BARRICK MINING CORP

Operating Performance

Our presentation of reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). 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 NGM and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. NGM is accounted for as a subsidiary with a 38.5% non-controlling interest. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon until it transitioned to care and maintenance at the end of 2023, as previously reported.

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

c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.

d. Represents EBITDA divided by revenue.

e. Includes capitalized interest.

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

NGM includes Carlin, Cortez, Turquoise Ridge, Phoenix and non-mine site related activity such as the TS Solar Project. Barrick is the operator of the joint venture and owns 61.5%, with Newmont owning the remaining 38.5%. Refer to pages 22 to 27 and 37 for a detailed discussion of each minesite’s results.

Carlin (61.5% basis), Nevada USA

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

Gold production in Q4 2024 was 2% higher compared to Q3 2024 primarily due to 6% higher tonnes processed at the Gold Quarry roaster as a result of the planned shutdown in the prior quarter to complete phase 2 of the roaster expansion project. Additionally, underground ore tonnes mined increased 7% compared to the prior quarter resulting

in higher processed grades. This was partially offset by lower ounces produced at the Goldstrike autoclave due to lower recoveries owing to the ore chemistry of historic stockpiles processed during the quarter.

Cost of sales per ounce 7 and total cash costs per ounce 6 in Q4 2024 were in line with the prior quarter. In Q4 2024, all-in sustaining costs per ounce 6 were 6% lower compared to Q3 2024, mainly due to lower minesite sustaining capital expenditures 6.

Capital expenditures in Q4 2024 were 13% lower than Q3 2024, driven in large part by the Gold Quarry shutdown that occurred in the prior quarter, partially offset by higher capitalized stripping at South Arturo. This was partially offset by an increase in project capital expenditures 6, relating to the continuation of dewatering and detailed engineering associated with the Ren project.

Gold production in 2024 was 11% lower compared to 2023, mainly due to a combination of lower grades processed, lower recoveries and the reduction in open pit ore mined as a result of the wall failure in the Gold Quarry open pit in Q1 2024. This was further impacted by a higher proportion of higher grade Cortez refractory ore processed at the Carlin roasters compared to 2023 which displaced lower grade Carlin feed (noting that overall production for NGM was maximized as a result of these ore movements between the two sites). These factors were partially offset by higher underground tonnes mined and processed in 2024. Gold production was also impacted by higher throughput at the autoclave as the conversion from RIL to CIL occurred in 2023. Finally, heap leach production was lower for 2024 owing to the leach cycle with no tonnes placed on leach pads in 2024.

Cost of sales per ounce 7 and total cash costs per ounce 6 for 2024 were 14% and 15% higher, respectively, than 2023, primarily due to the lower grades processed and lower recoveries, combined with lower capitalized stripping driven by less waste tonnes mined at both Gold Quarry and South Arturo, which was in pre-production stripping in 2023. For 2024, all-in sustaining costs per ounce 6 were 16% higher than 2023, due to the impact of higher total cash costs per ounce 6 and higher minesite sustaining capital expenditures 6. All cost metrics were also impacted by higher royalties from the higher realized gold price 6 (the average realized price was $449/oz higher in 2024 relative to 2023).

Capital expenditures in 2024 increased by 20% from 2023 resulting from higher minesite sustaining capital expenditures 6 driven primarily by the purchase of the Komatsu-930 truck fleet. This was combined with an increase in project capital expenditures 6, driven by the commencement of dewatering and detailed engineering associated with the Ren project in late 2023.

Gold production for 2024 was below the guidance range, impacted primarily by the previously disclosed pit wall failure in the Gold Quarry open pit in Q1 2024, combined with increased ounces from Cortez processed at the Carlin roasters, to the overall benefit of NGM. The pit wall failure 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 mining costs resulting from longer haul distances. In addition, costs were higher due to higher maintenance costs underground and at the process facilities. All-in sustaining costs per ounce 6 were higher than guidance, mainly driven by higher total cash costs per ounce 6 and higher minesite sustaining capital expenditures. All cost metrics were also impacted by higher royalties from the higher realized gold price 6 (guidance was based on a gold price assumption of $1,900/oz).

Cortez (61.5% basis)a, Nevada USA

a. Includes Goldrush

Gold production in Q4 2024 was 28% higher compared to Q3 2024. This was mainly driven by higher ore tonnes from both Cortez Hills underground and Goldrush transported and processed at the Carlin roasters, combined with higher tonnes and higher grades from Cortez pits and increased Cortez Hills underground tonnes processed at the Cortez oxide mill, partially offset by lower leach ore tonnes placed resulting in lower leach production.

Cost of sales per ounce 7 and total cash costs per ounce 6 in Q4 2024 were 8% and 10% lower, respectively, than Q3 2024, driven by the increased production and higher grade processed, partially offset by a higher proportion of higher-cost refractory ounces in the sales mix. In Q4 2024, all-in sustaining costs per ounce 6 were 9% lower than Q3 2024, mainly due to lower total cash costs per ounce 6 and lower minesite sustaining capital expenditures 6 on a per ounce sold basis.

Capital expenditures in Q4 2024 were 8% higher compared to Q3 2024, mainly due to higher minesite sustaining capital expenditures 6, which was driven by increased underground development.

Gold production in 2024 was 19% lower than 2023 resulting from a combination of less leach ore mined at the Crossroads open pit as well as less oxide ore mined from Cortez Hills underground, in line with the mine sequence. This resulted in lower grade oxide ore processed at the oxide mill and a decrease in tonnes placed on the leach pad. This was partially offset by an increase in refractory ore shipped and processed at the Carlin roasters.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2024 were 6% and 15% higher, respectively, than 2023, reflecting a higher proportion of higher cost refractory ounces processed at the Carlin roasters in the sales mix. For 2024, all-in sustaining costs per ounce 6 increased by 12% compared to 2023, driven by higher total cash costs per ounce 6 and higher minesite sustaining capital expenditures 6 on a per ounce sold basis. All cost metrics were also impacted by higher royalties from the higher gold realized price 6.

Capital expenditures in 2024 decreased by 4% compared to 2023, due to lower minesite sustaining capital expenditures 6 as the Komatsu 930-E truck fleet was primarily purchased in 2023. This was partially offset by increased project capital expenditures 6 due to increased development and exploration activities at Goldrush.

Gold production for 2024 was above the guidance range, primarily due to higher than forecasted refractory ore shipped and processed at the Carlin roasters, to the overall benefit of NGM. Cost of sales per ounce 7 was below the guidance range while total cash costs per ounce 6 were at the low end of the guidance range primarily due to the higher production, partially offset by a higher proportion of refractory ounces in the sales mix. All-in sustaining costs per ounce 6 were at the mid-point of the guidance as lower total cash costs per ounce 6 were partially offset by increased capitalized stripping at Crossroads. All cost metrics were also impacted by higher royalties from the higher gold realized price 6.

Turquoise Ridge (61.5%), Nevada USA

b. Represents EBITDA divided by revenue.

Gold production in Q4 2024 was 24% higher than Q3 2024, mainly due to 31% higher tonnes processed at the Sage autoclave as a result of the planned shutdown in the prior quarter combined with 13% higher underground ore tonnes mined owing to improved mining efficiencies.

Cost of sales per ounce 7 and total cash costs per ounce 6 in Q4 2024 were 11% and 15% lower, respectively, than Q3 2024, primarily due to higher production, combined with lower maintenance spend, primarily at the Sage autoclave as there was a planned shutdown in the prior

quarter. All-in sustaining costs per ounce 6 were 17% lower than Q3 2024, mainly reflecting lower total cash costs per ounce 6, combined with lower minesite sustaining capital expenditures 6.

Capital expenditures in Q4 2024 were 25% lower than Q3 2024, mainly due to lower open pit equipment upgrades, partially offset by increased underground mobile equipment purchases.

Gold production in 2024 was 4% lower compared to 2023, primarily due to lower underground ore tonnes mined as the first half of 2024 was primarily focused on backfill and development to set up the mine to operate on a more efficient and cost effective basis going forward. Tonnes processed were 13% lower in 2024 compared to 2023 as there was an additional planned shutdown at the autoclave this year in order to perform reengineering and repairs to set up the autoclave for improved reliability and increased throughput in the future.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2024 were 15% and 21% higher, respectively,

than 2023, due to the additional autoclave shutdown in the current year and increased backfill and development activity at the Turquoise Ridge underground mine in the first half of 2024. All-in sustaining costs per ounce 6 increased by 19% compared to 2023 due to higher total cash costs per ounce 6, combined with higher minesite sustaining capital expenditures 6 driven in large part by the Juniper tailings dam construction and the CIL tank upgrades. All cost metrics were also impacted by higher royalties from the higher realized gold price 6.

Gold production in 2024 was below the guidance range as the improvements in stabilizing the processing plant and increasing underground production in H2 took longer than planned. Cost of sales per ounce 7 and total cash costs per ounce 6 were consequently above the guidance range compounded further by higher than planned maintenance costs both on underground infrastructure and at the Sage autoclave. All-in sustaining costs per ounce 6 were also above the guidance range as higher total cash costs per ounce 6 were partially offset by lower than planned minesite sustaining capital expenditures 6. All cost metrics were also impacted by higher royalties from the higher realized gold price 6.

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.

d. Starting in the first quarter of 2024, this amount includes capitalized interest.

Gold production for Q4 2024 was 5% lower than Q3 2024 due to lower grades processed as per the mine plan and lower throughput caused by failures in the limestone circuit. This was partially offset by drawdown of CIL inventory relative to the end of Q3 and improved recoveries in the flotation circuit.

Cost of sales per ounce 7 and total cash costs per ounce 6 for Q4 2024 were 14% and 8% higher, respectively, than Q3 2024 primarily due to the lower grades processed, partially offset by lower mining costs, lower electricity input prices and lower plant maintenance costs. In addition, cost of sales per ounce 7 was further impacted by higher depreciation expense. For Q4 2024, all-in sustaining costs per ounce 6 were 9% higher than Q3 2024, reflecting the higher total cash costs per ounce 6 and higher minesite sustaining capital expenditures 6.

Capital expenditures for Q4 2024 increased by 5% compared to Q3 2024 due to higher minesite sustaining capital expenditures 6 following the execution of projects to improve the process plant throughput and recoveries. This was partially offset by lower project capital expenditures on the Naranjo TSF.

Gold production for 2024 was 5% higher than 2023, mainly due to higher tonnes processed as a result of the ramp-up of the expanded plant. This was partially offset by lower recoveries as a result of the flotation circuit commissioning.

Cost of sales per ounce 7 and total cash costs per ounce 6 for 2024 increased by 11% and 13%, respectively, compared to 2023, primarily due to higher electricity consumption, higher plant maintenance costs and higher gas prices. This was partially offset by increased production and lower mining costs. For 2024, all-in sustaining costs per ounce 6 increased by 6% compared to 2023, mainly reflecting higher total cash costs per ounce 6, partially offset by lower minesite sustaining capital expenditures 6. All cost metrics were also impacted by higher royalties from the higher realized gold price 6.

Capital expenditures for 2024 decreased by 17% compared to 2023, mainly due to lower project capital expenditures 6 incurred on the plant expansion as construction was substantially completed in 2023.

Gold production in 2024 was lower than the guidance range mainly due to ramp-up issues which hindered our ability to increase throughput. This included mill failures, lower flotation plant availability, lower limestone production and unplanned maintenance at the autoclaves. All cost metrics were higher than the guidance ranges mainly due to the impact of lower production. All cost metrics were also impacted by higher royalties from the higher realized gold price 6.

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.

d. Includes capitalized interest.

Gold production for Q4 2024 was 8% higher than Q3 2024, mainly due to higher throughput and higher grades processed. Gold sold was 65% lower than Q3 2024, reflecting the restrictions placed by the Government of Mali during Q4 2024 on our ability to ship and sell gold.

Cost of sales per ounce 7 and total cash costs per ounce 6 for Q4 2024 were 11% and 7% higher, respectively, than Q3 2024, primarily due to the impact of higher underground costs driven by more tonnes mined. For Q4 2024, all-in sustaining costs per ounce 6 increased by 66% compared to Q3 2024, primarily due to higher minesite sustaining capital expenditures 6 on a per ounce basis, reflecting the impact of lower gold sales volumes, as discussed above, combined with higher total cash costs per ounce 6.

Capital expenditures for Q4 2024 increased by 5% compared to Q3 2024, mainly due to higher minesite sustaining capital expenditures 6 driven by higher underground development.

Gold production in 2024 was 6% higher than 2023, driven by higher grades processed and higher plant throughput. Gold sold was 16% lower than 2023, reflecting the restrictions placed by the Government of Mali during Q4 2024 on our ability to ship and sell gold.

Cost of sales per ounce 7 in 2024 was 2% higher compared to 2023, reflecting higher depreciation expense, partially offset by lower total cash costs per ounce 6. Total cash costs per ounce 6 in 2024 were 1% lower than 2023, mainly due to lower operating costs in both underground and open pit mining, as well as lower processing costs. This was partially offset by higher royalties driven by the higher realized gold price 6. For 2024, all-in sustaining costs 6 were 12% higher compared to 2023 reflecting higher minesite sustaining capital expenditures 6 on a per ounce basis, mainly reflecting the impact of lower gold sales volumes, as discussed above, partially offset by slightly lower total cash costs per ounce 6.

Capital expenditures in 2024 were 2% higher compared to 2023, mainly due to higher minesite sustaining capital expenditures 6, partially offset by lower project capital expenditures 6. The increase in minesite sustaining capital

expenditures 6 is mainly due to higher capitalized stripping, reflecting a higher strip ratio primarily at the Gounkoto and Baboto pits. Lower project capital expenditures 6 is as a result of the completion of the Loulo-Gounkoto solar plant expansion project in 2023.

Gold production in 2024 was above the top end of the guidance range due to higher grades and better than expected throughput performance from the plant. Cost of sales per ounce 7 and total cash costs per ounce 6 were within the guidance ranges, despite the higher royalties from the higher realized gold price 6 (royalty impact was $27/oz for Loulo-Gounkoto). All-in sustaining costs per ounce 6 were above the guidance range, reflecting higher minesite sustaining capital expenditures 6 on a per ounce basis as a result of lower gold sales volumes due to the restrictions on our ability to ship gold ($96/oz impact) and the higher realized gold price 6 ($27/oz impact as per above). Factoring these into the outcome for 2024, Loulo-Gounkoto would have been within its guidance for all three cost metrics.

Mining Conventions Dispute

As previously disclosed, the Company and the Government of Mali have been engaged in an ongoing dispute over the existing mining Conventions.

On December 18, 2024, after multiple good faith attempts to resolve the dispute, Somilo and Gounkoto submitted a request for arbitration to ICSID in accordance with the provisions of their respective Conventions. On January 14, 2025, due to the restrictions imposed by the Government of Mali on gold shipments, the Company announced that the Loulo-Gounkoto complex would temporarily suspend operations.

For more information, refer to notes 21 and 35 of the Financial Statements.

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

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

Gold production for Q4 2024 was 13% higher than Q3 2024, primarily due to higher grades processed.

Cost of sales per ounce 7 and total cash costs per ounce 6 for Q4 2024 were 2% and 1% lower, respectively, than Q3 2024 mainly due to the benefit of higher grades processed. All-in sustaining costs per ounce 6 for Q4 2024 were in line with Q3 2024.

Capital expenditures for Q4 2024 were 23% higher than Q3 2024, driven by higher project capital expenditures 6 relating to the progress of the solar project, and higher minesite sustaining capital expenditures 6, driven by equipment rebuilds.

Gold production in 2024 was 10% lower compared to 2023, mainly due to lower grades processed and slightly lower recoveries, partially offset by higher throughput.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2024 increased by 10% and 15%, respectively, compared to 2023, mainly due to lower grades processed as well as higher royalties driven by the higher realized gold price 6. For 2024, all-in sustaining costs per ounce 6 were 22% higher compared to 2023, reflecting both higher minesite sustaining capital expenditures 6 and higher total cash costs per ounce 6.

Capital expenditures in 2024 were 59% higher compared to 2023 due to higher minesite sustaining capital expenditures 6 driven by higher capitalized waste stripping and increased project capital expenditures 6 relating to the solar project, which aligns with our GHG emission reduction plan.

Gold production in 2024 was below the guidance range, primarily driven by lower grades processed than planned. All cost metrics were above the guidance ranges primarily as a result of the lower production and higher royalties from the higher realized gold price 6.

New Finance Law

On December 22, 2024, the DRC officially promulgated the Finance Law for the 2025 fiscal year which included significant changes affecting Kibali’s legislative framework with the key one being an additional 3% customs duty on gold exports. This increased the total applicable duty to 5%, in addition to the 3.5% royalty rate i.e. 8.5% in total. In addition, it also added additional excise duties on certain consumable items. The net effect of these legislative changes is an increase in the Kibali cost base from January 1, 2025 onwards and is reflected in our 2025 cost guidance.

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.

In Q4 2024, gold production was 20% higher than Q3 2024 mainly due to higher grades processed and higher throughput.

Cost of sales per ounce 7 and total cash costs per ounce 6 in Q4 2024 were 8% and 9% lower, respectively, than Q3 2024, resulting from higher grades processed and lower underground mining costs, slightly offset by increased royalties from the higher realized gold price 6. All-in sustaining costs per ounce 6 in Q4 2024 were 4% higher than Q3 2024, reflecting the higher minesite sustaining capital expenditures 6, partially offset by lower total cash costs per ounce 6.

Capital expenditures in Q4 2024 increased by 93% compared to Q3 2024, driven by higher project capital expenditures 6 mainly related to the underground paste plant

combined with higher minesite sustaining capital expenditures 6 due to higher spend on key underground and open pit equipment in line with our optimization plans.

In 2024, gold production was 5% higher than 2023 as we transitioned into higher grades in the underground and open pit, following underground development and waste stripping cycles in the prior year.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2024 were both 5% higher than 2023, mainly reflecting higher royalties from the higher realized gold price 6, higher power generation costs following the grid instability challenges faced in Q1 2024 and higher maintenance costs on our underground fleet during the year. This was partially offset by higher grades processed. All-in sustaining costs per ounce 6 were 5% lower than 2023, primarily due to lower minesite sustaining capital expenditures 6, partially offset by higher total cash costs per ounce 6.

In 2024, capital expenditures decreased by 23% compared to 2023 mainly due to lower minesite sustaining capital expenditures 6, reflecting lower capitalized stripping and drilling expenditures, partially offset by higher expenditures relating to the open pit mining fleet. This was combined with lower project capital expenditures 6 relating to the completion of the paste plant.

Gold production in 2024 ended above the guidance range reflecting higher grades processed versus the mine plan at the start of the year. All cost metrics were impacted by higher royalties from the higher realized gold price 6. Notwithstanding this impact, all cost metrics were at the lower end of the guidance ranges, reflecting the benefit of increased production diluting the fixed costs over more ounces.

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.

In Q4 2024, gold production was 19% higher than Q3 2024, primarily reflecting higher throughput, higher grades processed and higher recovery.

Cost of sales per ounce 7 and total cash costs per ounce 6 in Q4 2024 decreased by 8% and 10%, respectively, due to the higher grades processed and lower general and administration costs. All-in sustaining costs per ounce 6 in Q4 2024 were 1% higher than Q3 2024, mainly as a result of increased minesite sustaining capital expenditures 6, largely offset by lower total cash costs 6.

Capital expenditures in Q4 2024 were 17% higher than Q3 2024, mainly due to increased minesite sustaining capital expenditures 6 related to deposits on equipment orders for 2025 as we continue to expand the underground operations. This was partially offset by lower underground development in Q4 2024.

In 2024, gold production was 7% lower than 2023 as we prioritized underground development and transitioned into lower grade areas of the mine, in line with the mine plan.

We continue to increase the scale of operations at Bulyanhulu as reflected by the higher tonnes mined and processed in 2024.

Cost of sales per ounce 7 and total cash costs per ounce 6 in 2024 were 15% and 16% higher, respectively, than 2023, reflecting lower grades and higher input costs driven by consumables and maintenance. All-in sustaining costs per ounce 6 were 15% higher than 2023 due to increased total cash costs per ounce 6 and higher minesite sustaining capital expenditures 6 on a per ounce basis. All cost metrics were also impacted by higher royalties from the higher realized gold price 6.

In 2024, capital expenditures increased by 28% compared to 2023, reflecting higher project capital expenditures 6 mainly from the new Upper West underground decline development.

Gold production in 2024 ended within the guidance range. All cost metrics were impacted by higher royalties from the higher realized gold prices 6. In addition, cost of sales per ounce 7 was slightly above the guidance range, driven by higher depreciation. Total cash costs 6 and all-in sustaining costs 6 were within their respective guidance ranges notwithstanding the higher realized gold price 6.

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 59 to 75 of this MD&A.

Phoenix (61.5%)

Gold production for Phoenix in Q4 2024 was 34% higher than Q3 2024 owing to increased throughput on the back of planned maintenance performed in Q3 2024, combined with improved grades and recoveries.

Cost of sales per ounce 7 and total cash costs per ounce 6 in Q4 2024 were 18% and 2% lower, respectively, than Q3 2024, mainly due to the impact of higher grades and recoveries, combined with lower maintenance spend. Cost of sales per ounce 7 was further impacted by lower depreciation expense on a per ounce basis. In Q4 2024, all-in sustaining costs per ounce 6 decreased by 14% compared to Q3 2024, due to both lower minesite sustaining capital expenditures 6 and lower total cash costs per ounce 6.

Compared to our 2024 outlook, gold production and cost of sales per ounce 7 were within the guidance ranges. Total cash costs per ounce 6 and all-in sustaining costs per ounce 6 were below the guidance ranges driven mainly by higher than expected by-product credits.

Veladero (50%), Argentina

Gold production for Veladero in Q4 2024 was 44% higher than Q3 2024 driven by an increase in recoverable ounces placed on the leach pad. Cost of sales per ounce 7 and total cash costs per ounce 6 in Q4 2024 were 12% and 13% lower, respectively, than Q3 2024, mainly due to the impact of higher production. In Q4 2024, all-in sustaining costs per

ounce 6 decreased by 14% compared to Q3 2024, primarily driven by both lower total cash costs per ounce 6 and lower minesite sustaining capital expenditures 6 on a per ounce basis.

Gold production for the full year 2024 was above the guidance range driven by additional recoverable ounces placed and and higher ounces contributed by phase 1-5 of the leach facility. All cost metrics were below the guidance ranges as a result of the higher production notwithstanding the impact of higher royalties from the higher realized gold price 6.

Tongon (89.7% basis), Côte d'Ivoire

Gold production for Tongon in Q4 2024 was 39% higher than Q3 2024, reflecting higher throughput, grades and recoveries. Cost of sales per ounce 7 and total cash costs per ounce 6 in Q4 2024 were 42% and 45% lower, respectively, than Q3 2024 primarily due to higher grades processed, higher recoveries and improvements in processing cost efficiencies. All-in sustaining costs per ounce 6 in Q4 2024 were 39% lower than Q3 2024, driven by lower total cash costs per ounce 6.

Gold production for the full year 2024 was below the guidance range driven by lower than planned grades and recoveries. All cost metrics were above the guidance ranges due to the impact of lower production and the impact of higher royalties from the higher realized gold price 6.

Although Tongon continues to be managed for the benefit of all stakeholders, our investment in this asset is not considered to be a core part of our portfolio.

Hemlo, Ontario, Canada

Hemlo's gold production in Q4 2024 was 30% higher than Q3 2024, primarily due to higher ore tonnes mined due to improved underground performance and higher grades. Cost of sales per ounce 7 and total cash costs per ounce 6 in Q4 2024 were both 9% lower than Q3 2024 due to the impact of the improved production. All-in sustaining costs per ounce 6 decreased by 17% compared to Q3 2024, primarily due to lower minesite sustaining capital expenditures 6 and lower total cash costs per ounce 6.

Gold production in 2024 was within the guidance range. All cost metrics were higher than guidance mainly due to increased underground maintenance spend and

higher royalties from the higher realized gold price 6. All-in sustaining costs per ounce 6 were further impacted by lower than forecasted minesite sustaining capital expenditures 6.

Porgera (24.5%), Papua New Guinea

Gold production in Q4 2024 was 28% lower than Q3 2024 as operations were impacted by regional tribal conflicts, unplanned power outages and ongoing logistical challenges stemming from the Mulitaka landslide. As a result, cost of sales per ounce 7 and total cash costs per ounce 6 were 83% and 32% higher, respectively, than Q3 2024. Cost of sales per ounce 7 was further impacted by higher depreciation expense. All-in sustaining costs per ounce 7 increased by 144% compared to Q3 2024 primarily reflecting both higher minesite sustaining capital expenditures 6 on a per ounce basis and higher total cash costs per ounce 6. Porgera continues to work proactively with its stakeholders in Papua New Guinea to address external challenges impacting the Porgera operations.

Gold production in 2024 was marginally below the guidance range mainly due to the impacts of the external events related to the landslide and tribal conflicts. All cost metrics were lower than the guidance ranges mainly due to the earlier than planned start-up of gas power generation notwithstanding the impact of higher royalties from the higher realized gold price 6. All-in sustaining costs per ounce 6 were further impacted by lower than forecasted minesite sustaining capital expenditures 6.

Lumwana (100%), Zambia

a. Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis.

Copper production in Q4 2024 was 53% higher than Q3 2024 due to higher throughput, grades and recoveries. Copper sales were lower than copper production due to a prolonged shutdown at one of the third-party smelters that processes a portion of Lumwana’s concentrate. Alternative plans are underway to have our other smelters process additional concentrate in the near term.

Cost of sales per pound 7 and C1 cash costs per pound 6 were 31% and 25% lower, respectively, than Q3 2024 primarily due to higher grades processed, higher recoveries and the benefit of diluting the fixed costs over more production. In Q4 2024, all-in sustaining costs per pound 6 decreased by 20% compared to Q3 2024, primarily driven by lower C1 cash costs per pound 6 and lower minesite sustaining capital expenditures 6 on a per pound basis.

Capital expenditures were 135% higher compared to Q3 2024 due to an increase in both project and minesite

capital expenditures 6. Project capital expenditures 6 increased by 565% primarily reflecting down payments on the order of long lead items for the Lumwana Super Pit Expansion project, which includes the mining fleet. The increase in minesite sustaining capital expenditures 6 of 18% was mainly due to timing of projects.

In 2024, copper production increased by 4% compared to 2023, primarily due to higher grades processed and higher recoveries, partially offset by lower throughput. Copper sales were lower than copper production due to a prolonged shutdown at one of the third-party smelters that processes a portion of Lumwana’s concentrate. Alternative plans are underway to have our other smelters process additional concentrate in the near term.

In 2024, cost of sales per pound 7 was in line with 2023 as higher depreciation expense was largely offset by lower C1 cash costs per pound 6. C1 cash costs per pound 6 were 3% lower compared to 2023 due to higher grades processed, reduced mining costs reflecting an increase in mining efficiencies and higher capitalized stripping. All-in sustaining costs per pound 6 in 2024 increased by 11% compared to 2023, mainly due to higher minesite sustaining capital expenditures 6.

In 2024, capital expenditures increased by 53% compared to 2023, primarily related to higher minesite sustaining capital expenditures 6 resulting from higher capitalized waste stripping, reflecting an increase in the strip ratio. This was combined with higher project capital

expenditures 6 reflecting down payments on the order of long lead items for the Lumwana Super Pit Expansion project, which includes the mining fleet.

Copper production in 2024 was within the guidance range. All cost metrics were above the guidance ranges, mainly due to the impact of higher power costs, as efforts to offset the power grid instability included co-generation of power through diesel generators and higher royalties.

Other Mines - Copper

a. Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis.

c. Includes both minesite sustaining and project capital expenditures 6. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.

Zaldívar (50% basis), Chile

Copper production for Zaldívar in Q4 2024 was 10% higher than Q3 2024 driven by higher throughput. Cost of sales per pound 7 and C1 cash costs per pound 6 in Q4 2024 were both 4% higher than Q3 2024 primarily driven by processing of higher-cost inventory mined in prior periods. All-in sustaining costs per pound 6 increased by 15% compared to Q3 2024, primarily due to higher minesite sustaining capital expenditures 6 driven by increased spend on components, combined with higher C1 cash costs per pound 6.

Copper production in 2024 was at the top end of the guidance range. Cost of sales per pound 7 was above the guidance range mainly due to the impact of higher depreciation, while both C1 cash costs per pound 6 and all-in sustaining costs per pound 6 were within the guidance ranges. This investment, of which we are not the operator, continues to be a non-core part of our portfolio.

Jabal Sayid (50% basis), Saudi Arabia

Jabal Sayid's copper production in Q4 2024 was slightly below Q3 2024 driven by lower feed grade, as per the mine plan. Cost of sales per pound 7 in Q4 2024 was 15% higher than Q3 2024 mainly due to higher depreciation expense, partially offset by lower C1 cash costs per pound 6. C1 cash costs per pound 6 were 16% lower mainly due to the impact of increased gold by-product credits. All-in sustaining costs per pound 6 were 18% lower than Q3 2024, mainly due to lower C1 cash costs per pound 6 with minesite sustaining capital expenditures 6 consistent across quarters.

Copper production in 2024 exceeded the upper end of the guidance range due to higher than planned feed grades. Cost of sales per pound 7 was at the low end of the guidance range driven by the benefit of diluting the fixed costs over more tonnes based on the strong production results. C1 cash costs per pound 6 and all-in sustaining costs per pound 6 were below the guidance ranges due to higher gold by-product credits in addition to the strong production results as per above.