BARRICK GOLD CORP

Operating Performance

Review of Operating Performance

In the first quarter of 2023, we re-evaluated our reportable operating segments and started 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.

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

a. Barrick is the operator of Nevada Gold Mines and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. NGM is accounted for as a subsidiary with a 38.5% non-controlling interest. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.

b. Excludes the Gold Quarry (Mill 5) concentrator until its decommissioning at the end of Q1 2023.

c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

d. Represents EBITDA divided by revenue.

e. Includes capitalized interest.

f. Includes amounts spent on the NGM TS Solar project.

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

Carlin (61.5% basis)a, Nevada USA

a. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.

b. Excludes the Gold Quarry (Mill 5) concentrator until its decommissioning at the end of Q1 2023.

c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

d. Represents EBITDA divided by revenue.

Carlin's income for the fourth quarter of 2023 was 3% lower than the prior quarter mainly due to the lower sales volume and a higher cost of sales per ounce 7, partially offset by a higher realized gold price 6.

Gold production in the fourth quarter of 2023 was 3% lower compared to the prior quarter primarily due to processing higher grade ore transported from Cortez, which displaced ore from Carlin. To optimize roaster recovery, this also necessitated processing a higher proportion of open pit

stockpiled ore. Additionally, fewer leach ounces were produced in the fourth quarter due to the timing of leach placement. This was partially offset by additional ounces produced at the Goldstrike autoclave due to unplanned downtime in the prior quarter.

Total tonnes mined in the fourth quarter of 2023 were 7% lower compared to the prior quarter, primarily driven by open pit sequencing per the mine plan. Open pit ore tonnes mined increased by 23% as Gold Quarry phase 7 was primarily in ore in the fourth quarter of 2023, driving a decrease in waste mined compared to the prior quarter. The average open pit mined grade increased by 37% compared to the prior quarter driven by Gold Quarry phase 7. Underground mined tonnes and grade were 9% and 4% higher, respectively, compared to the prior quarter, as a result of both productivity improvements at the underground mines and access to higher grade stopes.

Cost of sales per ounce 7 and total cash costs per ounce 6 in the fourth quarter of 2023 were 5% and 6% higher, respectively, than the prior quarter, mainly due to lower grades processed. In the fourth quarter of 2023, all-in sustaining costs per ounce 6 was 7% higher compared to the prior quarter, mainly due to higher total cash costs per ounce 6, combined with higher minesite sustaining capital expenditures 6.

Capital expenditures in the fourth quarter of 2023 were 7% higher than the prior quarter, driven by the timing of mobile equipment deliveries, partially offset by lower capitalized stripping in the Gold Quarry and South Arturo open pits as per the mine plan.

Carlin's income for 2023 was 16% lower than the prior year, mainly due to the lower sales volume and an increase in cost of sales per ounce 7. This was partially offset by a higher realized gold price 6.

INCOME AND EBITDA 6,a

a The results include NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter.

Gold production in 2023 was 10% lower compared to the prior year, mainly due to the closure and decommissioning of the Gold Quarry concentrator at the end of the first quarter of 2023. In addition, production was impacted by the extended shutdown to undertake the autoclave conversion from RIL to CIL in the first quarter of 2023 and the planned maintenance shutdowns at both roasters that occurred earlier in 2023, whereas the previous shutdown at the Goldstrike roaster was in 2021.

Total tonnes mined in 2023 increased by 5% compared to the prior year, mainly due to higher waste tonnes mined at the open pit operations, as waste stripping ramped up at the next phase of South Arturo, whereas there was no mining at South Arturo in the prior year. Open pit ore tonnes mined decreased 37% from the prior year as mining of phase 4 at Goldstar was substantially completed at the beginning of the third quarter of 2023 and we completed mining of the Goldstrike 5th NW pit in the fourth quarter of 2022. The average open pit grade mined increased by 14% compared to the prior year, primarily due to the progression of mining in the Gold Quarry and Goldstar open pits. Underground tonnes mined and the average grade mined were 4% higher and 1% lower, respectively, compared to the prior year, driven by a change in the mix of ore sources across the different underground operations as per the mine plan.

Cost of sales per ounce 7 and total cash costs per ounce 6 for 2023 were 17% and 18% higher, respectively, than the prior year due to higher maintenance costs driven by the planned shutdowns at both roasters in 2023 and the unplanned maintenance at the Goldstrike autoclave in the second half of 2023. This was combined with higher maintenance costs related to the open pit trucks that are scheduled to be replaced in 2024 and H1 2025. Costs were also further impacted by lower tonnes processed although this was partially offset by higher grades. For 2023, all-in sustaining costs per ounce 6 were 23% higher than the prior year, due to the impact of higher total cash costs per ounce 6 and higher minesite sustaining capital expenditures 6.

AND ALL-IN SUSTAINING COSTS 6 ($ per ounce)

Capital expenditures in 2023 increased by 23% from the prior year primarily due to the continuing

advancement of projects related to processing facilities and underground development, along with the timing of open pit and underground mobile equipment deliveries across Carlin’s mining operations.

Gold production for 2023 was below the guidance range, impacted primarily by unplanned downtime at the Goldstrike autoclave in the second half of the year. This was also a key driver of cost of sales per ounce 7 and total cash costs per ounce 6 being above the guidance range through both lower production and higher maintenance costs. In addition, costs were higher due to lower availabilities and higher maintenance costs mainly related to the open pit trucks that are scheduled to be replaced in 2024 and the first half of 2025. All-in sustaining costs per ounce 6 was higher than guidance, mainly driven by higher total cash costs per ounce 6.

Cortez (61.5% basis), Nevada USA

Cortez’s income for the fourth quarter of 2023 was 17% higher than the prior quarter due to higher sales volume

and a higher realized gold price 6, partially offset by a higher cost of sales per ounce 7.

Gold production in the fourth quarter of 2023 was 18% higher compared to the prior quarter. This was mainly driven by higher grades from both Crossroads and CHUG ore processed at the Cortez oxide mill, higher ore tonnes from both CHUG and the Goldrush development project transported and processed at the Carlin roasters, partially offset by lower leach ore tonnes placed resulting in lower leach production.

Total tonnes mined in the fourth quarter of 2023 were 11% higher than the prior quarter. Open pit ore tonnes mined were 31% lower, while the average grade mined was largely in line with the prior quarter, primarily driven by the transition to stripping at Crossroads (Phase 6), resulting in 31% higher waste tonnes mined. Underground tonnes and

grade mined were 7% and 2% higher, respectively, compared to the prior quarter due to mine sequencing as per the mine plan.

Cost of sales per ounce 7 and total cash costs per ounce 6 in the fourth quarter of 2023 were 9% and 8% higher, respectively, than the prior quarter, driven by the change in the sales mix to higher-cost open pit stockpile and refractory ounces produced at the Carlin roasters, partially offset by higher grades processed. In the fourth quarter of 2023, all-in sustaining costs per ounce 6 was 13% higher than the prior quarter, mainly due to higher total cash costs per ounce 6, combined with higher minesite sustaining capital expenditures 6.

Capital expenditures in the fourth quarter of 2023 were 43% higher compared to the prior quarter, mainly due to higher minesite sustaining capital expenditures 6, which was driven by more of the new Komatsu truck fleet being commissioned in the fourth quarter of 2023, combined with an increase in capitalized waste stripping at Crossroads (Phase 6).

Cortez’s income in 2023 was 20% higher than the prior year, primarily due to the higher sales volume and a higher realized gold price 6, partially offset by higher cost of sales per ounce 7.

Gold production in 2023 was 22% higher than the prior year, primarily driven by higher oxide ore tonnes mined and processed from Crossroads and CHUG (at a higher recovery rate), combined with higher heap leach production. This was partially offset by a decrease in refractory ore transported and processed at the Carlin roasters.

Total tonnes mined in 2023 were 3% lower, primarily due to lower open pit waste mined. Open pit ore tonnes mined were 111% higher compared to the prior year, primarily driven by the transition from the Pipeline pit, which ceased mining operations in the first quarter of 2022, to the next phases at Crossroads and Cortez Pits which have predominantly been mining in ore this year. Underground tonnes mined increased by 10% over the same prior year period driven by higher tonnes from CHUG and increased development activity at Goldrush.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2023 were 13% and 11% higher, respectively, than the prior year mainly due to lower grades processed, reflecting a higher proportion of ounces sourced from the open pit operations, combined with lower capitalized waste stripping. For 2023, all-in sustaining costs per ounce 6 increased by 2% compared to the prior year, driven by higher total cash costs per ounce 6, partially offset by lower minesite sustaining capital expenditures 6 on a per ounce basis.

Capital expenditures in 2023 increased by 4% from the same prior year period, due to both higher minesite sustaining capital expenditures 6 and project capital expenditures 6. Minesite sustaining capital expenditures 6 were 2% higher compared to the same prior year period, primarily due to the Komatsu fleet purchase for Cortez, which was largely offset by a decrease in capitalized waste stripping at Crossroads. Project capital expenditures 6 were 8% higher due to increased development and exploration activities at Goldrush.

Gold production for 2023 was below the guidance range, primarily due to lower than forecasted oxide grades out of Crossroads and the slower than expected ramp-up at Goldrush which was partly due to the delay in receiving the ROD (the ROD was received late in the fourth quarter). Cost of sales per ounce 7 and total cash costs per ounce 6 were above the guidance range primarily due to lower grades from Crossroads, lower capitalized tonnes due to less capitalized stripping at Crossroads and fewer tonnes allocated to the Cortez Hills open pit buttress, higher maintenance costs earlier in the year and higher royalties from the higher realized gold price 6 (royalty impact was $22/oz for Cortez). All-in sustaining costs per ounce 6 were also higher than guidance, mainly driven by higher total cash costs per ounce 6.

Turquoise Ridge (61.5%), Nevada USA

Turquoise Ridge's income for the fourth quarter of 2023 was 2% lower than the prior quarter, mainly due to higher cost of sales per ounce 7, partially offset by the higher sales volume and a higher realized gold price 6.

Gold production in the fourth quarter of 2023 was 1% higher than the prior quarter, mainly due to higher underground tonnes mined, combined with higher

recoveries at the Sage autoclave, which continues to be positively impacted by improved carbon management. This was partially offset by lower autoclave throughput, which was impacted by unplanned maintenance in the fourth quarter.

Total tonnes mined increased in the fourth quarter of 2023 by 11% compared to the prior quarter, due to higher underground tonnes mined from Turquoise Ridge Underground. Grades mined decreased by 13% compared to the prior quarter, as per the mine sequence at both underground mines.

Cost of sales per ounce 7 and total cash costs per ounce 6 in the fourth quarter of 2023 were 9% and 12% higher, respectively, than the prior quarter, primarily due to higher maintenance spend at both Turquoise Ridge Underground and at the autoclave. All-in sustaining costs per ounce 6 was 14% higher than the prior quarter, mainly

reflecting higher total cash costs per ounce 6, combined with higher minesite sustaining capital expenditures 6.

Capital expenditures in the fourth quarter of 2023 were 38% higher than the prior quarter, mainly due to increased minesite sustaining capital expenditures 6 related to underground mobile equipment purchases.

Turquoise Ridge’s income in 2023 was 76% higher than the prior year due to the higher sales volume, a lower cost of sales per ounce 7, and a higher realized gold price 6.

Gold production in 2023 was 12% higher compared to the prior year, primarily due to higher average grades processed, combined with higher recoveries at the Sage autoclave, which was positively impacted by improved carbon management. In addition, improvements in maintenance practices led to significantly higher plant availability, which in turn allowed for higher tonnes processed.

Total tonnes mined in 2023 decreased by 13% compared to the prior year, as there was some remaining open pit mining completed in the first quarter of 2022. Underground tonnes mined were in line compared to the prior year, primarily due to lower tonnes from the Vista underground mine, as per the mine plan, partially offset by improved production rates at Turquoise Ridge Underground as the benefits of the commissioning of the Third Shaft started to be realized.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2023 were 2% and 1% lower, respectively, than the prior year primarily driven by improvements in both grade and recovery. All-in sustaining costs per ounce 6 decreased by 5% compared to the prior year due to lower total cash costs per ounce 6, combined with lower minesite sustaining capital expenditures 6.

Capital expenditures in 2023 decreased by 31% compared to the prior year, mainly due to a decrease in project capital expenditures 6 as the Third Shaft was largely completed by the end of 2022. This was combined with lower minesite sustaining capital expenditures 6 due to lower underground development.

Gold production in 2023 was within the guidance range. Cost of sales per ounce 7 and total cash costs per ounce 6 were slightly above the guidance range driven by higher than planned maintenance costs both on underground infrastructure and at the Sage autoclave. All-in sustaining costs per ounce 6 was within the guidance range as higher total cash costs per ounce 6 were more than offset by lower than planned minesite sustaining capital expenditures 6.

Other Mines - Nevada Gold Mines

b. Includes both minesite sustaining and project capital expenditures 6.

Phoenix (61.5%)

Gold production for Phoenix in the fourth quarter of 2023 was 58% higher than the prior quarter owing to planned maintenance performed in the prior quarter, combined with improved grades and recoveries.

Cost of sales per ounce 7 and total cash costs per ounce 6 in the fourth quarter of 2023 were 29% and 22% lower, respectively, than the prior quarter, mainly due to the impact of higher grades and recoveries, combined with lower maintenance spend. In the fourth quarter of 2023, all-in sustaining costs per ounce 6 decreased by 22% compared to the prior quarter, due to lower total cash costs per ounce 6, combined with lower minesite sustaining capital expenditures 6.

Compared to our 2023 outlook, gold production was slightly higher than the guidance range. Total cash costs per ounce 6 and cost of sales per ounce 7 were both marginally above the guidance range, driven mainly by higher leach inventory drawdown. All-in sustaining costs per ounce 6 was within the guidance range with lower minesite sustaining capital expenditures 6 offsetting the higher total cash costs per ounce 6.

Long Canyon (61.5%)

Mining of Phase 1 was completed in May 2022, with residual leach production over the remainder of 2022 and 2023. Following the completion of further studies, we have decided at this time not to pursue the permitting associated with Phase 2 mining and have removed those ounces from our LOM plan and the mine has been placed in care and maintenance.

Compared to our 2023 outlook, gold production was at the top end of the guidance range. All cost metrics were within or below their respective guidance ranges.

Pueblo Viejo (60% basis)a, Dominican Republic

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.

Pueblo Viejo’s income for the fourth quarter of 2023 was 58% higher than the prior quarter due to the higher realized gold price 6 and higher sales volume, partially offset by a higher cost of sales per ounce 7.

Gold production for the fourth quarter of 2023 was 14% higher than the prior quarter due to higher recovery and higher grades processed. This was partially offset by lower throughput, mainly caused by the structural failure of the crusher conveyor at the start of October 2023, as previously disclosed, which connects the new crusher and the new SAG mill feed stockpile. In addition, productivity at the mine was negatively impacted by a 1 in 500 year tropical storm in November 2023.

Cost of sales per ounce 7 and total cash costs per ounce 6 for the fourth quarter of 2023 were 6% and 14% higher, respectively, than the prior quarter primarily due to higher electricity costs and grinding media consumption related to the commissioning of the expansion plant. This was combined with higher plant maintenance costs, partially offset by higher grades and recovery. In addition, cost of sales per ounce 7 was positively impacted by lower depreciation on a per ounce basis. For the fourth quarter of 2023, all-in sustaining costs per ounce 6 were 12% higher than the prior quarter, reflecting higher total cash costs per ounce 6 and higher minesite sustaining capital expenditures 6 on a per ounce basis.

Capital expenditures for the fourth quarter of 2023 decreased by 26% compared to the prior quarter, mainly due to lower project capital expenditures 6 incurred on the plant expansion as the construction was substantially completed in 2023, partially offset by higher minesite sustaining capital expenditures 6 following the purchase of new mining equipment and higher Llagal TSF works execution costs.

Pueblo Viejo’s income for 2023 was 29% lower than the prior year due to lower sales volume and a higher cost of sales per ounce 7, partially offset by the higher realized gold price 6.

Gold production for 2023 was 22% lower than the prior year, mainly due to lower grades processed in line with the mine and stockpile processing plan, lower recovery and lower tonnes processed. Throughput and recovery during 2023 were impacted by the commissioning of the new plant, with throughput additionally affected by the structural failure of the crusher conveyor in the fourth quarter, delaying the ramp-up.

PRODUCTION(thousands of ounces)

Cost of sales per ounce 7 and total cash costs per ounce 6 for 2023 increased by 25% and 23%, respectively, compared to the prior year, primarily reflecting the impact of lower grades, as described above, and higher consumables and energy consumption. For 2023, all-in sustaining costs per ounce 6 increased by 22% compared to the prior year, mainly reflecting higher total cash costs per ounce 6.

Capital expenditures for 2023 decreased by 33% compared to the prior year, mainly due to lower project capital expenditures 6 incurred on the plant expansion as the construction was substantially completed in 2023. Minesite sustaining capital expenditures 6 decreased due to lower capitalized waste stripping and a reduction in the purchase of new mining equipment in 2023.

Gold production in 2023 was lower than the guidance range mainly due to lower throughput associated with the delayed commissioning and ramp-up of the expanded processing plant. Cost of sales per ounce 7 and total cash costs per ounce 6 were higher than the guidance ranges, mainly due to the lower production. All-in sustaining costs per ounce 6 was also higher than the guidance range mainly driven by higher total cash costs 6 and higher minesite sustaining capital expenditures 6 on a per ounce basis.

Loulo-Gounkoto (80% basis)a, Mali

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.

Loulo-Gounkoto’s income for the fourth quarter of 2023 was 26% lower than the prior quarter, mainly due to lower sales volume and a higher cost of sales per ounce 7, partially offset by the higher realized gold price 6.

Gold production for the fourth quarter of 2023 was 11% lower than the prior quarter, mainly due to lower grades processed, in line with the mine plan.

Cost of sales per ounce 7 and total cash costs per ounce 6 for the fourth quarter of 2023 were 19% and 20% higher, respectively, than the prior quarter, primarily due to the impact of lower grades processed and a higher proportion of stockpile feed (both related to a pit wall failure at the Gounkoto open pit at the end of Q3) combined with higher processing costs driven by higher power plant costs. For the fourth quarter of 2023, all-in sustaining costs per ounce 6 increased by 9% compared to the prior quarter, primarily reflecting the higher total cash costs per ounce 6, partially offset by lower minesite sustaining capital expenditures 6.

Capital expenditures for the fourth quarter of 2023 increased by 9% compared to the prior quarter, mainly due to higher project capital expenditures 6 relating to the progress at the Yalea South project, partially offset by lower minesite sustaining capital expenditures 6.

Loulo-Gounkoto’s income for 2023 was 13% higher than the prior year, mainly due to the higher realized gold price 6, partially offset by higher cost of sales per ounce 7, while sales volume was in line with the prior year.

Gold production in 2023 was in line with the prior year based on consistent grades processed, recoveries and plant throughput across both years.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2023 were 4% and 7% higher, respectively, compared to the prior year, mainly due to higher underground costs from higher operating development meters in the current year, the impact of a pit wall failure at Gounkoto, the corresponding higher stockpile drawdown, and higher royalties driven by the higher realized gold price 6. For 2023, all-in sustaining costs 6 were 8% higher compared to the prior year reflecting higher total cash costs per ounce 6 and higher minesite sustaining capital expenditures 6.

Capital expenditures in 2023 were 16% higher compared to the prior year, mainly due to both higher project capital expenditures 6 and increased minesite sustaining capital expenditures 6. The increase in project capital expenditures 6 is related to the solar plant expansion project and the commencement of the Yalea South project, while minesite sustaining capital expenditures 6 were higher than the prior year reflecting the commencement of production at the Gounkoto underground mine.

Gold production in 2023 was in the upper half of the guidance range. All cost metrics were higher than the guidance ranges as a result of higher royalties from the higher realized gold price 6 (royalty impact was $18/oz for Loulo-Gounkoto), the impact of the pit wall failure at Gounkoto, and the corresponding stockpile drawdown and higher underground unit cost rates.

Regulatory Matters

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. Barrick engaged with the government-appointed auditors and hosted the auditors at Loulo-Gounkoto for a site visit in November 2022. In April 2023, Barrick received a draft report containing the auditors’ preliminary findings. During the second quarter, Barrick responded to the draft report to challenge the auditors’ findings, which Barrick believes are legally and factually flawed and without merit.

In addition, in June 2023, the Government of Mali announced a plan to reform the Malian mining legislation. A new mining code and a law requiring local content in the mining sector were adopted in August 2023 but are not currently being enforced, pending the adoption of implementing decrees. Under the new mining code, pre-existing mining titles remain subject to the legal and contractual regime under which they were issued for the remainder of their current term.

Refer to note 35 of the Financial Statements for information regarding the establishment conventions for the Loulo-Gounkoto complex and related matters.

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

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.

Unfortunately, on January 31, 2024, an incident occurred at Kibali which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 15 for further details.

Kibali’s income for the fourth quarter of 2023 was 8% higher than the prior quarter as a result of the higher realized gold price 6 and a lower cost of sales per ounce 7, partially offset by lower sales volume.

Gold production for the fourth quarter of 2023 was 6% lower than the prior quarter, due to lower throughput and lower grades processed.

Cost of sales per ounce 7 for the fourth quarter of 2023 was 1% lower than the prior quarter due to lower depreciation expense, partially offset by higher total cash costs per ounce 6. Total cash costs per ounce 6 were 6% higher than the prior quarter mainly due to the lower grades processed as per the plan as mining in the Gorumbwa open pit came to an end during the fourth quarter. All-in sustaining costs per ounce 6 for the fourth quarter of 2023 were 2% higher than the prior quarter, mainly due to higher total cash costs per ounce 6, partially offset by lower minesite sustaining capital expenditures 6.

Capital expenditures for the fourth quarter of 2023 were 25% higher than the prior quarter, driven by higher project capital expenditures 6 relating to the progress of the solar project, completion of the reagent recovery plant and progress on the Kalimva/Ikamva and Pamao open pit projects. This was partially offset by lower minesite sustaining capital expenditures 6.

Kibali’s income for 2023 was 71% higher than the prior year due to higher sales volume, the higher realized gold price 6 and a lower cost of sales per ounce 7.

Gold production in 2023 was 2% higher compared to the prior year, mainly due to higher tonnes processed and higher recovery partially offset by lower grades processed. This represents a record year for throughput sustained by improved open pit and underground tonnes mined.

PRODUCTION(thousands of ounces)

Cost of sales per ounce 7 in 2023 decreased by 2% compared to the prior year due to lower depreciation expense, partially offset by higher total cash costs per ounce 6. Total cash costs per ounce 6 were 12% higher, mainly due to higher royalties driven by the higher realized gold price 6 and lower grades processed, as mining in the Gorumbwa open pit came to an end during the fourth quarter. For 2023, all-in sustaining costs per ounce 6 were 3% lower compared to the prior year, reflecting lower minesite sustaining capital expenditures 6, partially offset by higher total cash costs per ounce 6.

Capital expenditures in 2023 were 21% lower compared to the prior year, due to lower minesite sustaining capital expenditures 6 driven by lower capitalized waste stripping and underground development, whereas the mine plan for 2022 required higher capital investment. This was partially offset by increased project capital expenditures 6 relating to the start of the solar project and our investment in the Kalimva/Ikamva open pit projects that are expected to underpin the GHG emission reduction plan and future production in our life of mine plan, respectively.

Gold production in 2023 was above the midpoint of the guidance range. Cost of sales per ounce 7 and total cash costs per ounce 6 were above the guidance ranges as a result of higher royalties from the higher realized gold price 6 (royalty impact was $16/oz for Kibali) combined with lower processed grades and lower strip ratio. Cost of sales per ounce 7 was further impacted by higher depreciation driven by the stockpile drawdown. All-in sustaining costs per ounce 6 ended at the midpoint of the guidance range due to lower minesite capital expenditures 6, resulting from lower capitalized waste stripping and underground development, notwithstanding total cash costs per ounce 6 were above the guidance range.

North Mara (84% basis)a, Tanzania

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.

Unfortunately, on January 9, 2024, an incident occurred at North Mara which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 15 for further details.

North Mara’s income for the fourth quarter of 2023 was 68% lower than the prior quarter mainly due to the transfer of a $15 million expense previously recognized in Bulyanhulu related to the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. This was further impacted by a higher cost of sales per ounce 7, partially

offset by the higher realized gold price 6 and marginally higher sales volume.

In the fourth quarter of 2023, gold production was slightly lower than the prior quarter as lower grades processed and lower recoveries largely offset by higher throughput.

Cost of sales per ounce 7 and total cash costs per ounce 6 in the fourth quarter of 2023 were 14% and 10% higher, respectively, than the prior quarter, resulting from increased royalties from the higher realized gold price 6, and higher power generation costs following temporary grid instability challenges faced in the fourth quarter of 2023. This was combined with higher cost underground stockpiles fed to the mill, partially offset by lower underground mining unit costs in the fourth quarter of 2023. Cost of sales per ounce 7 was further impacted by higher depreciation expense, from the increased proportion of underground material fed. All-in sustaining costs per ounce 6 in the fourth quarter of 2023 were 1% higher than the prior quarter, reflecting the higher total cash costs per ounce 6, largely offset by lower minesite sustaining capital expenditures 6.

Capital expenditures in the fourth quarter of 2023 increased by 13% compared to the third quarter of 2023, driven by higher project capital expenditures 6 mainly related to the underground paste plant. This was partially offset by

lower minesite sustaining capital expenditures 6, mainly due to higher spend in the prior quarter linked to the procurement of key underground equipment in line with our automation and optimization plans.

North Mara’s income for 2023 was 21% lower than the prior year, mainly due to the $30 million commitment we made 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 ounce 7 and lower gold sales volumes, partially offset by the higher realized gold price 6.

In 2023, gold production was 4% lower than the prior year as we transitioned into mining Gena at the start of 2023 with a focus on stripping and opening up the new open pit, resulting in the additional waste tonnes mined this year. This also marks the third consecutive year when we have delivered improved mill throughput driven by our investment in the underground operations and the successful ramp-up of our open pit mining.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2023 were 23% and 27% higher, respectively, than the prior year, mainly reflecting higher royalties from the higher realized gold price 6, higher power generation costs following the grid instability challenges faced in the fourth quarter of 2023 and higher levels of underground and open pit ore fed to the mill as we transitioned into mining Gena at the start of 2023. These impacts were partially offset by the improved open pit unit rates, lower general and administrative unit rates, improved mill throughput and higher recovery. All-in sustaining costs per ounce 6 were 30% higher than the prior year, primarily due to higher total cash costs per ounce 6 and higher minesite sustaining capital expenditures 6.

In 2023, capital expenditures increased by 35% compared to the prior year mainly due to higher project capital expenditures 6 relating to the installation of the paste plant, the second crushing line and fleet investment in the ramp-up of open pit operations. This was combined with higher minesite sustaining capital expenditures 6, which reflects the higher capitalized stripping, ongoing investment in the new mining fleet and the commencement of TSF lift 9 in 2023.

Gold production in 2023 ended near the upper end of the guidance range. All cost metrics were slightly above the guidance ranges or towards the high end of the guidance range, reflecting higher royalties from the higher gold realized prices 6, and increased input costs driven by consumable and energy prices.

Bulyanhulu (84% basis)a, Tanzania

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.

Bulyanhulu’s income for the fourth quarter of 2023 was 3% lower than the prior quarter, mainly due to lower sales volume and a higher cost of sales per ounce 7, partially offset by the higher realized gold price 6. This was partially offset by the transfer to North Mara of a $15 million expense previously recognized in Bulyanhulu in Q1, related to the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership.

In the fourth quarter of 2023, gold production was 11% lower than the prior quarter, primarily reflecting lower throughput and the transition into lower grade stopes as per the plan, partially offset by a slight improvement in recovery.

Cost of sales per ounce 7 and total cash costs per ounce 6 in the fourth quarter of 2023 increased by 12% and 17%, respectively, due to the lower grades processed, lower underground capital development in line with our plan, and higher power generation costs. All-in sustaining costs per ounce 6 in the fourth quarter of 2023 were 22%

higher than the prior quarter, mainly as a result of higher total cash costs 6 and increased minesite sustaining capital expenditures 6.

Capital expenditures in the fourth quarter of 2023 were 33% higher than the prior quarter, mainly due to increased minesite sustaining capital expenditures 6 related to electrical substation upgrades, additional underground mobile equipment, as well as deposits on equipment orders for 2024 as we continue to expand the underground operations. This was partially offset by lower underground development and waste mining in the fourth quarter.

Bulyanhulu’s income for 2023 was 4% higher than the prior year, mainly due to a non-recurring supplies obsolescence charge incurred in the prior year. This was further impacted by the higher realized gold price 6, partially offset by lower gold sales volume and a higher cost of sales per ounce 7.

In 2023, gold production was 8% lower than the prior year as we transitioned into lower grade areas of the mine in order to prioritize underground development in line with the mine plan. This tracked ahead of plan on the back of the investment made in the underground fleet. This was a key driver of the higher tonnes mined and processed in 2023 as we continue to scale operations. Looking ahead, 2024 commences with the box-cut in Upper West as we unlock additional underground headings which are expected to increase our plant throughput.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2023 were 8% and 6% higher, respectively, than the prior year, reflecting the lower grades in 2023, higher input costs driven by consumables and energy prices. All-in sustaining costs per ounce 6 was 6% higher than the prior year due to increased total cash costs per ounce 6 and higher minesite sustaining capital expenditures 6 on a per ounce basis.

In 2023, capital expenditures increased by 10% compared to the prior year, reflecting higher project capital expenditures 6 from the resource addition drilling projects, the commissioning of an additional ore tipping point and ventilation expansion at Bulyanhulu.

Gold production in 2023 ended in the upper half of the guidance range. Cost of sales per ounce 7 was slightly above the guidance range, mainly due to higher input costs driven by higher royalties, increased consumables and energy prices, combined with an update to the mine plan based on a new geological block model. Total cash costs 6 and all-in sustaining costs 6 were within their respective guidance ranges.

Other Mines - Gold

b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

c. As Porgera has been on care and maintenance on April 25, 2020 until December 22, 2023, no operating data or per ounce data is provided. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50###24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. Refer to page 9 for further information.

Veladero (50%), Argentina

Gold production for Veladero in the fourth quarter of 2023 was consistent with the prior quarter. Cost of sales per ounce 7 in the fourth quarter of 2023 was also in line with the prior quarter, while total cash costs per ounce 6 and all-in sustaining costs per ounce 6 increased in the fourth quarter of 2023 by 3% and 7%, respectively, compared to the prior quarter, primarily driven by lower throughput resulting in higher processing unit rates, and a higher achieved gold price, resulting in higher export duties and royalties per ounce.

Gold production for the full year 2023 was above the guidance range driven by higher recoveries. All cost metrics were below the guidance ranges as a result of the higher production.

Tongon (89.7% basis), Côte d'Ivoire

Gold production for Tongon in the fourth quarter of 2023 was 11% lower than the prior quarter, reflecting lower grades and recoveries, offset slightly by higher throughput. Cost of sales per ounce 7 in the fourth quarter of 2023 was 5% higher than the prior quarter due to higher depreciation expense, partially offset by lower total cash costs per ounce 6. Total cash costs per ounce 6 were 3% lower than the prior quarter, primarily due to a lower strip ratio in the current quarter. All-in sustaining costs per ounce 6 in the fourth quarter of 2023 was 19% higher than the prior quarter, due to higher minesite sustaining capital expenditures 6 primarily driven by increased capitalized drilling in the final quarter, partially offset by lower total cash costs per ounce 6.

Gold production for the full year 2023 was within the guidance range. All cost metrics were above the guidance ranges driven by lower than expected grades and recoveries.

Hemlo, Ontario, Canada

Hemlo's gold production in the fourth quarter of 2023 was 10% higher than the prior quarter, primarily due to higher ore tonnes mined due to improved underground performance. Cost of sales per ounce 7 and total cash costs per ounce 6 in the fourth quarter of 2023 were both 6% lower than the prior quarter due to the impact of the improved production performance. All-in sustaining costs per ounce 6 decreased by 7% compared to the prior quarter, primarily due to lower minesite sustaining capital expenditures 6 and lower total cash costs per ounce 6.

Gold production in 2023 was below the guidance range, which was primarily due to interruptions to the underground operations in the fourth quarter, including a fire which damaged some ventilation infrastructure, leading to delays in ramping back up, coupled with underground interruptions earlier in the year. All cost metrics were higher than guidance mainly due to the impact of lower than expected sales volumes which reflected the disruptions referred to above and higher royalties from the higher realized gold price 6 (royalty impact was $30/oz for Hemlo).

Lumwana (100%), Zambia

Lumwana’s income for the fourth quarter 2023 was 47% lower compared to the prior quarter as a result of a higher cost of sales per pound 7, partially offset by higher sales volumes, while the realized copper price 6 was consistent with the prior quarter.

Copper production in the fourth quarter of 2023 was 1% higher than the prior quarter as improved throughput offset lower grades and recovery.

Cost of sales per pound 7 and C1 cash costs per pound 6 were 19% and 15% higher, respectively, than the prior quarter due to lower mining efficiencies as the wet

season commenced, combined with lower grades processed and lower plant recovery. Cost of sales per pound 7 was further impacted by higher depreciation expense. In the fourth quarter of 2023, all-in sustaining costs per pound 6 decreased by 1% compared to the prior quarter, primarily driven by a decrease in minesite sustaining capital expenditures 6, partially offset by higher C1 cash costs per pound 6.

Capital expenditures were 21% lower compared to the prior quarter due to a decrease in both minesite sustaining capital expenditures 6, and project capital expenditures 6. Minesite sustaining capital expenditures 6 were 20% lower mainly due to decreased capitalized waste stripping. Project capital expenditures 6 decreased by 24% reflecting reduced spend on the new owner mining fleet to replace the contract mining, which is coming to an end.

Lumwana’s income for 2023 was 79% lower than the prior year, primarily due to lower sales volume and a higher cost of sales per pound 7. The realized copper price 6 was consistent with the same prior year period.

In 2023, copper production decreased by 3% compared to the prior year, primarily due to lower grades processed, in line with the mine plan. This was further impacted by lower recoveries, partially offset by higher throughput. Copper sales were 9% lower than the prior year as 2022 had significant finished goods built up from 2021. The increase in mined tonnes and tonnes processed is reflective of the investment in the new owner mining fleet and the plant improvement projects, respectively, which are expected to continue to ramp up in 2024.

PRODUCTION(thousands of tonnes)

In 2023, cost of sales per pound 7 and total C1 cash costs per pound 6 increased by 20% and 21%, respectively, compared to the prior year, mainly due to lower grades processed, lower recoveries and to a lesser extent lower capitalized waste stripping. All-in sustaining costs per pound 6 in 2023 decreased by 4% compared to the prior year, mainly due to lower minesite sustaining capital expenditures 6, partially offset by higher C1 cash costs per pound 6.

AND ALL-IN SUSTAINING COSTS 6($ per pound)

In 2023, capital expenditures decreased by 24% compared to the prior year, primarily related to lower capitalized waste stripping, reflecting the improvement in mining unit costs despite the higher tonnes mined. This was partially offset by higher project capital expenditures 6 related to the investment in the new owner mining fleet.

Copper production in 2023 was at the bottom of the guidance range due to lower recoveries from the historic stockpiles and bringing the 2024 trunnion change-out forward into 2023 to reduce the risk of unplanned stoppages at the plant. Cost of sales per pound 7 and total C1 cash costs per pound 6 were above the guidance ranges, mainly due to the impact of lower than expected sales volumes. All-in sustaining costs per pound 6 were within the guidance range resulting from lower capitalized waste stripping due to the focus on ore delivery, and lower unit costs in waste mining as we continue to ramp up tonnes and improve mining efficiencies.

Other Mines - Copper

b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 70 to 88 of this MD&A.

Zaldívar (50% basis), Chile

Copper production for Zaldívar in the fourth quarter of 2023 was in line with the prior quarter. Cost of sales per pound 7 was in line with the prior quarter with lower C1 cash costs per pound 6 largely offset by higher depreciation. C1 cash costs per pound 6 in the fourth quarter of 2023 was 2% lower than the prior quarter, with the prior quarter including costs associated with the conclusion of the labor agreement. All-in sustaining costs per pound 6 increased by 4% compared to the prior quarter, primarily due to higher minesite sustaining capital expenditures 6 driven by increased spend on components and asset replacements as part of an asset integrity program, partially offset by lower C1 cash costs per pound 6. This investment, of which we are not the operator, continues to be a non-core part of our portfolio.

Copper production in 2023 was below the guidance range, mainly due to limited heap leach stacking availability and lower than expected leach recoveries. All cost metrics were above the guidance ranges mainly due to lower production and sales volumes, higher consumables prices, as well as higher maintenance costs.

Jabal Sayid (50% basis), Saudi Arabia

Jabal Sayid's copper production in the fourth quarter of 2023 was slightly below the prior quarter driven by lower throughput, as per the plan. Cost of sales per pound 7 and C1 cash costs per pound 6 in the fourth quarter of 2023 were 8% and 9% lower, respectively, mainly due to the impact of increased gold by-product credits. All-in sustaining costs per pound 6 was 9% lower than the prior quarter, mainly due to lower C1 cash costs per pound 6, while minesite sustaining capital expenditures 6 remained in line with the prior quarter on a per pound basis.

Copper production in 2023 was at the upper end of the guidance range. All cost metrics were below the guidance ranges due to higher than expected by-product credits as well as lower shipping rates achieved.