6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2023

Commission File Number: 1-9059

BARRICK GOLD CORPORATION

(Registrant’s name)

Brookfield Place, TD Canada Trust Tower, Suite 3700

161 Bay Street, P.O. Box 212

Toronto, Ontario M5J 2S1 Canada

(Address of principal executive offices)

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

Form 20-F  ☐                     Form 40-F  ☒

INCORPORATION BY REFERENCE

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

Exhibit 99.2 to this report on Form 6-K is hereby incorporated by reference into the Registration Statements on Form F-3 (File No. 333-206417), Form S-8 (File Nos. 333-121500, 333-131715, 333-135769, 333-224560) and Form F-10 (File No. 333-255874).

SIGNATURES

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

	BARRICK GOLD CORPORATION
Date: May 3, 2023	By:	/s/ Poupak Bahamin
	Name:	Poupak Bahamin
	Title:	General Counsel

EXHIBIT INDEX

Exhibits	Description
99.1	2023 Q1 Report Press Release dated May 3, 2023
99.2	Barrick Gold Corporation’s Comparative Unaudited Financial Statements prepared in accordance with International Financial Reporting Standards and the notes thereto for the three months ended March 31, 2023 and Management’s Discussion and Analysis for the same period.

EX-99.1

Exhibit 99.1

FROM WORLD-CLASS ASSET BASE,

BARRICK HUNTS NEW OPPORTUNITIES

ALL AMOUNTS EXPRESSED IN U.S. DOLLARS

TORONTO, May 3, 2023 — The completion of major processing plant maintenance at Nevada Gold Mines, the conversion of the Goldstrike autoclave to a carbon-in-leach process, a much-improved performance from Turquoise Ridge and the steady ramp-up of throughput at Pueblo Viejo’s expanded plant will boost production in the second half of the year and keep Barrick on track to achieve its 2023 guidance, the company said today.

Reporting on the results for the first quarter, president and chief executive Mark Bristow said production, while lower than Q4 2022, was on plan, and free cash flow¹ had still increased, demonstrating the value of Barrick’s Tier One² asset portfolio. Net earnings per share for the quarter were $0.07, while adjusted net earnings per share³ were $0.14, and the quarterly dividend was maintained at $0.10 per share.

“At NGM we have introduced a flatter and more responsive organizational structure and instilled the Barrick style of leadership in what is still a relatively new management team. Through this process we have passed a major milestone in our journey to unlock Nevada’s full potential and strengthen its 15-year business plan,” he said.

“In the Dominican Republic, construction of Pueblo Viejo’s expanded process plant was 93% complete at the end of Q1 and we’re ramping up to full capacity by July. Currently our biggest growth project, it has been designed to extend the mine’s Tier One life to beyond 2040 at an expected average annual production rate of 800,000 ounces⁴ of gold.”

CONTINUED ON PAGE 3

Key Performance Indicators

Financial and Operating Highlights

Financial Results	Q1 2023		Q4 2022			Q1 2022
Realized gold price5, 6   ($ per ounce)		1,902		1,728			1,876
Net earnings   ($ millions)		120		(735	)		438
Adjusted net earnings3   ($ millions)		247		220			463
Net cash provided by operating  activities ($ millions)		776		795			1,004
Free cash flow1   ($ millions)		88		(96	)		393
Net earnings per share   ($)		0.07		(0.42	)		0.25
Adjusted net earnings per share3   ($)		0.14		0.13			0.26
Attributable capital expenditures7, 8   ($ millions)		526		743			478
Operating Results	Q1 2023		Q4 2022			Q1 2022
Gold
Production5   (000s of ounces)		952		1,120			990
Cost of sales5, 9   ($ per ounce)		1,378		1,324			1,190
Total cash costs5, 10   ($ per ounce)		986		868			832
All-in sustaining costs5, 10   ($ per ounce)		1,370		1,242			1,164
Copper
Production5   (millions of pounds)		88		96			101
Cost of sales5, 9   ($ per pound)		3.22		3.19			2.21
C1 cash costs5, 11   ($ per pound)		2.71		2.25			1.81
All-in sustaining costs5, 11   ($ per pound)		3.40		3.98			2.85

Q1 2023 Results Presentation

Webinar and Conference Call

Mark Bristow will host a live presentation of the results today at 11:00 AM ET, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Go to the webinar

US and Canada (toll-free), 1 800 319 4610

UK (toll-free), 0808 101 2791

International (toll), +1 416 915 3239

The Q1 2023 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

Best Assets

∎ Q1 production in line with plan after planned maintenance at Nevada Gold Mines and start of plant commissioning at Pueblo Viejo

∎ Pueblo Viejo and Nevada Gold Mines ramp up to drive a stronger second half in line with guidance

∎ Robust performance from Turquoise Ridge driving year-on-year production increase

∎ Pueblo Viejo’s expansion project continues to advance: SAG mill turning and first ore through the crusher as ramp-up starts

∎ Gounkoto underground delivers first production stopes ahead of schedule

∎ Resin-in-leach to carbon-in-leach conversion at the Goldstrike autoclave completed on time and on budget improving operational flexibility

∎ Exploration team secures new projects in Canada, USA, Peru, Dominican Republic, Saudi Arabia, Tanzania

Leader in Sustainability

∎ New global safety program ‘Journey to Zero’ launched

∎ 2022 Sustainability Report highlights Barrick’s contribution to achievement of United Nations Sustainable Development Goals

∎ Reko Diq constitutes first Community Development Committee and opens Humai school

∎ Barrick leads nationwide education initiative in Tanzania with $30 million commitment

∎ Pueblo Viejo receives highest gender equality certification in Dominican Republic

Delivering Value

∎ Free cash flow¹ increased despite a lower production quarter

∎ Net earnings per share of $0.07 and adjusted net earnings per share³ of $0.14 for the quarter

∎ $0.10 per share dividend declared

BARRICK FIRST QUARTER 2023 2 PRESS RELEASE

CONTINUED FROM PAGE 1

The development of another major project, Reko Diq in Pakistan, is also advancing steadily with continued progress on the updating of the feasibility study and the establishment of a Community Development Committee as well as a school. Scheduled to go into production in 2028, Reko Diq hosts one of the world’s largest undeveloped copper-gold deposits.

The Africa and Middle East region finished Q1 with gold production ahead of plan, setting the foundation for another year of delivery. At the Loulo-Gounkoto complex in Mali, the first high-grade stope at the new Gounkoto underground mine was successfully mined ahead of schedule. At North Mara in Tanzania, mining has started at the new Gena open pit. During the quarter, Barrick committed $30 million to a new education initiative in partnership with the Tanzanian government.

“While we continue to build our peerless asset base, we are also casting our net wider and stepping up the hunt for fresh opportunities. During the past quarter, we have opened up

new frontiers and secured multiple interesting prospects in Canada, the USA, Peru, the Dominican Republic, Saudi Arabia and Tanzania,” Bristow said.

“We’re also maintaining our carefully planned transition to cleaner energy. In Nevada, work has started on the TS Power Plant’s natural gas co-fire project as well as the TS Solar project. At Loulo, work is under way on the expansion of its solar plant and the addition of a battery storage system and at Kibali in the Democratic Republic of Congo (“DRC”), a battery back-up system for the three hydropower stations that supply the bulk of its energy is being planned.”

Bristow said Barrick’s consistent reserve replacement and resource growth has allowed it to underpin each operation and project with a fully planned 10+ year production profile. This secures the generation of a robust free cash flow that consistently delivers strong returns to shareholders and enables Barrick to drive organic growth by investing in the development of its world-class assets.

Mark Bristow and Tanzania president Samia Suluhu Hassan announce a $30 million pledge towards the expansion of education infrastructure in the country. Read more on page 9.

BARRICK DECLARES Q1 DIVIDEND

Barrick today announced the declaration of a dividend of $0.10 per share for the first quarter of 2023.

The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022 and will be paid on June 15, 2023 to shareholders of record at the close of business on May 31, 2023.

“Through the maintenance of a robust balance sheet, we are able to continue to provide a strong base dividend to our shareholders, with our Performance Dividend Policy providing shareholders with the potential for additional upside going forward,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

BARRICK FIRST QUARTER 2023 3 PRESS RELEASE

Mark Bristow (center in orange) visits Turquoise Ridge.

UNLOCKING THE FULL POTENTIAL

OF THE NGM DISTRICT

Successful near-mine exploration at Nevada Gold Mines’ (“NGM”) Tier One operations is adding significant growth potential to its 15-year plan while NGM’s new management team is driving innovation and optimization of the company’s asset suite.

The Goldrush, Robertson and Cortez Hills mining projects will all bolster the Cortez complex, with further growth to come from Barrick’s wholly owned Fourmile project, which includes the new Dorothy target, and from Hanson, below the Cortez Hills underground mine.

Carlin is also well-endowed with opportunities, notably around the Leeville mine with expansion from Fallon, Miramar, Horsham and Upper Rita K. Other opportunities around the northern Carlin trend include upside from Ren and Corona. Turquoise Ridge is exploring the BBT corridor and Getchell, while at Phoenix, NGM is investigating the expansion of copper production at Copper Canyon.

The NGM team has identified three key innovation and optimization action areas: developing a pipeline of future leaders; focusing on further mining efficiencies; and increasing process throughput.

The NGM complex is a long-life business which needs to attract the best new-generation people for its future operations and leadership by providing opportunities that align with their career ambitions and their core values. Once

recruited, they are developed through tailored leadership programs as well as NGM’s training mine.

NGM is investing $320 million¹² in a fleet of 62 new trucks, to be delivered over the next three years, which is expected to de-risk and accelerate open pit mining. New portals at Pete Bajo and Rita K as well as at Ren will boost productivity and mineralization development, and a new paste plant at Goldstrike underground will increase paste capacity. At Turquoise Ridge, the ramp-up of the recently commissioned Third Shaft continues to improve hoist capacity, mine production and ventilation.

The conversion from resin-in-leach to carbon-in-leach at the Goldstrike autoclave was completed during the first quarter, enabling the operation to process open pit material sooner from Carlin South. The first phase of the Gold Quarry roaster expansion project was recently completed with the second and final phase scheduled for 2024. The overall project is expected to deliver around a 20% increase in throughput.

BARRICK FIRST QUARTER 2023 4 PRESS RELEASE

At Pueblo Viejo, the new crusher at the process plant expansion was recently commissioned. The milestone was celebrated by processing superintendent Víctor Martínez, operations supervisor Yohan Méndez, general manager Megan Tibbals, heavy equipment operator Rudelania Fabián and operations superintendent José Hawil Féliz.

MASSIVE EXPANSION PROJECT WILL EXTEND

PUEBLO VIEJO’S TIER ONE LIFE BEYOND 2040

Barrick’s $2.1 billion investment¹² in the expansion of the Pueblo Viejo gold mine in the Dominican Republic — of which the process plant portion is now largely complete — is designed to deliver a totally transformed asset capable of ramping up production to an annual 1 million ounces and averaging 800,000 ounces per year over a life that is expected to extend to the 2040s.⁴

The reinvention of Pueblo Viejo is all the more remarkable says Mark Bristow, because at the time of the merger with Randgold in January 2019, the mine was facing closure: its vast resources could not be converted to reserves because it did not have the necessary tailings storage capacity.

“We tackled the mine’s challenges head-on. Chief among these was securing a site for a new tailings storage facility, which required lengthy consultation and negotiation with the regulatory authorities as well as the affected communities. Once the site was selected, we completed an Environmental and Social Impact Assessment in line with the government’s terms of reference, and we expect a decision towards the middle of this year,” Bristow said.

“Equally remarkable has been Pueblo Viejo’s steady upward trajectory, in the midst of the expansion project, in all other areas of its business. Despite having to manage multiple tieins, the team has achieved record throughput levels from 2019 to 2022. At the same time, it has also been transitioning to a local and more diverse workforce, in line with Barrick’s

global policy. It now has a 98% Dominican workforce with a female representation of 23%, up from 11% in 2019.”

Pueblo Viejo is the first Dominican mining company to be awarded the highest level of gender equality certification by the country’s Ministry of Women and the United Nations Development Programme, for three consecutive years.

Nor has its commitment to its host communities faltered, says Bristow. Eight community development committees have been formed in line with Barrick’s sustainability strategy. Notable projects include the construction of the Zambrana medical clinic and the Sabana del Rey potable water treatment plant, the electrification of 21 rural villages and the establishment of an educational fund for scholars and students from the communities.

Pueblo Viejo is also continuing to reduce its greenhouse gas emissions through the conversion of its power plant and lime kiln to use liquid natural gas.

BARRICK FIRST QUARTER 2023 5 PRESS RELEASE

BUILDING BARRICK’S NEXT LEADERSHIP GENERATION

Barrick continues to invest in the development of a multicultural and multigenerational workforce aligned to a changing world.

The Group sources and trains a vast majority of its employees from its host countries in Africa, the Middle East, South and Central America, as well as in Canada and the United States.

Our diverse workforce is the product of Barrick’s strategy of local employment and stakeholder recognition in the countries in which we operate, says Mark Bristow: 96% of its workforce are host country or community hires, as are 78% of its management. The age profile is also trending younger, with 54% of employees now under the age of 40 and 17% younger than 30.

“Within each region, we have launched a comprehensive frontline development program that focuses on building appropriate business and leadership skills, ensuring consistency of competencies and aligning values with the Barrick DNA. We are also building relationships with partner universities to provide us with a pipeline of talent well into the future,” says human resources executive Darian Rich.

Rudelania Fabián was the first heavy equipment operator to perform a dump into the new crusher at Pueblo Viejo’s process plant expansion.

SUSTAINABLE DELIVERY CENTERED ON ACHIEVEMENT

OF UN SUSTAINABLE DEVELOPMENT GOALS

Barrick’s sustainability strategy is based on integrated and holistic management and aligned with the objectives of the United Nations’ Sustainable Development Goals (SDGs), that seeks to deliver outcomes that are achievable, demonstrable and align with global priorities, says Mark Bristow in the company’s 2022 Sustainability Report.

Bristow says by using the SDGs as the central framework of its sustainability reporting, Barrick is better able to link an integrated approach to sustainability management, and to avoid the siloed thinking and mere box-ticking approach that can be a consequence of taking an ESG compliance-driven approach. Barrick’s latest Sustainability Report, its fifth since the merger with Randgold in 2019, still complies with important key reporting frameworks, but its primary lens for understanding and measuring its progress in sustainability aligns with a focus on the SDGs — an often-forgotten global commitment.

“Our sustainability approach allows us to tackle the challenges of alleviating poverty, managing changes to the climate and preserving biodiversity holistically and concurrently — because they are inextricably connected,” Bristow says.

For example, Barrick generated more than $10.7 billion¹² in economic value and created 21,000 jobs in 2022 (SDG 8: Decent Work and Economic Growth). Additionally, 96% of its employees and 78% of its senior site managers are host country nationals, and $1.4 billion¹² worth of goods and services were procured from suppliers in the communities closest to its mines. In total, Barrick spent over $6.1 billion¹² on host country suppliers in 2022.

Barrick also invested more than $36 million¹² in community development projects from education facilities in Nevada (SDG 4: Quality Education), to business incubators in the Dominican Republic (SDG 9: Industry, Innovation and Infrastructure) and gender-based violence awareness in Tanzania (SDG 5: Gender Equality). Barrick’s employees at Pueblo Viejo are now 23% women, with a target of 50% female representation for all new hires (SDG 5: Gender Equality and SDG 10: Reduced Inequality). Pueblo Viejo is the first Dominican mining company to have been awarded the highest level of gender equality certification by the country’s Ministry of Women and the UN Development Programme.

On the environmental front, Barrick has set itself a greenhouse gas emissions reduction target that is both demonstrable and achievable (SDG 13: Climate Action). The company’s total emissions in 2022 were 6,705kt CO₂e (Scope 1 and 2: market-based), which is 6% lower compared to the year before and an 11% reduction against its 2018 baseline.

“For us, sustainability is instrumental in our continued drive to operate mines that are welcomed and respected as development partners throughout the world,” Bristow says.

BARRICK FIRST QUARTER 2023 6 PRESS RELEASE

PROTECTING BIODIVERSITY: BARRICK LEADS THE WAY

Conserving biodiversity is fundamental to the survival of our world, essential to tackling climate change and has an important part to play in the war on poverty, says Barrick group sustainability executive Grant Beringer.

“We strive not only to protect and restore biodiversity within our permits, but also to partner with NGOs such as African Parks to make a positive contribution to nature in the countries in which we operate, some of which host unique but vulnerable ecosystems,” he says.

“To achieve this, we have committed Barrick, through our Biodiversity Policy and Standard, to have a net neutral impact on any key biodiversity features at our sites, as well as to take measurable conservation actions to help conserve high-value biodiversity sites in our host countries.”

Beringer cites Barrick’s partnership with the Garamba National Park and African Parks in the DRC as a prime example of its commitment to protecting nature as well as its holistic approach to sustainability.

Since 2015, Barrick has provided financial and in-kind support for a comprehensive conservation program designed to restore the park’s former megaherbivore abundance. The latest Barrick-sponsored initiative will see the return of white rhinos, last spotted there in 2006, to the park.

“Our engagement with Garamba also includes livelihood support for the communities that depend on it. In addition to its 500 employees, we have helped the park to provide economic opportunities for some 10,000 people through agricultural projects, while the four hospitals it supports treat more than 12,000 patients annually.”

In Nevada, Barrick has partnered with state and federal agencies, NGOs and local stakeholders to identify and implement projects to improve the ecosystem of the Great Basin. Among these is the rehabilitation of some 10,000 hectares of critically important habitat for sage grouse on the ranches owned by NGM.

In the Dominican Republic, Pueblo Viejo, in conjunction with the government, has identified the nearby Aniana Vargas National Park as a biodiversity offset site. The park shares most of its fauna and flora, as well as unique animals such as the Hutia rodent and the Samana least gecko, with the mine’s site.

At the Lumwana copper mine in Zambia, Barrick’s commitment to the implementation of the UN’s REDD+ project has advanced with the completion of an eligibility and feasibility study, and the project’s broad acceptance by the affected communities. The project aims to conserve 530,000 hectares of woodland around the mine, which will benefit these communities through the creation of tourism, horticulture and beekeeping opportunities. It will also have the capacity to generate carbon credits aligned with Barrick’s hard-to-abate emissions strategy that can be used to offset hard-to-abate emissions, in line with Barrick’s Roadmap to Net Zero.

BARRICK FIRST QUARTER 2023 7 PRESS RELEASE

CONTINUED RESERVE REPLACEMENT AND DISCIPLINED STRATEGY SUPPORT 10-YEAR GROWTH PLAN

Barrick last year again more than replaced the gold reserves it mined and its proven ability to sustain this achievement through exploration will support the execution of its 10-year rolling business plan, says executive chairman John Thornton.

“Attuned to the cyclicality of markets, Barrick’s strategy of building its future by continuing to invest in sustainably profitable growth, organic as well as external, has equipped us well to deal with challenging circumstances. In the current climate of uncertainty, we are proving again that our people are truly world class and are more than capable of making Barrick the world’s most valued gold and copper company,” he added.

“Our focus in 2023 will be on expanding Barrick’s value foundation, already one of the industry’s best, within and beyond our current borders. The Reko Diq project in Pakistan will almost double our current copper production and will add to our gold production when it is fully operational. We are also extending our presence in North and South America and we are particularly excited by new opportunities in North Africa and the Middle East.”

Thornton says that at a time when environmental management and human rights are coming under increasingly critical scrutiny, Barrick’s sustainability strategy has long been embedded in its business plans.

“The creation of long-term value for all stakeholders contributes meaningfully to the social and economic development of our host countries and communities, protects the safety and health of our people, respects human rights and manages the impact of our operations on the environment. Sustainability performance accounts for 25% of the long-term incentive awards for our senior leaders, demonstrating the importance Barrick attaches to our sustainability commitments,” he says.

Barrick lead director Brett Harvey says that at a time when the mining industry’s recruitment pool is shrinking, Barrick actively seeks to attract talented young people by offering them exceptionally rewarding career opportunities in a modern, world-class business. By prioritizing local recruitment — 96% of Barrick’s global employees are host country nationals — the company has also built a workforce that is naturally multicultural and ethnically diverse. Similarly, the Board represents a mosaic of skills, nationalities, racial and ethnic backgrounds and experiences and perspectives that is not only capable of directing Barrick effectively in a rapidly changing world, but also represents the composition of our stakeholder universe.

BARRICK STEERS PORGERA

BACK TOWARDS WORLD-CLASS PRODUCTION

The government of Papua New Guinea, Barrick Niugini Limited and New Porgera Limited have signed an agreement to progress with the resumption of operations at the Porgera gold mine, which have been suspended since 2020.¹²

Porgera hosts an orebody with measured and indicated resources of 10 million ounces¹⁴ and inferred resources of 3.4 million ounces.¹⁴ After the initial ramp up and optimization of the Wangima pit, the mine is forecast to produce an average of 700,000 ounces per year, achieving a milestone towards its potential Tier One status.

The New Porgera Progress Agreement, signed on March 31, confirms that all parties are committed to reopening the mine at the earliest opportunity, in line with the terms of the Porgera Project Commencement Agreement and the New Porgera Limited Shareholders Agreement, both concluded in 2022. The New Porgera project team will now move ahead with the filings for a special mining lease and progressing the other conditions set out in the Commencement Agreement for the reopening of the mine.

The equity in New Porgera is shared 51% by Papua New Guinea (“PNG”) stakeholders, including local landowners and the Enga provincial government. Economic benefits will be

shared 53% by the PNG stakeholders and 47% by Barrick Niugini Limited, which will operate the mine.

After the signing ceremony, Mark Bristow said there was strong support from all stakeholders to get Porgera reopened as soon as possible.

“It’s been a long journey but in the process we have secured the buy-in of all the stakeholders. For Barrick, the reopening of the mine would represent another victory for our host-country partnership model which has been so successful in Tanzania and has now also been adopted for the new Reko Diq copper-gold project in Pakistan,” Bristow said.

“Localization is an essential part of our partnership philosophy so New Porgera will, whenever possible, source the goods and services it requires from businesses genuinely based and owned in Porgera, the Enga province and PNG. Similarly, it will give preference to locals in recruiting employees for the reopening mine.”

BARRICK FIRST QUARTER 2023 8 PRESS RELEASE

PIONEERING KIBALI PLANS FURTHER

PARTNER-BASED DEVELOPMENT

Since Kibali went into production 10 years ago, it has not only grown into Africa’s largest gold mine, it has also opened a new mining frontier in the DRC and stimulated the development of a thriving regional economy in the country’s north-east province.

Mark Bristow says the mutually beneficial partnership between the company and its local stakeholders, notably the government, contractors, service providers, employees and the community, has demonstrated that it is possible to build and operate a successful world-class mine, run by host country nationals, in one of Africa’s remotest corners.

In the 13 years since the acquisition of the property which became Kibali, it has invested more than $4.6 billion¹² in the DRC, with payments to local contractors and suppliers alone amounting to almost $2.4 billion, $1.4 billion going to the government in the form of royalties, taxes and permits, salaries amounting to $621 million, and the investment of $196 million in infrastructure development and community support.

“Kibali has multiple partnerships with local businesses, many of which we have actively mentored, such as the all-

Congolese team that built the mine’s Azambi hydropower station,” Bristow said.

“Kibali’s three continuously upgraded hydropower stations and their battery back-up system have put it in the lead of the Barrick group’s green energy drive. At present, approximately 80% of the mine’s power requirement is provided by renewable energy sources and this will rise when the planned new solar plant is commissioned in 2025, further reducing Kibali’s carbon footprint as well as its energy costs.”

The mine also continues to invest in the recruitment and training of Congolese nationals, who already account for 95% of its workforce and 76% of its leadership, with special emphasis on the skills development of potential managers and technicians.

BARRICK PLEDGES $30 MILLION TOWARDS SCHOOL

DEVELOPMENT IN PARTNERSHIP WITH TANZANIA

In a meeting between Mark Bristow and Tanzania president Samia Suluhu Hassan, the company affirmed its pledge of $30 million in partnership with the Tanzanian government, towards the expansion of education infrastructure in Tanzania.

Called ‘The Barrick-Twiga Future Forward Education Program’, the objective is to build 1,090 classrooms, 1,640 ablution blocks and 270 dormitories across 161 schools nationwide, helping to accommodate approximately 49,000 of the estimated 190,000 students who are expected to start their A-levels in July this year. The first $10 million was committed in April and the balance will be rolled out with the program.

“We believe that education is key to the development of the country. Both the Bulyanhulu and North Mara gold mines continue to support the education sector through the building of classrooms and the improvement of education infrastructure around the mines, which has seen some of them consistently feature among the top schools in these regions,” Bristow said.

North Mara has already spent $1.9 million on 87 primary and secondary schools in the Tarime District, 14 of which are the best performing schools in the district. Bulyanhulu has spent $1.8 million on 80 educational projects around the mine and is currently building a Vocational Education Training College

Centre in Bunango Village. Barrick’s investment around the mine has given 7,557 Tanzanian girls access to education in 2022.

“In addition to the company’s support of education, last year North Mara was officially recognized as Tanzania’s largest taxpayer and Bulyanhulu was awarded the Best Compliant Employer prize by the National Social Security Fund. North Mara and Bulyanhulu also received the first and runner-up recognition awards, respectively, for the export of minerals and the generation of foreign currency. They’ve both come a very long way and we look forward to continuing that journey through our Twiga partnership with the government.”

Bristow said since Barrick took over control of the mines in 2019, it had pumped $2.4 billion into the Tanzanian economy. Through their community development committees, the mines had invested more than $10 million in projects to improve healthcare, education, access to potable water and the road infrastructure.

BARRICK FIRST QUARTER 2023 9 PRESS RELEASE

PEERLESS ASSET QUALITY

AND HIGH-POTENTIAL PROSPECTS

POSITION BARRICK FOR PROFITABLE GROWTH

The past year marked a major milestone in Barrick’s journey to becoming the world’s most valued gold and copper mining company, with the foundational targets of the new business created by the merger with Randgold in January 2019 having largely been met, and its greater goals now within reach, says Mark Bristow with the recent publication of the company’s 2022 Annual Report.

“North America is Barrick’s value foundation and the true benefits of our creation of the NGM complex are now becoming evident in the form of mineral resource growth and new discoveries. The quality and prospectivity of its portfolio cannot be overstated,” he said.

“In Central America, the plant expansion project we initiated at the Pueblo Viejo gold mine in the Dominican Republic is rapidly taking shape. With its unlocked reserve base now standing at 20 million ounces¹⁵, the life of the mine — one of the six Tier One assets in our gold portfolio — has been extended beyond 2040 and it will maintain an average annual production rate above 800,000 ounces over that time.⁴

“Another of our Tier One assets, the Loulo-Gounkoto complex in Mali, which has produced more than 9 million ounces of gold since 2005, is set to maintain its current rate of production for the next 10 years, with its life extending to 2037.”¹⁶

Bristow said Barrick was also achieving its strategic objective of significantly expanding its copper holdings. Work on the reconstituted Reko Diq project in Pakistan — one of the largest and highest quality undeveloped copper-gold deposits in the world — has started, and the revitalized Lumwana mine in Zambia has commenced a prefeasibility study on the Super Pit expansion. When both of these projects are completed in 2028, they will elevate Barrick into the front rank of copper producers.

“Brownfields exploration continues to unlock potential around our existing assets while greenfields work has started delivering real value. We’re continuing to expand our global exploration footprint with active programs elsewhere in North America as well as in Latin America, Saudi Arabia and Egypt,” he said.

“One of the highlights of last year was the continued growth in our gold reserves and resources, driven by our strategy of investing in organic growth through exploration and mineral resource management. Barrick’s ability over time to more than replace the ounces we mine reinforces our sustainability and our sector-leading production profile.”

Demonstrating its commitment to strong shareholder returns, Barrick returned a record $1.6 billion¹⁷ to shareholders last year, but this was not at the expense of its growth strategy, Bristow said.

“We continue to invest in and roll out our 10-year gold and copper plans, projecting real growth on a steady base-case production profile. This investment is made possible by the unmatched quality of our assets and the abundant free cash flow they generate. Also embedded in our portfolio is a long pipeline of quality projects from which we are steadily unlocking value. The ability to grow without having to buy is a very significant advantage that differentiates Barrick from its peers,” he said.

In line with Barrick’s commitment to a ‘best people’ workforce, Bristow said Barrick is aggressively recruiting promising young professionals across all of the relevant disciplines. The next generation of leaders is already taking shape in the company’s succession plans and last year already saw seamless transitions in a number of key positions.

It is also rapidly progressing the greening of its power grid across the group. Major solar projects in the Dominican Republic and Nevada, the expansion of solar power and the addition of a battery energy storage system at Loulo-Gounkoto, and the planned solar power dry season back-up for Kibali’s three hydropower plants, will not only significantly advance Barrick towards its 2050 net zero target, but will improve the mines’ margins by pruning energy costs.

Also in the annual report, executive chairman John Thornton noted the significant contribution Barrick’s operations make in the developing countries in which it operates.

“Mining can and should be a key catalyst for economic growth and social upliftment. Barrick’s substantial contribution to our host countries’ coffers and our equally significant investment in the welfare of the communities that border on our mines is making a real difference, highlighting the important part the mining industry can play in narrowing the gap between the richer and poorer nations to make the world a better place,” he said.

BARRICK FIRST QUARTER 2023 10 PRESS RELEASE

MALI OPERATIONS HONORED BY GOVERNMENT

FOR TAX CITIZENSHIP

Barrick’s Loulo-Gounkoto gold mining complex, as one of the largest taxpayers in Mali, has been formally thanked by the government for its role in enabling the tax department to achieve its revenue targets for 2022.

In a ceremony at Barrick’s Bamako office, the country’s director of large enterprises presented both Loulo and Gounkoto with certificates of recognition honoring what was described as their high level of tax citizenship and expressing the hope that this productive partnership between the mines and the government would continue.

Barrick, through its legacy company Randgold, has been operating in Mali for more than a quarter of a century and during that time, we have contributed to the development of the country’s economy and its mining industry.

A FIRST FOR WATER TREATMENT IN SAN JUAN

The community of Iglesia near the Veladero mine in San Juan, Argentina, has become the first municipality in the province to use alternative energy to power its drinking water treatment plants.

Solar energy will power the plants’ pumps and operate the filtering equipment, sending water from wells to reserve tanks.

“This system will reduce our electricity expense by 50% to 60%, which is a huge savings,” says Oscar Varela, president of the Rodeo Neighborhood Association.

Two photovoltaic kits of 12 horsepower with 32 panels generating 9.9 kilowatts, and one 17 horsepower kit comprising 60 panels of 18.6 kilowatts, were built in the Rodeo and Bella Vista water treatment plants. In case of any power failure in the panels, the plants are automatically reconnected to the power grid.

“The idea of powering the water treatment plants with solar energy is an innovation that emerged as we have been working to refurbish a total of ten plants in the region over the

last three years,” said Veladero’s sustainable development manager, Alberto Abecasis.

The effort was a collaboration between Veladero, neighborhood associations, the Municipality of Iglesia and the Ministry of Mining.

The mine and its neighbors have also collaborated in environmental participatory monitoring. Over the past few months, five monitoring sessions that had 21 community members collect water samples at Veladero’s compliance points and submit them to a certified lab for testing, has confirmed water quality meets all baseline parameters.

Barrick organizes participatory monitoring sessions like these at several operations worldwide to ensure that our host communities understand what we are doing to make sure we are responsible stewards of the environment.

BARRICK FIRST QUARTER 2023 11 PRESS RELEASE

APPENDIX

2023 Operating and Capital Expenditure Guidance

 GOLD PRODUCTION AND COSTS

	2023 forecast attributable production (000s oz)	2023 forecast cost of sales9 ($/oz)	2023 forecast total cash costs10 ($/oz)	2023 forecast all-in sustaining costs10 ($/ oz)
Carlin (61.5%)	910 - 1,000	1,030 - 1,110	820 - 880	1,250 - 1,330
Cortez (61.5%)18	580 - 650	1,080 - 1,160	680 - 740	930 - 1,010
Turquoise Ridge (61.5%)	300 - 340	1,290 - 1,370	900 - 960	1,170 - 1,250
Phoenix (61.5%)	100 - 120	1,860 - 1,940	880 - 940	1,110 - 1,190
Long Canyon (61.5%)	0 - 10	2,120 - 2,200	730 - 790	1,080 - 1,160
Nevada Gold Mines (61.5%)	1,900 - 2,100	1,140 - 1,220	790 - 850	1,140 - 1,220
Hemlo	150 - 170	1,400 - 1,480	1,210 - 1,270	1,590 - 1,670
North America	2,100 - 2,300	1,160 - 1,240	820 - 880	1,170 - 1,250
Pueblo Viejo (60%)	470 - 520	1,130 - 1,210	710 - 770	960 - 1,040
Veladero (50%)	160 - 180	1,630 - 1,710	1,060 - 1,120	1,550 - 1,630
Porgera (47.5%)13	—	—	—	—
Latin America & Asia Pacific	630 - 700	1,260 - 1,340	800 - 860	1,110 - 1,190
Loulo-Gounkoto (80%)	510 - 560	1,100 - 1,180	750 - 810	1,070 - 1,150
Kibali (45%)	320 - 360	1,080 - 1,160	710 - 770	880 - 960
North Mara (84%)	230 - 260	1,120 - 1,200	900 - 960	1,240 - 1,320
Bulyanhulu (84%)	160 - 190	1,230 - 1,310	880 - 940	1,160 - 1,240
Tongon (89.7%)	180 - 210	1,260 - 1,340	1,070 - 1,130	1,240 - 1,320
Africa & Middle East	1,450 - 1,600	1,130 - 1,210	820 - 880	1,080 - 1,160
Total Attributable to Barrick19,20,21	4,200 - 4,600	1,170 - 1,250	820 - 880	1,170 - 1,250
COPPER PRODUCTION AND COSTS
	2023 forecast attributable production (Mlbs)	2023 forecast cost of sales9 ($/lb)	2023 forecast C1 cash costs11 ($/lb)	2023 forecast all-in sustaining costs11 ($/ lb)
Lumwana	260 - 290	2.45 - 2.75	2.00 - 2.20	3.20 - 3.50
Zaldívar (50%)	100 - 110	3.40 - 3.70	2.60 - 2.80	2.90 - 3.20
Jabal Sayid (50%)	65 - 75	1.80 - 2.10	1.50 - 1.70	1.60 - 1.90
Total Attributable to Barrick21	420 - 470	2.60 - 2.90	2.05 - 2.25	2.95 - 3.25

 ATTRIBUTABLE CAPITAL EXPENDITURES

	($ millions)
Attributable minesite sustaining7		1,450 - 1,700
Attributable project7		750 - 900
Total attributable capital expenditures		2,200 - 2,600

 2023 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

	2023 Guidance Assumption	Hypothetical Change	Impact on EBITDA22 (millions)	Impact on TCC and AISC10,11
Gold price sensitivity	$1,650/oz	+/- $100/oz	+/-$590	+/-$5/oz
Copper price sensitivity	$3.50/lb	+/- $0.25/lb	+/- $110	+/-$0.01/lb

BARRICK FIRST QUARTER 2023 12 PRESS RELEASE

Production and Cost Summary - Gold

	For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Nevada Gold Mines LLC (61.5%)a
Gold produced (000s oz attributable basis)		416		516		(19)%		459		(9)%
Gold produced (000s oz 100% basis)		676		838		(19)%		747		(9)%
Cost of sales ($/oz)		1,461		1,257		16 %		1,169		25 %
Total cash costs ($/oz)b		1,074		906		19 %		820		31 %
All-in sustaining costs ($/oz)b		1,436		1,179		22 %		1,118		28 %
Carlin (61.5%)c
Gold produced (000s oz attributable basis)		166		265		(37)%		229		(28)%
Gold produced (000s oz 100% basis)		270		432		(37)%		373		(28)%
Cost of sales ($/oz)		1,449		1,081		34 %		1,015		43 %
Total cash costs ($/oz)b		1,215		878		38 %		829		47 %
All-in sustaining costs ($/oz)b		1,689		1,217		39 %		1,139		48 %
Cortez (61.5%)c
Gold produced (000s oz attributable basis)		140		140		0 %		115		22 %
Gold produced (000s oz 100% basis)		226		226		0 %		187		22 %
Cost of sales ($/oz)		1,324		1,284		3 %		1,113		19 %
Total cash costs ($/oz)b		913		848		8 %		784		16 %
All-in sustaining costs ($/oz)b		1,233		1,037		19 %		1,150		7 %
Turquoise Ridge (61.5%)
Gold produced (000s oz attributable basis)		81		78		4 %		67		21 %
Gold produced (000s oz 100% basis)		131		127		4 %		109		21 %
Cost of sales ($/oz)		1,412		1,518		(7)%		1,436		(2)%
Total cash costs ($/oz)b		1,034		1,089		(5)%		1,030		0 %
All-in sustaining costs ($/oz)b		1,271		1,304		(3)%		1,281		(1)%
Phoenix (61.5%)
Gold produced (000s oz attributable basis)		27		30		(10)%		23		17 %
Gold produced (000s oz 100% basis)		45		48		(10)%		37		17 %
Cost of sales ($/oz)		2,380		1,901		25 %		2,253		6 %
Total cash costs ($/oz)b		1,198		946		27 %		835		43 %
All-in sustaining costs ($/oz)b		1,365		1,037		32 %		1,027		33 %
Long Canyon (61.5%)
Gold produced (000s oz attributable basis)		2		3		(33)%		25		(92)%
Gold produced (000s oz 100% basis)		4		5		(33)%		41		(92)%
Cost of sales ($/oz)		1,621		1,812		(11)%		1,093		48 %
Total cash costs ($/oz)b		579		616		(6)%		342		69 %
All-in sustaining costs ($/oz)b		629		664		(5)%		366		72 %
Pueblo Viejo (60%)
Gold produced (000s oz attributable basis)		89		98		(9)%		104		(14)%
Gold produced (000s oz 100% basis)		149		163		(9)%		174		(14)%
Cost of sales ($/oz)		1,241		1,215		2 %		1,077		15 %
Total cash costs ($/oz)b		714		764		(7)%		682		5 %
All-in sustaining costs ($/oz)b		1,073		1,065		1 %		948		13 %

BARRICK FIRST QUARTER 2023 13 PRESS RELEASE

Production and Cost Summary - Gold (continued)

	For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Loulo-Gounkoto (80%)
Gold produced (000s oz attributable basis)		137		139		(1)%		138		(1)%
Gold produced (000s oz 100% basis)		172		174		(1)%		172		(1)%
Cost of sales ($/oz)		1,275		1,216		5 %		1,088		17 %
Total cash costs ($/oz)b		855		822		4 %		721		19 %
All-in sustaining costs ($/oz)b		1,190		1,102		8 %		982		21 %
Kibali (45%)
Gold produced (000s oz attributable basis)		64		97		(34)%		76		(16)%
Gold produced (000s oz 100% basis)		141		216		(34)%		168		(16)%
Cost of sales ($/oz)		1,367		1,570		(13)%		1,137		20 %
Total cash costs ($/oz)b		987		617		60 %		744		33 %
All-in sustaining costs ($/oz)b		1,177		981		20 %		996		18 %
Veladero (50%)
Gold produced (000s oz attributable basis)		43		50		(14)%		46		(7)%
Gold produced (000s oz 100% basis)		86		99		(14)%		92		(7)%
Cost of sales ($/oz)		1,587		2,309		(31)%		1,348		18 %
Total cash costs ($/oz)b		1,035		954		8 %		847		22 %
All-in sustaining costs ($/oz)b		1,761		1,526		15 %		1,588		11 %
Porgera (47.5%)d
Gold produced (000s oz attributable basis)		—		—		— %		—		— %
Gold produced (000s oz 100% basis)		—		—		— %		—		— %
Cost of sales ($/oz)		—		—		— %		—		— %
Total cash costs ($/oz)b		—		—		— %		—		— %
All-in sustaining costs ($/oz)b		—		—		— %		—		— %
Tongon (89.7%)
Gold produced (000s oz attributable basis)		50		63		(21)%		35		43 %
Gold produced (000s oz 100% basis)		55		70		(21)%		39		43 %
Cost of sales ($/oz)		1,453		1,381		5 %		2,036		(29)%
Total cash costs ($/oz)b		1,182		1,070		10 %		1,667		(29)%
All-in sustaining costs ($/oz)b		1,284		1,404		(9)%		1,803		(29)%
Hemlo
Gold produced (000s oz)		41		38		8 %		31		32 %
Cost of sales ($/oz)		1,486		1,451		2 %		1,727		(14)%
Total cash costs ($/oz)b		1,291		1,227		5 %		1,503		(14)%
All-in sustaining costs ($/oz)b		1,609		1,557		3 %		1,982		(19)%
North Mara (84%)
Gold produced (000s oz attributable basis)		68		70		(3)%		56		21 %
Gold produced (000s oz 100% basis)		81		84		(3)%		66		21 %
Cost of sales ($/oz)		987		1,030		(4)%		852		16 %
Total cash costs ($/oz)b		759		758		0 %		709		7 %
All-in sustaining costs ($/oz)b		1,137		1,301		(13)%		874		30 %

BARRICK FIRST QUARTER 2023 14 PRESS RELEASE

Production and Cost Summary - Gold (continued)

	For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Bulyanhulu (84%)
Gold produced (000s oz attributable basis)		44		49		(10)%		45		(2)%
Gold produced (000s oz 100% basis)		53		58		(10)%		53		(2)%
Cost of sales ($/oz)		1,358		1,237		10 %		1,216		12 %
Total cash costs ($/oz)b		982		896		10 %		847		16 %
All-in sustaining costs ($/oz)b		1,332		1,401		(5)%		984		35 %
Total Attributable to Barricke
Gold produced (000s oz)		952		1,120		(15)%		990		(4)%
Cost of sales ($/oz)f		1,378		1,324		4 %		1,190		16 %
Total cash costs ($/oz)b		986		868		14 %		832		19 %
All-in sustaining costs ($/oz)b		1,370		1,242		10 %		1,164		18 %

^a. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon.

^b.  Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.

^c.  Includes Goldrush.

^d.  As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data is provided.

^e.  Excludes Pierina, which is producing incidental ounces while in closure.

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

BARRICK FIRST QUARTER 2023 15 PRESS RELEASE

Production and Cost Summary - Copper

	For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Lumwana
Copper production (Mlbs)		48		53		(9)%		57		(16)%
Cost of sales ($/lb)		3.56		3.56		0 %		2.20		62 %
C1 cash costs ($/lb)a		3.09		2.34		32 %		1.86		66 %
All-in sustaining costs ($/lb)a		3.98		4.86		(18)%		3.16		26 %
Zaldívar (50%)
Copper production (Mlbs attributable basis)		22		25		(12)%		25		(12)%
Copper production (Mlbs 100% basis)		44		50		(12)%		51		(12)%
Cost of sales ($/lb)		3.73		3.55		5 %		2.85		31 %
C1 cash costs ($/lb)a		2.86		2.69		6 %		2.15		33 %
All-in sustaining costs ($/lb)a		3.22		3.60		(11)%		2.64		22 %
Jabal Sayid (50%)
Copper production (Mlbs attributable basis)		18		18		0 %		19		(5)%
Copper production (Mlbs 100% basis)		37		36		0 %		38		(5)%
Cost of sales ($/lb)		1.53		1.72		(11)%		1.30		18 %
C1 cash costs ($/lb)a		1.39		1.42		(2)%		1.10		26 %
All-in sustaining costs ($/lb)a		1.61		1.54		5 %		1.17		38 %
Total Attributable to Barrick
Copper production (Mlbs)		88		96		(8)%		101		(13)%
Cost of sales ($/lb)b		3.22		3.19		1 %		2.21		46 %
C1 cash costs ($/lb)a		2.71		2.25		20 %		1.81		50 %
All-in sustaining costs ($/lb)a		3.40		3.98		(15)%		2.85		19 %

^a.  Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.

^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).

BARRICK FIRST QUARTER 2023 16 PRESS RELEASE

Financial and Operating Highlights

	For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Financial Results ($ millions)
Revenues		2,643		2,774		(5)%		2,853		(7)%
Cost of sales		1,941		2,093		(7)%		1,739		12 %
Net earningsa		120		(735)		116 %		438		(73)%
Adjusted net earningsb		247		220		12 %		463		(47)%
Adjusted EBITDAb		1,183		1,286		(8)%		1,645		(28)%
Adjusted EBITDA marginc		45 %		46 %		(2)%		58 %		(22)%
Minesite sustaining capital expendituresb,d		454		557		(18)%		420		8 %
Project capital expendituresb,d		226		324		(30)%		186		22 %
Total consolidated capital expendituresd,e		688		891		(23)%		611		13 %
Net cash provided by operating activities		776		795		(2)%		1,004		(23)%
Net cash provided by operating activities marginf		29 %		29 %		0 %		35 %		(17)%
Free cash flowb		88		(96)		192 %		393		(78)%
Net earnings per share (basic and diluted)		0.07		(0.42)		117 %		0.25		(72)%
Adjusted net earnings (basic)b per share		0.14		0.13		8 %		0.26		(46)%
Weighted average diluted common shares (millions of shares)		1,755		1,759		0 %		1,779		(1)%
Operating Results
Gold production (thousands of ounces)g		952		1,120		(15)%		990		(4)%
Gold sold (thousands of ounces)g		954		1,111		(14)%		993		(4)%
Market gold price ($/oz)		1,890		1,726		10 %		1,877		1 %
Realized gold priceb,g ($/oz)		1,902		1,728		10 %		1,876		1 %
Gold cost of sales (Barrick’s share)g,h ($/oz)		1,378		1,324		4 %		1,190		16 %
Gold total cash costsb,g ($/oz)		986		868		14 %		832		19 %
Gold all-in sustaining costsb,g ($/oz)		1,370		1,242		10 %		1,164		18 %
Copper production (millions of pounds)g		88		96		(8)%		101		(13)%
Copper sold (millions of pounds)g		89		99		(10)%		113		(21)%
Market copper price ($/lb)		4.05		3.63		12 %		4.53		(11)%
Realized copper priceb,g ($/lb)		4.20		3.81		10 %		4.68		(10)%
Copper cost of sales (Barrick’s share)g,i ($/lb)		3.22		3.19		1 %		2.21		46 %
Copper C1 cash costsb,g ($/lb)		2.71		2.25		20%		1.81		50 %
Copper all-in sustaining costsb,g ($/lb)		3.40		3.98		(15)%		2.85		19 %
	As at   3/31/23		As at 12/31/22		% Change		As at 3/31/22		% Change
Financial Position ($ millions)
Debt (current and long-term)		4,777		4,782		0 %		5,144		(7)%
Cash and equivalents		4,377		4,440		(1)%		5,887		(26)%
Debt, net of cash		400		342		17%		(743)		154 %

^a.  Net earnings represents net earnings attributable to the equity holders of the Company.

^b.  Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.

^c.  Represents adjusted EBITDA divided by revenue.

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

^e.  Total consolidated capital expenditures also includes capitalized interest of $8 million for the three month period ended March 31, 2023 (December 31, 2022: $10 million and March 31, 2022: $5 million).

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

^g.  On an attributable basis.

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

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

BARRICK FIRST QUARTER 2023 17 PRESS RELEASE

Consolidated Statements of Income

Barrick Gold Corporation (in millions of United States dollars, except per share data) (Unaudited)	Three months ended March 31,
	2023			2022
Revenue (notes 4 and 5)		$2,643			$2,853
Costs and expenses (income)
Cost of sales (notes 4 and 6)		1,941			1,739
General and administrative expenses		39			54
Exploration, evaluation and project expenses		71			67
Impairment charges (notes 8b and 12)		1			2
Loss on currency translation		38			3
Closed mine rehabilitation		22			3
Income from equity investees (note 11)		(53	)		(99	)
Other expense (income) (note 8a)		52			(11	)
Income before finance costs and income taxes		$532			$1,095
Finance costs, net		(58	)		(88	)
Income before income taxes		$474			$1,007
Income tax expense (note 9)		(205	)		(301	)
Net income		$269			$706
Attributable to:
Equity holders of Barrick Gold Corporation		$120			$438
Non-controlling interests (note 15)		$149			$268
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 7)
Net income
Basic		$0.07			$0.25
Diluted		$0.07			$0.25

The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2023 available on our website, are an integral part of these consolidated financial statements.

BARRICK FIRST QUARTER 2023 18 PRESS RELEASE

Consolidated Statements of Comprehensive Income

Barrick Gold Corporation (in millions of United States dollars) (Unaudited)	Three months ended March 31,
	2023			2022
Net income		$269			$706
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustments, net of tax $nil and $nil		(3	)		—
Items that will not be reclassified to profit or loss:
Net change on equity investments, net of tax $nil and ($8)		—			58
Total other comprehensive (loss) income		(3	)		58
Total comprehensive income		$266			$764
Attributable to:
Equity holders of Barrick Gold Corporation		$117			$496
Non-controlling interests		$149			$268

The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2023 available on our website, are an integral part of these consolidated financial statements.

BARRICK FIRST QUARTER 2023 19 PRESS RELEASE

Consolidated Statements of Cash Flow

Barrick Gold Corporation (in millions of United States dollars) (Unaudited)	Three months ended March 31,
	2023			2022
OPERATING ACTIVITIES
Net income		$269			$706
Adjustments for the following items:
Depreciation		495			460
Finance costs, net1		58			88
Impairment charges (notes 8b and 12)		1			2
Income tax expense (note 9)		205			301
Income from equity investees (note 11)		(53	)		(99	)
Gain on sale of non-current assets		(3	)		(2	)
Loss on currency translation		38			3
Change in working capital (note 10)		(206	)		(131	)
Other operating activities (note 10)		52			(77	)
Operating cash flows before interest and income taxes		856			1,251
Interest paid		(23	)		(23	)
Interest received1		49			10
Income taxes paid2		(106	)		(234	)
Net cash provided by operating activities		776			1,004
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 4)		(688	)		(611	)
Sales proceeds		3			1
Investment sales		—			260
Dividends received from equity method investments (note 11)		67			359
Net cash provided by (used in) investing activities		(618	)		9
FINANCING ACTIVITIES
Lease repayments		(4	)		(6	)
Dividends		(175	)		(178	)
Disbursements to non-controlling interests (note 15)		(62	)		(267	)
Pueblo Viejo JV partner shareholder loan		20			45
Net cash used in financing activities		(221	)		(406	)
Effect of exchange rate changes on cash and equivalents		—			—
Net increase (decrease) in cash and equivalents		(63	)		607
Cash and equivalents at the beginning of period		4,440			5,280
Cash and equivalents at the end of period		$4,377			$5,887

¹  2022 figures have been restated to reflect the change in presentation to present interest received ($10 million) separately from finance costs.

²  Income taxes paid excludes $28 million (2022: $26 million) for the three months ended March 31, 2023 of income taxes payable that were settled against offsetting VAT receivables.

The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2023 available on our website, are an integral part of these consolidated financial statements.

BARRICK FIRST QUARTER 2023 20 PRESS RELEASE

Consolidated Balance Sheets

Barrick Gold Corporation   (in millions of United States dollars) (Unaudited)	As at March 31, 2023			As at December 31, 2022
ASSETS
Current assets
Cash and equivalents		$4,377			$4,440
Accounts receivable		557			554
Inventories		1,913			1,781
Other current assets		1,691			1690
Total current assets		$8,538			$8,465
Non-current assets
Equity in investees (note 11)		3,969			3,983
Property, plant and equipment		26,084			25,821
Goodwill		3,581			3,581
Intangible assets		149			149
Deferred income tax assets		19			19
Non-current portion of inventory		2,705			2,819
Other assets		1,107			1,128
Total assets		$46,152			$45,965
LIABILITIES AND EQUITY
Current liabilities
Accounts payable		$1,504			$1,556
Debt		12			13
Current income tax liabilities		310			163
Other current liabilities		1,380			1,388
Total current liabilities		$3,206			$3,120
Non-current liabilities
Debt		4,765			4,769
Provisions		2,244			2,211
Deferred income tax liabilities		3,270			3,247
Other liabilities		1,349			1,329
Total liabilities		$14,834			$14,676
Equity
Capital stock (note 14)		$28,115			$28,114
Deficit		(7,338	)		(7,282	)
Accumulated other comprehensive income (loss)		23			26
Other		1,913			1,913
Total equity attributable to Barrick Gold Corporation shareholders		$22,713			$22,771
Non-controlling interests (note 15)		8,605			8,518
Total equity		$31,318			$31,289
Contingencies and commitments (notes 4 and 16)
Total liabilities and equity		$46,152			$45,965

The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2023 available on our website, are an integral part of these consolidated financial statements.

BARRICK FIRST QUARTER 2023 21 PRESS RELEASE

Consolidated Statements of Changes in Equity

Barrick Gold Corporation			Attributable to equity holders of the company
(in millions of United States dollars)  (Unaudited)	Common Shares (in thousands)		Capital stock		Retained earnings (deficit)			Accumulated other comprehensive income (loss)1			Other2		Total equity attributable to shareholders			Non- controlling interests			Total equity
At January 1, 2023		1,755,350		$28,114		($7,282	)		$26			$1,913		$22,771			$8,518			$31,289
Net income		—		—		120			—			—		120			149			269
Total other comprehensive loss		—		—		—			(3	)		—		(3	)		—			(3	)
Total comprehensive income (loss)		—		—		120			(3	)		—		117			149			266
Transactions with owners
Dividends		—		—		(175	)		—			—		(175	)		—			(175	)
Disbursements to non-controlling interests (note 15)		—		—		—			—			—		—			(62	)		(62	)
Dividend reinvestment plan (note 14)		58		1		(1	)		—			—		—			—			—
Total transactions with owners		58		1		(176	)		—			—		(175	)		(62	)		(237	)
At March 31, 2023		1,755,408		$28,115		($7,338	)		$23			$1,913		$22,713			$8,605			$31,318
At January 1, 2022		1,779,331		$28,497		($6,566	)		($23	)		$1,949		$23,857			$8,450			$32,307
Net income		—		—		438			—			—		438			268			706
Total other comprehensive income		—		—		—			58			—		58			—			58
Total comprehensive income		—		—		438			58			—		496			268			764
Transactions with owners
Dividends		—		—		(178	)		—			—		(178	)		—			(178	)
Disbursements to non-controlling interests		—		—		—			—			—		—			(267	)		(267	)
Dividend reinvestment plan		25		—		—			—			—		—			—			—
Total transactions with owners		25		—		(178	)		—			—		(178	)		(267	)		(445	)
At March 31, 2022		1,779,356		$28,497		($6,306	)		$35			$1,949		$24,175			$8,451			$32,626

¹  Includes cumulative translation losses at March 31, 2023: $95 million (December 31, 2022: $93 million; March 31, 2022: $94 million).

²  Includes additional paid-in capital as at March 31, 2023: $1,875 million (December 31, 2022: $1,875 million; March 31, 2022: $1,911 million).

The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2023 available on our website, are an integral part of these consolidated financial statements.

BARRICK FIRST QUARTER 2023 22 PRESS RELEASE

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; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Technical Advisor to Barrick — 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, 2022.

Endnotes

Endnote 1

“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.sedar.com 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

($ millions)	For the three months ended
	3/31/23			12/31/22			3/31/22
Net cash provided by operating activities		776			795			1,004
Capital expenditures		(688	)		(891	)		(611	)
Free cash flow		88			(96	)		393

Endnote 2

A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. A Tier One Copper Asset is an asset with a reserve potential of greater than five million tonnes of contained copper and C1 cash costs per pound over the mine life that are in the lower half of the industry cost curve.

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 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.sedar.com and on EDGAR at www.sec.gov.

BARRICK FIRST QUARTER 2023 23 PRESS RELEASE

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

($ millions, except per share amounts in dollars)	For the three months ended
	3/31/23			12/31/22			3/31/22
Net earnings attributable to equity holders of the Company		120			(735	)		438
Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investmentsa		1			1,642			2
Acquisition/disposition gainsb		(3	)		(319	)		(2	)
Loss on currency translation		38			4			3
Significant tax adjustmentsc		48			(4	)		17
Other expense (income) adjustmentsd		63			126			13
Non-controlling intereste		(6	)		(271	)		0
Tax effecte		(14	)		(223	)		(8	)
Adjusted net earnings		247			220			463
Net earnings per sharef		0.07			(0.42	)		0.25
Adjusted net earnings per sharef		0.14			0.13			0.26

^a.  For the three month period ended December 31, 2022, net impairment charges mainly 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.

^b.  For the three month period ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50%.

^c.  For the three month period ended March 31, 2023, significant tax adjustments mainly relate to foreign currency translation gains and losses on tax balances, changes in the discount rate assumptions on our closed mine rehabilitation provision, foreign exchange losses and the remeasurement of deferred tax balances.

^d.  For the three month period ended March 31, 2023, other expense (income) adjustments mainly relate to the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the three month period ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero and supplies

obsolescence write-off at Bulyanhulu and North Mara. Other expense (income) adjustments for all periods were also impacted by changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera.

^e.  Non-controlling interest and tax effect for the three month period ended December 31, 2022 primarily relates to impairment charges (reversals) related to non-current assets.

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

Endnote 4

On a 100% basis. Refer to the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 17, 2023.

Endnote 5

On an attributable basis.

Endnote 6

“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 prices and to assess our gold 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.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Sales to Realized Price per ounce/pound

($ millions, except per ounce/pound information in dollars)	Gold									Copper
	For the three months ended
	3/31/23			12/31/22			3/31/22			3/31/23		12/31/22		3/31/22
Sales		2,411			2,535			2,511			171		170		287
Sales applicable to non-controlling interests		(723	)		(785	)		(787	)		0		0		0
Sales applicable to equity method investmentsa,b		126			164			136			160		160		188
Sales applicable to sites in closure or care and maintenancec		(7	)		(11	)		0			0		0		0
Treatment and refinement charges		7			15			3			43		47		51
Revenues – as adjusted		1,814			1,918			1,863			374		377		526
Ounces/pounds sold (000s ounces/millions pounds)c		954			1,111			993			89		99		113
Realized gold/copper price per ounce/poundd		1,902			1,728			1,876			4.20		3.81		4.68

^a.  Represents sales of $126 million for the three month period ended March 31, 2023 (December 31, 2022: $164 million and March 31, 2022: $137 million) applicable to our 45% equity method investment in Kibali for gold. Represents sales of $98 million for the three months ended March 31, 2023 (December 31, 2022: $91 million and March 31, 2022: $118 million) applicable to our 50% equity method investment in Zaldívar and $69 million (December 31,

BARRICK FIRST QUARTER 2023 24 PRESS RELEASE

2022: $74 million and March 31, 2022: $75 million) applicable to our 50% equity method investment in Jabal Sayid for copper.

^b.  Sales applicable to equity method investments are net of treatment and refinement charges.

^c.  Excludes Pierina, which is producing incidental ounces while in closure.

^d.  Realized price per ounce/pound may not calculate based on amounts presented in this table due to rounding.

Endnote 7

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 and all-in 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

($ millions)			For the three months ended
	3/31/23		12/31/22		3/31/22
Minesite sustaining capital expenditures		454		557		420
Project capital expenditures		226		324		186
Capitalized interest		8		10		5
Total consolidated capital expenditures		688		891		611

Endnote 8

These amounts are presented on the same basis as our guidance.

Endnote 9

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). References to attributable basis means our 100% share of Hemlo and Lumwana, 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 50% share of Veladero, Zaldívar and Jabal Sayid, our 47.5% share of Porgera and our 45% share of Kibali.

Endnote 10

“Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in 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 its 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. “All-in costs” per ounce start with “All-in sustaining costs” and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures (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) and other non-sustaining costs (primarily non-sustaining leases, exploration and evaluation costs, community relations costs and general and administrative costs that are not associated with current operations). 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, “All-in sustaining costs” per ounce and “All-in 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, “All-in sustaining costs” per ounce and “All-in 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.sedar.com and on EDGAR at www.sec.gov.

BARRICK FIRST QUARTER 2023 25 PRESS RELEASE

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

($ millions, except per ounce information in dollars)			For the three months ended
	Footnote		3/31/23			12/31/22			3/31/22
Cost of sales applicable to gold production				1,761			1,890			1,582
Depreciation				(445	)		(506	)		(419	)
Cash cost of sales applicable to equity method investments				63			56			51
By-product credits				(61	)		(69	)		(55	)
Non-recurring items		a		0			(23	)		0
Other		b		0			7			(1	)
Non-controlling interests		c		(378	)		(393	)		(331	)
Total cash costs				940			962			827
General & administrative costs				39			49			54
Minesite exploration and evaluation costs		d		11			23			10
Minesite sustaining capital expenditures		e		454			557			420
Sustaining leases				7			11			9
Rehabilitation - accretion and amortization (operating sites)		f		14			14			11
Non-controlling interest, copper operations and other		g		(159	)		(239	)		(176	)
All-in sustaining costs				1,306			1,377			1,155
Global exploration and evaluation and project expense		d		60			83			57
Community relations costs not related to current operations				0			0			0
Project capital expenditures		e		226			324			186
Non-sustaining leases				0			0			0
Rehabilitation - accretion and amortization (non-operating sites)		f		6			6			3
Non-controlling interest and copper operations and other		g		(88	)		(130	)		(58	)
All-in costs				1,510			1,660			1,343
Ounces sold - equity basis (000s ounces)		h		954			1,111			993
Cost of sales per ounce		i,j		1,378			1,324			1,190
Total cash costs per ounce		j		986			868			832
Total cash costs per ounce (on a co-product basis)		j,k		1,030			908			869
All-in sustaining costs per ounce		j		1,370			1,242			1,164
All-in sustaining costs per ounce (on a co-product basis)		j,k		1,414			1,282			1,201
All-in costs per ounce		j		1,583			1,496			1,353
All-in costs per ounce (on a co-product basis)		j,k		1,627			1,536			1,390

^a.  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 the three months ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory at Veladero.

^b.  Other

Other adjustments for the three month period ended March 31, 2023 include the removal of total cash costs and by-product credits associated with Pierina, Golden Sunlight, and Buzwagi, which all are producing incidental ounces, of $3 million (December 31, 2022: $7 million; March 31, 2022: $3 million).

^c.  Non-controlling interests

Non-controlling interests include non-controlling interests related to gold production of $529 million for the three month period ended March 31, 2023 (December 31, 2022: $560 million and March 31, 2022: $476 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.

^d.  Exploration and evaluation costs

Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 48 of Barrick’s Q1 2023 MD&A.

e. Capital expenditures

Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are 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. Significant projects in the current year are the plant expansion project at Pueblo Viejo, the solar projects at NGM and Loulo-Gounkoto, and the Veladero Phase 7 leach pad expansion. Refer to page 47 of Barrick’s Q1 2023 MD&A.

^f.  Rehabilitation—accretion and amortization

Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.

^g.  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 interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina, Golden Sunlight, and Buzwagi. The impact is summarized as the following:

BARRICK FIRST QUARTER 2023 26 PRESS RELEASE

($ millions)				For the three months ended
Non-controlling interest, copper operations and other	3/31/23			12/31/22			3/31/22
General & administrative costs		(6	)		(8	)		(13	)
Minesite exploration and evaluation expenses		(4	)		(8	)		(3	)
Rehabilitation - accretion and amortization (operating sites)		(5	)		(6	)		(3	)
Minesite sustaining capital expenditures		(144	)		(217	)		(157	)
All-in sustaining costs total		(159	)		(239	)		(176	)
Global exploration and evaluation and project expense		(12	)		(8	)		(4	)
Project capital expenditures		(76	)		(122	)		(54	)
All-in costs total		(88	)		(130	)		(58	)

^h.  Ounces sold - equity basis

Figures remove the impact of: Pierina and Buzwagi. Some of these assets are producing incidental ounces while in closure or care and maintenance.

^i.  Cost of sales per ounce

Figures remove the cost of sales impact of: Pierina of $3 million for the three month period ended March 31, 2023 (December 31, 2022: $7 million and March 31, 2022: $3 million); Golden Sunlight of $nil and $nil, respectively, for the three month period ended March 31, 2023 (December 31, 2022: $nil and March 31, 2022: $nil); Buzwagi of $nil for the three month period ended March 31, 2023 (December 31, 2022: $nil and March 31, 2022: $nil), which are producing incidental ounces. 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).

^j.  Per ounce figures

Cost of sales per ounce, total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

^k.  Co-product costs per ounce

Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

($ millions)				For the three months ended
	3/31/23			12/31/22			3/31/22
By-product credits		61			69			55
Non-controlling interest		(19	)		(25	)		(19	)
By-product credits (net of non-controlling interest)		42			44			36

Endnote 11

“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 production taxes 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 and production taxes, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

BARRICK FIRST QUARTER 2023 27 PRESS RELEASE

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

($ millions, except per pound information in dollars)				For the three months ended
	3/31/23			12/31/22			3/31/22
Cost of sales		174			197			154
Depreciation/amortization		(44	)		(92	)		(38	)
Treatment and refinement charges		43			47			51
Cash cost of sales applicable to equity method investments		87			90			72
Less: royalties		(15	)		(16	)		(32	)
By-product credits		(4	)		(3	)		(3	)
Other		0			0			0
C1 cash costs		241			223			204
General & administrative costs		6			8			12
Rehabilitation - accretion and amortization		2			2			1
Royalties		15			16			32
Minesite exploration and evaluation costs		2			6			3
Minesite sustaining capital expenditures		33			139			67
Sustaining leases		3			2			1
All-in sustaining costs		302			396			320
Pounds sold - consolidated basis (millions pounds)		89			99			113
Cost of sales per pounda,b		3.22			3.19			2.21
C1 cash costs per pounda		2.71			2.25			1.81
All-in sustaining costs per pounda		3.40			3.98			2.85

^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 12

On a 100% basis.

Endnote 13

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

Endnote 14

On a 100% basis. Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities as of December 31, 2022. Measured resources of 5.6 million tonnes grading 5.55 g/t, representing 1.0 million ounces of gold. Indicated resources of 79.0 million tonnes grading 3.62 g/t, representing 9.2 million ounces of gold. Inferred resources of 33.0 million tonnes grading 3.2 g/t, representing 3.4 million ounces of gold. Complete attributable mineral reserve and mineral resource data for all of Barrick’s mines and projects, including tonnes, grades, and ounces, can be found in the Mineral Reserves and Mineral Resources Tables provided on pages 37 to 46 of Barrick’s 2022 Annual Information Form and Form 40-F filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Endnote 15

On a 100% basis. 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, 2022, unless otherwise noted. Proven mineral reserves of 59 million tonnes grading 2.29g/t, representing 4.3 million ounces of gold. Probable mineral reserves of 230 million tonnes grading 2.16g/t, representing 16 million ounces of gold. Refer to the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 17, 2023. Complete attributable 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 provided on pages 37 to 46 of Barrick’s 2022 Annual Information Form and Form 40-F filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Endnote 16

On a 100% basis. Refer to the Technical Report on the Loulo-Gounkoto Gold Mine Complex, Mali, dated March 17, 2023 and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 17, 2023.

Endnote 17

Through dividends and share buybacks.

BARRICK FIRST QUARTER 2023 28 PRESS RELEASE

Endnote 18

Includes Goldrush.

Endnote 19

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

Endnote 20

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

Endnote 21

Includes corporate administration costs.

Endnote 22

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. EBITDA and adjusted EBITDA are intended to provide additional information only and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate EBITDA and adjusted EBITDA 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.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

($ millions)				For the three months ended
	3/31/23			12/31/22			3/31/22
Net earnings (loss)		269			(816	)		706
Income tax expense		205			(131	)		301
Finance costs, neta		37			31			76
Depreciation		495			604			460
EBITDA		1,006			(312	)		1,543
Impairment charges (reversals) of non-current assetsb		1			1,642			2
Acquisition/disposition gainsc		(3	)		(319	)		(2	)
Loss on currency translation		38			4			3
Other expense (income) adjustmentsd		63			126			13
Income tax expense, net finance costsa, and depreciation from equity investees		78			145			86
Adjusted EBITDA		1,183			1,286			1,645

^a. Finance costs exclude accretion.

^b. For the three month period ended December 31, 2022, net impairment charges mainly 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.

^c. For the three month period ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50%.

^d. For the three month period ended March 31, 2023, other expense (income) adjustments mainly relate to the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the three month period ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero and supplies obsolescence write-off at Bulyanhulu and North Mara. Other expense (income) adjustments for all periods were also impacted by changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera.

BARRICK FIRST QUARTER 2023 29 PRESS RELEASE

Corporate Office

Barrick Gold Corporation

161 Bay Street, Suite 3700

Toronto, Ontario M5J 2S1

Canada

Telephone: +1 416 861-9911

Email: investor@barrick.com

Website: www.barrick.com

Shares Listed

GOLD     The New York Stock Exchange

ABX       The Toronto Stock Exchange

Enquiries

President and Chief Executive Officer

Mark Bristow

+1 647 205 7694

+44 788 071 1386

Senior Executive Vice-President and

Chief Financial Officer

Graham Shuttleworth

+1 647 262 2095

+44 779 771 1338

Investor and Media Relations

Kathy du Plessis

+44 20 7557 7738

Email: barrick@dpapr.com

Transfer Agents and Registrars

TSX Trust Company

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

or

American Stock Transfer & Trust Company, LLC

6201 – 15 Avenue

Brooklyn, New York 11219

Telephone: 1-800-387-0825

Fax: 1-888-249-6189

Email: shareholderinquiries@tmx.com

Website: www.tsxtrust.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”, “scheduled”, “commitment” “opportunities”, “guidance”, “project”, “continue”, “on track”, “estimate”, “growth”, “potential”, “future”, “extend”, “planned”, “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, including our ten-year production profile for gold and copper and expected production in the second half of 2023; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates; projects at Carlin expected to deliver increased throughput; Barrick’s global exploration strategy and planned exploration activities, including growth potential in North America, South America, Africa and the Middle East; Barrick’s copper strategy; our plans and expected

completion and benefits of our growth projects, including the Pueblo Viejo process plant expansion and mine life extension project and new Naranjo tailings storage facility and solar and battery energy storage projects at Nevada Gold Mines, Loulo-Gounkoto and Kibali; potential mineralization and metal or mineral recoveries; targeted first production for the Reko Diq project; the timeline for execution and effectiveness of definitive agreements to implement the Commencement Agreement between Papua New Guinea and Barrick Niugini Limited; the duration of the temporary suspension of operations at Porgera, the conditions for the reopening of the mine, the timeline to recommence operations and expected production; our pipeline of high confidence projects at or near existing operations; Barrick’s partnership with the Government of Tanzania under the framework agreement; Lumwana’s potential for future growth and ability to further extend the life of mine, including through the development of a Super Pit; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, economic contributions and education and employment initiatives, climate change and greenhouse gas emissions reduction targets 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.

BARRICK FIRST QUARTER 2023 30 PRESS RELEASE

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals, including the issuance of a Record of Decision for the Goldrush Project and/or whether the Goldrush Project will be permitted to advance as currently designed under its Feasibility Study, approval of the final location of the additional tailings storage facility for Pueblo Viejo following submission of the Environmental and Social Impact Assessment in the Dominican Republic, and permitting activities required to optimize Long Canyon’s life of mine; non-renewal of key licenses by governmental authorities, including the new Special Mining Lease for Porgera; 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 relating to greenhouse gas emission levels, energy efficiency and reporting of risks; 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; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic, 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, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets. Barrick also cautions that its 2023 guidance, as well as its ten-year production profile for gold and copper, may be impacted by the ongoing business and social disruption caused by the spread of Covid-19.

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

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

BARRICK FIRST QUARTER 2023 31 PRESS RELEASE

EX-99.2

Exhibit 99.2

Management’s Discussion and Analysis (“MD&A”) Quarterly Report on the First Quarter of 2023

This portion of the Quarterly Report provides management’s discussion and analysis (“MD&A”) of the financial condition and results of operations, to enable a reader to assess material changes in financial condition and results of operations as at, and for the three month period ended March 31, 2023, in comparison to the corresponding prior-year periods. The MD&A is intended to help the reader understand Barrick Gold Corporation (“Barrick”, “we”, “our”, the “Company” or the “Group”), our operations, financial performance as well as our present and future business environment. This MD&A, which has been prepared as of May 2, 2023, is intended to supplement and complement the condensed unaudited interim consolidated financial statements and notes thereto, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), including International Accounting Standard 34 Interim Financial Reporting (“IAS 34”), for the three month period ended March 31, 2023 (collectively, the “Financial Statements”), which are included in this Quarterly Report on pages 74 to 87. You are encouraged to review the Financial Statements in conjunction with your review of this MD&A. This MD&A should be read in conjunction with both the annual audited consolidated financial statements for the two

years ended December 31, 2022, the related annual MD&A included in the 2022 Annual Report, and the most recent Form 40–F/Annual Information Form on file with the U.S. Securities and Exchange Commission (“SEC”) and Canadian provincial securities regulatory authorities. These documents and additional information relating to the Company are available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Certain notes to the Financial Statements are specifically referred to in this MD&A and such notes are incorporated by reference herein. All dollar amounts in this MD&A are in millions of United States dollars (“$” or “US$”), unless otherwise specified.

For the purposes of preparing our MD&A, we consider the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of our shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. We evaluate materiality with reference to all relevant circumstances, including potential market sensitivity.

Abbreviations

BAP	Biodiversity Action Plans
BLM	Bureau of Land Management
BMSZ	Bambadji Main Shear Zone
BNL	Barrick Niugini Limited
CDCs	Community Development Committees
CHUG	Cortez Hills Underground
CIL	Carbon-in-leach
Commencement Agreement	Detailed Porgera Project Commencement Agreement between PNG and BNL
DRC	Democratic Republic of Congo
DOI	Department of the Interior
E&S Committee	Environmental and Social Oversight Committee
ESG	Environmental, Social and Governance
ESG & Nominating Committee	Environmental, Social, Governance & Nominating Committee
ESIA	Environmental and Social Impact Assessment
FEIS	Final Environmental Impact Statement
GHG	Greenhouse Gas
GISTM	Global Industry Standard for Tailings Management
GoT	Government of Tanzania
IASB	International Accounting Standards Board
ICMM	International Council on Mining and Metals
IFRS	International Financial Reporting Standards
KCD	Karagba, Chauffeur and Durba
Kumul Minerals	Kumul Minerals Holdings Limited

LTI	Lost Time Injury
LTIFR	Lost Time Injury Frequency Rate
MRE	Mineral Resources Enga Limited
MVA	Megavolt-amperes
MW	Megawatt
NOA	Notice of Availability
NGM	Nevada Gold Mines
NSR	Net Smelter Return
OECD	Organisation for Economic Co-operation and Development
PNG	Papua New Guinea
Randgold	Randgold Resources Limited
RC	Reverse Circulation
RIL	Resin-in-leach
ROD	Record of Decision
Roundtable	Environmental, Social and Governance Raters Roundtable
SDG	Sustainable Development Goals
SML	Special Mining Lease
TCFD	Task Force for Climate-related Financial Disclosures
TRIFR	Total Recordable Injury Frequency Rate
TSF	Tailings Storage Facilities
TW	True Width
WGC	World Gold Council
WTI	West Texas Intermediate

BARRICK FIRST QUARTER 2023 1 MANAGEMENT’S DISCUSSION AND ANALYSIS

Cautionary Statement on Forward-Looking Information

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

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this MD&A in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from

those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this MD&A are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals, including the issuance of a ROD for the Goldrush Project and/or whether the Goldrush Project will be permitted to advance as currently designed under its Feasibility Study, approval of the final location of the additional tailings storage facility for Pueblo Viejo following submission of the ESIA in the Dominican Republic, and permitting activities required to optimize Long Canyon’s life of mine; non-renewal of key licenses by governmental authorities, including the new SML for Porgera; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical

BARRICK FIRST QUARTER 2023 2 MANAGEMENT’S DISCUSSION AND ANALYSIS

challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic, 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, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets. Barrick also cautions that its 2023 guidance may be impacted by the ongoing business and social disruption caused by the spread of Covid-19.

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

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

BARRICK FIRST QUARTER 2023 3 MANAGEMENT’S DISCUSSION AND ANALYSIS

Use of Non-GAAP Financial Measures

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

∎ “adjusted net earnings”

∎ “free cash flow”

∎ “EBITDA”

∎ “adjusted EBITDA”

∎ “minesite sustaining capital expenditures”

∎ “project capital expenditures”

∎ “total cash costs per ounce”

∎ “C1 cash costs per pound”

∎ “all-in sustaining costs per ounce/pound”

∎ “all-in costs per ounce” and

∎ “realized price”

For a detailed description of each of the non-GAAP financial measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Measures section of this MD&A on pages 54 to 67. Each non-GAAP financial measure has been annotated with a reference to an endnote on page 68. The non-GAAP financial measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Index

5	Overview
	5	Financial and Operating Highlights
	8	Key Business Developments
	9	Environmental, Social and Governance
	12	Outlook
	14	Production and Cost Summary
16	Operating Performance
	17	Nevada Gold Mines
	18	Carlin
	20	Cortez
	22	Turquoise Ridge
	24	Other Mines - Nevada Gold Mines
	25	Pueblo Viejo
	27	Loulo-Gounkoto
	29	Kibali
	31	North Mara
	33	Bulyanhulu
	35	Other Mines - Gold
	37	Lumwana
	38	Other Mines - Copper
39	Growth Projects
41	Exploration and Mineral Resource Management
45	Review of Financial Results
	45	Revenue
	46	Production Costs
	47	Capital Expenditures
	48	General and Administrative Expenses
	48	Exploration, Evaluation and Project Expenses
	48	Finance Costs, Net
	48	Additional Significant Statement of Income Items
	49	Income Tax Expense
50	Financial Condition Review
	50	Balance Sheet Review
	50	Shareholders’ Equity
	50	Financial Position and Liquidity
	51	Summary of Cash Inflow (Outflow)
52	Commitments and Contingencies
53	Review of Quarterly Results
53	Internal Control over Financial Reporting and Disclosure Controls and Procedures
54	IFRS Critical Accounting Policies and Accounting Estimates
54	Non-GAAP Financial Measures
68	Technical Information
68	Endnotes
74	Financial Statements
79	Notes to Consolidated Financial Statements

BARRICK FIRST QUARTER 2023 4 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Overview

Financial and Operating Highlights

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Financial Results ($ millions)
Revenues		2,643		2,774		(5)%		2,853		(7)%
Cost of sales		1,941		2,093		(7)%		1,739		12 %
Net earningsa		120		(735)		116 %		438		(73)%
Adjusted net earningsb		247		220		12 %		463		(47)%
Adjusted EBITDAb		1,183		1,286		(8)%		1,645		(28)%
Adjusted EBITDA marginc		45 %		46 %		(2)%		58 %		(22)%
Minesite sustaining capital expendituresb,d		454		557		(18)%		420		8 %
Project capital expendituresb,d		226		324		(30)%		186		22 %
Total consolidated capital expendituresd,e		688		891		(23)%		611		13 %
Net cash provided by operating activities		776		795		(2)%		1,004		(23)%
Net cash provided by operating activities marginf		29 %		29 %		0 %		35 %		(17)%
Free cash flowb		88		(96)		192 %		393		(78)%
Net earnings per share (basic and diluted)		0.07		(0.42)		117 %		0.25		(72)%
Adjusted net earnings (basic)b per share		0.14		0.13		8 %		0.26		(46)%
Weighted average diluted common shares (millions of shares)		1,755		1,759		0 %		1,779		(1)%
Operating Results
Gold production (thousands of ounces)g		952		1,120		(15)%		990		(4)%
Gold sold (thousands of ounces)g		954		1,111		(14)%		993		(4)%
Market gold price ($/oz)		1,890		1,726		10 %		1,877		1 %
Realized gold priceb,g ($/oz)		1,902		1,728		10 %		1,876		1 %
Gold cost of sales (Barrick’s share)g,h ($/oz)		1,378		1,324		4 %		1,190		16 %
Gold total cash costsb,g ($/oz)		986		868		14 %		832		19 %
Gold all-in sustaining costsb,g ($/oz)		1,370		1,242		10 %		1,164		18 %
Copper production (millions of pounds)g		88		96		(8)%		101		(13)%
Copper sold (millions of pounds)g		89		99		(10)%		113		(21)%
Market copper price ($/lb)		4.05		3.63		12 %		4.53		(11)%
Realized copper priceb,g ($/lb)		4.20		3.81		10 %		4.68		(10)%
Copper cost of sales (Barrick’s share)g,i ($/lb)		3.22		3.19		1 %		2.21		46 %
Copper C1 cash costsb,g ($/lb)		2.71		2.25		20 %		1.81		50 %
Copper all-in sustaining costsb,g ($/lb)		3.40		3.98		(15)%		2.85		19 %
	As at       3/31/23		As at 12/31/22		% Change		As at 3/31/22		% Change
Financial Position ($ millions)
Debt (current and long-term)		4,777		4,782		0 %		5,144		(7)%
Cash and equivalents		4,377		4,440		(1)%		5,887		(26)%
Debt, net of cash		400		342		17 %		(743)		154 %

^a. Net earnings represents net earnings attributable to the equity holders of the Company.

^b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^c. Represents adjusted EBITDA divided by revenue.

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

^e. Total consolidated capital expenditures also includes capitalized interest of $8 million for the three month period ended March 31, 2023 (December 31, 2022: $10 million and March 31, 2022: $5 million).

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

^g. On an attributable basis.

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

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

BARRICK FIRST QUARTER 2023 5 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

^a.  On an attributable basis.

^b.  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).

^c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^d.  Represents adjusted EBITDA divided by revenue.

^e. Total attributable capital expenditures also includes capitalized interest. Minesite sustaining and project capital expenditures are non-GAAP financial measures. Further information on non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^f.  Dividend per share declared in respect of the stated period, inclusive of the performance dividend.

BARRICK FIRST QUARTER 2023 6 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Factors affecting net earnings and adjusted net earnings¹ - three months ended March 31, 2023 versus December 31, 2022

Net earnings attributable to equity holders of Barrick (“net earnings”) for the three months ended March 31, 2023 were $120 million compared to a loss of $735 million in the prior quarter. The increase was primarily due to following items:

∎ a goodwill impairment of $950 million (net of non-controlling interests) related to Loulo-Gounkoto, a non-current asset impairment of $318 million (net of tax) and a net realizable value impairment of leach pad inventory of $27 million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon occurring in the prior quarter; partially offset by

∎ an impairment reversal of $120 million and a gain of $300 million following the completion of the transaction allowing for the reconstitution of the Reko Diq project occurring in the prior quarter.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings¹ of $247 million for the three months ended March 31, 2023 was $27 million higher than the prior quarter. The increase was primarily due to higher realized gold and copper prices¹. The realized gold and copper prices¹ were $1,902 per ounce and $4.20 per pound, respectively, in the three months ended March 31, 2023, compared to $1,728 per ounce and $3.81 per pound, respectively, in the prior quarter. This was partially offset by lower gold sales volumes, primarily at Carlin due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations. This was combined with lower grades at Kibali due to mine sequencing. Adjusted net earnings¹ was further impacted by higher gold cost of sales per ounce², mainly due to the impact of lower sales volumes.

Factors affecting net earnings and adjusted net earnings¹ - three months ended March 31, 2023 versus March 31, 2022

Net earnings for the first quarter of 2023 were $120 million compared to $438 million in the same prior year period. The decrease was primarily due to higher gold and copper cost of sales per ounce², a lower realized copper price¹, lower gold and copper sales volumes, partially offset by a higher realized gold price¹, as further discussed below.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings¹ of $247 million in the first quarter of 2023 were $216 million lower than the same prior year period. The decrease was primarily due to lower gold and copper sales volumes. The decrease in gold sales volume was primarily at Carlin, mainly due to the annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional CIL process and a harsh winter in northern Nevada impacting operations. This was partially offset by higher production at Cortez, driven by higher oxide mill and heap leach production from the Crossroads open pit and higher underground production. The lower copper sales volumes was primarily at Lumwana due to lower grades processed, in line with the mine plan.  

These impacts were combined with higher gold cost of sales per ounce², mainly due to lower sales volumes, combined with higher input costs driven by energy and consumables prices; and higher copper cost of sales per ounce², primarily due to lower grades processed and lower capitalized stripping at Lumwana. Adjusted net earnings¹ were further impacted by a higher realized gold price¹, partially offset by a lower realized copper price¹. The realized gold and copper prices¹ were $1,902 per ounce and $4.20 per pound, respectively, in the three months ended March 31, 2023 compared to $1,876 per ounce and $4.68 per pound, respectively, in the same prior year period.

The significant adjusting items in the three months ended March 31, 2023 were:

∎ $57 million ($63 million before tax and non-controlling interests) in other expense adjustments primarily related to the $30 million commitment made towards the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership, changes in our closed mine rehabilitation as a result of lower discount rate assumptions, and care and maintenance expenses at Porgera;

∎ $48 million in significant tax adjustments, mainly related to foreign currency translation gains and losses on tax balances, changes in the discount rate assumptions on our closed mine rehabilitation provision, foreign exchange losses and the remeasurement of deferred tax balances; and

∎ $29 million ($38 million before tax and non-controlling interests) in a loss on currency translation, primarily due to the devaluation of the Zambian kwacha.

Refer to page 54 for a full list of reconciling items between net earnings and adjusted net earnings¹ for the current and previous periods.

Factors affecting Operating Cash Flow and Free Cash Flow¹ - three months ended March 31, 2023 versus December 31, 2022

In the three months ended March 31, 2023, we generated $776 million in operating cash flow, compared to $795 million in the prior quarter. The decrease of $19 million was primarily due to an unfavorable movement in working capital, mainly in accounts payable, partially offset by a favorable movement in accounts receivable. This was partially offset by a decrease in interest paid as a result of the timing of semi-annual interest payments on our bonds, which primarily occur in Q2 and Q4. Operating cash flow was further impacted by an increase in realized gold and copper prices¹, partially offset by lower gold and copper sales volumes and higher total cash costs/C1 cash costs per ounce/pound¹.

For the three months ended March 31, 2023, we recorded positive free cash flow¹ of $88 million, compared to negative free cash flow¹ of $96 million in the prior quarter, mainly reflecting lower capital expenditures. In the first quarter of 2023, capital expenditures on a cash basis were $688 million compared to $891 million in the prior quarter, due to a decrease in both minesite sustaining capital expenditures¹ and project capital expenditures¹. Minesite sustaining capital expenditures¹ decreased mainly at Lumwana due to lower capitalized stripping in the current

  Numerical annotations throughout the text of this document refer to the endnotes found starting on page 68.

BARRICK FIRST QUARTER 2023 7 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

quarter and as down payments for replacement mobile equipment occurred in the prior quarter, combined with the timing of mobile equipment deliveries at the end of 2022 at Carlin. The decrease in project capital expenditures¹ was primarily driven by lower expenditures from the plant expansion and mine life extension project at Pueblo Viejo, and following advanced payments made on the new owner mining fleet in the prior quarter at Lumwana.

Factors affecting Operating Cash Flow and Free Cash Flow¹ - three months ended March 31, 2023 versus March 31, 2022

In the first quarter of 2023, we generated $776 million in operating cash flow, compared to $1,004 million in the same prior year period. The decrease of $228 million was primarily due to higher gold and copper total cash costs/C1 cash costs per ounce/pound¹, a lower realized copper price¹, lower gold and copper sales volumes, partially offset by a higher realized gold price¹ and lower cash taxes paid.

In the first quarter of 2023, we generated free cash flow¹ of $88 million compared to $393 million in the same prior year period. The decrease primarily reflects lower operating cash flows and higher capital expenditures. In the first quarter of 2023, capital expenditures on a cash basis were $688 million compared to $611 million in the first quarter of 2022. The increase in capital expenditures of $77 million was due to an increase in both project capital expenditures¹ and minesite sustaining capital expenditures¹. The increase in project capital expenditures¹ is primarily due to investment in the new owner mining fleet at Lumwana, combined with higher expenditures from the solar plant expansion at Loulo-Gounkoto. Minesite sustaining capital expenditures¹ increased compared to the same prior year period, mainly due to increased capitalized stripping at both North Mara and Loulo-Gounkoto.

Key Business Developments

Share Buyback Program

At the February 14, 2023 meeting, the Board of Directors authorized a new share buyback program for the purchase of up to $1 billion of Barrick’s outstanding shares over the next 12 months. As at March 31, 2023, we had not purchased any shares under this program in 2023.

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

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

Porgera Special Mining Lease

On April 9, 2021, BNL signed a binding Framework Agreement with the Independent State of PNG and Kumul Minerals, a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February 3, 2022, the Framework Agreement was replaced by the Commencement Agreement. The Commencement Agreement was signed by PNG, Kumul Minerals, BNL and its affiliate Porgera (Jersey) Limited on

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

On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation was certified on May 30, 2022. Six out of the seven pieces of legislation took effect as of April 11 and 14, 2023, respectively, when they were published in the National Gazette, as required under PNG Law. One individual act awaits publication to take effect.

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

On March 31, 2023, BNL, the Independent State of PNG and New Porgera Limited signed the New Porgera Progress Agreement whereby the parties reiterated their commitment to reopening the Porgera mine in line with the terms of the Commencement Agreement and the Shareholders’ Agreement. The provisions of the Commencement Agreement will be fully implemented, and work to recommence full mine operations at Porgera will begin, following the execution of the remaining definitive agreements and satisfaction of a number of conditions. These include an Operatorship Agreement pursuant to which BNL will operate the Porgera mine, as well as a Mine Development Contract to accompany the new SML that the new Porgera joint venture company will apply for. Under the terms of the Commencement Agreement, BNL will remain in possession of the site and maintain the mine on care and maintenance.

Porgera was excluded from our 2023 guidance. We expect to update our guidance following both the execution of all of the definitive agreements to implement the binding Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to notes 12 and 16 to the Financial Statements for more information.

BARRICK FIRST QUARTER 2023 8 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Environmental, Social and Governance (“ESG”)

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

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

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

Governance

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

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

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

Our industry-first Sustainability Scorecard accounts for 25% of the long-term incentive awards for senior leaders as part of the Barrick Partnership Plan. As we strive for ongoing strong performance, the Sustainability Scorecard targets and metrics are updated annually. The

results of the 2022 Sustainability Scorecard, and updated metrics and targets for 2023, were disclosed in our 2022 Sustainability Report, published in April 2023. The E&S Committee tracks our progress against all metrics.

Human rights

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

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

Safety

We are committed to the safety, health and well-being of our people, their families and the communities in which we operate. Our safety vision is “Everyone to go home safe and healthy every day.”

As mentioned in the fourth quarter of 2022, our safety performance over the past 12 months has not met our high standards. Regrettably, two incidents occurred in January 2023 that resulted in tragic fatalities: one at Jabal Sayid, which resulted in the fatalities of two mining contractors; and one at Carlin that resulted in the fatality of an employee. Group-wide Safety Intervention and Shift Change Interventions continued to be implemented to reinforce our safety procedures and communicate our core safety messages and expectations.

A safety workshop was held in January 2023 with leadership across the group and across technical expertise to review and reset our approach to safety. We have rebranded our “Journey to Zero Harm” initiative to “Journey to Zero” as zero harm must start with zero fatalities. This initiative has commenced with a phase of honest reflection, review of our global safety standards, and alignment of our fatal risks and controls. The Journey to Zero continued to be focused on engagement with our workforce through Visible Felt Leadership, and by aligning and improving our standards across the Group, ensuring accountability to our safety commitments, and ensuring our employees are fit for duty.

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

In terms of other key performance indicators, for the first quarter of 2023, our LTIFR³ was 0.21, in line with the fourth quarter of 2022, and our TRIFR³ was 1.65, an increase from 0.93 in the fourth quarter of 2022.

Social

We regard our host communities and countries as important partners in our business. Our sustainability policies commit us to transparency in our relationships with host communities, government authorities, the public and other key stakeholders. Through these policies, we commit to

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conducting our business with integrity and with absolute opposition to corruption. We require our suppliers to operate ethically and responsibly as a condition of doing business with us.

Community and economic development

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

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

Sharing the benefits: We hire and buy local wherever possible as this injects money into and keeps it in our local communities and host countries. By doing this, we build capacity, community resilience and create opportunity. We also invest in community development through our CDCs. Sharing the benefits also means paying our fair share of taxes, royalties and dividends and doing so transparently, primarily through the reporting mechanism of the Canadian Extractive Sector Transparency Measures Act. In April 2023, we published our second annual Tax Contribution Report which sets out, in detail, our economic contributions to host governments. We will continue to disclose such contributions on an annual basis.

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

We continued our community development initiatives through our CDCs during the first quarter of 2023. Notably, we established our first CDC for the Reko Diq project in Balochistan, Pakistan. This CDC, named Par-e-Koh CDC, is comprised of members from the four closest communities to the project and the CDC is currently compiling a baseline and needs prioritization.

The first quarter is traditionally when we plan community investments for the year ahead and consequently, our spend during this period is lower than the remaining quarters. In the first quarter of 2023, we invested more than $5.8 million in local community development projects.

Environment

We know the environment in which we work and our host communities are inextricably linked, and we apply a holistic and integrated approach to sustainability management. Being responsible stewards of the environment by applying the highest standards of environmental management, using natural resources and energy efficiently, recycling and reducing waste as well as working to protect biodiversity, we can deliver significant cost savings to our business,

reduce future liabilities and help build stronger stakeholder relationships. Environmental matters such as how we use water, prevent incidents, manage tailings, respond to changing climate, and protect biodiversity are key areas of focus.

We maintained our strong track record of stewardship and did not record any Class 1⁴ environmental incidents during the first quarter of 2023.

Climate Change

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

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

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

Identify, understand and mitigate the risks associated with climate change

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

The risk assessment process includes scenario analysis, which is being rolled out to all sites with an initial focus on our Tier One Gold Assets⁵, to assess site-specific climate related risks and opportunities. The key findings and summary of this asset-level physical and transitional risk assessment at Loulo-Gounkoto and Kibali is outlined in our 2022 Sustainability Report.

Measure and reduce the Group’s impact on climate change

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

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We have climate champions at each site who are tasked with identifying roadmaps and assessing feasibility for our GHG emissions reductions and carbon offsets for hard-to-abate emissions. Any carbon offsets that we pursue must have appropriate socio-economic and/or biodiversity benefits. We have published an achievable emissions reduction roadmap and continue to assess further reduction opportunities across our operations. The detailed roadmap was first published in our 2021 Sustainability Report and includes committed-capital projects and projects under investigation that rely on technological advances, with a progress summary contained in the 2022 Sustainability Report.

We continue to progress our extensive work across our value chain in understanding our Scope 3 (indirect value chain) emissions and implementing our engagement roadmap to enable our key suppliers to set meaningful and measurable reduction targets, in line with the commitments made through the ICMM Climate Position Paper.

Improve our disclosure on climate change

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

Emissions

Barrick’s interim GHG emissions reduction target is for a minimum 30% reduction by 2030 against our 2018 baseline, while maintaining a steady production profile. The basis of this reduction is against a 2018 baseline of 7,541 kt CO₂-e.

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

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

During the first quarter of 2023, the Group’s total Scope 1 and 2 (location-based) GHG emissions were 1,552 kt CO₂-e, approximately 1% less than the GHG emissions for the same period in 2022.

Water

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

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

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

We set an annual water recycling and reuse target of 80%. Our water recycling and reuse rate for the first quarter of 2023 was approximately 82%, in line with our performance in the first quarter of 2022.

Tailings

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

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

Biodiversity

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

We continue to work to implement our BAPs. The BAPs outline our strategy to achieve net-neutral impacts for all key biodiversity features and their associated management plans.

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Full Year 2023 Outlook

We continue to expect 2023 gold production to be in the range of 4.2 to 4.6 million ounces. We expect stronger year-over-year performance from Cortez, Pueblo Viejo and Turquoise Ridge, together with consistent delivery across the remaining Tier One Gold Assets⁵ as detailed further below. Notably at Turquoise Ridge, the commissioning of the Third Shaft in the fourth quarter of 2022, combined with increased availability and reliability of the Sage autoclave, is expected to deliver stronger production in 2023 relative to the prior year.

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

Our 2023 gold guidance continues to exclude Porgera. We expect to update our guidance to include Porgera following both the execution of all of the definitive agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of full mine operations.

Our 2023 gold cost guidance remains unchanged, including cost of sales of $1,170 to $1,250 per ounce², total cash costs of $820 to $880 per ounce¹ and all-in sustaining costs of $1,170 to $1,250 per ounce¹. These ranges were based on a gold price assumption of $1,650 per ounce and a WTI oil price assumption of $90 per barrel. We have previously disclosed a sensitivity of approximately $5 per ounce on our 2023 gold cost guidance metrics for every $100 per ounce change in the gold price.

We continue to expect 2023 copper production to be in the range of 420 to 470 million pounds. Production in the second half of 2023 is expected to be stronger than the first half, mainly due to steadily increasing throughput at Lumwana as we execute on our owner-miner strategy and commission new mining fleet equipment. Separately, major maintenance at Zaldívar is scheduled in the third quarter of 2023 as reported by the operator, Antofagasta. Our copper cost guidance metrics for 2023 remain unchanged, which are based on a copper price assumption of $3.50 per pound.

Taking into account the risks and sensitivities as discussed above, 2023 Company guidance is detailed below, inclusive of the key assumptions that were used as the basis for this guidance as released on February 15, 2023.

Company Guidance         ($ millions, except per ounce/pound data)	2023 Estimate
Gold production (millions of ounces)		4.20 - 4.60
Gold cost metrics
Cost of sales - gold ($/oz)		1,170 - 1,250
Total cash costs ($/oz)a		820 - 880
Depreciation ($/oz)		320 - 350
All-in sustaining costs ($/oz)a		1,170 - 1,250
Copper production (millions of pounds)		420 - 470
Copper cost metrics
Cost of sales - copper ($/lb)		2.60 - 2.90
C1 cash costs ($/lb)a		2.05 - 2.25
Depreciation ($/lb)		0.80 - 0.90
All-in sustaining costs ($/lb)a		2.95 - 3.25
Exploration and project expenses		400 - 440
Exploration and evaluation		180 - 200
Project expenses		220 - 240
General and administrative expenses		~180
Corporate administration		~130
Share-based compensationb		~50
Other expense		70 - 90
Finance costs, net		280 - 320
Attributable capital expenditures:
Attributable minesite sustaininga		1,450 - 1,700
Attributable projecta		750 - 900
Total attributable capital expenditures		2,200 - 2,600
Effective income tax ratec		27% - 32%
Key assumptions (used for guidance)
Gold Price ($/oz)		1,650
Copper Price ($/lb)		3.50
Oil Price (WTI) ($/barrel)		90
AUD Exchange Rate (AUD:USD)		0.75
ARS Exchange Rate (USD:ARS)		170
CAD Exchange Rate (USD:CAD)		1.30
CLP Exchange Rate (USD:CLP)		900
EUR Exchange Rate (EUR:USD)		1.20

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

b. Based on a one-month trailing average ending December 31, 2022 of US$17.04 per share.

c. Based on key assumptions included in this table.

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Operating Division Guidance

Our 2023 forecast gold and copper production, cost of sales^a, total cash costs^b, all-in sustaining costs^b, and C1 cash costs^b ranges by operating division are as follows:

Operating Division	2023 forecast attributable production (000s ozs)		2023 forecast cost of salesa ($/oz)		2023 forecast total cash costsb ($/oz)		2023 forecast all-in sustaining  costsb ($/oz)
Gold
Carlin (61.5%)		910 - 1,000		1,030 - 1,110		820 - 880		1,250 - 1,330
Cortez (61.5%)c		580 - 650		1,080 - 1,160		680 - 740		930 - 1,010
Turquoise Ridge (61.5%)		300 - 340		1,290 - 1,370		900 - 960		1,170 - 1,250
Phoenix (61.5%)		100 - 120		1,860 - 1,940		880 - 940		1,110 - 1,190
Long Canyon (61.5%)		0 - 10		2,120 - 2,200		730 - 790		1,080 - 1,160
Nevada Gold Mines (61.5%)		1,900 - 2,100		1,140 - 1,220		790 - 850		1,140 - 1,220
Hemlo		150 - 170		1,400 - 1,480		1,210 - 1,270		1,590 - 1,670
North America		2,100 - 2,300		1,160 - 1,240		820 - 880		1,170 - 1,250
Pueblo Viejo (60%)		470 - 520		1,130 - 1,210		710 - 770		960 - 1,040
Veladero (50%)		160 - 180		1,630 - 1,710		1,060 - 1,120		1,550 - 1,630
Porgera (47.5%)d		—		—		—		—
Latin America & Asia Pacific		630 - 700		1,260 - 1,340		800 - 860		1,110 - 1,190
Loulo-Gounkoto (80%)		510 - 560		1,100 - 1,180		750 - 810		1,070 - 1,150
Kibali (45%)		320 - 360		1,080 - 1,160		710 - 770		880 - 960
North Mara (84%)		230 - 260		1,120 - 1,200		900 - 960		1,240 - 1,320
Bulyanhulu (84%)		160 - 190		1,230 - 1,310		880 - 940		1,160 - 1,240
Tongon (89.7%)		180 - 210		1,260 - 1,340		1,070 - 1,130		1,240 - 1,320
Africa & Middle East		1,450 - 1,600		1,130 - 1,210		820 - 880		1,080 - 1,160
Total Attributable to Barricke,f,g		4,200 - 4,600		1,170 - 1,250		820 - 880		1,170 - 1,250
	2023 forecast attributable production (M lbs)		2023 forecast cost of salesa ($/lb)		2023 forecast C1 cash costsb ($/lb)		2023 forecast all-in sustaining  costsb ($/lb)
Copper
Lumwana		260 - 290		2.45 - 2.75		2.00 - 2.20		3.20 - 3.50
Zaldívar (50%)		100 - 110		3.40 - 3.70		2.60 - 2.80		2.90 - 3.20
Jabal Sayid (50%)		65 - 75		1.80 - 2.10		1.50 - 1.70		1.60 - 1.90
Total Copperg		420 - 470		2.60 - 2.90		2.05 - 2.25		2.95 - 3.25

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

c. Includes Goldrush.

d. Porgera was placed on temporary care and maintenance on April 25, 2020 and remains excluded from our 2023 guidance. We expect to update our guidance to include Porgera following both the execution of definitive agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to page 8 for further details.

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

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

g. Includes corporate administration costs.

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Production and Cost Summary - Gold

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Nevada Gold Mines LLC (61.5%)a
Gold produced (000s oz)		416		516		(19)%		459		(9)%
Cost of sales ($/oz)		1,461		1,257		16 %		1,169		25 %
Total cash costs ($/oz)b		1,074		906		19 %		820		31 %
All-in sustaining costs ($/oz)b		1,436		1,179		22 %		1,118		28 %
Carlin (61.5%)
Gold produced (000s oz)		166		265		(37)%		229		(28)%
Cost of sales ($/oz)		1,449		1,081		34 %		1,015		43 %
Total cash costs ($/oz)b		1,215		878		38 %		829		47 %
All-in sustaining costs ($/oz)b		1,689		1,217		39 %		1,139		48 %
Cortez (61.5%)c
Gold produced (000s oz)		140		140		0 %		115		22 %
Cost of sales ($/oz)		1,324		1,284		3 %		1,113		19 %
Total cash costs ($/oz)b		913		848		8 %		784		16 %
All-in sustaining costs ($/oz)b		1,233		1,037		19 %		1,150		7 %
Turquoise Ridge (61.5%)
Gold produced (000s oz)		81		78		4 %		67		21 %
Cost of sales ($/oz)		1,412		1,518		(7)%		1,436		(2)%
Total cash costs ($/oz)b		1,034		1,089		(5)%		1,030		0 %
All-in sustaining costs ($/oz)b		1,271		1,304		(3)%		1,281		(1)%
Phoenix (61.5%)
Gold produced (000s oz)		27		30		(10)%		23		17 %
Cost of sales ($/oz)		2,380		1,901		25 %		2,253		6 %
Total cash costs ($/oz)b		1,198		946		27 %		835		43 %
All-in sustaining costs ($/oz)b		1,365		1,037		32 %		1,027		33 %
Long Canyon (61.5%)
Gold produced (000s oz)		2		3		(33)%		25		(92)%
Cost of sales ($/oz)		1,621		1,812		(11)%		1,093		48 %
Total cash costs ($/oz)b		579		616		(6)%		342		69 %
All-in sustaining costs ($/oz)b		629		664		(5)%		366		72 %
Pueblo Viejo (60%)
Gold produced (000s oz)		89		98		(9)%		104		(14)%
Cost of sales ($/oz)		1,241		1,215		2 %		1,077		15 %
Total cash costs ($/oz)b		714		764		(7)%		682		5 %
All-in sustaining costs ($/oz)b		1,073		1,065		1 %		948		13 %
Loulo-Gounkoto (80%)
Gold produced (000s oz)		137		139		(1)%		138		(1)%
Cost of sales ($/oz)		1,275		1,216		5 %		1,088		17 %
Total cash costs ($/oz)b		855		822		4 %		721		19 %
All-in sustaining costs ($/oz)b		1,190		1,102		8 %		982		21 %
Kibali (45%)
Gold produced (000s oz)		64		97		(34)%		76		(16)%
Cost of sales ($/oz)		1,367		1,570		(13)%		1,137		20 %
Total cash costs ($/oz)b		987		617		60 %		744		33 %
All-in sustaining costs ($/oz)b		1,177		981		20 %		996		18 %
Veladero (50%)
Gold produced (000s oz)		43		50		(14)%		46		(7)%
Cost of sales ($/oz)		1,587		2,309		(31)%		1,348		18 %
Total cash costs ($/oz)b		1,035		954		8 %		847		22 %
All-in sustaining costs ($/oz)b		1,761		1,526		15 %		1,588		11 %
Porgera (47.5%)d
Gold produced (000s oz)		—		—		— %		—		— %
Cost of sales ($/oz)		—		—		— %		—		— %
Total cash costs ($/oz)b		—		—		— %		—		— %
All-in sustaining costs ($/oz)b		—		—		— %		—		— %

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Production and Cost Summary - Gold (continued)

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Tongon (89.7%)
Gold produced (000s oz)		50		63		(21)%		35		43 %
Cost of sales ($/oz)		1,453		1,381		5 %		2,036		(29)%
Total cash costs ($/oz)b		1,182		1,070		10 %		1,667		(29)%
All-in sustaining costs ($/oz)b		1,284		1,404		(9)%		1,803		(29)%
Hemlo
Gold produced (000s oz)		41		38		8 %		31		32 %
Cost of sales ($/oz)		1,486		1,451		2 %		1,727		(14)%
Total cash costs ($/oz)b		1,291		1,227		5 %		1,503		(14)%
All-in sustaining costs ($/oz)b		1,609		1,557		3 %		1,982		(19)%
North Mara (84%)
Gold produced (000s oz)		68		70		(3)%		56		21 %
Cost of sales ($/oz)		987		1,030		(4)%		852		16 %
Total cash costs ($/oz)b		759		758		0 %		709		7 %
All-in sustaining costs ($/oz)b		1,137		1,301		(13)%		874		30 %
Bulyanhulu (84%)
Gold produced (000s oz)		44		49		(10)%		45		(2)%
Cost of sales ($/oz)		1,358		1,237		10 %		1,216		12 %
Total cash costs ($/oz)b		982		896		10 %		847		16 %
All-in sustaining costs ($/oz)b		1,332		1,401		(5)%		984		35 %
Total Attributable to Barricke
Gold produced (000s oz)		952		1,120		(15)%		990		(4)%
Cost of sales ($/oz)f		1,378		1,324		4 %		1,190		16 %
Total cash costs ($/oz)b		986		868		14 %		832		19 %
All-in sustaining costs ($/oz)b		1,370		1,242		10 %		1,164		18 %

a. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

c. Includes Goldrush.

d. As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data is provided.

e. Excludes Pierina, which is producing incidental ounces while in closure.

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

BARRICK FIRST QUARTER 2023 15 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Production and Cost Summary - Copper

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Lumwana
Copper production (millions lbs)		48		53		(9)%		57		(16)%
Cost of sales ($/lb)		3.56		3.56		0 %		2.20		62 %
C1 cash costs ($/lb)a		3.09		2.34		32 %		1.86		66 %
All-in sustaining costs ($/lb)a		3.98		4.86		(18)%		3.16		26 %
Zaldívar (50%)
Copper production (millions lbs)		22		25		(12)%		25		(12)%
Cost of sales ($/lb)		3.73		3.55		5 %		2.85		31 %
C1 cash costs ($/lb)a		2.86		2.69		6 %		2.15		33 %
All-in sustaining costs ($/lb)a		3.22		3.60		(11)%		2.64		22 %
Jabal Sayid (50%)
Copper production (millions lbs)		18		18		0 %		19		(5)%
Cost of sales ($/lb)		1.53		1.72		(11)%		1.30		18 %
C1 cash costs ($/lb)a		1.39		1.42		(2)%		1.10		26 %
All-in sustaining costs ($/lb)a		1.61		1.54		5 %		1.17		38 %
Total Copper
Copper production (millions lbs)		88		96		(8)%		101		(13)%
Cost of sales ($/lb)b		3.22		3.19		1 %		2.21		46 %
C1 cash costs ($/lb)a		2.71		2.25		20 %		1.81		50 %
All-in sustaining costs ($/lb)a		3.40		3.98		(15)%		2.85		19 %

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

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

Operating Performance

In the first quarter of 2023, we re-evaluated our reportable operating segments and will start detailed reporting on our interest in Lumwana and no longer provide detailed reporting on our interest in Veladero. As a result, our presentation of reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating

segments, including our remaining gold and copper mines, have been grouped into an “Other Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.

BARRICK FIRST QUARTER 2023 16 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Nevada Gold Mines (61.5% basis)^a, Nevada, USA

Summary of Operating and Financial Data

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Total tonnes mined (000s)		36,501		36,209		1 %		45,431		(20)%
Open pit ore		5,682		8,250		(31)%		6,106		(7)%
Open pit waste		29,572		26,572		11 %		38,000		(22)%
Underground		1,247		1,387		(10)%		1,325		(6)%
Average grade (grams/tonne)
Open pit mined		1.16		1.55		(25)%		0.75		55 %
Underground mined		8.57		9.24		(7)%		8.79		(2)%
Processed		2.37		2.53		(6)%		1.98		20 %
Ore tonnes processed (000s)		7,367		10,052		(27)%		9,075		(19)%
Oxide mill		2,725		2,946		(8)%		2,954		(8)%
Roaster		1,005		1,365		(26)%		1,394		(28)%
Autoclave		716		995		(28)%		986		(27)%
Heap leach		2,921		4,746		(38)%		3,741		(22)%
Recovery rateb		82 %		80 %		2 %		77 %		6 %
Oxide Millb		76 %		76 %		0 %		71 %		7 %
Roaster		85 %		86 %		(1)%		85 %		0 %
Autoclave		81 %		72 %		13 %		65 %		25 %
Gold produced (000s oz)		416		516		(19)%		459		(9)%
Oxide mill		103		127		(19)%		70		47 %
Roaster		182		265		(31)%		232		(22)%
Autoclave		82		94		(13)%		87		(6)%
Heap leach		49		30		63 %		70		(30)%
Gold sold (000s oz)		411		511		(20)%		458		(10)%
Revenue ($ millions)		807		918		(12)%		888		(9)%
Cost of sales ($ millions)		606		645		(6)%		535		13 %
Income ($ millions)		189		264		(28)%		363		(48)%
EBITDA ($ millions)c		329		426		(23)%		502		(34)%
EBITDA margind		41 %		46 %		(11)%		57 %		(28)%
Capital expenditures ($ millions)		169		169		0 %		160		6 %
Minesite sustainingc		137		128		7 %		130		5 %
Projectc		32		41		(22)%		30		7 %
Cost of sales ($/oz)		1,461		1,257		16 %		1,169		25 %
Total cash costs ($/oz)c		1,074		906		19 %		820		31 %
All-in sustaining costs ($/oz)c		1,436		1,179		22 %		1,118		28 %
All-in costs ($/oz)c		1,514		1,260		20 %		1,184		28 %

^a.  Barrick is the operator of NGM and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. NGM is accounted for as a subsidiary with a 38.5% non-controlling interest. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon.

^b.  Excludes the Gold Quarry (Mill 5) concentrator.

^c.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^d.  Represents EBITDA divided by revenue.

NGM includes Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon. Barrick is the operator of the joint venture and owns 61.5%, with Newmont owning the remaining 38.5%. Refer to the following pages for a detailed discussion of each minesite’s results.

BARRICK FIRST QUARTER 2023 17 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Carlin (61.5% basis), Nevada, USA

Summary of Operating and Financial Data

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Total tonnes mined (000s)		14,357		11,846		21 %		18,634		(23)%
Open pit ore		1,087		1,686		(36)%		957		14 %
Open pit waste		12,554		9,367		34 %		16,841		(25)%
Underground		716		793		(10)%		836		(14)%
Average grade (grams/tonne)
Open pit mined		2.47		2.99		(17)%		0.97		155 %
Underground mined		7.73		7.88		(2)%		7.87		(2)%
Processed		4.12		4.29		(4)%		3.39		22 %
Ore tonnes processed (000s)		1,637		2,497		(34)%		2,973		(45)%
Oxide mill		377		617		(39)%		593		(36)%
Roasters		852		1,126		(24)%		1,122		(24)%
Autoclave		88		503		(83)%		540		(84)%
Heap leach		320		251		27 %		718		(55)%
Recovery ratea		84 %		81 %		4 %		77 %		9 %
Roasters		85 %		86 %		(1)%		85 %		0 %
Autoclave		72 %		46 %		57 %		46 %		57 %
Gold produced (000s oz)		166		265		(37)%		229		(28)%
Oxide mill		4		16		(75)%		9		(56)%
Roasters		151		221		(32)%		183		(17)%
Autoclave		5		19		(74)%		25		(80)%
Heap leach		6		9		(33)%		12		(50)%
Gold sold (000s oz)		164		266		(38)%		230		(29)%
Revenue ($ millions)		314		467		(33)%		435		(28)%
Cost of sales ($ millions)		242		291		(17)%		232		4 %
Income ($ millions)		66		171		(61)%		215		(69)%
EBITDA ($ millions)b		105		226		(54)%		257		(59)%
EBITDA marginc		33 %		48 %		(31)%		59 %		(44)%
Capital expenditures ($ millions)		72		85		(15)%		69		4 %
Minesite sustainingb		72		85		(15)%		69		4 %
Projectb		0		0		0 %		0		0 %
Cost of sales ($/oz)		1,449		1,081		34 %		1,015		43 %
Total cash costs ($/oz)b		1,215		878		38 %		829		47 %
All-in sustaining costs ($/oz)b		1,689		1,217		39 %		1,139		48 %
All-in costs ($/oz)b		1,689		1,217		39 %		1,139		48 %

^a.  Excludes the Gold Quarry (Mill 5) concentrator.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^c.  Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended
	3/31/23		12/31/22
LTI		4		0
LTIFR3		1.75		0.00
TRIFR3		3.07		2.27
Class 14 environmental incidents		0		0

On January 23, 2023, an unfortunate incident occurred at Carlin, which resulted in the tragic fatality of an employee. Please refer to page 9 for further details.

Financial Results

Q1 2023 compared to Q4 2022

Carlin’s income for the first quarter of 2023 was 61% lower than the prior quarter due to lower sales volumes and a higher cost of sales per ounce², partially offset by a higher realized gold price¹.

Gold production in the first quarter of 2023 was 37% lower compared to the prior quarter primarily due to an 18-day planned major maintenance at the Goldstrike roaster in March 2023, completion of the Goldstrike autoclave RIL to CIL conversion project with the facility down for the majority of the current quarter, the planned closure of the Gold Quarry concentrator, the impact of record levels of snow on ore handling, as well as lower processed grades. The RIL to CIL conversion at the Goldstrike autoclave allows for the earlier processing of

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open pit material from Carlin South that would have otherwise been scheduled towards the end of life for the roasters.

Total tonnes mined were 21% higher compared to the prior quarter, primarily driven by open pit sequencing per the mine plan partially offset by the impact of record snow levels during the winter. Open pit waste tonnes increased from Goldstar, Gold Quarry and the next phase of South Arturo. Open pit ore tonnes and grade mined were 36% and 17% lower, respectively, compared to the prior quarter, driven by a decrease from the Goldstrike 5th NW layback where mining of ore was completed in January 2023. This was slightly offset by higher ore tonnes mined at Goldstar, though at a lower grade versus Goldstrike. Underground tonnes mined and average grade were 10% and 2% lower, respectively, than the prior quarter due to mine sequencing across Carlin’s underground operations.

Cost of sales per ounce² and total cash costs per ounce¹ in the first quarter of 2023 were 34% and 38% higher, respectively, than the prior quarter largely reflecting lower sales volumes combined with lower grades processed. These impacts were partially offset by a higher proportion of relatively lower cost underground ounces in the sales mix and a reduction in energy costs. In the first quarter of 2023, all-in sustaining costs per ounce¹ were 39% higher than the prior quarter due to higher total cash costs per ounce¹ combined with higher minesite sustaining capital expenditures¹ on a per ounce basis.

Capital expenditures in the first quarter of 2023 decreased by 15% compared to prior quarter, primarily due to timing of mobile equipment deliveries at the end of 2022 across Carlin’s mining operations.

Q1 2023 compared to Q1 2022

Carlin’s income for the three month period ended March 31, 2023 was 69% lower than the same prior year period due to lower sales volumes and a higher cost of sales per ounce², partially offset by a higher realized gold price¹.

Gold production for the three month period ended March 31, 2023 was 28% lower than the same prior year period as a result of an 18-day planned major maintenance at the Goldstrike roaster completed in March 2023, completion of the Goldstrike autoclave RIL to CIL conversion project with the facility down for the majority of

the current quarter, the closure of the Gold Quarry concentrator, the impact of record levels of snow on ore handling, as well as lower underground ore tonnes and grade per the mine plans.

Total tonnes mined were 23% lower than the same prior year period, primarily driven by the impact of record snow levels during the winter, as well as open pit sequencing per the mine plan. This was mainly due to reduced waste stripping in the open pits, partially offset by higher ore tonnes mined. Mining at the Goldstrike 5th NW was mainly focused on ore in the current quarter, compared to a full quarter of waste stripping in the same prior year period. At Goldstar, lower tonnes were mined compared to the same prior year period with the current phases scheduled for completion in mid-2023. Offsetting this, mining activity at Gold Quarry was significantly higher in the current quarter to meet planned ore delivery requirements in the second half of 2023, while initial waste stripping commenced at the next phase of South Arturo compared to zero mining in the same prior year period. Average open pit mined grade increased by 155% compared to the same prior year period, primarily due to the mining of a lower proportion of heap leach ore. Underground tonnes and grade mined were 14% and 2% lower, respectively, compared to the same prior year period, driven by a change in the mix of ore sources across the different underground operations, as per the mine plan.

Cost of sales per ounce² and total cash costs per ounce¹ for the three month period ended March 31, 2023 were 43% and 47% higher, respectively, than the same prior year period, primarily due to lower sales volumes, combined with higher energy prices. For the three month period ended March 31, 2023, all-in sustaining costs per ounce¹ increased by 48% compared to the same prior year period, mainly due to higher total cash costs per ounce¹ combined with higher minesite sustaining capital expenditures¹.

Capital expenditures in the first quarter of 2023 were 4% higher compared with the same prior year period, due to projects related to processing facilities, including completion of the Goldstrike autoclave RIL to CIL conversion project in March 2023.

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Cortez (61.5% basis)^a, Nevada, USA

Summary of Operating and Financial Data

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Total tonnes mined (000s)		15,326		17,427		(12)%		17,895		(14)%
Open pit ore		2,172		3,849		(44)%		1,623		34 %
Open pit waste		12,856		13,238		(3)%		15,994		(20)%
Underground		298		340		(12)%		278		7 %
Average grade (grams/tonne)
Open pit mined		0.82		1.33		(38)%		1.01		(19)%
Underground mined		9.34		10.20		(8)%		9.17		2 %
Processed		1.77		1.82		(3)%		1.76		1 %
Ore tonnes processed (000s)		2,537		4,170		(39)%		2,014		26 %
Oxide mill		564		611		(8)%		664		(15)%
Roasters		153		239		(36)%		272		(44)%
Heap leach		1,820		3,320		(45)%		1,078		69 %
Recovery rate		83 %		80 %		4 %		80 %		4 %
Oxide Mill		82 %		77 %		6 %		72 %		14 %
Roasters		87 %		84 %		4 %		87 %		0 %
Gold produced (000s oz)		140		140		0 %		115		22 %
Oxide Mill		69		78		(12)%		35		97 %
Roasters		31		44		(30)%		49		(37)%
Heap leach		40		18		122 %		31		29 %
Gold sold (000s oz)		137		137		0 %		118		16 %
Revenue ($ millions)		262		241		9 %		224		17 %
Cost of sales ($ millions)		182		175		4 %		131		39 %
Income ($ millions)		78		63		24 %		92		(15)%
EBITDA ($ millions)b		134		122		10 %		130		3 %
EBITDA marginc		51 %		51 %		0 %		58 %		(12)%
Capital expenditures ($ millions)		56		42		33 %		53		6 %
Minesite sustainingb		41		22		86 %		41		0 %
Projectb		15		20		(25)%		12		25 %
Cost of sales ($/oz)		1,324		1,284		3 %		1,113		19 %
Total cash costs ($/oz)b		913		848		8 %		784		16 %
All-in sustaining costs ($/oz)b		1,233		1,037		19 %		1,150		7 %
All-in costs ($/oz)b		1,340		1,175		14 %		1,257		7 %

^a.  Includes Goldrush.

^b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^c.  Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended
	3/31/23		12/31/22
LTI		0		1
LTIFR3		0		0.95
TRIFR3		1.89		3.78
Class 14 environmental incidents		0		0

Financial Results

Q1 2023 compared to Q4 2022

Cortez’s income for the first quarter of 2023 was 24% higher than the prior quarter due to a higher realized gold price¹, partially offset by slightly higher cost of sales per ounce² while sales volumes were in line with the prior quarter.

Gold production in the first quarter of 2023 was in line with the prior quarter. Higher heap leach production from the Crossroads open pit was offset by lower open pit refractory stockpiles hauled to the Carlin roasters, as well as lower Cortez Hills underground production.

Total tonnes mined were 12% lower compared to the prior quarter primarily driven by the open pits. Open pit ore tonnes and grade mined were 44% and 38% lower, respectively, compared to the prior quarter, mainly due to mine sequencing at Crossroads and the impact of record snow levels during the winter. This was slightly offset by

BARRICK FIRST QUARTER 2023 20 MANAGEMENT’S DISCUSSION AND ANALYSIS

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higher tonnes mined from Cortez Pits. Waste stripping was largely in line with the prior quarter. Underground tonnes and grade mined were 12% and 8% lower, respectively, compared to the prior quarter driven by the mine sequence and planned major maintenance performed on the Cortez Hills Range Front Decline conveyor system, which is expected to be completed in the second quarter of 2023.

Cost of sales per ounce² and total cash costs per ounce¹ in the first quarter of 2023 were 3% and 8% higher, respectively, than the prior quarter due to the impact of a lower proportion of relatively lower cost underground production in the sales mix, partially offset by lower energy prices. In the first quarter of 2023, all-in sustaining costs per ounce¹ were 19% higher than the prior quarter, driven by higher total cash costs per ounce¹ combined with increased minesite sustaining capital expenditures¹.

Capital expenditures in the first quarter of 2023 were 33% higher than the prior quarter, mainly due to higher minesite sustaining capital expenditures¹. Minesite sustaining capital expenditures¹ were 86% higher compared to the prior quarter mainly due to down payments related to the replacement of the open pit haulage fleet. Project capital expenditures were 25% lower than the prior quarter as Goldrush equipment deliveries and power infrastructure projects were completed in the prior quarter.

Q1 2023 compared to Q1 2022

Cortez’s income for the three month period ended March 31, 2023 was 15% lower than the same prior year period, primarily due to a higher cost of sales per ounce², partially offset by higher sales volume and a higher realized gold price¹.

Gold production for the three month period ended March 31, 2023 was 22% higher than the same prior year period, primarily driven by higher oxide mill and heap leach

production from the Crossroads open pit and higher underground production, slightly offset by lower refractory production from the Pipeline open pit.

Total tonnes mined were 14% lower compared to the same prior year period, driven by lower open pit tonnes mined mainly due to the impact of record snow levels during the winter and lower haul truck availability, slightly offset by improved underground performance. Open pit ore tonnes and grade mined were 34% higher and 19% lower, respectively, compared to the same prior year period driven by mine plan sequencing at Crossroads and the development of Cortez Pits, offset slightly by the completion of high grade Pipeline Phase 10 ore mined in the first half of 2022. Underground tonnes mined increased by 7% over the same prior year period, primarily driven by Cortez Hills and increased development activity at Goldrush underground.

Cost of sales per ounce² and total cash costs per ounce¹ for the three month period ended March 31, 2023 were 19% and 16% higher than the same prior year period, respectively, impacted by higher input costs driven by energy and consumables prices, which more than offset the impact of higher sales volumes. For the three month period ended March 31, 2023, all-in sustaining costs per ounce¹ increased by 7% compared to the same prior year period, driven by higher total cash costs per ounce¹, partially offset by a decrease in minesite sustaining capital expenditures¹ on a per ounce basis.

Capital expenditures for the three month period ended March 31, 2023 increased by 6% from the same prior year period, due to higher project capital expenditures¹, while minesite sustaining capital expenditures remained consistent with the prior year period. Project capital expenditures¹ were 25% higher than the same prior year period due to increased capital development at Goldrush underground.

BARRICK FIRST QUARTER 2023 21 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Turquoise Ridge (61.5%), Nevada, USA

Summary of Operating and Financial Data

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Total tonnes mined (000s)		233		366		(36)%		211		10 %
Open pit ore		0		107		(100)%		0		0 %
Open pit waste		0		4		(100)%		0		0 %
Underground		233		255		(9)%		211		10 %
Average grade (grams/tonne)
Open pit mined		n/a		1.04		n/a		n/a		n/a
Underground mined		10.08		11.90		(15)%		11.87		(15)%
Processed		3.84		4.89		(21)%		4.65		(17)%
Ore tonnes processed (000s)		729		602		21 %		539		35 %
Oxide Mill		101		64		58 %		93		9 %
Autoclave		628		492		28 %		446		41 %
Heap leach		0		46		(100)%		0		0 %
Recovery rate		83 %		84 %		(1)%		79 %		5 %
Oxide Mill		87 %		88 %		(1)%		79 %		10 %
Autoclave		82 %		84 %		(2)%		79 %		4 %
Gold produced (000s oz)		81		78		4 %		67		21 %
Oxide Mill		3		3		0 %		3		0 %
Autoclave		77		75		3 %		62		24 %
Heap leach		1		0		100 %		2		(50)%
Gold sold (000s oz)		82		74		11 %		64		28 %
Revenue ($ millions)		156		130		20 %		120		30 %
Cost of sales ($ millions)		116		112		4 %		92		26 %
Income ($ millions)		40		17		135 %		28		43 %
EBITDA ($ millions)a		71		49		45 %		54		31 %
EBITDA marginb		46 %		38 %		21 %		45 %		2 %
Capital expenditures ($ millions)		21		23		(9)%		22		(5)%
Minesite sustaininga		18		15		20 %		16		13 %
Projecta		3		8		(63)%		6		(50)%
Cost of sales ($/oz)		1,412		1,518		(7)%		1,436		(2)%
Total cash costs ($/oz)a		1,034		1,089		(5)%		1,030		0 %
All-in sustaining costs ($/oz)a		1,271		1,304		(3)%		1,281		(1)%
All-in costs ($/oz)a		1,306		1,424		(8)%		1,376		(5)%

^a.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^b.  Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended
	3/31/23		12/31/22
LTI		1		1
LTIFR3		1.62		1.39
TRIFR3		4.87		5.56
Class 14 environmental incidents		0		0

Financial Results

Q1 2023 compared to Q4 2022

Turquoise Ridge’s income for the first quarter of 2023 was 135% higher than the prior quarter due to higher sales volume, a lower cost of sales per ounce² and a higher realized gold price¹.

Gold production in the first quarter of 2023 was 4% higher than the prior quarter, mainly due to improved performance of the Sage autoclave, partially offset by a reduction in ore tonnes mined as per the mine plan. Gold

sales in the first quarter of 2023 benefited from a drawdown in finished gold inventory produced in the prior quarter.

Total tonnes mined were 36% lower than the prior quarter as mining of remnant ore from the Vista open pit was completed in the prior quarter, combined with lower tonnes mined from Vista underground in the current quarter. Underground tonnes and grade mined decreased 9% and 15%, respectively, compared to the prior quarter as per the mine sequence, combined with mining delays at Vista underground related to water management.

Cost of sales per ounce² and total cash costs per ounce¹ in the first quarter of 2023 were 7% and 5% lower, respectively, than the prior quarter, primarily due to higher sales volumes combined with lower energy and autoclave maintenance costs. All-in sustaining costs per ounce¹ were 3% lower than the prior quarter, primarily reflecting lower total cash costs per ounce¹, largely offset by higher minesite sustaining capital expenditures¹.

Capital expenditures in the first quarter of 2023 were 9% lower than the prior quarter. Project capital

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expenditures¹ at the Third Shaft were 63% lower due to the commissioning of this shaft in the prior quarter whereas in the current quarter, activity focused mainly on the construction of surface infrastructure. Minesite sustaining capital expenditures¹ were 20% higher than the prior quarter due to increased underground development per the mine plan.

Q1 2023 compared to Q1 2022

Turquoise Ridge’s income for the first quarter of 2023 was 43% higher than the same prior year period due to higher sales volumes, a lower cost of sales per ounce², and a higher realized gold price¹.

Gold production for the three month period ended March 31, 2023 was 21% higher than the same prior year period, primarily due to higher throughput and efficiency improvements at the Sage autoclave. In addition, Turquoise Ridge underground tonnes mined improved significantly following the commissioning of the Third Shaft in the fourth quarter of 2022.

Total tonnes mined were 10% higher relative to the same prior year period driven by the commissioning of the Third Shaft, which improved ventilation and hoisting capacity at Turquoise Ridge underground, partially offset by lower Vista underground tonnes as mining was delayed related to water management. Underground grades mined decreased 15% compared to the prior quarter as per the mine plan.

Cost of sales per ounce² and total cash costs per ounce¹ for the three month period ended March 31, 2023 were in line with the same prior year period with the benefit of higher sales volumes largely offset by higher input costs driven primarily by energy and consumables prices. All-in sustaining costs per ounce¹ were also in line with the same prior year period.

Capital expenditures for the three month period ended March 31, 2023 were in line with the same prior year period, with lower project capital largely offset by slightly higher underground development as per the mine plan.

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Other Mines - Nevada Gold Mines

Summary of Operating and Financial Data

															For the three months ended
	3/31/23										12/31/22
	Gold produced (000s oz)		Cost of sales ($/oz)		Total cash costs ($/oz)a		All-in sustaining costs ($/ oz)a		Capital Expend- ituresb		Gold produced (000s oz)		Cost of sales ($/oz)		Total cash costs ($/oz)a		All-in sustaining costs ($/oz)a		Capital Expend- ituresb
Phoenix (61.5%)		27		2,380		1,198		1,365		3		30		1,901		946		1,037		2
Long Canyon (61.5%)		2		1,621		579		629		0		3		1,812		616		664		0

^a.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^b. Includes both minesite sustaining and project capital expenditures¹.

Phoenix (61.5%)

Gold production for Phoenix in the first quarter of 2023 was 10% lower compared to the prior quarter, mainly driven by lower grades and recovery related to ore chemistry. Recovery is expected to improve through the remainder of 2023.

Cost of sales per ounce² and total cash costs per ounce¹ in the first quarter of 2023 were 25% and 27% higher, respectively, than the prior quarter mainly due to the impact of lower sales volumes, partially offset by a reduction in energy prices. In the first quarter of 2023, all-in sustaining costs per ounce¹ increased by 32% compared to the prior quarter due to higher minesite sustaining capital expenditures¹ combined with higher total cash costs per ounce¹.

Capital expenditures for the three month period ended March 31, 2023 were 50% higher compared to the prior quarter due to increased capitalized drilling.

Long Canyon (61.5%)

Mining of Phase 1 was completed in May 2022 and residual leaching commenced thereafter. We continue to work on optimizing the asset’s mine life extension, including permitting activities.

BARRICK FIRST QUARTER 2023 24 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Pueblo Viejo (60% basis)^a, Dominican Republic

Summary of Operating and Financial Data

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Open pit tonnes mined (000s)		5,651		5,235		8 %		4,318		31 %
Open pit ore		2,342		2,427		(4)%		1,199		95 %
Open pit waste		3,309		2,808		18 %		3,119		6 %
Average grade (grams/tonne)
Open pit mined		1.85		1.82		2 %		2.46		(25)%
Processed		2.22		2.43		(9)%		2.47		(10)%
Autoclave ore tonnes processed (000s)		1,377		1,353		2 %		1,511		(9)%
Recovery rate		89 %		92 %		(3)%		87 %		2 %
Gold produced (000s oz)		89		98		(9)%		104		(14)%
Gold sold (000s oz)		90		96		(6)%		104		(13)%
Revenue ($ millions)		175		173		1 %		203		(14)%
Cost of sales ($ millions)		112		116		(3)%		112		0 %
Income ($ millions)		61		47		30 %		89		(31)%
EBITDA ($ millions)b		100		83		20 %		124		(19)%
EBITDA marginc		57 %		48 %		19 %		61 %		(7)%
Capital expenditures ($ millions)		68		95		(28)%		73		(7)%
Minesite sustainingb		31		28		11 %		26		19 %
Projectb		37		67		(45)%		47		(21)%
Cost of sales ($/oz)		1,241		1,215		2 %		1,077		15 %
Total cash costs ($/oz)b		714		764		(7)%		682		5 %
All-in sustaining costs ($/oz)b		1,073		1,065		1 %		948		13 %
All-in costs ($/oz)b		1,481		1,757		(16)%		1,401		6 %

^a.  Barrick is the operator of Pueblo Viejo and owns 60%, with Newmont Corporation owning the remaining 40%. Pueblo Viejo is accounted for as a subsidiary with a 40% non-controlling interest. The results in the table and the discussion that follows are based on our 60% share only.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^c.  Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended
	3/31/23		12/31/22
LTI		0		0
LTIFR3		0.00		0.00
TRIFR3		0.96		0.50
Class 14 environmental incidents		0		0

Financial Results

Q1 2023 compared to Q4 2022

Pueblo Viejo’s income for the first quarter of 2023 was 30% higher than the prior quarter, mainly due to a higher realized gold price¹, partially offset by a higher cost of sales per ounce² and lower sales volumes.

Gold production in the first quarter of 2023 was 9% lower than the prior quarter, mainly due to lower grades processed, and lower recovery.

Cost of sales per ounce² for the first quarter of 2023 was 2% higher compared to the prior quarter. This was driven by higher depreciation expense, partially offset by lower total cash costs per ounce¹. Total cash costs per ounce¹ was 7% lower compared to the prior quarter as a result of lower natural gas prices and higher margins achieved from third-party energy sales at the Quisqueya power plant. For the first quarter of 2023, all-in sustaining costs per ounce¹ were 1% higher than the prior quarter, mainly due to higher minesite sustaining capital expenditures¹, partially offset by lower total cash costs per ounce¹.

Capital expenditures for the first quarter of 2023 decreased by 28% compared to the prior quarter, primarily due to lower project capital expenditures¹ from the plant expansion driven by timing of spend. This was partially offset by higher minesite sustaining capital expenditures¹ due to the purchase of new mining equipment and mobile equipment components.

Q1 2023 compared to Q1 2022

Pueblo Viejo’s income for the first quarter of 2023 was 31% lower than the same prior year period, driven by a higher costs of sales per ounce² and lower sales volumes.

Gold production for the three month period ended March 31, 2023 was 14% lower than the same prior year period due to lower grades processed, in line with the mine plan, as well as lower throughput. These impacts were partially offset by higher recovery.

Cost of sales per ounce² and total cash costs per ounce¹ for the three month period ended March 31, 2023 were 15% and 5% higher, respectively, than the same prior year period. This was mainly due to higher input costs driven by higher blasting expense, the impact of lower grades processed, as well as higher mobile equipment maintenance expense. Cost of sales per ounce² was also impacted by higher depreciation expense. For the three month period ended March 31, 2023, all-in sustaining costs per ounce¹ were 13% higher than the same prior year period due to higher minesite sustaining capital expenditures¹ and higher total cash costs per ounce¹.

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Capital expenditures for the three month period ended March 31, 2023 decreased by 7% compared to the same prior year period, primarily due to lower project capital expenditures¹ incurred on the plant expansion driven by timing of spend. This was partially offset by higher minesite sustaining capital expenditures¹ driven by the Llagal TSF and the purchase of new mining equipment.

BARRICK FIRST QUARTER 2023 26 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Loulo-Gounkoto (80% basis)^a, Mali

Summary of Operating and Financial Data

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Total tonnes mined (000s)		8,370		6,417		30 %		9,325		(10)%
Open pit ore		125		927		(87)%		735		(83)%
Open pit waste		7,399		4,653		59 %		7,797		(5)%
Underground		846		837		1 %		793		7 %
Average grade (grams/tonne)
Open pit mined		2.22		2.68		(17)%		1.73		28 %
Underground mined		5.62		4.56		23 %		4.91		14 %
Processed		4.69		4.58		2 %		4.74		(1)%
Ore tonnes processed (000s)		1,006		1,041		(3)%		995		1 %
Recovery rate		91 %		91 %		0 %		91 %		0 %
Gold produced (000s oz)		137		139		(1)%		138		(1)%
Gold sold (000s oz)		134		141		(5)%		137		(2)%
Revenue ($ millions)		257		245		5 %		258		0 %
Cost of sales ($ millions)		171		170		1 %		149		15 %
Income ($ millions)		85		70		21 %		106		(20)%
EBITDA ($ millions)b		141		125		13 %		156		(10)%
EBITDA marginc		55 %		51 %		8 %		60 %		(8)%
Capital expenditures ($ millions)		83		76		9 %		51		63 %
Minesite sustainingb		43		36		19 %		33		30 %
Projectb		40		40		0 %		18		122 %
Cost of sales ($/oz)		1,275		1,216		5 %		1,088		17 %
Total cash costs ($/oz)b		855		822		4 %		721		19 %
All-in sustaining costs ($/oz)b		1,190		1,102		8 %		982		21 %
All-in costs ($/oz)b		1,485		1,386		7 %		1,110		34 %

^a.  Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with the Republic of Mali owning 20%. Loulo-Gounkoto is accounted for as a subsidiary with a 20% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 80% share, inclusive of the impact of the purchase price allocation resulting from the merger with Randgold.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^c.  Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended
	3/31/23		12/31/22
LTI		0		1
LTIFR3		0.00		0.22
TRIFR3		0.52		0.65
Class 14 environmental incidents		0		0

Financial Results

Q1 2023 compared to Q4 2022

Loulo-Gounkoto’s income for the first quarter of 2023 was 21% higher than the prior quarter mainly due to a higher realized gold price¹, partially offset by lower sales volumes and a higher cost of sales per ounce².

Gold production for the first quarter of 2023 was 1% lower than the prior quarter mainly due to lower tonnes processed, partially offset by slightly higher grades, in line with the mine plan.

Cost of sales per ounce² and total cash costs per ounce¹ for the first quarter of 2023 were 5% and 4% higher, respectively, than the prior quarter, mainly due to a higher strip ratio and increased development in the underground. For the first quarter of 2023, all-in sustaining costs per ounce¹ were 8% higher than the prior quarter, mainly due to

higher total cash costs per ounce¹, combined with increased minesite sustaining capital expenditures¹.

Capital expenditures for the first quarter of 2023 increased by 9% compared to the prior quarter, mainly driven by higher minesite sustaining capital expenditures¹, while project capital expenditures¹ were in line with the prior quarter. The increase in minesite sustaining capital expenditures¹ was due to higher capitalized stripping at the Gounkoto and Gara West open pits.

Q1 2023 compared to Q1 2022

Loulo-Gounkoto’s income for the first quarter of 2023 was 20% lower than the same prior year period, primarily due to a higher cost of sales per ounce² and lower sales volumes, partially offset by a higher realized gold price¹.

Gold production for the three month period ended March 31, 2023 was 1% lower compared to the same prior year period, mainly due to slightly lower grades processed, in line with the mine plan.

Cost of sales per ounce² and total cash costs per ounce¹ for the first quarter of 2023 were 17% and 19% higher, respectively, than the same prior year period mainly due to the impact of higher input costs driven primarily by energy and consumable prices. For the first quarter of 2023, all-in sustaining costs per ounce¹ increased by 21% compared to the same prior year period, reflecting the

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increase in total cash costs per ounce¹ and higher minesite sustaining capital expenditures¹.

Capital expenditures for the three month period ended March 31, 2023 increased by 63% compared to the same prior year period, driven by both higher project capital expenditures¹ and minesite sustaining capital expenditures¹. The increase in project capital expenditures¹ was driven by the Loulo-Gounkoto solar plant expansion project. Higher minesite sustaining capital expenditures¹ was a result of increased capitalized stripping at the Gounkoto and Gara West open pits.

In August 2022, the Government of Mali announced that it would conduct an audit of the Malian gold mining industry, including the Loulo-Gounkoto complex. Since that time, Barrick has engaged with the government-appointed auditors and hosted the auditors at Loulo-Gounkoto for a site visit in November 2022. On April 20, 2023, Barrick received a report containing the auditors’ preliminary findings. Barrick is currently reviewing that report and will respond to the auditors in due course.

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Kibali (45% basis)^a, Democratic Republic of Congo

Summary of Operating and Financial Data

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Total tonnes mined (000s)		4,902		4,820		2 %		3,806		29 %
Open pit ore		640		1,028		(38)%		376		70 %
Open pit waste		3,882		3,367		15 %		3,079		26 %
Underground		380		425		(11)%		351		8 %
Average grade (grams/tonne)
Open pit mined		1.42		1.67		(15)%		1.43		(1)%
Underground mined		4.35		5.70		(24)%		5.88		(26)%
Processed		2.55		3.56		(28)%		3.37		(24)%
Ore tonnes processed (000s)		880		954		(8)%		781		13 %
Recovery rate		88 %		89 %		(1)%		89 %		(1)%
Gold produced (000s oz)		64		97		(34)%		76		(16)%
Gold sold (000s oz)		67		94		(29)%		73		(8)%
Revenue ($ millions)		127		164		(23)%		137		(7)%
Cost of sales ($ millions)		91		149		(39)%		83		10 %
Income ($ millions)		33		7		371 %		41		(20)%
EBITDA ($ millions)b		58		97		(40)%		69		(16)%
EBITDA marginc		46 %		59 %		(22)%		50 %		(8)%
Capital expenditures ($ millions)		19		35		(46)%		19		0 %
Minesite sustainingb		12		28		(57)%		15		(20)%
Projectb		7		7		0 %		4		75 %
Cost of sales ($/oz)		1,367		1,570		(13)%		1,137		20 %
Total cash costs ($/oz)b		987		617		60 %		744		33 %
All-in sustaining costs ($/oz)b		1,177		981		20 %		996		18 %
All-in costs ($/oz)b		1,289		1,044		23 %		1,045		23 %

^a.  Barrick owns 45% of Kibali Goldmines SA with the DRC and our joint venture partner, AngloGold Ashanti, owning 10% and 45%, respectively. The figures presented in this table and the discussion that follows are based on our 45% effective interest in Kibali Goldmines SA held through our 50% interest in Kibali (Jersey) Limited and its other subsidiaries (collectively “Kibali”), inclusive of the impact of the purchase price allocation resulting from the merger with Randgold. Kibali is accounted for as an equity method investment on the basis that the joint venture partners that have joint control have rights to the net assets of the joint venture.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^c.  Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended
	3/31/23		12/31/22
LTI		0		0
LTIFR3		0		0
TRIFR3		2.10		0.47
Class 14 environmental incidents		0		0

Financial Results

Q1 2023 compared to Q4 2022

Kibali’s income for the first quarter of 2023 was 371% higher than the prior quarter due to a higher realized gold price¹ and lower cost of sales ounce², partially offset by lower sales volumes.

Gold production in the first quarter of 2023 was 34% lower than the prior quarter, mainly due to lower grades processed following a transition in underground mining fronts and the latest pushback of the Tete Bakangwe pit, as well as lower throughput following a planned mill shutdown. Kibali’s near-term focus remains on advancing development to increase underground flexibility to improve grades starting in the second quarter of 2023.

Cost of sales per ounce² for the first quarter of 2023 was 13% lower due to a decrease in depreciation

expense, partially offset by higher total cash costs per ounce¹. Total cash costs per ounce¹ was 60% higher mainly due to the impact of lower grades, higher maintenance expense related to both a planned mill shutdown and the underground, partially offset by lower energy costs. For the first quarter of 2023, all-in sustaining costs per ounce¹ was 20% higher compared to the prior quarter, mainly due to higher total cash costs per ounce², partially offset by lower minesite sustaining capital expenditures¹.

Capital expenditures for the three month period ended March 31, 2023 were 46% lower compared to the prior quarter, mainly due to lower minesite sustaining capital expenditures¹ following the initial deposits on the replacement of the underground mining fleet in the prior quarter.

Q1 2023 compared to Q1 2022

Kibali’s income for the three month period ended March 31, 2023 was 20% lower than the same prior year period, driven by lower sales volumes and a higher cost of sales per ounce², partially offset by a higher realized gold price¹.

Gold production for the three month period ended March 31, 2023 was 16% lower than the same prior year quarter, mainly due to lower grades processed following a

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transition in underground mining fronts and the latest pushback of the Tete Bakangwe pit, partially offset by higher tonnes processed.

Cost of sales per ounce² and total cash costs per ounce¹ for the three month period ended March 31, 2023 were 20% and 33% higher, respectively, than the same prior year period, mainly due to lower grades processed. Cost of sales per ounce² was also impacted by lower depreciation expense in the current period. For the three month period ended March 31, 2023, all-in sustaining costs per ounce¹ were 18% higher than the same prior year period, driven by higher total cash costs per ounce¹, partially offset by lower minesite sustaining capital expenditures¹.

Capital expenditures for the three month period ended March 31, 2023 were in line with the same prior year period, mainly due to lower minesite sustaining capital expenditures¹ due to the timing of equipment orders and deliveries. This was partially offset by an increase in project capital expenditures¹ related to a successful exploration drilling campaign which commenced in early 2023, as well as our investments in the Kalimva/Ikamva and Pamao open pit projects.

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North Mara (84% basis)^a, Tanzania

Summary of Operating and Financial Data

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Total tonnes mined (000s)		3,525		3,493		1 %		1,412		150 %
Open pit ore		469		1,117		(58)%		709		(34)%
Open pit waste		2,691		1,992		35 %		379		610 %
Underground		365		384		(5)%		324		13 %
Average grade (grams/tonne)
Open pit mined		2.07		2.00		3 %		2.13		(3)%
Underground mined		3.40		3.54		(4)%		5.84		(42)%
Processed		3.25		3.37		(4)%		3.31		(2)%
Ore tonnes processed (000s)		716		717		0 %		598		20 %
Recovery rate		92 %		92 %		0 %		88 %		5 %
Gold produced (000s oz)		68		70		(3)%		56		22 %
Gold sold (000s oz)		70		70		0 %		58		21 %
Revenue ($ millions)		133		123		8 %		110		21 %
Cost of sales ($ millions)		70		72		(3)%		50		40 %
Income ($ millions)		47		25		88 %		58		(19)%
EBITDA ($ millions)b		63		43		47 %		66		(5)%
EBITDA marginc		47 %		35 %		34 %		60 %		(22)%
Capital expenditures ($ millions)		35		51		(31)%		18		94 %
Minesite sustainingb		25		36		(31)%		7		257 %
Projectb		10		15		(33)%		11		(9)%
Cost of sales ($/oz)		987		1,030		(4)%		852		16 %
Total cash costs ($/oz)b		759		758		0 %		709		7 %
All-in sustaining costs ($/oz)b		1,137		1,301		(13)%		874		30 %
All-in costs ($/oz)b		1,278		1,519		(16)%		1,057		21 %

^a. Barrick owns 84% of North Mara, with the GoT owning 16%. North Mara is accounted for as a subsidiary with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^c.  Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended
	3/31/23		12/31/22
LTI		1		0
LTIFR3		0.42		0
TRIFR3		0.83		0.85
Class 14 environmental incidents		0		0

Financial Results

Q1 2023 compared to Q4 2022

North Mara’s income for the first quarter of 2023 was 88% higher than the prior quarter mainly due to a higher realized gold price¹ and lower cost of sales per ounce². North Mara’s income was partially offset by the $30 million commitment we made (shared equally between North Mara and Bulyanhulu) towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership.

In the first quarter of 2023, production was 3% lower than the prior quarter. This was mainly due to slightly lower grade processed as we transitioned to open pit ore from Gena, in line with the mine plan. Gold sold was in line with the prior quarter.

Cost of sales per ounce² was 4% lower than the prior quarter due to lower depreciation expense. Total cash costs per ounce¹ was in line with the prior quarter as the

impact of lower grades processed was offset by higher capitalized stripping associated with the ongoing ramp up of open pit mining at Gena. All-in sustaining costs per ounce¹ in the first quarter of 2023 was 13% lower than the prior quarter, mainly due to lower minesite sustaining capital expenditures¹.

Capital expenditures in the first quarter of 2023 were 31% lower than the prior quarter due to both lower minesite sustaining capital expenditures¹ and project capital expenditures¹. Lower minesite capital expenditures¹ were mainly due to the procurement of key underground mining equipment occurring in the prior quarter. The decrease in project capital expenditures¹ was mainly driven by the timeline related to the ramp-up of open pit operations and land acquisitions, which is expected to increase over the next two quarters.

Q1 2023 compared to Q1 2022

North Mara’s income for the three month period ending March 31, 2023 was 19% lower than the same prior year period, mainly due to the $30 million commitment we made (shared equally between North Mara and Bulyanhulu) towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. This was further impacted by higher cost of sales per ounce², partially offset by higher sales volumes and a higher realized gold price¹.

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Gold production for the three month period ended March 31, 2023 was 22% higher than the same prior year period. This was mainly due to higher throughput driven by improved mill availability and higher recovery. The average grade processed was slightly lower compared to the same prior year period.

Cost of sales per ounce² and total cash costs per ounce¹ were 16% and 7% higher, respectively, compared to the same prior year period due to the sales mix between open pit and underground operations as we transitioned to open pit mining at Gena, combined with the blending of higher-cost underground stockpiles, in line with the mine plan. Cost of sales per ounce² was further impacted by

higher depreciation expense. All-in sustaining costs per ounce¹ in the first quarter of 2023 was 30% higher than the same prior year period, mainly due to higher minesite sustaining capital expenditures¹, combined with the higher total cash cost per ounce¹ as described above.

For the three month period ending March 31, 2023, capital expenditures increased by 94% compared to the same prior year period, mainly due to higher minesite sustaining capital expenditures¹ related to capitalized stripping at Gena and the underground fleet, while project capital expenditures¹ remained relatively consistent with the same prior year period.

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Bulyanhulu (84% basis)^a, Tanzania

Summary of Operating and Financial Data

							For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Underground tonnes mined (000s)		285		290		(2)%		231		23 %
Average grade (grams/tonne)
Underground mined		6.97		7.07		(1)%		8.25		(15)%
Processed		7.39		7.19		3 %		7.76		(5)%
Ore tonnes processed (000s)		195		223		(13)%		193		1 %
Recovery rate		95 %		94 %		1 %		92 %		3 %
Gold produced (000s oz)		44		49		(10)%		45		(2)%
Gold sold (000s oz)		46		49		(6)%		55		(16)%
Revenue ($ millions)		93		91		2 %		110		(15)%
Cost of sales ($ millions)		62		60		3 %		66		(6)%
Income ($ millions)		17		13		31 %		43		(60)%
EBITDA ($ millions)b		30		25		20 %		57		(47)%
EBITDA marginc		32 %		27 %		19 %		52 %		(38)%
Capital expenditures ($ millions)		20		29		(31)%		11		82 %
Minesite sustainingb		16		23		(30)%		7		129 %
Projectb		4		6		(33)%		4		0 %
Cost of sales ($/oz)		1,358		1,237		10 %		1,216		12 %
Total cash costs ($/oz)b		982		896		10 %		847		16 %
All-in sustaining costs ($/oz)b		1,332		1,401		(5)%		984		35 %
All-in costs ($/oz)b		1,423		1,536		(7)%		1,052		35 %

^a.  Barrick owns 84% of Bulyanhulu, with the GoT owning 16%. Bulyanhulu is accounted for as a subsidiary with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^c.  Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended
	3/31/23		12/31/22
LTI		0		2
LTIFR3		0.00		1.20
TRIFR3		3.77		1.20
Class 14 environmental incidents		0		0

Financial Results

Q1 2023 compared to Q4 2022

Bulyanhulu’s income for the first quarter of 2023 was 31% higher than the prior quarter, mainly due to a higher realized gold price¹, partially offset by a higher cost of sales per ounce² and lower sales volumes. This was further impacted by the $30 million commitment we made (shared equally between North Mara and Bulyanhulu) towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership.

In the first quarter of 2023, production was 10% lower than the prior quarter, primarily due to lower tonnes processed, as development activity and increased stripping to secure access to future mining fronts was a focus in the current quarter, in line with the mine plan.

Cost of sales per ounce² and total cash costs per ounce¹ in the first quarter of 2023 were both 10% higher than the prior quarter, driven by the lower tonnes processed as described above. This was partially offset by improvement in both grades processed and recovery. All-in sustaining costs per ounce¹ in the first quarter of 2023 were

5% lower than the prior quarter, mainly due to lower minesite sustaining capital expenditures¹, partially offset by higher total cash costs per ounce¹.

Capital expenditures in the first quarter of 2023 were 31% lower than the prior quarter, mainly due to a decrease in minesite sustaining capital expenditures¹ as the prior quarter included a higher spend on additional underground mining fleet.

Q1 2023 compared to Q1 2022

Bulyanhulu’s income for the three month period ending March 31, 2023 was 60% lower than the same prior year period, mainly due to lower sales volumes, higher cost of sales per ounce², partially offset by a higher realized gold price¹. This was further impacted by the $30 million commitment we made (shared equally between North Mara and Bulyanhulu) towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership.

For the three month period ended March 31, 2023, production was 2% lower than the same prior year period driven by lower grades processed, in line with the mine sequence. This was partially offset by higher recovery.

Cost of sales per ounce² and total cash costs¹ per ounce for the three month period ending March 31, 2023 were 12% and 16% higher, respectively, than the same prior year period. This was mainly due to lower grades processed and higher development activity, combined with lower copper by-product credits. These impacts were partially offset by cost efficiencies from improved mining rates and stronger recoveries. All-in sustaining costs per

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ounce¹ in the first quarter of 2023 was 35% higher than the same prior year period, mainly due to higher minesite sustaining capital expenditures¹ and higher total cash costs per ounce¹.

For the three month period ending March 31, 2023, capital expenditures were 82% higher than the same prior year period, mainly due to higher minesite sustaining capital expenditures¹ related to the investment in new underground fleet as well as the automation of operations to support an increase in mining development rates.

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Other Mines - Gold

Summary of Operating and Financial Data

															For the three months ended
	3/31/23														12/31/22
	Gold produced (000s oz)		Cost of sales ($/oz)		Total cash costs ($/oz)a		All-in sustaining costs ($/oz)a		Capital Expend- ituresb		Gold produced (000s oz)		Cost of sales ($/oz)		Total cash costs ($/oz)a		All-in sustaining costs ($/oz)a		Capital Expend- ituresb
Veladero (50%)		43		1,587		1,035		1,761		36		50		2,309		954		1,526		39
Tongon (89.7%)		50		1,453		1,182		1,284		4		63		1,381		1,070		1,404		18
Hemlo		41		1,486		1,291		1,609		12		38		1,451		1,227		1,557		12
Porgerac (47.5%)		—		—		—		—		—		—		—		—		—		—

^a.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^b.  Includes both minesite sustaining and project capital expenditures¹.

^c.  As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data is provided.

Veladero (50% basis), Argentina

Gold production for Veladero in the first quarter of 2023 was 14% lower than the prior quarter mainly due to lower grades and tonnes processed, in line with the mine plan. Cost of sales per ounce² in the first quarter of 2023 decreased by 31% compared to the prior quarter following a net realizable value impairment of leach pad inventory in the fourth quarter of 2022. Total cash costs per ounce¹ were 8% higher than the prior quarter, primarily driven by lower ounces produced and sold. All-in sustaining costs per ounce¹ in the first quarter of 2023 increased by 15%, reflecting the increase in total cash costs per ounce¹ and higher minesite sustaining capital expenditures¹ due to increased capitalized drilling.

Tongon (89.7% basis), Côte d’Ivoire

Gold production for Tongon in the first quarter of 2023 was 21% lower than the prior quarter mainly due to lower grades and tonnes processed, in line with the mine plan. Cost of sales per ounce² and total cash costs per ounce¹ in the first quarter of 2023 were 5% and 10% higher, respectively, than the prior quarter, primarily driven by the impact of lower grades, combined with increased stripping. All-in sustaining costs per ounce¹ in the first quarter of 2023 decreased by 9%, reflecting lower minesite sustaining capital expenditures¹, partially offset by higher total cash costs per ounce¹.

Hemlo, Ontario, Canada

Gold production in the first quarter of 2023 was 8% higher than the prior quarter due to improved underground productivity resulting in higher ore tonnes mined and processed, combined with higher grades processed. Cost of sales per ounce² and total cash costs per ounce¹ in the first quarter of 2023 increased by 2% and 5% compared to the prior quarter, respectively, primarily due to higher royalties from mining in underground zones that incur a higher royalty burden. In the first quarter of 2023, all-in sustaining costs per ounce¹ increased by 3% compared to the prior quarter, primarily reflecting higher total cash costs per ounce¹.

Porgera (47.5% basis), Papua New Guinea

On April 9, 2021, BNL signed a binding Framework Agreement with the Independent State of PNG and Kumul Minerals, a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February 3, 2022, the Framework Agreement was replaced by the Commencement Agreement. The Commencement Agreement was signed by PNG, Kumul

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

On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation was certified on May 30, 2022. Six out of the seven pieces of legislation took effect as of April 11 and 14, 2023, respectively, when they were published in the National Gazette, as required under PNG Law. One individual act awaits publication to take effect.

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

On March 31, 2023, BNL, the Independent State of PNG and New Porgera Limited signed the New Porgera Progress Agreement whereby the parties reiterated their commitment to reopening the Porgera mine in line with the terms of the Commencement Agreement and the Shareholders’ Agreement. The provisions of the Commencement Agreement will be fully implemented, and work to recommence full mine operations at Porgera will

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

Porgera was excluded from our 2023 guidance. We expect to update our guidance following both the execution of all of the definitive agreements to implement the binding Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to notes 12 and 16 to the Financial Statements for more information.

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Lumwana, Zambia

Summary of Operating and Financial Data

	For the three months ended
	3/31/23		12/31/22		% Change		3/31/22		% Change
Open pit tonnes mined (000s)		17,178		24,048		(29)%		18,645		(8)%
Open pit ore		4,568		3,868		18 %		4,566		0 %
Open pit waste		12,610		20,180		(38)%		14,079		(10)%
Average grade
Open pit mined		0.38 %		0.53 %		(28)%		0.53 %		(28)%
Processed		0.38 %		0.43 %		(12)%		0.48 %		(21)%
Tonnes processed (000s)		6,523		6,162		6 %		5,785		13 %
Recovery rate		87 %		90 %		(3)%		94 %		(7)%
Copper produced (millions of pounds)		48		53		(9)%		57		(15)%
Copper sold (millions of pounds)		49		55		(11)%		70		(30)%
Revenue ($ millions)		171		170		1 %		287		(40)%
Cost of sales ($ millions)		174		197		(12)%		154		13 %
Income (loss) ($ millions)		(12)		(35)		(66)%		133		(109)%
EBITDA ($ millions)a		32		57		(44)%		171		(81)%
EBITDA marginb		19 %		34 %		(44)%		60 %		(68)%
Capital expenditures ($ millions)		52		163		(68)%		57		(9)%
Minesite sustaininga		26		118		(78)%		57		(54)%
Projecta		26		45		(42)%		0		100 %
Cost of sales ($/lb)		3.56		3.56		0 %		2.20		62 %
C1 cash costs ($/lb)a		3.09		2.34		32 %		1.86		66 %
All-in sustaining costs ($/lb)a		3.98		4.86		(18)%		3.16		26 %
All-in costs ($/lb)a		4.51		5.67		(20)%		3.16		43 %

^a.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^b.  Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended
	3/31/23		12/31/22
LTI		0		0
LTIFR3		0.00		0.00
TRIFR3		0.00		0.34
Class 14 environmental incidents		0		0

Financial Results

Q1 2023 compared to Q4 2022

Lumwana incurred a loss for the first quarter of 2023 of $12 million which compares to a loss of $35 million in the prior quarter. This was primarily due to a higher realized copper price¹, partially offset by lower sales volumes. Cost of sales per pound² was consistent with the prior quarter.

Copper production in the first quarter of 2023 was 9% lower than the prior quarter mainly due to lower grades processed, in line with the mine plan. This was driven by lower mining rates as the new fleet continued to ramp up, with lower grade benches sequenced for the first quarter of 2023. This was partially offset by higher tonnes processed.

Cost of sales per pound² was in line with the prior quarter, as higher C1 cash costs per pound¹ was offset by lower depreciation expense. C1 cash costs per pound¹ in the first quarter of 2023 increased by 32% compared to the prior quarter, mainly driven by lower grades processed and lower capitalized stripping following the decision to move towards owner mining at the end of the fourth quarter of 2022. In the first quarter of 2023, all-in sustaining costs per

pound¹ decreased by 18% compared to the prior quarter, primarily driven by lower minesite sustaining capital expenditures¹, partially offset by an increase in C1 cash costs per pound¹.

Capital expenditures were 68% lower compared to the prior quarter due to a decrease in both minesite sustaining¹ and project capital expenditures¹. Lower minesite sustaining capital expenditures¹ of 78% were mainly due to lower capitalized stripping in the current quarter, and as down payments to secure construction assembly slots for replacement mobile equipment occurred in the prior quarter. Similarly, project capital expenditures¹ decreased by 42% due to down payments made on the new owner mining fleet, as well as from capital on required infrastructure and conversion drilling to commence the Super Pit pre-feasibility study, which all occurred in the prior quarter.

Q1 2023 compared to Q1 2022

Lumwana’s income for the three month period ended March 31, 2023 was 109% lower compared to the same prior year period, driven by a lower realized copper price¹, lower sales volumes and a higher cost of sales per pound².

Copper production for the three month period ended March 31, 2023 was 15% lower than the same prior year period, mainly due to lower grades processed, in line with the mine plan. This was driven by lower mining rates as the new fleet continued to ramp up, with lower grade benches sequenced for the first quarter of 2023. This was

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further impacted by lower recovery, partially offset by higher throughput.

Cost of sales per pound² and C1 cash costs per pound¹ for the three month period ended March 31, 2023 were 62% and 66% higher, respectively, compared to the same prior year period, mainly due to lower grades processed and lower capitalized stripping. For the three month period ended March 31, 2023, all-in sustaining costs per pound¹ was 26% higher than the same prior year period as higher C1 cash costs per pound¹ were offset by lower minesite sustaining capital expenditures².

Capital expenditures for the three month period ended March 31, 2023 were 9% lower than the same prior year period, mainly due to lower minesite capital expenditures¹ resulting from decreased capitalized stripping. This was partially offset by an increase in project capital expenditures¹ relating to the investment in the new mining fleet.

Other Mines - Copper

Summary of Operating and Financial Data

															For the three months ended
	3/31/23										12/31/22
	Copper   production   (millions of pounds)		Cost of   sales ($/lb)		C1 cash   costs ($/lb)a		All-in   sustaining   costs ($/lb)a		Capital   Expend-   ituresb		Copper   production   (millions of pounds)		Cost of   sales ($/lb)		C1 cash   costs ($/lb)a		All-in   sustaining   costs ($/lb)a		Capital   Expend-   ituresb
Zaldívar (50%)		22		3.73		2.86		3.22		5		25		3.55		2.69		3.60		22
Jabal Sayid (50%)		18		1.53		1.39		1.61		4		18		1.72		1.42		1.54		7

^a.    Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

^b.   Includes both minesite sustaining and project capital expenditures¹.

Zaldívar (50% basis), Chile

Copper production for Zaldívar in the first quarter of 2023 was 12% lower compared to the prior quarter, primarily due to lower throughput. Cost of sales per pound² and C1 cash costs per pound¹ were 5% and 6% higher, respectively, than the prior quarter, mainly due to lower production and scheduled maintenance. All-in sustaining costs per pound¹ in the first quarter of 2023 was 11% lower compared to the prior quarter, mainly due to lower minesite sustaining capital expenditure¹ as several equipment and process facility projects were completed last year, partially offset by higher C1 cash costs per pound¹.

Jabal Sayid (50% basis), Saudi Arabia

Jabal Sayid’s copper production in the first quarter of 2023 was in line with the prior quarter. Cost of sales per pound² for the first quarter of 2023 decreased by 11% compared to the prior quarter, mainly due to lower depreciation expense. C1 cash costs per pound¹ was largely in line with the prior quarter. All-in sustaining costs per pound¹ in the first quarter of 2023 increased by 5% compared to the prior quarter, mainly due to higher lease payments for power generation on a per pound basis.

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Growth Project Updates

Goldrush Project, Nevada, USA

The NOA briefing package on the Goldrush FEIS is currently under review by the BLM Regional Solicitor. After the Regional Solicitor’s review is complete, the NOA briefing package will then progress to the Federal BLM/DOI for review, ultimately leading to the NOA being published in the Federal Register. This milestone will commence the public comment period for the FEIS. As the timeline for the review of the NOA briefing package has been extended, we now expect the ROD to be issued in the second half of 2023. At this time, we do not expect any significant impact on our 2023 outlook. The potential impact, if any, on our outlook from 2024 onwards is currently being reviewed.

Mine development and test stoping has continued in the Redhill zone, where dewatering of the orebody is not required. Development also continues on exploration drifts above the Goldrush orebody to facilitate future underground drilling platforms. A minor modification to the Horse Canyon/Cortez Unified Exploration Project Plan of Operations has been approved to allow for an additional 635 thousand tonnes of Goldrush waste rock to be placed within the existing Horse Canyon Waste Rock Storage Facility. At this time, this additional allowance is sufficient to allow underground development to continue until the ROD on the Goldrush Plan of Operations is received.

The headcount at Goldrush has continued its gradual ramp-up with recruitment of experienced underground miners and mechanics remaining a key focus.

As at March 31, 2023, project spend was $349 million on a 100% basis (including $8 million in the first quarter of 2023) on the Goldrush project, inclusive of the exploration declines. This capital spent to date, together with the remaining expected pre-production capital (with planned commercial production commencing in 2026), is anticipated to be within the approximate $1 billion initial capital estimate for the Goldrush project (on a 100% basis).

NGM Solar Project, Nevada, USA

The TS Solar project is a 200 MW photovoltaic solar farm located adjacent to NGM’s TS Power Plant and interconnected with the existing plant transmission infrastructure. Upon completion, the project will supply renewable energy to NGM’s operations and is expected to reduce 254kt of CO₂ equivalent emissions per annum, equating to an 8% reduction from NGM’s 2018 baseline.

In the first quarter of 2023, structural and civil detailed designs were finalized and electrical design progressed to 90% completion. Site civil preparations continued with array bulk earthworks, finished grading for priority array blocks, substation concrete foundation construction, and perimeter security fence installation. Improved roadways and material stockpile areas were established throughout the array to combat inclement weather challenges. Mechanical and electrical contractors were mobilized and began receiving foundation pile, tracker, and cable material deliveries. The generator step-up transformer was received on site and set at its final substation location. Survey layout is ongoing in preparation for foundation pile driving.

In the second quarter of 2023, project resources will continue to increase as civil earthworks and mechanical installation reach peak production. Module manufacturing

and delivery will begin in the second quarter and continue throughout the third quarter of 2023.

As at March 31, 2023, project spend was $89 million (including $25 million in the first quarter of 2023) out of an estimated capital cost of $290-310 million (100% basis).

Pueblo Viejo Expansion, Dominican Republic⁶

The Pueblo Viejo plant expansion and mine life extension project is designed to increase throughput to 14 million tonnes per annum, allowing the operation to maintain minimum average annual gold production of approximately 800,000 ounces after 2022 (100% basis).

Construction for the plant expansion is now 93% complete (up from 84% as at December 31, 2022). Steelwork and mechanical installation were 99% and 90% complete, respectively, at the end of the first quarter of 2023. Completion of piping and electrical installation progressed to 80% and 60%, respectively. Commissioning activities commenced in January 2023 and continue to progress as additional systems are completed. The new primary crusher and three of four Geho pumps are now operational and first ore has been processed through the crusher. During the second quarter of 2023, we expect to substantially complete the commissioning of the new plant infrastructure and commence the ramp-up phase.

The technical and social studies for additional tailings storage capacity continued to advance. Following the completion and submission of an ESIA on one of the site alternatives, Naranjo, in the fourth quarter of 2022, we continue to expect the Government of the Dominican Republic’s decision on the ESIA during the first half of 2023.

Geotechnical drilling and site investigation are ongoing and continue to support the feasibility study, due for completion in the second quarter of 2024. The pre-feasibility study was completed during the fourth quarter of 2022. This allowed us to add 6.5 million ounces of attributable proven and probable reserves, net of depletion, and extend the mine life beyond 2040^6,7.

As at March 31, 2023, total project spend was $889 million (including $61 million in the first quarter of 2023) on a 100% basis. As previously disclosed, the estimated capital cost of the plant expansion and mine life extension project is approximately $2.1 billion (on a 100% basis), which reflects the selected TSF site submitted under the ESIA.

Veladero Phase 7 Leach Pad, Argentina

In November 2021, the Board of Minera Andina del Sol approved the Phase 7A leach pad construction project with Phase 7B subsequently approved in the third quarter of 2022. Construction on both phases includes sub-drainage and monitoring, leak collection and recirculation, impermeabilization, as well as pregnant leaching solution collection. Additionally, the north channel will be extended along the leach pad facility.

Construction of Phase 7A was completed on budget at a cost of $81 million (100% basis). As previously disclosed, we have deferred Phase 7B construction, since we are ahead on the construction timeline and have sufficient stacking capacity for 2023 and into the second half of 2024. At this time, construction of Phase 7B is

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planned to re-start in the fourth quarter of 2023 for completion in 2024.

Overall for Phase 7, as of March 31, 2023, project spend was $100 million (including $11 million in the first quarter of 2023) out of an estimated capital cost of $159 million (100% basis).

Reko Diq Project

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

The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non-contributing share held by the Provincial Government of Balochistan, an additional 15% held by a special purpose company owned by the Provincial Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick is the operator of the project. The key fiscal terms for Reko Diq are a 5% NSR payable to the Provincial Government of Balochistan, a 1% NSR final tax regime payable to the Government of Pakistan (subject to a 15-year exemption following commercial production), and a 0.5% NSR export processing zone surcharge.

Barrick has started a full update of the project’s 2010 feasibility and 2011 expansion pre-feasibility studies. The Reko Diq feasibility study update is expected to be completed by the end of 2024, with 2028 targeted for first production.

During the first quarter of 2023, the project team advanced the feasibility study update with progress on power, tailings and infrastructure assessments. Mobilization of personnel to site and the initial setup of site facilities commenced, with over 100 local jobs created during the period. The advanced social development commitments for the quarter were met with community programs being advanced at local communities. The Humai Primary School was re-started, taking 60 children into the first grade, 48% of which are female.

Loulo-Gounkoto Solar Project, Mali

The scope of this project is to design, supply and install a 40 MW (48 MW peak) photovoltaic solar farm with a 36 MVA battery energy storage system. Upon completion, we expect to realize a reduction of 23 million liters of fuel, which translates to a saving of approximately 63kt of CO₂ equivalent emissions per annum. The project is designed to be implemented in two phases, each consisting of 20 MW (24 MW peak) and 22 MVA battery storage, with commissioning by the end of 2023 and end of 2024, respectively. Total project status is 62% complete (up from 47% as at December 31, 2022), with Phase 1 having

commissioned its first 10MW block. Piling work on Phase 2 is progressing ahead of schedule

As at March 31, 2023, project spend was $57 million (including $23 million in the first quarter of 2023) out of an expected capital cost of approximately $90 million (100% basis).

Jabal Sayid Lode 1, Saudi Arabia

The scope of this project is to develop and mine a new orebody, located less than a kilometer from the existing lode at Jabal Sayid, following the completion of a feasibility study that comfortably meets our investment criteria. The project design includes underground capital development as well as ventilation, paste plant and underground mining infrastructure upgrades with stoping to commence by mid 2023. The project is 67% complete (up from 49% as at December 31, 2022) with the raisebore development and equipping completed together with the cyclone cluster installation. Focus is on the expansion of the paste plant to accommodate higher volumes and continuous paste delivery through pumping. A reagent plant and additional flotation cells installation will provide flexibility in dealing with the higher zinc content from this sulfide orebody.

As at March 31, 2023, project spend was $33 million (including $6 million in the first quarter of 2023) out of an estimated capital cost of approximately $40 million (100% basis).

Lumwana New Mobile Equipment, Zambia

During the fourth quarter of 2022, we began a transition to an owner-miner fleet for waste stripping at Lumwana following a study which concluded that this option could result in a 20% cost reduction within the first five years versus contracted services. Separately, this strategy positions the operation well for future potential expansions including the Super Pit, which has the potential to extend Lumwana’s life into the 2060s.

With the transition, Lumwana will invest in a new fleet initially dedicated to waste stripping. During 2022, we placed the initial deposits on the new mining fleet to secure production assembly slots, with first deliveries received at the beginning of 2023. This owner-miner transition is being executed concurrently with the Super Pit pre-feasibility study, which commenced in the fourth quarter of 2022.

As at March 31, 2023, project spend was $58 million (including $26 million in the first quarter of 2023) out of an estimated capital cost of approximately $115 million.

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Exploration and Mineral Resource Management

The foundation of our exploration strategy is a deep organizational understanding that discovery through exploration is a long-term investment and the main value driver for our business - not a process. Our exploration strategy has multiple elements that all need to be in balance to deliver on Barrick’s business plan for growth and long-term sustainability.

First, we seek to deliver projects of a short- to medium-term nature that will drive improvements in mine plans. Second, we seek to make new discoveries that add to Barrick’s Tier One Gold Asset⁵ portfolio. Third, we work to optimize the value of our major undeveloped projects and finally, we seek to identify emerging opportunities early in their value chain and secure them by an earn-in or outright acquisition, where appropriate.

The following section summarizes the exploration results from the first quarter of 2023.

North America

Carlin, Nevada, USA^8,9,10

Drilling at Fallon (North Leeville) continues to expand the mineralization footprint to the south along the footwall of the Basin Bounding and Four Corners faults. Drilling in the first quarter of 2023 also extended high-grade mineralization east, along identified mineralized intersections of low angle thrusts and high angle upgrading structures. New results from NLX-22020A returning 30.6 meters TW at 7.75 g/t Au as well as 10.0 meters TW at 7.13 g/t increase confidence in continuity of mineralization hosted within the footwall of the prospective Veld fault. Along the same mineralized trend, drilling to the south at Miramar (North Turf) returned NTC-22003 (24.6 meters TW at 23.97 g/t Au), NTC-22044 (36.3 meters TW at 12.37 g/t Au), and NTC-22047A (28.5 meters TW at 12.49 g/t Au). Together, with the previously reported NTC-22025 (54.5 meters TW at 13.20 g/t Au), results have extended Veld mineralization for over 640 meters in strike length between Fallon and Miramar. Drilling also continues to highlight the eastern extents of the Miramar orebody, with results from NTC-22015 (32.4 meters TW at 9.22 g/t Au) confirming the continuity of grade in the footwall of the Merlin fault, which can be traced over 800 meters northwest to Fallon.

Further to the west in the Little Boulder Basin, follow up drilling at the Golden Egg target has intersected several hundred meters of brecciation and intense alteration of the full section of carbonate rocks, an encouraging indication of proximity to mineralized breccia. Assay results will be returned during the second quarter of 2023. Additional follow-up is in progress targeting a northeast trending antiform.

At Ren, the final results from the 2022 underground program are expected to add to the existing resource base and continue to increase our understanding of the low-angle controls on mineralization within the sheared package of the Devonian Rodeo Creek. Results include 12.7 meters TW at 34.94 g/t Au in MRC-22008, extending the resource south of the eastern JB Zone. The 2023 surface step-out exploration program aimed at extending the known mineralization in the Corona Corridor further to the north and northeast will start in the second quarter of 2023.

Cortez, Nevada, USA¹¹

At the Hanson Footwall target, drilling has extended the mineralization to approximately 400 meters strike length with CMX-22023 (23.8 meters at 6.00 g/t Au), and CMX-22026 (6.6 meters at 12.71 g/t Au and 19.6 meters at 11.67 g/t Au). 2023 drilling has started to infill these framework results, as well as to extend the footprint of the mineralization, which is located just below the existing Cortez Hills underground infrastructure.

Following the maiden mineral reserve declaration at the end of 2022, drilling across Robertson in 2023 will focus on expanding the existing pit designs and infill drilling.

Fourmile, Nevada, USA

As reported for the end of 2022, exploration targeting of the Dorothy area, 800 meters north of the existing Fourmile resource, intersected the most continuous zones of high-grade mineralization to date at the emerging discovery. Follow up plans are well advanced, and will begin as field conditions allow during the second quarter of 2023. Open-ended, high-grade mineralization will be targeted along a newly recognized mineral controlling cross structure, the Palisade fault. Additional testing is planned to further delineate the limits of Dorothy along the Anna corridor south to Sophia, as well as extending the framework understanding further to the north, west and at depth.

Turquoise Ridge, Nevada, USA¹²

At Turquoise Ridge, drilling continues to confirm the upside potential along the Getchell fault corridor where the recent drill intercepts of 4.9 meters (3.9 meters TW) at 6.75 g/t and 17.8 meters (14.0 meters TW) at 12.05 g/t from TSM-22103 and, 1.4 meters at 18.00 g/t and 3.9 meters at 5.21 g/t from TSM-22115, together with the previously reported 2.2 meters (2.0 meters TW) at 15.66 g/t, 6.2 meters (5.6 meters TW) at 6.14 g/t and 3.0 meters (2.7 meters TW) at 10.82 g/t from TSM-22109 have extended the potential mineralization over a strike length of 500 meters.

At Fenceline, exploration continues within the poorly explored DZ fault corridor southwest of the Twin Creeks Mega Pit. As previously highlighted, RC drilling through cover has defined a 5 kilometer anomaly along the southwest projection of this significant gold-controlling structure at the Mega deposit of the legacy Twin Creeks property. Framework core drilling was initiated during the first quarter of 2023 to better understand the controls to the anomalism, the geometry of the host stratigraphy, as well as a test of the inferred DZ fault to the south. While assay results are still pending, the initial hole has encountered alteration and elevated geochemistry along the projected fault, within favorable host rocks.

Exploration within Mega Pit continues to highlight the potential for a high-grade, feeder-type target at depth below the deposit. Framework drilling along the deposit has confirmed the presence of feeder-like alteration and mineralization on the extensions of primary ore controlling structures and well below the elevation of historic drilling. At the targeted elevation, historic drilling is very limited and these widely spaced framework holes are providing critical insight to refining the geology and targeting at depth. Assays from the first quarter of 2023 are currently pending,

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though a horizon of favorable alteration and host stratigraphy is consistent at depth across all deep drilling to date and will provide vectors for follow up drilling later in 2023.

Pearl String, Nevada, USA

The Pearl String property, located in the Walker Lane mineral belt of western Nevada, was acquired through an exploration agreement in the fourth quarter of 2022 with the opportunity to earn a 100% interest from the underlying claim holder. In addition to the acquired ground, Barrick staked a large claim block around the property encompassing approximately 80 square kilometers of prospective ground. The property consists of a volcanic-hosted high sulfidation epithermal system, outcropping to the east and mostly concealed under post-mineral pediment cover to the west. There are small windows of altered and gold-bearing volcanics exposed through this cover. Work to date on the property has included geologic mapping, rock and soil sampling and collection of gravity data to map the underlying basement rock. This data is being used to inform the initial phase of framework drilling on the project, expected to commence during the second quarter of 2023. The first phase of drilling aims to develop an understanding of the volcanic stratigraphy and identify the extents of alteration, and mineralization beneath post-mineral cover to help vector targeted drilling later in 2023.

Hemlo, Canada

Drilling continued to extend the down plunge extent of the mineralization at both C-Zone Deep and Lower C-Zone West confirming the updated targeting model where we expect to add to existing reserves.

At the Pic project to the west of Hemlo, 5,000 meters of historic core was relogged to guide modelling and targeting. At Wire Lake, evidence of multiple alteration and mineralization events are observed. Although known mineralization is discontinuous, a coherent arsenic-antimony-potassium footprint defines the zone and is open at depth and along strike. Preparation for a soil survey spanning the area between Wire Lake and Porphyry Lake and a till survey over the Beggs Lake area is ongoing, which planned to commence as the field season allows.

Abitibi Belt, Canada

A binding term sheet was signed with Midland Exploration Inc. in April 2023 to earn-in up to 75% of the Patris property in the Southern Abitibi. The property straddles the La Pause fault, a crossover structure linking the Larder Lake – Cadillac Break and Porcupine-Destor Break, two of the most significantly endowed structures in North America.

Latin America & Asia-Pacific

Pueblo Viejo, Dominican Republic

Drilling at the Main Gate target in the first quarter of 2023 intersected favorable, near-surface hydrothermal alteration. However, overall results were weak. A full integration of legacy data from the nearby ARD1 target, which contains high-grade mineralization, with Main Gate is ongoing to better define the geological framework and potential of the area.

Following the completion of three scout drillholes in the Arroyo del Rey area, an integration of all Arroyo del Rey data with that of the nearby Cumba deposit is ongoing, aiming to better define follow-up drill targets. In parallel, geological mapping to the northwest of Arroyo del Rey has

identified an area with favorable alteration and breccia bodies. Fieldwork is ongoing.

At Pueblo Grande Norte, located to the west of Pueblo Viejo, detailed geological mapping, sampling and ground geophysics defined a significant copper-gold porphyry target, which will be drill tested in the third quarter of 2023.

Regional Exploration, Dominican Republic

In our regional exploration around Pueblo Viejo, early field work identified several events of hydrothermal activity. A large area (1.2 x 0.5 kilometers) shows favorable lithologies, alteration and geochemical anomalies. Follow-up field work to define the geological framework is ongoing.

Veladero District, Argentina¹³

Twenty diamond drill holes were completed in the first quarter of 2023 at Morro Escondido. The limits of the mineralized system to the west and east are well defined, while to the north and south, it remains open. DDH-MES-12 confirmed significant mineralization intersecting 43.3 meters at 1.17 g/t Au (including 12.8 meters at 3.18 g/t Au) from 5.3 meters depth, and 114.8 meters at 0.61 g/t Au (including 24 meters at 1.02 g/t Au) from 110.2 meters depth. DDH-MES-08 extended the hydrothermal system to the north below post-mineral colluvial cover, intersecting 82 meters at 0.35 g/t Au from 147 meters depth. DDH-MES-14 extended the hydrothermal system to the south intersecting 20 meters at 0.32 g/t Au from 77 meters depth. DDH-MES-11 confirmed mineralization in the southwest intersecting 15.7 meters at 0.63 g/t Au from 48.8 meters depth (including 1.4 meters at 2.58 g/t Au from 57.1 meters). Drilling continues, focusing on defining the limits of the mineralized system and understanding the mineralization controls and economical potential of Morro Escondido. The selection of samples to perform bottle roll metallurgical tests is underway, with column leach and gold deportment studies to be performed during the second and third quarters of 2023 to confirm the potential to process the Morro Escondido ore at Veladero.

Within the large Veladero Sur target (located 15 kilometers south of Veladero), geological mapping, sampling and ground geophysics defined a drill-ready target at the Casper high-sulfidation hydrothermal system. Twenty-eight kilometers of Controlled Source Audio Magneto Telluric ground geophysics defined high resistivity anomalies, which are continuous between sections. A diamond drilling program is ongoing.

The small proof-of-concept drill program continued at the Antenas-Chispas high-sulfidation target that sits immediately south of the current Veladero valley leach facility, with early observations confirming the presence of appropriate alteration to support the target concept. Drilling was paused during the current quarter as the MRM team prioritized Veladero in-pit drilling. Follow-up drilling of the Antenas-Chispas target will resume in the second quarter of 2023.

Drilling of the Lama targets continued during the first quarter of 2023 with one drill rig testing mineralization concepts at the Penelope South and West targets. Results of the Porfiada target drilling did not support a target of interest, and to prioritize drilling in the region, the second Lama rig was transferred to Morro Escondido.

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El Indio Camp, Chile

In the El Indio district, drilling was initiated on the Sancarron target in Chile, with the concept of testing a structural connection between two outcropping alteration systems, that was buried by a landslide. The five-hole program was nearing completion at the end of the first quarter of 2023, with preliminary results supporting the structural corridor connector, but expectations are the systems do not have sufficient alteration, volume or continuity to be of interest for follow-up programs.

Peru

At Austral, following detailed mapping, sampling and ground geophysical surveys, five drill-ready targets were defined which are expected to be permitted and drill-tested by the fourth quarter of 2023.

Geological mapping, sampling and ground geophysical surveys are planned in two other high-priority districts in Peru.

Porgera, Papua New Guinea

As discussed on page 8, Porgera is currently on temporary care and maintenance and consequently, all exploration activities have ceased.

Japan Gold Strategic Alliance, Japan

Drilling commenced at the beginning of March 2023 at the Mizobe project in Southern Kyushu. The Mizobe project is located in the Hokusatu region along the western margin of the Kagoshima Graben in a similar geological setting as the Hishikari gold mine, which is located 23 kilometers to the north.

This first phase of framework drilling consists of widely spaced drill holes testing below the abundant post-mineral cover. They also target the concealed extensions of the known outcropping geochemical anomalies and gold bearing veins and breccias. Two holes have been completed to date and a third hole is currently underway.

Asia Pacific

The exploration team is currently focussing on reviewing and evaluating new exploration opportunities across the Asia Pacific region.

Africa and Middle East

Senegal, Exploration

On the Bambadji joint venture, an update to the geological interpretation highlighted a 26 kilometer prospective structural corridor subsequently named the BMSZ, hosted within the gold endowed Kofi series and exhibiting a near continuous auger gold anomaly. This corridor displays the geological features indicative of the potential to host a large orebody and is sparsely tested with mainly shallow drilling completed to date. Drill programs have started on the prioritized targets along the BMSZ to test for the presence of mineralized systems with standalone orebody potential. To the west of the BMSZ, a large 3D induced polarization geophysical survey has been completed over the approximately six kilometer Kabewest corridor to support more effective targeting of larger mineralized zones within the wider Kabewest system. Data is being processed and new opportunities from this survey will be prioritized for drill testing in the second quarter of 2023.

Target delineation programs on the Bambadji South permit have identified various styles of alteration in a wide range of lithologies, which are associated with

mineralization in other parts of the district. Early-stage indications of prospectivity are encouraging with the first lithosamples returning high grade results. Only surface exploration has been conducted on the permit and the maiden drill program is planned to be conducted in the second quarter of 2023.

On the Dalema joint venture, scout RC drilling was performed on the first set of priority targets. Initial geological observations are encouraging with alteration and sulphides intersected within porphyritic intrusives. Assay results are pending. Additionally, a dedicated mapping and sampling campaign has been initiated to improve the regional geological understanding of the prospective Faleme Domain, to deliver the next generation of priority targets.

Loulo-Gounkoto, Mali¹⁴

At Gara West, relogging and sampling of drill holes located 1.2 kilometers to the south of the high-grade intersection in GWDH002 previously reported, and in the periphery of the plunging fold axis, have confirmed the extension of the alteration and mineralization system with drill intersections such as 3.05 metres at 5.06 g/t (L0CP311). Additionally, a reanalysis of the wider Gara West corridor has highlighted multiple sparsely tested opportunities along strike supported by indications of ‘Gara West style’ alteration, anomalous lithosample results and open ‘ore-grade’ legacy drill intercepts. Drilling is planned for the second quarter of 2023 to progress several of the high priority targets in the corridor, in addition to the main Gara West opportunity.

Furthermore, a district wide initiative to review key structural corridors is in progress with the aim to identify the next generation of high impact targets with the potential to deliver the next large discovery. To aid effective target generation, a footprint and vectoring study has been initiated at the Yalea deposit using multi-element and spectral analysis of drill core samples to identify the distal signatures of the orebody. The final outcome is expected in the third quarter of 2023 and aims to provide additional exploration tools to prioritize and assess the key prospective corridors.

At Gounkoto, a geological model update is in progress with initial analysis confirming footwall structures as a control on high grade mineralization in the deposit. Relogging of key areas is underway to update the exploration model for targeting along strike and at depth below the current resource model, which is untested below 700 meters vertical depth. The review is expected to be completed by the end of the second quarter of 2023.

Kibali, Democratic Republic of Congo¹⁵

Framework drilling is in progress to generate high-impact targets northwest of KCD and build the geological model in the sparsely tested area between the KCD and Gorumbwa orebodies. Encouraging preliminary observations support a folded corridor parallel to KCD as targeted, with KCD style alteration, supporting the potential to identify large-scale extensions or new lodes within the world-class KCD system. Drilling will continue into the second quarter of 2023.

At Oere, an update to the geological model has indicated the zones of plunging high-grade mineralization to be controlled by changes in dip of the host structure, particularly where hosted in the banded iron formation. The improved model supports the possibility for a larger, high grade, mineralized zone below the current drilling and a program has been designed to test the potential for a

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satellite underground opportunity that will be a key focus for the second quarter of 2023.

Two diamond holes have been drilled at Mengu Hill, to test for the continuity of high-grade mineralization down plunge of the previously mined open pit. Located 400 meters from the last step-out fence, the holes intersected both the geological units and hydrothermal alteration associated with the Mengu Hill main mineralized system over 800 meters up-plunge. Observations are supporting the potential for an underground satellite project, pending the success of additional step-out drill holes.

Drilling continued at Gorumbwa to test the underground potential below the pit. Results are showing strong alteration and mineralization and are confirming the economic potential down plunge.

Drilling has recommenced at Agbarabo-Rhino, testing for the continuation of multiple high-grade lenses across the width of the corridor. Four holes were completed during the quarter, with assay results from drillhole ADD025 supporting the continuation of multiple mineralized lenses between 300-meter spaced sections demonstrated by the intersections: 22.8 meters at 3.19 g/t Au (including 2.94 meters at 16.65 g/t), 18.4 meters at 5.82 g/t Au (including 4.4 meters at 18.16 g/t Au). Down plunge and lateral continuity of the Agbarabo main and lower lenses have been demonstrated, as well as the extension of Rhino lenses to the northwest under the Agbarabo system. Interim observations are indicating a mineralized system with the potential for a satellite opportunity, four kilometers from the plant.

North Mara and Bulyanhulu, Tanzania

At North Mara, preliminary assay results from the Gokona West framework drilling suggest an additional gold bearing ‘Gokona-style’ system has been identified. A broad low-grade anomaly coincident with intense Gokona-type alteration in comparable host rocks to Gokona was intersected below more than 100 meters of post mineralization cover. The newly identified system is located two kilometers northwest of Gokona, which highlights the exploration potential of the sparsely explored Gokona corridor that extends more than 20 kilometers along strike. Additional framework drill programs and relogging initiatives are in progress along the corridor, with an aim to identify new high priority targets in the second quarter of 2023.

The Gokona Deeps drilling program has continued to confirm our geological understanding and intersected mineralization below the currently defined mineralization wireframes. The results of this program are being reviewed in combination with the findings of an ongoing PhD research project on Gokona, which will aid additional targeting.

At Bulyanhulu, a drill program testing targets developed along the northwest extension of the system commenced. Although assay results are pending, the first hole to test the Reef 2F structure geologically validated the controls of a nearby high-grade historic intersection, supporting the potential of a near-mine, underexplored portion of the Reef 2 system, which will be progressed in the second quarter of 2023.

An airborne geophysical survey has commenced over the regional permits in the Tanzanian portfolio, aiming to improve the geological interpretations and ultimately generate the first high-potential exploration targets in a prospective and underexplored setting concealed beneath extensive transported cover.

Egypt, Regional Exploration

In Egypt, exploration screening programs are underway on the Hamash-Sukari, Fatiri and Atalla licenses, aiming to identify indications of mineralized systems with Tier One Gold Asset⁵ potential. At Hamash-Sukari, the largest of the three licenses, initial observations from the first phase exploration program have identified features that are indicative of elevated prospectivity, including fertile intrusives and a major, multi-kilometer, structural corridor associated with extensive alteration along extensional flexures. The current work programs are designed to generate the first set of prioritized targets for drill testing later in 2023.

Lumwana¹⁶

After reporting a maiden mineral resource from Kamisengo (formerly Lubwe) at the end of 2022 in support of the potential Super Pit expansion, drilling in the first quarter of 2023 continued to define the extents of the mineralization, and increase geological confidence in extensions immediately adjacent to the reported mineral resource. As part of the pre-feasibility study, social and environmental baseline studies have been initiated across Kamisengo, as well as a study to identify a location for a new tailings storage facility.

Phase 1 exploration drilling at Kamalamba was completed during the first quarter of 2023, with results from the six holes headlined by 11 meters at 0.77% Cu in KAMDD004 and 11 meters at 0.54% Cu in KAMDD0011. These results highlight the potential of the mineralized system to provide alternative higher-grade mill feed to support the potential Super Pit expansion. The mineralization is open to the northeast with planned follow-up in the second quarter of 2023.

Jabal Sayid, Kingdom of Saudi Arabia

At Jabal Sayid, a review of the project scale geological architecture has highlighted a significant strike length of elevated prospectivity along the paleosurface associated with the known lodes, as well as two newly identified palaeosurfaces. Trenching and lithogeochemical analyses are in progress with the aim to further refine the interpretation to support target prioritization in the second quarter of 2023.

At the Janob target, located one kilometer southwest of Lode 1, feeder-style mineralization has been extended to a 300 meter strike length comparable in orientation and extent to the Lode 4 East feeder zone. Integration of the latest geological observations, results from alteration analysis, and a planned geophysics program, will be integrated to support a drill program in the second quarter of 2023 to advance this target.

The full Exploration License for Umm ad Damar was received in March 2023, located 20 kilometers southeast of Jabal Sayid. Initial field programs have commenced, including preparations for ground geophysics surveys planned to be completed in the second quarter of 2023. Preliminary observations have delineated more extensive prospective felsic volcanic stratigraphy than previously interpreted, as well as strong alteration footprints proximal to the known prospects, which are on palaeosurfaces interpreted to be the fault-offset continuity of the prospective stratigraphy from Jabal Sayid.

BARRICK FIRST QUARTER 2023 44 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION   REVIEW OF FINANCIAL   RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Review of Financial Results

Revenue

($ millions, except per ounce/pound  data in dollars)			For the three months ended
	3/31/23		12/31/22		3/31/22
Gold
000s oz solda		954		1,111		993
000s oz produceda		952		1,120		990
Market price ($/oz)		1,890		1,726		1,877
Realized price ($/oz)b		1,902		1,728		1,876
Revenue		2,411		2,535		2,511
Copper
millions lbs solda		89		99		113
millions lbs produceda		88		96		101
Market price ($/lb)		4.05		3.63		4.53
Realized price ($/lb)b		4.20		3.81		4.68
Revenue		171		170		287
Other sales		61		69		55
Total revenue		2,643		2,774		2,853

a. On an attributable basis.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

Q1 2023 compared to Q4 2022

In the first quarter of 2023, gold revenues decreased by 5% compared to the fourth quarter of 2022, primarily due to lower sales volumes, partially offset by a higher realized gold price¹. The average market price for the three month period ended March 31, 2023 was $1,890 per ounce, a 10% increase versus the $1,726 per ounce average in the prior quarter. During the first quarter of 2023, the gold price ranged from $1,805 per ounce to $2,010 per ounce, and closed the quarter at $1,980 per ounce. Gold prices in the first quarter of 2023 continued to be volatile, impacted by economic and geopolitical concerns, global interest rate policies and outlooks, and a weakening trade-weighted US dollar.

In the first quarter of 2023, gold production on an attributable basis was 168 thousand ounces lower than the prior quarter, primarily at Carlin due to annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional carbon-in-leach process and a harsh winter in northern Nevada impacting operations. This was combined with lower grades at Kibali due to mine sequencing.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)

Q1 2023 compared to Q4 2022

Copper revenues in the first quarter of 2023 were relatively consistent with the prior quarter as a higher realized copper price¹ was offset by lower sales volumes. The average market price in the first quarter of 2023 was $4.05 per pound, representing a increase of 12% from the $3.63 per pound average in the prior quarter. The realized copper price¹ in the first quarter of 2023 was higher than the market copper price due to the impact of positive provisional pricing adjustments, consistent with the prior quarter, which reflects the increase in the copper market price during the quarter. During the first quarter of 2023, the copper price traded in a range of $3.71 per pound to $4.33 per pound, and closed the quarter at $4.05 per pound. Copper prices in the first quarter of 2023 increased over the prior quarter due to a weakening trade-weighted US dollar, supply constraints, and increasing economic activity in China. Longer term, expectations for increases in copper demand from infrastructure spending and the transition to a low-carbon global economy should continue to have a positive impact on copper demand and consequently, expectations of future prices.

Attributable copper production in the first quarter of 2023 was 8 million pounds lower compared to the prior quarter driven by lower grades processed at Lumwana and lower throughput at Zaldívar.

Q1 2023 compared to Q1 2022

For the three month period ended March 31, 2023, gold revenues decreased by 4% compared to the same prior year period, primarily due to lower sales volumes, partially offset by a slightly higher realized gold price¹. The average market price for the three month period ended March 31, 2023 was $1,890 per ounce versus $1,877 per ounce for the same prior year period.

BARRICK FIRST QUARTER 2023 45 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION   REVIEW OF FINANCIAL   RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)

Q1 2023 compared to Q1 2022

    

For the three month period ended March 31, 2023, attributable gold production was 38 thousand ounces lower than the same prior year period, primarily at Carlin, mainly due to the annual roaster maintenance resulting in lower throughput at Goldstrike, the conversion of the Goldstrike autoclave to a conventional CIL process and a harsh winter in northern Nevada impacting operations. This was partially offset by higher production at Cortez, driven by higher oxide mill and heap leach production from the Crossroads open pit and higher underground production.

Copper revenues for the three month period ended March 31, 2023 decreased by 40% compared to the same prior year period, due to lower sales volumes combined with a lower realized copper price¹. In the first quarter of 2023, the realized copper price¹ was higher than the market copper price due to the impact of positive provisional pricing adjustments, consistent with the same prior year period, which reflects the increase in the copper market price during each of those quarters.

Attributable copper production for the three month period ended March 31, 2023 decreased by 13 million pounds compared to the same prior year period, primarily at Lumwana due to lower grades processed, in line with the mine plan.

Production Costs

($ millions, except per ounce/pound  data in dollars)			For the three months ended
	3/31/23		12/31/22		3/31/22
Gold
Site operating costs		1,208		1,286		1,068
Depreciation		445		506		419
Royalty expense		101		85		88
Community relations		7		13		7
Cost of sales		1,761		1,890		1,582
Cost of sales ($/oz)a		1,378		1,324		1,190
Total cash costs ($/oz)b		986		868		832
All-in sustaining costs ($/oz)b		1,370		1,242		1,164
Copper
Site operating costs		115		88		83
Depreciation		44		92		38
Royalty expense		15		16		32
Community relations		0		1		1
Cost of sales		174		197		154
Cost of sales ($/lb)a		3.22		3.19		2.21
C1 cash costs ($/lb)b		2.71		2.25		1.81
All-in sustaining costs ($/lb)b		3.40		3.98		2.85

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

Q1 2023 compared to Q4 2022

In the first quarter of 2023, gold cost of sales on a consolidated basis was 7% lower compared to the fourth quarter of 2022, mainly due to lower sales volume. Our 45% interest in Kibali is equity accounted, and therefore the mine’s cost of sales is excluded from our consolidated gold cost of sales. Our per ounce metrics, gold cost of sales² and total cash costs¹, includes our proportionate share of cost of sales at our equity method investees, and were 4% and 14% higher, respectively, than the prior quarter, mainly due to the impact of lower sales volumes.

In the first quarter of 2023, gold all-in sustaining costs per ounce¹, which also includes our proportionate share of equity method investees, increased by 10% compared to the prior quarter. This was primarily due to higher total cash costs per ounce¹, as described above.

In the first quarter of 2023, copper cost of sales on a consolidated basis was 12% lower compared to the prior quarter, mainly due to lower depreciation expense at Lumwana and the impact of lower sales volumes, partially offset by higher site operating costs. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore, we do not include their cost of sales in our consolidated copper cost of sales. Our per pound metrics, copper cost of sales² and C1 cash costs¹, include our proportionate share of cost of sales at our equity method investees. Copper cost of sales per pound² and C1 cash costs per pound¹ were 1% and 20% higher, respectively, compared to the prior period, primarily due to lower mining rates as the new fleet at Lumwana continues to ramp up, as well as higher labor costs at Zaldívar. Cost of sales per

BARRICK FIRST QUARTER 2023 46 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION   REVIEW OF FINANCIAL   RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

pound² was partially offset by lower depreciation expense, mainly at Lumwana.

In the first quarter of 2023, copper all-in sustaining costs¹ per pound, which also includes our proportionate share of equity method investees, was 15% lower than the prior quarter, primarily reflecting a decrease in minesite sustaining capital expenditures¹ resulting from decreased capitalized stripping at Lumwana, partially offset by higher C1 cash costs per pound¹, as discussed above.

Q1 2023 compared to Q1 2022

For the three month period ended March 31, 2023, gold cost of sales on a consolidated basis was 11% higher than the same prior year period, primarily due to higher site operating costs from increased energy and consumable prices, partially offset by lower sales volume. Our 45% interest in Kibali is equity accounted and therefore, the mine’s cost of sales is excluded from our consolidated gold cost of sales. Our per ounce metrics, gold cost of sales² and total cash costs¹, include our proportionate share of cost of sales at our equity method investees, and were 16% and 19% higher, respectively, compared to the same prior year period. This was mainly due to lower sales volumes, combined with higher input costs driven by energy and consumables prices.

For the three month period ended March 31, 2023, gold all-in sustaining costs per ounce¹ increased by 18% compared to the same prior year period, primarily due to the increase in total cash costs per ounce¹, combined with higher minesite sustaining capital expenditures¹.

For the three month period ended March 31, 2023, copper cost of sales on a consolidated basis was 13% higher than the same prior year period, primarily due to higher site operating costs, partially offset by lower sales volumes. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore, we do not include their cost of sales in our consolidated copper cost of sales. Our per pound metrics, copper cost of sales² and C1 cash costs¹, includes our proportionate share of cost of sales at our equity method investees. Copper cost of sales per pound² and C1 cash costs¹ were 46% and 50% higher, respectively, compared to the same prior year period, primarily due to lower grades processed and lower capitalized stripping at Lumwana.

For the three month period ended March 31, 2023, copper all-in sustaining costs per pound¹ was 19% higher than the same prior year period, primarily reflecting higher C1 cash costs per pound¹, as discussed above. This was partially offset by lower minesite sustaining capital expenditures¹ resulting from decreased capitalized stripping at Lumwana.

Capital Expenditures^a

($ millions)	For the three months ended
	3/31/23		12/31/22		3/31/22
Minesite sustainingb		454		557		420
Project capital expendituresb,c		226		324		186
Capitalized interest		8		10		5
Total consolidated capital expenditures		688		891		611
Attributable capital expendituresd		526		743		478

a. These amounts are presented on a cash basis.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

c. Project capital expenditures¹ are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.

d. These amounts are presented on the same basis as our guidance.

Q1 2023 compared to Q4 2022

In the first quarter of 2023, total consolidated capital expenditures on a cash basis were 23% lower than the fourth quarter of 2022 due to an decrease in both minesite sustaining capital expenditures¹ and project capital expenditures¹. Minesite sustaining capital expenditures¹ decreased by 18% compared to the prior quarter, mainly at Lumwana due to lower capitalized stripping in the current quarter and as down payments for replacement mobile equipment occurred in the prior quarter, combined with the timing of mobile equipment deliveries at the end of 2022 at Carlin. The decrease in project capital expenditures¹ of 30% was primarily driven by lower expenditures from the plant expansion and mine life extension project at Pueblo Viejo, and following advanced payments made on the new owner mining fleet in the prior quarter at Lumwana.

Q1 2023 compared to Q1 2022

For the three month period ended March 31, 2023, total consolidated capital expenditures on a cash basis increased by 13% compared to the same prior year period. This was due to an increase in both project capital expenditures¹ and minesite sustaining capital expenditures¹. Project capital expenditures¹ increased by 22% compared to the same prior year period, primarily due to investment in the new owner mining fleet at Lumwana, combined with higher expenditures from the solar plant expansion at Loulo-Gounkoto. Minesite sustaining capital expenditures¹ increased by 8% compared to the same prior year period mainly due to increased capitalized stripping at both North Mara and Loulo-Gounkoto.

BARRICK FIRST QUARTER 2023 47 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION   REVIEW OF FINANCIAL   RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

General and Administrative Expenses

($ millions)	For the three months ended
	3/31/23		12/31/22		3/31/22
Corporate administration		28		33		30
Share-based compensationa		11		16		24
General & administrative expenses		39		49		54

a. Based on a US$18.27 share price as at March 31, 2023 (December 31, 2022: US$17.21 and March 31, 2022: US$24.53).

Q1 2023 compared to Q4 2022

In the first quarter of 2023, general and administrative expenses decreased by $10 million compared to the fourth quarter of 2022, driven by lower share-based compensation expense due to a more modest increase in our share price during the current quarter as compared to the prior quarter. This was combined with lower corporate administration costs related to the timing of external services costs.

Q1 2023 compared to Q1 2022

For the three month period ended March 31, 2023, general and administrative expenses decreased by $15 million compared with the same prior year period. This was mainly due to lower share-based compensation expense attributed to a more modest increase in our share price in the current quarter as compared to the same prior year period.

Exploration, Evaluation and Project Expenses

($ millions)	For the three months ended
	3/31/23		12/31/22		3/31/22
Global exploration and evaluation		27		38		27
Project costs:
Pascua-Lama		8		16		14
Lumwana		7		0		0
Reko Diq		5		9		0
Pueblo Viejo		1		5		2
Other		11		10		11
Corporate development		1		5		3
Global exploration and evaluation and project expense		60		83		57
Minesite exploration and evaluation		11		23		10
Total exploration, evaluation and project expenses		71		106		67

Q1 2023 compared to Q4 2022

Exploration, evaluation and project expenses for the first quarter of 2023 decreased by $35 million compared to the fourth quarter of 2022. This was driven by lower minesite exploration and evaluation costs primarily related to projects in the Africa & Middle East region, combined with decreased global exploration and evaluation costs primarily in North America due to timing. This was further impacted by lower project costs both at Pascua-Lama as the Chilean side advances closure activities, and at Reko Diq due to timing, partially offset by higher costs at Lumwana related to the ongoing pre-feasibility study for the potential super pit.

Q1 2023 compared to Q1 2022

Exploration, evaluation and project expenses for the three month period ended March 31, 2023 were $4 million higher

than the same prior year period, driven by higher project costs at Lumwana related to the ongoing pre-feasibility study and at Reko Diq as the project was reconstituted, partially offset by lower costs at Pascua-Lama as the Chilean side advances closure activities.

Finance Costs, Net

($ millions)	For the three months ended
	3/31/23			12/31/22			3/31/22
Interest expensea		105			89			91
Accretion		21			20			12
Gain on debt extinguishment		0			(12	)		0
Interest capitalized		(7	)		(10	)		(5	)
Other finance costs		1			2			1
Finance income		(62	)		(38	)		(11	)
Finance costs, net		58			51			88

a. For the three months ended March 31, 2023, interest expense includes approximately $8 million of non-cash interest expense relating to the streaming agreements with Royal Gold, Inc. (December 31, 2022: $8 million and March 31, 2022: $8 million).

Q1 2023 compared to Q4 2022

In the first quarter of 2023, finance costs, net were 14% higher than the prior quarter as there was a gain on debt extinguishment relating to the repurchase of $319 million (notional value) of our 5.250% Notes due in 2042 in the prior quarter. Higher finance income and higher interest expense are mainly due to the restricted cash and associated financial liability owed to Antofagasta plc following the reconstitution of the Reko Diq project which occurred on December 15, 2022.

Q1 2023 compared to Q1 2022

For the three month period ended March 31, 2023, finance costs, net decreased by 34% compared to the same prior year period, primarily due to higher finance income resulting from an increase in market interest rates. In addition to this, finance income and interest expense were also higher due to the restricted cash and associated financial liability owed to Antofagasta plc following the reconstitution of the Reko Diq project which occurred on December 15, 2022.

Additional Significant Statement of Income Items

($ millions)	For the three months ended
	3/31/23		12/31/22			3/31/22
Impairment charges (reversals)		1		1,642			2
Loss on currency translation		38		4			3
Closed mine rehabilitation		22		44			3
Other expense (income)		52		(250	)		(11	)

Impairment Charges (Reversals)

Q1 2023 compared to Q4 2022

In the first quarter of 2023, net impairment charges were $1 million, compared to $1,642 million in the prior quarter. There were no significant impairment charges or reversals in the current quarter. The impairment charges in the prior quarter related to a goodwill impairment of $950 million (net of non-controlling interests) related to Loulo-Gounkoto, non-current asset impairments of $318 million (net of tax) at Veladero and of $42 million (net of tax and non-controlling interests) at Long Canyon, as we observed a decrease in the discounted cash flows of these mines. These impacts

BARRICK FIRST QUARTER 2023 48 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION   REVIEW OF FINANCIAL   RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

were partially offset by an impairment reversal of $120 million (no tax or non-controlling interest impact) on our previously held 37.5% interest of Reko Diq as we completed the reconstitution of the Reko Diq project on December 15, 2022.

Q1 2023 compared to Q1 2022

For the three month period ended March 31, 2023, net impairment charges were $1 million, compared to $2 million in the same prior year period. There were no significant impairment charges or reversals in both the current and same prior year period.

Loss on Currency Translation

Q1 2023 compared to Q4 2022

Loss on currency translation in the first quarter of 2023 was $38 million compared to $4 million in the prior quarter. The increase mainly related to the devaluation of the Zambian kwacha in the current period. The weakness in the Zambian currency during the first quarter of 2023 was a result of high inflation levels in the country and concerns regarding ongoing negotiations related to the restructuring of the country’s debt. Subsequent to the end of the first quarter of 2023, the country made progress towards a debt restructuring deal which led to a significant reversal of the currency weakness that was experienced during the quarter. This currency fluctuation resulted in a revaluation of our local currency denominated value-added tax receivable balances, partially offset by a revaluation of our local currency denominated payable balances.

Q1 2023 compared to Q1 2022

Loss on currency translation in the first quarter of 2023 was $38 million compared to $3 million in the same prior year period. The increase mainly related to the devaluation of the Zambian kwacha in the current period as described above. This devaluation resulted in a revaluation of our local currency denominated value-added tax receivable balances.

Closed mine rehabilitation

Q1 2023 compared to Q4 2022

Closed mine rehabilitation expense in the first quarter of 2023 was $22 million compared to $44 million in the prior quarter. The decrease mainly related to increased cost estimates recorded in the prior quarter, slightly offset by a larger decrease in the market real risk-free rate used to discount the closure provision during the current period compared to the prior quarter.

Q1 2023 compared to Q1 2022

Closed mine rehabilitation expense in the first quarter of 2023 was $22 million compared to $3 million in the same prior year period. The increase mainly related to a decrease in the market real risk-free rate used to discount the closure provision in the current period.

Other Expense (Income)

Q1 2023 compared to Q4 2022

For the three months ended March 31, 2023, other expense was $52 million compared to other income of $250 million in the prior quarter. Other expense in the first quarter of 2023 mainly related to the $30 million commitment we made (shared equally between North Mara and Bulyanhulu) towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership, combined with care and

maintenance expenses at Porgera. Other income in the prior quarter mainly related to a gain of $300 million as Barrick’s interest in the Reko Diq project increased from 37.5% to 50% upon the completion of the reconstitution of the Reko Diq project, partially offset by supplies obsolescence at Bulyanhulu and North Mara.

Q1 2023 compared to Q1 2022

For the three months ended March 31, 2023, other expense was $52 million compared to other income of $11 million in the same prior year period. Other income in the first quarter of 2023 mainly related to the $30 million commitment we made (shared equally between North Mara and Bulyanhulu) towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership, combined with care and maintenance expenses at Porgera. Other income in the same prior year period mainly related to insurance proceeds received in relation to the claim for the mechanical mill failure at the Goldstrike roaster, partially offset by care and maintenance expenses at Porgera.

Income Tax Expense

Income tax expense was $205 million in the first quarter of 2023. The unadjusted effective income tax rate in the first quarter of 2023 was 43% of income before income taxes.

The underlying effective income tax rate on ordinary income in the first quarter of 2023 was 30% after adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of updates to the rehabilitation provision for our non-operating mines; the impact of non-deductible foreign exchange losses; the impact of the Porgera mine being placed on care and maintenance; the impact of our commitment towards the expansion of education infrastructure in Tanzania; and the impact of other expense adjustments.

We record deferred tax charges or credits if changes in facts or circumstances affect the estimated tax basis of assets and therefore, the expectations of our ability to realize deferred tax assets. The interpretation of tax regulations and legislation as well as their application to our business is complex and subject to change. We have significant amounts of deferred tax assets, including tax loss carry forwards, and also deferred tax liabilities. We also have significant amounts of unrecognized deferred tax assets (e.g. for tax losses in Canada). Potential changes in any of these amounts, as well as our ability to realize deferred tax assets, could significantly affect net income or cash flow in future periods. For further details on income tax expense, refer to note 9 of the Financial Statements.

Withholding Taxes

In the first quarter of 2023, we recorded $16 million of dividend withholding taxes related to the undistributed earnings of our subsidiaries in the United States.

Nevada Gold Mines

Nevada Gold Mines is a limited liability company treated as a flow through partnership for US tax purposes. The partnership is not subject to federal income tax directly, but each of its partners is liable for tax on its share of the profits of the partnership. As such, Barrick accounts for its current and deferred income tax associated with this investment (61.5% share) following the principles in IAS 12.

BARRICK FIRST QUARTER 2023 49 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION   REVIEW OF FINANCIAL   RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Financial Condition Review

Summary Balance Sheet and Key Financial Ratios

($ millions, except ratios and share amounts)	As at 3/31/23		As  at 12/31/22
Total cash and equivalents		4,377		4,440
Current assets		4,161		4,025
Non-current assets		37,614		37,500
Total Assets		46,152		45,965
Current liabilities excluding short-term debt		3,194		3,107
Non-current liabilities excluding long-term debta		6,863		6,787
Debt (current and long-term)		4,777		4,782
Total Liabilities		14,834		14,676
Total shareholders’ equity		22,713		22,771
Non-controlling interests		8,605		8,518
Total Equity		31,318		31,289
Total common shares outstanding (millions of shares)		1,755		1,755
Debt, net of cash		400		342
Key Financial Ratios:
Current ratiob		2.66:1		2.71:1
Debt-to-equityc		0.15:1		0.15:1

^a.  Non-current financial liabilities as at March 31, 2023 were $5,340 million (December 31, 2022: $5,314 million).

^b.  Represents current assets divided by current liabilities (including short-term debt) as at March 31, 2023 and December 31, 2022.

^c.  Represents debt divided by total shareholders’ equity (including minority interest) as at March 31, 2023 and December 31, 2022.

Balance Sheet Review

Total assets were $46.2 billion as at March 31, 2023, in line with total assets as at December 31, 2022.

Our asset base is primarily comprised of non-current assets such as property, plant and equipment and goodwill, reflecting the capital-intensive nature of the mining business and our history of growing through acquisitions. Other significant assets include production inventories, indirect taxes recoverable and receivable, concentrate sales receivable, other government and joint venture related receivables, as well as cash and equivalents.

Total liabilities at March 31, 2023 were $14.8 billion, in line with total liabilities at December 31, 2022. Our liabilities are primarily comprised of debt, other non-current liabilities (such as provisions and deferred income tax liabilities), and accounts payable.

Shareholders’ Equity

4/25/2023	Number of shares
Common shares		1,755,407,560
Stock options		—

Financial Position and Liquidity

We believe we have sufficient financial resources to meet our business requirements for the foreseeable future, including capital expenditures, working capital requirements, interest payments, environmental rehabilitation, securities buybacks and dividends. During the first quarter of 2023, our cash balance declined as capital expenditures and dividends exceeded the cash flow from operating activities and dividends from equity method investments.

Total cash and cash equivalents as at March 31, 2023 were $4.4 billion. Our capital structure comprises a mix of debt, non-controlling interest (primarily at NGM) and shareholders’ equity. As at March 31, 2023, our total debt

was $4.8 billion (debt, net of cash and equivalents was $400 million) and our debt-to-equity ratio was 0.15:1. This compares to total debt as at December 31, 2022 of $4.8 billion (debt, net of cash and equivalents was $342 million), and a debt-to-equity ratio of 0.15:1.

Uses of cash for the remainder of 2023 include capital commitments of $440 million and we expect to incur attributable minesite sustaining¹ and project capital expenditures¹ of approximately $1,700 to $2,100 million during the remainder of the year, based on the top of our guidance range on page 12. For the remainder of 2023, we have contractual obligations and commitments of $658 million for supplies and consumables. In addition, we have $271 million in interest payments and other amounts as detailed in the table on page 52. We expect to fund these commitments through operating cash flow, which is our primary source of liquidity, as well as our existing cash balances as necessary. As discussed on page 8, we have authorized a share buyback program, where we may purchase up to $1 billion of Barrick shares. As at March 31, 2023, we had not purchased any shares under this program in 2023.

We also have a performance dividend policy that will enhance the return to shareholders when the Company’s liquidity is strong. In addition to our base dividend, the amount of the performance dividend on a quarterly basis will be based on the amount of cash, net of debt, on our consolidated balance sheet at the end of each quarter as per the schedule below.

BARRICK FIRST QUARTER 2023 50 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION   REVIEW OF FINANCIAL   RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

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

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

Our operating cash flow is dependent on the ability of our operations to deliver projected future cash flows. The market price of gold and to a lesser extent, copper, are the primary drivers of our operating cash flow. Other options to enhance liquidity include further portfolio optimization and the creation of new joint ventures and partnerships; issuance of equity securities in the public markets or to private investors (Moody’s and S&P currently rate Barrick’s outstanding long-term debt as investment grade, with ratings of A3 and BBB+, respectively), which could be undertaken for liquidity enhancement and/or in connection with establishing a strategic partnership; issuance of long-term debt securities in the public markets or to private investors; and drawing on the $3.0 billion available under our undrawn Credit Facility (subject to compliance with covenants and the making of certain representations and warranties, this facility is available for drawdown as a source of financing). The revolving credit facility incorporates sustainability-linked metrics and are made up of annual environmental and social performance targets directly influenced by Barrick’s actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 GHG emissions intensity, water use efficiency (reuse and recycling rates), and TRIFR³. Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set. The key financial covenant in our undrawn Credit Facility requires Barrick to maintain a net debt to total capitalization ratio of less than 0.60:1. Barrick’s net debt to total capitalization ratio was 0.01:1 as at March 31, 2023 (0.01:1 as at December 31, 2022).

Summary of Cash Inflow (Outflow)

($ millions)	For the three months ended
	3/31/23			12/31/22			3/31/22
Net cash provided by operating activities		776			795			1,004
Investing activities
Capital expenditures		(688	)		(891	)		(611	)
Investment sales		0			(1	)		260
Dividends received from equity method investments		67			99			359
Other		3			13			1
Total investing outflows		(618	)		(780	)		9
Net change in debta		(4	)		(323	)		(6	)
Dividendsb		(175	)		(261	)		(178	)
Net disbursements to non-controlling interests		(62	)		(172	)		(267	)
Share buyback program		0			(110	)		0
Other		20			51			45
Total financing outflows		(221	)		(815	)		(406	)
Effect of exchange rate		0			0			0
Decrease in cash and equivalents		(63	)		(800	)		607

^a.  The difference between the net change in debt on a cash basis and the net change on the balance sheet is due to changes in non-cash charges, specifically the unwinding of discounts and amortization of debt issue costs.

^b. For the three months ended March 31, 2023, we declared and paid dividends per share in US dollars totaling $0.10 (December 31, 2022: declared and paid $0.15; March 31, 2022: declared and paid $0.10).

Q1 2023 compared to Q4 2022

In the first quarter of 2023, we generated $776 million in operating cash flow, compared to $795 million in the prior quarter. The decrease of $19 million was primarily due to an unfavorable movement in working capital, mainly in accounts payable, partially offset by a favorable movement in accounts receivable. This was partially offset by a decrease in interest paid as a result of the timing of semi-annual interest payments on our bonds, which primarily occur in Q2 and Q4. Operating cash flow was further impacted by an increase in realized gold and copper prices¹, partially offset by lower gold and copper sales volumes and higher total cash costs/C1 cash costs per ounce/pound¹.

Cash outflows from investing activities in the first quarter of 2023 were $618 million, compared to $780 million in the prior quarter. The decrease of $162 million was primarily due to lower capital expenditures, mainly driven by Lumwana due to lower capitalized stripping and advanced payments made on the new owner mining fleet in the prior quarter, combined with lower expenditures from the plant expansion and mine life extension project at Pueblo Viejo. This was partially offset by a decrease in dividends received from equity method investments, in particular Kibali.

Net financing cash outflows for the first quarter of 2023 amounted to $221 million, compared to $815 million in the prior quarter. The decrease of $594 million is primarily due to the repurchase of $319 million (notional value) of our 5.250% Notes due in 2042 occurring in the prior quarter. This was combined with lower net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interests in NGM and Pueblo Viejo, as well as lower share buybacks and dividends paid.

BARRICK FIRST QUARTER 2023 51 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION   REVIEW OF FINANCIAL   RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Q1 2023 compared to Q1 2022

In the first quarter of 2023, we generated $776 million in operating cash flow, compared to $1,004 million in the same prior year period. The decrease of $228 million was primarily due to higher gold and copper total cash costs/C1 cash costs per ounce/pound¹, a lower realized copper price¹, lower gold and copper sales volumes, partially offset by a higher realized gold price¹ and lower cash taxes paid.

Cash outflows from investing activities in the first quarter of 2023 were $618 million compared to an inflow of $9 million in the same prior year period. The increased net outflow of $627 million was primarily due to lower dividends

received from equity method investments, in particular Kibali, combined with proceeds received from investment sales in the same prior year period, including the sale of shares of Skeena Resources Ltd and Endeavour Mining.

Net financing cash outflows for the first quarter of 2023 amounted to $221 million, compared to $406 million in the same prior year period. The decrease of $185 million is primarily due to lower net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interest in NGM.

Commitments and Contingencies

Litigation and Claims

We are currently subject to various litigation proceedings as disclosed in note 16 to the Financial Statements, and we may be involved in disputes with other parties in the future that may result in litigation. If we are unable to resolve these disputes favorably, it may have a material adverse impact on our financial condition, cash flow and results of operations.

Contractual Obligations and Commitments

In the normal course of business, we enter into contracts that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities of our financial liabilities and operating and capital commitments shown on an undiscounted basis:

($ millions)	Payments due as at 3/31/23
	2023		2024		2025		2026		2027		2028 and thereafter		Total
Debta
Repayment of principal		0		0		12		47		0		4,675		4,734
Capital leases		10		9		8		9		7		22		65
Interest		271		290		289		286		282		3,250		4,668
Provisions for environmental rehabilitationb		210		128		104		98		77		1,993		2,610
Restricted share units		6		10		1		0		0		0		17
Pension benefits and other post-retirement benefits		4		5		5		5		5		40		64
Purchase obligations for supplies and consumablesc		658		263		184		158		154		337		1,754
Capital commitmentsd		440		2		0		0		0		0		442
Social development costse		19		24		10		8		4		46		111
Other obligationsf		20		39		44		64		48		507		722
Total		1,638		770		657		675		577		10,870		15,187

^a.  Debt and Interest: Our debt obligations do not include any subjective acceleration clauses or other clauses that enable the holder of the debt to call for early repayment, except in the event that we breach any of the terms and conditions of the debt or for other customary events of default. We are not required to post any collateral under any debt obligations. Projected interest payments on variable rate debt were based on interest rates in effect at March 31, 2023. Interest is calculated on our long-term debt obligations using both fixed and variable rates.

^b. Provisions for environmental rehabilitation: Amounts presented in the table represent the undiscounted uninflated future payments for the expected cost of environmental rehabilitation.

^c.  Purchase obligations for supplies and consumables: Includes commitments related to new purchase obligations to secure a supply of acid, tires and cyanide for our production process.

^d.  Capital commitments: Purchase obligations for capital expenditures include only those items where binding commitments have been entered into.

^e.  Social development costs: Includes a commitment of $14 million in 2028 and thereafter, related to the funding of a power transmission line in Argentina.

^f.  Other obligations includes the Pueblo Viejo joint venture partner shareholder loan, the deposit on the Pascua-Lama silver sale agreement with Wheaton Precious Metals Corp., and minimum royalty payments.

BARRICK FIRST QUARTER 2023 52 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION   REVIEW OF FINANCIAL   RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Review of Quarterly Results

Quarterly Information^a

($ millions, except where indicated)	2023		2022		2022		2022		2022		2021		2021		2021
	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2
Revenues		2,643		2,774		2,527		2,859		2,853		3,310		2,826		2,893
Realized price per ounce – goldb		1,902		1,728		1,722		1,861		1,876		1,793		1,771		1,820
Realized price per pound – copperb		4.20		3.81		3.24		3.72		4.68		4.63		3.98		4.57
Cost of sales		1,941		2,093		1,815		1,850		1,739		1,905		1,768		1,704
Net earnings		120		(735)		241		488		438		726		347		411
Per share (dollars)c		0.07		(0.42)		0.14		0.27		0.25		0.41		0.20		0.23
Adjusted net earningsb		247		220		224		419		463		626		419		513
Per share (dollars)b,c		0.14		0.13		0.13		0.24		0.26		0.35		0.24		0.29
Operating cash flow		776		795		758		924		1,004		1,387		1,050		639
Consolidated capital expendituresd		688		891		792		755		611		669		569		658
Free cash flowb		88		(96)		(34)		169		393		718		481		(19)

^a.  Sum of all the quarters may not add up to the annual total due to rounding.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

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

^d. Amounts presented on a consolidated cash basis.

Our recent financial results reflect our emphasis on cost discipline, an agile management structure that empowers our site based leadership teams and a portfolio of Tier One Gold Assets⁵. This, combined with a trend of historically elevated gold and copper prices, has resulted in strong operating cash flows over several quarters. The positive free cash flow¹ generated, together with the proceeds from various divestitures, have allowed us to continue to reinvest in our business, strengthen our balance sheet and to increase returns to shareholders.

Net earnings has also been impacted by the following items in each quarter, which have been excluded from adjusted net earnings¹. In the first quarter of 2023, we recorded a loss on currency translation of $38 million, mainly related to the devaluation of the Zambian kwacha, and a $30 million commitment towards the expansion of

education infrastructure in Tanzania per our community investment obligations under the Twiga partnership. In the fourth quarter of 2022, we recorded a goodwill impairment of $950 million (net of non-controlling interests) related to Loulo-Gounkoto, a non-current asset impairment of $318 million (net of tax) and a net realizable value impairment of leach pad inventory of $27 million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon. In addition, we recorded an impairment reversal of $120 million and a gain of $300 million following the completion of the transaction allowing for the reconstitution of the Reko Diq project. In the fourth quarter of 2021, we recorded a gain of $118 million (net of tax and non-controlling interest) related to the disposition of Lone Tree.

Internal Control Over Financial Reporting and Disclosure Controls and Procedures

Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures as defined in our 2022 annual MD&A.

Together, the internal control frameworks provide internal control over financial reporting and disclosure. Due to its inherent limitations, internal control over financial reporting and disclosure may not prevent or detect all misstatements. Further, the effectiveness of internal control is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.

There were no changes in our internal controls over financial reporting during the three months ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Under the supervision and with the participation of management, including the President and Chief Executive Officer and Senior Executive Vice-President and Chief Financial Officer, management will continue to monitor and evaluate the design and effectiveness of its internal control over financial reporting and disclosure controls and procedures, and may make modifications from time to time as considered necessary.

BARRICK FIRST QUARTER 2023 53 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

IFRS Critical Accounting Policies and Accounting Estimates

Management has discussed the development and selection of our critical accounting estimates with the Audit & Risk Committee of the Board of Directors, and the Audit & Risk Committee has reviewed the disclosure relating to such estimates in conjunction with its review of this MD&A. The accounting policies and methods we utilize determine how we report our financial condition and results of operations, and they may require management to make estimates or rely on assumptions about matters that are inherently uncertain. The consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB under the historical cost convention, as modified by revaluation of certain financial assets, derivative contracts and post-retirement assets. Our significant accounting policies are disclosed in note 2 of the Financial Statements, including a summary of current and future changes in accounting policies.

Critical Accounting Estimates and Judgments

Certain accounting estimates have been identified as being “critical” to the presentation of our financial condition and results of operations because they require us to make subjective and/or complex judgments about matters that are inherently uncertain; or there is a reasonable likelihood that materially different amounts could be reported under different conditions or using different assumptions and estimates. Our significant accounting judgments, estimates and assumptions are disclosed in note 3 of the accompanying Financial Statements.

Non-GAAP Financial Measures

Adjusted Net Earnings and Adjusted Net Earnings per Share

Adjusted net earnings is a non-GAAP financial measure which excludes the following from net earnings:

∎ Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments;

∎ Acquisition/disposition gains/losses;

∎ Foreign currency translation gains/losses;

∎ Significant tax adjustments;

∎ Other items that are not indicative of the underlying operating performance of our core mining business; and

∎ Tax effect and non-controlling interest of the above items.

Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The tax effect and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick’s share on a post-tax basis, consistent with net earnings.

As noted, we use this measure for internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the types of items we adjust for. Consequently, the presentation of adjusted net earnings enables investors and analysts to better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business segments and a review of the non-GAAP financial measures used by mining industry analysts and other mining companies.

Adjusted net earnings is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

BARRICK FIRST QUARTER 2023 54 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

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

($ millions, except per share amounts in dollars)				For the three months ended
	3/31/23			12/31/22			3/31/22
Net earnings attributable to equity holders of the Company		120			(735	)		438
Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investmentsa		1			1,642			2
Acquisition/disposition gainsb		(3	)		(319	)		(2	)
Loss on currency translation		38			4			3
Significant tax adjustmentsc		48			(4	)		17
Other expense (income) adjustmentsd		63			126			13
Non-controlling intereste		(6	)		(271	)		0
Tax effecte		(14	)		(223	)		(8	)
Adjusted net earnings		247			220			463
Net earnings per sharef		0.07			(0.42	)		0.25
Adjusted net earnings per sharef		0.14			0.13			0.26

^a. For the three month period ended December 31, 2022, net impairment charges mainly 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.

^b. For the three month period ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50%.

^c. For the three month period ended March 31, 2023, significant tax adjustments mainly relate to foreign currency translation gains and losses on tax balances, changes in the discount rate assumptions on our closed mine rehabilitation provision, foreign exchange losses and the remeasurement of deferred tax balances.

^d. For the three month period ended March 31, 2023, other expense (income) adjustments mainly relate to the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the three month period ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero and supplies obsolescence write-off at Bulyanhulu and North Mara. Other expense (income) adjustments for all periods were also impacted by changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera.

^e. Non-controlling interest and tax effect for the three month period ended December 31, 2022 primarily relates to impairment charges (reversals) related to non-current assets.

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

Free Cash Flow

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. 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

($ millions)				For the three months ended
	3/31/23			12/31/22			3/31/22
Net cash provided by operating activities		776			795			1,004
Capital expenditures		(688	)		(891	)		(611	)
Free cash flow		88			(96	)		393

Capital Expenditures

Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures

and this distinction is an input into the calculation of all-in sustaining costs per ounce and all-in 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 measures to the most directly comparable IFRS measure.

BARRICK FIRST QUARTER 2023 55 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Reconciliation of the Classification of Capital Expenditures

($ millions)			For the three months ended
	3/31/23		12/31/22		3/31/22
Minesite sustaining capital expenditures		454		557		420
Project capital expenditures		226		324		186
Capitalized interest		8		10		5
Total consolidated capital expenditures		688		891		611

Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound

Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce are non-GAAP financial measures which are calculated based on the definition published by the WGC (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the WGC. The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis.

Total cash costs start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes by-product credits. All-in sustaining costs start with total cash costs 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.

All-in costs starts with all-in sustaining costs and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures (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) and other non-sustaining costs (primarily non-sustaining leases, exploration and evaluation costs, community relations costs and general and administrative costs that are not associated with current operations). 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.

We believe that our use of total cash costs, all-in sustaining costs and all-in costs 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. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free

cash flow that is being generated by a mine and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization.

Total cash costs per ounce, all-in sustaining costs and all-in costs 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.

In addition to presenting these metrics on a by-product basis, we have calculated these metrics on a co-product basis. Our co-product metrics remove the impact of other metal sales that are produced as a by-product of our gold production from cost per ounce calculations but does not reflect a reduction in costs for costs associated with other metal sales.

C1 cash costs per pound and all-in sustaining costs per pound are non-GAAP financial 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 production taxes 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 and production taxes, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value.

BARRICK FIRST QUARTER 2023 56 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

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

($ millions, except per ounce information in dollars)			For the three months ended
	Footnote		3/31/23			12/31/22			3/31/22
Cost of sales applicable to gold production				1,761			1,890			1,582
Depreciation				(445	)		(506	)		(419	)
Cash cost of sales applicable to equity method investments				63			56			51
By-product credits				(61	)		(69	)		(55	)
Non-recurring items		a		0			(23	)		0
Other		b		0			7			(1	)
Non-controlling interests		c		(378	)		(393	)		(331	)
Total cash costs				940			962			827
General & administrative costs				39			49			54
Minesite exploration and evaluation costs		d		11			23			10
Minesite sustaining capital expenditures		e		454			557			420
Sustaining leases				7			11			9
Rehabilitation - accretion and amortization (operating sites)		f		14			14			11
Non-controlling interest, copper operations and other		g		(159	)		(239	)		(176	)
All-in sustaining costs				1,306			1,377			1,155
Global exploration and evaluation and project expense		d		60			83			57
Community relations costs not related to current operations				0			0			0
Project capital expenditures		e		226			324			186
Non-sustaining leases				0			0			0
Rehabilitation - accretion and amortization (non-operating sites)		f		6			6			3
Non-controlling interest and copper operations and other		g		(88	)		(130	)		(58	)
All-in costs				1,510			1,660			1,343
Ounces sold - equity basis (000s ounces)		h		954			1,111			993
Cost of sales per ounce		i,j		1,378			1,324			1,190
Total cash costs per ounce		j		986			868			832
Total cash costs per ounce (on a co-product basis)		j,k		1,030			908			869
All-in sustaining costs per ounce		j		1,370			1,242			1,164
All-in sustaining costs per ounce (on a co-product basis)		j,k		1,414			1,282			1,201
All-in costs per ounce		j		1,583			1,496			1,353
All-in costs per ounce (on a co-product basis)		j,k		1,627			1,536			1,390

a. 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 the three months ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory at Veladero.

b. Other

Other adjustments for the three month period ended March 31, 2023 include the removal of total cash costs and by-product credits associated with Pierina, Golden Sunlight, and Buzwagi, which all are producing incidental ounces, of $3 million (December 31, 2022: $7 million; March 31, 2022: $3 million).

c. Non-controlling interests

Non-controlling interests include non-controlling interests related to gold production of $529 million for the three month period ended March 31, 2023 (December 31, 2022: $560 million and March 31, 2022: $476 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.

d. Exploration and evaluation costs

Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 48 of this MD&A.

e. Capital expenditures

Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are 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. Significant projects in the current year are the plant expansion project at Pueblo Viejo, the solar projects at NGM and Loulo-Gounkoto, and the Veladero Phase 7 leach pad expansion. Refer to page 47 of this MD&A.

f. Rehabilitation—accretion and amortization

Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.

g. 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 interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina, Golden Sunlight, and Buzwagi. The impact is summarized as the following:

BARRICK FIRST QUARTER 2023 57 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

($ millions)				For the three months ended
Non-controlling interest, copper operations and other	3/31/23			12/31/22			3/31/22
General & administrative costs		(6	)		(8	)		(13	)
Minesite exploration and evaluation expenses		(4	)		(8	)		(3	)
Rehabilitation - accretion and amortization (operating sites)		(5	)		(6	)		(3	)
Minesite sustaining capital expenditures		(144	)		(217	)		(157	)
All-in sustaining costs total		(159	)		(239	)		(176	)
Global exploration and evaluation and project expense		(12	)		(8	)		(4	)
Project capital expenditures		(76	)		(122	)		(54	)
All-in costs total		(88	)		(130	)		(58	)

h. Ounces sold - equity basis

Figures remove the impact of: Pierina and Buzwagi. Some of these assets are producing incidental ounces while in closure or care and maintenance.

i. Cost of sales per ounce

Figures remove the cost of sales impact of: Pierina of $3 million for the three month period ended March 31, 2023 (December 31, 2022: $7 million and March 31, 2022: $3 million); Golden Sunlight of $nil and $nil, respectively, for the three month period ended March 31, 2023 (December 31, 2022: $nil and March 31, 2022: $nil); Buzwagi of $nil for the three month period ended March 31, 2023 (December 31, 2022: $nil and March 31, 2022: $nil), which are producing incidental ounces. 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).

j. Per ounce figures

Cost of sales per ounce, total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

k. Co-product costs per ounce

Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

($ millions)				For the three months ended
	3/31/23			12/31/22			3/31/22
By-product credits		61			69			55
Non-controlling interest		(19	)		(25	)		(19	)
By-product credits (net of non-controlling interest)		42			44			36

BARRICK FIRST QUARTER 2023 58 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

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

($ millions, except per ounce information in dollars)																		For the three months ended 3/31/23
	Footnote		Carlin			Corteza			Turquoise Ridge			Long Canyon			Phoenix			Nevada Gold Minesb			Hemlo			North America
Cost of sales applicable to gold production				393			295			189			6			99			982			59			1,041
Depreciation				(63	)		(91	)		(50	)		(4	)		(19	)		(227	)		(8	)		(235	)
By-product credits				(1	)		(1	)		(1	)		0			(38	)		(41	)		0			(41	)
Non-recurring items		c		0			0			0			0			0			0			0			0
Other		d		(5	)		0			0			0			7			2			0			2
Non-controlling interests				(125	)		(78	)		(53	)		(1	)		(18	)		(275	)		0			(275	)
Total cash costs				199			125			85			1			31			441			51			492
General & administrative costs				0			0			0			0			0			0			0			0
Minesite exploration and evaluation costs		e		8			0			1			0			0			10			0			10
Minesite sustaining capital expenditures		f		116			67			30			0			6			224			12			236
Sustaining capital leases				0			0			0			0			0			0			1			1
Rehabilitation - accretion and amortization (operating sites)		g		3			4			1			0			1			9			0			9
Non-controlling interests				(49	)		(27	)		(13	)		0			(3	)		(94	)		0			(94	)
All-in sustaining costs				277			169			104			1			35			590			64			654
Global exploration and evaluation and project expense		e		0			0			0			0			0			0			0			0
Project capital expenditures		f		0			24			5			0			0			53			0			53
Non-controlling interests				0			(9	)		(2	)		0			0			(20	)		0			(20	)
All-in costs				277			184			107			1			35			623			64			687
Ounces sold - equity basis (000s ounces)				164			137			82			2			26			411			40			451
Cost of sales per ounce		h,i		1,449			1,324			1,412			1,621			2,380			1,461			1,486			1,463
Total cash costs per ounce		i		1,215			913			1,034			579			1,198			1,074			1,291			1,093
Total cash costs per ounce (on a co-product basis)		i,j		1,218			916			1,041			579			1,930			1,124			1,296			1,139
All-in sustaining costs per ounce		i		1,689			1,233			1,271			629			1,365			1,436			1,609			1,451
All-in sustaining costs per ounce (on a co-product basis)		i,j		1,692			1,236			1,278			629			2,097			1,486			1,614			1,497
All-in costs per ounce		i		1,689			1,340			1,306			629			1,365			1,514			1,610			1,522
All-in costs per ounce (on a co-product basis)		i,j		1,692			1,343			1,313			629			2,097			1,564			1,615			1,568
($ millions, except per ounce information in dollars)																		For the three months ended 3/31/23
			Footnote						Pueblo Viejo						Veladero			Latin America & Asia Pacific
Cost of sales applicable to gold production										184						70									254
Depreciation										(64	)					(22	)								(86	)
By-product credits										(12	)					(2	)								(14	)
Non-recurring items				c						0						0									0
Other				d						0						0									0
Non-controlling interests										(44	)					0									(44	)
Total cash costs										64						46									110
General & administrative costs										0						0									0
Minesite exploration and evaluation costs				e						0						1									1
Minesite sustaining capital expenditures				f						52						30									82
Sustaining capital leases										0						1									1
Rehabilitation - accretion and amortization (operating sites)				g						1						0									1
Non-controlling interests										(21	)					0									(21	)
All-in sustaining costs										96						78									174
Global exploration and evaluation and project expense				e						0						0									0
Project capital expenditures				f						61						6									67
Non-controlling interests										(24	)					0									(24	)
All-in costs										133						84									217
Ounces sold - equity basis (000s ounces)										90						44									134
Cost of sales per ounce				h,i						1,241						1,587									1,377
Total cash costs per ounce				i						714						1,035									819
Total cash costs per ounce (on a co-product basis)				i,j						808						1,074									895
All-in sustaining costs per ounce				i						1,073						1,761									1,304
All-in sustaining costs per ounce (on a co-product basis)				i,j						1,167						1,800									1,380
All-in costs per ounce				i						1,481						1,910									1,661
All-in costs per ounce (on a co-product basis)				i,j						1,575						1,949									1,737

BARRICK FIRST QUARTER 2023 59 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

($ millions, except per ounce information in dollars)											For the three months ended 3/31/23
	Footnote	Loulo- Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu			Africa & Middle East
Cost of sales applicable to gold production			215			91			83			83			74			546
Depreciation			(71	)		(25	)		(19	)		(15	)		(16	)		(146	)
By-product credits			0			0			(1	)		0			(5	)		(6	)
Non-recurring items	c		0			0			0			0			0			0
Other	d		0			0			0			0			0			0
Non-controlling interests			(29	)		0			(10	)		(7	)		(8	)		(54	)
Total cash costs			115			66			53			61			45			340
General & administrative costs			0			0			0			0			0			0
Minesite exploration and evaluation costs	e		0			0			0			0			0			0
Minesite sustaining capital expenditures	f		55			12			30			4			19			120
Sustaining capital leases			1			0			0			0			0			1
Rehabilitation - accretion and amortization (operating sites)	g		0			0			1			1			0			2
Non-controlling interests			(11	)		0			(5	)		0			(3	)		(19	)
All-in sustaining costs			160			78			79			66			61			444
Global exploration and evaluation and project expense	e		0			0			0			0			0			0
Project capital expenditures	f		49			7			12			0			5			73
Non-controlling interests			(10	)		0			(2	)		0			(1	)		(13	)
All-in costs			199			85			89			66			65			504
Ounces sold - equity basis (000s ounces)			134			67			70			52			46			369
Cost of sales per ounce	h,i		1,275			1,367			987			1,453			1,358			1,272
Total cash costs per ounce	i		855			987			759			1,182			982			922
Total cash costs per ounce (on a co-product basis)	i,j		855			993			765			1,185			1,070			936
All-in sustaining costs per ounce	i		1,190			1,177			1,137			1,284			1,332			1,208
All-in sustaining costs per ounce (on a co-product basis)	i,j		1,190			1,183			1,143			1,287			1,420			1,222
All-in costs per ounce	i		1,485			1,289			1,278			1,284			1,423			1,374
All-in costs per ounce (on a co-product basis)	i,j		1,485			1,295			1,284			1,287			1,511			1,388

($ millions, except per ounce information in dollars)																	For the three months ended 12/31/22
	Footnote	Carlin			Corteza			Turquoise Ridge			Long Canyon			Phoenix			Nevada Gold Minesb			Hemlo			North America
Cost of sales applicable to gold production			473			287			182			9			97			1,054			55			1,109
Depreciation			(89	)		(97	)		(51	)		(6	)		(18	)		(262	)		(8	)		(270	)
By-product credits			(1	)		0			0			0			(44	)		(45	)		(1	)		(46	)
Non-recurring items	c		0			0			0			0			0			0			0			0
Other	d		(6	)		0			0			0			14			8			0			8
Non-controlling interests			(145	)		(73	)		(51	)		(1	)		(19	)		(291	)		0			(291	)
Total cash costs			232			117			80			2			30			464			46			510
General & administrative costs			0			0			0			0			0			0			0			0
Minesite exploration and evaluation costs	e		6			1			2			1			0			10			1			11
Minesite sustaining capital expenditures	f		138			37			24			0			3			208			11			219
Sustaining capital leases			0			0			0			0			1			2			0			2
Rehabilitation - accretion and amortization (operating sites)	g		2			4			1			0			0			7			1			8
Non-controlling interests			(56	)		(17	)		(10	)		(1	)		(2	)		(91	)		0			(91	)
All-in sustaining costs			322			142			97			2			32			600			59			659
Global exploration and evaluation and project expense	e		0			0			0			0			0			0			0			0
Project capital expenditures	f		0			32			15			0			0			68			0			68
Non-controlling interests			0			(12	)		(7	)		0			0			(27	)		0			(27	)
All-in costs			322			162			105			2			32			641			59			700
Ounces sold - equity basis (000s ounces)			266			137			74			3			31			511			38			549
Cost of sales per ounce	h,i		1,081			1,284			1,518			1,812			1,901			1,257			1,451			1,271
Total cash costs per ounce	i		878			848			1,089			616			946			906			1,227			928
Total cash costs per ounce (on a co-product basis)	i,j		879			850			1,092			616			1,533			943			1,233			963
All-in sustaining costs per ounce	i		1,217			1,037			1,304			664			1,037			1,179			1,557			1,205
All-in sustaining costs per ounce (on a co-product basis)	i,j		1,218			1,039			1,307			664			1,624			1,216			1,563			1,240
All-in costs per ounce	i		1,217			1,175			1,424			664			1,037			1,260			1,558			1,280
All-in costs per ounce (on a co-product basis)	i,j		1,218			1,177			1,427			664			1,624			1,297			1,564			1,315

BARRICK FIRST QUARTER 2023 60 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

($ millions, except per ounce information in dollars)					For the three months ended 12/31/22
	Footnote	Pueblo Viejo			Veladero			Latin America & Asia Pacific
Cost of sales applicable to gold production			193			122			315
Depreciation			(60	)		(47	)		(107	)
By-product credits			(12	)		(1	)		(13	)
Non-recurring items	c		0			(23	)		(23	)
Other	d		0			0			0
Non-controlling interests			(48	)		0			(48	)
Total cash costs			73			51			124
General & administrative costs			0			0			0
Minesite exploration and evaluation costs	e		1			1			2
Minesite sustaining capital expenditures	f		47			29			76
Sustaining capital leases			0			0			0
Rehabilitation - accretion and amortization (operating sites)	g		0			0			0
Non-controlling interests			(19	)		0			(19	)
All-in sustaining costs			102			81			183
Global exploration and evaluation and project expense	e		1			0			1
Project capital expenditures	f		110			10			120
Non-controlling interests			(45	)		0			(45	)
All-in costs			168			91			259
Ounces sold - equity basis (000s ounces)			96			53			149
Cost of sales per ounce	h,i		1,215			2,309			1,614
Total cash costs per ounce	i		764			954			829
Total cash costs per ounce (on a co-product basis)	i,j		835			990			888
All-in sustaining costs per ounce	i		1,065			1,526			1,231
All-in sustaining costs per ounce (on a co-product basis)	i,j		1,136			1,562			1,290
All-in costs per ounce	i		1,757			1,731			1,821
All-in costs per ounce (on a co-product basis)	i,j		1,828			1,767			1,880

($ millions, except per ounce information in dollars)											For the three months ended 12/31/22
	Footnote	Loulo-     Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu			Africa & Middle East
Cost of sales applicable to gold production			215			149			86			92			71			613
Depreciation			(70	)		(90	)		(22	)		(20	)		(14	)		(216	)
By-product credits			0			0			(1	)		(1	)		(6	)		(8	)
Non-recurring items	c		0			0			0			0			0			0
Other	d		0			0			0			0			0			0
Non-controlling interests			(29	)		0			(10	)		(7	)		(8	)		(54	)
Total cash costs			116			59			53			64			43			335
General & administrative costs			0			0			0			0			0			0
Minesite exploration and evaluation costs	e		3			1			1			1			3			9
Minesite sustaining capital expenditures	f		45			28			43			20			26			162
Sustaining capital leases			1			2			0			0			0			3
Rehabilitation - accretion and amortization (operating sites)	g		0			1			2			0			0			3
Non-controlling interests			(9	)		0			(7	)		(2	)		(4	)		(22	)
All-in sustaining costs			156			91			92			83			68			490
Global exploration and evaluation and project expense	e		0			0			0			0			0			0
Project capital expenditures	f		50			7			18			0			8			83
Non-controlling interests			(10	)		0			(3	)		0			(2	)		(15	)
All-in costs			196			98			107			83			74			558
Ounces sold - equity basis (000s ounces)			141			94			70			59			49			413
Cost of sales per ounce	h,i		1,216			1,570			1,030			1,381			1,237			1,291
Total cash costs per ounce	i		822			617			758			1,070			896			808
Total cash costs per ounce (on a co-product basis)	i,j		822			621			764			1,073			993			822
All-in sustaining costs per ounce	i		1,102			981			1,301			1,404			1,401			1,186
All-in sustaining costs per ounce (on a co-product basis)	i,j		1,102			985			1,307			1,407			1,498			1,200
All-in costs per ounce	i		1,386			1,044			1,519			1,404			1,536			1,351
All-in costs per ounce (on a co-product basis)	i,j		1,386			1,048			1,525			1,407			1,633			1,365

BARRICK FIRST QUARTER 2023 61 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

($ millions, except per ounce information in dollars)																	For the three months ended 3/31/22
	Footnote	Carlin			Corteza			Turquoise Ridge			Long   Canyon			Phoenix			Nevada Gold Minesb			Hemlo			North     America
Cost of sales applicable to gold production			379			214			149			45			79			866			54			920
Depreciation			(69	)		(62	)		(42	)		(31	)		(18	)		(222	)		(7	)		(229	)
By-product credits			0			(1	)		0			0			(34	)		(35	)		0			(35	)
Non-recurring items	c		0			0			0			0			0			0			0			0
Other	d		0			0			0			0			2			2			0			2
Non-controlling interests			(119	)		(58	)		(41	)		(5	)		(11	)		(234	)		0			(234	)
Total cash costs			191			93			66			9			18			377			47			424
General & administrative costs			0			0			0			0			0			0			0			0
Minesite exploration and evaluation costs	e		2			3			0			0			0			5			1			6
Minesite sustaining capital expenditures	f		111			66			26			0			5			209			13			222
Sustaining capital leases			0			0			0			0			1			2			1			3
Rehabilitation - accretion and amortization (operating sites)	g		2			2			0			0			1			5			0			5
Non-controlling interests			(45	)		(28	)		(10	)		0			(3	)		(87	)		0			(87	)
All-in sustaining costs			261			136			82			9			22			511			62			573
Global exploration and evaluation and project expense	e		0			0			0			0			0			0			0			0
Project capital expenditures	f		0			20			10			0			0			49			0			49
Non-controlling interests			0			(8	)		(4	)		0			0			(19	)		0			(19	)
All-in costs			261			148			88			9			22			541			62			603
Ounces sold - equity basis (000s ounces)			230			118			64			25			21			458			31			489
Cost of sales per ounce	h,i		1,015			1,113			1,436			1,093			2,253			1,169			1,727			1,205
Total cash costs per ounce	i		829			784			1,030			342			835			820			1,503			863
Total cash costs per ounce (on a co-product basis)	i,j		830			790			1,035			343			1,730			865			1,512			905
All-in sustaining costs per ounce	i		1,139			1,150			1,281			366			1,027			1,118			1,982			1,173
All-in sustaining costs per ounce (on a co-product basis)	i,j		1,140			1,156			1,286			367			1,922			1,163			1,991			1,215
All-in costs per ounce	i		1,139			1,257			1,376			366			1,027			1,184			1,983			1,235
All-in costs per ounce (on a co-product basis)	i,j		1,140			1,263			1,381			367			1,922			1,229			1,992			1,277

($ millions, except per ounce information in dollars)					For the three months ended 3/31/22
	Footnote	Pueblo Viejo			Veladero			Latin America & Asia Pacific
Cost of sales applicable to gold production			187			54			241
Depreciation			(58	)		(19	)		(77	)
By-product credits			(11	)		(1	)		(12	)
Non-recurring items	c		0			0			0
Other	d		0			0			0
Non-controlling interests			(47	)		0			(47	)
Total cash costs			71			34			105
General & administrative costs			0			0			0
Minesite exploration and evaluation costs	e		0			0			0
Minesite sustaining capital expenditures	f		44			28			72
Sustaining capital leases			0			1			1
Rehabilitation - accretion and amortization (operating sites)	g		2			1			3
Non-controlling interests			(18	)		0			(18	)
All-in sustaining costs			99			64			163
Global exploration and evaluation and project expense	e		0			0			0
Project capital expenditures	f		79			8			87
Non-controlling interests			(32	)		0			(32	)
All-in costs			146			72			218
Ounces sold - equity basis (000s ounces)			104			39			143
Cost of sales per ounce	h,i		1,077			1,348			1,176
Total cash costs per ounce	i		682			847			728
Total cash costs per ounce (on a co-product basis)	i,j		744			867			778
All-in sustaining costs per ounce	i		948			1,588			1,133
All-in sustaining costs per ounce (on a co-product basis)	i,j		1,010			1,608			1,183
All-in costs per ounce	i		1,401			1,794			1,520
All-in costs per ounce (on a co-product basis)	i,j		1,463			1,814			1,570

BARRICK FIRST QUARTER 2023 62 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

($ millions, except per ounce information in dollars)											For the three months ended 3/31/22
	Footnote	Loulo-     Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu			Africa & Middle East
Cost of sales applicable to gold production			186			83			60			85			79			493
Depreciation			(63	)		(28	)		(10	)		(15	)		(17	)		(133	)
By-product credits			0			0			0			0			(7	)		(7	)
Non-recurring items	c		0			0			0			0			0			0
Other	d		0			0			0			0			0			0
Non-controlling interests			(25	)		0			(8	)		(7	)		(9	)		(49	)
Total cash costs			98			55			42			63			46			304
General & administrative costs			0			0			0			0			0			0
Minesite exploration and evaluation costs	e		2			3			1			1			0			7
Minesite sustaining capital expenditures	f		42			15			9			4			9			79
Sustaining capital leases			0			0			0			0			0			0
Rehabilitation - accretion and amortization (operating sites)	g		1			0			1			0			0			2
Non-controlling interests			(9	)		0			(2	)		(1	)		(2	)		(14	)
All-in sustaining costs			134			73			51			67			53			378
Global exploration and evaluation and project expense	e		0			0			0			0			0			0
Project capital expenditures	f		22			4			13			0			4			43
Non-controlling interests			(4	)		0			(2	)		0			0			(6	)
All-in costs			152			77			62			67			57			415
Ounces sold - equity basis (000s ounces)			137			73			58			38			55			361
Cost of sales per ounce	h,i		1,088			1,137			852			2,036			1,216			1,178
Total cash costs per ounce	i		721			744			709			1,667			847			842
Total cash costs per ounce (on a co-product basis)	i,j		721			749			715			1,670			956			861
All-in sustaining costs per ounce	i		982			996			874			1,803			984			1,053
All-in sustaining costs per ounce (on a co-product basis)	i,j		982			1,001			880			1,806			1,093			1,072
All-in costs per ounce	i		1,110			1,045			1,057			1,803			1,052			1,152
All-in costs per ounce (on a co-product basis)	i,j		1,110			1,050			1,063			1,806			1,161			1,171

a. Includes Goldrush.

b. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon.

c. 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 at Veladero for the three months ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory.

d. Other

Other adjustments for the three month period ended March 31, 2023 at Carlin include the removal of total cash costs and by-product credits associated with Emigrant starting the second quarter of 2022, which is producing incidental ounces.

e. Exploration and evaluation costs

Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 48 of this MD&A.

f. Capital expenditures

Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are 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. Significant projects in the current year are the plant expansion project at Pueblo Viejo, the solar projects at NGM and Loulo-Gounkoto, and the Veladero Phase 7 leach pad expansion. Refer to page 47 of this MD&A.

g. Rehabilitation - accretion and amortization

Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.

h. Cost of sales per ounce

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

i. Per ounce figures

Cost of sales per ounce, total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

j. Co-product costs per ounce

Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

BARRICK FIRST QUARTER 2023 63 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

($ millions)										For the three months ended 3/31/23
	Carlin			Corteza		Turquoise Ridge		Long     Canyon		Phoenix			Nevada Gold Minesb			Hemlo
By-product credits		1			1		1		0		38			41			0
Non-controlling interest		0			0		0		0		(14	)		(14	)		0
By-product credits (net of non-controlling interest)		1			1		1		0		24			27			0
($ millions)										For the three months ended 3/31/23
	Pueblo Viejo			Veladero		Loulo- Gounkoto		Kibali		North Mara			Tongon			Bulyanhulu
By-product credits		12			2		0		0		1			0			5
Non-controlling interest		(4	)		0		0		0		0			0			(1	)
By-product credits (net of non-controlling interest)		8			2		0		0		1			0			4
($ millions)										For the three months ended 12/31/22
	Carlin			Corteza		Turquoise Ridge		Long Canyon		Phoenix			Nevada Gold Minesb			Hemlo
By-product credits		1			0		0		0		44			45			1
Non-controlling interest		0			0		0		0		(17	)		(17	)		0
By-product credits (net of non-controlling interest)		1			0		0		0		27			28			1
($ millions)										For the three months ended 12/31/22
	Pueblo Viejo			Veladero		Loulo- Gounkoto		Kibali		North Mara			Tongon			Bulyanhulu
By-product credits		12			1		0		0		1			1			6
Non-controlling interest		(5	)		0		0		0		0			0			(1	)
By-product credits (net of non-controlling interest)		7			1		0		0		1			1			5
($ millions)										For the three months ended 3/31/22
	Carlin			Corteza		Turquoise Ridge		Long Canyon		Phoenix			Nevada Gold Minesb			Hemlo
By-product credits		0			1		0		0		34			35			0
Non-controlling interest		0			0		0		0		(13	)		(13	)		0
By-product credits (net of non-controlling interest)		0			1		0		0		21			22			0
($ millions)										For the three months ended 3/31/22
	Pueblo Viejo			Veladero		Loulo- Gounkoto		Kibali		North Mara			Tongon			Bulyanhulu
By-product credits		11			1		0		0		0			0			7
Non-controlling interest		(4	)		0		0		0		0			0			(1	)
By-product credits (net of non-controlling interest)		7			1		0		0		0			0			6

BARRICK FIRST QUARTER 2023 64 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

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

($ millions, except per pound information in dollars)	For the three months ended
	3/31/23			12/31/22			3/31/22
Cost of sales		174			197			154
Depreciation/amortization		(44	)		(92	)		(38	)
Treatment and refinement charges		43			47			51
Cash cost of sales applicable to equity method investments		87			90			72
Less: royalties		(15	)		(16	)		(32	)
By-product credits		(4	)		(3	)		(3	)
Other		0			0			0
C1 cash costs		241			223			204
General & administrative costs		6			8			12
Rehabilitation - accretion and amortization		2			2			1
Royalties		15			16			32
Minesite exploration and evaluation costs		2			6			3
Minesite sustaining capital expenditures		33			139			67
Sustaining leases		3			2			1
All-in sustaining costs		302			396			320
Pounds sold - consolidated basis (millions pounds)		89			99			113
Cost of sales per pounda,b		3.22			3.19			2.21
C1 cash costs per pounda		2.71			2.25			1.81
All-in sustaining costs per pounda		3.40			3.98			2.85

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).

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

($ millions, except per pound information in dollars)	For the three months ended
	3/31/23									12/31/22									3/31/22
	Zaldívar			Lumwana			Jabal   Sayid			Zaldívar			Lumwana			Jabal   Sayid			Zaldívar			Lumwana			Jabal   Sayid
Cost of sales		87			174			26			86			197			34			73			154			22
Depreciation/amortization		(20	)		(44	)		(6	)		(21	)		(92	)		(9	)		(18	)		(38	)		(5	)
Treatment and refinement charges		0			36			7			0			40			7			0			46			5
Less: royalties		0			(15	)		0			0			(16	)		0			0			(32	)		0
By-product credits		0			0			(4	)		0			0			(3	)		0			0			(3	)
Other		0			0			0			0			0			0			0			0			0
C1 cash costs		67			151			23			65			129			29			55			130			19
Rehabilitation - accretion and amortization		0			2			0			0			1			1			0			1			0
Royalties		0			15			0			0			16			0			0			32			0
Minesite exploration and evaluation costs		2			0			0			2			4			0			3			0			0
Minesite sustaining capital expenditures		5			26			2			19			118			2			9			57			1
Sustaining leases		0			1			2			1			1			0			0			1			0
All-in sustaining costs		74			195			27			87			269			32			67			221			20
Pounds sold - consolidated basis (millions pounds)		23			49			17			24			55			20			26			70			17
Cost of sales per pounda,b		3.73			3.56			1.53			3.55			3.56			1.72			2.85			2.20			1.30
C1 cash costs per pounda		2.86			3.09			1.39			2.69			2.34			1.42			2.15			1.86			1.10
All-in sustaining costs per pounda		3.22			3.98			1.61			3.60			4.86			1.54			2.64			3.16			1.17

^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).

EBITDA and Adjusted EBITDA

EBITDA is a non-GAAP financial measure, which excludes the following from net earnings:

∎ Income tax expense;

∎ Finance costs;

∎ Finance income; and

∎ Depreciation.

Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently

BARRICK FIRST QUARTER 2023 65 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company.

Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of 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 do not necessarily reflect the underlying operating results for the periods presented.

EBITDA and adjusted EBITDA 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 and adjusted 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 and adjusted EBITDA differently.

Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

($ millions)	For the three months ended
	3/31/23			12/31/22			3/31/22
Net earnings (loss)		269			(816	)		706
Income tax expense		205			(131	)		301
Finance costs, neta		37			31			76
Depreciation		495			604			460
EBITDA		1,006			(312	)		1,543
Impairment charges (reversals) of non-current assetsb		1			1,642			2
Acquisition/disposition gainsc		(3	)		(319	)		(2	)
Loss on currency translation		38			4			3
Other expense (income) adjustmentsd		63			126			13
Income tax expense, net finance costsa, and depreciation from equity investees		78			145			86
Adjusted EBITDA		1,183			1,286			1,645

^a.  Finance costs exclude accretion.

^b.  For the three month period ended December 31, 2022, net impairment charges mainly 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.

^c.  For the three month period ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50%.

^d.  For the three month period ended March 31, 2023, other expense (income) adjustments mainly relate to the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the three month period ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero and supplies obsolescence write-off at Bulyanhulu and North Mara. Other expense (income) adjustments for all periods were also impacted by changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera.

Reconciliation of Income to EBITDA by operating site

($ millions)	For the three months ended 3/31/23
	Carlin (61.5%)		Corteza (61.5%)		Turquoise Ridge (61.5%)		Nevada  Gold Minesb (61.5%)		Pueblo Viejo (60%)		Loulo- Gounkoto (80%)		Kibali (45%)		North Mara (84%)		Bulyanhulu (84%)		Lumwana (100%)
Income (loss)		66		78		40		189		61		85		33		47		17		(12	)
Depreciation		39		56		31		140		39		56		25		16		13		44
EBITDA		105		134		71		329		100		141		58		63		30		32

	For the three months ended 12/31/22
	Carlin (61.5%)		Corteza (61.5%)		Turquoise Ridge (61.5%)		Nevada Gold Minesb (61.5%)		Pueblo Viejo (60%)		Loulo- Gounkoto (80%)		Kibali (45%)		North Mara (84%)		Bulyanhulu (84%)		Lumwana (100%)
Income (loss)		171		63		17		264		47		70		7		25		13		(35	)
Depreciation		55		59		32		162		36		55		90		18		12		92
EBITDA		226		122		49		426		83		125		97		43		25		57

BARRICK FIRST QUARTER 2023 66 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

	For the three months ended 3/31/22
	Carlin (61.5%)		Corteza (61.5%)		Turquoise Ridge (61.5%)		Nevada Gold Minesb (61.5%)		Pueblo Viejo (60%)		Loulo- Gounkoto (80%)		Kibali (45%)		North Mara (84%)		Bulyanhulu (84%)		Lumwana (100%)
Income		215		92		28		363		89		106		41		58		43		133
Depreciation		42		38		26		139		35		50		28		8		14		38
EBITDA		257		130		54		502		124		156		69		66		57		171

a. Includes Goldrush.

b. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon.

Realized Price

Realized price is a non-GAAP financial measure which excludes from sales:

∎ Treatment and refining charges; and

∎ Cumulative catch-up adjustment to revenue relating to our streaming arrangements.

We believe this provides investors and analysts with a more accurate measure with which to compare to market gold prices and to assess our gold sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our Company’s past performance and is a better indicator of its expected performance in future periods.

The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure.

Reconciliation of Sales to Realized Price per ounce/pound

($ millions, except per ounce/pound information in dollars)	Gold									Copper
	For the three months ended
	3/31/23			12/31/22			3/31/22			3/31/23		12/31/22		3/31/22
Sales		2,411			2,535			2,511			171		170		287
Sales applicable to non-controlling interests		(723	)		(785	)		(787	)		0		0		0
Sales applicable to equity method investmentsa,b		126			164			136			160		160		188
Sales applicable to sites in closure or care and maintenancec		(7	)		(11	)		0			0		0		0
Treatment and refinement charges		7			15			3			43		47		51
Revenues – as adjusted		1,814			1,918			1,863			374		377		526
Ounces/pounds sold (000s ounces/millions pounds)c		954			1,111			993			89		99		113
Realized gold/copper price per ounce/poundd		1,902			1,728			1,876			4.20		3.81		4.68

^a.  Represents sales of $126 million for the three month period ended March 31, 2023 (December 31, 2022: $164 million and March 31, 2022: $137 million) applicable to our 45% equity method investment in Kibali for gold. Represents sales of $98 million for the three months ended March 31, 2023 (December 31, 2022: $91 million and March 31, 2022: $118 million) applicable to our 50% equity method investment in Zaldívar and $69 million (December 31, 2022: $74 million and March 31, 2022: $75 million) applicable to our 50% equity method investment in Jabal Sayid for copper.

^b.  Sales applicable to equity method investments are net of treatment and refinement charges.

^c.  Excludes Pierina, which is producing incidental ounces while in closure.

^d.  Realized price per ounce/pound may not calculate based on amounts presented in this table due to rounding.

BARRICK FIRST QUARTER 2023 67 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Technical Advisor to Barrick – 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, 2022.

Endnotes

¹  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 54 to 67 of this MD&A.

²  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). References to attributable basis means our 100% share of Hemlo and Lumwana, 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 50% share of Veladero, Zaldívar and Jabal Sayid, our 47.5% share of Porgera and our 45% share of Kibali.

³  Total reportable incident frequency rate (“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. Lost time injury frequency rate (“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.

⁴  Class 1 - High Significance is defined as an incident that causes significant negative impacts on human health or the environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.

⁵  A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. A Tier One Copper Asset is an asset with a reserve potential of greater than five million tonnes of contained copper and C1 cash costs per pound over the mine life that are in the lower half of the industry cost curve.

⁶  See the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March 17, 2023, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 17, 2023.

⁷  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, 2022, unless otherwise noted. Pueblo Viejo proven reserves of 35 million tonnes grading 2.29 g/t, representing 2.6 million ounces of gold; probable reserves of 140 million tonnes grading 2.16 g/t, representing 9.7 million ounces of gold; measured resources of 46 million tonnes grading 2.08 g/t, representing 3.1 million ounces of gold; indicated resources of 190 million tonnes grading 1.99 g/t, representing 12 million ounces of gold; and inferred resources of 4.6 million tonnes grading 1.8 g/t, representing 0.26 million ounces of gold. Complete mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 37 to 46 of Barrick’s 2022 Annual Information Form and Form 40-F filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

⁸  Fallon (North Leeville) Significant Intercepts^a

Drill Results from Q1 2023
Drill Holeb	Azimuth	Dip	Interval (m)	Width (m)c	True Width (m)c	Ag (g/t)
NLX-22016	255	(80)	793.4 - 801.6	8.2	8.2	24.89
			791.0 - 797.5	6.6	6.5	4.80
			803.5 - 806.8	3.4	3.3	5.21
			897.6 - 902.2	4.6	4.5	7.34
			923.2 - 926.6	3.4	3.3	5.90
NLX-22019	265	(73)	934.5 - 938.0	3.5	3.5	5.07
			848.9 - 880.6	31.7	30.6	7.75
			883.0 - 893.4	10.4	10.0	7.13
NLX-22020A	90	(45)	894.9 - 898.9	4.0	3.8	9.33

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NLX-22013B	306	(79)	811.7 - 839.1	27.4	26.3	19.57
NLX-22015	115	(79)	787 .0 - 806.8	19.8	19.7	15.59

a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters; internal dilution is less than 20% total width.

b. Carlin Trend drill hole nomenclature: Project (NLX - North Leeville Exploration) followed by the year (22 for 2022) then hole number.

c. True width for NLX drillholes has been estimated based on the latest geological and ore controls model and it is subject to refinement as additional data becomes available.

The drilling results for Leeville contained in this MD&A have been prepared in accordance with National Instrument 43-101 –Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

⁹  Miramar (North Turf) Significant Intercepts^a

Drill Results from Q1 2023
Drill Holeb	Azimuth	Dip	Interval (m)	Width (m)c	True Width (m)c	Au (g/t)
			151-.5 - 155.4	4.0	2.0	5.01
NTC-22028	41	(24)	158.5 - 170.1	11.6	5.8	5.25
			96.0 - 101.2	5.2	5.1	7.68
			107.6 - 144.5	36.9	36.3	12.37
NTC-22044	265	(42)	168.2 - 172.2	4.0	3.9	24.27
			70.7 - 76.8	6.1	2.6	15.74
NTC-22046	69	(35)	286.2 - 289.9	3.7	2.8	5.14
NTC-22048	53	(70)	128.0 - 135.6	7.6	7.6	3.45
			115.8 - 140.8	25.0	24.6	23.97
			146.0 - 153.0	7.0	6.9	25.06
			160.0 - 163.1	3.0	3.0	8.19
NTC-22003	288	(35)	227.7 - 230.4	2.7	1.2	22.56
			107.0 - 113.4	6.4	4.9	7.16
NTC-22047A	300	(43)	118.0 - 155.1	37.2	28.5	12.49
			16.2 - 21.6	5.5	4.2	9.09
			132.6 - 142.3	9.8	5.6	4.36
			155.3 - 177.7	22.4	22.1	20.07
NTC-22052	87	(27)	183.8 - 201.2	17.4	16.3	13.99
			149.4 - 154.8	5.5	2.3	11.48
			169.2 - 173.4	4.3	1.8	3.87
			191.7 - 196.6	4.9	2.1	10.10
			199.6 - 202.4	2.7	1.2	13.99
			208.8 - 211.5	2.7	1.2	8.49
			213.1 - 217.6	4.6	1.9	4.74
NTC-22057	108	(12)	220.4 - 224.0	3.7	1.5	5.92
			74.4 - 81.7	7.3	4.9	14.17
NTC-22025	265	(42)	96.6 - 178.0	81.4	54.5	13.20
			142.6 - 176.2	33.5	32.4	9.22
			198.1 - 204.2	6.1	5.9	7.82
			214.0 - 217.3	3.4	3.2	5.58
NTC-22015	85	(28)	259.1 - 267.9	8.8	8.3	8.36
NTC-22036	90	(66)	126.2 - 150.0	23.8	23.7	5.99
			91.3 - 126.2	34.9	34.4	9.21
			136.9 - 143.0	6.1	6.0	7.02
NTC-22037	90	(55)	146.0 - 153.6	7.6	7.5	6.31
			75.4 - 87.5	12.0	11.9	4.01
			92.4 - 103.3	11.0	10.8	5.93
NTC-22039	245	(73)	105.5 - 114	8.5	8.4	6.79
NTC-22041	93	(47)	133.2 - 137.9	4.7	4.7	5.31

a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 meters; internal dilution is less than 20% total width.

b. Carlin Trend drill hole nomenclature: Project area (NTC – North Turf Core) followed by the year (22 for 2022) then hole number.

c. True width (TW) for NTC drillholes has been estimated based on the latest geological and ore controls model and it is subject to refinement as additional data becomes available.

BARRICK FIRST QUARTER 2023 69 MANAGEMENT’S DISCUSSION AND ANALYSIS

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The drilling results for Leeville contained in this MD&A have been prepared in accordance with National Instrument 43-101 –Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

¹⁰ Ren Significant Intercepts^a

Drill Results from Q1 2023
Drill Holeb	Azimuth	Dip	Interval (m)	Width (m)c	True Width (m)c	Au (g/t)
MRC-22006	86	(28)	224.6 - 227.7	3.0	3.0	7.34
			94.5 - 114	19.5	12.7	34.94
			129.5 - 133.2	3.7	3.0	12.17
MRC-22008	123	(25)	136.2 - 139.3	3.0	3.0	15.81
			309.4 - 315.5	6.1	4.6	6.99
			322.5 - 348.4	25.9	10.7	6.72
			353.4 - 362.1	8.7	7.6	5.62
MRC-22013	276	(9)	367.9 - 378.6	10.7	7.6	5.86

a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters; internal dilution is less than 20% total width.

b. Carlin Trend drill hole nomenclature: Project area (MRC - Ren Underground) followed by the year (22 for 2022) then hole number.

c. True width for these MRC drillholes are uncertain at this stage.

The drilling results for Ren contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

¹¹ CHUG Hanson Significant Intercepts^a

Drill Results from Q1 2023
Drill Holeb	Azimuth	Dip	Interval (m)	Width (m)c	Au (g/t)
			346.8 - 350.8	4	4.75
			358.1 - 359.8	1.7	17.21
			381.6 - 387.1	5.5	5.86
CMX-22013	233	(44)	415.3 - 417	1.7	4.90
			460 - 461.4	1.4	6.51
			488.6 - 498.8	10.2	5.03
			514.3 - 516.3	2	6.75
CMX-22014	244	(44)	523 - 525.4	2.4	8.96
CMX-22015	257	(39)	466.3 - 467.8	1.5	8.61
			479.4 - 480.6	2	11.78
			519 - 521.9	2.9	5.13
			568.4 - 593.1	24.7	6.67
			596.8 - 599.5	2.7	5.75
CMX-22016	216	(42)	601 - 602.4	1.4	3.55
CMX-22017	204	(42)	515.7 - 527.9	12.2	7.60
			381.4 - 384.3	2.9	11.23
CMX-22018	220	(49)	385.9 - 387.4	1.5	3.46
			607.5 - 609.1	1.6	4.53
			610.3 - 611.7	1.4	4.97
CMX-22019	219	(45)	616.3 - 636.4	20.1	9.64
			447.8 - 449.4	1.5	6.48
			488.1 - 489.9	1.8	4.94
CMX-22020	197	(44)	643.7 - 645.2	1.5	4.96
			392 - 414.2	23.8	6.00
			529 - 531.9	2.9	11.24
CMX-22023	273	(74)	536.2 - 538.5	2.3	4.82
CMX-22025	250	(54)	483.4 - 484.8	1.4	12.38
			437.2 - 443.8	6.6	12.71

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			478.5 - 481.5	3	7.64
CMX-22026	191	(65)	502.3 - 521.9	19.6	11.67

a. All intercepts calculated using a 3.42 g/t Au cutoff and are uncapped; minimum intercept width is 1.4 meters; internal dilution is less than 20% total width.

b. Cortez drill hole nomenclature: Project (CMX - CHUG Minex) followed by the year (22 for 2022) then hole number.

c. True width of intercepts are uncertain at this stage.

The drilling results for Cortez contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Cortez conform to industry accepted quality control methods.

¹² Turquoise Ridge Significant Intercepts^a

Drill Results from Q1 2023
Drill Holeb	Azimuth	Dip	Interval (m)	Width (m)c	True Width (m)c	Au (g/t)
			404.4 - 409.3	4.9	3.9	6.75
TSM-22013	179	(83)	419.2 - 437.0	17.8	14.0	12.05
TSM-22107	180	(65)	531.3 - 536.0	4.7	4.3	29.54
			461.7 - 469.2	7.5	7.0	5.85
			475.8 - 480.0	4.2	3.9	25.44
TSM-22108	180	(80)	493.6 - 497.6	4.0	3.8	11.52
			457.0 - 459.2	2.2	2.0	15.66
			465.2 - 471.3	6.2	5.6	6.14
TSM-22109	180	(75)	486.0 - 489.0	3.0	2.7	10.82
			424.1 - 425.9	1.8	1.4	18.00
TSM-22115	179	(83)	512.5 - 517.4	4.9	3.9	5.21
TSM-22001	179	(72)	487.8 - 495.1	7.3	6.8	4.03
			486.9 - 497.7	10.9	9.9	19.06
TSM-22003A	179	(83)	540.4 - 543.3	2.9	2.6	6.56
			474.3 - 491.9	17.5	14.0	10.39
			530.8 - 533.3	2.5	2.0	28.54
TSM-22004	179	(90)	541.6 - 545.1	3.5	2.8	7.79
			202.4 - 215.6	13.2	12.9	7.60
			221.8 - 230.8	9.0	8.8	6.56
TUM-22225	185	(74)	237.5 - 245.3	7.8	7.6	6.35
			21.7 - 26.8	5.1	2.7	12.64
TUM-22816	222	(30)	55.8 - 65.9	10.1	3.8	20.77
TUM-22807	170	(36)	27.4 - 37.8	10.4	7.3	7.62
			49.5 - 54.9	5.4	4.4	7.99
			59.5 - 70.1	10.7	5.2	10.35
TUM-22808	170	(22)	74.7 - 83.8	9.1	6.8	5.50
			137.5 - 155.8	18.3	8.5	21.03
TUM-22703A	292	(31)	219.1 - 238.1	19.0	13.1	9.83

a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 1.0 meter; internal dilution is less than 20% total width.

b. Turquoise Ridge drill hole nomenclature: Project (TSM - Turquoise Surface Minex, TUM - Turquoise Underground Minex). First two numbers indicate year drilled.

c. True width of intercepts have been estimated based on the current geological model.

The drilling results for Turquoise Ridge contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Turquoise Ridge conform to industry accepted quality control methods.

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¹³ Morro Escondido - Veladero District Significant Intercepts^a

Drill Results from Q1 2023
Drill Holeb	Azimuth	Dip	Interval (m)	Width (m)c	Au (g/t)	Interval (m)	Including     Width (m)c	Au (g/t)
			113.2 - 135.7	22.5	0.51	124.0 - 125.0	1	4.3
			169.3 - 189.2	19.9	0.49	177.2 - 178.2	1.05	1.23
DDH-MES-05	250	(65)				187.2 - 188.2	1	1.1
DDH-MES-08	305	(65)	147.0 - 229.0	82.0	0.35	184.0 - 186.0	2	1.94
DDH-MES-11	265	(60)	48.8 - 64.5	15.7	0.63	57.1 - 58.5	1.4	2.58
			5.3 - 48.6	43.3	1.17	5.3 - 18.1	12.8	3.18
			110.2 - 225.0	114.8	0.61	126.4 - 134.0	7.55	1.29
						140.0 - 164.0	24	1.02
DDH-MES-12	45	(65)	244.3 - 260.5	16.2	0.95	257.0 - 260.5	3.5	2.99
DDH-MES-14	30	(65)	77.0 - 97.0	20.0	0.32

a. All intercepts calculated using a 0.25 g/t Au cutoff and are uncapped; minimum intercept width is 15 meters; maximum internal dilution of 15 meters below 0.25 g/t Au.

b. Morro Escondido drill hole nomenclature: Drill system Diamond Drill Hole (DDH), Project Name (Morro Escondido - MES) followed by hole number.

c. True width of intercepts are estimated using the core axis and are uncertain at this stage.

d. Drill method is diamond drilling.

The drilling results for Morro Escondido contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by Veladero laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Morro Escondido conform to industry accepted quality control methods.

¹⁴ Loulo-Gounkoto Significant Intercepts^a

Drill Results from Q1 2023
Drill Holeb	Azimuth	Dip	Interval (m)	Width (m)c	Au (g/t)
L0CP302	104.05	(67.49)	610.2 - 613.25	3.05	0.94
			591 - 594.85	3.85	1.84
			603.65 - 606.15	2.5	2.21
			637.8 - 643.5	5.7	0.84
L0CP303	118.02	(63.98)	653.8 - 656.2	2.4	2.48
			606.35 - 609.4	3.05	5.06
L0CP311	68	(63)	642.4 - 647.1	4.7	2.02
			145.4 - 148.7	3.3	1.82
			153.2 - 160.2	7	0.95
			163.8 - 166.2	2.4	3.56
P129DH015	102	(45)	206.95 - 211.35	4.4	5
			147.7 - 152.85	5.15	1.15
P129DH016	100.92	(46.42)	155.05 - 161	5.95	0.68
			112 - 115	3	3.03
P129RC106	100	(45)	201 - 203	2	20.53
P129RC107	100	(45)	37 - 43	6	0.69
			117 - 120	3	0.72
			123 - 129	6	0.56
			172 - 175	3	0.9
			280 - 282	2	1.29
P129RC113	135	(45)	293 - 296	3	1.16
			61 - 65	4	1.28
P129RC114	100	(45)	142 - 147	5	0.51

a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters total width.

b. Loulo-Gounkoto drill hole nomenclature: prospect initial L0CP (Loulo 0 ; old name of Gara), P129 (Point 129), followed by type of drilling AC (Air Core), RC (Reverse Circulation), DH (Diamond Drilling), RCDH (Reverse Circulation with Diamond tail)

c. True widths uncertain at this stage.

d. All intercepts calculated using a 3.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters total width.

The drilling results for the Loulo-Gounkoto property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed

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and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS Laboratories, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Loulo property conform to industry accepted quality control methods.

¹⁵ Kibali Significant Intercepts^a

Drill Results from Q1 2023
Drill Holeb	Azimuth	Dip	Interval (m)	Width (m)c	Au (g/t)	Interval (m)	Includingd     Width (m)c	Au (g/t)
			150.26 - 153.47	3.21	1.20
			156.67 - 158.70	2.03	2.36
			165.00 - 170.00	5	2.26
			181.60 - 183.80	2.2	0.80
			191.20 - 214.00	22.8	3.19	200.00 - 203.00	3	3.40
						209.00 - 211.94	2.94	16.65
			241.00 - 259.40	18.4	5.82	241.70 - 245.00	3.3	5.65
						255.00 - 259.40	4.4	18.16
			275.00 - 279.70	4.7	0.91
			328.00 - 334.00	6	6.04	328.00 - 329.00	1	27.56
ADD025	138	(59)				332.00 - 333.00	1	5.17
			536.00 - 540.50	4.5	1.55
MDD082	303	(68)	574.44 - 580.80	6.36	1.32	578.80 - 579.80	1	3.95
			29.00 - 34.00	5	1.49	29.00 - 31.00	2	2.73
ZBRC0022	280	(50)	128.00 - 139.00	11	1.34	129.00 - 131.00	2	3.24
ZBRC0024	280	(50)	78.00 - 80.00	2	0.80

a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 25% total width.

b. Kibali drill hole nomenclature: prospect initial (A=Agbarabo; M=Mengu; ZB=Zambula) followed by the type of drilling (RC=Reverse Circulation, DD=Diamond) with no designation of the year.

c. True widths of intercepts are uncertain at this stage.

d. Weighted average is calculated by fence using significant intercepts, over the strike length.

e. All including intercepts, calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 1 meter; no internal dilution, with grade significantly above (> 40%) the overall intercept grade.

The drilling results for the Kibali property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS Laboratories, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Kibali property conform to industry accepted quality control methods.

¹⁶ Lumwana Significant Intercepts^a

Drill Results from Q1 2023
Drill Holeb	Azimuth	Dip	Interval (m)	Width (m)c	Cu (%)	Interval (m)	Includingd     Width (m)c	Cu (%)
KAMDD004	135	(60)	181 - 192	11	0.77	182 - 191	9	0.82
			108 - 118	10	0.49	109 - 115	6	0.60
			127 - 135	8	0.31
KAMDD011	135	(70)	141 - 152	11	0.54	145 - 152	7	0.70

a. All intercepts calculated using a 0.16% Cu cutoff and are uncapped; minimum intercept width is 8 meters.

b. Lumwana drill hole nomenclature: prospect initial (KAM = Kamalamba) followed by the type of drilling (DD = Diamond).

c. True widths uncertain at this stage.

d. Weighted average is calculated by fence using significant intercepts, over the strike length.

The drilling results for Lumwana contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS Laboratories, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Lumwana conform to industry accepted quality control methods.

BARRICK FIRST QUARTER 2023 73 MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Consolidated Statements of Income

Barrick Gold Corporation  (in millions of United States dollars, except per share data) (Unaudited)	Three months ended March 31,
	2023			2022
Revenue (notes 4 and 5)		$2,643			$2,853
Costs and expenses (income)
Cost of sales (notes 4 and 6)		1,941			1,739
General and administrative expenses		39			54
Exploration, evaluation and project expenses		71			67
Impairment charges (notes 8b and 12)		1			2
Loss on currency translation		38			3
Closed mine rehabilitation		22			3
Income from equity investees (note 11)		(53	)		(99	)
Other expense (income) (note 8a)		52			(11	)
Income before finance costs and income taxes		$532			$1,095
Finance costs, net		(58	)		(88	)
Income before income taxes		$474			$1,007
Income tax expense (note 9)		(205	)		(301	)
Net income		$269			$706
Attributable to:
Equity holders of Barrick Gold Corporation		$120			$438
Non-controlling interests (note 15)		$149			$268
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 7)
Net income
Basic		$0.07			$0.25
Diluted		$0.07			$0.25

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

BARRICK FIRST QUARTER 2023 74 FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Consolidated Statements

of Comprehensive Income

Barrick Gold Corporation  (in millions of United States dollars) (Unaudited)	Three months ended March 31,
	2023			2022
Net income		$269			$706
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustments, net of tax $nil and $nil		(3	)		—
Items that will not be reclassified to profit or loss:
Net change on equity investments, net of tax $nil and $(8)		—			58
Total other comprehensive (loss) income		(3	)		58
Total comprehensive income		$266			$764
Attributable to:
Equity holders of Barrick Gold Corporation		$117			$496
Non-controlling interests		$149			$268

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

BARRICK FIRST QUARTER 2023 75 FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Consolidated Statements of Cash Flow

Barrick Gold Corporation  (in millions of United States dollars) (Unaudited)	Three months ended March 31,
	2023			2022
OPERATING ACTIVITIES
Net income		$269			$706
Adjustments for the following items:
Depreciation		495			460
Finance costs, net1		58			88
Impairment charges (notes 8b and 12)		1			2
Income tax expense (note 9)		205			301
Income from equity investees (note 11)		(53	)		(99	)
Gain on sale of non-current assets		(3	)		(2	)
Loss on currency translation		38			3
Change in working capital (note 10)		(206	)		(131	)
Other operating activities (note 10)		52			(77	)
Operating cash flows before interest and income taxes		856			1,251
Interest paid		(23	)		(23	)
Interest received1		49			10
Income taxes paid2		(106	)		(234	)
Net cash provided by operating activities		776			1,004
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 4)		(688	)		(611	)
Sales proceeds		3			1
Investment sales		—			260
Dividends received from equity method investments (note 11)		67			359
Net cash provided by (used in) investing activities		(618	)		9
FINANCING ACTIVITIES
Lease repayments		(4	)		(6	)
Dividends		(175	)		(178	)
Disbursements to non-controlling interests (note 15)		(62	)		(267	)
Pueblo Viejo JV partner shareholder loan		20			45
Net cash used in financing activities		(221	)		(406	)
Effect of exchange rate changes on cash and equivalents		—			—
Net increase (decrease) in cash and equivalents		(63	)		607
Cash and equivalents at the beginning of period		4,440			5,280
Cash and equivalents at the end of period		$4,377			$5,887

¹  2022 figures have been restated to reflect the change in presentation to present interest received ($10 million) separately from finance costs.

²  Income taxes paid excludes $28 million (2022: $26 million) for the three months ended March 31, 2023 of income taxes payable that were settled against offsetting VAT receivables.

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

BARRICK FIRST QUARTER 2023 76 FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Consolidated Balance Sheets

Barrick Gold Corporation  (in millions of United States dollars) (Unaudited)	As at March 31, 2023			As at December 31, 2022
ASSETS
Current assets
Cash and equivalents		$4,377			$4,440
Accounts receivable		557			554
Inventories		1,913			1,781
Other current assets		1,691			1,690
Total current assets		$8,538			$8,465
Non-current assets
Equity in investees (note 11)		3,969			3,983
Property, plant and equipment		26,084			25,821
Goodwill		3,581			3,581
Intangible assets		149			149
Deferred income tax assets		19			19
Non-current portion of inventory		2,705			2,819
Other assets		1,107			1,128
Total assets		$46,152			$45,965
LIABILITIES AND EQUITY
Current liabilities
Accounts payable		$1,504			$1,556
Debt		12			13
Current income tax liabilities		310			163
Other current liabilities		1,380			1,388
Total current liabilities		$3,206			$3,120
Non-current liabilities
Debt		4,765			4,769
Provisions		2,244			2,211
Deferred income tax liabilities		3,270			3,247
Other liabilities		1,349			1,329
Total liabilities		$14,834			$14,676
Equity
Capital stock (note 14)		$28,115			$28,114
Deficit		(7,338	)		(7,282	)
Accumulated other comprehensive income (loss)		23			26
Other		1,913			1,913
Total equity attributable to Barrick Gold Corporation shareholders		$22,713			$22,771
Non-controlling interests (note 15)		8,605			8,518
Total equity		$31,318			$31,289
Contingencies and commitments (notes 4 and 16)
Total liabilities and equity		$46,152			$45,965

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

BARRICK FIRST QUARTER 2023 77 FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Consolidated Statements of Changes in Equity

Barrick Gold Corporation			Attributable to equity holders of the company
(in millions of United States dollars)  (Unaudited)	Common Shares (in thousands)		Capital stock		Retained earnings (deficit)			Accumulated other comprehensive income (loss)1			Other2		Total equity attributable to shareholders			Non- controlling interests			Total equity
At January 1, 2023		1,755,350		$28,114		($7,282	)		$26			$1,913		$22,771			$8,518			$31,289
Net income		—		—		120			—			—		120			149			269
Total other comprehensive loss		—		—		—			(3	)		—		(3	)		—			(3	)
Total comprehensive income (loss)		—		—		120			(3	)		—		117			149			266
Transactions with owners
Dividends		—		—		(175	)		—			—		(175	)		—			(175	)
Disbursements to non-controlling interests (note 15)		—		—		—			—			—		—			(62	)		(62	)
Dividend reinvestment plan (note 14)		58		1		(1	)		—			—		—			—			—
Total transactions with owners		58		1		(176	)		—			—		(175	)		(62	)		(237	)
At March 31, 2023		1,755,408		$28,115		($7,338	)		$23			$1,913		$22,713			$8,605			$31,318
At January 1, 2022		1,779,331		$28,497		($6,566	)		($23	)		$1,949		$23,857			$8,450			$32,307
Net income		—		—		438			—			—		438			268			706
Total other comprehensive income		—		—		—			58			—		58			—			58
Total comprehensive income		—		—		438			58			—		496			268			764
Transactions with owners
Dividends		—		—		(178	)		—			—		(178	)		—			(178	)
Disbursements to non-controlling interests		—		—		—			—			—		—			(267	)		(267	)
Dividend reinvestment plan		25		—		—			—			—		—			—			—
Total transactions with owners		25		—		(178	)		—			—		(178	)		(267	)		(445	)
At March 31, 2022		1,779,356		$28,497		($6,306	)		$35			$1,949		$24,175			$8,451			$32,626

¹  Includes cumulative translation losses at March 31, 2023: $95 million (December 31, 2022: $93 million; March 31, 2022: $94 million).

²  Includes additional paid-in capital as at March 31, 2023: $1,875 million (December 31, 2022: $1,875 million; March 31, 2022: $1,911 million).

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

BARRICK FIRST QUARTER 2023 78 FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Notes to Consolidated Financial Statements

Barrick Gold Corporation. Tabular dollar amounts in millions of United States dollars, unless otherwise shown.

1 ∎  Corporate Information

Barrick Gold Corporation (“Barrick”, “we” or the “Company”) is a corporation governed by the Business Corporations Act (British Columbia). The Company’s corporate office is located at Brookfield Place, TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1. The Company’s registered office is 925 West Georgia Street, Suite 1600, Vancouver, British Columbia, V6C 3L2. Barrick shares trade on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX. We are principally engaged in the production and sale of gold and copper, as well as related activities such as exploration and mine development. We sell our gold and copper into the world market.

We have ownership interests in producing gold mines that are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of the Congo, the Dominican Republic, Mali, Tanzania and the United States. Our mine in Papua New Guinea was placed on care and maintenance in April 2020. We have ownership interests in producing copper mines in Chile, Saudi Arabia and Zambia. We also have various projects located throughout the Americas, Asia and Africa.

2 ∎  Material Accounting Policy Information

a)    Statement of Compliance

These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). These interim financial statements should be read in conjunction with Barrick’s most recently issued Annual Report, which includes information necessary or useful to understanding the Company’s business and financial statement presentation. In particular, the Company’s significant accounting policies were presented in Note 2 of the Annual Consolidated Financial Statements for the year ended December 31, 2022 (“2022 Annual Financial Statements”), and have been consistently applied in the preparation of these interim financial statements, except as otherwise noted in Note 2b. These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on May 2, 2023.

b)    New Accounting Standards Issued But Not Yet Effective

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on Barrick in the current or future reporting periods.

3 ∎  Critical Judgements, Estimates, Assumptions and Risks

The judgments, estimates, assumptions and risks discussed here reflect updates from the 2022 Annual Financial Statements. For judgments, estimates, assumptions and risks related to other areas not discussed

in these interim consolidated financial statements, please refer to Notes 3 and 28 of the 2022 Annual Financial Statements.

a)    Provision for Environmental Rehabilitation (“PER”)

Provisions are updated each reporting period for changes to expected cash flows and for the effect of changes in the discount rate and foreign exchange rates. The change in estimate is added or deducted from the related asset and depreciated over the expected economic life of the operation to which it relates. In the case of closed sites, changes in estimates and assumptions are recognized immediately in the consolidated statements of income. We recorded a net increase of $38 million (2022: $26 million net decrease) for the three months ended March 31, 2023 primarily due to a decrease in the discount rate.

Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgments and estimates involved. Rehabilitation provisions are adjusted as a result of changes in estimates and assumptions and are accounted for prospectively. In the fourth quarter of each year, our life of mine plans are updated and that typically results in an update to the rehabilitation provision.

b)    Pascua-Lama

The Pascua-Lama project received $505 million as at March 31, 2023 (December 31, 2022: $457 million) in value added tax (“VAT”) refunds in Chile relating to the development of the Chilean side of the project. Under the current arrangement, this amount must be repaid if the project does not evidence exports for an amount of $3,538 million within a term that expires on December 31, 2026, unless extended. In 2022, the Chilean government proposed changes to Chilean law on VAT refunds that may affect the timeframe and amount of these refunds. The proposed changes were rejected in a vote by the Lower House of Congress on March 8, 2023, and Barrick will continue to monitor the status of these proposals in the event that they are reintroduced by the Chilean government.

In addition, we have recorded $27 million in VAT recoverable in Argentina as at March 31, 2023 (December 31, 2022: $31 million) relating to the development of the Argentinean side of the project. These amounts may not be fully recoverable if the project does not enter into production and are subject to foreign currency risk as the amounts are recoverable in Argentine pesos.

c)    Contingencies

Contingencies can be either possible assets or possible liabilities arising from past events which, by their nature, will be resolved only when one or more future events, not wholly within our control, occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. Refer to Note 16 for further details on contingencies.

BARRICK FIRST QUARTER 2023 79 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

4 ∎  Segment Information

Barrick’s business is organized into eighteen minesites. Barrick’s Chief Operating Decision Maker (“CODM”) (Mark Bristow, President and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite level. In the first quarter of 2023, we re-evaluated our reportable operating segments. Lumwana has been presented as a reportable segment for the current and prior periods. Veladero is no longer a reportable segment. As a result, our presentation of our reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments, including our remaining gold mines, have been grouped into an “Other Mines” category and will not be reported on individually. Prior period figures have been restated to reflect this change and 2022 and 2021 annual information for Lumwana is provided below. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.

Consolidated Statement of Income Information

			Cost of Sales
For the three months ended March 31, 2023	Revenue			Site operating costs, royalties   and community relations		Depreciation		Exploration, evaluation and project expenses		Other expenses (income)1		Segment income (loss)
Carlin2	$511			$330		$63		$8		$2		$108
Cortez2	425			204		91		2		2		126
Turquoise Ridge2	254			139		50		1		—		64
Pueblo Viejo2	291			120		64		1		1		105
Loulo-Gounkoto2	321			144		71		—		1		105
Kibali	127			66		25		—		3		33
Lumwana	171			130		44		7		2		(12	)
North Mara2	158			64		19		—		19		56
Bulyanhulu2	111			58		16		—		16		21
Other Mines2	394			251		71		2		20		50
Reportable segment total	$2,763			$1,506		$514		$21		$66		$656
Share of equity investees	(127	)		(66	)	(25	)	—		(3	)	(33	)
Segment total	$2,636			$1,440		$489		$21		$63		$623
Consolidated Statement of Income Information
			Cost of Sales
For the three months ended March 31, 2022	Revenue			Site operating costs, royalties and community relations		Depreciation		Exploration, evaluation and project expenses		Other expenses (income)1		Segment income (loss)
Carlin2	$707			$310		$69		$2		($21	)	$347
Cortez2	364			152		62		2		—		148
Turquoise Ridge2	195			107		42		—		1		45
Pueblo Viejo2	338			129		58		2		1		148
Loulo-Gounkoto2	322			123		63		2		2		132
Kibali	137			55		28		3		10		41
Lumwana	287			116		38		—		—		133
North Mara2	131			50		10		1		1		69
Bulyanhulu2	131			62		17		—		1		51
Other Mines2	393			227		94		3		18		51
Reportable segment total	$3,005			$1,331		$481		$15		$13		$1,165
Share of equity investees	(137	)		(55	)	(28	)	(3	)	(10	)	(41	)
Segment total	$2,868			$1,276		$453		$12		$3		$1,124

¹  Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended March 31, 2023, accretion expense was $12 million (2022: $7 million).

²  Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended March 31, 2023 for Nevada Gold Mines $505 million, $379 million, $120 million (2022: $556 million, $333 million, $228 million), Pueblo Viejo $116 million, $73 million, $42 million (2022: $135 million, $75 million, $59 million), Loulo-Gounkoto $64 million, $43 million, $22 million (2022: $64 million, $37 million, $27 million), North Mara, Bulyanhulu and Buzwagi $43 million, $25 million, $12 million (2022: $42 million, $22 million, $19 million) and Tongon $11 million, $9 million, $3 million (2022: $8 million, $9 million, $(1) million), respectively.

BARRICK FIRST QUARTER 2023 80 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Reconciliation of Segment Income to Income Before Income Taxes

	For the three months ended March 31
	2023			2022
Segment income		$623			$1,124
Other revenue		7			(15	)
Other cost of sales/amortization		(12	)		(10	)
Exploration, evaluation and project expenses not attributable to segments		(50	)		(55	)
General and administrative expenses		(39	)		(54	)
Other income (loss) not attributable to segments		(2	)		—
Impairment charges		(1	)		(2	)
Loss on currency translation		(38	)		(3	)
Closed mine rehabilitation		(22	)		(3	)
Income from equity investees		53			99
Finance costs, net (includes non-segment accretion)		(46	)		(81	)
Gain on non-hedge derivatives		1			7
Income before income taxes		$474			$1,007
Capital Expenditures Information		Segment capital expenditures1
	For the three months ended March 31
	2023			2022
Carlin		$120			$117
Cortez		86			93
Turquoise Ridge		27			42
Pueblo Viejo		127			144
Loulo-Gounkoto		104			62
Kibali		19			17
Lumwana		52			57
North Mara		40			22
Bulyanhulu		20			12
Other Mines		61			58
Reportable segment total		$656			$624
Other items not allocated to segments		41			34
Total		$697			$658
Share of equity investees		(19	)		(17	)
Total		$678			$641

¹  Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the Consolidated Statements of Cash Flow are presented on a cash basis. For the three months ended March 31, 2023, cash expenditures were $688 million (2022: $611 million) and the decrease in accrued expenditures was $10 million (2022: $30 million increase).

Lumwana		Cost of Sales
For the year ended	Revenue		Site operating costs, royalties     and community relations	Depreciation	Exploration, evaluation and   project expenses	Other expenses (income)1	Segment income (loss)	Capital       Expenditures
December 31, 2022	$868		$443	$223	$11	$11	$180	$380
December 31, 2021	$962		$373	$197	$—	$1	$391	$222

Purchase Commitments

At March 31, 2023, we had purchase obligations for supplies and consumables of $1,754 million (December 31, 2022: $1,753 million).

Capital Commitments

In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $442 million at March 31, 2023 (December 31, 2022: $399 million).

BARRICK FIRST QUARTER 2023 81 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

5 ∎  Revenue

	For the three months ended March 31
	2023		2022
Gold sales
Spot market sales		$2,326		$2,426
Concentrate sales		77		81
Provisional pricing adjustments		8		4
		$2,411		$2,511
Copper sales
Concentrate sales		$159		$271
Provisional pricing adjustments		12		16
		$171		$287
Other sales1		61		55
Total		$2,643		$2,853

¹  Revenues include the sale of by-products for our gold and copper mines.

6 ∎  Cost of Sales

	Gold				Copper				Other3				Total
For the three months ended March 31	2023		2022		2023		2022		2023		2022		2023		2022
Site operating costs1,2		$1,208		$1,068		$115		$83		$—		$—		$1,323		$1,151
Depreciation1		445		419		44		38		6		3		495		460
Royalty expense		101		88		15		32		—		—		116		120
Community relations		7		7		—		1		—		—		7		8
		$1,761		$1,582		$174		$154		$6		$3		$1,941		$1,739

¹  Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value as follows: $13 million for the three months ended March 31, 2023 (2022: $nil).

²  Site operating costs includes the costs of extracting by-products.

³  Other includes corporate amortization.

7 ∎  Earnings Per Share

	For the three months ended March 31
	2023						2022
	Basic			Diluted			Basic			Diluted
Net income		$269			$269			$706			$706
Net income attributable to non-controlling interests		(149	)		(149	)		(268	)		(268	)
Net income attributable to equity holders of Barrick Gold Corporation		$120			$120			$438			$438
Weighted average shares outstanding		1,755			1,755			1,779			1,779
Basic and diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation		$0.07			$0.07			$0.25			$0.25

BARRICK FIRST QUARTER 2023 82 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

8 ∎  Other Expense

a)    Other Expense (Income)

	For the three months ended March 31
	2023			2022
Other expense:
Bank charges		$1			$2
Litigation		5			4
Loss (gain) on warrant investments at fair value through profit or loss (“FVPL”)		2			(2	)
Porgera care and maintenance costs		17			13
Buzwagi supplies obsolescence		—			2
Tanzania education program		30			—
Other		6			8
Total other expense		$61			$27
Other income:
Gain on sale of non-current assets		($3	)		($2	)
Gain on non-hedge derivatives		(1	)		(7	)
Insurance proceeds related to NGM		—			(22	)
Interest income on other assets		(5	)		(4	)
Other		—			(3	)
Total other income		($9	)		($38	)
Total		$52			($11	)

b)    Impairment Charges

	For the three months ended March 31
	2023		2022
Impairment charges of non-current assets1		$1		$2
Total		$1		$2

¹  Refer to note 12 for further details.

9 ∎  Income Tax Expense

	For the three months ended March 31
	2023		2022
Current		$182		$277
Deferred		23		24
Total		$205		$301

Income tax expense was $205 million for the three months ended March 31, 2023 (2022: $301 million). The unadjusted effective income tax rate for the three months ended March 31, 2023 was 43% of income before income taxes.

The underlying effective income tax rate on ordinary income for the three months ended March 31, 2023 was 30% after adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of updates to the rehabilitation provision for our non-operating mines; the impact of non-deductible foreign

exchange losses; the impact of the Porgera mine being placed on care and maintenance; the impact of our commitment towards the expansion of education infrastructure in Tanzania; and the impact of other expense adjustments.

Currency Translation

Current and deferred tax balances are subject to remeasurement for changes in foreign currency exchange rates each period. This is required in countries where tax is paid in local currency and the subsidiary has a different functional currency (e.g. US dollars). The most significant balances relate to Argentine and Malian tax liabilities.

In the three months ended March 31, 2023, a tax expense of $4 million (2022: $16 million tax expense) arose primarily from translation losses and gains on tax balances in Argentina and Mali due to the weakening of the Argentine peso and strengthening of the West African CFA franc, respectively, against the US dollar. These net translation losses are included within income tax expense.

Withholding Taxes

For the three months ended March 31, 2023, we have recorded $16 million (2022: $20 million related to Argentina and the United States) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in the United States.

United States Tax Reform

In August 2022, President Joe Biden signed the Inflation Reduction Act (“the Act”) into law. The Act includes a 15% corporate alternative minimum tax (“CAMT”) that is imposed on applicable financial statement income (“AFSI”) and therefore would be considered in scope for IAS 12 given it is a tax on profits. The CAMT is effective for tax years beginning after December 31, 2022 and CAMT credit carryforwards have an indefinite life. Barrick is subject to CAMT because the Company meets the applicable income thresholds for a foreign-parented multi-national group.

On December 27, 2022, the US Treasury Department and the US Internal Revenue Service issued initial guidance regarding the application of the CAMT. This was followed by a 60-day consultation period, and we have provided comments. We are awaiting the final US Treasury Regulations detailing the application of CAMT.

For the three months ended March 31, 2023, the deferred tax asset arising from the CAMT credit carryforward has been recognized on the basis that we estimate that future regular tax will exceed tentative minimum tax on a probable basis.

Nevada Gold Mines

Nevada Gold Mines is a limited liability company treated as a flow through partnership for US tax purposes. The partnership is not subject to federal income tax directly, but each of its partners is liable for tax on its share of the profits of the partnership. As such, Barrick accounts for its current and deferred income tax associated with this investment (61.5% share) following the principles in IAS 12.

BARRICK FIRST QUARTER 2023 83 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

10 ∎  Cash Flow - Other Items

Operating Cash Flows – Other Items	For the three months ended March 31
	2023			2022
Adjustments for non-cash income statement items:
Gain on non-hedge derivatives		($1	)		($7	)
Loss (gain) on warrant investments at FVPL		2			(2	)
Tanzania education program		30			—
Share-based compensation expense		19			35
Change in estimate of rehabilitation costs at closed mines		22			3
Insurance proceeds related to NGM		—			(22	)
Net inventory impairment charges		9			—
Change in other assets and liabilities		38			(15	)
Settlement of share-based compensation		(29	)		(45	)
Settlement of rehabilitation obligations		(38	)		(24	)
Other operating activities		$52			($77	)
Cash flow arising from changes in:
Accounts receivable		$6			$27
Inventory		(72	)		(40	)
Other current assets		(4	)		(104	)
Accounts payable		(119	)		(25	)
Other current liabilities		(17	)		11
Change in working capital		($206	)		($131	)

11 ∎  Equity Accounting Method Investment Continuity

	Kibali			Jabal Sayid			Zaldívar			Other			Total
At January 1, 2022		$3,267			$382			$893			$52			$4,594
Equity pick-up from equity investees		86			124			47			1			258
Dividends received from equity investees		(694	)		(124	)		(50	)		(1	)		(869	)
At December 31, 2022		$2,659			$382			$890			$52			$3,983
Equity pick-up from equity investees		22			28			3			—			53
Dividends received from equity investees		(37	)		(30	)		—			—			(67	)
At March 31, 2023		$2,644			$380			$893			$52			$3,969

BARRICK FIRST QUARTER 2023 84 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

12 ∎  Impairment of Goodwill and Other Assets

In accordance with our accounting policy, goodwill is tested for impairment in the fourth quarter and also when there is an indicator of impairment. Non-current assets are tested for impairment or impairment reversals when events or changes in circumstances suggest that the carrying amount may not be recoverable or is understated. Refer to Note 21 of the 2022 Annual Financial Statements for further information.

For the three months ended March 31, 2023, we recorded net impairment charges of $1 million (2022: $2 million net impairment charges) for non-current assets.

Indicators of impairment and reversals

2023

Porgera

On April 9, 2021, the Papua New Guinea (“PNG”) government and Barrick Niugini Limited (“BNL”, the 95% owner and operator of the Porgera joint venture) agreed on a partnership for the future ownership and operation of the Porgera mine. Porgera has been on care and maintenance since April 2020, when the government declined to renew its special mining lease (“SML”). The financial impact will be determined once all definitive agreements, which are currently being negotiated, have been signed. We have determined that as at March 31, 2023, there is no impairment loss to recognize. The ultimate resolution of this dispute may differ from this determination and there is no certainty that the carrying value will remain recoverable. Refer to Note 16 for more information.

13 ∎  Fair Value Measurements

a)    Assets and Liabilities Measured at Fair Value on a Recurring Basis

As at March 31, 2023	Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Aggregate fair value
Other investments1	$109	$—	$—	$109
Derivatives	—	15	—	15
Receivables from provisional copper and gold sales	—	196	—	196
	$109	$211	$—	$320

¹  Includes equity investments in other mining companies.

b)    Fair Values of Financial Assets and Liabilities

	As at March 31, 2023				As at December 31, 2022
	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Financial assets
Other assets1, 5		$1,376		$1,376		$1,358		$1,358
Other investments2		109		109		112		112
Derivative assets3		15		15		59		59
		$1,500		$1,500		$1,529		$1,529
Financial liabilities
Debt4		$4,777		$5,105		$4,782		$4,922
Other liabilities5		1,605		1,605		1,562		1,562
		$6,382		$6,710		$6,344		$6,484

¹  Includes restricted cash and amounts due from our partners.

²  Includes equity investments in other mining companies. Recorded at fair value. Quoted market prices are used to determine fair value.

³  2023 primarily consists of contingent consideration received as part of the sale of Lagunas Norte. During the first quarter of 2023, the final settlement of $46.25 million was received relating to the Massawa contingent consideration.

⁴  Debt is generally recorded at amortized cost. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-term portions of debt.

⁵  Other assets include a restricted cash balance and other liabilities include a liability to Antofagasta plc. The restricted cash will fund Antofagasta plc’s exit from the Reko Diq project, following its reconstitution in the fourth quarter of 2022.

The Company’s valuation techniques were presented in Note 26 of the 2022 Annual Financial Statements and have been consistently applied in these interim financial statements.

BARRICK FIRST QUARTER 2023 85 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

14 ∎  Capital Stock

a)    Authorized Capital Stock

Our authorized capital stock is composed of an unlimited number of common shares (issued 1,755,407,560 common shares as at March 31, 2023). Our common shares have no par value.

b)    Dividends

The Company’s practice has been to declare dividends after a quarter as part of the announcement of the results for the quarter. Dividends declared are paid in the same quarter.

The Company’s dividend reinvestment plan resulted in 57,899 common shares issued to shareholders for the three months ended March 31, 2023.

c)  Share Buyback Program

At the February 14, 2023 meeting, the Board of Directors authorized a new share buyback program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months. During the three months ended March 31, 2023, Barrick did not purchase any shares under this program.

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

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

15 ∎  Non-controlling Interests Continuity

	Nevada   Gold Mines			Pueblo   Viejo			Tanzania Mines1			Loulo-   Gounkoto			Tongon			Reko Diq			Other			Total
NCI in subsidiary at March 31, 2023		38.5	%		40	%		16	%		20	%		10.3	%		50	%		Various
At January 1, 2022		$6,061			$1,189			$298			$953			$29			$—			($80	)		$8,450
Acquisitions		—			—			—			—			—			329			—			329
Share of income		633			96			35			(179	)		—			—			—			585
Disbursements		(626	)		(157	)		(12	)		(35	)		(16	)		—			—			(846	)
At December 31, 2022		$6,068			$1,128			$321			$739			$13			$329			($80	)		$8,518
Share of income		105			20			6			16			2			—			—			149
Disbursements		(50	)		—			—			(12	)		—			—			—			(62	)
At March 31, 2023		$6,123			$1,148			$327			$743			$15			$329			($80	)		$8,605

¹  Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu.

16 ∎  Contingencies

Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The impact of any resulting loss from such matters affecting these financial statements and noted below may be material.

Except as noted below, no material changes have occurred with respect to the matters disclosed in Note 35 “Contingencies” to the 2022 Annual Financial Statements, and no new contingencies have occurred that are material to the Company since the issuance of the 2022 Annual Financial Statements.

The description set out below should be read in conjunction with Note 35 “Contingencies” to the 2022 Annual Financial Statements.

Litigation and Claims Update

Proposed Canadian Securities Class Actions (Pascua-Lama)

In the Quebec proceeding, neither Barrick nor the proposed representative Plaintiff sought leave to appeal from the decision issued by the Quebec Court of Appeal on December 19, 2022. As a result, the matter has been returned to the Superior Court of Quebec. On March 20, 2023, the Superior Court issued an Order suspending

certain deadlines for a period of three months on consent of the parties.

In the Ontario proceeding, the Plaintiffs filed their appeal from the dismissal of certain statutory secondary market claims on April 17, 2023. The hearing of the appeal has yet to be scheduled.

Writ of Kalikasan

On February 14, 2023, the Court granted an additional 60-day extension of the suspension of the proceedings to allow for court-annexed mediation to continue. The parties jointly requested another 60-day extension, which was granted by the Court on March 31, 2023.

Porgera Special Mining Lease

On March 31, 2023, the State of PNG, BNL and New Porgera Limited, the new Porgera joint venture company, entered into the New Porgera Progress Agreement, which confirmed that all parties are committed to reopening the mine in line with the terms of the Commencement Agreement and the Shareholders’ Agreement, both of which were concluded in 2022. The new Porgera project team will now move forward with progressing the filings for a new SML and the other conditions set out in the Commencement Agreement for the reopening of the mine.

BARRICK FIRST QUARTER 2023 86 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

OVERVIEW OPERATING PERFORMANCE GROWTH PROJECTS & EXPLORATION REVIEW OF FINANCIAL RESULTS     OTHER INFORMATION &   NON-GAAP RECONCILIATIONS   FINANCIAL STATEMENTS

Porgera Tax Audits

On February 5, 2023, the PNG Government appointed an Independent Panel to review the tax dispute between BNL and the Internal Revenue Commission. The process is ongoing and non-binding.

Kibali Customs Dispute

The Company is continuing to engage in discussions with the Customs Authority and Ministry of Finance regarding the customs claims and in this regard on March 26, 2023, the parties agreed to settle one of the Customs Authority claims concerning historic export duties. Discussions to resolve the remaining customs claims are ongoing. A formal reassessment notice has not yet been issued by the Customs Authority with respect to these claims.

Zaldívar Water Claims

On April 6, 2023, the Environmental Court of Antofagasta agreed to stay the proceedings for an additional 30-day period, and the current stay will remain in effect through May 6, 2023.

BARRICK FIRST QUARTER 2023 87 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Corporate Office

Barrick Gold Corporation

161 Bay Street, Suite 3700

Toronto, Ontario M5J 2S1

Canada

Telephone: +1 416 861-9911

Email: investor@barrick.com

Website: www.barrick.com

Shares Listed

GOLD   The New York Stock Exchange

ABX      The Toronto Stock Exchange

Transfer Agents and Registrars

TSX Trust Company

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

or

American Stock Transfer & Trust Company, LLC

6201 – 15 Avenue

Brooklyn, New York 11219

Telephone: 1-800-387-0825

Fax: 1-888-249-6189

Email: shareholderinquiries@tmx.com

Website: www.tsxtrust.com

Enquiries

President and Chief Executive Officer

Mark Bristow

+1 647 205 7694

+44 788 071 1386

Senior Executive Vice-President and

Chief Financial Officer

Graham Shuttleworth

+1 647 262 2095

+44 779 771 1338

Investor and Media Relations

Kathy du Plessis

+44 20 7557 7738

Email: 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”, “scheduled”, “commitment” “opportunities”, “guidance”, “project”, “continue”, “on track”, “estimate”, “growth”, “potential”, “future”, “extend”, “planned”, “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, including our ten-year production profile for gold and copper and expected production in the second half of 2023; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates; projects at Carlin expected to deliver increased throughput; Barrick’s global exploration strategy and planned exploration activities, including growth potential in North America, South America, Africa and the Middle East; Barrick’s copper strategy; our plans and expected completion and benefits of our growth projects, including the Pueblo Viejo process plant expansion and mine

life extension project and new Naranjo tailings storage facility and solar and battery energy storage projects at Nevada Gold Mines, Loulo-Gounkoto and Kibali; potential mineralization and metal or mineral recoveries; targeted first production for the Reko Diq project; the timeline for execution and effectiveness of definitive agreements to implement the Commencement Agreement between Papua New Guinea and Barrick Niugini Limited; the duration of the temporary suspension of operations at Porgera, the conditions for the reopening of the mine, the timeline to recommence operations and expected production; our pipeline of high confidence projects at or near existing operations; Barrick’s partnership with the Government of Tanzania under the framework agreement; Lumwana’s potential for future growth and ability to further extend the life of mine, including through the development of a Super Pit; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, economic contributions and education and employment initiatives, climate change and greenhouse gas emissions reduction targets 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; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals, including the issuance of a Record of Decision for the Goldrush Project and/or whether the Goldrush Project will be permitted to advance as currently designed under its Feasibility Study, approval of the final location of the additional tailings storage facility for Pueblo Viejo following submission of the Environmental and Social Impact Assessment in the Dominican Republic, and permitting activities required to optimize Long Canyon’s life of mine; non-renewal of key licenses by governmental authorities, including the new Special Mining Lease for Porgera; 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 relating to greenhouse gas emission levels, energy efficiency and reporting of risks; 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; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic, 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, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets. Barrick also cautions that its 2023 guidance, as well as its ten-year production profile for gold and copper, may be impacted by the ongoing business and social disruption caused by the spread of Covid-19.

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

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this 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.