December 31, 2025). Our common shares

have no par value.

**Dividends**

In 2025, we declared and paid dividends in US dollars

totaling $890 million (2024: $696 million).

The Company's dividend reinvestment plan

resulted in $4 million (2024: $4 million) reinvested into the

Company.

At the February 4, 2026 meeting, the Board of

Directors authorized a dividend of $0.42 per share

(approximately $700 million dollars) to be paid on March 16,

2026 to shareholders of record at the close of business on

February 27, 2026.

**Share Buyback Program**

At the February 11, 2025 meeting, the Board of Directors

authorized a share buyback program for the repurchase of

up to $1.0 billion of the Company's outstanding common

shares over the next 12 months. At the November 7, 2025

meeting, the Board of Directors authorized an increase in

the share buyback program for the repurchase of up to an

additional $500 million of the Company's outstanding

common shares before the program expires in February

2026. In 2025, Barrick purchased 51.9 million common

shares for a total cash amount of $1.5 billion under this

program and accrued $30 million in related taxes.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **134** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**32** ■**Non-Controlling Interests**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **a) Non-Controlling Interests Continuity** | **a) Non-Controlling Interests Continuity** | **a) Non-Controlling Interests Continuity** | **a) Non-Controlling Interests Continuity** | **a) Non-Controlling Interests Continuity** | **a) Non-Controlling Interests Continuity** | **a) Non-Controlling Interests Continuity** | **a) Non-Controlling Interests Continuity** | **a) Non-Controlling Interests Continuity** |
|  | Nevada <br>Gold Mines<br>| Pueblo <br>Viejo<br>| Tanzania <br>Mines<sup>1</sup><br>| Loulo-<br>Gounkoto<br>| Tongon | Reko Diq | Other | Total |
| NCI in subsidiary at December 31, 2025 | 38.5% | 40% | 16% | 20% | 10.3% | 50% | Various |  |
| At January 1, 2024 | $6162 | $1143 | $322 | $760 | $16 | $338 | ($80) | $8661 |
| Share of income (loss) | 884 | 101 | 53 | (31) |  | (63) |  | 944 |
| Cash contributed |  |  |  |  |  | 146 |  | 146 |
| Disbursements | (667) | (84) |  | (34) |  |  |  | (785) |
| At December 31, 2024 | $6379 | $1160 | $375 | $695 | $16 | $421 | ($80) | $8966 |
| Share of income (loss) | 1851 | 272 | 95 | (57) | 10 | (10) |  | 2161 |
| Cash contributed |  |  |  |  |  | 362 |  | 362 |
| Loss of control (note 35) |  |  |  | (686) |  |  |  | (686) |
| Acquisitions (divestitures)<sup>2</sup> |  |  |  | 404 | (19) |  |  | 385 |
| Disbursements | (1579) | (168) | (75) |  | (7) |  |  | (1829) |
| At December 31, 2025 | $6651 | $1264 | $395 | $356 | $— | $773 | ($80) | $9359 |

---

<sup>1</sup>Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu.

<sup>2</sup>Refer to note 4 for further details.

**b) Summarized Financial Information on Subsidiaries with Material Non-Controlling Interests**

**Summarized Balance Sheets**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Nevada Gold <br>Mines | Nevada Gold <br>Mines | Pueblo Viejo  | Pueblo Viejo  | Tanzania Mines<sup>1</sup> | Tanzania Mines<sup>1</sup> | Loulo-Gounkoto | Loulo-Gounkoto | Tongon | Tongon | Reko Diq | Reko Diq |
|  | **As at** <br>**Dec. 31,** <br>**2025**<br>| As at <br>Dec. 31, <br>2024<br>| **As at** <br>**Dec. 31,** <br>**2025**<br>| As at <br>Dec. 31, <br>2024<br>| **As at** <br>**Dec. 31,** <br>**2025**<br>| As at <br>Dec. 31, <br>2024<br>| **As at** <br>**Dec. 31,** <br>**2025**<br>| As at <br>Dec. 31, <br>2024<br>| **As at** <br>**Dec. 31,** <br>**2025**<br>| As at <br>Dec. 31, <br>2024<br>| **As at** <br>**Dec. 31,** <br>**2025**<br>| As at <br>Dec. 31, <br>2024<br>|
| Current assets | **$4610** | $3812 | **$983** | $776 | **$391** | $332 | **$729** | $974 | **$—** | $136 | **$140** | $94 |
| Non-current assets | **14249** | 14590 | **5464** | 5210 | **2267** | 2215 | **3342** | 3446 | **—** | 183 | **1791** | 933 |
| Total assets | **$18859** | $18402 | **$6447** | $5986 | **$2658** | $2547 | **$4071** | $4420 | **$—** | $319 | **$1931** | $1027 |
| Current liabilities | **1006** | 807 | **1374** | 1245 | **601** | 636 | **911** | 284 | **—** | 138 | **625** | 241 |
| Non-current liabilities | **1090** | 1082 | **1604** | 1543 | **464** | 438 | **691** | 537 | **—** | 46 | **12** | 2 |
| Total liabilities | **$2096** | $1889 | **$2978** | $2788 | **$1065** | $1074 | **$1602** | $821 | **$—** | $184 | **$637** | $243 |

---

**Summarized Statements of Income**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Nevada Gold <br>Mines | Nevada Gold <br>Mines | Pueblo Viejo  | Pueblo Viejo  | Tanzania Mines<sup>1</sup> | Tanzania Mines<sup>1</sup> | Loulo-Gounkoto | Loulo-Gounkoto | Tongon | Tongon | Reko Diq | Reko Diq |
| For the years ended <br>December 31<br>| **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Revenue | **$9498** | $6616 | **$2300** | $1429 | **$1683** | $1265 | **$505** | $1346 | **$406** | $399 | **$—** | $— |
| Income (loss) from continuing <br>operations after tax<br>| **5624** | 2635 | **568** | 212 | **589** | 331 | **(209)** | (174) | **(44)** | (4) | **6** | (126) |
| Other comprehensive income <br>(loss)<br>| **23** | (4) | **—** |  | **1** | (1) | **—** |  | **—** |  | **—** |  |
| Total comprehensive income <br>(loss)<br>| **$5647** | $2631 | **$568** | $212 | **$590** | $330 | **($209)** | ($174) | **($44)** | ($4) | **$6** | ($126) |
| Dividends paid to NCI<sup>2</sup> | **$1579** | $667 | **$168** | $84 | **$8** | $— | **$—** | $34 | **$6** | $— | **$—** | $— |
| **Summarized Statements of Cash Flows** | **Summarized Statements of Cash Flows** | **Summarized Statements of Cash Flows** | **Summarized Statements of Cash Flows** |  |  |  |  |  |  |  |  |  |
|  | Nevada Gold <br>Mines | Nevada Gold <br>Mines | Pueblo Viejo  | Pueblo Viejo  | Tanzania Mines<sup>1</sup> | Tanzania Mines<sup>1</sup> | Loulo-Gounkoto | Loulo-Gounkoto | Tongon | Tongon | Reko Diq | Reko Diq |
| For the years ended <br>December 31<br>| **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Net cash provided by (used in) <br>operating activities<br>| **$5450** | $2994 | **$925** | $619 | **$613** | $467 | **$463** | $496 | **$129** | ($3) | **($43)** | ($180) |
| Net cash provided by (used in) <br>investing activities<br>| **(1280)** | (1331) | **(363)** | (308) | **(378)** | (295) | **48** | (383) | **(64)** | (23) | **(723)** | (128) |
| Net cash provided by (used in) <br>financing activities<br>| **(4104)** | (1733) | **(442)** | (80) | **(249)** | (134) | **(1)** | (162) | **(63)** | (1) | **815** | 380 |
| Net increase (decrease) in <br>cash and cash equivalents<br>| **$66** | ($70) | **$120** | $231 | **($14)** | $38 | **$510** | ($49) | **$2** | ($27) | **$49** | $72 |

---

<sup>1</sup>Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu.

<sup>2</sup>Includes partner distributions.

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **135** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**33** ■**Related Party Transactions**

The Company's related parties include its subsidiaries, joint operations, joint ventures and key management personnel. During

its normal course of operations, the Company enters into transactions with its related parties for goods and services.

Transactions between the Company and its subsidiaries and joint operations, which are related parties of the Company, have

been eliminated on consolidation and are not disclosed in this note. There were no other material related party transactions

reported in the year.

**Remuneration of Key Management Personnel**

Key management personnel include the members of the Board of Directors and the executive leadership team. Compensation

for key management personnel (including Directors) was as follows:

---

| | | |
|:---|:---|:---|
| For the years ended December 31 | **2025** | 2024 |
| Salaries and short-term employee benefits<sup>1</sup> | **$32** | $28 |
| Post-employment benefits<sup>2</sup> | **3** | 4 |
| Termination benefits | **51** |  |
| Share-based payments and other<sup>3</sup> | **70** | 25 |
|  | **$156** | $57 |

---

<sup>1</sup>Includes annual salary and annual short-term incentives/other bonuses earned in the year.

<sup>2</sup> Represents Company contributions to retirement savings plans.

<sup>3</sup> Relates to DSU, RSU, and PGSU grants and other compensation.

**34** ■**Stock-Based Compensation**

**a)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Share Units (RSUs) and Deferred Share**

**Units (DSUs)**

Compensation expense for RSUs was a $126 million

charge to earnings in 2025 (2024: $35 million) and is

presented as a component of general and administrative

expenses and cost of sales, consistent with the

classification of other elements of compensation expense

for those employees who had RSUs. Compensation

expense for DSUs was a $23 million charge to earnings in

2025 (2024: $3 million recovery) and is presented as a

component of general and administrative expenses.

Compensation expense for RSUs incorporates an

expected forfeiture rate. The expected forfeiture rate is

estimated based on historical forfeiture rates and

expectations of future forfeiture rates. We make

adjustments if the actual forfeiture rate differs from the

expected rate. At December 31, 2025, the weighted

average remaining contractual life of RSUs was 0.77 years

(2024: 0.82 years).

**DSU and RSU Activity (Number of Units in Thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSUs | Fair <br>value<br>| RSUs | Fair <br>value<br>|
| At January 1, 2024 | 1011 | $18.3 | 2855 | $34.0 |
| Settled for cash | (384) | (6.7) | (1665) | (31.3) |
| Granted | 145 | 2.5 | 2395 | 37.6 |
| Credits for dividends |  |  | 101 | 1.7 |
| Change in value |  | (2.1) |  | (2.7) |
| At December 31, 2024 | 772 | $12.0 | 3686 | $39.3 |
| Settled for cash | (205) | (7.1) | (2121) | (45.6) |
| Granted | 82 | 2.1 | 2183 | 98.2 |
| Credits for dividends |  |  | 75 | 1.9 |
| Change in value |  | 21.4 |  | 25.7 |
| At December 31, 2025 | 649 | $28.4 | 3823 | $119.5 |

---

**b)&nbsp;&nbsp;&nbsp;&nbsp;Performance Granted Share Units (PGSUs)**

In 2014, Barrick launched a PGSU plan. Under this plan,

selected employees are granted PGSUs, where each

PGSU has a value equal to one Barrick common share. At

December 31, 2025, 3,367 thousand units had been

granted at a fair value of $94 million (2024: 3,453 thousand

units at a fair value of $38 million).

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **136** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

**35**■**Loulo-Gounkoto**

Barrick owns 80% of Somilo and Gounkoto with the

Government of the Republic of Mali owning the other 20%.

As previously disclosed, the Company and the GoM had

been engaged in an ongoing dispute over the existing

mining conventions of these two companies (together, the

"Conventions").

On January 2, 2025, an interim attachment order

was issued by the Senior Investigating Judges of the Pôle

National Économique et Financier against the existing gold

stock on the site of the Loulo-Gounkoto mining complex,

which was executed on January 11, 2025 when the gold

was removed from the site to a custodial bank. This gold

doré had a carrying value of $92 million at the date of

removal and was included in finished products as at

December 31, 2024. On January 14, 2025, due to the

restrictions imposed by the GoM on gold shipments, the

Company announced that the Loulo-Gounkoto complex

would temporarily suspend operations.

On June 16, 2025, the Bamako Commercial

Tribunal placed Loulo-Gounkoto under temporary

provisional administration. While Barrick retained its 80%

legal ownership of the mining complex, control over

operations transferred to an external administrator.

Following this action by the Malian courts, we concluded

that Barrick had lost control of the subsidiaries that hold our

interest in Loulo-Gounkoto because we could not effectively

exercise power over the relevant activities related to the

mine, nor could we affect the returns of the mine through

managerial involvement. As a result of the loss of control

event in Q2 2025, we deconsolidated the subsidiaries, and

derecognized the assets, liabilities and non-controlling

interest of Loulo-Gounkoto at their carrying amounts at the

date when control was lost.

Upon deconsolidation, IFRS Accounting Standards

require the retained interest in the former subsidiaries to be

recognized at fair value. Barrick accounted for the retained

interest in Somilo and Gounkoto in accordance with IFRS 9.

Fair value is the price that would be received to sell an

asset in an orderly transaction between market participants.

For Q2, Barrick's estimate of the initial fair value of the

retained 80% interest was $1.7 billion. This fair value was

calculated using our life of mine plan with updates to reflect

the situation as at June 30, 2025. This included application

of fiscal terms to be in line with the 2023 Mining Code

(primarily increased royalties and duties) and certain

adjustments were made to reflect a period of disruption to

the steady state operations. This loss on the change of

control in Q2 was partially offset by the value of the

retained investment in Loulo-Gounkoto, with the net

recognized in Other Expense (Income).

As at September 30, 2025 and, primarily as a

result of an increase in our gold price assumptions, we

increased the estimated fair value of our retained 80%

interest to be $1.95 billion.

These fair value calculations included a high level

of uncertainty and did not include any value for the

arbitration of Barrick's subsidiaries.

On November 24, 2025, Barrick announced that

an agreement had been entered into with the Government

of the Republic of Mali to put an end to all disputes

regarding the Loulo and Gounkoto mines. The provisional

administration of the Loulo-Gounkoto complex was

terminated on December 16, 2025, at which point

operational control was handed back to Somilo and

Gounkoto's management. A cash settlement payment of

$253 million was made to the GoM in November 2025 as

part of the overall settlement amount provided for in the

agreement. In addition, Barrick agreed to pay out all

historical retained earnings of Somilo and Gounkoto by

December 31, 2030 which led to the recognition of an other

liability to Loulo-Gounkoto NCI for $240 million.

We have determined that this represents a

business combination with Barrick identified as the acquirer

and we recognized the assets, liabilities and non-controlling

interest of Loulo-Gounkoto at fair value. Refer to note 4 for

further details of the purchase price allocation. We also

derecognized the investment asset representing our 80%

interest while we did not have control. The resulting impact

on 2025 net earnings of these events is summarized in the

following table:

---

| | |
|:---|:---|
| Carrying value of net assets derecognized | **($3421)** |
| Carrying value of non-controlling interest <br>derecognized<br>| **686** |
| Fair value of Loulo-Gounkoto investment (note 4) | **2576** |
| Carrying value of receivables derecognized (Q4) | **(186)** |
| Settlement payment to Government of Mali (Q4) | **(253)** |
| Other | **(27)** |
| Net expense recognized in Other Expense (Income) | **($625)** |

---

As part of the settlement, the finished goods gold inventory

that was seized on January 11, 2025 was returned to Loulo-

Gounkoto and was subsequently sold before December 31,

2025. Refer to note 36 for further details of the legal

matters related to this topic.

**36**■**Contingencies**

Certain conditions may exist as of the date the financial

statements are issued that may result in a loss to the

Company, but which will only be resolved when one or

more future events occur or fail to occur. The impact of any

resulting loss from such matters affecting these financial

statements and noted below may be material.

**Litigation and Claims**

In assessing loss contingencies related to legal

proceedings that are pending against us or unasserted

claims that may result in such proceedings, the Company,

with assistance from its legal counsel, evaluates the

perceived merits of any legal proceedings or unasserted

claims as well as the perceived merits of the amount of

relief sought or expected to be sought.

Pascua-Lama – Proposed Canadian Securities Class

Actions

In 2014, proposed secondary market liability securities

class actions were initiated in Ontario and Quebec against

Barrick Mining Corporation and certain former senior

executives relating to public disclosures concerning the

Pascua-Lama Project. The Ontario action focuses on

disclosures regarding capital cost and schedule estimates

for Pascua Lama and environmental matters in Chile

between February 2012 and June 2013; the Quebec action

pertains only to disclosure regarding environmental matters

---

| | | |
|:---|:---|:---|
| **BARRICK YEAR-END 2025** | **137** | **NOTES TO FINANCIAL STATEMENTS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

in Chile between July 2012 and October 2013.In the

Ontario proceeding, the plaintiffs seek damages exceeding

$3 billion.Alleged damages in Quebec have not been

quantified.

In Quebec, the plaintiffs filed their Originating

Application in February 2024 and Barrick responded

formally in March 2024. Barrick filed its Statement of

Defence on February 12, 2025. No trial date has been set.

In the Ontario proceeding, the plaintiffs' motion for class

certification was heard in January 2026. The Court has

reserved judgment.

The Company intends to vigorously defend these

actions. No amounts have been recorded for any potential

liability arising from either of the actions, as the Company

cannot reasonably predict the outcome in Ontario or

Quebec.

Pascua-Lama – SMA Regulatory Sanctions

In May 2013, Compañía Minera Nevada ("CMN"), Barrick's

Chilean subsidiary that holds the Chilean portion of the

Pascua-Lama Project (the "Project"), received a resolution

(the "Original Resolution") from Chile's environmental

regulator (the Superintendencia del Medio Ambiente, or

"SMA") requiring CMN to complete the water management

system in accordance with the Project's environmental

permit before resuming construction activities. The Original

Resolution also required CMN to pay an administrative fine

of approximately $16 million, which CMN paid in May 2013.

In 2013, a group of local farmers and indigenous

communities challenged the Original Resolution, claiming

the fine was inadequate and requesting more severe

sanctions, including the revocation of the Project's

environmental permit. The SMA and CMN defended the

Original Resolution.

In 2018, the SMA issued the revised resolution

(the "Revised Resolution"), which reduced the original

administrative fine to $11.5 million and ordered the closure

of existing surface facilities on the Chilean side of the

Project. The Revised Resolution did not revoke the

Project's environmental permit. CMN filed an appeal of the

Revised Resolution in 2018 with the First Environmental

Court of Antofagasta (the "Antofagasta Environmental

Court").

In 2020, the Antofagasta Environmental Court

upheld the closure order and sanctions in the Revised

Resolution. It also ordered the SMA to reevaluate certain

environmental infringements. The Company did not appeal

this ruling, and the Chilean side of the Pascua-Lama project

is being transitioned to closure accordingly.

On November 13, 2024, the SMA determined no

further fine was applicable to the environmental

infringements. On November 21, 2024, CMN paid the

outstanding balance of fines previously imposed by the

SMA. On December 9, 2024, the same group of local

farmers and indigenous communities filed an appeal of the

SMA's November 13, 2024 decision. This appeal remains

pending.

Veladero – Operational Incidents and Associated

Proceedings

Minera Andina del Sol SRL (formerly, Minera Argentina

Gold SRL) ("MAS"), the joint venture company that

operates the Veladero mine, is the subject of regulatory

proceedings related to operational incidents at the Veladero

Valley Leach Facility ("VLF") occurring in March 2017 (the

"March 2017 incident"), September 2016 and September

2015. Following the March 2017 incident, an "amparo"

protection action (the "Provincial Amparo Action") was filed

against MAS in the Jachal First Instance Court, San Juan

Province, Argentina (the "Jachal Court") by individuals who

claimed to be living in Jachal, seeking the cessation of all

activities at the Veladero mine or a suspension of the

mine's leaching process. The matter before the Jachal

Court remains pending.

In 2017, the National Minister of Environment of

Argentina filed an amparo action in the Federal Court in

connection with the same March 2017 incident (the

"Federal Amparo Action") seeking an order requiring the

cessation and/or suspension of activities at the Veladero

mine.

On June 28, 2024, the Federal Court rejected the

National Minister's request for, among other things, an

interim injunction requiring the cessation and/or suspension

of activities at the Veladero mine. The National Minister

sought to appeal this decision twice in 2024, most recently

seeking leave to the Federal Supreme Court on October 16,

2024. The Federal Amparo Action will continue before the

Federal Court while the Federal Supreme Court considers

whether to hear the appeal for an interim injunction.

The Company continues to believe the Provincial

and Federal Amparo Actions are without merit and intends

to continue to vigorously defend its position.

*Civil Action*

In 2016, MAS was served notice of a civil action filed before

the San Juan Provincial Court by certain persons allegedly

living in Jachal, San Juan Province, claiming to be affected

by the Veladero mine and, in particular, the VLF. The

plaintiffs requested a court order that MAS cease leaching

metals with cyanide solutions, mercury and other similar

substances at the mine and replace that process with one

that is free of hazardous substances, implement a closure

and remediation plan for the VLF and surrounding areas,

and create a committee to monitor this process. These

claims were supplemented by new allegations that the risk

of environmental damage had increased as a result of the

March 2017 incident.

MAS replied to the lawsuit in February 2017,

responded to the supplemental claim and intends to

continue defending this matter vigorously.

Perilla Complaint

In 2009, Barrick Gold Inc. and Placer Dome Inc. ("Placer

Dome"), which was acquired by the Company in 2006, were

purportedly served in Ontario with a complaint filed in

November 2008 in the Regional Trial Court of Boac on the

Philippine island of Marinduque. The complaint alleged

injury to the economy and the ecology of Marinduque as a

result of the discharge of mine tailings from the Marcopper

mine into Calancan Bay, the Boac River, and the Mogpog

River. Placer Dome was previously a minority indirect

shareholder of Marcopper Mining Corporation

("Marcopper"). The plaintiffs claimed for abatement of a

public nuisance and nominal damages for an alleged

violation of their constitutional right to a balanced and

healthful ecology.By Order dated November 9, 2011, the

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| **BARRICK YEAR-END 2025** | **138** | **NOTES TO FINANCIAL STATEMENTS** |

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|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

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Court granted the plaintiffs' motion to suspend the

proceedings. On April 28, 2025, the Regional Trial Court of

Boac dismissed the proceeding with prejudice.

Writ of Kalikasan

On February 25, 2011, a Petition for the Issuance of a Writ

of Kalikasan with Prayer for Temporary Environmental

Protection Order was filed in the Supreme Court of the

Republic of the Philippines by three named Petitioners

against Placer Dome and the Company (the "Petition").

The Petition alleged Placer Dome violated the Petitioners'

constitutional right to a balanced and healthful ecology as a

result of, among other things, the discharge of tailings into

Calancan Bay, a dam breach in 1993, and a tailings spill in

1996. The Petitioners sought orders requiring Barrick to

environmentally remediate the areas in and around the

mine site that were alleged to have sustained

environmental impacts.

On January 21, 2021, the Court of Appeals

granted an Intervention Motion introduced by the Province

of Marinduque (the "Province") and admitted the Province's

Petition-in-Intervention. In the Petition-in-Intervention, the

Province sought to expand the scope of relief sought within

the Writ of Kalikasan to include claims seeking rehabilitation

and remediation of alleged maintenance and structural

integrity issues supposedly associated with Marcopper

mine infrastructure.

On April 4, 2025, Barrick and the Provincial

Government of Marinduque signed agreements to settle,

without admission of liability, all proceedings and claims

related to alleged environmental issues associated with the

Marcopper mine, subject to various conditions precedent,

including approval of the settlement by the Court of Appeals

and certain confirmations by the Department of

Environment and Natural Resources. Once all conditions

are satisfied, Barrick will pay a settlement amount of

$100 million to the Province over three years. This amount

was recorded in Q1 2025. On October 3, 2025, the Court of

Appeals in the Philippines approved the settlement

agreement and dismissed the Writ of Kalikasan

proceedings against Barrick and Placer Dome with

prejudice. Certain additional conditions precedent remain

outstanding, including the issuance of confirmations by the

Department of Environment and Natural Resources.

North Mara – Ontario Litigation

On November 23, 2022, an action was commenced against

the Company in the Ontario Superior Court of Justice in

respect of alleged security-related incidents in the vicinity of

the North Mara Gold Mine in Tanzania. The named plaintiffs

purport to have been injured, or to be the dependents of

individuals who were allegedly killed, by members of the

Tanzanian Police Force. The Statement of Claim asserts

Barrick Mining Corporation is legally responsible for the

actions of the Tanzanian Police Force, and that the

Company is liable for an unspecified amount of damages.

In February 2024, an additional action was

commenced against the Company in the Ontario Superior

Court of Justice on behalf of different named plaintiffs in

respect of alleged security-related incidents said to have

occurred in the vicinity of the North Mara Gold Mine. The

Statement of Claim in the second action is substantially

similar to the Statement of Claim issued in November 2022.

The Company believes the allegations in both claims are

without merit, including because the Tanzanian Police

Force is a sovereign police force that operates under its

own chain of command.

On November 26, 2024, the court granted

Barrick's motion to dismiss both actions on the grounds that

the Ontario Superior Court of Justice lacks jurisdiction and

that Tanzania is a more appropriate forum in which to

litigate this matter. On December 27, 2024, the plaintiffs

appealed to the Court of Appeal for Ontario. The appeal

was heard on November 27, 2025. The Court of Appeal

reserved judgment and a decision remains pending.

Loulo-Gounkoto Mining Conventions Dispute

In 2023, the Government of the Republic of Mali initiated a

review of existing Conventions. As part of this process, the

Government of Mali demanded the mines become subject

to the Malian 2023 Mining Code, in direct violation of the

stability rights contained in the Conventions.

Beginning in 2023, the Government of Mali

initiated several fiscal and customs proceedings against

Somilo and Gounkoto, demanding payment of various

charges, taxes, duties, and other amounts from which they

were exempt. Barrick regularly engaged with the

Government of Mali to find a global settlement and in

October 2024, Barrick made a payment of FCFA 50 billion

($84 million) to advance those negotiations. Despite the

Company's efforts, in November 2024, Somilo and

Gounkoto were restricted from exporting gold from Mali,

also in violation of the Conventions. At the same time, the

Government of Mali initiated meritless criminal proceedings

against the Company, its Malian subsidiaries, their offices

and directors and several employees, alleging violations of

exchange control regulations and threatening substantial

fines and imprisonment. These proceedings resulted in the

incarceration of four employees on November 25, 2024.

On December 18, 2024, after multiple good faith

attempts to resolve the dispute, Somilo and Gounkoto

submitted a request for arbitration to the International

Centre for the Settlement of Investment Disputes (ICSID) in

accordance with the provisions of their respective

Convention.

On January 2, 2025, an interim attachment order

was issued by the Senior Investigating Judges of the Pôle

National Économique et Financier ("Pôle Économique")

against the existing gold stock on the site of the Loulo-

Gounkoto mining complex. On January 11, 2025, the gold

was removed from the site to a custodial bank.On January

14, 2025, due to the restrictions imposed by the

Government of Mali on gold shipments, the Company

announced that the Loulo-Gounkoto mining complex would

temporarily suspend operations. On June 16, 2025, the

Bamako Commercial Tribunal placed the Loulo-Gounkoto

complex under six months of provisional administration and

the Provisional Administrator assumed day to day

management of operations at the complex on June 23,

2025. On November 24, 2025, Barrick announced that

an agreement with the Government of Mali had been

entered into to put an end to all disputes regarding Somilo

and Gounkoto, including the termination of the provisional

administration, the dropping of all charges against Barrick,

its affiliates and employees and the release of the four

detained employees, the renewal of the Somilo Exploitation

Permit for a 10 year period, and the withdrawal of the ICSID

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| **BARRICK YEAR-END 2025** | **139** | **NOTES TO FINANCIAL STATEMENTS** |

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|:---|:---|:---|:---|:---|:---|:---|
| **[OVERVIEW](#i9b586ce33d0945d78cb79c215b9ba342_157)** | **[OPERATING](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>**[PERFORMANCE](#i9b586ce33d0945d78cb79c215b9ba342_211)**<br>| **FUTURE [GROWTH](#i9b586ce33d0945d78cb79c215b9ba342_256)** | **[REVIEW OF FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>**[RESULTS](#i9b586ce33d0945d78cb79c215b9ba342_262)**<br>| **[OTHER INFORMATION](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[& NON-GAAP](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>**[RECONCILIATIONS](#i9b586ce33d0945d78cb79c215b9ba342_325)**<br>| **[MINERAL RESERVES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[AND MINERAL](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>**[RESOURCES](#i9b586ce33d0945d78cb79c215b9ba342_355)**<br>| **[FINANCIAL](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>**[STATEMENTS](#i9b586ce33d0945d78cb79c215b9ba342_391)**<br>|

---

claims. A settlement payment of approximately FCFA

143 billion ($253 million) was made to the Government of

Mali on November 28, 2025, which was part of the global

settlement amount. Operational control was handed back to

Somilo and Gounkoto's management on December 16,

2025, and the Loulo-Gounkoto complex is now producing

gold. The parties sought withdrawal of the ICSID arbitration

on December 15, 2025 and the gold stock attached in

January 2025 was returned to Somilo and Gounkoto on

December 18, 2025. Other steps contemplated by the

November 24, 2025 agreement, including the 10-year

renewal of the Somilo Exploitation Permit, remain to be

completed. The Gounkoto Exploitation Permit is valid until

2042. Pueblo Viejo - Amparo Actions

In May 2025, two constitutional actions were filed in an

administrative court in the Dominican Republic against

Pueblo Viejo Dominicana Jersey 2 Limited (PV), the joint

venture company that operates the Pueblo Viejo mine, and

the Dominican Ministry of Environment and Natural

Resources. The actions, styled as "amparo" remedies, were

brought by local individuals and environmental non-

governmental organizations seeking to suspend

construction of the mine's new Naranjo tailings storage

facility and to revoke the underlying environmental license

for that facility on the basis of alleged environmental and

human rights concerns.

A hearing for the first amparo action was held on

September 2, 2025. The administrative court dismissed that

action on procedural grounds. The plaintiffs appealed the

dismissal to the constitutional court on October 6, 2025.

The appeal remains pending. On December 16, 2025, a

hearing was held for the second amparo action and the

plaintiffs voluntarily withdrew their claim. That matter is now

closed. The Company believes there is no merit to the

remaining amparo action and intends to defend its position

vigorously.

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| **BARRICK YEAR-END 2025** | **140** |

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**Shares Listed**

**B**The New York Stock Exchange <sup>[1]</sup>

**ABX**The Toronto Stock Exchange

**Transfer Agents and Registrars**

**TSX Trust Company**

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

or

**Equiniti Trust Company, LLC**

48 Wall Street

New York, New York 10043

Telephone: 1 800 387 0825

Fax: 1 888 249 6189

Email: shareholderinquiries@tmx.com

Website: www.tsxtrust.com

**Barrick Mining Corporation**

Telephone: +1 416 861 9911

Email: investor@barrick.com

Website: www.barrick.com

161 Bay Street, Suite 3700

Toronto, Ontario M5J 2S1

310 South Main Street, Suite 1150

Salt Lake City, Utah 84101

**Enquiries**

**Investor Relations Contact**

Cleve Rueckert, +1 775 397 5443

Email: cleveland.rueckert@barrick.com

**Media Contact**

Brunswick Group

Carole Cable, +44 (0) 7974 982 458

Email: barrick@brunswickgroup.com

<sup>[1]</sup> As of May 9, 2025, Barrick's ticker on the New York Stock Exchange changed to "B" from "GOLD"

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",

"aim", "strategy", "ramp up", "target", "plan", "opportunities",

"guidance", "forecast", "outlook", "project", "develop",

"progress", "continue", "temporary", "committed", "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 and cost guidance, including our three-year gold

and copper production outlook; anticipated production

growth from Barrick's organic project pipeline and reserve

replacement; 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; mine life and

production rates; contingent consideration from the sale of

the Hemlo gold mine and the Tongon gold mine; anticipated

timing for development of the Goldrush Project; our plans,

timelines, and expected completion and benefits of our

growth projects, including the Goldrush Project, Fourmile,

Ren, Pueblo Viejo plant expansion and mine life extension

project, Veladero Phase 8 Leach Pad, Reko Diq, solar

power project at Kibali, and the Lumwana Super Pit

Expansion; anticipated production at Goldrush, Ren, Reko

Diq and Lumwana; the doubling of mineral resources at

Fourmile; capital expenditures related to upgrades and

ongoing management initiatives; Barrick's global

exploration strategy and planned exploration activities;

Barrick's strategic copper business; our pipeline of high

confidence projects at or near existing operations; the

resumption of operations at Loulo-Gounkoto following the

resolution of disputes with the Government of Mali,

including adoption of the 2023 Mining Code; the

incorporation of Fourmile into the NGM joint venture at fair

market value; potential mineralization and metal or mineral

recoveries; Barrick's intention to explore and potential

benefits and expected timing of an initial public offering of

its North American gold assets; 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 sustainability

issues, including climate change, greenhouse gas ("GHG")

emissions reduction targets, human rights, safety

performance, community development and resettlement,

and responsible water use; Barrick's search for a

permanent President and Chief Executive Officer; 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,

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|:---|:---|
| **BARRICK YEAR-END 2025** | **141** |

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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, including the expropriation or

nationalization of property and political or economic

developments in Canada, the United States or other

countries in which Barrick does or may carry on business in

the future; risks relating to political instability in certain of

the jurisdictions in which Barrick operates; timing of receipt

of, or failure to comply with, necessary permits and

approvals; non-renewal of key licenses by governmental

authorities; failure to comply with environmental and health

and safety laws and regulations; increased costs and

physical and transition risks related to climate change,

including extreme weather events, resource shortages,

emerging policies and increased regulations related to GHG

emission levels, energy efficiency and reporting of risks; the

Company's ability to achieve its sustainability goals,

including its climate-related goals and GHG emissions

reduction targets, in particular its ability to achieve its Scope

3 emissions targets which require reliance on entities within

Barrick's value chain, but outside of the Company's direct

control, to achieve such targets within the specified time

frames; contests over title to properties, particularly title to

undeveloped properties, or over access to water, power and

other required infrastructure; the liability associated with

risks and hazards in the mining industry, and the ability to

maintain insurance to cover such losses; damage to the

Company's reputation due to the actual or perceived

occurrence of any number of events, including negative

publicity with respect to the Company's handling of

environmental matters or dealings with community groups,

whether true or not; risks related to operations near

communities that may regard Barrick's operations as being

detrimental to them; litigation and legal and administrative

proceedings; operating or technical difficulties in connection

with mining or development activities, including

geotechnical challenges, tailings dam and storage facilities

failures, and disruptions in the maintenance or provision of

required infrastructure and information technology systems;

increased costs, delays, suspensions and technical

challenges associated with the construction of capital

projects; risks associated with working with partners in

jointly controlled assets; risks related to disruption of supply

routes which may cause delays in construction and mining

activities, including disruptions in the supply of key mining

inputs due to the invasion of Ukraine by Russia and

conflicts in the Middle East; risk of loss due to acts of war,

terrorism, sabotage and civil disturbances; risks associated

with artisanal and illegal mining; risks associated with

Barrick's infrastructure, information technology systems and

the implementation of Barrick's technological initiatives,

including risks related to cybersecurity incidents, including

those caused by computer viruses, malware, ransomware

and other cyberattacks, or similar information technology

system failures, delays and/or disruptions; the impact of

global liquidity and credit availability on the timing of cash

flows and the values of assets and liabilities based on

projected future cash flows; the impact of inflation, including

global inflationary pressures driven by ongoing global

supply chain disruptions, global energy cost increases

following the invasion of Ukraine by Russia and country-

specific political, economic factors in Argentina and

uncertainty related to Venezuela; adverse changes in our

credit ratings; fluctuations in the currency markets; changes

in U.S. dollar interest rates; changes in U.S. trade, tariff and

other controls on imports and exports, tax, immigration or

other policies that may impact relations with foreign

countries, result in retaliatory policies, lead to increased

costs for raw materials and components, or impact Barrick's

existing operations and material growth projects; risks

arising from holding derivative instruments (such as credit

risk, market liquidity risk and mark-to-market risk); risks

related to the demands placed on the Company's

management, the ability of management to implement its

business strategy and enhanced political risk in certain

jurisdictions; uncertainty whether some or all of Barrick's

targeted investments and projects will meet the Company's

capital allocation objectives and internal hurdle rate;

whether benefits expected from recent transactions are

realized; business opportunities that may be presented to,

or pursued by, the Company; our ability to successfully

integrate acquisitions or complete divestitures; risks related

to competition in the mining industry; employee relations

including loss of key employees; availability and increased

costs associated with mining inputs and labor; risks

associated with diseases, epidemics and pandemics; risks

related to the failure of internal controls; and risks related to

the impairment of the Company's goodwill and assets. In

addition, there are risks and hazards associated with the

business of mineral exploration, development and mining,

including environmental hazards, industrial accidents,

unusual or unexpected formations, pressures, cave-ins,

flooding and gold bullion, copper cathode or gold or copper

concentrate losses (and the risk of inadequate insurance, or

inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can

affect our actual results and could cause actual results to

differ materially from those expressed or implied in any

forward-looking statements made by, or on behalf of, us.

Readers are cautioned that forward-looking statements are

not guarantees of future performance. All of the 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.

## Exhibit 99.3

**Exhibit 99.3**![LOGO](g10712dsp01.jpg)

**Consent of Independent Registered Accounting Firm** 

We hereby consent to the incorporation by reference in the registration statements on Form F-3 (No. 333-206417), Form S-8 (Nos. 333-121500, 333-131715, 333-135769, 333-224560) and Form F-10 (No. 333-287021) of Barrick Mining Corporation of our report dated February 4, 2026 relating to the consolidated financial statements and effectiveness of internal control over financial reporting, which appears in Exhibit 99.2 to this Form 6-K.

**/s/ PricewaterhouseCoopers LLP** 

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario

Canada

February 5, 2026

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|:---|:---|
|  | PricewaterhouseCoopers LLP |
|  | PwC Tower, 18 York Street, Suite 2500, |
|  | Toronto, Ontario, Canada M5J 0B2 |
|  | T: +1 416 863 1133, F: +1 416 365 8215 |
|  | Fax to mail : ca_toronto_18_york_fax@pwc.com |
| **www.pwc.com** | "PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. |

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