BARRICK MINING CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Feb 27, 2026
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Contents
EX-99.4 · Operating Performance
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). Starting with the Q2 2025 MD&A, the discussion on Loulo-Gounkoto is presented in the “Other Mines - Gold” section as no operating data or per ounce data was provided for Q1 2025 to Q3 2025 as a result of the temporary suspension of operations starting January 14, 2025, and subsequent loss of control on June 16, 2025. On November 24, 2025, Barrick announced that an agreement had been entered into with the Government of the Republic of Mali to put an end to all disputes regarding the Loulo and Gounkoto mines. The provisional administration of the Loulo-Gounkoto complex was terminated on December 16, 2025, at which point operational control was handed back to Somilo and Gounkoto's management. 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
| For the three months ended · For the years ended | |||||||
|---|---|---|---|---|---|---|---|
| 12/31/25 | 9/30/25 | Change | 12/31/25 | 12/31/24 | Change | 12/31/23 | |
| Total tonnes mined (000s) | 33,330 | 34,963 | (5)% | 142,558 | 155,626 | (8)% | 167,641 |
| Open pit ore | 7,299 | 5,080 | 44% | 20,341 | 19,541 | 4% | 29,797 |
| Open pit waste | 24,390 | 28,239 | (14)% | 115,887 | 130,049 | (11)% | 132,323 |
| Underground | 1,641 | 1,644 | 0% | 6,330 | 6,036 | 5% | 5,521 |
| Average grade (grams/tonne) | |||||||
| Open pit mined | 1.24 | 0.96 | 29% | 1.17 | 1.11 | 5% | 1.03 |
| Underground mined | 8.80 | 8.46 | 4% | 8.29 | 8.47 | (2)% | 8.99 |
| Processed | 2.79 | 2.75 | 1% | 2.76 | 2.84 | (3)% | 1.98 |
| Ore tonnes processed (000s) | 7,535 | 6,247 | 21% | 25,866 | 23,959 | 8% | 35,590 |
| Oxide mill | 2,042 | 1,906 | 7% | 7,675 | 8,266 | (7)% | 9,624 |
| Roaster | 1,442 | 1,329 | 9% | 5,259 | 5,293 | (1)% | 4,993 |
| Autoclave | 1,087 | 1,126 | (3)% | 4,240 | 4,235 | 0% | 3,636 |
| Heap leach | 2,964 | 1,886 | 57% | 8,692 | 6,165 | 41% | 17,337 |
| Recovery rateb | 83% | 83% | 0% | 83% | 82% | 1% | 83% |
| Oxide Millb | 73% | 82% | (11)% | 78% | 79% | (1)% | 79% |
| Roaster | 85% | 86% | (1)% | 86% | 85% | 1% | 86% |
| Autoclave | 83% | 78% | 6% | 80% | 79% | 1% | 82% |
| Gold produced (000s oz) | 466 | 402 | 16% | 1,591 | 1,650 | (4)% | 1,865 |
| Oxide mill | 67 | 71 | (6)% | 287 | 331 | (13)% | 411 |
| Roaster | 258 | 222 | 16% | 864 | 850 | 2% | 891 |
| Autoclave | 131 | 100 | 31% | 399 | 373 | 7% | 386 |
| Heap leach | 10 | 9 | 11% | 41 | 96 | (57)% | 177 |
| Gold sold (000s oz) | 475 | 406 | 17% | 1,602 | 1,646 | (3)% | 1,860 |
| Revenue ($ millions) | 2,073 | 1,467 | 41% | 5,842 | 4,069 | 44% | 3,721 |
| Cost of sales ($ millions) | 813 | 633 | 28% | 2,653 | 2,459 | 8% | 2,528 |
| Income ($ millions) | 1,236 | 828 | 49% | 3,141 | 1,567 | 100% | 1,145 |
| EBITDA ($ millions)c,d | 1,439 | 962 | 50% | 3,709 | 2,070 | 79% | 1,736 |
| EBITDA margine | 69% | 66% | 5% | 63% | 51% | 24% | 47% |
| Capital expendituresf ($ millions) | 183 | 168 | 9% | 809 | 820 | (1)% | 864 |
| Minesite sustainingc | 118 | 107 | 10% | 585 | 670 | (13)% | 654 |
| Projectc,g | 64 | 60 | 7% | 220 | 146 | 51% | 206 |
| COS ($/oz) | 1,695 | 1,557 | 9% | 1,647 | 1,478 | 11% | 1,351 |
| TCC ($/oz)c | 1,191 | 1,156 | 3% | 1,229 | 1,126 | 9% | 989 |
| AISC ($/oz) c | 1,461 | 1,448 | 1% | 1,620 | 1,561 | 4% | 1,366 |
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 57 to 69 of this MD&A.
d. EBITDA represents income less depreciation. Depreciation expense is $203 million and $568 million for Q4 2025 and 2025, respectively (Q3 2025: $134 million, 2024: $503 million, 2023: $591 million).
e. Represents EBITDA divided by revenue.
f. Includes capitalized interest.
g. 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 # to 29 and # for a detailed discussion of each minesite’s results.
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