BARRICK MINING CORP

Development (“OECD”) Pillar Two model rules

These rules apply to multinational enterprises with annual

consolidated revenues of at least€750 million in at least

two of the prior four fiscal years immediately preceding the

relevant fiscal year, which is reflective of our status.

Canada enacted Pillar Two legislation in Q2 2024,

effective for fiscal years commencing on or after December

31, 2023. Other jurisdictions in which the group operates

have either enacted or are in the process of enacting similar

legislation. On January 5, 2026, the OECD's Inclusive

Framework announced a package of administrative

guidance including new safe harbors and an extension of

the Transitional Country-by-Country Reporting Safe Harbor.

The guidance is intended to provide compliance

simplifications for multinational enterprises and will be

incorporated into the Commentary to the Global Anti-Base

Erosion Model Rules.

In terms of the income tax accounting, we have

applied the exception available under the amendments to

IAS 12 published by the IASB in May 2023 and are not

recognizing or disclosing information about deferred tax

assets and liabilities related to Pillar Two income taxes. Our

review of Pillar Two for the current year, based on the

OECD’s Transitional Safe Harbour rules as implemented in

the Global Minimum Tax Act in Canada, has not identified

any material amounts to be accrued for 2025. We have

assessed the potential impact of these new safe harbors

and do not expect the updates to result in a material

incremental tax cost under the current application of the

standard. As the law is evolving, both in Canada and

elsewhere, we will continue to monitor the impact of this

legislation.