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Barrick Delivers Strong Year-End Performance While Advancing Key Growth Projects

1. Barrick Gold increased Q4 gold production by 15% over Q3. 2. Net earnings rose 69% to $2.14 billion in 2024. 3. Barrick's gold reserves grew significantly to 89 million ounces. 4. Ongoing issues in Mali remain investor concerns affecting shares. 5. Plans for share repurchase program worth $1 billion announced.

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Why Bullish?

Strong production and reserve growth should positively influence GOLD price. Past performance shows similar correlations during rapid growth phases.

How important is it?

Significant production increases and strategic moves enhance overall market position. This gives strong indications for future financial health of GOLD.

Why Long Term?

Increased reserves and stable output forecast boost confidence in sustained production capability. This often leads to long-term price appreciation.

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Fourth Quarter and Full Year 2024 ResultsAll amounts expressed in US dollars TORONTO, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) delivered a strong performance in Q4, increasing gold production by 15% and copper production by 33% over Q3 to meet its annual guidance for the year. Additionally, gold cost of sales1 and total cash costs2 for the quarter were reduced by 3% and 5%, respectively. The results for the year, released today, report a 69% increase in net earnings to $2.14 billion, a 51% increase in adjusted net earnings3 to $2.21 billion and a 30% rise in attributable EBITDA4 to $5.19 billion for 2024 — the highest in over a decade. Year-on-year operating cash flow increased 20% to $4.49 billion and free cash flow5 more than doubled to $1.32 billion, driven by the stronger earnings. A quarterly dividend of $0.10 per share was maintained, bringing the total annual dividend paid to shareholders to $696 million, and a further $498 million was returned in buying back shares. “Barrick remains focused on sustainable value creation for all our stakeholders and as our results today clearly demonstrate, we have the asset quality, balance sheet strength and organic growth projects to deliver on our vision well into the future,” said Barrick president and chief executive Mark Bristow. Barrick’s North America and Africa and Middle East operations met their production guidance for the year, while in the Latin America and Asia Pacific region, a slower-than-expected ramp up at Pueblo Viejo meant the region delivered slightly below guidance despite a stellar performance from Veladero. Pueblo Viejo is planning further upgrades in 2025 to continue the improvement in throughput and recovery, starting with a planned 35-day shutdown in the first quarter of the year. “During the fourth quarter, we made steady progress in ramping up operations at Pueblo Viejo, improving recovery, despite lower production on the back of a slight decrease in grade. At Veladero and Nevada Gold Mines, we boosted production and we closed the gaps at Kibali while strengthening the management team there. Additionally, we completed two major feasibility studies to advance the transformational Lumwana and Reko Diq projects, and also significantly increased our reserves and resources,” said Bristow. Barrick continued its strong track record of reserve additions, growing attributable proven and probable gold mineral reserves by 17.4 million ounces18 (23%) before 2024 depletion. Attributable proven and probable gold mineral reserves now stand at 89 million ounces at 0.99g/t19, increasing from 77 million ounces at 1.65g/t20 in 2023. Copper mineral reserves grew by 224% year-on-year on an attributable basis, at more than 13% higher grade, to 18 million tonnes of copper at 0.45%19, from 5.6 million tonnes of copper at 0.39% in 2023.20 This resulted from the completion of the Lumwana and Reko Diq feasibility studies — affirming both projects as potential Tier One21 copper assets. Additionally, the wholly-owned Fourmile project is advancing to prefeasibility following a successful 2024 drilling program. For 2025, attributable gold production is expected to be in the range of 3.15–3.5 million ounces, excluding production from Loulo-Gounkoto while it is temporarily suspended. Attributable copper production for 2025 is projected to increase from 195,000 tonnes in 2024 to 200,000–230,000 tonnes, driven by increased production at Lumwana. Bristow said Barrick remains open to a constructive engagement with the Malian government and he continues to believe that a mutually beneficial solution can be found. “While ongoing issues in Mali remain an investor concern, which have overly weighed on the share price, Barrick’s fundamental value proposition has never been stronger. As such, we have capitalized on the undervaluation of our shares by increasing our repurchases, and we have renewed our $1 billion share buyback program for the upcoming year,” said Bristow. “Our ability to self-fund our growth pipeline is a major strength and, unlike many of our peers, we won't need costly mergers and acquisitions or to issue additional equity to grow production. Our focus on a quality Tier One21 asset portfolio, continuous talent development, growth potential, robust balance sheet and unparalleled track record in replacing the reserves we mine, are the key reasons why we should be the go-to stock,” he said. Key Performance Indicators Best Assets… Replaced depleted gold reserves at existing mines and added 13 million ounces attributable proven and probable reserves from Reko Diq6Significant increases in production across all regions deliver higher Q4 gold productionFull year attributable gold production of 3.91 million ounces, in line with annual guidanceQuarter-on-quarter improvement at Pueblo Viejo across flotation, CIL2 circuit stability and recovery step upVeladero delivers best production in last five years and successfully commissions Phase 7B leach padIncreased Q4 copper production ensures delivery at midpoint of annual guidanceEngineering partners appointed for Lumwana and Reko Diq and on track with early works design and long lead item fabricationPueblo Viejo Naranjo TSF feasibility completed and drilling ongoing to validate designNew decline development commences at Bulyanhulu to access new reserves and increase mining flexibilitySignificant drilling results at NGM, Reko Diq, Loulo, Tanzania and Kibali confirm quality pipeline of targets with progress on early-stage targets across Barrick’s expanding greenfields portfolio Key Growth Projects… Reko Diq and Lumwana Feasibility Studies add 13Mt of new attributable copper reserves (73Moz of gold equivalent ounces)6,7,8Barrick’s Fourmile proceeds to prefeasibility study on back of successful drilling programLumwana expansion permitted and Reko Diq ESIA progresses Leader in Sustainability… 48% reduction in LTIFR9 and 20% reduction in TRIFR9 year-on-yearAfrica & Middle East region has again achieved its best Malaria Incident Rate (MIR) on record, lowering the MIR by a further 51% from 2023824 hectares of concurrent rehabilitation completed in 2024 – exceeding target by 13% Delivering Value… 20% increase in operating cash flow for 2024 to $4.5 billionFree cash flow5 for 2024 more than double 2023 at $1.3 billionNet earnings per share of $0.57 and adjusted net earnings per share3 of $0.46 for the quarterQ4 share buyback increased to $354 million – brings total to $498 million for the year$0.10 per share dividend declared with $1.2 billion in total shareholder returns in 2024 Financial and Operating Highlights Financial ResultsQ4 2024Q3 202420242023Realized gold price10,11                    ($ per ounce)2,6572,4942,3971,948Realized copper price10,11                    ($ per pound)3.964.274.153.85Net earnings12                        ($ millions)9964832,1441,272Adjusted net earnings3                ($ millions)7945292,2131,467Attributable EBITDA4             ($ millions)1,6971,2925,1853,987Net cash provided by operating activities ($ millions)1,3921,1804,4913,732Free cash flow5                                  ($ millions)5014441,317646Net earnings per share ($)0.570.281.220.72Adjusted net earnings per share3 ($)0.460.301.260.84Total attributable capital expenditures13,14 ($ millions)7585832,6072,363Financial PositionAs at 12/31/24As at 9/30/24As at 12/31/24As at 12/31/23Debt (current and long-term) ($ millions)4,7294,7254,7294,726Cash and equivalents ($ millions)4,0744,2254,0744,148Debt, net of cash ($ millions)655500655578Operating ResultsQ4 2024Q3 202420242023Gold    Production10                              (thousands of ounces)1,0809433,9114,054Cost of sales1,10                         ($ per ounce)1,4281,4721,4421,334Total cash costs2,10                                 ($ per ounce)1,0461,1041,065960All-in sustaining costs2,10                 ($ per ounce)1,4511,5071,4841,335Copper    Production10,15                           (thousands of tonnes)6448195191Cost of sales10,16                  ($ per pound)2.623.232.992.90C1 cash costs10,17                            ($ per pound)2.042.492.262.28All-in sustaining costs10,17                 ($ per pound)3.073.573.453.21 Q4 2024 Results Presentation Mark Bristow will host a live presentation of the results today at 11:00 EST, with an interactive webinar linked to a conference call. Participants will be able to ask questions. Go to the webinarUS/Canada (toll-free), 1 844 763 8274UK (toll), +44 20 3795 9972International (toll), +1 647 484 8814 The Q4 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing. Barrick Reports Share Repurchases and Declares Q4 Dividend Barrick today announced the declaration of a dividend of $0.10 per share for the fourth quarter of 2024. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q4 2024 dividend will be paid on March 17, 2025 to shareholders of record at the close of business on February 28, 2025. In addition to the quarterly dividends, Barrick repurchased 28.675 million shares during the year under the share buyback program that was announced in February 2024, including 21 million shares during Q4 2024. “The strong performance of our business has allowed us to provide significant returns to shareholders in 2024 through the combination of dividends and share buybacks, especially in the fourth quarter, at a compelling valuation. At the same time, Barrick continues to maintain one of the strongest balance sheets in the industry ensuring adequate liquidity to invest in our significant growth projects,” said senior executive vice-president and chief financial officer Graham Shuttleworth. Barrick Announces New Share Buyback Program Barrick announced today that it plans to undertake a new share repurchase program for the buyback of its common shares. Barrick’s Board of Directors has authorized a new program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law. In connection with the new share repurchase program, Barrick has terminated the share repurchase program announced by the Company on February 14, 2024. The Company repurchased $498 million in common shares under its 2024 share repurchase program. Under the program, repurchases can be made from time to time through published markets in the United States such as the New York Stock Exchange using a variety of methods, including open market purchases, as well as by any other means permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements. Barrick believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value. The actual number of shares that may be purchased, if any, and the timing of such purchases, will be determined by Barrick based on a number of factors, including the Company’s financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction. The repurchase program does not obligate the Company to acquire any particular number of common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.Barrick Grows Gold and Copper Reserves Significantly,Setting It Apart From Its Peers as It Positions for Growth Barrick grew attributable proven and probable gold mineral reserves by 17.4 million ounces18 (23%) before 2024 depletion. Attributable proven and probable mineral reserves now stand at 89 million ounces at 0.99g/t19, increasing from 77 million ounces at 1.65g/t20 in 2023. The year-on-year change was led by the conversion of Reko Diq resources to mineral reserves, adding 13 million ounces of gold at 0.28g/t19 on an attributable basis, following the completion of the feasibility study. Significantly, before the addition of Reko Diq, Barrick delivered a fourth consecutive year of replacing annual depletion at a 4% higher grade, continuing to demonstrate the results of an unremitting focus on asset quality and further extending the life of our existing operations. Since the end of 2019, Barrick has replaced more than 180%18 of the company’s depleted gold reserves, adding almost 46 million ounces18 of attributable proven and probable reserves (77 million ounces18 of proven and probable reserves on a 100% basis) across Barrick-managed assets. Attributable measured and indicated gold resources for 2024 remain consistent, at 180 million ounces at 1.06g/t19, with a further 41 million ounces at 0.9g/t19 of inferred resources, up 5% from 2023. At the same time, copper mineral reserves grew by 224% year-on-year on an attributable basis, at more than 13% higher grade to 18 million tonnes of copper at 0.45%19, from 5.6 million tonnes of copper at 0.39% in 2023.20 This resulted from the completion of the Lumwana and Reko Diq feasibility studies affirming both projects as Tier One21 Copper Assets. The Lumwana Super Pit Expansion feasibility study added 5.5Mt of Cu reserves to the project, resulting in proven and probable copper reserves of 8.3 million tonnes of copper at 0.52%.19 The Reko Diq feasibility study added 7.3 million tonnes of copper at 0.48%6 to attributable copper reserves. This represents an addition of more than 20 million tonnes19 of proven and probable copper reserves on a 100% basis since 2023. Attributable measured and indicated copper resources for 2024 stand at 24 million tonnes19 of copper at 0.39%, with a further 3.9Mt19 of copper at 0.3% of inferred resources, reflecting the conversion and upgrade of copper mineral resources at Lumwana. For 2024, mineral reserves are based on an updated gold price assumption of $1,400/oz22 and a consistent copper price of $3.00/lb.22 Mineral resources are reported inclusive of reserves and for 2024 are based on an updated gold price of $1,900/oz22 and a consistent copper price of $4.00/lb.22 President and chief executive Mark Bristow said Barrick’s strategy of investing in organic growth through exploration and mineral resource management has set the group apart from its peers within the industry, positioning Barrick as a champion for value creation as we continue to grow our production profile organically. “In order for our industry to help build a better world, we have to invest in our own future, with transformational projects like the Lumwana Super Pit and Pueblo Viejo expansions, Reko Diq and Fourmile. Barrick’s vision for these projects extends beyond mining, ensuring the benefits of these investments provide multi-generational benefits to our host countries and local communities through the development of local service provider partnerships and investment in the sustainability of our operating environments,” said Bristow. Mineral Resource Management and Evaluation Executive Simon Bottoms said that since the end of 2019, Barrick has successfully added 111 million ounces18 of attributable gold equivalent reserves at a cost of approximately $10 per ounce23, demonstrating the value proposition of our strategy. “The company's reserve prices of $1,400/oz for gold22 and $3.00/lb for copper22 are designed to extract the optimum value from our geologically defined orebodies whilst delivering the highest value, demonstrating the quality differentiation of our Tier One21 assets. This approach is complemented by our reserve replacement strategy, where we aim to add value by delineating ore body extensions and satellites at our long-term reserve prices rather than diluting the quality of our reserves through lifting reserve prices beyond the relative levels of cost inflation,” said Bottoms. Gold mineral reserves in the Africa & Middle East region, after annual depletion, grew to 19 million ounces at 3.35g/t19 in 2024 from 18.8 million ounces at 3.24g/t20 in 2023. This was predominantly driven by both Bulyanhulu and Loulo-Gounkoto, with extensions of the high-grade Reef 2 and Yalea underground orebodies respectively, combined with growth of the Faraba open pit. Overall, this delivered a 2.3 million ounce19 increase in attributable proven and probable reserves across the region, before depletion. North Mara also contributed to the strong results through the extension of the Gokona underground and Gena open pit. At Kibali, the ongoing conversion drilling in the 9000 and 11000 lodes in KCD underground replaced 98% of depletion, with ongoing development to establish further underground drill platforms for 2025. The Latin America & Asia Pacific region, led by Pueblo Viejo, replaced 115% of the regional 2024 gold reserve depletion before the addition of Reko Diq, which added 0.78 million ounces19 to attributable proven and probable reserves before depletion as a result of additional pit design pushbacks unlocked by the additional TSF capacity in the new Naranjo facility. Porgera grew attributable gold reserves by 22% year-on-year with the successful conversion of the open pit Link cutback adjacent to the West Wall cutback. In North America, the ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and the Reona cut-back in Phoenix, added 1.54 million ounces19 of gold to proven and probable reserves on an attributable basis before annual depletion, which were partially offset by reductions in Cortez driven by metallurgical model updates in Crossroads and Robertson. This resulted in attributable proven and probable mineral reserves for the region of 30 million ounces at 2.71g/t19, representing a more than 10% increase in the grade year-over-year (2.45g/t in 2023) as a result of the high-grade growth additions and reductions of low-grade at Cortez. At the same time, attributable gold measured and indicated mineral resources for the region now stands at 66 million ounces at 2.18g/t19, due to the removal of Long Canyon mineral resources, as the site is planned to progress into full closure during 2025. Meanwhile, attributable inferred gold mineral resources for the region grew to 21 million ounces at 3.3 g/t19, driven by Fourmile’s mineral resource24 growth in the southernmost portion of the orebody immediately adjacent to the existing Goldrush mine. Looking forward to 2025, Barrick plans to commence prefeasibility-study drilling at the end of the first quarter of 2025 which will target continued extension of the mineral resource along strike to the north, while also completing the foundational studies for the planned Bullion Hill northern access portal. Transforming Lumwana Into a Top 25 Copper Producer Barrick has completed a comprehensive feasibility study for the Super Pit Expansion at Lumwana in Zambia25, transforming the mine into a long-life, high yielding, Top 25 copper producer and Tier One21 copper mine, capable of contending with the volatility of the copper demand cycles. The expansion will substantially increase the mine’s production capacity, extending its operational life by 17 years to 2057, and doubling the capacity of the processing plant from 27 million tonnes per annum (Mtpa) to a peak design of 54Mtpa — achieving an average copper output of 240,000 tonnes annually over the life of the mine, from a planned 52Mtpa process feed. Based on the feasibility study, the total project capital cost is estimated to be $2 billion. Construction is set to begin in 2025, with the project promising substantial improvements in operational efficiency. The expansion has significantly grown Lumwana’s mineral reserves, increasing proven and probable copper reserves from 510 million tonnes at 0.58% for 3.0 million tonnes of contained copper as of year-end 2023 to 1,600 million tonnes at 0.52% for 8.3 million tonnes of contained copper as of year-end 2024.7 Notably, this expansion will replace the total copper produced by Lumwana since 2009 by over 400%.25 The project involves key infrastructure developments, including the expansion of existing mining operations at Chimiwungo and Malundwe, the opening of two new open pits at Kamisengo and Kababisa, and a substantial increase in mining capacity to 200Mtpa in 2026 and 300Mtpa in 2030. By 2039, the mine is projected to reach a maximum peak mining capacity of 350Mtpa, positioning Lumwana as the largest mine in Africa by total tonnes moved. Technological advancements are central to the expansion, with plans to introduce high-level automation and modern process control systems. The parallel process circuit will enable substantial productivity improvements and reduced operating costs. A new pit-rim crusher and conveyor system will optimize hauling efficiency, cutting current ultra-class trucking haul cycles by at least 15%. The tailings storage facility will see a capacity increase from 360 million tonnes to two billion tonnes. The expansion capitalizes on copper fundamentals and delivers a financially robust low capital intensity mine, with a projected cumulative operating cash flow of $36 billion and free cash flow of $15.2 billion5 over the mine's life, based on a three-year trailing copper price of $4.03 per pound.25 The project will be self-funded by Barrick and current Lumwana operations, paying back the initial expansion capital in approximately two years after completion of the expansion at $4.03 per pound. Environmental and social responsibility are key considerations of the project. Barrick has secured all necessary mining licenses over the entire project area and completed an Environmental and Social Impact Assessment, which was approved in November 2024. Additional permits are on schedule to be approved prior to construction. The Company is also investing up to $2 million through a REDD+ Project to offset environmental impacts, partnering with local chiefdoms and the Zambian government to conserve approximately 215,000 hectares of forest. Updated Feasibility Study DemonstratesReko Diq’s Transformative Potential Barrick has completed the updated feasibility study for the Reko Diq project26, marking a significant milestone in the development of one of the world's largest undeveloped copper-gold deposits. Reko Diq will be a major contributor to Pakistan’s economy which is expected to have a transformative impact on the Balochistan province. Barrick’s share of the project represents 50%, with 25% held by three Pakistani state-owned enterprises and 25% held by the Government of Balochistan, of which 15% is on a fully funded basis and 10% is on a free carried basis. The updated feasibility study outlines a 37-year mine life with a total estimated capital investment on a 100% basis of $8.83 billion, to be divided into two phases, with Phase 1 having an estimated total capital cost of $5.6-$6.0 billion (100% basis, exclusive of financing costs). On February 11, 2025, the Board of Directors conditionally approved the development of Phase 1 subject to the closing of up to $3 billion of limited recourse project financing. Assuming $3 billion of project financing, Barrick’s share of the total partner equity contribution required for the development of Phase 1 is expected to be $1.8-$2.0 billion. Early works construction commenced during the first quarter of 2025, with first production anticipated by the end of 2028. The project will leverage five of the fifteen identified porphyry surface expressions within the current mining lease, highlighting substantial future growth potential. Under the updated feasibility study, Phase 1 is planned to see 45 million tonnes of mill feed processed annually (Mtpa), ramping up to 240,000 tonnes of copper and 297,000 ounces of gold (on a 100% basis).26 By 2034, Phase 2 will expand operations to 90Mtpa, increasing annual production to an average of 460,000 tonnes of copper and 520,000 ounces of gold for the first ten years (2034-2043).26 2044 will see the peak mining rate of 250Mtpa and a life-of-mine strip ratio of 1.07.26 Probable mineral reserves, on a 100% basis, are 3,000 million tonnes at 0.48% representing 15 million tonnes of copper and 2,900 million tonnes at 0.28g/t representing 26 million ounces of gold.6 The mining operation will utilize electric rope shovels, diesel hydraulic excavators and 360-tonne ultra class haul trucks. The processing plant consists of a three-stage crushing circuit, ball milling and conventional flotation. Saline groundwater, located approximately 300-750 meters below the surface, that is not suitable for drinking or irrigation is planned as the primary water supply sourced from a nearby aquifer, with power produced through a combination of heavy fuel oil generators, solar systems and battery storage. Future integration into Pakistan’s national grid is planned for Phase 2. An Environmental and Social Impact Assessment (ESIA) was completed in December 2024 and submitted to the relevant government authorities, with approval expected during Q1 2025. Throughout the ESIA process, continuous engagement with local communities and other key stakeholders was undertaken to ensure that their concerns were considered. Based on a three-year trailing average copper price of $4.03 per pound and gold price of $2,045 per ounce, Barrick estimates the project will deliver an internal rate of return of 21.32%, generating $90 billion in operating cash flow and $70 billion in free cash flow5 (on a 100% basis) over the life of mine and generating $54 billion of revenue within Pakistan. Reko Diq is the largest foreign direct investment project in Balochistan and one of the largest in Pakistan. Barrick Advances Fourmile Project in Nevada The results of Barrick’s 2024 drilling program at the wholly owned Fourmile project in Nevada, have been incorporated into a preliminary economic assessment, highlighting an impressive resource base and promising economic indicators that position Fourmile as a world-class gold deposit. The 2024 mineral resource update expanded the project's mineral resources, across the southernmost portion of the orebody, immediately adjacent to the existing Goldrush mine, resulting in a 192% increase in indicated resources (to 1.4 million ounces grading 11.76 g/t), a 137% increase in inferred resources (to 6.4 million ounces at 14.1 g/t) and a 35% increase in grade relative to Barrick’s 2023 year-end mineral resource estimate.24,27     President and chief executive Mark Bristow, stated that the Fourmile project is a truly world-class asset which can only really be compared to the original Goldstrike deposit that was the foundational asset of Barrick and is now part of Carlin within the Nevada Gold Mines joint venture. “The current resource represents approximately one-third of the total orebody defined by drilling to date, supporting substantial growth potential, with increasing grades as drilling progresses northward,” said Bristow. Economic projections for Fourmile are equally compelling, whereby the preliminary economic assessment demonstrates Fourmile’s potential to become a Tier One mine21 at comparable annual mining rates and costs to the current Goldrush mine plan.24 These results have encouraged Barrick to advance the project through a three-year pre-feasibility-study program. Barrick’s Mineral Resource Management and Evaluation Executive Simon Bottoms stated, “Geotechnical drilling and ongoing hydrological measurements have confirmed more favourable ground conditions with lower permeability than other typical Carlin-style deposits. This has the potential to reduce the dewatering requirements during mine development and allows for stope heights to be increased up to 25m high compared to 15m within the neighboring Goldrush mine.” “Metallurgical test work has demonstrated compatibility with existing facilities, offering processing flexibility through both autoclave and roaster facilities. The initial mine design incorporates three semi-independent production zones, providing operational flexibility and potential for increased production rates,” said Bottoms. Looking ahead, Barrick plans to commence pre-feasibility-study drilling at the end of the first quarter of 2025, which will provide the foundational study data to underpin the planned Bullion Hill northern access portal. The upcoming studies will also explore materials handling options and investigate the synergies Fourmile could bring to both the existing Goldrush mine and associated processing facilities. Ma'aden Barrick Copper Company AdvancesFemale Employment in Saudi Mining In August 2020, the Kingdom of Saudi Arabia’s Cabinet approved landmark amendments to the Labor Law, repealing Articles 149 and 150, which previously restricted women from working in hazardous occupations or during night shifts. A new clause was introduced to guarantee women equal access to job opportunities as men, provided the roles are not hazardous to their health. This progressive step aligns with Saudi Arabia’s Vision 2030, a national initiative to empower women across all sectors, including mining. The Ma'aden Barrick Copper Company (MBCC), a 50/50 joint venture between Barrick and Ma'aden, exemplifies this vision by opening doors for women in the traditionally male-dominated mining industry. Starting in 2022, MBCC began employing women in various roles, including accounting, human resources, procurement, geology, supply chain management, logistics and compliance. By the beginning of 2025, MBCC had more than doubled the number of female employees, rising from eight in 2022 to 17 — a testament to Barrick’s commitment to fostering a diverse and inclusive workforce. MBCC became the first mine in Saudi Arabia to recruit women to work in remote areas for operational roles. Women now actively contribute to the company’s operations, taking on positions such as project coordinators and chemists in the process lab. Additionally, MBCC has trained 15 women across multiple disciplines, including as instrument and planning engineers in the maintenance department, and as chemists in the process plant. Barrick’s efforts extend beyond hiring to developing future talent. The Company collaborates with local universities and colleges to provide tailored training opportunities, empowering women to excel in roles critical to the mining sector. This progress not only supports Saudi Arabia’s national goals but also highlights Barrick’s dedication to creating a diverse, equitable and forward-thinking workplace. By integrating talented women into their operations, MBCC and Barrick are setting a new standard for the mining industry in Saudi Arabia and beyond. APPENDIX 2025 Operating and Capital Expenditure Guidance GOLD PRODUCTION AND COSTS 2025 forecast attributable production (000s ozs)2025 forecast cost of sales1 ($/oz)2025 forecast total cash costs2 ($/oz)2025 forecast all-in sustaining costs2 ($/oz)Carlin (61.5%)705 - 7851,470 - 1,5701,140 - 1,2201,630 - 1,730Cortez (61.5%)28420 - 4701,420 - 1,5201,050 - 1,1301,370 - 1,470Turquoise Ridge (61.5%)310 - 3451,370 - 1,4701,000 - 1,0801,260 - 1,360Phoenix (61.5%)85 - 1052,070 - 2,170890 - 9701,240 - 1,340Nevada Gold Mines (61.5%)1,540 - 1,7001,470 - 1,5701,070 - 1,1501,460 - 1,560Hemlo140 - 1601,500 - 1,6001,200 - 1,2801,600 - 1,700North America1,680 - 1,8601,470 - 1,5701,080 - 1,1601,480 - 1,580 Pueblo Viejo (60%)370 - 4101,540 - 1,640910 - 9901,280 - 1,380Veladero (50%)190 - 2201,390 - 1,490890 - 9701,570 - 1,670Porgera (24.5%)70 - 951,510 - 1,6101,210 - 1,2901,770 - 1,870Latin America & Asia Pacific630 - 7301,490 - 1,590940 - 1,0201,430 - 1,530 Loulo-Gounkoto (80%)29————Kibali (45%)310 - 3401,280 - 1,380940 - 1,0201,130 - 1,230North Mara (84%)230 - 2601,370 - 1,4701,020 - 1,1001,400 - 1,500Bulyanhulu (84%)150 - 1801,470 - 1,5701,010 - 1,0901,540 - 1,640Tongon (89.7%)110 - 1401,790 - 1,8901,570 - 1,6501,660 - 1,760Africa and Middle East820 - 9101,420 - 1,5201,060 - 1,1401,360 - 1,460 Total Attributable to Barrick30,31,323,150 - 3,5001,460 - 1,5601,050 - 1,1301,460 - 1,560 COPPER PRODUCTION AND COSTS 2025 forecast attributable production (000s tonnes)2025 forecast cost of sales16 ($/lb)2025 forecast C1 cash costs17 ($/lb)2025 forecast all-in sustaining costs17 ($/lb)  Lumwana125 - 1552.30 - 2.601.60 - 1.902.80 - 3.10  Zaldívar (50%)40 - 453.60 - 3.902.70 - 3.003.50 - 3.80 Jabal Sayid (50%)25 - 352.00 - 2.301.60 - 1.901.80 - 2.10Total Copper30,31,32200 - 2302.50 - 2.801.80 - 2.102.80 - 3.10 ATTRIBUTABLE CAPITAL EXPENDITURES13   (millions)Attributable minesite sustaining13,141,400 - 1,650Attributable project13,141,700 - 1,950Total attributable capital expenditures133,100 - 3,600 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS 2025 guidance assumptionHypothetical changeConsolidated impact on EBITDA4 (millions)Attributable impact on EBITDA4 (millions)Attributable impact on TCC and AISC2,17Gold price sensitivity$2,400/oz+/- $100/oz‘+/-$450‘+/-$320‘+/-$5/ozCopper price sensitivity$4.00/lb‘+/-$0.25/lb‘+/- $120‘+/- $120‘+/-$0.01/lb Production and Cost Summary - Gold  For the three months endedFor the years ended 12/31/249/30/24Change12/31/2412/31/23ChangeNevada Gold Mines LLC (61.5%)a      Gold produced (000s oz attributable basis)44438515%1,6501,865(12%)Gold produced (000s oz 100% basis)72162515%2,6843,032(12%)Cost of sales ($/oz)1,4681,553(5%)1,4781,3519%Total cash costs ($/oz)b1,1211,205(7%)1,12698914%All-in sustaining costs ($/oz)b1,4531,633(11%)1,5611,36614%Carlin (61.5%)      Gold produced (000s oz attributable basis)1861822%775868(11%)Gold produced (000s oz 100% basis)3012962%1,2611,411(11%)Cost of sales ($/oz)1,4891,4781%1,4291,25414%Total cash costs ($/oz)b1,2401,249(1%)1,1871,03315%All-in sustaining costs ($/oz)b1,6571,771(6%)1,7301,48616%Cortez (61.5%)c      Gold produced (000s oz attributable basis)1259828%444549(19%)Gold produced (000s oz 100% basis)20316028%722892(19%)Cost of sales ($/oz)1,4051,526(8%)1,4021,3186%Total cash costs ($/oz)b1,0641,180(10%)1,04690615%All-in sustaining costs ($/oz)b1,4311,570(9%)1,4411,28212%Turquoise Ridge (61.5%)      Gold produced (000s oz attributable basis)947624%304316(4%)Gold produced (000s oz 100% basis)15312324%494514(4%)Cost of sales ($/oz)1,4911,674(11%)1,6151,39915%Total cash costs ($/oz)b1,1071,295(15%)1,2381,02621%All-in sustaining costs ($/oz)b1,2601,516(17%)1,4661,23419%Phoenix (61.5%)      Gold produced (000s oz attributable basis)392934%1271233%Gold produced (000s oz 100% basis)644634%2072003%Cost of sales ($/oz)1,4741,789(18%)1,6872,011(16%)Total cash costs ($/oz)b752764(2%)765961(20%)All-in sustaining costs ($/oz)b9561,113(14%)1,0311,162(11%)Long Canyon (61.5%)d      Gold produced (000s oz attributable basis)———%—9(100%)Gold produced (000s oz 100% basis)———%—15(100%)Cost of sales ($/oz)———%—1,789(100%)Total cash costs ($/oz)b———%—724(100%)All-in sustaining costs ($/oz)b———%—779(100%)Pueblo Viejo (60%)      Gold produced (000s oz attributable basis)9398(5%)3523355%Gold produced (000s oz 100% basis)155164(5%)5865595%Cost of sales ($/oz)1,6791,47014%1,5761,41811%Total cash costs ($/oz)b1,0309578%1,00588913%All-in sustaining costs ($/oz)b1,3251,2219%1,3231,2496%Loulo-Gounkoto (80%)      Gold produced (000s oz attributable basis)1561448%5785476%Gold produced (000s oz 100% basis)1961808%7236836%Cost of sales ($/oz)1,3971,25711%1,2181,1982%Total cash costs ($/oz)b9238657%828835(1%)All-in sustaining costs ($/oz)b2,1361,28866%1,3041,16612%Kibali (45%)      Gold produced (000s oz attributable basis)807113%309343(10%)Gold produced (000s oz 100% basis)17715913%686763(10%)Cost of sales ($/oz)1,4131,441(2%)1,3441,22110%Total cash costs ($/oz)b966978(1%)90578915%All-in sustaining costs ($/oz)b1,1821,1721%1,12391822%Veladero (50%)      Gold produced (000s oz attributable basis)825744%25220722%Gold produced (000s oz 100% basis)16511344%50541422%Cost of sales ($/oz)1,1511,311(12%)1,2541,440(13%)Total cash costs ($/oz)b828951(13%)9051,011(10%)All-in sustaining costs ($/oz)b1,1911,385(14%)1,3341,516(12%)Porgera (24.5%)e      Gold produced (000s oz attributable basis)1318(28%)46—100%Gold produced (000s oz 100% basis)5372(28%)188—100%Cost of sales ($/oz)2,1271,16383%1,423—100%Total cash costs ($/oz)b1,32299932%1,073—100%All-in sustaining costs ($/oz)b2,9671,214144%1,666—100%Tongon (89.7%)      Gold produced (000s oz attributable basis)392839%148183(19%)Gold produced (000s oz 100% basis)433239%165204(19%)Cost of sales ($/oz)1,4052,403(42%)1,9031,46930%Total cash costs ($/oz)b1,1982,184(45%)1,6701,24035%All-in sustaining costs ($/oz)b1,4602,388(39%)1,8671,40833%Hemlo (100%)      Gold produced (000s oz)393030%1431411%Cost of sales ($/oz)1,7541,929(9%)1,7541,58910%Total cash costs ($/oz)b1,4751,623(9%)1,4831,3827%All-in sustaining costs ($/oz)b1,6892,044(17%)1,7691,6726%North Mara (84%)      Gold produced (000s oz attributable basis)907520%2652535%Gold produced (000s oz 100% basis)1078920%3153025%Cost of sales ($/oz)1,0181,108(8%)1,2661,2065%Total cash costs ($/oz)b771850(9%)9899445%All-in sustaining costs ($/oz)b1,0981,0524%1,2741,335(5%)Bulyanhulu (84%)      Gold produced (000s oz attributable basis)443719%168180(7%)Gold produced (000s oz 100% basis)534419%200214(7%)Cost of sales ($/oz)1,5051,628(8%)1,5091,31215%Total cash costs ($/oz)b1,0721,191(10%)1,07092016%All-in sustaining costs ($/oz)b1,4891,4701%1,4201,23115%Total Attributable to Barrickf      Gold produced (000s oz)1,08094315%3,9114,054(4%)Cost of sales ($/oz)g1,4281,472(3%)1,4421,3348%Total cash costs ($/oz)b1,0461,104(5%)1,06596011%All-in sustaining costs ($/oz)b1,4511,507(4%)1,4841,33511%          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. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of Barrick’s Q4 2024 MD&A. Includes Goldrush.Starting in 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.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 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%. Excludes Pierina, which is producing incidental ounces while in closure. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).  Production and Cost Summary - Copper  For the three months endedFor the years ended 12/31/2409/30/24% Change12/31/2412/31/23% ChangeLumwana (100%)      Copper production (thousands of tonnes)a463053%1231184%Cost of sales ($/lb)c2.273.27(31%)2.942.911%C1 cash costs ($/lb)b1.892.53(25%)2.232.29(3%)All-in sustaining costs ($/lb)b3.143.94(20%)3.853.4811%Zaldívar (50%)      Copper production (thousands of tonnes attributable basis)a111010%40400%Copper production (thousands of tonnes 100% basis)a222010%80810%Cost of sales ($/lb)c4.224.044%4.093.837%C1 cash costs ($/lb)b3.112.994%3.042.953%All-in sustaining costs ($/lb)b3.983.4515%3.583.463%Jabal Sayid (50%)      Copper production (thousands of tonnes attributable basis)a78(13%)32320%Copper production (thousands of tonnes 100% basis)a1516(13%)65640%Cost of sales ($/lb)c2.021.7615%1.771.6011%C1 cash costs ($/lb)b1.291.54(16%)1.371.351%All-in sustaining costs ($/lb)b1.441.76(18%)1.561.532%Total Attributable to Barrick      Copper production (thousands of tonnes)a644833%1951912%Cost of sales ($/lb)c2.623.23(19%)2.992.903%C1 cash costs ($/lb)b2.042.49(18%)2.262.28(1%)All-in sustaining costs ($/lb)b3.073.57(14%)3.453.217%          Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds).  Production and sales amounts for prior periods have been restated for comparative purposes.  Our copper cost metrics are still reported on a per pound basis. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of Barrick’s Q4 2024 MD&A.Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).  Financial and Operating Highlights  For the three months ended For the years ended 12/31/249/30/24% Change 12/31/2412/31/23% ChangeFinancial Results($ millions)       Revenues3,645 3,368 8% 12,922 11,397 13%Cost of sales1,995 2,051 (3)% 7,961 7,932 0%Net earningsa996 483 106% 2,144 1,272 69%Adjusted net earningsb794 529 50% 2,213 1,467 51%Attributable EBITDAb1,697 1,292 31% 5,185 3,987 30%Attributable EBITDA marginb56%46%22% 48%42%14%Minesite sustaining capital expendituresb,c525 511 3% 2,217 2,076 7%Project capital expendituresb,c362 221 64% 924 969 (5)%Total consolidated capital expendituresc,d891 736 21% 3,174 3,086 3%Total attributable capital expenditurese758 583 30% 2,607 2,363 10%Net cash provided by operating activities1,392 1,180 18% 4,491 3,732 20%Net cash provided by operating activities marginf38%35%9% 35%33%6%Free cash flowb501 444 13% 1,317 646 104%Net earnings per share (basic and diluted)0.57 0.28 104% 1.22 0.72 69%Adjusted net earnings (basic)bper share0.46 0.30 53% 1.26 0.84 50%Weighted average diluted common shares (millions of shares)1,742 1,752 (1)% 1,751 1,755 0%Operating Results       Gold production (thousands of ounces)g1,080 943 15% 3,911 4,054 (4)%Gold sold (thousands of ounces)g965 967 0% 3,798 4,024 (6)%Market gold price ($/oz)2,663 2,474 8% 2,386 1,941 23%Realized gold priceb,g($/oz)2,657 2,494 7% 2,397 1,948 23%Gold cost of sales (Barrick’s share)g,h($/oz)1,428 1,472 (3)% 1,442 1,334 8%Gold total cash costsb,g($/oz)1,046 1,104 (5)% 1,065 960 11%Gold all-in sustaining costsb,g($/oz)1,451 1,507 (4)% 1,484 1,335 11%Copper production (thousands of tonnes)g,j64 48 33% 195 191 2%Copper sold (thousands of tonnes)g,j54 42 29% 177 185 (4)%Market copper price ($/lb)4.17 4.18 0% 4.15 3.85 8%Realized copper priceb,g($/lb)3.96 4.27 (7)% 4.15 3.85 8%Copper cost of sales (Barrick’s share)g,i($/lb)2.62 3.23 (19)% 2.99 2.90 3%Copper C1 cash costsb,g($/lb)2.04 2.49 (18)% 2.26 2.28 (1)%Copper all-in sustaining costsb,g($/lb)3.07 3.57 (14)% 3.45 3.21 7% As at 12/31/24As at 9/30/24% Change As at 12/31/24As at 12/31/23% ChangeFinancial Position($ millions)       Debt (current and long-term)4,729 4,725 0% 4,729 4,726 0%Cash and equivalents4,074 4,225 (4)% 4,074 4,148 (2)%Debt, net of cash655 500 31% 655 578 13%               Net earnings represents net earnings attributable to the equity holders of the Company.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of Barrick’s Q4 2024 MD&A.Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs.Total consolidated capital expenditures also includes capitalized interest of $4 million and $33 million, respectively, for the Q4 2024 and 2024 (Q3 2024: $4 million; 2023: $41 million).These amounts are presented on the same basis as our guidance. Represents net cash provided by operating activities divided by revenue.On an attributable basis.Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share). Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis. Consolidated Statements of Income Barrick Gold Corporation  For the years ended December 31 (in millions of United States dollars, except per share data) 2024  2023 Revenue (notes 5 and 6)$12,922 $11,397 Costs and expenses (income)    Cost of sales (notes 5 and 7) 7,961  7,932 General and administrative expenses (note 11) 115  126 Exploration, evaluation and project expenses (notes 5 and 8) 392  361 Impairment (reversals) charges (notes 10 and 21) (457) 312 Loss on currency translation 39  93 Closed mine rehabilitation (note 27b) 59  16 Income from equity investees (note 16) (241) (232)Other (income) expense (note 9) 214  (195)Income before finance items and income taxes 4,840  2,984 Finance costs, net (note 14) (232) (170)Income before income taxes 4,608  2,814 Income tax expense (note 12) (1,520) (861)Net income$3,088 $1,953 Attributable to:    Equity holders of Barrick Gold Corporation$2,144 $1,272 Non-controlling interests (note 32)$944 $681 Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 13)    Net income    Basic$1.22 $0.72 Diluted$1.22 $0.72   The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements. Consolidated Statements of Comprehensive Income Barrick Gold Corporation For the years ended December 31 (in millions of United States dollars) 2024  2023 Net income $3,088 $1,953 Other comprehensive income (loss), net of taxes    Items that may be reclassified subsequently to profit or loss:    Unrealized gains on derivatives designated as cash flow hedges, net of tax $nil and $nil 1  — Currency translation adjustments, net of tax $nil and $nil —  (3)Items that will not be reclassified to profit or loss:    Actuarial loss on post-employment benefit obligations, net of tax $nil and $nil (4) — Net change in value of equity investments, net of tax $nil and ($2) 12  1 Total other comprehensive income (loss) 9  (2)Total comprehensive income$3,097 $1,951 Attributable to:    Equity holders of Barrick Gold Corporation$2,153 $1,270 Non-controlling interests$944 $681       The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements. Consolidated Statements of Cash Flow Barrick Gold Corporation For the years ended December 31 (in millions of United States dollars) 2024  2023 OPERATING ACTIVITIES  Net income $3,088  $1,953 Adjustments for the following items:  Depreciation 1,915  2,043 Finance costs, net (note 14) 232  170 Impairment (reversals) charges (notes 10 and 21) (457) 312 Income tax expense (note 12) 1,520  861 Income from equity investees (note 16) (241) (232)Loss on currency translation 39  93 Gain on acquisition/sale of non-current assets (note 9) (24) (364)Change in working capital (note 15) (382) (404)Other operating activities (note 15) (280) (113)Operating cash flows before interest and income taxes 5,410  4,319 Interest paid (380) (300)Interest received 237  237 Income taxes paid1 (776) (524)Net cash provided by operating activities 4,491  3,732 INVESTING ACTIVITIES  Property, plant and equipment  Capital expenditures (note 5) (3,174) (3,086)Sales proceeds 19  13 Investment (purchases) sales 97  (23)Funding of equity method investments (note 16) (59) — Dividends received from equity method investments (note 16) 198  273 Shareholder loan repayments from equity method investments (note 16) 155  7 Net cash used in investing activities (2,764) (2,816)FINANCING ACTIVITIES  Lease repayments (14) (13)Debt repayments —  (43)Dividends (note 31) (696) (700)Share buyback program (note 31) (498) — Funding from non-controlling interests (note 32) 146  40 Disbursements to non-controlling interests (note 32) (785) (554)Pueblo Viejo JV partner shareholder loan (note 29) 52  65 Net cash used in financing activities (1,795) (1,205)Effect of exchange rate changes on cash and equivalents (6) (3)Net increase (decrease) in cash and equivalents (74) (292)Cash and equivalents at beginning of year (note 25a) 4,148  4,440 Cash and equivalents at the end of year $4,074  $4,148         1 Income taxes paid excludes $107 million (2023: $137 million) of income taxes payable that were settled against offsetting value added tax (“VAT”) receivables. The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements. Consolidated Balance Sheets Barrick Gold CorporationAs at December 31, 2024As at December 31, 2023(in millions of United States dollars)ASSETS  Current assets  Cash and equivalents (note 25a) $4,074  $4,148 Accounts receivable (note 18) 763  693 Inventories (note 17) 1,942  1,782 Other current assets (note 18) 853  815 Total current assets 7,632  7,438 Non-current assets  Non-current portion of inventory (note 17) 2,783  2,738 Equity in investees (note 16) 4,112  4,133 Property, plant and equipment (note 19) 28,559  26,416 Intangible assets (note 20a) 148  149 Goodwill (note 20b) 3,097  3,581 Other assets (note 22) 1,295  1,356 Total assets $47,626  $45,811 LIABILITIES AND EQUITY  Current liabilities  Accounts payable (note 23) $1,613  $1,503 Debt (note 25b) 24  11 Current income tax liabilities 545  303 Other current liabilities (note 24) 460  539 Total current liabilities 2,642  2,356 Non-current liabilities  Debt (note 25b) 4,705  4,715 Provisions (note 27) 1,962  2,058 Deferred income tax liabilities (note 30) 3,887  3,439 Other liabilities (note 29) 1,174  1,241 Total liabilities 14,370  13,809 Equity  Capital stock (note 31) 27,661  28,117 Deficit (5,269) (6,713)Accumulated other comprehensive income 33  24 Other 1,865  1,913 Total equity attributable to Barrick Gold Corporation shareholders 24,290  23,341 Non-controlling interests (note 32) 8,966  8,661 Total equity 33,256  32,002 Contingencies and commitments (notes 2, 17, 19 and 35)  Total liabilities and equity $47,626  $45,811         The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements. Consolidated Statements of Changes in Equity Barrick Gold Corporation Attributable to equity holders of the Company  (in millions of United States dollars)Common Shares (in thousands)  Capital stock  Deficit  Accumulated other comprehensive income (loss)1  Other2  Total equity attributable to shareholders  Non-controlling interests  Total equity At January 1, 20241,755,570 $28,117 ($6,713)$24 $1,913 $23,341 $8,661 $32,002 Net income—  —  2,144  —  —  2,144  944  3,088 Total other comprehensive income—  —  —  9  —  9  —  9 Total comprehensive income— $— $2,144 $9 $— $2,153 $944 $3,097 Transactions with owners        Dividends (note 31)—  —  (696) —  —  (696) —  (696)Funding from non-controlling interests (note 32)—  —  —  —  —  —  146  146 Disbursements to non-controlling interests (note 32)—  —  —  —  —  —  (785) (785)Dividend reinvestment plan (note 31)205  4  (4) —  —  —  —  — Share buyback program (note 31)(28,675) (460) —  —  (48) (508) —  (508)Total transactions with owners(28,470)($456)($700)$— ($48)($1,204)($639)($1,843)At December 31, 20241,727,100 $27,661 ($5,269)$33 $1,865 $24,290 $8,966 $33,256          At January 1, 20231,755,350 $28,114 ($7,282)$26 $1,913 $22,771 $8,518 $31,289 Net income—  —  1,272  —  —  1,272  681  1,953 Total other comprehensive loss—  —  —  (2) —  (2) —  (2)Total comprehensive income (loss)— $— $1,272 ($2)$— $1,270 $681 $1,951 Transactions with owners        Dividends (note 31)—  —  (700) —  —  (700) —  (700)Funding from non-controlling interests (note 32)—  —  —  —  —  —  40  40 Disbursements to non-controlling interests (note 32)—  —  —  —  —  —  (578) (578)Dividend reinvestment plan (note 31)220  3  (3) —  —  —  —  — Total transactions with owners220 $3 ($703)$— $— ($700)($538)($1,238)At December 31, 20231,755,570 $28,117 ($6,713)$24 $1,913 $23,341 $8,661 $32,002                   1 Includes cumulative translation adjustments as at December 31, 2024: $95 million loss (December 31, 2023: $95 million loss). 2 Includes additional paid-in capital as at December 31, 2024: $1,827 million (December 31, 2023: $1,875 million). The notes to these consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website are an integral part of these consolidated financial statements. Technical Information The scientific and technical information contained in this press release has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.  All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.  Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2024. Endnotes Endnote 1 Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Endnote 2 “Total cash costs” per ounce and “All-in sustaining costs” per ounce 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. “Total cash costs” per ounce start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs. Barrick believes that the use of “Total cash costs” per ounce and “All-in sustaining costs” per ounce will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. “Total cash costs” per ounce and “All-in sustaining costs” per ounce 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. 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 years ended($ millions, except per ounce information in dollars)Footnote12/31/24 9/30/24  12/31/24 12/31/23 12/31/22 Cost of sales applicable to gold production 1,810 1,856  7,226 7,178 6,813 Depreciation (424)(409) (1,641)(1,756)(1,756)Cash cost of sales applicable to equity method investments 90 93  316 260 222 By-product credits (58)(58) (247)(252)(225)Non-recurring itemsa0 0  0 0 (23)Otherb4 3  14 18 (23)Non-controlling interestsc(413)(417) (1,623)(1,578)(1,442)Total cash costs 1,009 1,068  4,045 3,870 3,566 General & administrative costs 9 46  115 126 159 Minesite exploration and evaluation costsd8 10  37 40 75 Minesite sustaining capital expenditurese525 511  2,217 2,076 2,071 Sustaining leases 7 8  30 30 38 Rehabilitation - accretion and amortization (operating sites)f15 14  66 63 50 Non-controlling interest, copper operations and otherg(173)(199) (874)(824)(900)All-in sustaining costs 1,400 1,458  5,636 5,381 5,059 Ounces sold - attributable basis (000s ounces)h965 967  3,798 4,024 4,141 Cost of sales per ouncei,j1,428 1,472  1,442 1,334 1,241 Total cash costs per ouncej1,046 1,104  1,065 960 862 Total cash costs per ounce (on a co-product basis)j,k1,086 1,145  1,109 1,002 897 All-in sustaining costs per ouncej1,451 1,507  1,484 1,335 1,222 All-in sustaining costs per ounce (on a co-product basis)j,k1,491 1,548  1,528 1,377 1,257               Non-recurring items - These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs.  Non-recurring items for 2022 relate to a net realizable value impairment of leach pad inventory at Veladero.  Other - Other adjustments for Q4 2024 and 2024 include the removal of total cash costs and by-product credits associated with Pierina of $nil and $nil, respectively (Q3 2024: $nil; 2023: $3 million; 2022: $24 million), which was producing incidental ounces until December 31, 2023 while in closure. Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production of $559 million and $2,189 million, respectively, for  Q4 2024 and 2024; (Q3 2024: $556 million; 2023: $2,192 million; 2022: $2,032 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu.  Refer to note 5 to the Financial Statements for further information. Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as minesite if it supports current mine operations and project if it relates to future projects. Refer to page 51 of Barrick’s Q4 2024 MD&A. Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Rehabilitation - accretion and amortization - Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provisions of our gold operations, split between operating and non-operating sites. Non-controlling interest and copper operations - Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interests of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments.  It also includes capital expenditures applicable to our equity method investments in Kibali and Porgera. Figures remove the impact of Pierina up until December 31, 2023. The impact is summarized as the following: ($ millions)For the three months endedFor the years endedNon-controlling interest, copper operations and other12/31/24 9/30/24 12/31/24 12/31/23 12/31/22 General & administrative costs3 (7)(14)(9)(31)Minesite exploration and evaluation costs(2)(2)(10)(14)(27)Rehabilitation - accretion and amortization (operating sites)(5)(5)(21)(21)(16)Minesite sustaining capital expenditures(169)(185)(829)(780)(826)All-in sustaining costs total(173)(199)(874)(824)(900)            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. Cost of sales per ounce - Figures remove the cost of sales impact of Pierina of $nil and $nil, respectively, for Q4 2024 and 2024 (Q3 2024: $nil; 2023: $3 million; 2022: $24 million), which was producing incidental ounces up until December 31, 2023 while in closure.  Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Per ounce figures - Cost of sales per ounce, cash costs per ounce and all-in sustaining costs per ounce per ounce may not calculate based on amounts presented in this table due to rounding. Co-product costs per ounce Cash costs per ounce and all-in sustaining costs per ounce per ounce presented on a co-product basis remove the impact of by-product credits of our gold production (net of non-controlling interest) calculated as: ($ millions)For the three months endedFor the years ended 12/31/24 9/30/24 12/31/24 12/31/23 12/31/22 By-product credits58 58 247 252 225 Non-controlling interest(19)(18)(79)(81)(78)By-product credits (net of non-controlling interest)39 40 168 171 147             Endnote 3 “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. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards as issued by the International Accounting Standards Board (“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. 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 years ended($ millions, except per share amounts in dollars)12/31/24 9/30/24  12/31/24 12/31/23 12/31/22 Net earnings attributable to equity holders of the Company996 483  2,144 1,272 432 Impairment (reversals) charges related to non-current assetsa(477)2  (457)312 1,671 Acquisition/disposition gainsb(17)(1) (24)(364)(405)Loss on currency translation18 4  39 93 16 Significant tax adjustmentsc1 (30) 137 220 95 Other expense adjustmentsd113 97  249 96 17 Non-controlling intereste(159)(7) (170)(98)(274)Tax effecte319 (19) 295 (64)(226)Adjusted net earnings794 529  2,213 1,467 1,326 Net earnings per sharef0.57 0.28  1.22 0.72 0.24 Adjusted net earnings per sharef0.46 0.30  1.26 0.84 0.75              Net impairment (reversals) charges for Q4 2024 and 2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.  Net impairment charges for 2023 mainly relate to a long-lived asset impairment at Long Canyon.  For 2022, net impairment charges primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq.Acquisition/disposition gains for Q4 2024 and 2024 relate to miscellaneous assets.  For 2023, acquisition/disposition gains primarily relate to a gain on the reopening of the Porgera mine.  For 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50%, as well as the sale of two royalty portfolios. Significant tax adjustments in 2024 and 2023 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.Other expense adjustments for Q4 2024 and 2024 mainly relate to a payment to the Government of Mali to advance negotiations and a customs and royalty settlement at Tongon.  2024 was further impacted by the interest and penalties recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile, which was recorded in Q2 2024, 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.  For 2023, other expense adjustments mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision, care and maintenance expenses at Porgera and the $30 million commitment we made towards the expansion of education infrastructure in Tanzania.  For 2022, other expense adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara. Non-controlling interest and tax effect for 2024 primarily relates to impairment (reversals) charges related to non-current assets.Calculated using weighted average number of shares outstanding under the basic method of earnings per share. Endnote 4 EBITDA is a non-GAAP financial performance 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. 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 full 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 not necessarily reflective of the underlying operating results for the periods presented. 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 and which 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. Starting with the Q2 2024 MD&A, we are presenting net leverage as a non-GAAP ratio and 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. Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA  For the three months ended For the years ended($ millions)12/31/24 9/30/24  12/31/24 12/31/23 12/31/22 Net earnings1,187 780  3,088 1,953 1,017 Income tax expense694 245  1,520 861 664 Finance costs, neta46 59  143 83 235 Depreciation484 477  1,915 2,043 1,997 EBITDA2,411 1,561  6,666 4,940 3,913 Impairment charges (reversals) of non-current assetsb(477)2  (457)312 1,671 Acquisition/disposition gainsc(17)(1) (24)(364)(405)Loss on currency translation18 4  39 93 16 Other expense adjustmentsd113 97  249 96 17 Income tax expense, net finance costsa, and depreciation from equity investees201 110  532 397 401 Adjusted EBITDA2,249 1,773  7,005 5,474 5,613 Non-controlling Interests(552)(481) (1,820)(1,487)(1,584)Attributable EBITDA1,697 1,292  5,185 3,987 4,029 Revenues - as adjustede3,038 2,806  10,724 9,411 9,147 Attributable EBITDA marginf56%46% 48%42%44%    As at 12/31/24As at 12/31/23As at 12/31/22Net leverageg   0.1:10.1:10.1:1        Finance costs exclude accretion.Net impairment (reversals) charges for Q4 2024 and 2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.  Net impairment charges for 2023 mainly relate to a long-lived asset impairment at Long Canyon.  For 2022, net impairment charges primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq.Acquisition/disposition gains for Q4 2024 and 2024 relate to miscellaneous assets.  For 2023, acquisition/disposition gains primarily relate to a gain on the reopening of the Porgera mine.  For 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50%, as well as the sale of two royalty portfolios. Other expense adjustments for Q4 2024 and 2024 mainly relate to a payment to the Government of Mali to advance negotiations and a customs and royalty settlement at Tongon.  2024 was further impacted by the interest and penalties recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile, which was recorded in Q2 2024, 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.  For 2023, other expense adjustments mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision, care and maintenance expenses at Porgera and the $30 million commitment we made towards the expansion of education infrastructure in Tanzania.  For 2022, other expense adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara. Refer to Reconciliation of Sales to Realized Price per pound/ounce on page 75 of Barrick’s Q4 2024 MD&A.Represents attributable EBITDA divided by revenues - as adjusted.Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.  Endnote 5 “Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure. Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow   For the three months ended For the years ended  ($ millions)12/31/24 9/30/24  12/31/24 12/31/23 12/31/22 Net cash provided by operating activities1,392 1,180  4,491 3,732 3,481 Capital expenditures(891)(736) (3,174)(3,086)(3,049)Free cash flow501 444  1,317 646 432              Endnote 6 Estimated as of December 31, 2024, in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. 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 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 83-111 of Barrick’s Fourth Quarter and Year-End 2024 Report.  Endnote 7 Lumwana mineral reserves are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates as of December 31, 2024: Proven reserves of 140 million tonnes grading 0.49% representing 0.68 million tonnes of copper, probable reserves of 1,500 million tonnes grading 0.53% representing 7.6 million tonnes of copper, measured resources of 170 million tonnes grading 0.45% representing 0.77 million tonnes of copper, indicated resources of 1,800 million tonnes grading 0.50% representing 9.2 million tonnes of copper,  and inferred resources of 230 million tonnes grading 0.4% representing 0.91 million tonnes of copper. Estimates as of December 31, 2023:  Proven mineral reserves of 88 million tonnes grading 0.54%, representing 0.48 million tonnes of copper. Probable reserves of 420 million tonnes grading 0.59%, representing 2.5 million tonnes of copper. 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 83-111 of Barrick’s Fourth Quarter and Year-End 2024 Report. Endnote 8 Gold Equivalent Ounces from copper assets are calculated using a gold price of $1,400/oz and a copper price of $3.00/lb. Endnote 9 TRIFR is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries. LTIFR is a ratio calculated as follows:  number of lost time injuries x 1,000,000 hours divided by the total number of hours worked. Endnote 10 On an attributable basis. Endnote 11 “Realized price” is a non-GAAP financial performance measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our company’s past performance and is a better indicator of its expected performance in future periods. The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Reconciliation of Sales to Realized Price per ounce/pound ($ millions, except per ounce/pound information in dollars)For the three months endedFor the years endedGoldCopperGoldCopper 12/31/24 9/30/24 12/31/249/30/2412/31/24 12/31/23 12/31/22 12/31/2412/31/2312/31/22Sales3,327 3,097 26021311,820 10,350 9,920 855795868Sales applicable to non-controlling interests(1,004)(930)00(3,579)(3,179)(3,051)000Sales applicable to equity method investmentsa,b240 241 165141849 667 597 603587646Sales applicable to sites in closure or care and maintenancec(1)(2)00(8)(15)(55)000Treatment and refining charges7 7 513929 30 23 162191199Otherd(7)0 00(7)(15)0 000Revenues – as adjusted2,562 2,413 4763939,104 7,838 7,434 1,6201,5731,713Ounces/pounds sold (000s ounces/millions pounds)c965 967 121913,798 4,024 4,141 391408445Realized gold/copper price per ounce/pounde2,657 2,494 3.964.272,397 1,948 1,795 4.153.853.85                 Represents sales of $208 million and $741 million, respectively, for Q4 2024 and 2024 (Q3 2024: $193 million; 2023: $667 million; 2022: $597 million) applicable to our 45% equity method investment in Kibali and $32 million and $108 million, respectively (Q3 2024: $48 million; 2023: $nil; 2022: $nil) applicable to our 24.5% equity method investment in Porgera for gold.  Represents sales of $97 million and $357 million, respectively, for Q4 2024 and 2024 (Q3 2024: $91 million; 2023: $359 million; 2022: $390 million) applicable to our 50% equity method investment in Zaldívar and $74 million and $270 million, respectively (Q3 2024: $55 million; 2023: $253 million; 2022: $275 million) applicable to our 50% equity method investment in Jabal Sayid for copper.Sales applicable to equity method investments are net of treatment and refinement charges.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.Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements.  Refer to note 2e to the Financial Statements for more information.Realized price per ounce/pound may not calculate based on amounts presented in this table. Endnote 12 Net earnings represents net earnings attributable to the equity holders of the Company. Endnote 13 Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 45% share of Kibali, our 50% share of Zaldívar and Jabal Sayid, and our 24.5% share of Porgera. Total attributable capital expenditures for 2024 actual results also includes capitalized interest of $30 million. Endnote 14 These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure. Reconciliation of the Classification of Capital Expenditures   For the three months ended For the years ended($ millions)12/31/249/30/24 12/31/2412/31/2312/31/22Minesite sustaining capital expenditures525511 2,2172,0762,071Project capital expenditures362221 924969949Capitalized interest44 334129Total consolidated capital expenditures891736 3,1743,0863,049        Endnote 15 Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds).  Production and sales amounts for prior periods have been restated for comparative purposes.  Our copper cost metrics are still reported on a per pound basis. Endnote 16Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share). Endnote 17 “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures related to our copper mine operations. We believe that “C1 cash costs” per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. “C1 cash costs” per pound excludes royalties and non-routine charges as they are not direct production costs. “All-in sustaining costs” per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. “All-in sustaining costs” per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. 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. 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 years ended($ millions, except per pound information in dollars)12/31/24 9/30/24  12/31/24 12/31/23 12/31/22 Cost of sales179 187  706 726 666 Depreciation/amortization(54)(60) (245)(259)(223)Treatment and refinement charges51 39  162 191 199 Cash cost of sales applicable to equity method investments103 83  352 356 317 Less: royalties(22)(17) (67)(62)(103)By-product credits(11)(3) (25)(19)(14)C1 cash cost of sales246 229  883 933 842 General & administrative costs2 6  17 22 30 Rehabilitation - accretion and amortization3 2  9 9 4 Royalties22 17  67 62 103 Minesite exploration and evaluation costs2 1  4 7 22 Minesite sustaining capital expenditures91 71  356 266 410 Sustaining leases4 2  11 12 6 All-in sustaining costs370 328  1,347 1,311 1,417 Tonnes sold - attributable basis (thousands of tonnes)54 42  177 185 202 Pounds sold - attributable basis (millions pounds)121 91  391 408 445 Cost of sales per pounda,b2.62 3.23  2.99 2.90 2.43 C1 cash costs per pounda2.04 2.49  2.26 2.28 1.89 All-in sustaining costs per pounda3.07 3.57  3.45 3.21 3.18              a.    Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.b.    Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).  Endnote 18 Proven and probable reserve gains calculated from cumulative net change in reserves from year end 2019 to 2024. Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2024 divided by the cumulative depletion in reserves from year end 2019 to 2024 as shown in the tables below: YearAttributable P&P Gold (Moz)Attributable Gold Acquisition & Divestments (Moz)Attributable Gold Depletion(Moz)Attributable Gold Net Change (Moz)Reported Reserve Price USD/oz for GEO conversion2019a71————2020b68(2.2)(5.5)4.2$1,2002021c69(0.91)(5.4)8.1$1,2002022d76—(4.8)12$1,3002023e77—(4.6)5$1,3002024f89—(4.6)17$1,4002020 – 2024 TotalN/A(3.1)(25)46N/A YearAttributable P&P Copper (Mlb)Attributable Copper Acquisition & Divestments (Mlb)Attributable Copper Depletion (Mlb)Attributable Copper Net Change (Mlb)Reported Reserve Price USD/lb for GEO conversion2019a13,494————2020b12,691—(834)31$2.752021c12,233—(636)178$2.752022d12,252—(623)642$3.002023e12,391—(589)728$3.002024f40,201—(731)28,542$3.002020 – 2024 TotalN/A—(3,413)30,121N/A Attributable Proven and Probable organic gold equivalent reserve additions calculated from the cumulative net change in reserves from year-end 2020 to 2024 using reserve prices for gold equivalent ounce (GEO) conversion as shown in the tables above to result in the  Attributable Net Change GEO tabulated below: YearAttributable P&P GEOAttributable Acquisition & Divestments GEOAttributable DepletionGEOAttributable Net Change GEO(using reported reserve prices)2019————202097(2.2)(7.4)4.2202197(0.91)(6.9)8.52022104—(6.3)132023105—(6.0)6.72024176—(6.1)6.72020 – 2024 TotalN/A(3.1)(33)111      Totals may not appear to sum correctly due to rounding. Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick's Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick’s ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own. All estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates as of December 31, 2019, unless otherwise noted, Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and 420 million tonnes grading 0.4%, representing 3,700 million pounds of copper (which is equal to 1.7 million tonnes of copper). Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold and 1,200 million tonnes grading 0.38%, representing 9,800 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.Estimates as of December 31, 2020, unless otherwise noted: Proven reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold, and 350 million tonnes grading 0.39%, representing 3,000 million pounds of copper (which is equal to 1.4 million tonnes of copper). Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold, and 1,100 million tonnes grading 0.39%, representing 9,700 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.Estimates as of December 31, 2021, unless otherwise noted, Proven mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold and 380 million tonnes grading 0.41%, representing 3,400 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold and 390 million tonnes grading 0.40%, representing 3,500 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.Estimates are as of December 31, 2023, unless otherwise noted. 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.Estimates are as of December 31, 2024, unless otherwise noted. 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. Endnote 19 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, 2024, unless otherwise noted. 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. Measured resources of 450 million tonnes grading 1.68g/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 1.01g/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 0.9g/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 mineral reserve and mineral resource data for all mines and projects referenced in this press release, including tonnes, grades, and ounces, can be found in the Mineral Reserves and Mineral Resources Tables included on the following pages of this press release. Endnote 20 Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2023, unless otherwise noted. Proven 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. Measured resources of 430 million tonnes grading 1.76g/t, representing 24 million ounces of gold, and 580 million tonnes grading 0.39%, representing 2.2 million tonnes of copper. Indicated resources of 4,800 million tonnes grading 1.00g/t, representing 150 million ounces of gold, and 4,900 million tonnes grading 0.39%, representing 19 million tonnes of copper. Inferred resources of 1,500 million tonnes grading 0.8g/t, representing 39 million ounces of gold, and 2,000 million tonnes grading 0.4%, representing 7.1 million tonnes of copper. Totals may not appear to sum correctly due to rounding. Complete mineral reserve and mineral resource data for all mines and projects referenced in this press release as of December 31, 2023, including tonnes, grades, and ounces, can be found on pages 33-45 of Barrick’s 2023 Annual Information Form / Form 40-F on file with the Canadian provincial securities regulators on SEDAR+ at  www.sedarplus.ca and the Securities and Exchange Commission on EDGAR at www.sec.gov. Endnote 21 A 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. A Tier One Copper Asset 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. Tier One Assets must be located in a world class geological district with potential for organic reserve growth and long-term geologically driven addition. Endnote 22 CommodityProven and Probable Reserve Price AssumptionsMeasured, Indicated and Inferred Resource Price Assumptions2023202420232024Gold$1,300/ozi$1,400/ozi, iii$1,700/oz$1,900/ozCopperii$3.00/lbii$3.00/lbii,iii$4.00/lb$4.00/lbSilver$18.00/oz$20.00/oz$21.00/oz$24.00/oz      Except at Tongon and Hemlo Open Pit where gold mineral reserves for 2024 are based upon a price assumption of $1,650/oz. Except at Zaldivar, where mineral reserves and resources are based on Antofagasta’s price assumptions. For mineral reserves, the copper price assumption used by Antofagasta is $3.80/lb for 2024 and was $3.50/lb for 2023. For mineral resources, the copper price assumption used by Antofagasta is $4.40/lb for 2024 and was $4.20/lb for 2023. Except at Norte Abierto where mineral reserves for 2024 are reported by Newmont within a $1,200/oz, $2.75/lb copper and $22/oz Ag pit design, before application of updated 2023 project economics using escalated operating and capital costs resulting in Newmont guidance of $1,600/oz for gold, $4.00/lb for copper and $23/oz for silver for assumed mineral reserve commodity prices. Mineral resources for 2024 are reported by Newmont within a $1,400/oz, $3.25/lb copper and $20/oz Ag pit shell, before application of updated 2023 project economics using escalated operating and capital costs resulting in Newmont guidance of $1,600/oz for gold, $4.00/lb for copper and $23/oz for silver for assumed mineral resource commodity price. Endnote 23 Attributable organic gold equivalent reserve $/oz additions are calculated from the cumulative net change in reserves from year-end 2019 using reserve prices for gold equivalent ounce (GEO) conversion as outlined in Endnote 18, divided by the total attributable Barrick group expenditure on exploration, reserve conversion and technical studies from preliminary economic assessment, pre-feasibility and feasibility during the same period. Endnote 24 Fourmile financial metrics and production metrics are based upon 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. As previously disclosed, Barrick anticipates Fourmile being contributed to the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met. Endnote 25 A Technical Report on Lumwana will be prepared in accordance with Form 43-101F1 and filed on SEDAR+ within 45 days of Barrick’s press release dated as of February 6, 2025, entitled “Barrick Grows Gold and Copper Reserves Significantly, Setting It Apart From Peers as It Positions for Growth”. For further  information  with  respect  to  the  key  assumptions,  parameters  and  risks associated with Lumwana and other technical information, please refer to the Technical Report to be made available on SEDAR+ at www.sedarplus.ca. and EDGAR at www.sec.gov. Endnote 26 A Technical Report on Reko Diq will be prepared in accordance with Form 43-101F1 and filed on SEDAR+ within 45 days of Barrick’s press release dated as of February 6, 2025, entitled “Barrick Grows Gold and Copper Reserves Significantly, Setting It Apart From Peers as It Positions for Growth”. For further information with respect to the key assumptions, parameters and risks associated with Reko Diq and other technical information, please refer to the Technical Report to be made available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Endnote 27 Fourmile mineral resources are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates as of December 31, 2023: Attributable Indicated resources of 1.5 million tonnes grading 10.04g/t representing 0.48 million ounces of gold. Inferred resources of 8.2 million tonnes grading 10.1g/t, representing 2.7 million ounces of gold. Estimates as of December 31, 2024: Attributable Indicated resources of 3.6 million tonnes grading 11.76g/t representing 1.4 million ounces of gold. Inferred resources of 14 million tonnes grading 14.1g/t, representing 6.4 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 in the Mineral Reserves and Mineral Resources Tables included on the following pages of this press release. Endnote 28 Includes Goldrush. Endnote 29 As a result of the temporary suspension of operations at Loulo-Gounkoto, we have excluded Loulo-Gounkoto from our  2025 guidance (refer to page 9 of Barrick’s Fourth Quarter and Year-End 2024 Report  for more information). We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations. Endnote 30 Total cash costs and all-in sustaining costs per ounce include costs allocated to non-operating sites. Endnote 31 Operating division guidance ranges reflect expectations at each individual operating division, and may not add up to the company-wide guidance range total. Endnote 32 Includes corporate administration costs. Mineral Reserves and Resources Gold Mineral Reserves1,2,3,5       As at December 31, 2024PROVEN9 PROBABLE9 TOTAL9  TonnesGradeContained ozs TonnesGradeContained ozs TonnesGradeContained ozsBased on attributable ounces (Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Mt)(g/t)(Moz)AFRICA AND MIDDLE EAST            Bulyanhulu surface 0.00533.740.00064 ——— 0.00533.740.00064Bulyanhulu underground 0.617.060.14 166.963.6 176.963.8Bulyanhulu (84.00%) total 0.627.030.14 166.963.6 176.963.8Jabal Sayid surface 0.140.660.0030 ——— 0.140.660.0030Jabal Sayid underground 8.70.320.089 4.50.460.066         130.370.16Jabal Sayid (50.00%) total 8.80.320.092 4.50.460.066 130.370.16Kibali surface 6.42.000.41 172.171.2 242.131.6Kibali underground 7.04.451.0 163.741.9 233.962.9Kibali (45.00%) total 133.281.4 332.933.2 473.034.6Loulo-Gounkoto surface4 112.430.83 153.301.6 262.952.5Loulo-Gounkoto underground4 7.65.131.3 234.823.6 314.904.9Loulo-Gounkoto (80.00%) total4 183.562.1 394.225.2 574.007.3North Mara surface 5.33.900.66 251.511.2 301.921.9North Mara underground 2.03.370.22 5.94.430.84 7.94.161.1North Mara (84.00%) total 7.33.750.88 312.072.0 382.392.9Tongon surface (89.70%) 3.22.100.21 4.82.630.40 8.02.410.62AFRICA AND MIDDLE EAST TOTAL522.914.8 1303.5215 1803.3519LATIN AMERICA AND ASIA PACIFIC          Norte Abierto surface (50.00%) 1100.652.4 4800.599.2 6000.6012Porgera surface 0.112.070.0076 7.22.880.67 7.32.870.68Porgera underground 0.696.420.14 3.26.480.66 3.96.470.81Porgera (24.50%) total 0.815.800.15 103.981.3 114.111.5Pueblo Viejo surface (60.00%) 482.273.5 1302.068.8 1802.1112Reko Diq surface (50.00%) ——— 1,4000.2813 1,4000.2813Veladero surface (50.00%) 240.660.51 490.681.1 730.671.6LATIN AMERICA AND ASIA PACIFIC TOTAL1901.096.6 2,1000.4933 2,3000.5440NORTH AMERICA            Carlin surface 4.11.600.21 582.394.4 622.334.6Carlin underground 0.0506.170.010 207.694.8 207.694.8Carlin (61.50%) total 4.11.660.22 773.739.3 823.629.5Cortez surface 1.02.780.090 631.022.1 641.052.2Cortez underground ——— 286.786.1 286.786.1Cortez (61.50%) total 1.02.780.090 912.798.2 922.798.3Hemlo surface ——— 250.930.75 250.930.75Hemlo underground 0.293.840.036 6.24.300.86 6.54.280.90Hemlo (100%) total 0.293.840.036 311.601.6 321.621.6Phoenix surface (61.50%) 5.20.640.11 870.631.8 920.631.9Turquoise Ridge surface 162.261.2 111.920.66 272.121.8Turquoise Ridge underground 6.311.322.3 169.484.8 2210.007.1Turquoise Ridge (61.50%) total 224.823.4 276.425.5 495.698.9NORTH AMERICA TOTAL 333.693.9 3102.6126 3502.7130             TOTAL 2701.7515 2,5000.9074 2,8000.9989 See “Mineral Reserves and Resources Endnotes”. Copper Mineral Reserves1,2,3,5       As at December 31, 2024PROVEN9 PROBABLE9 TOTAL9  TonnesCu GradeContained Cu TonnesCu GradeContained Cu TonnesCu GradeContained CuBased on attributable tonnes (Mt)(%)(Mt) (Mt)(%)(Mt) (Mt)(%)(Mt)AFRICA AND MIDDLE EAST            Bulyanhulu surface 0.00530.380.000020 ——— 0.00530.380.000020Bulyanhulu underground 0.610.410.0025 160.350.057 170.350.060Bulyanhulu (84.00%) total 0.620.410.0025 160.350.057 170.350.060Jabal Sayid surface 0.142.680.0037     0.142.680.0037Jabal Sayid underground 8.72.120.18 4.52.160.097 132.140.28Jabal Sayid (50.00%) total 8.82.130.19 4.52.160.097 132.140.28Lumwana surface (100%) 1400.490.68 1,5000.537.6 1,6000.528.3AFRICA AND MIDDLE EAST TOTAL 1500.590.87 1,5000.537.8 1,6000.548.7LATIN AMERICA AND ASIA PACIFIC          Norte Abierto surface (50.00%) 1100.190.22 4800.231.1 6000.221.3Reko Diq surface (50.00%) ——— 1,5000.487.3 1,5000.487.3Zaldívar surface (50.00%) 1100.440.48 660.410.27 1800.430.75LATIN AMERICA AND ASIA PACIFIC TOTAL 2200.310.70 2,1000.428.6 2,3000.419.4NORTH AMERICA            Phoenix surface (61.50%) 6.90.160.011 1100.180.20 1200.180.21NORTH AMERICA TOTAL 6.90.160.011 1100.180.20 1200.180.21             TOTAL 3800.421.6 3,6000.4617 4,0000.4518             See “Mineral Reserves and Resources Endnotes”.         Silver Mineral Reserves1,2,3,5       As at December 31, 2024 PROVEN9 PROBABLE9 TOTAL9  TonnesAg GradeContained Ag TonnesAg GradeContained Ag TonnesAg GradeContained AgBased on attributable ounces (Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Mt)(g/t)(Moz)AFRICA AND MIDDLE EAST            Bulyanhulu surface 0.00537.290.0012 ——— 0.00537.290.0012Bulyanhulu underground 0.616.980.14 165.512.9 175.563.0Bulyanhulu (84.00%) total 0.626.980.14 165.512.9 175.563.0AFRICA AND MIDDLE EAST TOTAL 0.626.980.14 165.512.9 175.563.0LATIN AMERICA AND ASIA PACIFIC            Norte Abierto surface (50.00%) 1101.917.0 4801.4322 6001.5229Pueblo Viejo surface (60.00%) 4812.4419 13012.6954 18012.6273Veladero surface (50.00%) 2412.9210.0 4913.9622 7313.6232LATIN AMERICA AND ASIA PACIFIC TOTAL 1906.0436 6704.6098 8504.92130NORTH AMERICA            Phoenix surface (61.50%) 5.27.871.3 877.7822 927.7823NORTH AMERICA TOTAL 5.27.871.3 877.7822 927.7823             TOTAL 1906.0938 7704.98120 9605.20160             See “Mineral Reserves and Resources Endnotes”. Gold Mineral Resources1,3,5,6,7,8         As at December 31, 2024MEASURED (M)9 INDICATED (I)9 (M) + (I)9 INFERRED10 TonnesGradeContained ozs TonnesGradeContained ozs Contained ozs TonnesGradeContained ozsBased on attributable ounces(Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Moz) (Mt)(g/t)(Moz)AFRICA AND MIDDLE EAST             Bulyanhulu surface0.00533.740.00064 ——— 0.00064 ———Bulyanhulu underground2.87.940.72 287.166.5 7.2 117.22.5Bulyanhulu (84.00%) total2.87.930.72 287.166.5 7.2 117.22.5Jabal Sayid surface0.140.660.0030 ——— 0.0030 ———Jabal Sayid underground9.10.390.11 6.40.500.10 0.22 1.10.60.021Jabal Sayid (50.00%) total9.20.400.12 6.40.500.10 0.22 1.10.60.021Kibali surface9.52.140.65 262.171.8 2.5 8.22.20.58Kibali underground114.431.5 293.453.3 4.8 4.32.50.35Kibali (45.00%) total203.342.1 562.855.1 7.3 122.30.93Loulo-Gounkoto surface4122.410.95 193.342.1 3.0 2.82.40.22Loulo-Gounkoto underground4184.212.4 384.225.1 7.6 122.00.81Loulo-Gounkoto (80.00%) total4303.483.4 573.937.2 11 152.11.0North Mara surface7.83.190.80 361.601.9 2.7 2.01.60.10North Mara underground6.82.170.48 292.292.1 2.6 8.91.60.47North Mara (84.00%) total152.711.3 651.914.0 5.3 111.60.57Tongon surface (89.70%)3.82.240.28 4.82.710.42 0.70 1.52.30.11AFRICA AND MIDDLE EAST TOTAL813.057.9 2203.3423 31 523.15.2LATIN AMERICA AND ASIA PACIFIC             Alturas surface (100%)——— 581.162.2 2.2 1300.83.6Norte Abierto surface (50.00%)1900.633.9 1,1000.5319 22 3700.44.4Pascua Lama surface (100%)431.862.6 3901.4919 21 151.70.86Porgera surface——— 282.352.1 2.1 171.70.94Porgera underground0.746.870.16 4.06.420.82 0.98 1.96.40.38Porgera (24.50%) total0.746.870.16 322.862.9 3.1 192.21.3Pueblo Viejo surface (60.00%)612.094.1 1901.8711 15 7.51.60.38Reko Diq surface (50.00%)——— 1,8000.2515 15 6400.23.9Veladero surface (50.00%)260.650.53 850.651.8 2.3 160.50.29LATIN AMERICA AND ASIA PACIFIC TOTAL3201.0811 3,7000.6070 81 1,2000.415NORTH AMERICA             Carlin surface8.81.290.37 962.066.4 6.7 291.31.2Carlin underground0.0868.550.024 337.928.5 8.6 197.34.5Carlin (61.50%) total8.91.360.39 1303.5715 15 483.75.7Cortez surface1.62.790.15 1000.973.2 3.3 310.60.63Cortez underground——— 396.308.0 8.0 155.62.8Cortez (61.50%) total1.62.790.15 1402.4511 11 462.33.4Donlin surface (50.00%)——— 2702.2420 20 462.03.0Fourmile underground (100%)——— 3.611.761.4 1.4 1414.16.4Hemlo surface——— 501.001.6 1.6 5.00.70.12Hemlo underground3.94.370.55 9.84.041.3 1.8 3.54.50.50Hemlo (100%) total3.94.370.55 601.492.9 3.4 8.52.30.62Phoenix surface (61.50%)5.20.640.11 2400.493.9 4.0 160.40.19Turquoise Ridge surface162.221.2 291.691.6 2.7 141.10.51Turquoise Ridge underground6.612.012.5 189.915.8 8.4 3.78.51.0Turquoise Ridge (61.50%) total235.023.7 474.877.4 11 182.61.5NORTH AMERICA TOTAL433.584.9 9002.1261 66 2003.321              TOTAL4501.6824 4,8001.01150 180 1,4000.941              See “Mineral Reserves and Resources Endnotes”. Copper Mineral Resources1,3,5,6,7,8         As at December 31, 2024MEASURED (M)9 INDICATED (I)9 (M) + (I)9 INFERRED10  TonnesGradeContained Cu TonnesGradeContained Cu Contained Cu TonnesGradeContained CuBased on attributable tonnes (Mt)(%)(Mt) (Mt)(%)(Mt) (Mt) (Mt)(%)(Mt)AFRICA AND MIDDLE EAST              Bulyanhulu surface 0.00530.380.000020 ——— 0.000020 ———Bulyanhulu underground 2.80.370.010 280.360.10 0.11 110.30.036Bulyanhulu (84.00%) total 2.80.370.010 280.360.10 0.11 110.30.036Jabal Sayid surface 0.142.680.0037 ——— 0.0037 ———Jabal Sayid underground 9.12.490.23 6.42.230.14 0.37 1.10.50.0058Jabal Sayid (50.00%) total 9.22.500.23 6.42.230.14 0.37 1.10.50.0058Lumwana surface (100%) 1700.450.77 1,8000.509.2 10 2300.40.91AFRICA AND MIDDLE EAST TOTAL 1900.551.0 1,9000.519.4 10 2400.40.95LATIN AMERICA AND ASIA PACIFIC              Norte Abierto surface (50.00%) 1700.210.36 1,0000.212.2 2.5 3600.20.66Reko Diq surface (50.00%) ——— 2,0000.438.4 8.4 6900.32.2Zaldívar surface (50.00%) 2400.390.94 2900.361.0 2.0 150.30.048LATIN AMERICA AND ASIA PACIFIC TOTAL 4100.311.3 3,3000.3512 13 1,1000.33.0NORTH AMERICA              Phoenix surface (61.50%) 6.90.160.011 3000.170.51 0.52 180.20.028NORTH AMERICA TOTAL 6.90.160.011 3000.170.51 0.52 180.20.028               TOTAL 6000.382.3 5,4000.3922 24 1,3000.33.9               See “Mineral Reserves and Resources Endnotes”. Silver Mineral Resources1,3,5,6,7,8         As at December 31, 2024MEASURED (M)9 INDICATED (I)9 (M) + (I)9 INFERRED10  TonnesAg GradeContained Ag TonnesAg GradeContained Ag Contained Ag TonnesAg GradeContained AgBased on attributable ounces (Mt)(g/t)(Moz) (Mt)(g/t)(Moz) (Moz) (Mt)(g/t)(Moz)AFRICA AND MIDDLE EAST              Bulyanhulu surface 0.00537.290.0012 ——— 0.0012 ———Bulyanhulu underground 2.86.870.62 285.565.1 5.7 115.72.0Bulyanhulu (84.00%) total 2.86.870.62 285.565.1 5.7 115.72.0AFRICA AND MIDDLE EAST TOTAL 2.86.870.62 285.565.1 5.7 115.72.0LATIN AMERICA AND ASIA PACIFIC              Norte Abierto surface (50.00%) 1901.6210 1,1001.2343 53 3701.011Pascua-Lama surface (100%) 4357.2179 39052.22660 740 1517.88.8Pueblo Viejo surface (60.00%) 6111.4722 19011.2268 91 7.56.81.6Veladero surface (50.00%) 2613.0811 8513.9138 49 1615.88.2LATIN AMERICA AND ASIA PACIFIC TOTAL 32011.81120 1,70014.36810 930 4102.330NORTH AMERICA              Phoenix surface (61.50%) 5.27.871.3 2406.4050 52 164.22.2NORTH AMERICA TOTAL 5.27.871.3 2406.4050 52 164.22.2               TOTAL 33011.70120 2,00013.28860 990 4402.434               See “Mineral Reserves and Resources Endnotes”. Summary Gold Mineral Reserves1,2,3,5For the years ended December 3120242023 OwnershipTonnesGrade9OuncesOwnershipTonnesGrade9OuncesBased on attributable ounces%(Mt)(g/t)(Moz)%(Mt)(g/t)(Moz)AFRICA AND MIDDLE EAST        Bulyanhulu surface84.00%0.00533.740.0006484.00%0.00885.890.0017Bulyanhulu underground84.00%176.963.884.00%186.053.4Bulyanhulu Total84.00%176.963.884.00%186.053.4Jabal Sayid surface50.00%0.140.660.003050.00%0.0640.380.00078Jabal Sayid underground50.00%130.370.1650.00%140.340.15Jabal Sayid Total50.00%130.370.1650.00%140.340.15Kibali surface45.00%242.131.645.00%242.051.6Kibali underground45.00%233.962.945.00%244.103.1Kibali Total45.00%473.034.645.00%473.074.7Loulo-Gounkoto surface480.00%262.952.580.00%242.842.1Loulo-Gounkoto underground480.00%314.904.980.00%334.815.1Loulo-Gounkoto Total480.00%574.007.380.00%573.997.2North Mara surface84.00%301.921.984.00%301.901.8North Mara underground84.00%7.94.161.184.00%9.33.601.1North Mara Total84.00%382.392.984.00%392.302.9Tongon surface89.70%8.02.410.6289.70%5.51.980.35AFRICA AND MIDDLE EAST TOTAL 1803.3519 1803.2419LATIN AMERICA AND ASIA PACIFIC        Norte Abierto surface50.00%6000.601250.00%6000.6012Porgera surface24.50%7.32.870.6824.50%5.03.550.57Porgera underground24.50%3.96.470.8124.50%2.96.960.65Porgera Total24.50%114.111.524.50%7.94.811.2Pueblo Viejo surface60.00%1802.111260.00%1702.1412Reko Diq surface50.00%1,4000.281350.00%———Veladero surface50.00%730.671.650.00%890.702.0LATIN AMERICA AND ASIA PACIFIC TOTAL 2,3000.5440 8700.9627NORTH AMERICA        Carlin surface61.50%622.334.661.50%652.395.0Carlin underground61.50%207.694.861.50%178.344.6Carlin Total61.50%823.629.561.50%823.649.7Cortez surface61.50%641.052.261.50%1100.822.8Cortez underground61.50%286.786.161.50%277.276.3Cortez Total61.50%922.798.361.50%1302.139.0Hemlo surface100%250.930.75100%270.970.84Hemlo underground100%6.54.280.90100%6.84.120.90Hemlo Total100%321.621.6100%341.601.7Phoenix surface61.50%920.631.961.50%1000.581.9Turquoise Ridge surface61.50%272.121.861.50%222.361.7Turquoise Ridge underground61.50%2210.007.161.50%2010.666.9Turquoise Ridge Total61.50%495.698.961.50%436.298.6NORTH AMERICA TOTAL 3502.7130 3902.4531         TOTAL 2,8000.9989 1,4001.6577         See “Mineral Reserves and Resources Endnotes”. Summary Copper Mineral Reserves1,2,3,5For the years ended December 3120242023 OwnershipTonnesCu Grade9Contained TonnesOwnershipTonnesCu Grade9Contained TonnesBased on attributable ounces%(Mt)(%)(Mt)%(Mt)(%)(Mt)AFRICA AND MIDDLE EAST        Bulyanhulu surface84.00%0.00530.380.00002084.00%0.00880.290.000026Bulyanhulu underground84.00%170.350.06084.00%180.360.063Bulyanhulu Total84.00%170.350.06084.00%180.360.063Jabal Sayid surface50.00%0.142.680.003750.00%0.0642.630.0017Jabal Sayid underground50.00%132.140.2850.00%142.220.30Jabal Sayid Total50.00%132.140.2850.00%142.230.30Lumwana surface100%1,6000.528.3100%5100.583.0AFRICA AND MIDDLE EAST TOTAL 1,6000.548.7 5400.623.3LATIN AMERICA AND ASIA PACIFIC        Norte Abierto surface (50.00%)50.00%6000.221.350.00%6000.221.3Reko Diq surface (50.00%)50.00%1,5000.487.350.00%———Zaldívar surface (50.00%)50.00%1800.430.7550.00%1800.420.74LATIN AMERICA AND ASIA PACIFIC TOTAL 2,3000.419.4 7800.262.0NORTH AMERICA        Phoenix surface61.50%1200.180.2161.50%1400.170.23NORTH AMERICA TOTAL 1200.180.21 1400.170.23         TOTAL 4,0000.4518 1,5000.395.6         See “Mineral Reserves and Resources Endnotes”. Mineral Reserves and Resources Endnotes Mineral reserves (“reserves”) and mineral resources (“resources”) have been estimated as at December 31, 2024 (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 Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; and Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive. For 2024, reserves have been 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, both where mineral reserves for 2024 were estimated using $1,650/oz; at Zaldívar, where mineral reserves for 2024 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/oz gold, $2.75/lb copper and $22/oz silver pit design, before application of updated 2023 project economics using escalated operating and capital costs resulting in Newmont guidance of $1,600/oz for gold, $4.00/lb for copper and $23/oz for silver for assumed mineral reserve commodity prices. For 2023, reserves have been estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Tongon, where mineral reserves for 2023 were calculated using $1,500/oz; Hemlo, where mineral reserves for 2023 were calculated using $1,400/oz; and at Zaldívar, where mineral reserves for 2023 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.50 per pound. 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, 2024 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.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.All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu tonnes are reported to the second significant digit.Mineral resources and mineral reserves for the Loulo-Gounkoto Complex have been estimated under the 1991 Malian Mining Code and the Loulo and Gounkoto Mining Conventions under which the Complex has operated to date. Any update to applicable terms as a result of ongoing engagements with the Government of Mali will be incorporated after a definitive agreement is reached. For additional information see page 9 of Barrick's Fourth Quarter and Year End Report 2024.2024 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.For 2024, mineral resources have been 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 Zaldívar, where mineral resources for 2024 were estimated using Antofagasta guidance and an assumed copper price of US$4.40 per pound, and Norte Abierto, where mineral resources are reported by Newmont within a $1,400/oz gold, $3.25/lb copper and $20/oz silver pit shell, before application of updated 2023 project economics using escalated operating and capital costs resulting in Newmont guidance and an assumed price of $1,600/oz for gold, $4.00/lb for copper and $23/oz for silver for assumed mineral resource commodity price. For 2023, mineral resources were estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for 2023 were calculated using Antofagasta guidance and an assumed copper price of US$4.20.Mineral resources which are not mineral reserves do not have demonstrated economic viability.  Mineral resources are reported inclusive of mineral reserves.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. Shares Listed GOLDThe New York Stock Exchange ABXThe Toronto Stock Exchange Transfer Agents and Registrars TSX Trust Company301 – 100 Adelaide Street WestToronto, Ontario M5H 4H1Canadaor Equiniti Trust Company, LLC 6201 – 15th AvenueBrooklyn, New York 11219USA Telephone: 1 800 387 0825Fax: 1 888 249 6189 Email: shareholderinquires@tmx.com Website: www.tsxtrust.com  Corporate Office Barrick Gold Corporation161 Bay Street, Suite 3700Toronto, Ontario M5J 2S1Canada Telephone: +1 416 861 9911Email: investor@barrick.com Website: www.barrick.com  Enquiries Investor and Media RelationsKathy du Plessis+44 207 557 7738Email: barrick@dpapr.com  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”, “strategy”, “target”, “plan”, “commitment” “opportunities”, “guidance”, “project”, “progress”, “expand”, “invest”, “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 and our five and ten-year production profiles for gold and copper; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; the potential for Lumwana to become a Tier One asset and a top 25 copper asset; the potential for Fourmile to become a Tier One asset and world-class gold deposit; anticipated timing for commencement of the pre-feasibility study and development of the Bullion Hill access portal at Fourmile; anticipated increases in mine production capacity as a result of the Lumwana Super Pit expansion; expected financial performance of the Lumwana Super Pit expansion and the Reko Diq project, including forecasted cash flow, capital expenditures, and internal rates of return; timing for construction at Reko Diq and Lumwana and anticipated timing for first production at Reko Diq; 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; potential mineralization and metal or mineral recoveries; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, economic contributions and education, employment and procurement initiatives, climate change and biodiversity initiatives; Barrick’s talent management strategy; Barrick’s performance dividend policy and share buyback program; 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 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; 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 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.

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