EX-99.2 3 d860543dex992.htm EX-99.2

EX-99.2

Exhibit 99.2

Management’s Discussion and Analysis (“MD&A”)

Quarterly Report on the Third Quarter of 2024

This portion of the Quarterly Report provides management’s discussion and analysis (“MD&A”) of the financial condition and results of operations, to enable a reader to assess material changes in financial condition and results of operations as at, and for the three and nine month periods ended September 30, 2024, in comparison to the corresponding prior-year periods. The MD&A is intended to help the reader understand Barrick Gold Corporation (“Barrick”, “we”, “our”, the “Company” or the “Group”), our operations, financial performance as well as our present and future business environment. This MD&A, which has been prepared as of November 6, 2024, is intended to supplement and complement the condensed unaudited interim consolidated financial statements and notes thereto, prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting, for the three and nine month periods ended September 30, 2024 (collectively, the “Financial Statements”), which are included in this Quarterly Report on pages 70 to 74. You are encouraged to review the Financial Statements in conjunction with your review of this MD&A. This MD&A should be read in conjunction with both the

annual audited consolidated financial statements for the two years ended December 31, 2023, the related annual MD&A included in the 2023 Annual Report, and the most recent Form 40–F/Annual Information Form on file with the U.S. Securities and Exchange Commission (“SEC”) and Canadian provincial securities regulatory authorities. These documents and additional information relating to the Company are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Certain notes to the Financial Statements are specifically referred to in this MD&A and such notes are incorporated by reference herein. All dollar amounts in this MD&A are in millions of United States dollars (“$” or “US$”), unless otherwise specified.

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

Abbreviations

ARK		Agbarabo-Rhino-Kombokolo
BNL		Barrick Niugini Limited
CHRAGG		Commission on Human Rights and Good Governance
CIL		Carbon-in-leach
Commencement		Detailed Porgera Project Commencement
Agreement		Agreement between PNG and BNL
CTSF		Kibali Cyanide Tailings Storage Facility
DRC		Democratic Republic of Congo
ESIA		Environmental and Social Impact Assessment
G&A		General and administrative
GHG		Greenhouse Gas
GoT		Government of Tanzania
IASB		International Accounting Standards Board
ICMM		International Council on Mining and Metals
IFRS		IFRS Accounting Standards as issued by the International Accounting Standards Board
KCD		Karagba, Chauffeur and Durba
Ktpa		Thousand tonnes per annum
LTI		Lost Time Injury
LTIFR		Lost Time Injury Frequency Rate

Mtpa		Million tonnes per annum
MVA		Megavolt-amperes
MW		Megawatt
NGM		Nevada Gold Mines
OECD		Organisation for Economic Co-operation and Development
PEA		Preliminary Economic Assessment
PFS		Prefeasibility Study
PJL		Porgera Jersey Limited
PNG		Papua New Guinea
Randgold		Randgold Resources Limited
RC		Reverse Circulation
RIL		Resin-in-leach
TRIFR		Total Recordable Injury Frequency Rate
TSF		Tailings Storage Facilities
UNHRC		United Nations Human Rights Council
VAT		Value-Added Tax
WGC		World Gold Council
WTI		West Texas Intermediate
YTD		Year to date September 30

BARRICK THIRD QUARTER 2024 1 MANAGEMENT’S DISCUSSION AND ANALYSIS

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this MD&A, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipated”, “vision”, “aim”, “on track”, “ramp-up”, “strategy”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “objective”, “intend”, “project”, “pursue”, “develop”, “progress”, “in progress”; “continue”, “budget”, “estimate”, “potential”, “prospective”, “future”, “focus”, “during”, “ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance, including the anticipated increase in gold and copper production during the fourth quarter of 2024 and ability to deliver within the range of its full year gold and copper guidance; potential impacts to our 2025 production at Pueblo Viejo, Turquoise Ridge and Carlin; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and performance dividend policy, including the criteria for dividend payments; mine life and production rates; the resumption of operations at the Porgera mine; our plans and expected completion and benefits of our growth and capital projects, including the Goldrush Project, Fourmile, Donlin Gold, Pueblo Viejo plant expansion and mine life extension project, Veladero Phase 7 leach pad project, the Reko Diq project, solar power projects at NGM, Loulo-Gounkoto and Kibali, the Jabal Sayid Lode 1 project and the development of the Lumwana Super Pit; expected timing for production and production levels for Goldrush, Reko Diq and the Lumwana Super Pit; Barrick’s global exploration strategy and planned exploration activities, including our plans and anticipated timelines for commencement and completion of drilling at our existing exploration projects; the new mining code in Mali and the status of the establishment conventions for the Loulo-Gounkoto complex, including ongoing discussions with the Government of Mali in respect of a global settlement of their ongoing disputes; capital expenditures related to upgrades and ongoing management initiatives; our ability to identify new Tier One assets and the potential for existing assets to attain Tier One status; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves; asset sales, joint ventures and partnerships; Barrick’s strategy, plans and targets in respect of environmental and social governance matters, including climate change, GHG emissions reduction targets, safety performance and human rights initiatives; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

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

factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this MD&A are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of VAT refunds received in Chile in connection with the Pascua Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States, or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to GHG emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which requires reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified time frames; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks

BARRICK THIRD QUARTER 2024 2 MANAGEMENT’S DISCUSSION AND ANALYSIS

related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the

mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets.

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

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

BARRICK THIRD QUARTER 2024 3 MANAGEMENT’S DISCUSSION AND ANALYSIS

Use of Non-GAAP Financial Measures

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

∎ “adjusted net earnings”

∎ “free cash flow”

∎ “EBITDA”

∎ “adjusted EBITDA”

∎ “attributable EBITDA”

∎ “attributable EBITDA margin”

∎ “net leverage”

∎ “minesite sustaining capital expenditures”

∎ “project capital expenditures”

∎ “total cash costs per ounce”

∎ “C1 cash costs per pound”

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

∎ “realized price”

For a detailed description of each of the non-GAAP financial measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Measures section of this MD&A on pages 46 to 62. Each non-GAAP financial measure has been annotated with a reference to an endnote on page 63. The non-GAAP financial measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Changes in Presentation of Non-GAAP Financial Performance Measures

Net Leverage

Starting with our Q2 2024 MD&A, we are presenting net leverage as a non-GAAP ratio. It is calculated as debt, net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of Barrick in monitoring our leverage and evaluating our balance sheet.

Index

5   Overview

 5     Financial and Operating Highlights

 8     Key Business Developments

 9     Sustainability

10     Outlook

12   Operating Performance

12     Nevada Gold Mines

13       Carlin

15       Cortez

17       Turquoise Ridge

19     Pueblo Viejo

21     Loulo-Gounkoto

23     Kibali

25     North Mara

27     Bulyanhulu

28     Other Mines - Gold

29     Lumwana

30     Other Mines - Copper

31   Growth Projects

33   Exploration and Mineral Resource Management

37   Review of Financial Results

37     Revenue

38     Production Costs

39     General and Administrative Expenses

39     Exploration, Evaluation and Project Expenses

40     Finance Costs, Net

40     Additional Statement of Income Items

40     Income Tax Expense

41   Financial Condition Review

41     Balance Sheet Review

41     Financial Position and Liquidity

42     Summary of Cash Inflow (Outflow)

44   Commitments and Contingencies

45   Review of Quarterly Results

45   Internal Control over Financial Reporting and Disclosure Controls and Procedures

46   IFRS Critical Accounting Policies and Accounting Estimates

46   Non-GAAP Financial Measures

63   Technical Information

63   Endnotes

70   Financial Statements

75   Notes to Consolidated Financial Statements

BARRICK THIRD QUARTER 2024 4 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Overview

Financial and Operating Highlights

										For the three months ended												For the nine months ended
		9/30/24				6/30/24				% Change				9/30/23				% Change				9/30/24				9/30/23				% Change
Financial Results ($ millions)
Revenues			3,368				3,162				7 %				2,862				18 %				9,277				8,338				11 %
Cost of sales			2,051				1,979				4 %				1,915				7 %				5,966				5,793				3 %
Net earningsa			483				370				31 %				368				31 %				1,148				793				45 %
Adjusted net earningsb			529				557				(5)%				418				27 %				1,419				1,001				42 %
Attributable EBITDAb			1,292				1,289				0 %				1,071				21 %				3,488				2,919				19 %
Attributable EBITDA marginb			46 %				48 %				(4)%				45 %				2 %				45 %				42 %				7 %
Minesite sustaining capital expendituresb,c			511				631				(19)%				529				(3)%				1,692				1,507				12 %
Project capital expendituresb,c			221				176				26 %				227				(3)%				562				691				(19)%
Total consolidated capital expendituresc,d			736				819				(10)%				768				(4)%				2,283				2,225				3 %
Total attributable capital expenditurese			583				694				(16)%				589				(1)%				1,849				1,703				9 %
Net cash provided by operating activities			1,180				1,159				2 %				1,127				5 %				3,099				2,735				13 %
Net cash provided by operating activities marginf			35 %				37 %				(5)%				39 %				(10)%				33 %				33 %				0 %
Free cash flowb			444				340				31 %				359				24 %				816				510				60 %
Net earnings per share (basic and diluted)			0.28				0.21				33 %				0.21				33 %				0.65				0.45				44 %
Adjusted net earnings (basic)b per share			0.30				0.32				(6)%				0.24				25 %				0.81				0.57				42 %
Weighted average diluted common shares (millions of shares)			1,752				1,755				0 %				1,755				0 %				1,754				1,755				0 %
Operating Results
Gold production (thousands of ounces)g			943				948				(1)%				1,039				(9)%				2,831				3,000				(6)%
Gold sold (thousands of ounces)g			967				956				1 %				1,027				(6)%				2,833				2,982				(5)%
Market gold price ($/oz)			2,474				2,338				6 %				1,928				28 %				2,296				1,930				19 %
Realized gold priceb,g ($/oz)			2,494				2,344				6 %				1,928				29 %				2,309				1,934				19 %
Gold cost of sales (Barrick’s share)g,h ($/oz)			1,472				1,441				2 %				1,277				15 %				1,447				1,325				9 %
Gold total cash costsb,g ($/oz)			1,104				1,059				4 %				912				21 %				1,072				953				12 %
Gold all-in sustaining costsb,g ($/oz)			1,507				1,498				1 %				1,255				20 %				1,495				1,325				13 %
Copper production (thousands of tonnes)g,i			48				43				12 %				51				(6)%				131				139				(6)%
Copper sold (thousands of tonnes)g,i			42				42				0 %				46				(9)%				123				132				(7)%
Market copper price ($/lb)			4.18				4.42				(5)%				3.79				10 %				4.14				3.89				6 %
Realized copper priceb,g ($/lb)			4.27				4.53				(6)%				3.78				13 %				4.23				3.88				9 %
Copper cost of sales (Barrick’s share)g,j ($/lb)			3.23				3.05				6 %				2.68				21 %				3.16				2.90				9 %
Copper C1 cash costsb,g ($/lb)			2.49				2.18				14 %				2.05				21 %				2.35				2.33				1 %
Copper all-in sustaining costsb,g ($/lb)			3.57				3.67				(3)%				3.23				11 %				3.62				3.25				11 %
			As at 9/30/24				As at 6/30/24				% Change				As at 9/30/23				% Change
Financial Position ($ millions)
Debt (current and long-term)			4,725				4,724				0 %				4,775				(1)%
Cash and equivalents			4,225				4,036				5 %				4,261				(1)%
Debt, net of cash			500				688				(27)%				514				(3)%

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

^b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

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

^d. Total consolidated capital expenditures also includes capitalized interest of $4 million and $29 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $12 million; Q3 2023: $12 million; YTD 2023: $27 million).

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

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

^g. On an attributable basis.

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

^i. 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.

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

BARRICK THIRD QUARTER 2024 5 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

GOLD PRODUCTIONa (thousands of ounces)		COPPER PRODUCTIONa,b (thousands of tonnes)
GOLD COST OF SALESc, TOTAL CASH COSTSd, AND ALL-IN SUSTAINING COSTSd ($ per ounce)		COPPER COST OF SALESc, C1 CASH COSTSd, AND ALL-IN SUSTAINING COSTSd ($ per pound)
NET EARNINGS, ATTRIBUTABLE EBITDAd AND ATTRIBUTABLE EBITDA MARGINd		CAPITAL EXPENDITURESd,e ($ millions)
OPERATING CASH FLOW AND FREE CASH FLOWd		RETURNS TO SHAREHOLDERSf ($ millions)

^a. On an attributable basis.

^b. 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. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share). Refer to endnote 2 for further details.

^d. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^e. Capital expenditures also includes capitalized interest.

^f. Dividends declared are inclusive of the performance dividend.

BARRICK THIRD QUARTER 2024 6 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Factors affecting net earnings and adjusted net earnings¹ - Q3 2024 versus Q2 2024

Net earnings attributable to equity holders of Barrick (“net earnings”) for Q3 2024 were $483 million compared to $370 million in Q2 2024. The increase was impacted by the following significant adjusting items:

∎ The provision recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile (refer to note 15 of the Financial Statements) occurring in Q2 2024, partially offset by the following items occurring in Q3 2024:

∎ The $40 million accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership; and

∎ An increase in closed mine rehabilitation expense mainly due to a decrease in the market real risk-free rate used to discount the closure provision, combined with a current period update to the provision relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick.

Refer to page 46 for a full list of reconciling items between net earnings and adjusted net earnings¹ for the current and previous periods.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings¹ of $529 million for Q3 2024 was $28 million lower than Q2 2024. This decrease was mainly due to minor increases in finance costs and share-based compensation expense. Adjusted net earnings¹ was positively impacted by higher realized gold prices¹, and increased gold sales volumes, partially offset by a higher gold and copper cost of sales per ounce/pound² and lower realized copper prices¹. Q3 2024 realized gold and copper prices¹ were 6% higher and 6% lower, respectively, when compared to Q2 2024. The increase in gold sales volumes was primarily due to higher sales volumes at Veladero relative to production volumes. Aside from this impact, production was almost in line with the prior quarter, with higher production at North Mara and Pueblo Viejo offset by lower production at Carlin and Kibali. The increase at North Mara was mainly as a result of higher grades and at Pueblo Viejo it was driven by continued optimization of the expanded processing plant and higher grades. This was partially offset by the planned shutdown at the Gold Quarry roaster at Carlin to complete phase 2 of the roaster expansion project, which is expected to result in higher throughput and recoveries in Q4 2024. In addition, at Kibali underground activity was focused on development during Q3 in order to open up access to more high grade underground headings, which are expected to be further supplemented by higher open pit grades and volumes to drive a stronger performance in Q4. Higher gold cost of sales per ounce² was mainly due to the impact of the increased maintenance costs associated with the planned autoclave shutdown at Turquoise Ridge and higher processing costs at Cortez. The increase in the realized gold price¹ compared to Q2 2024 also contributed to this increase ($6/oz impact). The increase in copper cost of sales per pound² was primarily at Lumwana due to higher processing costs as a result of increased power costs, higher maintenance costs, and decreased capitalized stripping.

Factors affecting net earnings and adjusted net earnings¹ - Q3 2024 versus Q3 2023

Net earnings and adjusted net earnings¹ for Q3 2024 were $483 million and $529 million, respectively, compared to $368 million and $418 million, respectively in Q3 2023. Among the drivers of the increase were higher realized gold and copper prices¹, partially offset by lower gold and copper sales volumes and higher gold and copper cost of sales per ounce/pound². Q3 2024 realized gold and copper prices¹ were 29% and 13% higher, respectively, when compared to Q3 2023. The decrease in gold sales volume was primarily due to the planned shutdown of the Gold Quarry roaster at Carlin, less open pit oxide ore mined at Cortez following the transition to Crossroads Phase 6, as well as lower grades processed at Kibali. This was partially offset by higher production at Pueblo Viejo driven by higher throughput resulting from the plant expansion, higher grades processed and improved recoveries due to better flotation circuit performance. This was combined with higher production at Porgera as significant ramp up progress was achieved during Q2 2024 and continued into Q3. Lower copper sales volumes were mainly due to lower grades processed and lower throughput at Lumwana. The increase in gold cost of sales per ounce² was mainly due to lower sales volumes, combined with lower tonnes processed, lower recoveries and lower capitalized stripping at Carlin. This was combined with higher royalties. Higher copper cost of sales per pound² resulted from higher depreciation due to higher processing and maintenance costs at Lumwana.

Factors affecting net earnings and adjusted net earnings¹ - YTD 2024 versus YTD 2023

Net earnings and adjusted net earnings¹ for YTD 2024 were $1,148 million and $1,419 million, respectively, up from $793 million and $1,001 million in YTD 2023. Among the drivers of the increase were higher realized gold and copper prices¹, partially offset by lower gold and copper sales volumes, and higher gold and copper cost of sales per ounce/pound². YTD 2024 realized gold and copper prices¹ were 19% and 9% higher, respectively, when compared to YTD 2023. The lower gold sales volume was primarily due to lower production at Cortez as a result of lower leach ore mined at the Crossroads open pit and lower oxide ore mined from Cortez Hills underground in line with the mine plan, and at Carlin due to lower grades processed, lower recoveries and the reduction in open pit ore mined. This was partially offset by higher production at Porgera following the ramp up of operations in 2024. The decrease in copper sales volume was mainly due to lower production at Lumwana resulting from lower grades processed and lower throughput. The increase in gold cost of sales per ounce² compared to YTD 2023 was primarily due to higher plant maintenance costs and higher electricity unit prices and consumption at Pueblo Viejo; lower grades processed and lower recoveries at Carlin; and higher royalties due to the increase in the realized gold price¹, while the increase in copper cost of sales per pound² was mainly due to higher depreciation due to the new fleet placed into service in 2023 at Lumwana.

Significant adjusting items for the YTD 2024 include the provision recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile (refer to note 15 of the Financial Statements), while the adjusting items for YTD 2023 relate to a number of smaller items, including the settlement agreement to resolve the tax

 Numerical annotations throughout the text of this document refer to the endnotes found starting on page 63.

BARRICK THIRD QUARTER 2024 7 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

dispute at Porgera, and the $30 million accrual relating to the expansion of education infrastructure in Tanzania, pursuant to the Twiga partnership. Refer to page 46 for a full list of reconciling items between net earnings and adjusted net earnings¹ for the current and previous periods.

Factors affecting Operating Cash Flow and Free Cash Flow¹ - Q3 2024 versus Q2 2024

In Q3 2024, we generated $1,180 million in operating cash flow, compared to $1,159 million in Q2 2024. The increase of $21 million was primarily due to a decrease in cash taxes paid and lower interest paid. This was combined with higher realized gold prices¹, and increased gold sales volumes, partially offset by higher total cash costs/C1 cash costs per ounce/pound¹ and lower realized copper prices¹. Operating cash flow was further impacted by an unfavorable movement in working capital, mainly in accounts receivable, inventory and accounts payable.

In Q3 2024, we recorded free cash flow¹ of $444 million, compared to $340 million in Q2 2024, mainly reflecting lower capital expenditures and higher operating cash flows as explained above. In Q3 2024, capital expenditures on a cash basis were $736 million compared to $819 million in Q2 2024, as discussed on page 42.

Factors affecting Operating Cash Flow and Free Cash Flow¹ - Q3 2024 versus Q3 2023

In Q3 2024, we generated $1,180 million in operating cash flow, compared to $1,127 million in Q3 2023. The increase of $53 million was primarily due to higher realized gold and copper prices¹, partially offset by lower gold and copper sales volumes and higher total cash costs/C1 cash costs per ounce/pound¹. These results were partially offset by an unfavorable movement in working capital, mainly in accounts receivable.

In Q3 2024, we generated free cash flow¹ of $444 million compared to $359 million in Q3 2023. The increase primarily reflects higher operating cash flows as explained above, combined with lower capital expenditures. In Q3 2024, capital expenditures on a cash basis were $736 million compared to $768 million in the third quarter of 2023, as discussed on page 43.

Factors affecting Operating Cash Flow and Free Cash Flow¹ - YTD 2024 versus YTD 2023

For YTD 2024, we generated $3,099 million in operating cash flow, compared to $2,735 million in YTD 2023. The increase of $364 million was primarily due to higher realized gold and copper prices¹, partially offset by lower gold and copper sales volumes and higher total cash costs/C1 cash costs per ounce/pound¹. This was partially offset by higher cash taxes paid, and an unfavorable change in working capital, mainly in other current assets, accounts receivable, accounts payable and other current liabilities.

For YTD 2024, we generated free cash flow¹ of $816 million compared to $510 million in YTD 2023. The increase of $306 million primarily reflects higher operating cash flows as explained above, partially offset by higher capital expenditures. In YTD 2024, capital expenditures on a cash basis were $2,283 million compared to $2,225 million in YTD 2023, as discussed on page 43.

Key Business Developments

Nevada Gold Mines Management Change

On August 9, 2024, Henri Gonin was appointed Managing Director for Nevada Gold Mines, succeeding Peter Richardson, the former Executive Managing Director, Nevada Gold Mines, who departed from Barrick at the end of Q2 2024. Mr. Gonin has over 30 years of experience in the mining industry, including 13 years working for Barrick in Nevada where he most recently held the role of Head of Operations for Nevada Gold Mines. Mr Gonin will work with Christine Keener, Chief Operating Officer, North America, and Mark Bristow, Barrick’s President and Chief Executive Officer and the Chairman of Nevada Gold Mines, as we plan for the next phase of Nevada Gold Mines’ development.

BARRICK THIRD QUARTER 2024 8 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Sustainability

Sustainability, including our license to operate, is entrenched in our DNA: our sustainability strategy is our business plan. Please refer to page 15 of our fourth quarter and full year 2023 MD&A for a full description of governance, strategy, risk management and targets. Key updates for 2024 are summarized below:

Regrettably, we suffered a setback in our safety performance in August, when a fatality occurred at the Kibali underground operations. Notwithstanding this tragic incident at Kibali, the group did achieve zero LTI across all operations, a significant milestone for the organization. Furthermore, we recorded a TRIFR³ of 0.71 during the quarter, a 15% improvement from the previous quarter.

The tracking and reporting on leading indicators is now taking place at all sites. These serve as proactive measures, quantifying prevention efforts and anticipating incidents before they occur. We reiterate our steadfast dedication to the health and safety of our employees and contractors, their families, and the communities in which we operate, encapsulating our safety vision of “Every person going home safe and healthy every day.” The ongoing efforts of our “Journey to Zero” initiative continues to make significant strides. The current emphasis remains on the fatal risk management program, encompassing the fatal risk standards and critical controls. Concurrently, new field-level risk assessment cards are being introduced across sites, alongside future training sessions focusing on hazard recognition.

Barrick carried out independent human rights assessments and human rights training at Reko Diq in Pakistan in Q1 2024 and at Tongon in Côte d’Ivoire and Pueblo Viejo in Dominican Republic in Q2 2024. Assessments will be completed during the remainder of 2024 at Lumwana in Zambia, and Porgera in Papua New Guinea, contingent upon the security situation in the country.

In June 2024, Barrick published a detailed response to a widely circulated “Joint Communication” from the UNHRC Special Procedures Branch making allegations regarding, predominantly, police conduct in the areas related to the North Mara gold mine in Tanzania. These allegations were unsubstantiated in the Joint Communication. Barrick has made its fulsome response publicly available to address both the contents of the Joint Communication, as well as to ensure transparency in how these risks are managed. No response has been received to date from the UNHRC, or any of the Special Rapporteurs. In addition, the allegations made in the Joint Communication and by MiningWatch Canada regarding the North Mara relocation process were sent to the Tanzanian CHRAGG requesting a full and open investigation into the allegations. The CHRAGG completed their investigation and concluded that the land acquisition was in accordance with all laws and fair compensation was paid. The conclusion of the investigation is available on Barrick’s website; this document is not incorporated by reference into, and is not a part of, this MD&A.

The climate change risk assessment process includes scenario analysis, which has been rolled out to all our Tier One Gold Assets⁵, to assess site-specific climate related risks and opportunities. The key findings of the climate change risk assessment and a summary of this asset-level physical and transitional risk assessment at NGM were disclosed as part of our annual CDP (formerly known as the Carbon Disclosure Project) Climate Change and Water Security questionnaires, submitted to CDP in October 2024.

During the third quarter of 2024, the Group’s total Scope 1 and 2 (location-based) GHG emissions were 1,852 kt CO2-e. Emissions are trending above 2023 levels due predominantly to the restart of Porgera, and emissions from the TS Power Plant at NGM, which underwent maintenance in the spring of 2023 and reduced last year’s emissions comparatively.

						For the three months ended								For the nine months ended
			9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
LTIFR3			0.00				0.16				0.29				0.14				0.27
TRIFR3			0.71				0.84				1.28				0.94				1.24
Community Development Spend ($ millions)			12				10				10				32				27
Class 14 Environmental Incidents			0				0				0				0				0
GHG Scope 1 and 2 (kt CO2-e)			1,852				1,751				1,908				5,441				5,120
Water Recycling and Reuse Rate			84 %				85 %				85 %				84 %				85 %

BARRICK THIRD QUARTER 2024 9 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Full Year 2024 Outlook

We expect our 2024 gold production to be at the lower end of the guidance range of 3.9 to 4.3 million ounces. The Company’s gold production is expected to be materially higher in Q4 relative to Q3 driven by the Pueblo Viejo plant expansion, the expansion of the Gold Quarry roaster during the Q3 shutdown, further improvements in performance at the Turquoise Ridge underground mine and access to more higher grade underground headings at Kibali.

Although production at Pueblo Viejo will be higher relative to 2023, the difficulties experienced during the ramp-up phase mean that production is now expected to be below the guidance range at this operation. In addition, although we have made improvements at Turquoise Ridge in stabilizing the processing plant and increasing underground production, the progress has been slower than planned and consequently this operation is also expected to be below its production guidance range for 2024. At Carlin, the Gold Quarry pit wall failure at the start of the year has caused us to re-evaluate our mine design for Phase 6 and we have determined there is a need for additional drilling and hydrological engineering before we can mine at full production rates. In Q4, additional Cortez refractory ore is expected to be processed at the Gold Quarry Roaster, displacing lower-grade Carlin stockpiles, highlighting the interconnection between the two complexes. As a result of these two factors, Carlin is now expected to be near the low end of its 2024 production guidance range and Cortez is expected to be near the top end of its production guidance range. The lower 2024 production will also have an impact on the 2024 cost metrics relative to the guidance ranges for these operations. All other operations continue to expect to meet their respective gold production guidance ranges for 2024. The issues above are also expected to have an impact on our 2025 production at Pueblo Viejo, Turquoise Ridge and Carlin.

Our 2024 gold cost guidance remains unchanged, including cost of sales of $1,320 to $1,420 per ounce², total cash costs of $940 to $1,020 per ounce¹ and all-in sustaining costs of $1,320 to $1,420 per ounce¹ (all based on a gold price assumption of $1,900 per ounce). We have previously disclosed a sensitivity of $5 per ounce on our 2024 gold cost guidance metrics for every $100 per ounce change in the gold price which is driven by higher royalties. On the basis of this sensitivity, if the gold price were to average $2,400 per ounce for the 2024 year, the above mentioned cost guidance ranges would increase by $25 per ounce. Notwithstanding the lower production at Pueblo Viejo, Turquoise Ridge and Carlin discussed above, we continue to expect to achieve our 2024 gold cost guidance metrics for the group taking into account this gold price royalty impact. The expected higher production in Q4 should deliver a corresponding reduction in our per ounce cost metrics based on the benefit of diluting the fixed costs over more ounces.

We continue to expect 2024 copper production to be in the range of 180 to 210 thousand tonnes. Production in Q4 is expected to be materially stronger than the previous quarters, primarily due to higher grades and recoveries at Lumwana following improved ore access driven by the ramp up in stripping activities in Q2. We are on track to achieve our copper cost guidance metrics for 2024, which are based on a copper price assumption of $3.50 per pound. We have previously disclosed a sensitivity of $0.01 per pound on our 2024 copper cost guidance metrics for every $0.25 per pound change in the copper price which is driven by higher royalties. On the basis of this

sensitivity, if the copper price were to average $4.75 per pound for the 2024 year, the copper all-in sustaining cost¹ guidance range would increase by $0.05 per pound (note royalties are excluded from C1 cash costs¹).

Further detail on our 2024 company guidance is provided below and on the next page, inclusive of the key assumptions that were used as the basis for this guidance as released on February 14, 2024 and as qualified by the comments above.

Company Guidance			2024
($ millions, except per ounce/pound data)			Estimate
Gold production (millions of ounces)			3.90 - 4.30
Gold cost metrics
Cost of sales - gold ($/oz)			1,320 - 1,420
Total cash costs ($/oz)a			940 - 1,020
Depreciation ($/oz)			340 - 370
All-in sustaining costs ($/oz)a			1,320 - 1,420
Copper production (thousands of tonnes)b			180 - 210
Copper cost metrics
Cost of sales - copper ($/lb)			2.65 - 2.95
C1 cash costs ($/lb)a			2.00 - 2.30
Depreciation ($/lb)			0.90 - 1.00
All-in sustaining costs ($/lb)a			3.10 - 3.40
Exploration and project expenses			400 - 440
Exploration and evaluation			180 - 200
Project expenses			220 - 240
General and administrative expenses			~180
Corporate administration			~130
Share-based compensationc			~50
Other expense			70 - 90
Finance costs, net			260 - 300
Attributable capital expenditures:
Attributable minesite sustaininga			1,550 - 1,750
Attributable projecta			950 - 1,150
Total attributable capital expenditures			2,500 - 2,900
Effective income tax rated			26% - 30%
Key assumptions (used for guidance)
Gold Price ($/oz)			1,900
Copper Price ($/lb)			3.50
Oil Price (WTI) ($/barrel)			80
AUD Exchange Rate (AUD:USD)			0.75
ARS Exchange Rate (USD:ARS)			800
CAD Exchange Rate (USD:CAD)			1.30
CLP Exchange Rate (USD:CLP)			900
EUR Exchange Rate (EUR:USD)			1.10

a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

b. 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. Based on a one-month trailing average ending December 31, 2023 of US$17.61 per share.

d. Based on key assumptions included in this table.

BARRICK THIRD QUARTER 2024 10 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Operating Division Guidance

Our 2024 forecast gold and copper production, cost of sales^a, total cash costs^b, all-in sustaining costs^b, and C1 cash costs^b ranges by operating division were originally released on February 14, 2024 as follows:

Operating Division		2024 forecast attributable production (000s ozs)				2024 forecast cost of salesa ($/oz)				2024 forecast total cash costsb ($/oz)				2024 forecast all-in sustaining  costsb ($/oz)
Gold
Carlin (61.5%)			800 - 880				1,270 - 1,370				1,030 - 1,110				1,430 - 1,530
Cortez (61.5%)c			380 - 420				1,460 - 1,560				1,040 - 1,120				1,390 - 1,490
Turquoise Ridge (61.5%)			330 - 360				1,230 - 1,330				850 - 930				1,090 - 1,190
Phoenix (61.5%)			120 - 140				1,640 - 1,740				810 - 890				1,100 - 1,200
Nevada Gold Mines (61.5%)			1,650 - 1,800				1,340 - 1,440				980 - 1,060				1,350 - 1,450
Hemlo			140 - 160				1,470 - 1,570				1,210 - 1,290				1,600 - 1,700
North America			1,750 - 1,950				1,350 - 1,450				1,000 - 1,080				1,370 - 1,470
Pueblo Viejo (60%)			420 - 490				1,340 - 1,440				830 - 910				1,100 - 1,200
Veladero (50%)			210 - 240				1,340 - 1,440				1,010 - 1,090				1,490 - 1,590
Porgera (24.5%)d			50 - 70				1,670 - 1,770				1,220 - 1,300				1,900 - 2,000
Latin America & Asia Pacific			700 - 800				1,370 - 1,470				920 - 1,000				1,290 - 1,390
Loulo-Gounkoto (80%)			510 - 560				1,190 - 1,290				780 - 860				1,150 - 1,250
Kibali (45%)			320 - 360				1,140 - 1,240				740 - 820				950 - 1,050
North Mara (84%)			230 - 260				1,250 - 1,350				970 - 1,050				1,270 - 1,370
Bulyanhulu (84%)			160 - 190				1,370 - 1,470				990 - 1,070				1,380 - 1,480
Tongon (89.7%)			160 - 190				1,520 - 1,620				1,200 - 1,280				1,440 - 1,540
Africa & Middle East			1,400 - 1,550				1,250 - 1,350				880 - 960				1,180 - 1,280
Total Attributable to Barricke,f,g			3,900 - 4,300				1,320 - 1,420				940 - 1,020				1,320 - 1,420
		2024 forecast attributable production (000s tonnes)h				2024 forecast cost of salesa ($/lb)				2024 forecast C1 cash costsb ($/lb)				2024 forecast all-in sustaining costsb ($/lb)
Copper
Lumwana			120 - 140				2.50 - 2.80				1.85 - 2.15				3.30 - 3.60
Zaldívar (50%)			35 - 40				3.70 - 4.00				2.80 - 3.10				3.40 - 3.70
Jabal Sayid (50%)			25 - 30				1.75 - 2.05				1.40 - 1.70				1.70 - 2.00
Total Copperg			180 - 210				2.65 - 2.95				2.00 - 2.30				3.10 - 3.40

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

c. Includes Goldrush.

d. Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023. On December 22, 2023, the Porgera Project Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in our 2024 guidance at 24.5%.

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

f. Operating division guidance ranges reflect expectations at each individual operating division and may not add up to the company-wide guidance range total.

g. Includes corporate administration costs.

h. 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.

BARRICK THIRD QUARTER 2024 11 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

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%)^a, Nevada, USA

Summary of Operating and Financial Data

						For the three months ended														For the nine months ended
		9/30/24				6/30/24				% Change		9/30/23				% Change				9/30/24				9/30/23				% Change
Total tonnes mined (000s)			38,111				41,810			(9)%			42,953			(11)%					119,603				124,840			(4)%
Open pit ore			5,002				4,915			2 %			8,374			(40)%					15,113				22,367			(32)%
Open pit waste			31,639				35,431			(11)%			33,171			(5)%					100,078				98,484			2 %
Underground			1,470				1,464			0 %			1,408			4 %					4,412				3,989			11 %
Average grade (grams/tonne)
Open pit mined			1.17				0.90			30 %			0.80			46 %					1.01				1.04			(3)%
Underground mined			8.46				8.61			(2)%			9.28			(9)%					8.45				8.88			(5)%
Processed			2.91				2.63			11 %			1.99			46 %					2.67				2.14			25 %
Ore tonnes processed (000s)			5,125				6,446			(20)%			10,014			(49)%					18,350				26,435			(31)%
Oxide mill			1,970				2,177			(10)%			2,299			(14)%					6,260				7,409			(16)%
Roaster			1,191				1,301			(8)%			1,364			(13)%					3,886				3,568			9 %
Autoclave			945				1,167			(19)%			959			(1)%					3,179				2,483			28 %
Heap leach			1,019				1,801			(43)%			5,392			(81)%					5,025				12,975			(61)%
Recovery rateb			83 %				83 %			0 %			85 %			(2)%					83 %				83 %			0 %
Oxide Millb			78 %				78 %			0 %			82 %			(5)%					78 %				78 %			0 %
Roaster			86 %				86 %			0 %			86 %			0 %					86 %				86 %			0 %
Autoclave			82 %				80 %			2 %			84 %			(2)%					81 %				82 %			(1)%
Gold produced (000s oz)			385				401			(4)%			478			(19)%					1,206				1,352			(11)%
Oxide mill			75				72			4 %			96			(22)%					232				285			(19)%
Roaster			198				216			(8)%			228			(13)%					622				657			(5)%
Autoclave			91				91			0 %			106			(14)%					270				278			(3)%
Heap leach			21				22			(5)%			48			(56)%					82				132			(38)%
Gold sold (000s oz)			387				400			(3)%			480			(19)%					1,211				1,349			(10)%
Revenue ($ millions)			1,008				967			4 %			945			7 %					2,892				2,674			8 %
Cost of sales ($ millions)			612				592			3 %			614			0 %					1,816				1,844			(2)%
Income ($ millions)			383				363			6 %			314			22 %					1,042				790			32 %
EBITDA ($ millions)c			500				484			3 %			460			9 %					1,412				1,214			16 %
EBITDA margind			50 %				50 %			0 %			49 %			2 %					49 %				45 %			9 %
Capital expenditures ($ millions)e,f			193				234			(18)%			213			(9)%					647				590			10 %
Minesite sustainingc,e			154				199			(23)%			162			(5)%					537				461			16 %
Projectc,e			38				34			12 %			51			(25)%					106				129			(18)%
Cost of sales ($/oz)			1,553				1,464			6 %			1,273			22 %					1,481				1,359			9 %
Total cash costs ($/oz)c			1,205				1,104			9 %			921			31 %					1,128				998			13 %
All-in sustaining costs ($/oz)c			1,633				1,636			0 %			1,286			27 %					1,600				1,366			17 %

^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.

^c.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^d.  Represents EBITDA divided by revenue.

^e.  These amounts are presented on a cash basis.

^f.  Includes capitalized interest.

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 13 to 18 and 28 for a detailed discussion of each minesite’s results.

BARRICK THIRD QUARTER 2024 12 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Carlin (61.5%), Nevada, USA

Summary of Operating and Financial Data

						For the three months ended														For the nine months ended
		9/30/24				6/30/24				% Change		9/30/23				% Change				9/30/24				9/30/23				% Change
Total tonnes mined (000s)			14,469				17,282			(16)%			19,674			(26)%					45,779				52,721			(13)%
Open pit ore			1,013				627			62 %			600			69 %					2,230				3,328			(33)%
Open pit waste			12,613				15,801			(20)%			18,271			(31)%					41,006				47,115			(13)%
Underground			843				854			(1)%			803			5 %					2,543				2,278			12 %
Average grade (grams/tonne)
Open pit mined			1.65				1.67			(1)%			1.50			10 %					1.73				2.46			(30)%
Underground mined			7.63				7.92			(4)%			7.98			(4)%					7.69				7.82			(2)%
Processed			4.47				4.19			7 %			4.74			(6)%					4.21				4.48			(6)%
Ore tonnes processed (000s)			1,505				1,739			(13)%			1,707			(12)%					5,113				5,416			(6)%
Oxide mill			0				0			0 %			0			0 %					0				377			(100)%
Roasters			994				1,131			(12)%			1,219			(18)%					3,345				3,118			7 %
Autoclave			511				608			(16)%			349			46 %					1,768				821			115 %
Heap leach			0				0			0 %			139			(100)%					0				1,100			(100)%
Recovery ratea			84 %				82 %			2 %			85 %			(1)%					83 %				84 %			(1)%
Roasters			86 %				85 %			1 %			86 %			0 %					84 %				86 %			(2)%
Autoclave			72 %				68 %			6 %			80 %			(10)%					71 %				74 %			(4)%
Gold produced (000s oz)			182				202			(10)%			230			(21)%					589				644			(9)%
Oxide mill			0				0			0 %			0			0 %					0				4			(100)%
Roasters			160				173			(8)%			194			(18)%					502				558			(10)%
Autoclave			18				23			(22)%			27			(33)%					71				58			22 %
Heap leach			4				6			(33)%			9			(56)%					16				24			(33)%
Gold sold (000s oz)			183				202			(9)%			238			(23)%					592				645			(8)%
Revenue ($ millions)			466				474			(2)%			461			1 %					1,378				1,254			10 %
Cost of sales ($ millions)			277				283			(2)%			282			(2)%					848				828			2 %
Income ($ millions)			186				187			(1)%			174			7 %					520				409			27 %
EBITDA ($ millions)b			229				236			(3)%			225			2 %					663				555			19 %
EBITDA marginc			49 %				50 %			(2)%			49 %			0 %					48 %				44 %			9 %
Capital expenditures ($ millions)d			104				135			(23)%			103			1 %					359				265			35 %
Minesite sustainingb,d			91				130			(30)%			103			(12)%					334				265			26 %
Projectb,d			13				5			160 %			0			100 %					25				0			100 %
Cost of sales ($/oz)			1,478				1,390			6 %			1,166			27 %					1,410				1,266			11 %
Total cash costs ($/oz)b			1,249				1,145			9 %			953			31 %					1,171				1,042			12 %
All-in sustaining costs ($/oz)b			1,771				1,805			(2)%			1,409			26 %					1,753				1,480			18 %

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

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^c.  Represents EBITDA divided by revenue.

^d.  These amounts are presented on a cash basis.

Safety and Environment

For the three months ended
		9/30/24				6/30/24
LTI			0				0
LTIFR3			0.00				0.64
TRIFR3			1.53				3.18
Class 14 environmental incidents			0				0

Financial Results

Q3 2024 compared to Q2 2024

Gold production in Q3 2024 was 10% lower compared to Q2 2024 primarily due to the combined impact of the planned shutdown at the Gold Quarry roaster to complete phase 2 of the roaster expansion project, together with planned maintenance at the Goldstrike autoclave resulting

in a 13% decrease in processed tonnes compared to Q2 2024. This was partially offset by a 7% increase in processed grades as higher grade underground ore was prioritized given the reduced plant availability.

Cost of sales per ounce² and total cash costs per ounce¹ in Q3 2024 were 6% and 9% higher, respectively, than Q2 2024, which mainly reflected the lower throughput and ounce production at the Gold Quarry roaster and the autoclave. This was combined with lower capitalized stripping driven by an increase in ore mined from South Arturo. In Q3 2024, all-in sustaining costs per ounce¹ were 2% lower than Q2 2024 driven by lower minesite sustaining capital expenditures¹ partially offset by higher total cash costs per ounce¹.

Capital expenditures decreased by 30% compared to Q2 2024 mainly due to lower minesite sustaining capital

BARRICK THIRD QUARTER 2024 13 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

expenditures¹ driven by lower capitalized stripping. This was partially offset by an increase in project capital expenditures¹, relating to the continuation of dewatering and detailed engineering associated with the Ren project.

Q3 2024 compared to Q3 2023

Gold production for Q3 2024 was 21% lower than Q3 2023, primarily due to the planned shutdown at the Gold Quarry roaster as described above, combined with lower feed grades impacting recoveries at the autoclave. Leach ounces were also lower as no leach ore was placed on leach pads in Q3 2024.

Cost of sales per ounce² and total cash costs per ounce¹ for Q3 2024 were 27% and 31% higher, respectively, than Q3 2023, primarily due to the lower tonnes processed and lower recoveries at the autoclave, combined with lower capitalized stripping driven by fewer waste tonnes mined at both Gold Quarry and South Arturo which was in pre-production stripping in Q3 2023. For Q3 2024, all-in sustaining costs per ounce¹ were 26% higher than Q3 2023 owing to higher total cash costs per ounce¹, partially offset by lower minesite sustaining capital expenditures¹.

Capital expenditures were in line with Q3 2023, as an increase in project capital expenditures¹ relating to the continuation of dewatering and detailed engineering associated with the Ren project was offset by decreased minesite sustaining capital expenditures¹ driven by lower capitalized stripping, partially offset by the purchase of the Komatsu-930 truck fleet.

YTD 2024 compared to YTD 2023

Gold production for YTD 2024 was 9% lower than YTD 2023, mainly due to a combination of lower grades processed, lower recoveries and the reduction in open pit ore mined. This was further impacted by a higher proportion of higher grade Cortez refractory ore being processed at the Carlin roasters compared to YTD 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 tonnes processed at the roasters given the planned shutdowns that occurred at both roasters in YTD 2023, combined with higher underground tonnes mined and processed in YTD 2024. Gold production was also impacted by higher throughput at the autoclave as the conversion from RIL to CIL occurred in YTD 2023. Finally, heap leach production was lower for YTD 2024 owing to the leach cycle with no tonnes placed on leach pads in YTD 2024.

Cost of sales per ounce² and total cash costs per ounce¹ for YTD 2024 were 11% and 12% higher, respectively, than YTD 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 YTD 2023. For YTD 2024, all-in sustaining costs per ounce¹ were 18% higher than YTD 2023, mainly due to higher minesite sustaining capital expenditures¹ and higher total cash costs per ounce¹.

Capital expenditures were 35% higher than YTD 2023 resulting from higher minesite sustaining capital expenditures¹ driven primarily by the purchase of the Komatsu-930 truck fleet. This was combined with an increase in project capital expenditures¹, relating to the continuation of dewatering and detailed engineering associated with the Ren project.

BARRICK THIRD QUARTER 2024 14 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Cortez (61.5%)^a, Nevada, USA

Summary of Operating and Financial Data

						For the three months ended														For the nine months ended
		9/30/24				6/30/24				% Change		9/30/23				% Change				9/30/24				9/30/23				% Change
Total tonnes mined (000s)			17,292				17,471			(1)%			16,613			4 %					53,521				52,082			3 %
Open pit ore			1,421				1,253			13 %			5,168			(73)%					4,497				11,444			(61)%
Open pit waste			15,445				15,794			(2)%			11,062			40 %					47,755				39,600			21 %
Underground			426				424			0 %			383			11 %					1,269				1,038			22 %
Average grade (grams/tonne)
Open pit mined			1.60				0.89			80 %			0.76			111 %					1.06				0.78			36 %
Underground mined			7.13				8.51			(16)%			9.65			(26)%					8.11				9.41			(14)%
Processed			2.25				2.05			10 %			1.17			92 %					2.03				1.31			55 %
Ore tonnes processed (000s)			1,542				1,756			(12)%			5,266			(71)%					5,320				11,776			(55)%
Oxide mill			567				669			(15)%			627			(10)%					1,837				1,821			1 %
Roasters			197				170			16 %			145			36 %					541				450			20 %
Heap leach			778				917			(15)%			4,494			(83)%					2,942				9,505			(69)%
Recovery rate			82 %				83 %			(1)%			86 %			(5)%					83 %				84 %			(1)%
Oxide Mill			79 %				79 %			0 %			85 %			(7)%					79 %				82 %			(4)%
Roasters			87 %				88 %			(1)%			88 %			(1)%					88 %				87 %			1 %
Gold produced (000s oz)			98				102			(4)%			137			(28)%					319				387			(18)%
Oxide Mill			44				45			(2)%			67			(34)%					138				191			(28)%
Roasters			37				42			(12)%			33			12 %					117				97			21 %
Heap leach			17				15			13 %			37			(54)%					64				99			(35)%
Gold sold (000s oz)			99				101			(2)%			135			(27)%					321				384			(16)%
Revenue ($ millions)			252				237			6 %			259			(3)%					743				741			0 %
Cost of sales ($ millions)			152				138			10 %			168			(10)%					450				500			(10)%
Income ($ millions)			98				96			2 %			87			13 %					286				231			24 %
EBITDA ($ millions)b			132				131			1 %			141			(6)%					401				382			5 %
EBITDA marginc			52 %				55 %			(5)%			54 %			(4)%					54 %				52 %			4 %
Capital expenditures ($ millions)d			59				62			(5)%			56			5 %					185				180			3 %
Minesite sustainingb,d			35				39			(10)%			38			(8)%					119				129			(8)%
Projectb,d			24				23			4 %			18			33 %					66				51			29 %
Cost of sales ($/oz)			1,526				1,366			12 %			1,246			22 %					1,401				1,303			8 %
Total cash costs ($/oz)b			1,180				1,013			16 %			840			40 %					1,039				905			15 %
All-in sustaining costs ($/oz)b			1,570				1,447			9 %			1,156			36 %					1,445				1,270			14 %

^a.  Includes Goldrush.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^c.  Represents EBITDA divided by revenue.

^d.  These amounts are presented on a cash basis.

Safety and Environment

For the three months ended
		9/30/24				6/30/24
LTI			0				1
LTIFR3			0.00				0.93
TRIFR3			2.79				1.85
Class 14 environmental incidents			0				0

Financial Results

Q3 2024 compared to Q2 2024

Gold production in Q3 2024 was 4% lower than Q2 2024, primarily driven by a 16% decrease in underground grade mined and processed at the Carlin roasters, consistent with the mine sequence. This was partially offset by higher leach production driven in part by the leach cycle, combined with 13% more open pit ore tonnes mined at 80% higher grade out of Crossroads.

Cost of sales per ounce² and total cash costs per ounce¹ in Q3 2024 were 12% and 16% higher, respectively, than Q2 2024, primarily reflecting increased processing costs driven by the 16% increase in refractory tonnes shipped and processed at the Carlin roasters. In Q3 2024, all-in sustaining costs per ounce¹ were 9% higher than Q2 2024, driven by higher total cash costs per ounce¹, partially offset by lower minesite sustaining capital expenditures¹.

Capital expenditures in Q3 2024 were 5% lower than Q2 2024, resulting from lower minesite sustaining capital expenditures¹ primarily due to lower underground development driven by the mine sequence, partially offset by the purchase of lighter, higher capacity trays for the Caterpillar 795 truck fleet. Project capital expenditures¹ increased by 4% in Q3 2024 as the ramp-up continues at Goldrush.

BARRICK THIRD QUARTER 2024 15 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Q3 2024 compared to Q3 2023

Gold production for Q3 2024 was 28% lower than Q3 2023, primarily driven by less oxide ore mined at the Crossroads open pit due to the transition to Phase 6 which commenced in Q4 2023 and lower oxide ore mined from the Cortez Hills underground in line with the mine plan. Leach production was also lower due to a decrease in tonnes placed on the leach pad. This was partially offset by higher underground refractory ore mined, both from Cortez Hills underground and Goldrush underground.

Cost of sales per ounce² and total cash costs per ounce¹ for Q3 2024 were 22% and 40% higher, respectively, than Q3 2023, reflecting lower sales volume combined with a higher proportion of higher cost refractory ounces processed at the Carlin roasters. For Q3 2024, all-in sustaining costs per ounce¹ were 36% higher than Q3 2023, driven by higher total cash costs per ounce¹, partially offset by lower minesite sustaining capital expenditures¹.

Capital expenditures in Q3 2024 were 5% higher than Q3 2023, largely due to higher project capital expenditures¹ as the ramp-up continues at Goldrush, partially offset by lower minesite sustaining capital expenditures¹ as the Komatsu 930-E truck fleet was primarily purchased in 2023.

YTD 2024 compared to YTD 2023

Gold production for YTD 2024 was 18% lower than YTD 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 ounce² and total cash costs per ounce¹ for YTD 2024 were 8% and 15% higher, respectively, than YTD 2023, reflecting lower sales volume combined with a higher proportion of higher cost refractory ounces processed at the Carlin roasters in the sales mix. For YTD 2024, all-in sustaining costs per ounce¹ increased by 14% compared to YTD 2023, due to higher total cash costs per ounce¹, combined with higher minesite sustaining capital expenditures¹ on a per ounce basis.

Capital expenditures for YTD 2024 were 3% higher than YTD 2023, due to an increase in project capital expenditures¹ as the ramp-up continues at Goldrush, partially offset by lower minesite sustaining capital expenditures¹ as the Komatsu 930-E truck fleet was primarily purchased in 2023.

BARRICK THIRD QUARTER 2024 16 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Turquoise Ridge (61.5%), Nevada, USA

Summary of Operating and Financial Data

						For the three months ended																For the nine months ended
		9/30/24				6/30/24				% Change				9/30/23				% Change				9/30/24				9/30/23				% Change
Total tonnes mined (000s)			758				731				4 %				222				241 %				2,057				673			206 %
Open pit ore			82				0				100 %				0				100 %				82				0			100 %
Open pit waste			475				545				(13)%				0				100 %				1,375				0			100 %
Underground			201				186				8 %				222				(9)%				600				673			(11)%
Average grade (grams/tonne)
Open pit mined			1.36				n/a				n/a				n/a				n/a				1.36				n/a			n/a
Underground mined			13.89				11.62				20 %				12.73				9 %				11.96				11.36			5 %
Processed			5.69				4.22				35 %				4.37				30 %				4.71				4.29			10 %
Ore tonnes processed (000s)			503				634				(21)%				704				(29)%				1,617				1,937			(17)%
Oxide Mill			69				75				(8)%				94				(27)%				206				275			(25)%
Autoclave			434				559				(22)%				610				(29)%				1,411				1,662			(15)%
Recovery rate			84 %				85 %				(1)%				86 %				(2)%				85 %				85 %			0 %
Oxide Mill			82 %				85 %				(4)%				87 %				(6)%				84 %				86 %			(2)%
Autoclave			84 %				85 %				(1)%				86 %				(2)%				85 %				85 %			0 %
Gold produced (000s oz)			76				72				6 %				83				(8)%				210				232			(9)%
Oxide Mill			3				3				0 %				4				(25)%				9				10			(10)%
Autoclave			73				68				7 %				79				(8)%				199				220			(10)%
Heap leach			0				1				(100)%				0				0 %				2				2			0 %
Gold sold (000s oz)			77				70				10 %				78				(1)%				209				232			(10)%
Revenue ($ millions)			192				165				16 %				150				28 %				487				449			8 %
Cost of sales ($ millions)			129				113				14 %				101				28 %				349				323			8 %
Income ($ millions)			61				51				20 %				49				24 %				134				124			8 %
EBITDA ($ millions)a			90				76				18 %				77				17 %				211				209			1 %
EBITDA marginb			47 %				46 %				2 %				51 %				(8)%				43 %				47 %			(9)%
Capital expenditures ($ millions)c			16				17				(6)%				13				23 %				51				49			4 %
Minesite sustaininga,c			16				16				0 %				12				33 %				50				44			14 %
Projecta,c			0				1				(100)%				1				(100)%				1				5			(80)%
Cost of sales ($/oz)			1,674				1,603				4 %				1,300				29 %				1,668				1,391			20 %
Total cash costs ($/oz)a			1,295				1,235				5 %				938				38 %				1,294				1,018			27 %
All-in sustaining costs ($/oz)a			1,516				1,505				1 %				1,106				37 %				1,554				1,225			27 %

^a.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^b.  Represents EBITDA divided by revenue.

^c.  These amounts are presented on a cash basis.

Safety and Environment

For the three months ended
		9/30/24				6/30/24
LTI			0				0
LTIFR3			0.00				0.00
TRIFR3			4.06				1.46
Class 14 environmental incidents			0				0

Financial Results

Q3 2024 compared to Q2 2024

Gold production in Q3 2024 was 6% higher than Q2 2024, mainly due to a 35% increase in grade processed owing to improved efficiencies at the Turquoise Ridge underground mine, leading to an 8% increase in tonnes mined at 20% higher grade compared to the prior quarter. This was partially offset by lower throughput following the planned Sage autoclave shutdown that occurred in Q3 2024.

Cost of sales per ounce² and total cash costs per ounce¹ in Q3 2024 were 4% and 5% higher, respectively, than Q2 2024, primarily due to the increased maintenance

costs associated with the planned Sage autoclave shutdown that occurred in Q3 2024. This was partially offset by higher processed grades as higher grade underground ore made up the majority of the feed. All-in sustaining costs per ounce¹ were 1% higher than Q2 2024, primarily reflecting higher total cash costs per ounce¹, partially offset by lower minesite sustaining capital expenditures¹ on a per ounce basis.

Q3 2024 compared to Q3 2023

Gold production for Q3 2024 was 8% lower than Q3 2023, primarily due to the planned Sage autoclave maintenance shutdown that took place during Q3 2024, whereas the 2023 shutdown occurred in Q2. This was partially offset by a 30% increase in grade processed driven by a 9% increase in grade mined from the Turquoise Ridge underground mine.

Cost of sales per ounce² and total cash costs per ounce¹ for Q3 2024 were 29% and 38% higher, respectively, than Q3 2023, primarily owing to the increased maintenance costs on the back of the planned Sage

BARRICK THIRD QUARTER 2024 17 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

autoclave shutdown that occurred in Q3 2024. All-in sustaining costs per ounce¹ were 37% higher than Q3 2023, reflecting higher total cash costs per ounce¹ and higher minesite sustaining capital expenditures¹, driven in large part by the Juniper tailings dam construction and the CIL tank upgrades.

YTD 2024 compared to YTD 2023

Gold production for YTD 2024 was 9% lower compared to YTD 2023, primarily due to lower ore tonnes mined from Turquoise Ridge underground as the first half of 2024 was primarily focused on backfill and development to set up the mine for further efficiency improvements over the remainder of the year. Tonnes processed were 17% lower in YTD 2024 compared to YTD 2023 as there was an additional planned shutdown at the autoclave this year with some re-engineering and repairs performed to set up the autoclave for improved reliability and increased throughput in the future.

Cost of sales per ounce² and total cash costs per ounce¹ for YTD 2024 were 20% and 27% higher, respectively, compared to YTD 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 ounce¹ increased by 27% compared to YTD 2023, primarily due to both higher total cash costs per ounce¹ and higher minesite sustaining capital expenditures¹ driven in large part by the Juniper tailings dam construction and the CIL tank upgrades.

BARRICK THIRD QUARTER 2024 18 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Pueblo Viejo (60%)^a, Dominican Republic

Summary of Operating and Financial Data

						For the three months ended														For the nine months ended
		9/30/24				6/30/24				% Change		9/30/23				% Change				9/30/24				9/30/23				% Change
Open pit tonnes mined (000s)			3,021				3,501			(14)%			4,489			(33)%					9,466				15,255			(38)%
Open pit ore			2,029				1,487			36 %			2,037			0 %					4,751				5,892			(19)%
Open pit waste			992				2,014			(51)%			2,452			(60)%					4,715				9,363			(50)%
Average grade (grams/tonne)
Open pit mined			2.21				2.17			2 %			2.25			(2)%					2.17				2.00			9 %
Processed			2.58				2.38			8 %			2.40			8 %					2.51				2.31			9 %
Autoclave ore tonnes processed (000s)			1,605				1,496			7 %			1,404			14 %					4,353				3,987			9 %
Recovery rate			78 %				76 %			3 %			70 %			11 %					79 %				82 %			(4)%
Gold produced (000s oz)			98				80			23 %			79			24 %					259				245			6 %
Gold sold (000s oz)			96				79			22 %			77			25 %					257				246			4 %
Revenue ($ millions)			241				187			29 %			152			59 %					600				480			25 %
Cost of sales ($ millions)			140				130			8 %			117			20 %					395				334			18 %
Income ($ millions)			98				54			81 %			31			216 %					196				138			42 %
EBITDA ($ millions)b			144				93			55 %			70			106 %					318				252			26 %
EBITDA marginc			60 %				50 %			20 %			46 %			30 %					53 %				53 %			0 %
Capital expenditures ($ millions)d,e			38				62			(39)%			54			(30)%					155				196			(21)%
Minesite sustainingb,d			24				32			(25)%			26			(8)%					81				86			(6)%
Projectb,d			12				20			(40)%			28			(57)%					52				110			(53)%
Cost of sales ($/oz)			1,470				1,630			(10)%			1,501			(2)%					1,538				1,356			13 %
Total cash costs ($/oz)b			957				1,024			(7)%			935			2 %					995				824			21 %
All-in sustaining costs ($/oz)b			1,221				1,433			(15)%			1,280			(5)%					1,322				1,185			12 %

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

^b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^c. Represents EBITDA divided by revenue.

^d. These amounts are presented on a cash basis.

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

Safety and Environment

For the three months ended
		9/30/24				6/30/24
LTI			0				1
LTIFR3			0.00				0.26
TRIFR3			0.00				0.77
Class 14 environmental incidents			0				0

Financial Results

Q3 2024 compared to Q2 2024

Gold production in Q3 2024 was 23% higher than Q2 2024, driven by increased throughput as the expanded plant continues to be optimized, higher recoveries due to improved flotation circuit performance and higher grades processed in line with plan.

Cost of sales per ounce² and total cash costs per ounce¹ for Q3 2024 were 10% and 7% lower, respectively, compared to Q2 2024, mainly driven by the impact of higher production and lower plant maintenance costs, partially offset by lower by-product credits. For Q3 2024, all-in sustaining costs per ounce¹ were 15% lower than Q2 2024, mainly driven by lower total cash costs per ounce¹ and lower minesite sustaining capital expenditures¹.

Capital expenditures for Q3 2024 decreased by 39% compared to Q2 2024, due to lower project capital expenditures¹ on the plant expansion and lower minesite sustaining capital expenditures¹, driven by reduced spend on the Llagal TSF and lower capitalized stripping.

Q3 2024 compared to Q3 2023

Gold production for Q3 2024 was 24% higher than Q3 2023, driven by increased throughput as the expanded plant continues to be optimized, higher recoveries due to improved flotation circuit performance and higher grades processed in line with plan.

Cost of sales per ounce² was 2% lower compared to Q3 2023 due to lower depreciation on a per ounce basis, partially offset by higher total cash costs per ounce¹. Total cash costs per ounce¹ for Q3 2024 were 2% higher compared to Q3 2023, primarily due to higher plant maintenance costs, higher electricity unit prices, higher royalties from higher realized gold prices¹ and lower by-product credits, partially offset by lower mining costs and higher production. For Q3 2024, all-in sustaining costs per ounce¹ were 5% lower than Q3 2023, driven by lower minesite sustaining capital expenditures¹ on a per ounce basis partially offset by higher total cash costs per ounce¹.

Capital expenditures for Q3 2024 decreased by 30% compared to Q3 2023, primarily due to lower project capital expenditures¹ incurred on the plant expansion. Minesite sustaining capital expenditures¹ were also lower due to reduced capitalized stripping.

YTD 2024 compared to YTD 2023

Gold production for YTD 2024 was 6% higher than YTD 2023, driven by higher throughput resulting from the plant

BARRICK THIRD QUARTER 2024 19 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

expansion and higher grades processed in line with plan, partially offset by lower recoveries.

Cost of sales per ounce² and total cash costs per ounce¹ for YTD 2024 were 13% and 21% higher, respectively, than YTD 2023, primarily due to higher plant maintenance costs, higher electricity unit prices and consumption, partially offset by lower mining costs. For YTD 2024, all-in sustaining costs per ounce¹ increased by 12% compared to YTD 2023, primarily reflecting higher total cash costs per ounce¹, partially offset by lower minesite sustaining capital expenditures¹.

Capital expenditures for YTD 2024 decreased by 21% compared to YTD 2023, primarily due to lower project capital expenditures¹ incurred on the plant expansion, as expenditure on the project was substantially completed by the end of 2023. Minesite sustaining capital expenditures¹ were lower driven by lower capitalized stripping.

BARRICK THIRD QUARTER 2024 20 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Loulo-Gounkoto (80%)^a, Mali

Summary of Operating and Financial Data

						For the three months ended														For the nine months ended
		9/30/24				6/30/24				% Change		9/30/23				% Change				9/30/24				9/30/23				% Change
Total tonnes mined (000s)			8,962				9,317			(4)%			6,370			41 %					25,971				22,354			16 %
Open pit ore			233				147			59 %			575			(59)%					384				1,212			(68)%
Open pit waste			7,807				8,246			(5)%			4,893			60 %					22,774				18,481			23 %
Underground			922				924			0 %			902			2 %					2,813				2,661			6 %
Average grade (grams/tonne)
Open pit mined			1.99				1.60			24 %			3.40			(41)%					1.83				2.99			(39)%
Underground mined			4.54				5.53			(18)%			5.05			(10)%					5.33				5.23			2 %
Processed			4.80				4.52			6 %			4.76			1 %					4.59				4.71			(3)%
Ore tonnes processed (000s)			1,016				1,038			(2)%			1,012			0 %					3,113				3,036			3 %
Recovery rate			92 %				91 %			1 %			91 %			1 %					92 %				91 %			1 %
Gold produced (000s oz)			144				137			5 %			142			1 %					422				420			0 %
Gold sold (000s oz)			135				137			(1)%			145			(7)%					412				419			(2)%
Revenue ($ millions)			337				323			4 %			280			20 %					949				812			17 %
Cost of sales ($ millions)			170				159			7 %			158			8 %					493				489			1 %
Income ($ millions)			161				156			3 %			111			45 %					433				306			42 %
EBITDA ($ millions)b			214				206			4 %			156			37 %					589				456			29 %
EBITDA marginc			64 %				64 %			0 %			56 %			14 %					62 %				56 %			11 %
Capital expenditures ($ millions)d			82				80			3 %			69			19 %					221				225			(2)%
Minesite sustainingb,d			56				61			(8)%			43			30 %					157				147			7 %
Projectb,d			26				19			37 %			26			0 %					64				78			(18)%
Cost of sales ($/oz)			1,257				1,160			8 %			1,087			16 %					1,197				1,168			2 %
Total cash costs ($/oz)b			865				795			9 %			773			12 %					818				809			1 %
All-in sustaining costs ($/oz)b			1,288				1,251			3 %			1,068			21 %					1,209				1,166			4 %

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

^b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^c. Represents EBITDA divided by revenue.

^d. These amounts are presented on a cash basis.

Safety and Environment

For the three months ended
		9/30/24				6/30/24
LTI			0				0
LTIFR3			0.00				0.00
TRIFR3			0.00				0.39
Class 14 environmental incidents			0				0

Financial Results

Q3 2024 compared to Q2 2024

Gold production for Q3 2024 was 5% higher than Q2 2024 mainly due to higher recovery and higher grades processed, in line with the mine plan partially offset by lower throughput.

Cost of sales per ounce² and total cash costs per ounce¹ for Q3 2024 were 8% and 9% higher, respectively, than Q2 2024, due to higher processing costs, primarily driven by increased power costs due to lower solar power availability, influenced by seasonality in Mali. For Q3 2024, all-in sustaining costs per ounce¹ were 3% higher than Q2 2024, mainly due to higher total cash costs per ounce¹, partially offset by lower minesite sustaining capital expenditures¹.

Capital expenditures for Q3 2024 increased by 3% compared to Q2 2024, mainly driven by higher project

capital expenditures¹, partially offset by slightly lower minesite sustaining capital expenditures¹.

Q3 2024 compared to Q3 2023

Gold production for Q3 2024 was 1% higher than Q3 2023 due to higher recovery and higher grades processed, in line with the mine plan.

Cost of sales per ounce² and total cash costs per ounce¹ for Q3 2024 were 16% and 12% higher, respectively, than Q3 2023, mainly due to the impact of higher royalties from higher realized gold prices¹ and higher open pit mining costs as a result of the longer hauls associated with the new mining area at Baboto. For Q3 2024, all-in sustaining costs per ounce¹ were 21% higher than Q3 2023, due to higher minesite sustaining capital expenditures¹ as a result of increased capitalized stripping, combined with higher total cash costs per ounce¹.

YTD 2024 compared to YTD 2023

Gold production for YTD 2024 was marginally higher than YTD 2023, as an increase in throughput and recoveries was largely offset by lower grades processed.

Cost of sales per ounce² and total cash costs per ounce¹ for YTD 2024 were 2% and 1% higher, respectively, than YTD 2023, due to the impact of higher royalties from higher realized gold prices¹. For YTD 2024, all-in sustaining

BARRICK THIRD QUARTER 2024 21 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

costs per ounce¹ were 4% higher than YTD 2023, due to higher minesite sustaining capital expenditures¹ and higher total cash costs per ounce¹.

Capital expenditures for YTD 2024 decreased by 2% compared to YTD 2023, primarily driven by lower project capital expenditures¹ as a result of the completion of the Loulo-Gounkoto solar plant expansion project in 2023, partially offset by higher minesite sustaining capital expenditures¹ due to increased capitalized stripping.

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 Q2 2023, Barrick responded to the draft report to challenge the auditors’ findings, which Barrick believed to be legally and

factually flawed and without merit. In February 2024, Barrick received the final audit report in relation to the Loulo-Gounkoto complex. The final report maintained most of the auditors’ findings from the draft and Barrick is engaging with the Government of Mali to challenge them.

In addition, a new mining code and a law requiring local content in the mining sector were adopted in Mali in August 2023. The implementing decree for the new mining code was published in the legal gazette in July 2024 and the local content law was published in September 2024. 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 15 of the Financial Statements for information regarding ongoing discussions with the Government of Mali including with respect to the establishment conventions for the Loulo-Gounkoto complex and related matters.

BARRICK THIRD QUARTER 2024 22 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

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

Summary of Operating and Financial Data

						For the three months ended														For the nine months ended
		9/30/24				6/30/24				% Change		9/30/23				% Change				9/30/24				9/30/23				% Change
Total tonnes mined (000s)			4,615				4,794			(4)%			4,467			3 %					14,577				13,844			5 %
Open pit ore			412				397			4 %			764			(46)%					1,414				2,102			(33)%
Open pit waste			3,763				3,952			(5)%			3,188			18 %					11,798				10,387			14 %
Underground			440				445			(1)%			515			(15)%					1,365				1,355			1 %
Average grade (grams/tonne)
Open pit mined			1.58				1.25			26 %			1.92			(18)%					1.42				1.59			(11)%
Underground mined			4.92				5.61			(12)%			5.28			(7)%					5.20				5.05			3 %
Processed			2.58				2.95			(13)%			3.58			(28)%					2.79				3.12			(11)%
Ore tonnes processed (000s)			965				966			0 %			960			1 %					2,856				2,789			2 %
Recovery rate			89 %				89 %			0 %			90 %			(1)%					89 %				90 %			(1)%
Gold produced (000s oz)			71				82			(13)%			99			(28)%					229				250			(8)%
Gold sold (000s oz)			77				81			(5)%			97			(21)%					230				251			(8)%
Revenue ($ millions)			193				189			2 %			187			3 %					534				486			10 %
Cost of sales ($ millions)			111				107			4 %			112			(1)%					304				314			(3)%
Income ($ millions)			73				84			(13)%			72			1 %					221				165			34 %
EBITDA ($ millions)b			108				120			(10)%			116			(7)%					320				275			16 %
EBITDA marginc			56 %				63 %			(11)%			62 %			(10)%					60 %				57 %			5 %
Capital expenditures ($ millions)d			26				34			(24)%			16			63 %					84				53			58 %
Minesite sustainingb,c			12				16			(25)%			8			50 %					43				30			43 %
Projectb,c			14				18			(22)%			8			75 %					41				23			78 %
Cost of sales ($/oz)			1,441				1,313			10 %			1,152			25 %					1,320				1,250			6 %
Total cash costs ($/oz)b			978				868			13 %			694			41 %					884				808			9 %
All-in sustaining costs ($/oz)b			1,172				1,086			8 %			801			46 %					1,103				954			16 %

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

^b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^c. Represents EBITDA divided by revenue.

^d. These amounts are presented on a cash basis.

Safety and Environment

For the three months ended
		9/30/24				6/30/24
LTI			0				2
LTIFR3			0.00				0.46
TRIFR3			0.45				1.15
Class 14 environmental incidents			0				0

Unfortunately, on August 15, 2024, an incident occurred at Kibali which resulted in the tragic fatality of an employee. This has reinforced our Journey to Zero safety initiatives. Please refer to page 9 for further details on our safety initiatives.

Financial Results

Q3 2024 compared to Q2 2024

Gold production in Q3 2024 was 13% lower than Q2 2024, mainly due to lower grades processed. Improved underground performance which will enhance access to higher grade underground ore coupled with higher open pit ore is expected to underpin a stronger performance in Q4 2024.

Cost of sales per ounce² and total cash costs per ounce¹ for Q3 2024 were 10% and 13% higher,

respectively, mainly due lower grades processed and higher open pit unit costs related to the opening of new pits. This was partially offset by lower underground, processing and G&A costs. For Q3 2024, all-in sustaining costs per ounce¹ were 8% higher compared to Q2 2024, mainly due to higher total cash costs per ounce¹, partially offset by lower minesite sustaining capital expenditures¹.

Capital expenditures for Q3 2024 were 24% lower compared to Q2 2024, mainly due to lower capitalized stripping, and lower project capital expenditures¹ due to the timing of payments on the CTSF 3 and the solar project.

Q3 2024 compared to Q3 2023

Gold production for Q3 2024 was 28% lower than Q3 2023, mainly due to lower grades processed.

Cost of sales per ounce² and total cash costs per ounce¹ for Q3 2024 were 25% and 41% higher, respectively, compared to Q3 2023 mainly due to higher royalties related to the higher realized gold price¹ and lower grades processed. For Q3 2024, all-in sustaining costs per ounce¹ were 46% higher than Q3 2023, driven by higher total cash costs per ounce¹ and higher minesite sustaining capital expenditures¹.

Capital expenditures for Q3 2024 were 63% higher than Q3 2023, mainly due to higher minesite sustaining

BARRICK THIRD QUARTER 2024 23 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

capital expenditures¹ predominantly driven by higher capitalized stripping, and increased project capital expenditures¹ due to the timing of deliveries related to the solar project and progress made towards the construction of CTSF 3.

YTD 2024 compared to YTD 2023

Gold production for YTD 2024 was 8% lower compared to YTD 2023, mainly due to lower grades processed, partially offset by higher throughput.

Cost of sales per ounce² and total cash costs per ounce¹ for YTD 2024 were 6% and 9% higher, respectively, than YTD 2023, mainly due to lower grades processed and

higher royalties resulting from the higher realized gold price¹. For YTD 2024, all-in sustaining costs per ounce¹ were 16% higher compared to YTD 2023, mainly due to higher minesite sustaining capital expenditures¹ and higher total cash costs per ounce¹.

Capital expenditures in YTD 2024 were 58% higher than YTD 2023, mainly due to an increase in project capital expenditures¹ resulting from the timing of payments related to the solar project and progress made towards the construction of CTSF 3, and higher minesite sustaining capital expenditures¹ due to increased capitalized waste stripping.

BARRICK THIRD QUARTER 2024 24 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

North Mara (84%)^a, Tanzania

Summary of Operating and Financial Data

						For the three months ended														For the nine months ended
		9/30/24				6/30/24				% Change		9/30/23				% Change				9/30/24				9/30/23				% Change
Total tonnes mined (000s)			4,792				3,734			28 %			4,529			6 %					12,107				12,306			(2)%
Open pit ore			1,061				500			112 %			439			142 %					1,935				994			95 %
Open pit waste			3,328				2,854			17 %			3,686			(10)%					8,993				10,203			(12)%
Underground			403				380			6 %			404			0 %					1,179				1,109			6 %
Average grade (grams/tonne)
Open pit mined			1.89				1.66			14 %			1.62			17 %					1.79				1.82			(2)%
Underground mined			4.86				3.23			50 %			3.32			46 %					3.69				3.24			14 %
Processed			3.84				2.61			47 %			2.91			32 %					2.96				3.08			(4)%
Ore tonnes processed (000s)			682				715			(5)%			715			(5)%					2,048				2,129			(4)%
Recovery rate			90 %				89 %			1 %			92 %			(2)%					90 %				92 %			(2)%
Gold produced (000s oz)			75				54			39 %			62			21 %					175				194			(10)%
Gold sold (000s oz)			78				50			56 %			59			32 %					174				193			(10)%
Revenue ($ millions)			197				117			68 %			115			71 %					410				373			10 %
Cost of sales ($ millions)			86				79			9 %			74			16 %					242				220			10 %
Income ($ millions)			74				35			111 %			37			100 %					124				127			(2)%
EBITDA ($ millions)b			93				50			86 %			51			82 %					173				173			0 %
EBITDA marginc			47 %				43 %			9 %			44 %			7 %					42 %				46 %			(9)%
Capital expenditures ($ millions)d			28				24			17 %			47			(40)%					82				123			(33)%
Minesite sustainingb,d			15				10			50 %			25			(40)%					43				75			(43)%
Projectb,d			13				14			(7)%			22			(41)%					39				48			(19)%
Cost of sales ($/oz)			1,108				1,570			(29)%			1,244			(11)%					1,393				1,138			22 %
Total cash costs ($/oz)b			850				1,266			(33)%			999			(15)%					1,100				893			23 %
All-in sustaining costs ($/oz)b			1,052				1,491			(29)%			1,429			(26)%					1,365				1,298			5 %

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

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^c.  Represents EBITDA divided by revenue.

^d.  These amounts are presented on a cash basis.

Safety and Environment

For the three months ended
		9/30/24				6/30/24
LTI			0				0
LTIFR3			0.00				0.00
TRIFR3			0				0.69
Class 14 environmental incidents			0				0

Financial Results

Q3 2024 compared to Q2 2024

In Q3 2024, production was 39% higher than Q2 2024 mainly driven by higher grades processed from the underground, as per the mine plan.

Cost of sales per ounce² and total cash costs per ounce¹ were 29% and 33% lower, respectively, than Q2 2024 mainly due to the impact of the higher grade processed. All-in sustaining costs per ounce¹ in Q3 2024 were 29% lower than Q2 2024, mainly due to lower total cash costs per ounce¹. This was slightly offset by increased minesite sustaining capital expenditures¹ driven by an increase in advanced grade control drilling activity and spending on the sewage plant.

Q3 2024 compared to Q3 2023

Gold production for Q3 2024 was 21% higher mainly due to higher grades processed, partially offset by lower throughput and lower recovery.

Cost of sales per ounce² and total cash costs per ounce¹ were 11% and 15% lower, respectively, compared to Q3 2023, due to the higher grade processed, partially offset by higher royalties associated with the higher realized gold price¹. All-in sustaining costs per ounce¹ in Q3 2024 were 26% lower than Q3 2023, mainly due to lower total cash cost per ounce¹, combined with lower minesite sustaining capital expenditures¹.

For Q3 2024, capital expenditures decreased by 40% compared to Q3 2023, mainly due to lower minesite sustaining capital expenditures¹ resulting from decreased capitalized stripping following the ramp up of the Gena open pit. This was combined with lower project capital expenditures¹ related to land acquisitions and conversion drilling at Gokona during Q3 2023.

YTD 2024 compared to YTD 2023

For YTD 2024, gold production was 10% lower than YTD 2023, mainly due to lower grade processed and lower throughput in line with our mine plan as we continue to transition to a higher contribution from the lower grade open pit ore in the feed mix compared to YTD 2023.

BARRICK THIRD QUARTER 2024 25 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Cost of sales per ounce² and total cash costs per ounce¹ in YTD 2024 were 22% and 23% higher, respectively, due to the impact of lower grades processed as described above, combined with lower throughput, lower recovery and higher royalties associated with the higher realized gold price¹. All-in sustaining costs per ounce¹ for YTD 2024 were 5% higher than YTD 2023, reflecting the increase in total cash costs per ounce¹, partially offset by lower minesite sustaining capital expenditures¹.

For YTD 2024, capital expenditures decreased by 33% compared to YTD 2023, mainly due to lower minesite sustaining capital expenditures¹ driven by lower capitalized stripping, reflecting the successful ramp up of the Gena open pit, and lower project capital expenditures¹ given the purchase of the underground fleet and TSF extension during YTD 2023.

BARRICK THIRD QUARTER 2024 26 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Bulyanhulu (84%)^a, Tanzania

Summary of Operating and Financial Data

						For the three months ended														For the nine months ended
		9/30/24				6/30/24				% Change		9/30/23				% Change				9/30/24				9/30/23				% Change
Underground tonnes mined (000s)			303				314			(4)%			318			(5)%					921				917			0 %
Average grade (grams/tonne)
Underground mined			5.62				5.89			(5)%			6.25			(10)%					5.79				6.80			(15)%
Processed			5.48				5.89			(7)%			6.33			(13)%					5.72				6.89			(17)%
Ore tonnes processed (000s)			228				250			(9)%			241			(5)%					716				658			9 %
Recovery rate			92 %				94 %			(2)%			95 %			(3)%					94 %				96 %			(2)%
Gold produced (000s oz)			37				45			(18)%			46			(20)%					124				139			(11)%
Gold sold (000s oz)			37				44			(16)%			45			(18)%					121				139			(13)%
Revenue ($ millions)			99				108			(8)%			91			9 %					296				284			4 %
Cost of sales ($ millions)			62				62			0 %			57			9 %					184				178			3 %
Income ($ millions)			36				45			(20)%			33			9 %					109				91			20 %
EBITDA ($ millions)b			49				58			(16)%			46			7 %					148				130			14 %
EBITDA marginc			49 %				54 %			(9)%			51 %			(4)%					50 %				46 %			9 %
Capital expenditures ($ millions)d			30				23			30 %			21			43 %					79				61			30 %
Minesite sustainingb,d			10				11			(9)%			12			(17)%					39				40			(3)%
Projectb,d			20				12			67 %			9			122 %					40				21			90 %
Cost of sales ($/oz)			1,628				1,438			13 %			1,261			29 %					1,511				1,282			18 %
Total cash costs ($/oz)b			1,191				985			21 %			859			39 %					1,069				896			19 %
All-in sustaining costs ($/oz)b			1,470				1,243			18 %			1,132			30 %					1,394				1,188			17 %

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

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^c.  Represents EBITDA divided by revenue.

^d.  These amounts are presented on a cash basis.

Safety and Environment

For the three months ended
		9/30/24				6/30/24
LTI			0				0
LTIFR3			0.00				0.00
TRIFR3			2.97				2.00
Class 14 environmental incidents			0				0

Financial Results

Q3 2024 compared to Q2 2024

In Q3 2024, gold production was 18% lower than Q2 2024 mainly due to lower throughput and lower grade processed.

Cost of sales per ounce² and total cash costs per ounce¹ in Q3 2024 were 13% and 21% higher, respectively, than Q2 2024, reflecting the lower grade processed and lower throughput. All-in sustaining costs per ounce¹ in Q3 2024 were 18% higher than Q2 2024, due to higher total cash costs per ounce¹ and higher minesite sustaining capital expenditures¹ on a per ounce basis.

Capital expenditures in Q3 2024 were 30% higher compared to Q2 2024, reflecting higher project capital expenditures¹ related to the Upper West decline project.

Q3 2024 compared to Q3 2023

For Q3 2024, gold production was 20% lower than Q3 2023 mainly driven by lower grades processed and lower throughput, in line with the mine plan.

Cost of sales per ounce² and total cash costs per ounce¹ for Q3 2024 were 29% and 39% higher, respectively, compared to Q3 2023, due to the lower grade processed and higher royalties associated with the higher

realized gold price¹, slightly offset by higher capitalized underground costs. All-in sustaining costs per ounce¹ in Q3 2024 were 30% higher than Q3 2023, mainly due to higher total cash costs per ounce¹.

For Q3 2024, capital expenditures were 43% higher than Q3 2023, mainly due to higher project capital expenditures¹ related to the Upper West project. Minesite sustaining capital expenditures¹ were in line with Q3 2023.

YTD 2024 compared to YTD 2023

For YTD 2024, gold production was 11% lower than YTD 2023, due to the lower grade ore mined, in line with our mine plan, partially offset by higher throughput.

Cost of sales per ounce² and total cash costs per ounce¹ in YTD 2024 were 18% and 19% higher, respectively, than YTD 2023, largely reflecting the lower grades processed and higher royalties associated with the higher realized gold price¹, partially offset by improved processing unit rate efficiency. All-in sustaining costs per ounce¹ for YTD 2024 were 17% higher than YTD 2023, mainly due to higher total cash costs per ounce¹ and higher minesite sustaining capital expenditures¹ on a per ounce basis.

For YTD 2024, capital expenditures increased by 30% compared to YTD 2023, mainly due to higher project capital expenditures¹ related to the Upper West project. Minesite sustaining capital expenditures¹ were in line with YTD 2023.

BARRICK THIRD QUARTER 2024 27 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Other Mines - Gold

Summary of Operating and Financial Data

For the three months ended
		9/30/24																				6/30/24
		Gold produced (000s oz)				Cost of sales ($/oz)				Total cash costs ($/oz)a				All-in sustaining costs ($/oz)a				Capital Expend- ituresb				Gold produced (000s oz)				Cost of sales ($/oz)				Total cash costs ($/oz)a				All-in sustaining costs ($/oz)a				Capital Expend- ituresb
Phoenix (61.5%)			29				1,789				764				1,113				8				25				2,018				781				1,167				8
Veladero (50%)			57				1,311				951				1,385				36				56				1,298				931				1,308				31
Tongon (89.7%)			28				2,403				2,184				2,388				7				45				1,960				1,716				1,899				4
Hemlo			30				1,929				1,623				2,044				11				37				1,663				1,395				1,660				9
Porgera (24.5%)			18				1,163				999				1,214				6				11				1,132				941				1,079				46

^a.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^b.  Includes both minesite sustaining and project capital expenditures¹. These amounts are presented on a cash basis.

Phoenix (61.5%)

Gold production for Phoenix in Q3 2024 was 16% higher compared to Q2 2024, mainly driven by higher grades from mining in the Fortitude pit, partially offset by lower throughput on the back of a planned shutdown in Q3 2024. Cost of sales per ounce² and total cash costs per ounce¹ in Q3 2024 were 11% and 2% lower compared to Q2 2024 due primarily to the impact of the higher grade processed. In Q3 2024, all-in sustaining costs per ounce¹ decreased by 5% compared to Q2 2024 due primarily to lower total cash costs per ounce¹. Minesite sustaining capital expenditures¹ were largely in line with Q2 2024.

Veladero (50%), Argentina

Gold production for Veladero in Q3 2024 was in line with Q2 2024. Cost of sales per ounce² and total cash costs per ounce¹ in Q3 2024 were also similar to Q2 2024. All-in sustaining costs per ounce¹ in Q3 2024 increased by 6% compared to Q2 2024, primarily driven by higher minesite sustaining capital expenditures¹.

Tongon (89.7%), Côte d’Ivoire

Gold production for Tongon in Q3 2024 was 38% lower than Q2 2024 mainly due to lower grade processed and lower recovery. This was driven by mining delays resulting from heavy rains leading to the flooding of the South Zone pit and along the Mercator haulage road to the plant. We expect to catch up in Q4 2024 with higher grade ore from Mercator and Djinni pits as the rainy season comes to an end. Cost of sales per ounce² and total cash costs per ounce¹ in Q3 2024 were 23% and 27% higher, respectively, compared to Q2 2024, primarily driven by the lower grade processed and lower recovery, partially offset by processing unit cost efficiencies from feeding a higher proportion of oxide ore, and reducing power and reagent consumption. All-in sustaining costs per ounce¹ in Q3 2024 increased by 26% compared to Q2 2024, primarily reflecting higher total cash costs per ounce¹, combined with higher minesite sustaining capital expenditures¹. 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 (100%), Ontario, Canada

Gold production in Q3 2024 was 19% lower than Q2 2024 resulting from lower tonnes mined due to a shaft rope change, combined with lower mined and processed grades. Cost of sales per ounce² and total cash costs per ounce¹ in Q3 2024 both increased by 16% compared to Q2 2024, primarily due to the lower grade processed, combined with higher maintenance costs. In Q3 2024, all-in sustaining costs per ounce¹ increased by 23% compared to Q2 2024, primarily reflecting higher total cash costs per ounce¹, combined with higher minesite sustaining capital expenditures¹.

Porgera (24.5%), Papua New Guinea

Gold production in Q3 2024 was 64% higher than Q2 2024 driven by the ongoing ramp up of operations. Cost of sales per ounce² and total cash costs per ounce¹ were 3% and 6% higher than Q2 2024 as the mine ramped up to achieve commercially sustainable production levels which occurred during Q3 2024. All-in sustaining costs per ounce¹ increased by 13% compared to Q2 2024 primarily reflecting higher total cash costs per ounce¹, combined with higher minesite sustaining capital expenditures¹.

Porgera is also continuing to address logistical challenges stemming from the Mulitaka landslide that occurred in Q2 2024 as well as ongoing tribal conflicts in Papua New Guinea.

BARRICK THIRD QUARTER 2024 28 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Lumwana (100%), Zambia

Summary of Operating and Financial Data

						For the three months ended														For the nine months ended
		9/30/24				6/30/24				% Change		9/30/23				% Change				9/30/24				9/30/23				% Change
Open pit tonnes mined (000s)			36,809				39,132			(6)%			37,455			(2)%					105,512				81,552			29 %
Open pit ore			6,178				5,563			11 %			6,617			(7)%					15,468				19,019			(19)%
Open pit waste			30,631				33,569			(9)%			30,838			(1)%					90,044				62,533			44 %
Average grade
Open pit mined			0.55 %				0.49 %			12 %			0.56 %			(2)%					0.52 %				0.48 %			8 %
Processed			0.53 %				0.45 %			18 %			0.55 %			(4)%					0.47 %				0.48 %			(2)%
Tonnes processed (000s)			6,380				6,523			(2)%			6,606			(3)%					18,925				19,707			(4)%
Recovery rate			91 %				85 %			7 %			91 %			0 %					88 %				90 %			(2)%
Copper produced (kt)a			30				25			20 %			33			(9)%					77				85			(9)%
Copper sold (kt)a			26				25			4 %			30			(13)%					73				81			(10)%
Revenue ($ millions)			213				219			(3)%			209			2 %					595				569			5 %
Cost of sales ($ millions)			187				172			9 %			166			13 %					527				516			2 %
Income ($ millions)			26				37			(30)%			32			(19)%					56				20			180 %
EBITDA ($ millions)b			86				107			(20)%			101			(15)%					246				192			28 %
EBITDA marginc			40 %				49 %			(18)%			48 %			(17)%					41 %				34 %			21 %
Capital expenditures ($ millions)d			79				117			(32)%			102			(23)%					283				225			26 %
Minesite sustainingb,d			62				102			(39)%			85			(27)%					239				155			54 %
Projectb,d			17				15			13 %			17			0 %					44				70			(37)%
Cost of sales ($/lb)			3.27				3.15			4 %			2.48			32 %					3.27				2.89			13 %
C1 cash costs ($/lb)b			2.53				2.14			18 %			1.86			36 %					2.39				2.35			2 %
All-in sustaining costs ($/lb)b			3.94				4.36			(10)%			3.41			16 %					4.20				3.52			19 %

^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.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^c.  Represents EBITDA divided by revenue.

^d.  These amounts are presented on a cash basis.

Safety and Environment

For the three months ended
		9/30/24				6/30/24
LTI			0				2
LTIFR3			0.00				0.53
TRIFR3			0.00				0.79
Class 14 environmental incidents			0				0

Financial Results

Q3 2024 compared to Q2 2024

Copper production in Q3 2024 was 20% higher than Q2 2024 due to the higher grade processed, as per the mine plan, and increased recoveries. This followed on from our efforts to open up access in the pit in the first half of the year and underpins the back weighted production profile for 2024.

Cost of sales per pound² and C1 cash costs per pound¹ were 4% and 18% higher, respectively, than Q2 2024, mainly due to higher processing costs as a result of increased power costs related to grid instability, higher maintenance costs, and decreased capitalized stripping. In Q3 2024, all-in sustaining costs per pound¹ decreased by 10% compared to Q2 2024, primarily driven by a decrease in minesite sustaining capital expenditures¹ resulting from decreased capitalized stripping, partially offset by an increase in C1 cash costs per pound¹.

Q3 2024 compared to Q3 2023

Copper production for Q3 2024 was 9% lower than Q3 2023, mainly due to lower grades processed and lower throughput due to grid power instability.

Cost of sales per pound² and C1 cash costs per pound¹ for Q3 2024 increased by 32% and 36%, respectively, compared to Q3 2023, mainly due to higher processing costs as a result of increased power costs and maintenance costs and lower capitalized stripping. For Q3 2024, all-in sustaining costs per pound¹ were 16% higher than Q3 2023 mainly due to higher royalties due to the higher realized copper price¹ and increased C1 cash cost per pound¹, partially offset by lower minesite sustaining capital expenditures¹.

Capital expenditures for Q3 2024 were 23% lower than Q3 2023, mainly due to lower minesite sustaining capital expenditures¹ resulting from lower capitalized stripping.

YTD 2024 compared to YTD 2023

Copper production for YTD 2024 was 9% lower than YTD 2023, primarily due to lower grades processed and lower throughput due to grid power instability.

Cost of sales per pound² and C1 cash costs per pound¹ for YTD 2024 increased by 13% and 2%, respectively, compared to YTD 2023, mainly as a result of lower grades processed, partially offset by lower mining unit rates. Cost of sales per pound² was further impacted by higher depreciation due to the new fleet placed into service

BARRICK THIRD QUARTER 2024 29 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

in 2023. For YTD 2024, all-in sustaining costs per pound¹ increased by 19% compared to YTD 2023, mainly due to higher minesite sustaining capital expenditures¹, combined with slightly higher C1 cash cost per pound¹.

Capital expenditures for YTD 2024 were 26% higher than YTD 2023 due to higher minesite sustaining capital expenditures¹ resulting from the increase in capitalized stripping following the investment in the owner stripping fleet made in 2023. This was partially offset by a

decrease in project capital expenditures¹ resulting from the purchase of the owner stripping truck fleet which occurred in YTD 2023, whereas in YTD 2024, project capital expenditures¹ are mainly related to the feasibility study for the expansion project.

Other Mines - Copper

Summary of Operating and Financial Data

For the three months ended
		9/30/24																				6/30/24
		Copper production (kt)a				Cost of sales ($/lb)				C1 cash costs ($/lb)b				All-in sustaining costs ($/lb)b				Capital Expend- ituresc				Copper production (kt)a				Cost of sales ($/lb)				C1 cash costs ($/lb)b				All-in sustaining costs ($/lb)b				Capital Expend- ituresc
Zaldívar (50%)			10				4.04				2.99				3.45				9				10				4.13				3.12				3.55				8
Jabal Sayid (50%)			8				1.76				1.54				1.76				5				8				1.67				1.34				1.53				4

^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.

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

^c.  Includes both minesite sustaining and project capital expenditures¹. These amounts are presented on a cash basis.

Zaldívar (50%), Chile

Copper production for Zaldívar in Q3 2024 was in line with Q2 2024. Cost of sales per pound² and C1 cash costs per pound¹ were 2% and 4% lower, respectively, than Q2 2024, mainly driven by the impact of lower mining and processing costs. All-in sustaining costs per pound¹ in Q3 2024 were 3% lower compared to Q2 2024, driven by lower C1 cash costs per pound¹ partly offset by higher minesite sustaining capital expenditures¹. Our investment in this asset, of which we are not the operator, continues to be a non-core part of our portfolio.

Jabal Sayid (50%), Saudi Arabia

Jabal Sayid’s copper production in Q3 2024 was in line with Q2 2024. Cost of sales per pound² and C1 cash costs per pound¹ for Q3 2024 increased by 5% and 15%, respectively, mainly due to lower gold by-product credits due to the increased processing of copper/zinc ore from Lode 1. Feed blend is expected to normalize in Q4. All-in sustaining costs per pound¹ in Q3 2024 increased by 15% compared to Q2 2024, mainly due to higher C1 cash costs per pound¹, combined with higher minesite sustaining capital expenditures¹.

BARRICK THIRD QUARTER 2024 30 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Growth Projects

Goldrush Project, Nevada, USA⁶

Goldrush, which is included within Cortez, is expected to be a long-life underground mine with anticipated annual production in excess of 400,000 ounces per annum (100% basis) by 2028.

In Q3 2024, ventilation shaft sinking continued to a depth of 98 out of 140 meters, concurrent with the installation of two underground primary fans, for the first of two planned vent shafts which enable increased mining rates. Surface access and water management infrastructure construction is in progress in Horse Canyon and the Pine Valley district.

As at September 30, 2024, project spend was $423 million on a 100% basis (including $16 million in Q3 2024) inclusive of the exploration declines. This capital spent to date, together with the remaining expected pre-production capital, is still anticipated to be near the approximate $1 billion initial capital estimate for the Goldrush project (100% basis).

Fourmile, Nevada, USA⁷

Fourmile is a 100% owned Barrick asset in Nevada and has the potential to be a standalone Tier One Gold Asset⁵. The current focus is on exploration drilling with promising results to date that support the potential to significantly increase the modeled extents of the declared mineral resource within the 2.5km of prospective Wenban stratigraphy, as well as uplift the grade. A dedicated Barrick project development team and budget are targeting the extension of the existing mineral resources, while also evaluating an independent surface portal access from Bullion Hill, which would decouple the evaluation of the project from the existing Goldrush development and ultimately complement the current Goldrush multi-purpose development. Footwall development along the strike of the Fourmile orebodies would initially be used for underground exploration drilling and then later be re-used for mine haulage. During Q3 2024, geotechnical drilling commenced to support the assessment of the Bullion Hill portal.

Exploration and resource definition drilling completed in connection with, and to support the decision of progressing to a prefeasibility in 2025, has accelerated in the second half of this year. In the South, at Rose and Blanche, the mineralized breccias have now been constrained at depth, along with concurrent growth in the modelled widths of shallower mineralization, providing substantial upgrades in the extents of higher confidence areas within the Resource Model. Results from the shallow, stratiform mineralization include hole FM24-192D: 10.5 meters at 15.17 g/t Au and FM24-198D: 11.6 meters at 14.81 g/t Au and breccia hosted zones include FM24-191D: 15.8 meters at 39.92 g/t Au and FM24-194D: 43.3 meters at 29.32 g/t Au. To the north, drilling at Sophia and Dorothy is in progress and testing the continuity of the structurally controlled brecciation within the broader upside model. Results include holes FM24-209D: 16.3 meters at 47.07 g/t Au and FM24-216: 6.9 meters at 24.36 g/t Au. A model update is in progress, with a view to revising the current Fourmile resource estimate as provided in Barrick’s 2023 year-end Mineral Reserves and Resources disclosures to reflect an updated PEA.

Barrick anticipates Fourmile will be incorporated into the NGM joint venture, at fair market value, if certain criteria are met. In 2024, we are planning to spend approximately $40 million on drilling, evaluation of access optionality and modelling as part of the exploration program that will support the decision to progress the project to a pre-feasibility study in 2025. As at September 30, 2024, we had spent $30 million in 2024 (including $22 million in Q3 2024).

NGM TS Solar Project, Nevada, USA

The TS Solar project is a 200 MW photovoltaic solar farm located adjacent to NGM’s TS Power Plant and interconnected with the existing plant transmission infrastructure. Now complete, the project will supply renewable energy to NGM’s operations and is expected to deliver a reduction of 234kt of CO₂ equivalent emissions per annum, equating to an 8% decrease from NGM’s 2018 baseline.

In Q3 2024, power generation continued from the first 100 MW and commissioning of the second 100MW was completed. The full array is now in production with completion of performance testing and declaration of commercial operation expected in Q4 2024.

As at September 30, 2024, project spend was $298 million (there was no material spend in Q3 2024) out of an estimated capital cost of $310 million (100% basis).

Donlin Gold, Alaska, USA

Over the past three years the focus of the Donlin Gold team has centered on building ore body knowledge around the controls on mineralization through detailed mapping and infill grid drilling. The tightly spaced drill grids focused on the deposit’s three main structural domains (ACMA, Lewis and Divide) and supported the classification of inferred and indicated resources in the current Donlin Gold resource estimate as provided in Barrick’s 2023 year-end Mineral Reserves and Resources disclosures, but have not yet defined a spacing that would support the declaration of measured resources underpinned by the appropriate modifying factors. Trade-off studies and analysis on project assumptions, inputs, and design components for optimization (mine engineering, metallurgy, hydrology, power, and infrastructure) have continued through 2024.

Donlin Gold, in collaboration with Calista Corporation (“Calista”) and The Kuskokwim Corporation (“TKC”), supported important initiatives in the Yukon- Kuskokwim (Y-K) region, including education, health, safety, cultural traditions, and environmental programs. Further, Donlin Gold collaborated with Calista and the village of Crooked Creek and engaged state officials, the U.S. Army Corps of Engineers, members of the U.S. congressional delegation, and with senior leadership from the U.S. Department of the Interior as part of ongoing outreach to emphasize the thoroughness of the project’s environmental review and permitting procedures, as well as on the strong partnership between Donlin Gold and the Alaska Native Corporations who own the mineral resource and land.

The Donlin Gold team continues to progress on the 2024 program and teams from both Barrick and NOVAGOLD recently met for a workshop in Alaska to discuss the upcoming work program to continue to move

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the Donlin Gold project up the value curve. Focus continues to be on updating the resource model; modifying factors to support mine design and scheduling; optimizing the power sources and delivery, infrastructure constructability review, and flow sheet; mitigating the technical challenges; advancing the remaining project permitting; defending challenges to the existing permits; and exploring further partnership opportunities to unlock value for our Alaskan partners and communities.

Pueblo Viejo Expansion, Dominican Republic⁸

The Pueblo Viejo plant expansion and mine life extension project is designed to increase throughput to 14 million tonnes per annum and sustain gold production above 800,000 ounces per year (100% basis) following full plant ramp up and optimization.

Phase 1 of this expansion which is related to the process plant has been completed and achieved commercial production in Q3 2024. Phase 2, which focuses on the new tailings storage facility continues to progress with the feasibility study work and design now completed. The final costing and detailed engineering for the tailings storage facility and peripheral works are currently underway, and contracting for execution is expected to commence in Q4 2024 to support the commencement of early works construction in 2025.

Resettlement work continues to advance with the first blocks of new houses now complete and over 300 more under construction. Construction of common facilities is planned to commence in Q4 2024 while utilities systems remain on track for completion in line with housing.

As at September 30, 2024, total project spend was $1,113 million (including $20 million in Q3 2024) on a 100% basis. The estimated capital cost of the plant expansion and mine life extension project is approximately $2.1 billion (100% basis), although this will be updated during Q4 2024, taking the final Phase 2 costing into account.

Veladero Phase 7 Leach Pad, Argentina

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

Construction of Phase 7A was completed on budget at a cost of $81 million (100% basis). Phase 7B activities have restarted following the winter break and the project remains on schedule for completion by the end of 2024.

Overall for Phase 7, as at September 30, 2024, project spend was $148 million (including $2 million in Q3 2024) out of an estimated capital cost of $160 million (100% basis).

Reko Diq Project, Pakistan⁹

Barrick has started a full update of the project’s 2010 feasibility study and 2011 expansion PFS. Once fully commissioned, the Reko Diq project is projected to deliver 260,000 tonnes of copper production and 300,000 ounces of gold per year during Phase 1 expanding to more than 400,000 tonnes of copper and 500,000 ounces of gold during Phase 2. This is based on an increased 45Mtpa

process plant throughput in Phase 1 (from the original 40Mtpa) and 90Mtpa (from the original 80Mtpa) in Phase 2, following the grind size optimization work undertaken as part of the feasibility study. The updated feasibility study remains on track to be completed by the end of 2024, with 2028 targeted for first production.

The project team continued to advance the feasibility study, with engineering consultants engaged to advance key design areas and commence basic engineering. Feasibility studies on groundwater definition work in the Fan Sediments were completed and showed positive results, indicating that the Fan Sediments Aquifer can support the project’s life of mine water supply requirements. The work indicated that the system represents a small and isolated saline part of a much larger basin, with no communities or community water sources located within the proposed bore field and its area of influence. Additional personnel were recruited and mobilized for the project with the majority of new hires from Balochistan. The site works were advanced with a focus on early works infrastructure and the project received approval of its early works ESIA. In addition, the full project ESIA was submitted to the Balochistan Environmental Protection Agency immediately following quarter end.

As at September 30, 2024, total spend on the feasibility update was $154 million (including $30 million in Q3 2024) (100% basis). This amount is recorded in exploration, evaluation and project expense and excludes amounts relating to fixed asset purchases that were capitalized. Capital expenditures commenced in Q2 2024, with total capitalized spend of $59 million (including $45 million in Q3 2024) (100% basis). For 2024, we now expect to incur approximately $190 million (100% basis) in capital expenditure and approximately $100 million in project expenses (100% basis). The project’s total capital estimates will be updated as part of the completion of the feasibility study.

Loulo-Gounkoto Solar Project, Mali

This project entailed the design, supply and installation of a 40 MW (48 MW peak) photovoltaic solar farm with a 36 MVA battery energy storage system to complement the existing installed 20 MW plant. The completion of this project is projecting a reduction of 23 million liters of fuel in the power plant, which translates to savings of approximately 63kt of CO₂ equivalent emissions per annum. The project was staged in two phases of solar and battery storage and has been completed 12 months ahead of schedule. Continuous optimization of the photovoltaic solar farm is ongoing and performing above the targeted power blend. The project was completed in Q1 2024 and the final project spend of $73 million finished below the original capital cost of approximately $90 million (100% basis).

Kibali Solar Project, DRC

This project entails the design, supply and installation of a 16 MW photovoltaic solar farm with a 15 MW battery energy storage system to complement the existing hydroelectric power stations raising the renewable component of the mine’s energy mix from 81% to 85%. The completion of this project is projected to deliver a 53% reduction in fuel consumption in the power plant. The project is on schedule with completion planned for Q2 2025. Earthworks

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progressed well during the quarter with all long lead equipment ordered and at different stages of manufacturing and shipping to site. As at September 30, 2024, project spend was $23 million (including $4 million in Q3 2024) out of an estimated capital cost of $55 million (100% basis).

Jabal Sayid Lode 1, Saudi Arabia

The scope of this project is to develop and mine a new orebody, located less than a kilometer from the existing lode at Jabal Sayid. The project design includes underground capital development as well as ventilation, paste plant and underground mining infrastructure upgrades. Stoping commenced during Q3 2023 with development still tracking ahead of schedule. The ventilation raise bore shaft is fully equipped and the reaming of the fresh air ventilation shaft has been completed. The reagent plant and direct flow reactor has been commissioned with optimization still ongoing. All construction activities at the paste plant have been completed and commissioning commenced during Q2 2024. The project is 99% complete with optimization still in progress.

As at September 30, 2024, project spend was $43 million (there was no material spend in Q3 2024) in line with the estimated capital cost of approximately $43 million (100% basis) and there is no significant spend remaining.

Lumwana Super Pit Expansion, Zambia¹⁰

The Lumwana Super Pit Expansion is projected to deliver 240,000 tonnes of copper production per year, from a 52Mtpa process plant expansion, with a mine life of more than 30 years. Following the successful transition in 2023 to the owner stripping model we have already seen the 20% planned cost and efficiency benefit which aligns well with the interim mine volumes and longer-term expansion strategy.

The process plant feasibility study deliverables inclusive of the process flow diagrams and process design criteria, have been issued for study with 90% design review and constructability reviews completed. Long lead equipment selection is finalized and orders has been placed on key packages during Q3 2024 to enable preparation of vendor data required for detailed engineering. Geotechnical site investigation drilling of the feasibility study project layout was completed during Q3 2024 with the focus on the large mechanical equipment footprints.

The feasibility study for the expansion project is 85% completed, on track with the scheduled completion by the end of 2024. Enabling construction works remain on schedule to commence in 2025 and 2028 is targeted for first production.

The building of the first accommodation units for the construction camp progressed to 44% completion during the quarter.

The TSF design has been completed with reporting and reviews scheduled to be finished early in Q4. The field work on the ESIA was completed during Q1 2024 and the ESIA report has been submitted to the Zambia Environmental Management Agency with approval expected in Q4 2024.

We remain on track and within budget with a total spend as at September 30, 2024 of $36 million on the feasibility study (including $12 million in Q3 2024) out of an estimated budget of $38 million. For 2024, we also expect to incur approximately $75 million in capital expenditure related to early works and infrastructure improvements for the Lumwana Super Pit expansion, of which $3 million has been spent as at September 30, 2024. The total project capital cost is estimated to be approximately $2 billion, which will be updated upon completion of the feasibility study.

Exploration and Mineral Resource Management

The foundation of our exploration strategy is a deep organizational understanding that discovery through exploration is a long-term investment and the main value driver for the business. Our exploration strategy has multiple elements that all need to be in balance to deliver on Barrick’s business plan for growth and long-term sustainability.

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

The following section summarizes the exploration results from Q3 2024.

North America

Carlin, Nevada, USA¹¹

Inventory drilling from underground platforms at Fallon (previously North Leeville), was completed in late Q2 2024, with results returned in Q3 2024. The northernmost drillhole on the western exploration decline, NLC-24004B, confirmed the continuity of high-grades, which remain entirely open to

the north, with 48.5 meters at 15.00 g/t Au and 35.7 meters at 20.97 g/t Au. Follow-up infill drilling to the south, as well as step-out drilling to the north is planned for 2025.

In the Little Boulder Basin between Goldstrike and Leeville, exploration drilling returned pervasive low-level gold within the complexly faulted and altered potential host rocks. No additional drilling is currently planned.

North of Leeville, a four-kilometer northeast trending prospective corridor is emerging from detailed surface mapping and sampling. Low-level gold anomalism is pervasive in lamprophyre dikes and fault breccia cutting through unfavorable upper plate cover rocks. Potentially favorable lower plate carbonate rocks are untested. A framework hole is planned for 2025.

Cortez, Nevada, USA^12,13

Step-out drilling was completed at the Hanson target, approximately 235 meters beneath the Cortez Hills Underground operation. Core hole CMX-24012 was drilled around 320 meters up-dip and along strike of previously reported CMX-23018 (33.2 meters at 18.42 g/t Au). Results returned 6.7 meters at 24.74 g/t Au, with mineralization open up-dip confirming the presence of high-grade mineralization over a 320 meter gap from the “Heart of

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Hanson”, an area of closer-spaced drilling, where a resource is expected to be declared next year. This early-stage step-out hole continues to provide confidence in the resource potential below the existing infrastructure of the Cortez Hills Underground mine that could add material life-of-mine additions. Follow up drilling is planned for 2025.

At Swift, drilling commenced in Q3 2024 building on results from previous years’ drilling which identified wide zones of alteration and anomalous gold associated with structural settings similar to other deposits in the Cortez District. The first hole of this year’s program, SW24-006, returned 2.7 meters at 6.95 g/t, including 1.1 meters at 10.4 g/t along a steep structure in the hanging wall of the primary thrust fault. This is the first high-grade intercept on the property and a second drill hole is currently underway.

Turquoise Ridge, Nevada, USA

Drilling in Q3 2024 has been dominated by indicated resource conversion drilling, with limited step-out drilling completed to date. At Twin Creeks, the Nexus target concept was drilled and based on weak alteration intersected in the folded, favorable host rock will be moved out of the target triangle.

Patris, Quebec, Canada

Initial drilling at the Belleaux target was completed in Q3 2024. The altered dyke swarm identified during last year’s mapping efforts was intercepted though not mineralized. Results from the Q1 2024 drill-for-till were returned in Q3 2024. Gold grain counts highlight an extensive anomaly vectoring to a source south of the Belleaux area along the La Pause fault.

Sturgeon, Ontario, Canada

Continued mapping of priority targets generated from the 2023 target delineation work support the presence of a large gold system on the property. At McEdwards, multiple high grade samples in different lithologies exhibiting different mineralization styles confirm potential with the target moving toward drill testing in 2025. To the south at Sturgeon Narrows, a large alteration zone with anomalous gold values crossing an alkalic intrusive complex has been mapped along a two kilometer structural corridor associated with the regional Sturgeon Lake Fault.

Latin America & Asia-Pacific

Pueblo Viejo, Dominican Republic

One kilometer to the east of the Moore pit, in the Zambrana area, favorable lithology, alteration and an IP geophysical anomaly have validated the Mojito target. In total, two areas of interest have now been identified at Zambrana: Anastasia (reported in Q2) and Mojito. Both areas have geophysical anomalies, defined by an induced polarization survey, within the Pueblo Viejo Mining property. A detailed soil geochemical survey has been completed across the two targets. Results are pending. Further trenching and subsequent drilling is planned for Q4 2024 and Q1 2025.

Regional Exploration, Dominican Republic

Detailed mapping and sampling were completed during the quarter over the La Jirafa project in the east of the Dominican Republic. The area of interest has favorable evidence for a porphyry system. An induced polarization

survey is planned for Q1 2025 to confirm the extent of sulfide mineralization at depth and define drill targets.

Jamaica

During Q3 2024, exploration fieldwork activities began in the areas under the earn-in agreement with Geophysx Jamaica Ltd. The main objective of this early work is to narrow down target areas with potential for Tier One⁵ deposits.

Veladero District, Argentina¹⁴

At Domo Negro, following the framework drilling campaign that intersected a shallow low-sulfidation vein with bonanza gold results (DDH-DON-02: 4 meters at 110.9 g/t Au from 26 meters), detailed geological mapping, sampling and trenching are ongoing. A detailed ground magnetic survey is planned in early Q4 2024. The aim of this work is to fully define the exploration model, mineralization control, extension and potential, with the aim to have drill-ready targets defined by the end of the year.

At Domo Fabiana, located four-and-a-half kilometers east of Veladero, detailed geological mapping and geochemical sampling defined a large hydrothermal system within a favorable structural corridor. Domo Fabiana is interpreted to be a preserved high-sulfidation system with outcropping phreatomagmatic breccias, a similar host to some of Veladero’s mineralization. The system is partially covered by post mineral volcanic rocks. A ground geophysical survey (Magnetic and Induced Polarisation) is planned during Q4 2024. Subject to results, it is expected to define drill-ready targets by Q1 2025.

Peru

Several consolidated areas of interest in Peru are being advanced with projects at various stages, from early-stage reconnaissance work to drill-ready targets.

In the Ccoropuro District, located in southern Peru, we progressed with the permitting process, including the signing of an agreement with the local community and the submission of an environmental permit (Declaración de Impacto Ambiental), aiming to commence drilling during the second half of 2025.

In the Libelula District, an area close to Pierina, we obtained all drilling permits during Q3 2024. Access road preparation started in late September, with drilling to commence on the first of three targets in mid-November 2024, ahead of schedule. The other two targets (also high sulfidation epithermal gold) are expected to be tested in Q2 2025, after the wet season.

Ecuador

Following Barrick’s successful participation in a public tender process conducted by ENAMI EP (the state-owned mining company of Ecuador) and the signing of a commercial framework agreement with ENAMI EP, Barrick continued with prospecting work in the southern Jurassic Belt, which hosts the Mirador and Fruta del Norte deposits.

Reko Diq, Pakistan

At Reko Diq a site-based exploration team is re-logging historic drill holes, re-interpreting legacy datasets and modeling historic and new potential targets. The team has also completed a large mapping and rock chip survey containing more than three thousand samples and covering

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an area of 300km² across the Reko Diq licenses. These results will be integrated to define a pipeline of high potential projects to Reko Diq by the first half of 2025.

Porgera, Papua New Guinea

In line with the exploration and development programs at Porgera, drilling on the Wangima priority target continued in Q3 2024 with over 17,250m of diamond drilling now completed YTD. Up to 4 diamond drill rigs continue to be utilized on the project from both surface and underground platforms. In addition, reprocessing and inversion modeling of the geophysical data across both the special mining lease and Exploration Licenses is underway. Initial indications in the Wangima project area confirms a continuation of intrusive lithologies and structural corridors to both the northeast and northwest of the current drill areas. Further scoping of these potential targets will progress in Q4 2024.

Japan Gold Strategic Alliance, Japan

At Togi, drilling commenced in the middle of September 2024 at the high-priority low sulfidation Akasaka gold target, an interpreted preserved area. Drilling is expected to be completed in Q4 2024, with assays results expected by the end of 2024.

At Ebino, located near the Hishikari low-sulfidation deposit, detailed fieldwork confirmed a favorable geological setting for gold-bearing epithermal deposits with several extensive alteration areas defined. By the end of 2024 these areas will be prioritized, with potential follow up drilling to occur during the first half of 2025.

At Hakuryu, permitting activities for drilling this low sulfidation gold target is ongoing, with drilling expected to begin in Q4 2024, subject to final authorizations and favorable weather conditions.

Africa and Middle East

Loulo-Gounkoto, Mali¹⁵

At Baboto, positive results this quarter have extended mineralization in multiple dimensions, along and across strike, where significant subparallel zones have been intersected, as well as along the plunge of the multiple emerging high-grade shoots within the system. BDH64: 9.35 meters at 5.25 g/t Au (including 2.05 meters at 18.99 g/t Au) has extended the northern high-grade shoot to approximately 850 meters down plunge from surface, and drilling continues to intersect additional mineralized zones further south as demonstrated by BNRC358: 26 meters at 3.18 g/t Au (including 2 meters at 15.9 g/t Au and 3 meters at 5.4 g/t Au), and BNRCDH359: 25 meters at 3.57 g/t Au (including 7 meters at 9.25 g/t Au) within a broader 43 meter zone of mineralization. Other significant intersections were returned from an emerging zone to the east of the main zone in BNRCDH361: 21 meters at 4.23 g/t Au (including 3 meters at 7.92 g/t Au and 5 meters at 7.89 g/t) drilled 200 meters south of BNRCDH359. Meanwhile a key framework hole, BDH66: 16.2 meters at 3.19 g/t Au (including 4.6 meters at 8.76 g/t Au), and 12 meters at 2.57 g/t Au (including 2.7 meters at 3.98 g/t Au and 4.7 meters at 2.99 g/t Au), has confirmed the model of a south-plunging shoot and rollover of the Main Zone system at 275 meters vertical depth, which is significant as this control is similar to that of the ‘Purple Patch’ at Yalea. A model review of Baboto is planned in Q4 2024, with aggressive testing of

the overall potential of the complex being a key focus for 2025.

At Barika, located 1.5 kilometers south of Yalea along the Yalea Domain Boundary, drilling confirmed the continuity of mineralization approximately 400 meters down plunge, associated with a sharp rotation in the mineralized structure from west dipping to moderate east dipping, a structural control similar to the Transfer Zone at Yalea. The mineralized shoot remains open at depth for follow-up drilling below 250 meters vertical depth.

Tongon, Côte D’Ivoire¹⁶

At Jane, located south of the Mercator target, drilling has confirmed a narrow, mineralized system within an altered diorite, extending over 1 kilometer strike. Encouraging intersections have been observed from holes JNRC039 (9 meters at 7.35 g/t Au including 2 meters at 23.25 g/t Au) and JNRC038 (9 meters at 1.71 g/t Au), representing potential zones of increased widths and/or higher grades within the system.

At Haller in the Korokaha North license, auger geochemical results have generated several new high priority targets, highlighted by a 4 kilometer anomalous trend exhibiting several high tenor values up to 5.3 g/t Au and a short strike length but exceptionally high tenor anomaly with values of 9.42 g/t Au and 8.78 g/t Au recorded over two lines spaced 200 meters apart. Air core drilling is planned on the priority anomalies in early 2025.

Kibali, DRC¹⁷

A review of the wider ARK corridor was completed in Q3 2024, highlighting multiple open pit and underground opportunities. The system is open down-plunge, with further potential for the discovery of additional lodes within the known system (above, below and between the known lodes). Encouraging results were received from RHGC1585: 30 meters at 5.12 g/t Au, located between the main Rhino and Agbarabo lodes highlighting the discovery potential. The ARK corridor is showing the potential to deliver, through additional exploration, a high-grade multi-million-ounce orebody less than four kilometres from the Kibali processing plant. An intensive exploration drilling campaign is planned for next year to assess the overall potential of the ARK system.

At KCD, drilling on the down-plunge extension supports the continuation of high-grade mineralization related to 3000 and 5000 lodes, with significant intercepts including KCDU6417W5: 44.8 meters at 4.23 g/t Au, and KCDU7474A: 77.11 meters at 1.88 g/t Au. A drilling program is planned in 2025 to step an additional 500 meters down-plunge beyond the known mineralization to guide decisions on future infrastructure upgrades.

At Aindi Watsa, on the KZ-South structure, a follow-up drilling program was completed testing the 1.8 kilometer shear corridor and targeting dilatational jogs with the potential for higher-grade mineralization. Observations and results received from the RC and DD holes drilled this quarter are encouraging, with significant intercepts including AWRC0013: 10 meters at 1.44 g/t Au, AWRC0014: 8 meters at 2.75 g/t Au and AWRC0019: 6 meters at 2 g/t Au confirming the geological model of higher-grade zones associated with flexures in the structure. Aindi Watsa presents an open pit opportunity within 6 kilometers of the Kibali plant, and is hosted within

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the 15 kilometer strike of the KZ South Structure. Follow-up drilling is planned for early 2025.

North Mara and Bulyanhulu, Tanzania

At North Mara, a 2,250 meter diamond drilling program is in progress testing the eastern continuation of the Gena system at depth. The near surface expression of this target at Warna, featured Gokona-Gena-style lithology and alteration.

At Bulyanhulu, drilling is in progress, testing the north-western extensions of the Bulyanhulu host geology and system under post-mineral cover in the search for satellite ore bodies within 15 kilometers of the processing facility. Results are encouraging to date, intersecting multiple kilometer scale gold, copper and pathfinder geochemical anomalies associated with Reef 1 and Reef 2-style geological settings. Follow-up RC drilling has

commenced to rank and prioritize for further testing in Q4 2024 and early 2025.

Jabal Sayid, Kingdom of Saudi Arabia

First results have been received from the shallow drilling program at Umm ad Damar, highlighting a high priority target associated with a corridor of Copper and Zinc anomalism along the southern paleosurface extension from the 4/6 Gossan target which is obscured by post mineral cover. The anomalism along the 2 kilometer corridor is coincident with EM conductors identified from the airborne geophysics program conducted earlier in the year, as well as an increase in proximal pathfinder geochemistry. Other prioritized targets delineated from the generative program will be drill tested in Q4 2024 with the aim of discovering new massive sulphide lodes to extend the Jabal Sayid Life of Mine.

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Review of Financial Results

Revenue

($ millions, except per ounce/pound data in dollars)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Gold
000s oz solda			967				956				1,027				2,833				2,982
000s oz produceda			943				948				1,039				2,831				3,000
Market price ($/oz)			2,474				2,338				1,928				2,296				1,930
Realized price ($/oz)b			2,494				2,344				1,928				2,309				1,934
Revenue			3,097				2,868				2,588				8,493				7,583
Copper
000s tonnes solda,c			42				42				46				123				132
000s tonnes produceda,c			48				43				51				131				139
Market price ($/lb)			4.18				4.42				3.79				4.14				3.89
Realized price ($/lb)b			4.27				4.53				3.78				4.23				3.88
Revenue			213				219				209				595				569
Other sales			58				75				65				189				186
Total revenue			3,368				3,162				2,862				9,277				8,338

a. On an attributable basis.

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

c. 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.

Q3 2024 compared to Q2 2024

In Q3 2024, gold revenues increased by 8% compared to the Q2 2024, as a higher realized gold price¹ was combined with higher sales volumes. The average market price for Q3 2024 was $2,474 per ounce, representing an all-time high quarterly average and a 6% increase versus the $2,338 per ounce average in Q2 2024. During Q3 2024, the gold price ranged from $2,319 per ounce to an all-time nominal high price of $2,686 per ounce, and closed the quarter at $2,630 per ounce. Gold prices in Q3 2024 continued to be volatile, impacted by economic and geopolitical concerns, benchmark interest rate cuts and expectations for further cuts, along with modestly declining levels of inflation.

In Q3 2024, gold production on an attributable basis was in line with Q2 2024 as increased production at North Mara and Pueblo Viejo was largely offset by lower production at Carlin and Kibali. The increase at North Mara was mainly as a result of higher grades and at Pueblo Viejo it was driven by continued optimization of the expanded processing plant and higher grades. This was partially offset by the planned shutdown at the Gold Quarry roaster at Carlin to complete phase 2 of the roaster expansion project, which is expected to result in higher throughput and recoveries in Q4 2024. In addition, at Kibali underground activity was focused on development during Q3 in order to open up access to more high grade underground headings, which are expected to be further supplemented by higher

open pit grades and volumes to drive a stronger performance in Q4.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz) Q3 2024 compared to Q2 2024

Copper revenues in Q3 2024 decreased by 3% compared to Q2 2024, primarily due to a lower realized copper price¹, whereas sales volumes were in line with Q2 2024. The average market price in Q3 2024 was $4.18 per pound, representing a decrease of 5% from the $4.42 per pound average in Q2 2024. The realized copper price¹ in Q3 2024 was higher than the market copper price due to the impact of positive provisional pricing adjustments, whereas the realized copper price¹ was higher than the market copper price in Q2 due to the timing of sales. During Q3 2024, the copper price traded in a range of $3.95 per pound to $4.61 per pound, and closed the quarter at $4.43 per pound. Copper prices in Q3 2024 were impacted by concerns about the global economy, including demand forecasts in China, which is the world’s largest consumer of copper.

Attributable copper production in Q3 2024 was 5 thousand tonnes higher compared to Q2 2024 driven by higher grades and recoveries at Lumwana following improved ore access driven by the ramp up in stripping activities in Q2 2024.

Q3 2024 compared to Q3 2023

For Q3 2024, gold revenues increased by 20% compared to Q3 2023, primarily due to a higher realized gold price¹, partially offset by lower sales volumes. The average market price for Q3 2024 was $2,474 per ounce versus $1,928 per ounce for Q3 2023.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz) Q3 2024 compared to Q3 2023

BARRICK THIRD QUARTER 2024 37 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

For Q3 2024, attributable gold production was 96 thousand ounces lower than Q3 2023, primarily due to the planned shutdown of the Gold Quarry roaster at Carlin, less open pit oxide ore mined at Cortez following the transition to Crossroads Phase 6, as well as lower grades processed at Kibali. This was partially offset by higher production at Pueblo Viejo driven by higher throughput resulting from the plant expansion, higher grades processed and improved recoveries due to better flotation circuit performance. This was combined with higher production at Porgera (included in the “Other” category above) as significant ramp up progress was achieved during Q2 2024 and continued into Q3.

  Copper revenues for Q3 2024 increased by 2% compared to Q3 2023, due to a higher realized copper price¹, partially offset by slightly lower sales volumes. In Q3 2024, the realized copper price¹ was higher than the market copper price, as discussed above, whereas the realized copper price¹ was slightly lower than the market copper price in Q3 2023 due to the impact of negative provisional price adjustments.

  Attributable copper production for Q3 2024 was 3 thousand tonnes lower than Q3 2023, mainly due to lower grades processed and lower throughput at Lumwana.

YTD 2024 compared to YTD 2023

For YTD 2024, gold revenues increased by 12% compared to YTD 2023, primarily due to an increase in the realized gold price¹, partially offset by a decrease in sales volumes. The average market price for YTD 2024 was $2,296 per ounce versus $1,930 per ounce for YTD 2023.

  For YTD 2024, attributable gold production was 169 thousand ounces lower than YTD 2023, primarily driven by lower production at Cortez as a result of lower leach ore mined at the Crossroads open pit and lower oxide ore mined from Cortez Hills underground in line with the mine plan, and at Carlin due to lower grades processed, lower recoveries and the reduction in open pit ore mined. This was partially offset by higher production at Porgera following the ramp up of operations in 2024.

  Copper revenues for YTD 2024 increased by 5% compared to YTD 2023, as result of a higher realized copper price¹, partially offset by lower sales volume. For YTD 2024, the realized copper price¹ was higher than the market copper price due to the impact of positive provisional pricing adjustments, whereas the realized copper price¹ was slightly lower than the market copper price in YTD 2023 due to the impact of negative provisional pricing adjustments.

  Attributable copper production for YTD 2024, decreased by 8 thousand tonnes compared to YTD 2023, mainly due to lower production at Lumwana resulting from lower grades processed and lower throughput.

Production Costs

($ millions, except per ounce/pound data in dollars)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Gold
Site operating costs			1,332				1,289				1,208				3,878				3,660
Depreciation			409				401				427				1,217				1,285
Royalty expense			106				99				90				293				279
Community relations			9				10				11				28				26
Cost of sales			1,856				1,799				1,736				5,416				5,250
Cost of sales ($/oz)a			1,472				1,441				1,277				1,447				1,325
Total cash costs ($/oz)b			1,104				1,059				912				1,072				953
All-in sustaining costs ($/oz)b			1,507				1,498				1,255				1,495				1,325
Copper
Site operating costs			109				84				81				288				296
Depreciation			60				71				70				191				173
Royalty expense			17				16				15				45				46
Community relations			1				1				1				3				2
Cost of sales			187				172				167				527				517
Cost of sales ($/lb)a			3.23				3.05				2.68				3.16				2.90
C1 cash costs ($/lb)b			2.49				2.18				2.05				2.35				2.33
All-in sustaining costs ($/lb)b			3.57				3.67				3.23				3.62				3.25

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

b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

Q3 2024 compared to Q2 2024

In Q3 2024, gold cost of sales on a consolidated basis was 3% higher than Q2 2024, mainly due to higher sales volumes, combined with higher royalties as a result of a higher realized gold price¹. Our 45% interest in Kibali and 24.5% interest in Porgera are equity accounted, and therefore each mine’s cost of sales is excluded from our consolidated gold cost of sales. Our per ounce metrics, gold cost of sales² and total cash costs¹, includes our proportionate share of cost of sales at our equity method investees, and were 2% and 4% higher, respectively, than Q2 2024, mainly due to the impact of increased maintenance costs associated with the planned autoclave shutdown at Turquoise Ridge and higher processing costs at Cortez. The increase in the realized gold price¹ compared to Q2 2024 also contributed to this increase ($6/ oz impact).

  In Q3 2024, gold all-in sustaining costs per ounce¹, which also includes our proportionate share of equity method investees, increased by 1% compared to Q2 2024. This was primarily due to higher total cash costs per ounce¹, partially offset by decreased minesite sustaining capital expenditures¹.

  In Q3 2024, copper cost of sales on a consolidated basis was 9% higher than Q2 2024, mainly due to higher

BARRICK THIRD QUARTER 2024 38 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

processing and maintenance costs, partially offset by lower depreciation expense. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore, we do not include their cost of sales in our consolidated copper cost of sales. Our per pound metrics, copper cost of sales² and C1 cash costs¹, include our proportionate share of cost of sales at our equity method investees. Copper cost of sales per pound² and C1 cash costs per pound¹ were 6% and 14% higher, respectively, compared to Q2 2024, primarily at Lumwana due to higher processing costs as a result of increased power costs, higher maintenance costs, and decreased capitalized stripping.

  In Q3 2024, copper all-in sustaining costs¹ per pound, which also includes our proportionate share of equity method investees, was 3% lower than Q2 2024, primarily due to a decrease in minesite sustaining capital expenditures¹ related to lower capitalized waste stripping at Lumwana, partially offset by an increase in C1 cash costs per pound¹, as discussed above.

Q3 2024 compared to Q3 2023

  For Q3 2024, gold cost of sales on a consolidated basis was 7% higher than Q3 2023, mainly due to higher site operating costs and higher royalties as a result of a higher realized gold price¹. This was partially offset by lower sales volumes. As described above, our per ounce metrics, gold cost of sales² and total cash costs¹, include our proportionate share of cost of sales at our equity method investees, and were 15% and 21% higher, respectively, compared to Q3 2023. This was mainly due to lower sales volumes, combined with lower tonnes processed, lower recoveries and lower capitalized stripping at Carlin. This was combined with higher royalties, as explained above ($20/oz impact).

  For Q3 2024, gold all-in sustaining costs per ounce¹ were 20% higher than Q3 2023, primarily due to higher total cash costs per ounce¹, as described above, combined with higher minesite sustaining capital expenditures¹ on a per ounce basis.

  For Q3 2024, copper cost of sales on a consolidated basis was 12% higher than Q3 2023, primarily due to the impact of higher processing and maintenance costs, partially offset by lower depreciation expense. As described above, our per pound metrics, copper cost of sales² and C1 cash costs¹, include our proportionate share of cost of sales at our equity method investees. Copper cost of sales per pound² and C1 cash costs¹ were both 21% higher compared to Q3 2023, due to higher processing and maintenance costs at Lumwana.

  For Q3 2024, copper all-in sustaining costs per pound¹ were 11% higher than Q3 2023, primarily reflecting higher C1 cash costs per pound¹, as per above, partially offset by lower minesite sustaining capital expenditures¹ resulting from lower capitalized stripping at Lumwana.

YTD 2024 compared to YTD 2023

  For YTD 2024, cost of sales applicable to gold was 3% higher than YTD 2023, mainly due to higher site operating costs and increased royalties as a result of a higher realized gold price¹, partially offset by lower depreciation. On a per ounce basis, gold cost of sales² and total cash costs¹, after including our proportionate share of cost of sales at our equity method investees (refer to explanation above), were 9% and 12% higher, respectively, than YTD 2023. This was primarily due to higher plant maintenance costs and higher electricity unit prices and

consumption at Pueblo Viejo; lower grades processed and lower recoveries at Carlin; and higher royalties due to the increase in the realized gold price¹ ($10/oz impact).

  For YTD 2024, gold all-in sustaining costs per ounce¹ increased by 13% compared to YTD 2023, primarily due to an increase in total cash costs per ounce¹, combined with higher minesite sustaining capital expenditures¹.

  For YTD 2024, copper cost of sales on a consolidated basis was 2% higher than YTD 2023, primarily due to higher depreciation expense. Our per pound metrics, copper cost of sales² and C1 cash costs¹, include our proportionate share of cost of sales at our equity method investees (refer to explanation above). Copper cost of sales per pound² and C1 cash costs per pound¹ were 9% and 1% higher, respectively, compared to YTD 2023, due to lower grades processed at Lumwana. Copper cost of sales per pound² was further impacted by higher depreciation due to the new fleet placed into service in 2023 at Lumwana.

  For YTD 2024, copper all-in sustaining costs per pound¹ were 11% higher than YTD 2023, primarily due to a higher C1 cash costs per pound¹, as discussed above, combined with higher minesite sustaining capital expenditures¹ which was mainly driven by the increase in waste stripping tonnes following the investment in the owner stripping fleet at Lumwana.

General and Administrative Expenses

($ millions)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Corporate administration			25				24				23				76				74
Share-based compensationa			21				8				7				30				23
General & administrative expenses			46				32				30				106				97

a. Based on a US$20.45 share price as at September 30, 2024 (June 30, 2024: US$16.67 and September 30, 2023: US$15.79).

General and administrative expenses for the current period increased compared to the prior periods primarily as a result higher share-based compensation expenses due to a larger increase in our share price during the current quarter compared to prior periods.

Exploration, Evaluation and Project Expenses

($ millions)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Global exploration and evaluation			45				47				35				116				99
Project costs:
Reko Diq			30				25				16				94				35
Lumwana			0				0				9				0				26
Other			19				19				15				57				62
Global exploration and evaluation and project expense			94				91				75				267				222
Minesite exploration and evaluation			10				6				11				29				36
Total exploration, evaluation and project expenses			104				97				86				296				258

BARRICK THIRD QUARTER 2024 39 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Exploration, evaluation and project expenses for Q3 2024 and YTD 2024 increased compared to the same prior year periods, driven by higher project costs at Reko Diq due to the ramp-up of project activities and higher global exploration and evaluation costs mainly driven by Fourmile (refer to Growth Projects section). This was partially offset by lower project costs at Lumwana as the PFS work was completed in 2023 and the feasibility study costs are capitalized.

Finance Costs, Net

($ millions)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Interest expensea			137				109				100				339				299
Accretion			23				23				22				67				64
Interest capitalized			(4	)			(12	)			(12	)			(29	)			(27	)
Other finance costs			2				1				2				4				4
Finance income			(76	)			(70	)			(60	)			(217	)			(186	)
Finance costs, net			82				51				52				164				154

a. For Q3 2024 and YTD 2024, interest expense includes approximately $8 million and $24 million, respectively, of non-cash interest expense relating to the streaming agreement with Royal Gold Inc. (Q2 2024: $8 million; Q3 2023: $8 million; YTD 2023: $25 million). Interest expense also includes approximately $44 million and $60 million, respectively, relating to finance costs in Argentina (Q2 2024: $16 million; Q3 2023: $nil; YTD 2023: $nil)

Finance costs, net for the current periods were higher than the prior periods, mainly due to higher interest expense due to increased finance costs in Argentina associated with cash repatriation, partially offset by higher finance income.

Additional Statement of Income Items

($ millions)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Impairment charges			2				1				0				20				23
Loss on currency translation			4				5				30				21				56
Closed mine rehabilitation			59				(9	)			(44	)			48				(35	)
Other expense			46				80				58				143				128

Loss on Currency Translation

Loss on currency translation in Q3 2024 decreased by $26 million compared to Q3 2023, as a result of unrealized foreign currency gains related to the Chilean peso and Zambian kwacha in Q3 2024 compared to a loss in Q3 2023.

  Loss on currency translation for YTD 2024 decreased by $35 million compared to YTD 2023, mainly due to the unrealized foreign currency losses in YTD 2023 related to the Zambian kwacha resulting from the high inflation levels and the country’s debt restructuring concerns.

  Currency fluctuations result in a revaluation of our local currency denominated VAT receivables and local currency denominated payable balances.

Closed Mine Rehabilitation

Closed mine rehabilitation in the current periods was an expense, compared to income in the prior periods, mainly due to a decrease in the market real risk-free rate used to

discount the closure provision, compared to an increase in the prior periods, combined with a current period update to the provision relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick.

Other Expense

Other expense in Q3 2024 mainly related to the $40 million accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership. Other expense in YTD 2024 was further impacted by the interest and penalties recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile (refer to note 15 of the Financial Statements), which was recorded in Q2 2024. Other expense in Q3 2023 mainly related to care and maintenance expenses at Porgera, combined with litigation accruals and settlements. YTD 2023 was further impacted by the $30 million accrual relating to the expansion of education infrastructure in Tanzania, also pursuant to the Twiga partnership.

  For a further breakdown of other expense, refer to note 8 to the Financial Statements.

Income Tax Expense

Income tax expense was $245 million in Q3 2024. The unadjusted effective income tax rate in Q3 2024 was 24% of income before income taxes.

  The underlying effective income tax rate on ordinary income in Q3 2024 was 26% after adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of the de-recognition of deferred tax assets; the impact of updates to the rehabilitation provision for our non-operating mines; the impact of the sale of non-current assets, the impact of non-deductible foreign exchange losses; the impact of prior year adjustments; the impact of the community relations projects at Tanzania per our community investment obligations under the Twiga partnership; and the impact of other expense adjustments.

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

Withholding Taxes

In Q3 2024, we recorded $16 million of dividend withholding taxes related to the undistributed earnings of our subsidiaries in the United States.

OECD Pillar Two model rules

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. Based on the analysis performed to date to assess our exposure to the recently enacted Pillar Two income taxes in Canada, we do not expect the impact of Pillar Two provisions to be material to the Company for 2024 although this assessment is ongoing.

BARRICK THIRD QUARTER 2024 40 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Financial Condition Review

Summary Balance Sheet and Key Financial Ratios

($ millions, except ratios and share amounts)		As at 9/30/24				As at 12/31/23
Total cash and equivalents			4,225				4,148
Current assets			3,802				3,290
Non-current assets			39,327				38,373
Total Assets			47,354				45,811
Current liabilities excluding short-term debt			3,016				2,345
Non-current liabilities excluding long-term debta			6,716				6,738
Debt (current and long-term)			4,725				4,726
Total Liabilities			14,457				13,809
Total shareholders’ equity			23,831				23,341
Non-controlling interests			9,066				8,661
Total Equity			32,897				32,002
Total common shares outstanding (millions of shares)b			1,748				1,756
Debt, net of cash			500				578
Key Financial Ratios:
Current ratioc			2.65:1				3.16:1
Debt-to-equityd			0.14:1				0.15:1
Net leveragee			0.1:1				0.1:1

^a.  Non-current financial liabilities as at September 30, 2024 were $5,215 million (December 31, 2023: $5,221 million).

^b.  As of October 29, 2024, the number of common shares outstanding is 1,748,048,766.

^c.  Represents current assets divided by current liabilities (including short-term debt) as at September 30, 2024 and December 31, 2023.

^d.  Represents debt divided by total shareholders’ equity (including minority interest) as at September 30, 2024 and December 31, 2023.

^e.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

Balance Sheet Review

Total assets were $47.4 billion as at September 30, 2024, higher than total assets as at December 31, 2023. 

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

Total liabilities at September 30, 2024 were $14.5 billion, higher than total liabilities at December 31, 2023. Our liabilities are primarily comprised of debt, other non-current liabilities (such as provisions and deferred income tax liabilities), and accounts payable.

Financial Position and Liquidity

We believe we have sufficient financial resources to meet our business requirements for the foreseeable future, including capital expenditures, working capital requirements, interest payments, environmental rehabilitation, securities buybacks and dividends.

Total cash and cash equivalents as at September 30, 2024 were $4.2 billion. Our capital structure comprises a mix of debt, non-controlling interest (primarily at NGM) and shareholders’ equity. As at September 30, 2024, our total debt was $4.7 billion (debt, net of cash and equivalents was $500 million) and our debt-to-equity ratio was 0.14:1. This compares to total debt as at December 31, 2023 of $4.7 billion (debt, net of cash and equivalents was $578 million), and a debt-to-equity ratio of 0.15:1.

Uses of cash for the remainder of 2024 include capital commitments of $360 million, and we expect to incur attributable minesite sustaining¹ and project capital

expenditures¹ of approximately $650 to $1,050 million during the remainder of the year, based on our annual guidance range on page 10. For the remainder of 2024, we have contractual obligations and commitments of $611 million for supplies and consumables. In addition, we have $124 million in interest payments and other amounts as detailed in the table on page 44. We expect to fund these commitments through operating cash flow, which is our primary source of liquidity, as well as our existing cash balances as necessary. As previously disclosed, we have authorized a share buyback program, where we may purchase up to $1 billion of Barrick shares. As at September 30, 2024, we have purchased $144 million of shares under this program, including $95 million during Q3.

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

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

The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the

BARRICK THIRD QUARTER 2024 41 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

company’s financial results, cash requirements, future prospects, the number of outstanding common shares, and other factors deemed relevant by the Board.

  Our operating cash flow is dependent on the ability of our operations to deliver projected future cash flows. The market price of gold and to a lesser extent, copper, are the primary drivers of our operating cash flow. Other options to enhance liquidity include portfolio optimization; issuance of equity or long-term debt securities in the public markets or to private investors (Moody’s and S&P currently rate Barrick’s outstanding long-term debt as investment grade, with ratings of A3 and BBB+, respectively); and drawing on the $3.0 billion available under our undrawn Credit Facility (subject to compliance with covenants and the making of certain representations and warranties, this facility is available for drawdown as a source of financing). In May 2024, we completed an update to our undrawn $3.0 billion revolving credit facility, including an extension of the termination date by one year to May 2029. The revolving Credit Facility incorporates sustainability-linked metrics and are made up of annual environmental and social performance targets directly influenced by Barrick’s actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 GHG emissions intensity, water use efficiency (reuse and recycling rates), and TRIFR3. Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set. The key financial covenant in our undrawn Credit Facility requires Barrick to maintain a net debt to total capitalization ratio of less than 0.60:1. Barrick’s net debt to total capitalization ratio was 0.01:1 as at September 30, 2024 (0.02:1 as at December 31, 2023).

Summary of Cash Inflow (Outflow)

($ millions)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Net cash provided by operating activities			1,180				1,159				1,127				3,099				2,735
Investing activities
Capital expenditures			(736	)			(819	)			(768	)			(2,283	)			(2,225	)
Funding of equity method investments			0				(11	)			0				(55	)			0
Dividends received from equity method investments			38				42				74				127				159
Shareholder loan repayments from equity method investments			49				45				0				139				0
Investment sales			44				33				3				77				3
Other			2				7				2				9				13
Total investing outflows			(603	)			(703	)			(689	)			(1,986	)			(2,050	)
Net change in debta			(4	)			(4	)			(3	)			(11	)			(11	)
Dividendsb			(174	)			(175	)			(175	)			(524	)			(524	)
Net disbursements to non-controlling interests			(110	)			(139	)			(162	)			(348	)			(376	)
Share buyback program			(95	)			(49	)			0				(144	)			0
Other			(4	)			5				7				(6	)			48
Total financing outflows			(387	)			(362	)			(333	)			(1,033	)			(863	)
Effect of exchange rate			(1	)			0				(1	)			(3	)			(1	)
Increase (decrease) in cash and equivalents			189				94				104				77				(179	)

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

^b.  For Q3 2024 and YTD 2024, we declared and paid dividends per share in US dollars totaling $0.10 and $0.30, respectively (Q2 2024: declared and paid $0.10; Q3 2023: declared and paid $0.10; YTD 2023: declared and paid $0.30).

Q3 2024 compared to Q2 2024

In Q3 2024, we generated $1,180 million in operating cash flow, compared to $1,159 million in Q2 2024. The increase of $21 million was primarily due to a decrease in cash taxes paid and lower interest paid as a result of the timing of semi-annual interest payments on our bonds, which primarily occur in the second and fourth quarters. These results were combined with higher realized gold prices¹, and increased gold sales volumes, partially offset by higher total cash costs/C1 cash costs per ounce/pound¹ and lower realized copper prices¹. Operating cash flow was further impacted by an unfavorable movement in working capital, mainly in accounts receivable, inventory and accounts payable.

  Cash outflows from investing activities in Q3 2024 were $603 million, compared to $703 million in Q2 2024. The decreased outflow of $100 million was primarily due to lower capital expenditures relating to decreased minesite sustaining capital expenditures¹ mainly due to lower capitalized stripping at Carlin and Lumwana, partially offset

BARRICK THIRD QUARTER 2024 42 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

by higher project capital expenditures¹ relating to early works expenditure at Reko Diq.

  Net financing cash outflows for Q3 2024 amounted to $387 million, compared to $362 million in Q2 2024. The increase of $25 million is primarily due to higher repurchases of shares under our share buyback program compared to Q2 2024, partially offset by lower net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interests in NGM and Pueblo Viejo.

Q3 2024 compared to Q3 2023

In Q3 2024, we generated $1,180 million in operating cash flow, compared to $1,127 million in Q3 2023. The increase of $53 million was primarily due to higher realized gold and copper prices¹, partially offset by lower gold and copper sales volumes and higher total cash costs/C1 cash costs per ounce/pound¹. These results were partially offset by an unfavorable movement in working capital, mainly in accounts receivable.

  Cash outflows from investing activities in Q3 2024 were $603 million compared to $689 million in Q3 2023. The decrease of $86 million was primarily due to shareholder loan repayments from equity method investments, in particular Kibali, and cash proceeds received from the sale of some of our investments in other mining companies. This was combined with lower capital expenditures driven by decreased minesite sustaining capital expenditures¹ and slightly lower project capital expenditures¹. Lower minesite sustaining capital expenditures¹ primarily relates to lower capitalized waste stripping at Carlin and Lumwana. The decrease in project capital expenditures¹ was due to the Pueblo Viejo plant expansion project and TS Solar Project at NGM being substantially completed in the prior year although this was largely offset by early works expenditure at Reko Diq. These impacts were partially offset by decreased dividends received from equity method investments, in particular Kibali.

  Net financing cash outflows for Q3 2024 amounted to $387 million compared to $333 million in Q3 2023. The

increase of $54 million is primarily due to the repurchase of shares under our share buyback program, partially offset by lower net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interest in NGM.

YTD 2024 compared to YTD 2023

For YTD 2024, we generated $3,099 million in operating cash flow, compared to $2,735 million in YTD 2023. The increase of $364 million was primarily due to higher realized gold and copper prices¹, partially offset by lower gold and copper sales volumes and higher total cash costs/C1 cash costs per ounce/pound¹. This was partially offset by higher cash taxes paid, and an unfavorable change in working capital, mainly in other current assets, accounts receivable, accounts payable and other current liabilities.

  Cash outflows from investing activities for YTD 2024 were $1,986 million compared to $2,050 million in YTD 2023. The decrease of $64 million was primarily due to shareholder loan repayments made by equity method investments, in particular Kibali, and cash proceeds received from the sale of some of our investments in other mining companies. This was partially offset by higher capital expenditures as a result of higher minesite capital expenditures¹ driven by increased capitalized waste stripping at Carlin and Lumwana, partially offset by lower project capital expenditures¹ as the Pueblo Viejo plant expansion project and TS Solar Project at NGM were substantially completed in the prior year. Cash outflows from investing activities was further negatively impacted by funding made to Porgera.

  Net financing cash outflows for YTD 2024 amounted to $1,033 million, compared to $863 million in YTD 2023. The increased outflow of $170 million is primarily due to the repurchase of shares under our share buyback program in the current year. This was combined with shareholder loan repayments made to Newmont by Pueblo Viejo in the current period whereas in the same prior year period Pueblo Viejo was drawing down on this loan (included in “Other” financing activities).

BARRICK THIRD QUARTER 2024 43 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Commitments and Contingencies

Litigation and Claims

We are currently subject to various litigation proceedings as disclosed in note 15 to the Financial Statements, and we may be involved in disputes with other parties in the future that may result in litigation. If we are unable to resolve these disputes favorably, it may have a material adverse impact on our financial condition, cash flow and results of operations.

Contractual Obligations and Commitments

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

($ millions)		Payments due as at 9/30/24
		2024				2025				2026				2027				2028				2029 and thereafter				Total
Debta
Repayment of principal			0				12				47				0				0				4,631				4,690
Capital leases			4				13				9				9				5				15				55
Interest			124				285				282				279				279				2,938				4,187
Provisions for environmental rehabilitationb			211				170				113				88				119				1,866				2,567
Restricted share units			10				30				9				0				0				0				49
Pension benefits and other post-retirement benefits			1				5				5				5				4				51				71
Purchase obligations for supplies and consumablesc			611				336				222				202				165				198				1,734
Capital commitmentsd			360				236				52				0				0				0				648
Social development costse			71				15				11				6				3				57				163
Other obligationsf			4				52				75				58				59				540				788
Total			1,396				1,154				825				647				634				10,296				14,952

^a.  Debt and Interest: Our debt obligations do not include any subjective acceleration clauses or other clauses that enable the holder of the debt to call for early repayment, except in the event that we breach any of the terms and conditions of the debt or for other customary events of default. We are not required to post any collateral under any debt obligations. Projected interest payments on variable rate debt were based on interest rates in effect at September 30, 2024. Interest is calculated on our long-term debt obligations using both fixed and variable rates.

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

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

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

^e.  Social development costs: Includes a commitment of $14 million in 2029 and thereafter, related to the funding of a power transmission line in Argentina.

^f. Other obligations includes the Pueblo Viejo joint venture partner shareholder loan, the deposit on the Pascua-Lama silver sale agreement with Wheaton Precious Metals Corp. due in 2039, and minimum royalty payments.

BARRICK THIRD QUARTER 2024 44 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Review of Quarterly Results

Quarterly Information^a

($ millions, except where indicated)		2024				2024				2024				2023				2023				2023				2023				2022
		Q3				Q2				Q1				Q4				Q3				Q2				Q1				Q4
Revenues			3,368				3,162				2,747				3,059				2,862				2,833				2,643				2,774
Realized price per ounce – goldb			2,494				2,344				2,075				1,986				1,928				1,972				1,902				1,728
Realized price per pound – copperb			4.27				4.53				3.86				3.78				3.78				3.70				4.20				3.81
Cost of sales			2,051				1,979				1,936				2,139				1,915				1,937				1,941				2,093
Net earnings			483				370				295				479				368				305				120				(735)
Per share (dollars)c			0.28				0.21				0.17				0.27				0.21				0.17				0.07				(0.42)
Adjusted net earningsb			529				557				333				466				418				336				247				220
Per share (dollars)b,c			0.30				0.32				0.19				0.27				0.24				0.19				0.14				0.13
Operating cash flow			1,180				1,159				760				997				1,127				832				776				795
Consolidated capital expendituresd			736				819				728				861				768				769				688				891
Free cash flowb			444				340				32				136				359				63				88				(96)

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

^b.  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

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

^d.  Amounts presented on a consolidated cash basis.

Our recent financial results reflect our emphasis on cost discipline, an agile management structure that empowers our site based leadership teams and a portfolio of Tier One Gold Assets⁵. This, combined with ongoing strength in gold and copper prices, has resulted in strong operating cash flows over several quarters. The positive operating cash flow generated has allowed us to continue to reinvest in our business including our key growth projects, maintain a strong balance sheet and deliver returns to shareholders.

In addition to the strength in metal prices, net earnings has also been impacted by the following items in each quarter, which have been excluded from adjusted net earnings¹. In Q2 2024, we recorded a provision following the proposed settlement of the Zaldívar Tax Assessments in Chile (refer to note 15 of the Financial Statements). In Q4 2023, we recorded a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. In addition, we recorded a long-lived

asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon. In Q1 2023, we recorded a loss on currency translation of $38 million, mainly related to the devaluation of the Zambian kwacha, and a $30 million accrual relating to the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership. In Q4 2022, we recorded a goodwill impairment of $950 million (net of non-controlling interests) related to Loulo-Gounkoto, a non-current asset impairment of $318 million (net of tax) and a net realizable value impairment of leach pad inventory of $27 million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon. In addition, we recorded an impairment reversal of $120 million and a gain of $300 million following the completion of the transaction allowing for the reconstitution of the Reko Diq project.

Internal Control Over Financial Reporting and Disclosure Controls and Procedures

Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures as defined in our 2023 annual MD&A. 

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

There were no changes in our internal controls over financial reporting during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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

BARRICK THIRD QUARTER 2024 45 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

IFRS Critical Accounting Policies and Accounting Estimates

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

Critical Accounting Estimates and Judgments

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

Non-GAAP Financial Measures

Adjusted Net Earnings and Adjusted Net Earnings per Share

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

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

∎ Acquisition/disposition gains/losses;

∎ Foreign currency translation gains/losses;

∎ Significant tax adjustments;

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

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

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

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

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

BARRICK THIRD QUARTER 2024 46 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

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

($ millions, except per share amounts in dollars)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Net earnings attributable to equity holders of the Company			483				370				368				1,148				793
Impairment charges related to intangibles, goodwill, property, plant and equipment, and investmentsa			2				1				0				20				23
Acquisition/disposition gains			(1	)			(5	)			(4	)			(7	)			(10	)
Loss on currency translation			4				5				30				21				56
Significant tax adjustmentsb			(30	)			137				19				136				100
Other expense (income) adjustmentsc			97				48				(5	)			136				55
Non-controlling interestd			(7	)			0				4				(11	)			(9	)
Tax effectd			(19	)			1				6				(24	)			(7	)
Adjusted net earnings			529				557				418				1,419				1,001
Net earnings per sharee			0.28				0.21				0.21				0.65				0.45
Adjusted net earnings per sharee			0.30				0.32				0.24				0.81				0.57

^a.  The net impairment charges for YTD 2024 and 2023 relate to miscellaneous assets.

^b.  For Q3 2024 and YTD 2024, significant tax adjustments include the de-recognition of deferred tax assets; the impact of the community relations projects at Tanzania per our community investment obligations under the Twiga partnership, and the re-measurement of deferred tax balances. Significant tax adjustments for YTD 2024 also include the proposed settlement of the Zaldívar Tax Assessments in Chile, and adjustments in respect of prior years. For YTD 2023, significant tax adjustments mainly related to the settlement agreement to resolve the tax dispute at Porgera, the de-recognition of deferred tax assets, adjustments in respect of prior years and the re-measurement of deferred tax balances.

^c.  For Q3 2024, other expense adjustments mainly relate to the $40 million accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile, which was recorded in Q2 2024. Other expense adjustments for YTD 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision, care and maintenance expenses at Porgera, and the $30 million accrual relating to the expansion of education infrastructure in Tanzania, also pursuant to the Twiga partnership.

^d.  Non-controlling interest and tax effect for YTD 2024 primarily relates to other expense adjustments and net impairment charges.

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

Free Cash Flow

Free cash flow is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash.

Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in

isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

($ millions)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Net cash provided by operating activities			1,180				1,159				1,127				3,099				2,735
Capital expenditures			(736	)			(819	)			(768	)			(2,283	)			(2,225	)
Free cash flow			444				340				359				816				510

Capital Expenditures

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

and this distinction is an input into the calculation of all-in sustaining costs per ounce.

Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

BARRICK THIRD QUARTER 2024 47 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Reconciliation of the Classification of Capital Expenditures

($ millions)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Minesite sustaining capital expenditures			511				631				529				1,692				1,507
Project capital expenditures			221				176				227				562				691
Capitalized interest			4				12				12				29				27
Total consolidated capital expenditures			736				819				768				2,283				2,225

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

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

Total cash costs start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes by-product credits. All-in sustaining costs start with total cash costs and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels.

We believe that our use of total cash costs and all-in sustaining costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization.

Total cash costs per ounce and all-in sustaining costs are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently.

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

C1 cash costs per pound and all-in sustaining costs per pound are non-GAAP financial measures related to our copper mine operations. We believe that C1 cash costs per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs per pound excludes royalties and non-routine charges as they are not direct production costs. All-in sustaining costs per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. All-in sustaining costs per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value.

BARRICK THIRD QUARTER 2024 48 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

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

($ millions, except per ounce information in dollars)				For the three months ended												For the nine months ended
		Footnote		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Cost of sales applicable to gold production					1,856				1,799				1,736				5,416				5,250
Depreciation					(409	)			(401	)			(427	)			(1,217	)			(1,285	)
Cash cost of sales applicable to equity method investments					93				77				65				226				195
By-product credits					(58	)			(75	)			(65	)			(189	)			(186	)
Non-recurring items		a			0				0				0				0				0
Other		b			3				5				7				10				12
Non-controlling interests		c			(417	)			(393	)			(380	)			(1,210	)			(1,146	)
Total cash costs					1,068				1,012				936				3,036				2,840
General & administrative costs					46				32				30				106				97
Minesite exploration and evaluation costs		d			10				6				11				29				36
Minesite sustaining capital expenditures		e			511				631				529				1,692				1,507
Sustaining leases					8				9				7				23				23
Rehabilitation - accretion and amortization (operating sites)		f			14				20				14				51				43
Non-controlling interest, copper operations and other		g			(199	)			(278	)			(238	)			(701	)			(594	)
All-in sustaining costs					1,458				1,432				1,289				4,236				3,952
Ounces sold - attributable basis (000s ounces)		h			967				956				1,027				2,833				2,982
Cost of sales per ounce		i,j			1,472				1,441				1,277				1,447				1,325
Total cash costs per ounce		j			1,104				1,059				912				1,072				953
Total cash costs per ounce (on a co-product basis)		j,k			1,145				1,112				954				1,117				995
All-in sustaining costs per ounce		j			1,507				1,498				1,255				1,495				1,325
All-in sustaining costs per ounce (on a co-product basis)		j,k			1,548				1,551				1,297				1,540				1,367

a. Non-recurring items - These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs.

b. Other - Other adjustments for Q3 2024 and YTD 2024 include the removal of total cash costs and by-product credits associated with Pierina of $nil and $nil, respectively (Q2 2024: $nil; Q3 2023: $nil; YTD 2023: $3 million), which was producing incidental ounces until December 31, 2023 while in closure.

c. Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production of $556 million and $1,630 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $532 million; Q3 2023: $536 million; YTD 2023: $1,598 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to Note 4 to the Financial Statements for further information.

d. Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as minesite sustaining if they support current mine operations and project if they relate to future projects. Refer to page 39 of this MD&A.

e. Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures.

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

g. Non-controlling interest and copper operations - Removes general and administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina up until December 31, 2023. The impact is summarized as the following:

($ millions)						For the three months ended								For the nine months ended
Non-controlling interest, copper operations and other		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
General & administrative costs			(7	)			(6	)			(5	)			(17	)			(16	)
Minesite exploration and evaluation expenses			(2	)			(4	)			(4	)			(8	)			(12	)
Rehabilitation - accretion and amortization (operating sites)			(5	)			(6	)			(5	)			(16	)			(15	)
Minesite sustaining capital expenditures			(185	)			(262	)			(224	)			(660	)			(551	)
All-in sustaining costs total			(199	)			(278	)			(238	)			(701	)			(594	)

h. Ounces sold - attributable basis - Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.

i. Cost of sales per ounce - Figures remove the cost of sales impact of: Pierina of $nil and $nil, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $nil; Q3 2023: $nil; YTD 2023: $3 million), which was producing incidental ounces up until December 31, 2023 while in closure. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).

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

k. Co-product costs per ounce

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

BARRICK THIRD QUARTER 2024 49 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
By-product credits			58				75				65				189				186
Non-controlling interest			(18	)			(24	)			(22	)			(60	)			(61	)
By-product credits (net of non-controlling interest)			40				51				43				129				125

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

($ millions, except per ounce information in dollars)																For the three months ended 9/30/24
		Footnote		Carlin				Corteza				Turquoise Ridge				Phoenix				Nevada Gold Minesb				Hemlo				North America
Cost of sales applicable to gold production					449				246				208				83				987				55				1,042
Depreciation					(69	)			(55	)			(46	)			(15	)			(185	)			(8	)			(193	)
By-product credits					(1	)			0				(1	)			(39	)			(41	)			0				(41	)
Non-recurring items		c			0				0				0				0				0				0				0
Other		d			(8	)			0				0				7				(1	)			0				(1	)
Non-controlling interests					(143	)			(73	)			(62	)			(14	)			(293	)			0				(293	)
Total cash costs					228				118				99				22				467				47				514
General & administrative costs					0				0				0				0				0				0				0
Minesite exploration and evaluation costs		e			3				3				2				1				9				0				9
Minesite sustaining capital expenditures		f			150				57				25				13				251				11				262
Sustaining capital leases					0				0				0				0				0				1				1
Rehabilitation - accretion and amortization (operating sites)		g			4				4				1				2				11				0				11
Non-controlling interests					(60	)			(26	)			(11	)			(6	)			(106	)			0				(106	)
All-in sustaining costs					325				156				116				32				632				59				691
Ounces sold - attributable basis (000s ounces)					183				99				77				28				387				28				415
Cost of sales per ounce		h,i			1,478				1,526				1,674				1,789				1,553				1,929				1,579
Total cash costs per ounce		i			1,249				1,180				1,295				764				1,205				1,623				1,234
Total cash costs per ounce (on a co-product basis)		i,j			1,252				1,183				1,305				1,465				1,260				1,633				1,286
All-in sustaining costs per ounce		i			1,771				1,570				1,516				1,113				1,633				2,044				1,661
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,774				1,573				1,526				1,814				1,688				2,054				1,713

($ millions, except per ounce information in dollars)				For the three months ended 9/30/24
		Footnote		Pueblo Viejo				Veladero				Porgerak				Latin America & Asia Pacific
Cost of sales applicable to gold production					235				102				22				359
Depreciation					(78	)			(24	)			(3	)			(105	)
By-product credits					(5	)			(3	)			0				(8	)
Non-recurring items		c			0				0				0				0
Other		d			0				0				0				0
Non-controlling interests					(61	)			0				0				(61	)
Total cash costs					91				75				19				185
General & administrative costs					0				0				0				0
Minesite exploration and evaluation costs		e			0				0				1				1
Minesite sustaining capital expenditures		f			41				33				3				77
Sustaining capital leases					0				0				0				0
Rehabilitation - accretion and amortization (operating sites)		g			2				0				0				2
Non-controlling interests					(18	)			0				0				(18	)
All-in sustaining costs					116				108				23				247
Ounces sold - attributable basis (000s ounces)					96				78				19				193
Cost of sales per ounce		h,i			1,470				1,311				1,163				1,375
Total cash costs per ounce		i			957				951				999				959
Total cash costs per ounce (on a co-product basis)		i,j			985				995				1,016				992
All-in sustaining costs per ounce		i			1,221				1,385				1,214				1,286
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,249				1,429				1,231				1,319

BARRICK THIRD QUARTER 2024 50 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions, except per ounce information in dollars)																For the three months ended 9/30/24
		Footnote		Loulo- Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu				Africa & Middle East
Cost of sales applicable to gold production					212				111				102				85				74				584
Depreciation					(66	)			(35	)			(23	)			(8	)			(16	)			(148	)
By-product credits					0				0				(1	)			0				(6	)			(7	)
Non-recurring items		c			0				0				0				0				0				0
Other		d			0				0				0				0				2				2
Non-controlling interests					(29	)			0				(12	)			(8	)			(9	)			(58	)
Total cash costs					117				76				66				69				45				373
General & administrative costs					0				0				0				0				0				0
Minesite exploration and evaluation costs		e			0				0				0				0				0				0
Minesite sustaining capital expenditures		f			70				12				17				8				12				119
Sustaining capital leases					0				1				0				0				0				1
Rehabilitation - accretion and amortization (operating sites)		g			1				0				2				0				0				3
Non-controlling interests					(14	)			0				(3	)			(1	)			(1	)			(19	)
All-in sustaining costs					174				89				82				76				56				477
Ounces sold - attributable basis (000s ounces)					135				77				78				32				37				359
Cost of sales per ounce		h,i			1,257				1,441				1,108				2,403				1,628				1,404
Total cash costs per ounce		i			865				978				850				2,184				1,191				1,037
Total cash costs per ounce (on a co-product basis)		i,j			866				983				863				2,188				1,288				1,052
All-in sustaining costs per ounce		i			1,288				1,172				1,052				2,388				1,470				1,328
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,289				1,177				1,065				2,392				1,567				1,343

($ millions, except per ounce information in dollars)																For the three months ended 6/30/24
		Footnote		Carlin				Corteza				Turquoise Ridge				Phoenix				Nevada Gold Minesb				Hemlo				North America
Cost of sales applicable to gold production					461				224				185				88				960				64				1,024
Depreciation					(80)				(57)				(42)				(17)				(197)				(10)				(207)
By-product credits					0				(1)				(1)				(44)				(46)				0				(46)
Non-recurring items		c			0				0				0				0				0				0				0
Other		d			(4)				0				0				7				3				0				3
Non-controlling interests					(145)				(64)				(55)				(14)				(278)				0				(278)
Total cash costs					232				102				87				20				442				54				496
General & administrative costs					0				0				0				0				0				0				0
Minesite exploration and evaluation costs		e			3				2				2				2				10				0				10
Minesite sustaining capital expenditures		f			211				65				29				13				328				9				337
Sustaining capital leases					0				0				0				0				1				2				3
Rehabilitation - accretion and amortization (operating sites)		g			4				4				1				2				11				0				11
Non-controlling interests					(85)				(26)				(12)				(6)				(134)				0				(134)
All-in sustaining costs					365				147				107				31				658				65				723
Ounces sold - attributable basis (000s ounces)					202				101				70				27				400				39				439
Cost of sales per ounce		h,i			1,390				1,366				1,603				2,018				1,464				1,663				1,482
Total cash costs per ounce		i			1,145				1,013				1,235				781				1,104				1,395				1,129
Total cash costs per ounce (on a co-product basis)		i,j			1,147				1,017				1,242				1,638				1,164				1,404				1,185
All-in sustaining costs per ounce		i			1,805				1,447				1,505				1,167				1,636				1,660				1,638
All-in sustaining costs per ounce (on a co- product basis)		i,j			1,807				1,451				1,512				2,024				1,696				1,669				1,694

BARRICK THIRD QUARTER 2024 51 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions, except per ounce information in dollars)				For the three months ended 6/30/24
		Footnote		Pueblo Viejo				Veladero				Porgerak				Latin America & Asia Pacific
Cost of sales applicable to gold production					213				88				14				315
Depreciation					(63	)			(22	)			(2	)			(87	)
By-product credits					(14	)			(3	)			(1	)			(18	)
Non-recurring items		c			0				0				0				0
Other		d			0				0				0				0
Non-controlling interests					(55	)			0				0				(55	)
Total cash costs					81				63				11				155
General & administrative costs					0				0				0				0
Minesite exploration and evaluation costs		e			0				0				0				0
Minesite sustaining capital expenditures		f			52				25				0				77
Sustaining capital leases					0				0				1				1
Rehabilitation - accretion and amortization (operating sites)		g			2				0				1				3
Non-controlling interests					(21	)			0				0				(21	)
All-in sustaining costs					114				88				13				215
Ounces sold - attributable basis (000s ounces)					79				68				12				159
Cost of sales per ounce		h,i			1,630				1,298				1,132				1,441
Total cash costs per ounce		i			1,024				931				941				977
Total cash costs per ounce (on a co-product basis)		i,j			1,147				978				980				1,061
All-in sustaining costs per ounce		i			1,433				1,308				1,079				1,348
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,556				1,355				1,118				1,432

($ millions, except per ounce information in dollars)												For the three months ended 6/30/24
		Footnote		Loulo-   Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu				Africa & Middle East
Cost of sales applicable to gold production					198				107				94				101				74				574
Depreciation					(62)				(36)				(18)				(12)				(16)				(144)
By-product credits					0				(1)				(1)				0				(7)				(9)
Non-recurring items		c			0				0				0				0				0				0
Other		d			0				0				0				0				0				0
Non-controlling interests					(27)				0				(12)				(10)				(8)				(57)
Total cash costs					109				70				63				79				43				364
General & administrative costs					0				0				0				0				0				0
Minesite exploration and evaluation costs		e			0				0				0				0				0				0
Minesite sustaining capital expenditures		f			76				16				12				5				13				122
Sustaining capital leases					1				2				0				1				0				4
Rehabilitation - accretion and amortization (operating sites)		g			2				1				1				3				1				8
Non-controlling interests					(16)				0				(2)				(1)				(3)				(22)
All-in sustaining costs					172				89				74				87				54				476
Ounces sold - attributable basis (000s ounces)					137				81				50				46				44				358
Cost of sales per ounce		h,i			1,160				1,313				1,570				1,960				1,438				1,389
Total cash costs per ounce		i			795				868				1,266				1,716				985				1,019
Total cash costs per ounce (on a co-product basis)		i,j			796				873				1,273				1,723				1,130				1,040
All-in sustaining costs per ounce		i			1,251				1,086				1,491				1,899				1,243				1,330
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,252				1,091				1,498				1,906				1,388				1,351

BARRICK THIRD QUARTER 2024 52 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions, except per ounce information in dollars)																For the three months ended 9/30/23
		Footnote		Carlin				Corteza				Turquoise Ridge				Long Canyonl				Phoenix				Nevada Gold Minesb				Hemlo				North America
Cost of sales applicable to gold production					458				273				164				6				96				997				53				1,050
Depreciation					(83	)			(88	)			(45	)			(3	)			(18	)			(237	)			(6	)			(243	)
By-product credits					(1	)			0				(1	)			0				(41	)			(43	)			(1	)			(44	)
Non-recurring items		c			0				0				0				0				0				0				0				0
Other		d			(5	)			0				0				0				6				2				0				2
Non-controlling interests					(142	)			(72	)			(45	)			(1	)			(17	)			(277	)			0				(277	)
Total cash costs					227				113				73				2				26				442				46				488
General & administrative costs					0				0				0				0				0				0				0				0
Minesite exploration and evaluation costs		e			6				2				1				0				1				10				0				10
Minesite sustaining capital expenditures		f			169				62				19				0				10				264				9				273
Sustaining capital leases					0				0				0				0				0				1				1				2
Rehabilitation - accretion and amortization (operating sites)		g			3				5				1				0				1				10				0				10
Non-controlling interests					(69	)			(27	)			(8	)			0				(4	)			(110	)			0				(110	)
All-in sustaining costs					336				155				86				2				34				617				56				673
Ounces sold - attributable basis (000s ounces)					238				135				78				2				27				480				31				511
Cost of sales per ounce		h,i			1,166				1,246				1,300				1,832				2,235				1,273				1,721				1,300
Total cash costs per ounce		i			953				840				938				778				1,003				921				1,502				956
Total cash costs per ounce (on a co-product basis)		i,j			954				844				944				779				1,812				968				1,508				1,001
All-in sustaining costs per ounce		i			1,409				1,156				1,106				831				1,264				1,286				1,799				1,317
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,410				1,160				1,112				832				2,073				1,333				1,805				1,362

($ millions, except per ounce information in dollars)								For the three months ended 9/30/23
		Footnote		Pueblo Viejo				Veladero				Latin America & Asia Pacific
Cost of sales applicable to gold production					195				64				259
Depreciation					(65	)			(15	)			(80	)
By-product credits					(8	)			(3	)			(11	)
Non-recurring items		c			0				0				0
Other		d			0				0				0
Non-controlling interests					(49	)			0				(49	)
Total cash costs					73				46				119
General & administrative costs					0				0				0
Minesite exploration and evaluation costs		e			0				1				1
Minesite sustaining capital expenditures		f			44				13				57
Sustaining capital leases					0				0				0
Rehabilitation - accretion and amortization (operating sites)		g			1				0				1
Non-controlling interests					(19	)			0				(19	)
All-in sustaining costs					99				60				159
Ounces sold - attributable basis (000s ounces)					77				47				124
Cost of sales per ounce		h,i			1,501				1,376				1,468
Total cash costs per ounce		i			935				988				953
Total cash costs per ounce (on a co-product basis)		i,j			995				1,050				1,014
All-in sustaining costs per ounce		i			1,280				1,314				1,304
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,340				1,376				1,365

BARRICK THIRD QUARTER 2024 53 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions, except per ounce information in dollars)																For the three months ended 9/30/23
		Footnote		Loulo-  Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu				Africa & Middle East
Cost of sales applicable to gold production					198				112				88				74				68				540
Depreciation					(57	)			(44	)			(17	)			(10	)			(16	)			(144	)
By-product credits					0				(1	)			(1	)			(1	)			(6	)			(9	)
Non-recurring items		c			0				0				0				0				0				0
Other		d			0				0				0				0				0				0
Non-controlling interests					(28	)			0				(11	)			(6	)			(7	)			(52	)
Total cash costs					113				67				59				57				39				335
General & administrative costs					0				0				0				0				0				0
Minesite exploration and evaluation costs		e			0				0				0				0				0				0
Minesite sustaining capital expenditures		f			53				8				29				6				14				110
Sustaining capital leases					(1	)			2				0				0				0				1
Rehabilitation - accretion and amortization (operating sites)		g			1				2				1				(1	)			0				3
Non-controlling interests					(10	)			0				(5	)			(1	)			(2	)			(18	)
All-in sustaining costs					156				79				84				61				51				431
Ounces sold - attributable basis (000s ounces)					145				97				59				46				45				392
Cost of sales per ounce		h,i			1,087				1,152				1,244				1,423				1,261				1,186
Total cash costs per ounce		i			773				694				999				1,217				859				850
Total cash costs per ounce (on a co-product basis)		i,j			774				698				1,007				1,222				973				866
All-in sustaining costs per ounce		i			1,068				801				1,429				1,331				1,132				1,095
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,069				805				1,437				1,336				1,246				1,111

($ millions, except per ounce information in dollars)																For the nine months ended 9/30/24
		Footnote		Carlin				Corteza				Turquoise Ridge				Phoenix				Nevada Gold Minesb				Hemlo				North   America
Cost of sales applicable to gold production					1,378				731				567				259				2,938				184				3,122
Depreciation					(232	)			(187	)			(125	)			(50	)			(595	)			(27	)			(622	)
By-product credits					(2	)			(2	)			(2	)			(117	)			(123	)			0				(123	)
Non-recurring items		c			0				0				0				0				0				0				0
Other		d			(17	)			0				0				20				3				0				3
Non-controlling interests					(434	)			(208	)			(170	)			(43	)			(856	)			0				(856	)
Total cash costs					693				334				270				69				1,367				157				1,524
General & administrative costs					0				0				0				0				0				0				0
Minesite exploration and evaluation costs		e			9				6				5				4				25				0				25
Minesite sustaining capital expenditures		f			544				194				81				32				874				30				904
Sustaining capital leases					0				0				0				1				2				3				5
Rehabilitation - accretion and amortization (operating sites)		g			11				12				3				5				31				0				31
Non-controlling interests					(218	)			(82	)			(34	)			(16	)			(360	)			0				(360	)
All-in sustaining costs					1,039				464				325				95				1,939				190				2,129
Ounces sold - attributable basis (000s ounces)					592				321				209				89				1,211				105				1,316
Cost of sales per ounce		h,i			1,410				1,401				1,668				1,784				1,481				1,754				1,503
Total cash costs per ounce		i			1,171				1,039				1,294				770				1,128				1,486				1,157
Total cash costs per ounce (on a co-product basis)		i,j			1,173				1,042				1,301				1,444				1,180				1,495				1,206
All-in sustaining costs per ounce		i			1,753				1,445				1,554				1,065				1,600				1,798				1,616
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,755				1,448				1,561				1,739				1,652				1,807				1,665

BARRICK THIRD QUARTER 2024 54 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions, except per ounce information in dollars)						For the nine months ended 9/30/24
		Footnote				Pueblo Viejo				Veladero				Porgerak				Latin America & Asia Pacific
Cost of sales applicable to gold production							658				235				36				929
Depreciation							(203	)			(57	)			(5	)			(265	)
By-product credits							(29	)			(7	)			(1	)			(37	)
Non-recurring items			c				0				0				0				0
Other			d				0				0				0				0
Non-controlling interests							(171	)			0				0				(171	)
Total cash costs							255				171				30				456
General & administrative costs							0				0				0				0
Minesite exploration and evaluation costs			e				0				3				1				4
Minesite sustaining capital expenditures			f				135				79				3				217
Sustaining capital leases							0				0				1				1
Rehabilitation - accretion and amortization (operating sites)			g				5				0				1				6
Non-controlling interests							(56	)			0				0				(56	)
All-in sustaining costs							339				253				36				628
Ounces sold - attributable basis (000s ounces)							257				179				31				467
Cost of sales per ounce			h,i				1,538				1,308				1,151				1,424
Total cash costs per ounce			i				995				945				977				975
Total cash costs per ounce (on a co-product basis)			i,j				1,063				989				1,002				1,031
All-in sustaining costs per ounce			i				1,322				1,409				1,162				1,345
All-in sustaining costs per ounce (on a co-product basis)			i,j				1,390				1,453				1,187				1,401

($ millions, except per ounce information in dollars)														For the nine months ended 9/30/24
		Footnote				Loulo-  Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu				Africa &  Middle East
Cost of sales applicable to gold production							616				304				288				259				219				1,686
Depreciation							(195	)			(99	)			(59	)			(30	)			(47	)			(430	)
By-product credits							0				(1	)			(2	)			0				(19	)			(22	)
Non-recurring items			c				0				0				0				0				0				0
Other			d				0				0				0				0				2				2
Non-controlling interests							(84	)			0				(36	)			(24	)			(25	)			(169	)
Total cash costs							337				204				191				205				130				1,067
General & administrative costs							0				0				0				0				0				0
Minesite exploration and evaluation costs			e				0				0				0				0				0				0
Minesite sustaining capital expenditures			f				196				43				51				15				46				351
Sustaining capital leases							1				5				0				1				0				7
Rehabilitation - accretion and amortization (operating sites)			g				4				1				4				7				1				17
Non-controlling interests							(40	)			0				(9	)			(3	)			(7	)			(59	)
All-in sustaining costs							498				253				237				225				170				1,383
Ounces sold - attributable basis (000s ounces)							412				230				174				113				121				1,050
Cost of sales per ounce			h,i				1,197				1,320				1,393				2,062				1,511				1,386
Total cash costs per ounce			i				818				884				1,100				1,821				1,069				1,016
Total cash costs per ounce (on a co-product basis)			i,j				819				889				1,110				1,827				1,189				1,033
All-in sustaining costs per ounce			i				1,209				1,103				1,365				1,997				1,394				1,317
All-in sustaining costs per ounce (on a co-product basis)			i,j				1,210				1,108				1,375				2,003				1,514				1,334

BARRICK THIRD QUARTER 2024 55 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions, except per ounce information in dollars)																		For the nine months ended 9/30/23
		Footnote				Carlin				Corteza				Turquoise Ridge				Long  Canyonl				Phoenix				Nevada Gold Minesb				Hemlo				North  America
Cost of sales applicable to gold production							1,346				813				525				20				291				2,995				168				3,163
Depreciation							(237)				(246)				(138)				(12)				(55)				(688)				(21)				(709)
By-product credits							(2)				(2)				(3)				0				(119)				(126)				(1)				(127)
Non-recurring items			c				0				0				0				0				0				0				0				0
Other			d				(13)				0				0				0				20				8				0				8
Non-controlling interests							(422)				(218)				(148)				(3)				(53)				(844)				0				(844)
Total cash costs							672				347				236				5				84				1,345				146				1,491
General & administrative costs							0				0				0				0				0				0				0				0
Minesite exploration and evaluation costs			e				21				4				4				0				1				31				0				31
Minesite sustaining capital expenditures			f				431				210				72				0				22				749				29				778
Sustaining capital leases							0				0				0				0				1				2				2				4
Rehabilitation - accretion and amortization (operating sites)			g				9				14				2				0				3				28				1				29
Non-controlling interests							(178)				(88)				(30)				0				(10)				(312)				0				(312)
All-in sustaining costs							955				487				284				5				101				1,843				178				2,021
Ounces sold - attributable basis (000s ounces)							645				384				232				7				81				1,349				106				1,455
Cost of sales per ounce			h,i				1,266				1,303				1,391				1,691				2,225				1,359				1,579				1,375
Total cash costs per ounce			i				1,042				905				1,018				660				1,047				998				1,374				1,025
Total cash costs per ounce (on a co-product basis)			i,j				1,044				909				1,026				662				1,803				1,046				1,379				1,070
All-in sustaining costs per ounce			i				1,480				1,270				1,225				707				1,250				1,366				1,672				1,389
All-in sustaining costs per ounce (on a co-product basis)			i,j				1,482				1,274				1,233				709				2,006				1,414				1,677				1,434

($ millions, except per ounce information in dollars)						For the nine months ended 9/30/23
		Footnote				Pueblo Viejo				Veladero				Latin America & Asia Pacific
Cost of sales applicable to gold production							556				199				755
Depreciation							(189	)			(55	)			(244	)
By-product credits							(26	)			(7	)			(33	)
Non-recurring items			c				0				0				0
Other			d				0				0				0
Non-controlling interests							(138	)			0				(138	)
Total cash costs							203				137				340
General & administrative costs							0				0				0
Minesite exploration and evaluation costs			e				0				4				4
Minesite sustaining capital expenditures			f				144				68				212
Sustaining capital leases							0				1				1
Rehabilitation - accretion and amortization (operating sites)			g				4				1				5
Non-controlling interests							(59	)			0				(59	)
All-in sustaining costs							292				211				503
Ounces sold - attributable basis (000s ounces)							246				136				382
Cost of sales per ounce			h,i				1,356				1,461				1,411
Total cash costs per ounce			i				824				1,007				887
Total cash costs per ounce (on a co-product basis)			i,j				892				1,057				949
All-in sustaining costs per ounce			i				1,185				1,555				1,333
All-in sustaining costs per ounce (on a co-product basis)			i,j				1,253				1,605				1,395

BARRICK THIRD QUARTER 2024 56 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions, except per ounce information in dollars)												For the nine months ended 9/30/23
		Footnote		Loulo-   Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu				Africa & Middle East
Cost of sales applicable to gold production					612				314				262				233				213				1,634
Depreciation					(188)				(110)				(55)				(32)				(47)				(432)
By-product credits					0				(2)				(2)				(1)				(17)				(22)
Non-recurring items		c			0				0				0				0				0				0
Other		d			0				0				0				0				0				0
Non-controlling interests					(85)				0				(33)				(20)				(24)				(162)
Total cash costs					339				202				172				180				125				1,018
General & administrative costs					0				0				0				0				0				0
Minesite exploration and evaluation costs		e			0				0				0				0				0				0
Minesite sustaining capital expenditures		f			184				30				89				15				47				365
Sustaining capital leases					1				5				0				1				0				7
Rehabilitation - accretion and amortization (operating sites)		g			2				2				4				0				1				9
Non-controlling interests					(37)				0				(15)				(2)				(8)				(62)
All-in sustaining costs					489				239				250				194				165				1,337
Ounces sold - attributable basis (000s ounces)					419				251				193				143				139				1,145
Cost of sales per ounce		h,i			1,168				1,250				1,138				1,462				1,282				1,232
Total cash costs per ounce		i			809				808				893				1,256				896				889
Total cash costs per ounce (on a co-product basis)		i,j			809				813				900				1,260				1,000				905
All-in sustaining costs per ounce		i			1,166				954				1,298				1,356				1,188				1,169
All-in sustaining costs per ounce (on a co-product basis)		i,j			1,166				959				1,305				1,360				1,292				1,185

a.		Includes Goldrush.
b.		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.
c.		Non-recurring items - These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs.
d.		Other - Other adjustments at Carlin include the removal of total cash costs and by-product credits associated with Emigrant starting Q2 2022, which is producing incidental ounces.
e.		Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 39 of this MD&A.
f.		Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures.
g.		Rehabilitation - accretion and amortization - Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.
h.		Cost of sales per ounce - Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
i.		Per ounce figures - Cost of sales per ounce, total cash costs per ounce and all-in sustaining costs per ounce may not calculate based on amounts presented in this table due to rounding.
j.		Co-product costs per ounce - Total cash costs per ounce and all-in sustaining costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

($ millions)																		For the three months ended 9/30/24
		Carlin				Corteza				Turquoise Ridge				Phoenix				Nevada Gold Minesb				Hemlo				Pueblo Viejo
By-product credits			1				0				1				39				41				0				5
Non-controlling interest			(1	)			0				(1	)			(15	)			(17	)			0				(2	)
By-product credits (net of non-controlling interest)			0				0				0				24				24				0				3
($ millions)																		For the three months ended 9/30/24
		Veladero				Porgerak				Loulo-   Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu
By-product credits			3				0				0				0				1				0				6
Non-controlling interest			0				0				0				0				0				0				(1	)
By-product credits (net of non-controlling interest)			3				0				0				0				1				0				5

BARRICK THIRD QUARTER 2024 57 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions)																		For the three months ended 6/30/24
		Carlin				Corteza				Turquoise Ridge				Phoenix				Nevada Gold Minesb				Hemlo				Pueblo Viejo
By-product credits			0				1				1				44				46				0				14
Non-controlling interest			0				(1	)			0				(17	)			(18	)			0				(6	)
By-product credits (net of non-controlling interest)			0				0				1				27				28				0				8
($ millions)																		For the three months ended 6/30/24
		Veladero				Porgerak				Loulo- Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu
By-product credits			3				1				0				1				1				0				7
Non-controlling interest			0				0				0				0				0				0				(1	)
By-product credits (net of non-controlling interest)			3				1				0				1				1				0				6
($ millions)																		For the three months ended 9/30/23
		Carlin				Corteza				Turquoise Ridge				Long Canyonl				Phoenix				Nevada Gold Minesb				Hemlo
By-product credits			1				0				1				0				41				43				1
Non-controlling interest			(1	)			0				0				0				(16	)			(17	)			0
By-product credits (net of non-controlling interest)			0				0				1				0				25				26				1
($ millions)																		For the three months ended 9/30/23
		Pueblo Viejo				Veladero				Loulo- Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu
By-product credits			8				3				0				1				1				1				6
Non-controlling interest			(4	)			0				0				0				0				0				(1	)
By-product credits (net of non-controlling interest)			4				3				0				1				1				1				5
($ millions)																		For the nine months ended 9/30/24
		Carlin				Corteza				Turquoise Ridge				Phoenix				Nevada Gold Minesb				Hemlo				Pueblo Viejo
By-product credits			2				2				2				117				123				0				29
Non-controlling interest			(1	)			(1	)			(1	)			(45	)			(48	)			0				(12	)
By-product credits (net of non-controlling interest)			1				1				1				72				75				0				17
($ millions)																		For the nine months ended 9/30/24
		Veladero				Porgerak				Loulo- Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu
By-product credits			7				1				0				1				2				0				19
Non-controlling interest			0				0				0				0				0				0				(3	)
By-product credits (net of non-controlling interest)			7				1				0				1				2				0				16
($ millions)																		For the nine months ended 9/30/23
		Carlin				Corteza				Turquoise Ridge				Long Canyonl				Phoenix				Nevada Gold Minesb				Hemlo
By-product credits			2				2				3				0				119				126				1
Non-controlling interest			(1	)			(1	)			(1	)			0				(46	)			(49	)			0
By-product credits (net of non-controlling interest)			1				1				2				0				73				77				1
($ millions)																		For the nine months ended 9/30/23
		Pueblo Viejo				Veladero				Loulo- Gounkoto				Kibali				North Mara				Tongon				Bulyanhulu
By-product credits			26				7				0				2				2				1				17
Non-controlling interest			(10	)			0				0				0				0				0				(3	)
By-product credits (net of non-controlling interest)			16				7				0				2				2				1				14

k. As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no operating data or per ounce data has been provided from the third quarter of 2020 to the fourth quarter of 2023. 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, PJL. PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 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%.

l. Starting Q1 2024, we have ceased to include production or non-GAAP cost metrics for Long Canyon as it was placed on care and maintenance at the end of 2023, as previously reported.

BARRICK THIRD QUARTER 2024 58 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

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

($ millions, except per pound information in dollars)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Cost of sales			187				172				167				527				517
Depreciation/amortization			(60	)			(71	)			(70	)			(191	)			(173	)
Treatment and refinement charges			39				38				47				111				140
Cash cost of sales applicable to equity method investments			83				84				82				249				253
Less: royalties			(17	)			(16	)			(15	)			(45	)			(46	)
By-product credits			(3	)			(6	)			(4	)			(14	)			(14	)
Other			0				0				0				0				0
C1 cash costs			229				201				207				637				677
General & administrative costs			6				5				6				15				16
Rehabilitation - accretion and amortization			2				2				3				6				7
Royalties			17				16				15				45				46
Minesite exploration and evaluation costs			1				1				3				2				7
Minesite sustaining capital expenditures			71				111				91				265				182
Sustaining leases			2				4				2				7				9
All-in sustaining costs			328				340				327				977				944
Tonnes sold - attributable basis (thousands of tonnes)			42				42				46				123				132
Pounds sold - attributable basis (millions pounds)			91				93				101				270				291
Cost of sales per pounda,b			3.23				3.05				2.68				3.16				2.90
C1 cash costs per pounda			2.49				2.18				2.05				2.35				2.33
All-in sustaining costs per pounda			3.57				3.67				3.23				3.62				3.25

a. Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.

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

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

($ millions, except per pound information in dollars)																										For the three months ended
		9/30/24												6/30/24												9/30/23
		Zaldívar				Lumwana				Jabal Sayid				Zaldívar				Lumwana				Jabal Sayid				Zaldívar				Lumwana				Jabal Sayid
Cost of sales			86				187				23				78				172				32				83				167				22
Depreciation/amortization			(22	)			(60	)			(4	)			(19	)			(70	)			(7	)			(18	)			(70	)			(5	)
Treatment and refinement charges			0				34				5				0				32				6				0				42				5
Less: royalties			0				(17	)			0				0				(16	)			0				0				(15	)			0
By-product credits			0				0				(3	)			0				0				(6	)			(1	)			0				(3	)
Other			0				0				0				0				0				0				0				0				0
C1 cash costs			64				144				21				59				118				25				64				124				19
Rehabilitation - accretion and amortization			0				2				0				0				2				0				0				3				0
Royalties			0				17				0				0				16				0				0				15				0
Minesite exploration and evaluation costs			1				0				0				1				0				0				3				0				0
Minesite sustaining capital expenditures			7				62				2				6				102				3				4				85				2
Sustaining leases			2				0				0				2				1				1				1				1				0
All-in sustaining costs			74				225				23				68				239				29				72				228				21
Tonnes sold - attributable basis (thousands of tonnes)			10				26				6				9				25				8				10				30				6
Pounds sold - attributable basis (millions pounds)			21				57				13				19				55				19				21				67				13
Cost of sales per pounda,b			4.04				3.27				1.76				4.13				3.15				1.67				3.86				2.48				1.72
C1 cash costs per pounda			2.99				2.53				1.54				3.12				2.14				1.34				2.99				1.86				1.45
All-in sustaining costs per pounda			3.45				3.94				1.76				3.55				4.36				1.53				3.39				3.41				1.64

BARRICK THIRD QUARTER 2024 59 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions, except per pound information in dollars)																		For the nine months ended
		9/30/24												9/30/23
		Zaldívar				Lumwana				Jabal Sayid				Zaldívar				Lumwana				Jabal Sayid
Cost of sales			246				527				81				253				517				73
Depreciation/amortization			(62	)			(190	)			(16	)			(57	)			(173	)			(16	)
Treatment and refinement charges			0				93				18				0				122				18
Less: royalties			0				(45	)			0				0				(46	)			0
By-product credits			0				0				(14	)			(1	)			0				(13	)
Other			0				0				0				0				0				0
C1 cash costs			184				385				69				195				420				62
Rehabilitation - accretion and amortization			0				6				0				0				7				0
Royalties			0				45				0				0				46				0
Minesite exploration and evaluation costs			2				0				0				7				0				0
Minesite sustaining capital expenditures			18				239				8				21				155				6
Sustaining leases			5				1				1				4				2				3
All-in sustaining costs			209				676				78				227				630				71
Tonnes sold - attributable basis (thousands of tonnes)			28				73				22				30				81				21
Pounds sold - attributable basis (millions pounds)			61				161				48				66				179				46
Cost of sales per pounda,b			4.04				3.27				1.68				3.82				2.89				1.61
C1 cash cost per pounda			3.02				2.39				1.40				2.95				2.35				1.36
All-in sustaining costs per pounda			3.42				4.20				1.60				3.44				3.52				1.55

a. Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.

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

EBITDA, Adjusted EBITDA, Attributable EBITDA, Attributable EBITDA Margin and Net Leverage

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

∎ Income tax expense;

∎ Finance costs;

∎ Finance income; and

∎ Depreciation.

Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company.

Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business,

including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced.

Attributable EBITDA margin is calculated as attributable EBITDA divided by revenues - as adjusted. We believe this ratio will assist analysts, investors and other stakeholders of Barrick to better understand the relationship between revenues and EBITDA or operating profit.

Starting with our Q2 2024 MD&A, we are presenting net leverage as a non-GAAP ratio. It is calculated as debt, net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of Barrick in monitoring our leverage and evaluating our balance sheet.

EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage differently.

BARRICK THIRD QUARTER 2024 60 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA

($ millions)						For the three months ended								For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				9/30/23
Net earnings			780				634				585				1,901				1,356
Income tax expense			245				407				218				826				687
Finance costs, neta			59				28				30				97				90
Depreciation			477				480				504				1,431				1,479
EBITDA			1,561				1,549				1,337				4,255				3,612
Impairment charges of non-current assetsb			2				1				0				20				23
Acquisition/disposition gains			(1)				(5)				(4)				(7)				(10)
Loss on currency translation			4				5				30				21				56
Other expense (income) adjustmentsc			97				48				(5)				136				55
Income tax expense, net finance costsa, and depreciation from equity investees			110				119				106				331				279
Adjusted EBITDA			1,773				1,717				1,464				4,756				4,015
Non-controlling Interests			(481)				(428)				(393)				(1,268)				(1,096)
Attributable EBITDA			1,292				1,289				1,071				3,488				2,919
Revenues - as adjustedd			2,806				2,658				2,363				7,686				6,897
Attributable EBITDA margine			46 %				48 %				45 %				45 %				42 %
														As at 9/30/24				As at 12/31/23
Net leveragef															0.1:1				0.1:1

^a.  Finance costs exclude accretion.

^b.  The net impairment charges for YTD 2024 and 2023 relate to miscellaneous assets.

^c.  For Q3 2024, other expense adjustments mainly relate to the $40 million accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile, which was recorded in Q2 2024. Other expense adjustments for YTD 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision, care and maintenance expenses at Porgera, and the $30 million accrual relating to the expansion of education infrastructure in Tanzania, also pursuant to the Twiga partnership.

^d.  Refer to Reconciliation of Sales to Realized Price per ounce/pound on page 62 of this MD&A.

^e.  Represents attributable EBITDA divided by revenues - as adjusted.

^f.  Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.

Reconciliation of Income to EBITDA by operating site

($ millions)																														For the three months ended 9/30/24
		Carlin (61.5%)				Corteza (61.5%)				Turquoise Ridge (61.5%)				Nevada Gold Minesb (61.5%)				Pueblo Viejo (60%)				Loulo- Gounkoto (80%)				Kibali (45%)				North Mara (84%)				Bulyanhulu (84%)				Lumwana (100%)
Income			186				98				61				383				98				161				73				74				36				26
Depreciation			43				34				29				117				46				53				35				19				13				60
EBITDA			229				132				90				500				144				214				108				93				49				86
																														For the three months ended 6/30/24
		Carlin (61.5%)				Corteza (61.5%)				Turquoise Ridge (61.5%)				Nevada Gold Minesb (61.5%)				Pueblo Viejo (60%)				Loulo- Gounkoto (80%)				Kibali (45%)				North Mara (84%)				Bulyanhulu (84%)				Lumwana (100%)
Income			187				96				51				363				54				156				84				35				45				37
Depreciation			49				35				25				121				39				50				36				15				13				70
EBITDA			236				131				76				484				93				206				120				50				58				107
																														For the three months ended 9/30/23
		Carlin (61.5%)				Corteza (61.5%)				Turquoise Ridge (61.5%)				Nevada Gold Minesb (61.5%)				Pueblo Viejo (60%)				Loulo- Gounkoto (80%)				Kibali (45%)				North Mara (84%)				Bulyanhulu (84%)				Lumwana (100%)
Income			174				87				49				314				31				111				72				37				33				32
Depreciation			51				54				28				146				39				45				44				14				13				69
EBITDA			225				141				77				460				70				156				116				51				46				101
($ millions)																														For the nine months ended 9/30/2024
		Carlin (61.5%)				Corteza (61.5%)				Turquoise Ridge (61.5%)				Nevada Gold Minesb (61.5%)				Pueblo Viejo (60%)				Loulo- Gounkoto (80%)				Kibali (45%)				North Mara (84%)				Bulyanhulu (84%)				Lumwana (100%)
Income			520				286				134				1,042				196				433				221				124				109				56
Depreciation			143				115				77				370				122				156				99				49				39				190
EBITDA			663				401				211				1,412				318				589				320				173				148				246

BARRICK THIRD QUARTER 2024 61 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

($ millions)																														For the nine months ended 9/30/2023
		Carlin (61.5%)				Corteza (61.5%)				Turquoise Ridge (61.5%)				Nevada Gold Minesb (61.5%)				Pueblo Viejo (60%)				Loulo- Gounkoto (80%)				Kibali (45%)				North Mara (84%)				Bulyanhulu (84%)				Lumwana (100%)
Income			409				231				124				790				138				306				165				127				91				20
Depreciation			146				151				85				424				114				150				110				46				39				172
EBITDA			555				382				209				1,214				252				456				275				173				130				192

a. Includes Goldrush.

b. 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.

Realized Price

Realized price is a non-GAAP financial measure which excludes from sales:

∎ Treatment and refining charges; and

∎ Cumulative catch-up adjustment to revenue relating to our streaming arrangements.

We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our Company’s past performance and is a better indicator of its expected performance in future periods.

The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure.

Reconciliation of Sales to Realized Price per ounce/pound

($ millions, except per ounce/pound information in dollars)		Gold												Copper												Gold								Copper
														For the three months ended																For the nine months ended
		9/30/24				6/30/24				9/30/23				9/30/24				6/30/24				9/30/23				9/30/24				9/30/23				9/30/24				9/30/23
Sales			3,097				2,868				2,588				213				219				209				8,493				7,583				595				569
Sales applicable to non-controlling interests			(930	)			(850	)			(797	)			0				0				0				(2,575	)			(2,307	)			0				0
Sales applicable to equity method investmentsa,b			241				217				187				141				161				126				609				484				438				419
Sales applicable to sites in closure or care and maintenancec			(2	)			(3	)			(4	)			0				0				0				(7	)			(13	)			0				0
Treatment and refinement charges			7				8				7				39				38				47				22				22				111				140
Revenues – as adjusted			2,413				2,240				1,981				393				418				382				6,542				5,769				1,144				1,128
Ounces/pounds sold (000s ounces/millions pounds)c			967				956				1,027				91				93				101				2,833				2,982				270				291
Realized gold/copper price per ounce/poundd			2,494				2,344				1,928				4.27				4.53				3.78				2,309				1,934				4.23				3.88

a. Represents sales of $193 million and $533 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $189 million; Q3 2023: $187 million; YTD 2023: $484 million) applicable to our 45% equity method investment in Kibali and $48 million and $76 million, respectively (Q2 2024: $28 million; Q3 2023: $nil; YTD 2023: $nil, respectively) applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $91 million and $260 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $89 million; Q3 2023: $82 million; YTD 2023: $261 million) applicable to our 50% equity method investment in Zaldívar and $55 million and $196 million, respectively (Q2 2024: $79 million; Q3 2023: $49 million; YTD 2023: $176 million), applicable to our 50% equity method investment in Jabal Sayid for copper.

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

^c.  On an attributable basis. Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.

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

BARRICK THIRD QUARTER 2024 62 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive (in this capacity, Mr. Bottoms is also responsible on an interim basis for scientific and technical information relating to the Latin America and Asia Pacific region); John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2023.

Endnotes

¹  Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46 to 62 of this MD&A.

²  Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share). References to attributable basis means our 100% share of Hemlo and Lumwana, our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara, and Bulyanhulu, our 50% share of Veladero, Zaldívar and Jabal Sayid, our 24.5% share of Porgera and our 45% share of Kibali.

³  Total reportable incident frequency rate (“TRIFR”) is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries. Lost time injury frequency rate (“LTIFR”) is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked.

⁴  Class 1 - High Significance is defined as an incident that causes significant negative impacts on human health or the environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.

⁵  A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for 5 million ounces to support a minimum 10-year life, annual production of at least 500,000 ounces of gold and with all-in sustaining costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset is an asset with a $3.00/lb reserve with potential for 5 million tonnes or more of contained copper to support a minimum 20-year life, annual production of at least 200ktpa, with all-in sustaining costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world class geological district with potential for organic reserve growth and long-term geologically driven addition.

⁶  Refer to the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.

⁷  Fourmile Significant Intercepts^a

Drill Results from Q3 2024
Drill Holeb		Azimuth		Dip		Interval (m)		Width (m)c		Au (g/t)
FM23-189D		40		(76)		1219.5-1227.12		7.6		23.73
FM24-190D		270		(81)		842.8-869.6		26.8		10.43
						880.4-892.8		12.3		20.11
						898.2-899.8		1.5		4.46
						916.5-918.4		1.8		5.38
FM24-191D		284		(80)		845.8-847.5		1.7		5.13
						851.8-855.9		4.1		13.22
						903.6-904.8		1.2		81.9
						936.3-952.2		15.8		39.92
FM24-192D		80		(69)		633.8-644.3		10.5		15.17
FM24-193D		80		(64)		644.2-645.3		1.1		5.63
				(69)		824.6-837.7		13.1		42.97
FM24-194D		76		(68.5)		640.1-643.7		3.7		11.02
						838.0-878.3		43.3		29.32
FM24-195D		110		(80)		748.1-757.3		9.1		7.54
						887.1-898.4		11.3		22.72
FM24-196D		150		(70)		941.7-946.7		5		45.47

BARRICK THIRD QUARTER 2024 63 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

						1016.7-1017.7		1.1		5.67
						1019.3-1022.9		3.7		4.59
						1033.0-1041.5		8.5		5.33
FM24-198D		80		(70)		729.7-741.3		11.6		14.81
						946.7-949.8		3		15.9
						997.9-999.1		1.2		21.4
FM24-199D		114		(61)		732.6-735.1		2.5		24.82
						736.4-737.9		1.5		4.41
						743.6-753.0		9.4		11.15
						923.8-925.4		1.5		3.57
						926.6-928.1		1.5		9.17
						961.0-962.3		1.2		28.2
FM24-200D		55		(66)		735.9-745.7		9.8		10.21
FM24-201D		64		(76)		678.9-680.6		1.7		6.21
						682.1-685.2		3		3.73
						705.8-714.0		8.2		5.91
FM24-202D		109		(62)		660.2-662.5		2.3		11.74
FM24-204DW1		36		(65)		752.2-753.2		0.9		4.67
						759.9-771.9		12		9.14
						942.5-954.8		12.3		41.46
FM24-205D		101		(74)		767.0-768.7		1.7		3.45
						776.9-780.9		4		9.55
						927.0-929.6		2.6		40.19
FM24-206D		22		(72)		730.8-737.0		6.2		8.98
FM24-207D		102		(81)		722.1-723.3		1.2		5.28
						727.9-738.1		10.2		17.54
						779.5-784.6		5		23.5
						789.0-790.0		1.1		9.74
						792.9-793.9		0.9		8.04
						803.5-805.1		1.7		16.25
						837.3-840.6		3.4		32.13
FM24-209D		50		(82)		1000.5-1004.5		4		32.17
						1031.3-1038.3		7		16.37
						1044.2-1045.8		1.5		5.9
						1048.4-1051.0		2.6		41.44
						1053.1-1069.4		16.3		47.07
FM24-212D		149		(80)		1216.3-1217.7		1.4		32.8
						1231.4-1233.1		1.7		8.32
FM24-216D		179		(79)		984.0-985.4		1.4		8.21
						989.7-991.2		1.5		3.42
						1246.0-1252.9		6.9		24.36
						1309.6-1311.2		1.7		5.63
FM24-225D		66		(66)		1171.3-1172.9		1.5		22.1

a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution is less than 20% total width.

b. Fourmile drill hole nomenclature: Project area FM: Fourmile, followed by the year (24 for 2024) then hole number.

c. True width of intercepts are uncertain at this stage.

The drilling results for Fourmile contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Fourmile conform to industry accepted quality control methods.

⁸  See the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March 17, 2023, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.

⁹  Indicative gold and copper recovered production profile from Reko Diq is conceptual in nature and subject to change following completion of the updated feasibility study.

¹⁰  Indicative copper production profile from Lumwana, which is conceptual in nature. Subject to change following completion of the feasibility study.

BARRICK THIRD QUARTER 2024 64 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

¹¹  Greater Leeville Significant Intercepts

Drill Results from Q3 2024
Drill Holeb		Azimuth		Dip		Interval (m)		Width (m)c		True Width (m)d		Ag (g/t)
NTC-240013		260		(55)		83.8-92.9		9.1		5.7		8.51
						175.3-178.3		3.0		2.9		8.07
						267.6-271.0		3.4		2.4		16.76
NTC-24005		77		(36)		228.6-231.6		3.0		2.0		5.52
NTC-24011		309		(42)		120.7-159.3		38.6		14.5		9.21
						165.9-212.4		46.5		15.9		7.15
NTC-24015		230		(36)		102.7-125.9		23.2		11.6		13.61
NTC-24017		135		(45)		149.4-152.4		3.0		2.4		4.91
NTC-24023		250		(54)		89.3-111.6		22.3		15.8		7.37
NTC-24016		201		(34)		77.1-80.1		3.0		1.4		8.25
						105.8-140.8		34.7		21.4		19.97
						187.1-198.2		11.1		4.7		9.50
NTC-24018		63		(72)		147.5-160.3		12.8		12.8		5.57
						163.9-176.4		12.5		12.5		11.36
NTC-24014		250		(39)		104.9-150.9		46		14.2		13.69
						157.9-169.8		11.9		3.3		20.9
						178.9-183.2		4.3		1.5		22.32
NTC-24019		17		(86)		129.2-150.9		21.6		20.0		10.59
						187.8-199.6		11.9		11.7		4.47
NLC-24001		87		(19)		239.6-242.6		3.0				8.37
						257.4-262.7		5.3				8.40
						301.7-312.4		10.7				4.38
						364.4-367.6		3.2				4.68
						375.2-378.2		3.0				4.52
NLC-24004B		279		(22)		197.8-246.3		48.5				15.00
						258.9-294.6		35.7				20.97

a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 2.4 meters; internal dilution is less than 20% total width.

b. Carlin Trend drill hole nomenclature: Project area (NTC - North Turf Core, HSC - Horsham Underground Core, HSX - Horsham Surface Core; RKU - Rita K Core, NLC - North Leeville/Fallon Core) followed by the year (24 for 2024) then hole number.

c. True width (TW) for NTC and HSC drillholes have been estimated based on the latest geological and ore controls model and it is subject to refinement as additional data becomes available. True width of the intercepts for HSX and RKU drillholes is uncertain at this stage.

d. True intercepts not calculated at this time.

The drilling results for Leeville contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by independent laboratories, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on Leeville conform to industry accepted quality control methods.

¹²  Cortez Hanson Significant Intercepts^a

Drill Results from Q3 2024
Drill Holeb		Azimuth		Dip		Interval (m)		Width (m)c		Au (g/t)
CMX-23018		260		(62)		444.4-477.6		33.2		18.42
CMX-24012		241		(27)		471.5-478.2		6.7		24.74
						531.9-533.4		1.5		3.99
						543.2-544.4		1.2		3.60
						546.8-548.2		1.4		3.84
						560.8-562.4		1.5		3.84
CMX-24014		251		(25)		456.3-458.1		1.8		6.50
						480.1-483.1		3.0		4.19
						668-669.2		1.2		3.53
						670.3-671.5		1.2		4.90
CMX-24016		246		(32)		498-499.3		1.2		4.30
						509-510.5		1.5		4.08

a. All intercepts calculated using a 3.42 g/t Au cutoff and are uncapped; minimum intercept width is 1.2 meters; internal dilution is less than 20% total width.

b. Cortez drill hole nomenclature: Project (CMX - CHUG Minex) followed by the year (23 for 2023, 24 for 2024) then hole number.

c. True width of intercepts are uncertain at this stage.

The drilling results for Cortez contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent

BARRICK THIRD QUARTER 2024 65 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Cortez conform to industry accepted quality control methods.

¹³  Swift Significant Intercepts^a

Drill Results from Q3 2024
												Includingd
Drill Holeb		Azimuth		Dip		Interval (m)		Width (m)c		Au (g/t)		Interval (m)		Width (m)c		Au (g/t)
SW21-001		098		(68)		14.6-17.7		3.0		1.11
SW22-002		273		(84)		568.6-572.1		3.5		1.08
						696.5-698.0		1.1		1.51
SW22-003		270		(69)		607.2-609.9		2.7		1.10
						813.8-816.9		3.0		1.27
						850.2-583.6		3.4		1.92
						988.2-989.7		1.5		1.24
SW22-004		269		(71)		724.5-727.5		3.0		2.27
SW23-005		252		(81)		No Significant Intercept
SW24-006		300		(70)		676.3-679.0		2.7		6.95		676.8-677.9		1.1		10.4
						728.6-730.0		1.4		2.16
						737.6-923.2		Assay Pending

a. All intercepts calculated using a 1.0 g/t Au cutoff and are uncapped; minimum intercept width is 1.0 meters; internal dilution is less than 20% total width.

b. Swift drill hole nomenclature: Project area SW: Swift, followed by the year (21 for 2021) then hole number.

c. True width of intercepts are uncertain at this stage.

d. Included intervals calculated using a 7.0 g/t Au cutoff and are uncapped; minimum intercept width is 1.0 meters; internal dilution is less than 20% total width.

The drilling results for Swift contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Swift conform to industry accepted quality control methods.

¹⁴  Domo Negro, Veladero District, Argentina Significant Intercepts^a

Drill Results from Q3 2024
												Including
Drill Holeb		Azimuth		Dip		Interval (m)		Width (m)c		Au (g/t)		Interval (m)		Width (m)c		Au (g/t)
DDH-DON-02d		342		(65)		24 - 28		4		110.9		26 - 27		1		419

a. No internal dilution applied.

b. Domo Negro drill hole nomenclature: Drill system Diamond Drill Hole (DDH), Project Name (Domo Negro-DON) followed by hole number.

c. True width of intercepts are estimated using the core axis and are uncertain at this stage.

d. Drill method is diamond drilling.

The drilling results for Domo Negro contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Domo Negro conform to industry accepted quality control methods.

¹⁵  Loulo-Gounkoto Significant Intercepts^a

Drill Results from Q3 2024
												Includingd
Drill Holeb		Azimuth		Dip		Interval (m)		Width (m)c		Au (g/t)		Interval (m)		Width (m)c		Au (g/t)
BDH64		90		(55)		378.6-387.95		9.35		5.25		380.95 - 383		2.05		18.99
BDH64		90		(55)		391.9-394.6		2.7		0.97
BDH61		90		(58)		184.6-188		3.4		0.54
BDH65		90		(52)		371.85-376.55		4.7		0.96
BDH65		90		(52)		381.25-387.7		6.45		1.02
BNRC358		270		(53)		53-59		6		1.28
BNRC358		270		(53)		87-90		3		0.91
BNRC358		270		(53)		98-101		3		1.39
BNRC358		270		(53)		104-109		5		1.69
BNRC358		270		(53)		115-141		26		3.18		117 - 119		2		15.9
												134 - 137		3		5.4
BNRC358		270		(53)		142-145		3		1.96

BARRICK THIRD QUARTER 2024 66 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

BNRC358		270		(53)		189-194		5		1.22
BNRCDH359		270		(51)		51-53		2		1.14
BNRCDH359		270		(51)		77-82		5		1.15
BNRCDH359		270		(51)		87-91		4		0.79
BNRCDH359		270		(51)		94-98		4		3.33
BNRCDH359		270		(51)		121-132		11		2.57		123 - 125		2		8.71
BNRCDH359		270		(51)		133-143		10		1.44		137 - 139		2		3.52
BNRCDH359		270		(51)		169-199		30		1.95		179 - 183		4		4.18
BNRCDH359		270		(51)		202-208		6		1.11
BNRCDH359		270		(51)		213-215		2		1.00
BNRCDH359		270		(51)		277-302		25		3.57		277 - 284		7		9.25
BNRCDH359		270		(51)		306-320		14		2.49		308 - 312		4		5.13
BNRCDH359		270		(51)		329-332		3		0.92
BDH66		90		(50)		323.2-335.2		12		2.57		326 – 328.7		2.7		3.98
												330.5 – 335.2		4.7		2.99
BDH66		90		(50)		355.7-360.95		5.25		2.14
BDH66		90		(50)		362.5-378.7		16.2		3.19		372 – 376.6		4.6		8.76
BNRC371		90		(50)		168-173		5		2.09
BNRC371		90		(50)		179-181		2		1.53
BNRC371		90		(50)		239-241		2		2.04
BNRCDH361		270		(51)		25-46		21		4.23		26 – 29		3		7.92
												33 – 38		5		7.89
BKDH004		90		(50)		312.85-337.8		24.95		3.55		314.5 – 323.3		8.8		5.93
												325 – 327.5		2.5		7.41
BKDH004		90		(50)		374.65-378.45		3.8		1.39

a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters total width.

b. Loulo-Gounkoto drill hole nomeclature: prospect initial G (Gounkoto), B (Baboto), BN (Baboto North), BK (Barika), YA and Y (Yalea) followed by type of drilling RC (Reverse Circulation), DH (Diamond Drilling), RCDH (Diamond Tail), then hole number.

c. True widths uncertain at this stage.

d. All intercepts calculated using a 3.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters total width.

The drilling results for the Loulo-Gounkoto property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, SGS ANALABS Loulo. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Loulo property conform to industry accepted quality control methods.

¹⁶ Tongon Significant Intercepts^a

Drill Results from Q3 2024
												Including
Drill Holeb		Azimuth		Dip		Interval (m)		Width (m)c		Au (g/t)		Interval (m)		Width (m)c		Au (g/t)
JNRC016B		95		(50)		162 -167		5		1.21
JNRC017		95		(50)		114 - 116		2		0.76
JNRC018B		95		(50)		63 - 70		7		1.73
JNRC019		95		(50)		152 - 155		3		1.28
JNRC020		95		(50)		85 - 87		2		0.68
JNRC020		95		(50)		90 - 93		3		2.56
JNRC022		95		(50)		81 - 85		4		0.62
JNRC024		95		(50)		137 - 147		10		0.82
JNRC025		95		(50)		18 - 22		4		0.60
JNRC025		95		(50)		148 - 166		18		2.41
JNRC026		95		(50)		47 - 51		4		0.68
JNRC026		95		(50)		65 - 71		6		0.70
JNRC026		95		(50)		95 - 97		2		1.26
JNRC027		95		(50)		54 - 56		2		0.77
JNRC027		95		(50)		100 - 102		2		2.73
JNRC031		95		(50)		44 - 46		2		1.31
JNRC031		95		(50)		52 - 55		3		0.52
JNRC031		95		(50)		64 - 66		2		0.64
JNRC031		95		(50)		73 - 76		3		2.36
JNRC031		95		(50)		85 - 87		2		0.72
JNRC031		95		(50)		92 - 96		4		0.60

BARRICK THIRD QUARTER 2024 67 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

JNRC032		95		(50)		40 - 43		3		0.55
JNRC032		95		(50)		121 - 126		5		0.62
JNRC032		95		(50)		132 - 135		3		2.46
JNRC032		95		(50)		138 - 140		2		2.04
JNRC034		95		(50)		21 - 23		2		0.68
JNRC034		95		(50)		102 - 104		2		0.89
JNRC036		95		(50)		58 - 65		7		0.94
JNRC036		95		(50)		70 - 73		3		0.55
JNRC036		95		(50)		89 - 94		5		0.81
JNRC037		95		(50)		119 - 121		2		0.89
JNRC037		95		(50)		130 - 132		2		1.33
JNRC037		95		(50)		140 - 142		2		0.68
JNRC037		95		(50)		169 - 172		3		0.57
JNRC037		95		(50)		174 - 176		2		0.65
JNRC038		95		(50)		78 - 87		9		1.71
JNRC038		95		(50)		92 - 96		4		0.53
JNRC039		95		(50)		127 - 136		9		7.35		129-130		2		23.25
JNRC039		95		(50)		151 - 153		2		1.04
JNRC039		95		(50)		156 - 163		7		1.99
JNRC040		95		(50)		40 - 43		3		0.92
JNRC040		95		(50)		49 - 54		5		1.18
JNRC040		95		(50)		60 - 70		10		0.66
JNRC040		95		(50)		74 - 78		4		0.91
JNRC040		95		(50)		84 - 86		2		1.59
JNRC040		95		(50)		96 - 100		4		1.44
JNRC042		95		(50)		76 - 81		5		0.94
JNRC042		95		(50)		87 - 91		4		1.01
JNRC042		95		(50)		99 - 101		2		1.15
JNRC043		95		(50)		*4 - 8		4		0.73
JNRC043		95		(50)		*12 - 14		2		0.80
JNRC043		95		(50)		56 - 59		3		0.83
JNRC045		95		(50)		91 - 95		4		2.24
MTDH032		90		(50)		212.8 - 215		2.2		0.77
MTDH032		90		(50)		220 - 224		4		0.59
MTDH032		90		(50)		229 - 232.2		3.2		0.86
MTDH032		90		(50)		267 - 269		2		1.24
KKHRC014		270		(50)		102 - 105		3		0.84
KKHRC014		270		(50)		129 - 133		4		1.32
KKHRC014		270		(50)		157 - 164		7		0.62
KKHRC015		270		(50)		59 - 65		6		1.47

a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters width.

b. Tongon drill hole nomenclature: License initial KKH (Korokaha), Target initial: JN (Jane), MT (Mercator), followed by type of drilling AC (Air Core), RC (Reverse Circulation), DH (Diamond Drilling).

c. True widths uncertain at this stage.

d. All intercepts calculated using a 2.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters width.

The drilling results for the Tongon property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Tongon property conform to industry accepted quality control methods.

¹⁷ Kibali Significant Intercepts^a

Drill Results from Q3 2024
												Includingd
Drill Holeb		Azimuth		Dip		Interval (m)		Width (m)c		Au (g/t)		Interval (m)		Width (m)e		Au (g/t)
RHDD0056		223.7		(69.62)		195.80 - 197.00		1.2		0.58
RHRC0217		225.82		(68.9)		121.00 - 141.00		20		4.64		126.00 - 132.00		6		9.1
												134.00 - 138.00		4		6.98
DDD609		138		(71.8)		192.80 - 195.90		3.1		2.04
						198.50 - 204.30		5.8		3.33

BARRICK THIRD QUARTER 2024 68 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

AWRC0012		172		(55)		57.00-60.00		3		1
AWRC0013		172		(55)		99.00-109.00		10		1.44		108-109		1		7.63
AWRC0014		165		(55)		68.00-76.00		8		2.75		69.00-71.00		2		3.98
												73.00-75.00		2		5.55
AWRC0017		165		(55)		99.00-109.00		5		0.86
AWRC0018		165		(55)		96.00-98.00		2		2.56		96.00-97.00		1		4.02
						100.00-103.00		5		0.88
AWRC0019		165		(55)		119.00-125.00		6		2		121.00-123.00		2		4.63
AWRC0020		165		(55)		24.00-27.00		3		1.69		24.00-26.00		2		2.29
						38.00-40.00		2		0.67
KCDU6417W5		121		(61)		665.40 - 710.20		44.8		4.23		682.95 - 687.85		4.9		8.72
												694.4 - 699.15		4.75		13.29
						719.62 - 772.00		52.38		1.30		726.00 - 733.00		7		5.17
KCDU7474A		115		(56)		645.89 - 723.00		77.11		1.88		651.40 - 655.00		3.6		6.43
												658.00 - 660.00		2		4.42
												674.62 - 677.00		2.38		4.87
												684.00 - 688.00		4		7.82
RHGC1585		228		(68)		126.00 - 156.00		30		5.12		126.00 - 140.00		14		6.08
												148.00 - 150.00		2		27.3

a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 25% total width.

b. Kibali drill hole nomenclature: prospect initial (KC=Durba (KCD); D=Durba (KCD); AW = Aindi Watsa; RH=Rhino/AIRBO), followed by type of drilling (RC=Reverse Circulation, DD=Diamond, GC=Grade control), with no designation of the year. KCDU=KCD Underground.

c. True width of intercepts are uncertain at this stage.

d. Weighted average is calculated by fence using significant intercepts, over the strike length.

e. All including intercepts, calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 1 meter; no internal dilution, with grade significantly above (>40%) the overall intercept grade.

The drilling results for the Kibali property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Kibali property conform to industry accepted quality control methods.

BARRICK THIRD QUARTER 2024 69 MANAGEMENT’S DISCUSSION AND ANALYSIS

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

Consolidated Statements of Income

Barrick Gold Corporation (in millions of United States dollars, except per share data) (Unaudited)		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Revenue (notes 4 and 5)			$3,368				$2,862				$9,277				$8,338
Costs and expenses (income)
Cost of sales (notes 4 and 6)			2,051				1,915				5,966				5,793
General and administrative expenses			46				30				106				97
Exploration, evaluation and project expenses			104				86				296				258
Impairment charges (note 8b)			2				—				20				23
Loss on currency translation			4				30				21				56
Closed mine rehabilitation			59				(44	)			48				(35	)
Income from equity investees (note 11)			(51	)			(68	)			(214	)			(179	)
Other expense (note 8a)			46				58				143				128
Income before finance costs and income taxes			$1,107				$855				$2,891				$2,197
Finance costs, net			(82	)			(52	)			(164	)			(154	)
Income before income taxes			$1,025				$803				$2,727				$2,043
Income tax expense (note 9)			(245	)			(218	)			(826	)			(687	)
Net income			$780				$585				$1,901				$1,356
Attributable to:
Equity holders of Barrick Gold Corporation			$483				$368				$1,148				$793
Non-controlling interests (note 14)			$297				$217				$753				$563
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 7)
Net income
Basic			$0.28				$0.21				$0.65				$0.45
Diluted			$0.28				$0.21				$0.65				$0.45

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BARRICK THIRD QUARTER 2024 70 FINANCIAL STATEMENTS (UNAUDITED)

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

Consolidated Statements

of Comprehensive Income

Barrick Gold Corporation (in millions of United States dollars) (Unaudited)		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Net income			$780				$585				$1,901				$1,356
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit or loss:
Unrealized gains on derivatives designated as cash flow hedges, net of tax $nil, $nil, $nil and $nil			—				—				1				—
Currency translation adjustments, net of tax $nil, $nil, $nil and $nil			—				—				—				(3	)
Items that will not be reclassified to profit or loss:
Net change on equity investments, net of tax $(1), $1, $nil and $nil			3				(12	)			12				(17	)
Total other comprehensive income (loss)			3				(12	)			13				(20	)
Total comprehensive income			$783				$573				$1,914				$1,336
Attributable to:
Equity holders of Barrick Gold Corporation			$486				$356				$1,161				$773
Non-controlling interests			$297				$217				$753				$563

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BARRICK THIRD QUARTER 2024 71 FINANCIAL STATEMENTS (UNAUDITED)

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

Consolidated Statements of Cash Flow

Barrick Gold Corporation (in millions of United States dollars) (Unaudited)		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
OPERATING ACTIVITIES
Net income			$780				$585				$1,901				$1,356
Adjustments for the following items:
Depreciation			477				504				1,431				1,479
Finance costs, net			82				52				164				154
Impairment charges (note 8b)			2				—				20				23
Income tax expense (note 9)			245				218				826				687
Income from equity investees (note 11)			(51	)			(68	)			(214	)			(179	)
Gain on sale of non-current assets			(1	)			(4	)			(7	)			(10	)
Loss on currency translation			4				30				21				56
Change in working capital (note 10)			(251	)			(38	)			(380	)			(262	)
Other operating activities (note 10)			45				(83	)			(54	)			(109	)
Operating cash flows before interest and income taxes			1,332				1,196				3,708				3,195
Interest paid			(76	)			(31	)			(234	)			(184	)
Interest received			66				57				184				157
Income taxes paid1			(142	)			(95	)			(559	)			(433	)
Net cash provided by operating activities			1,180				1,127				3,099				2,735
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 4)			(736	)			(768	)			(2,283	)			(2,225	)
Sales proceeds			2				2				9				8
Investment sales			44				3				77				3
Funding of equity method investments (note 11)			—				—				(55	)			—
Dividends received from equity method investments (note 11)			38				74				127				159
Shareholder loan repayments from equity method investments			49				—				139				5
Net cash used in investing activities			(603	)			(689	)			(1,986	)			(2,050	)
FINANCING ACTIVITIES
Lease repayments			(4	)			(3	)			(11	)			(11	)
Dividends			(174	)			(175	)			(524	)			(524	)
Share buyback program (note 13)			(95	)			—				(144	)			—
Funding from non-controlling interests (note 14)			32				13				84				23
Disbursements to non-controlling interests (note 14)			(142	)			(175	)			(432	)			(399	)
Pueblo Viejo JV partner shareholder loan			(4	)			7				(6	)			48
Net cash used in financing activities			(387	)			(333	)			(1,033	)			(863	)
Effect of exchange rate changes on cash and equivalents			(1	)			(1	)			(3	)			(1	)
Net increase (decrease) in cash and equivalents			189				104				77				(179	)
Cash and equivalents at the beginning of period			4,036				4,157				4,148				4,440
Cash and equivalents at the end of period			$4,225				$4,261				$4,225				$4,261

¹  Income taxes paid excludes $36 million (2023: $68 million) for the three months ended September 30, 2024 and $65 million (2023: $124 million) for the nine months ended September 30, 2024 of income taxes payable that were settled against offsetting value added taxes (“VAT”) receivables.

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BARRICK THIRD QUARTER 2024 72 FINANCIAL STATEMENTS (UNAUDITED)

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

Consolidated Balance Sheets

Barrick Gold Corporation (in millions of United States dollars) (Unaudited)		As at September 30, 2024				As at December 31, 2023
ASSETS
Current assets
Cash and equivalents			$4,225				$4,148
Accounts receivable			684				693
Inventories			1,784				1,782
Other current assets			1,334				815
Total current assets			$8,027				$7,438
Non-current assets
Non-current portion of inventory			2,728				2,738
Equity in investees (note 11)			4,275				4,133
Property, plant and equipment			27,288				26,416
Intangible assets			148				149
Goodwill			3,581				3,581
Other assets			1,307				1,356
Total assets			$47,354				$45,811
LIABILITIES AND EQUITY
Current liabilities
Accounts payable			$1,479				$1,503
Debt			13				11
Current income tax liabilities			479				303
Other current liabilities			1,058				539
Total current liabilities			$3,029				$2,356
Non-current liabilities
Debt			4,712				4,715
Provisions			2,032				2,058
Deferred income tax liabilities			3,479				3,439
Other liabilities			1,205				1,241
Total liabilities			$14,457				$13,809
Equity
Capital stock (note 13)			$27,996				$28,117
Deficit			(6,092	)			(6,713	)
Accumulated other comprehensive income			37				24
Other			1,890				1,913
Total equity attributable to Barrick Gold Corporation shareholders			$23,831				$23,341
Non-controlling interests (note 14)			9,066				8,661
Total equity			$32,897				$32,002
Contingencies and commitments (notes 4 and 15)
Total liabilities and equity			$47,354				$45,811

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BARRICK THIRD QUARTER 2024 73 FINANCIAL STATEMENTS (UNAUDITED)

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

Consolidated Statements of Changes in Equity

Barrick Gold Corporation						Attributable to equity holders of the company
(in millions of United States dollars) (Unaudited)		Common Shares (in thousands)				Capital stock				Retained earnings (deficit)				Accumulated other comprehensive income (loss)1				Other2				Total equity attributable to shareholders				Non- controlling interests				Total equity
At January 1, 2024			1,755,570				$28,117				($6,713	)			$24				$1,913				$23,341				$8,661				$32,002
Net income			—				—				1,148				—				—				1,148				753				1,901
Total other comprehensive income			—				—				—				13				—				13				—				13
Total comprehensive income			—				—				1,148				13				—				1,161				753				1,914
Transactions with owners
Dividends			—				—				(524	)			—				—				(524	)			—				(524	)
Funding from non-controlling interests (note 14)			—				—				—				—				—				—				84				84
Disbursements to non-controlling interests (note 14)			—				—				—				—				—				—				(432	)			(432	)
Dividend reinvestment plan (note 13)			154				3				(3	)			—				—				—				—				—
Share buyback program (note 13)			(7,675	)			(124	)			—				—				(23	)			(147	)			—				(147	)
Total transactions with owners			(7,521	)			(121	)			(527	)			—				(23	)			(671	)			(348	)			(1,019	)
At September 30, 2024			1,748,049				$27,996				($6,092	)			$37				$1,890				$23,831				$9,066				$32,897
At January 1, 2023			1,755,350				$28,114				($7,282	)			$26				$1,913				$22,771				$8,518				$31,289
Net income			—				—				793				—				—				793				563				1,356
Total other comprehensive loss			—				—				—				(20	)			—				(20	)			—				(20	)
Total comprehensive income (loss)			—				—				793				(20	)			—				773				563				1,336
Transactions with owners
Dividends			—				—				(524	)			—				—				(524	)			—				(524	)
Funding from non-controlling interests			—				—				—				—				—				—				23				23
Disbursements to non-controlling interests			—				—				—				—				—				—				(426	)			(426	)
Dividend reinvestment plan			173				3				(3	)			—				—				—				—				—
Total transactions with owners			173				3				(527	)			—				—				(524	)			(403	)			(927	)
At September 30, 2023			1,755,523				$28,117				($7,016	)			$6				$1,913				$23,020				$8,678				$31,698

¹  Includes cumulative translation losses at September 30, 2024: $95 million (December 31, 2023: $95 million; September 30, 2023: $95 million).

²  Includes additional paid-in capital as at September 30, 2024: $1,852 million (December 31, 2023: $1,875 million; September 30, 2023: $1,875 million).

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BARRICK THIRD QUARTER 2024 74 FINANCIAL STATEMENTS (UNAUDITED)

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

Notes to Consolidated Financial Statements

Barrick Gold Corporation. Tabular dollar amounts in millions of United States dollars, unless otherwise shown.

1 ∎  Corporate Information

Barrick Gold Corporation (“Barrick”, “we” or the “Company”) is a corporation governed by the Business Corporations Act (British Columbia). The Company’s corporate office is located at Brookfield Place, TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1. The Company’s registered office is 925 West Georgia Street, Suite 1600, Vancouver, British Columbia, V6C 3L2. Barrick shares trade on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX. We are principally engaged in the production and sale of gold and copper, as well as related activities such as exploration and mine development. We sell our gold and copper into the world market.

We have ownership interests in producing gold mines that are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of the Congo, the Dominican Republic, Mali, Papua New Guinea, Tanzania and the United States. We have ownership interests in producing copper mines in Chile, Saudi Arabia and Zambia. We also have various projects located throughout the Americas, Asia and Africa.

2 ∎  Material Accounting Policy Information

a) Statement of Compliance

These condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting. These interim financial statements should be read in conjunction with Barrick’s most recently issued Annual Report, which includes information necessary or useful to understanding the Company’s business and financial statement presentation. In particular, the Company’s material accounting policy information was presented in Note 2 of the Annual Consolidated Financial Statements for the year ended December 31, 2023 (“2023 Annual Financial Statements”), and have been consistently applied in the preparation of these interim financial statements. These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on November 6, 2024.

b) New Accounting Standards Issued

Certain new accounting standards and interpretations have been published that are either applicable in the current year or not mandatory for the current period. We have assessed these standards, including Amendments to IAS 1 - Non-current Liabilities with Covenants, and determined they do not have a material impact on Barrick in the current reporting period. In addition, the following standards have been issued by the IASB and we are currently assessing the impact on our consolidated financial statements.

∎ Amendments to the Classification and Measurement of Financial Instruments (IFRS 9 and IFRS 7) with mandatory application of the standard in annual reporting periods beginning on or after January 1, 2026.

∎ IFRS 18 Presentation and Disclosure in Financial Statements with mandatory application of the standard in annual reporting periods beginning on or after January 1, 2027.

No standards have been early adopted in the current period.

3 ∎  Critical Judgements, Estimates, Assumptions and Risks

The judgments, estimates, assumptions and risks discussed here reflect updates from the 2023 Annual Financial Statements. For judgments, estimates, assumptions and risks related to other areas not discussed in these interim consolidated financial statements, please refer to Notes 3 and 28 of the 2023 Annual Financial Statements.

a) Provision for Environmental Rehabilitation (“PER”) Provisions are updated each reporting period for changes to expected cash flows and for the effect of changes in the discount rate and foreign exchange rates. The change in estimate is added or deducted from the related asset and depreciated over the expected economic life of the operation to which it relates. In the case of closed sites, changes in estimates and assumptions are recognized immediately in the consolidated statements of income. We recorded a net increase of $71 million (2023: $69 million net decrease) to the PER at our minesites for the three months ended September 30, 2024 and a net decrease of $29 million (2023: $107 million net decrease) for the nine months ended September 30, 2024 primarily due to spending incurred during the year and an increase in the discount rate, partially offset by accretion.

Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgments and estimates involved. Rehabilitation provisions are adjusted as a result of changes in estimates and assumptions and are accounted for prospectively. In the fourth quarter of each year, our life of mine plans are updated and that typically results in an update to the rehabilitation provision.

b) Pascua-Lama

The Pascua-Lama project received $475 million as at September 30, 2024 (December 31, 2023: $472 million) in VAT refunds in Chile under the export incentive VAT regime relating to the development of the Chilean side of the project. Under the export incentive VAT regime, this amount must be repaid if the project does not evidence exports for an amount of $3,538 million within a term that expires on December 31, 2026, unless extended. On September 11, 2024, the Minister of Economy, Development and Tourism issued an order to terminate the export incentive VAT regime with respect to the Chilean side of the project with immediate effect. We will now be required to repay the VAT refunds received under the export incentive VAT regime and subsequently recover it through the normal VAT regime, both of which are expected to occur in Q4 2024. As at September 30, 2024, we have recorded equal amounts of $475 million as an other current asset and an other current liability.

BARRICK THIRD QUARTER 2024 75 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

In addition, we have recorded $8 million in VAT recoverable in Argentina as at September 30, 2024 (December 31, 2023: $9 million) relating to the development of the Argentinean side of the project. This balance may not be fully recoverable if the project does not enter into production and is subject to foreign currency risk as the amount is recoverable in Argentine pesos.

c) Contingencies

Contingencies can be either possible assets or possible liabilities arising from past events which, by their nature, will be resolved only when one or more future events, not wholly within our control, occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. Refer to Note 15 for further details on contingencies.

4 ∎  Segment Information

Barrick’s business is organized into sixteen minesites. Barrick’s Chief Operating Decision Maker (“CODM”) (Mark Bristow, President and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite level. Our presentation of our reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments, including our remaining gold mines, have been grouped into an “Other Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.

Consolidated Statement of Income Information

						Cost of Sales
For the three months ended September 30, 2024		Revenue				Site operating costs, royalties and community relations				Depreciation				Exploration, evaluation and project expenses				Other expenses (income)1				Segment income (loss)
Carlin2			$759				$380				$69				$3				$1				$306
Cortez2			411				191				55				3				1				161
Turquoise Ridge2			313				162				46				2				1				102
Pueblo Viejo2			404				157				78				1				2				166
Loulo-Gounkoto2			422				146				66				1				6				203
Kibali			193				76				35				—				9				73
Lumwana			213				127				60				—				—				26
North Mara2			234				79				23				—				44				88
Bulyanhulu2			118				58				16				—				1				43
Other Mines2			515				270				57				2				(4	)			190
Reportable segment total			$3,582				$1,646				$505				$12				$61				$1,358
Share of equity investees			(193	)			(76	)			(35	)			—				(9	)			(73	)
Segment total			$3,389				$1,570				$470				$12				$52				$1,285

Consolidated Statement of Income Information

						Cost of Sales
For the three months ended September 30, 2023		Revenue				Site operating costs, royalties and community relations				Depreciation				Exploration, evaluation and project expenses				Other expenses (income)1				Segment income (loss)
Carlin2			$749				$375				$83				$6				$3				$282
Cortez2			422				185				88				5				2				142
Turquoise Ridge2			244				119				45				1				1				78
Pueblo Viejo2			257				130				65				1				2				59
Loulo-Gounkoto2			350				141				57				(2	)			16				138
Kibali			187				68				44				—				3				72
Lumwana			209				97				69				9				2				32
North Mara2			137				71				17				—				4				45
Bulyanhulu2			108				52				16				—				1				39
Other Mines2			374				238				56				1				20				59
Reportable segment total			$3,037				$1,476				$540				$21				$54				$946
Share of equity investees			(187	)			(68	)			(44	)			—				(3	)			(72	)
Segment total			$2,850				$1,408				$496				$21				$51				$874

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Consolidated Statement of Income Information

						Cost of Sales
For the nine months ended September 30, 2024		Revenue				Site operating costs, royalties  and community relations				Depreciation				Exploration, evaluation and project expenses				Other expenses (income)1				Segment income (loss)
Carlin2			$2,241				$1,146				$232				$9				$7				$847
Cortez2			1,209				544				187				7				4				467
Turquoise Ridge2			792				442				125				5				1				219
Pueblo Viejo2			1,008				455				203				3				6				341
Loulo-Gounkoto2			1,187				421				195				1				28				542
Kibali			534				205				99				—				9				221
Lumwana			595				337				190				—				12				56
North Mara2			488				229				59				—				52				148
Bulyanhulu2			353				172				47				—				4				130
Other Mines2			1,427				781				169				8				7				462
Reportable segment total			$9,834				$4,732				$1,506				$33				$130				$3,433
Share of equity investees			(534	)			(205	)			(99	)			—				(9	)			(221	)
Segment total			$9,300				$4,527				$1,407				$33				$121				$3,212

Consolidated Statement of Income Information

						Cost of Sales
For the nine months ended September 30, 2023		Revenue				Site operating costs, royalties  and community relations				Depreciation				Exploration, evaluation and project expenses				Other expenses (income)1				Segment income (loss)
Carlin2			$2,039				$1,109				$237				$21				$7				$665
Cortez2			1,206				567				246				12				5				376
Turquoise Ridge2			730				387				138				4				1				200
Pueblo Viejo2			806				367				189				3				6				241
Loulo-Gounkoto2			1,015				424				188				—				21				382
Kibali			486				204				110				—				7				165
Lumwana			569				344				172				26				7				20
North Mara2			444				207				55				—				30				152
Bulyanhulu2			338				166				47				—				18				107
Other Mines2			1,160				734				183				5				56				182
Reportable segment total			$8,793				$4,509				$1,565				$71				$158				$2,490
Share of equity investees			(486	)			(204	)			(110	)			—				(7	)			(165	)
Segment total			$8,307				$4,305				$1,455				$71				$151				$2,325

¹  Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended September 30, 2024, accretion expense was $14 million (2023: $12 million) and for the nine months ended September 30, 2024, accretion expense was $41 million (2023: $36 million).

²  Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended September 30, 2024 for Nevada Gold Mines $631 million, $380 million, $246 million (2023: $592 million, $384 million, $201 million), Pueblo Viejo $162 million, $95 million, $68 million (2023: $105 million, $79 million, $25 million), Loulo-Gounkoto $84 million, $42 million, $41 million (2023: $70 million, $40 million, $28 million), North Mara and Bulyanhulu $56 million, $28 million, $20 million (2023: $39 million, $25 million, $12 million), and Tongon $9 million, $9 million, $nil (2023: $10 million, $8 million, $3 million) and for the nine months ended September 30, 2024 for Nevada Gold Mines $1,806 million, $1,130 million, $660 million (2023: $1,675 million, $1,153 million, $500 million), Pueblo Viejo $407 million, $263 million, $144 million (2023: $326 million, $222 million, $102 million), Loulo-Gounkoto $237 million, $123 million, $110 million (2023: $203 million, $123 million, $78 million), North Mara and Bulyanhulu $134 million, $81 million, $44 million (2023: $125 million, $76 million, $41 million) and Tongon $30 million, $27 million, $3 million (2023: $32 million, $24 million, $8 million), respectively.

BARRICK THIRD QUARTER 2024 77 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

Reconciliation of Segment Income to Income Before Income Taxes

		For the three months ended September 30								For the nine months ended September 30
		2024				2023				2024				2023
Segment income			$1,285				$874				$3,212				$2,325
Other revenue			(21	)			12				(23	)			31
Other cost of sales/amortization			(11	)			(11	)			(32	)			(33	)
Exploration, evaluation and project expenses not attributable to segments			(92	)			(65	)			(263	)			(187	)
General and administrative expenses			(46	)			(30	)			(106	)			(97	)
Other expense not attributable to segments			(7	)			(19	)			(62	)			(15	)
Impairment charges			(2	)			—				(20	)			(23	)
Loss on currency translation			(4	)			(30	)			(21	)			(56	)
Closed mine rehabilitation			(59	)			44				(48	)			35
Income from equity investees			51				68				214				179
Finance costs, net (includes non-segment accretion)			(68	)			(40	)			(123	)			(118	)
Gain (loss) on non-hedge derivatives			(1	)			—				(1	)			2
Income before income taxes			$1,025				$803				$2,727				$2,043
Capital Expenditures Information		Segment capital expenditures1
		For the three months ended September 30								For the nine months ended September 30
		2024				2023				2024				2023
Carlin			$185				$169				$614				$432
Cortez			96				90				289				291
Turquoise Ridge			28				20				84				70
Pueblo Viejo			63				113				213				359
Loulo-Gounkoto			102				87				276				282
Kibali			29				17				90				61
Lumwana			79				102				272				226
North Mara			38				57				109				142
Bulyanhulu			39				27				100				70
Other Mines			67				53				181				168
Reportable segment total			$726				$735				$2,228				$2,101
Other items not allocated to segments			66				109				144				242
Total			$792				$844				$2,372				$2,343
Share of equity investees			(29	)			(17	)			(90	)			(61	)
Total			$763				$827				$2,282				$2,282

¹  Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the Consolidated Statements of Cash Flow are presented on a cash basis. For the three months ended September 30, 2024, cash expenditures were $736 million (2023: $768 million) and the increase in accrued expenditures was $27 million (2023: $59 million increase). For the nine months ended September 30, 2024, cash expenditures were $2,283 million (2023: $2,225 million) and the decrease in accrued expenditures was $1 million (2023: $57 million increase).

Purchase Commitments

At September 30, 2024, we had purchase obligations for supplies and consumables of $1,734 million (December 31, 2023: $1,827 million).

Capital Commitments

In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $648 million at September 30, 2024 (December 31, 2023: $258 million).

BARRICK THIRD QUARTER 2024 78 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

5 ∎  Revenue

		For the three months ended September 30								For the nine months ended September 30
		2024				2023				2024				2023
Gold sales
Spot market sales			$2,965				$2,509				$8,135				$7,325
Concentrate sales			127				80				339				254
Provisional pricing adjustments			5				(1	)			19				4
			$3,097				$2,588				$8,493				$7,583
Copper sales
Concentrate sales			$204				$211				$586				$570
Provisional pricing adjustments			9				(2	)			9				(1	)
			$213				$209				$595				$569
Other sales1			58				65				189				186
Total			$3,368				$2,862				$9,277				$8,338

¹  Revenues include the sale of by-products for our gold and copper mines.

6 ∎  Cost of Sales

		Gold								Copper								Other3								Total
For the three months ended September 30		2024				2023				2024				2023				2024				2023				2024				2023
Site operating costs1,2			$1,332				$1,208				$109				$81				$—				$5				$1,441				$1,294
Depreciation1			409				427				60				70				8				7				477				504
Royalty expense			106				90				17				15				—				—				123				105
Community relations			9				11				1				1				—				—				10				12
			$1,856				$1,736				$187				$167				$8				$12				$2,051				$1,915
		Gold								Copper								Other3								Total
For the nine months ended September 30		2024				2023				2024				2023				2024				2023				2024				2023
Site operating costs1,2			$3,878				$3,660				$288				$296				$—				$5				$4,166				$3,961
Depreciation1			1,217				1,285				191				173				23				21				1,431				1,479
Royalty expense			293				279				45				46				—				—				338				325
Community relations			28				26				3				2				—				—				31				28
			$5,416				$5,250				$527				$517				$23				$26				$5,966				$5,793

¹  Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value as follows: $5 million for the three months ended September 30, 2024 (2023: $13 million) and $38 million for the nine months ended September 30, 2024 (2023: $27 million).

²  Site operating costs includes the costs of extracting by-products.

³  Other includes corporate amortization.

7 ∎  Earnings Per Share

		For the three months ended September 30																For the nine months ended September 30
		2024								2023								2024								2023
		Basic				Diluted				Basic				Diluted				Basic				Diluted				Basic				Diluted
Net income			$780				$780				$585				$585				$1,901				$1,901				$1,356				$1,356
Net income attributable to non-controlling interests			(297	)			(297	)			(217	)			(217	)			(753	)			(753	)			(563	)			(563	)
Net income attributable to equity holders of Barrick Gold Corporation			$483				$483				$368				$368				$1,148				$1,148				$793				$793
Weighted average shares outstanding			1,752				1,752				1,755				1,755				1,754				1,754				1,755				1,755
Basic and diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation			$0.28				$0.28				$0.21				$0.21				$0.65				$0.65				$0.45				$0.45

BARRICK THIRD QUARTER 2024 79 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

8 ∎  Other Expense

a) Other Expense (Income)

		For the three months ended September 30								For the nine months ended September 30
		2024				2023				2024				2023
Other expense:
Bank charges			$1				$1				$4				$2
Litigation			3				1				14				10
Loss on warrant investments at fair value through profit or loss (“FVPL”)			—				1				3				6
Porgera care and maintenance costs			—				19				—				49
Litigation accruals and settlements			—				20				—				20
Tanzania community relations projects1			40				—				40				30
Tax interest and penalties			1				—				62				—
Other			7				26				41				40
Total other expense			$52				$68				$164				$157
Other income:
Gain on sale of non-current assets			($1	)			($4	)			($7	)			($10	)
Loss (gain) on non-hedge derivatives			1				—				1				(2	)
Interest income on other assets			(6	)			(6	)			(15	)			(17	)
Total other income			($6	)			($10	)			($21	)			($29	)
Total			$46				$58				$143				$128

¹  2024 amounts relate to commitment for road construction and 2023 amounts relate to education infrastructure program, both under the Twiga partnership.

b) Impairment Charges

		For the three months ended September 30								For the nine months ended September 30
		2024				2023				2024				2023
Impairment charges of non-current assets			$2				$—				$20				$23
Total			$2				$—				$20				$23

9 ∎  Income Tax Expense

		For the three months ended September 30								For the nine months ended September 30
		2024				2023				2024				2023
Current			$236				$147				$788				$575
Deferred			9				71				38				112
Total			$245				$218				$826				$687

Income tax expense was $826 million for the nine months ended September 30, 2024 (2023: $687 million). The unadjusted effective income tax rate for the nine months ended September 30, 2024 was 30% of income before income taxes.

The underlying effective income tax rate on ordinary income for the nine months ended September 30, 2024 was 25% after adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of the de-recognition of deferred tax assets; the impact of net impairment charges; the impact of updates to the rehabilitation provision for our non-operating mines; the impact of non-deductible foreign exchange losses; the

impact of changes to uncertain tax positions; the impact of the community relations projects at Tanzania under the Twiga partnership; and the impact of other expense adjustments.

Currency Translation

Current and deferred tax balances are subject to remeasurement for changes in foreign currency exchange rates each period. This is required in countries where tax is paid in local currency and the subsidiary has a different functional currency (typically US dollars). The most significant balances relate to Argentine and Malian tax liabilities.

In the nine months ended September 30, 2024, a tax expense of $26 million (2023: $18 million tax expense) arose primarily from net translation losses on deferred tax balances in Argentina and Mali due to the weakening of the Argentine peso, partially offset by the strengthening of the West African CFA franc against the US dollar. These net translation losses are included within income tax expense.

Withholding Taxes

For the nine months ended September 30, 2024, we have recorded $36 million (2023: $47 million related to the United States) of dividend withholding taxes related to the undistributed and distributed earnings of our subsidiaries in the United States and Peru.

United States Tax Reform

In August 2022, President Joe Biden signed the Inflation Reduction Act (“the Act”) into law. The Act includes a 15% corporate alternative minimum tax (“CAMT”) that is imposed on applicable financial statement income and therefore would be considered in scope for IAS 12 given it is a tax on profits. The CAMT is effective for tax years beginning after December 31, 2022 and CAMT credit carryforwards have an indefinite life. Barrick is subject to CAMT because the Company meets the applicable income thresholds for a foreign-parented multi-national group.

In the third quarter of 2024, the US Treasury and IRS released proposed regulations detailing the application of CAMT. Some rules would apply to tax years ending after September 13, 2024, while the rest would generally apply to tax years ending after the final regulations are published. The official comment period ends December 12, 2024. We are awaiting the final regulations to be released thereafter.

For the nine months ended September 30, 2024, the deferred tax asset arising from the CAMT credit carryforwards has been recognized on the basis we expect that it will be recovered against US Federal Income Tax in the future.

Organization for Economic Co-operation and Development (“OECD”) Pillar Two model rules

In October 2021, more than 135 jurisdictions agreed to the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy. Since then, the OECD has published model rules and other documents related to the second pillar of this solution (the Pillar Two model rules). The Pillar Two model rules provide a template that jurisdictions can translate into domestic tax law and implement as part of an agreed common approach.

Pillar Two legislation in Canada has been enacted in the second quarter of 2024 and came into effect for fiscal years commencing on or after December 31, 2023. Other jurisdictions where the group operates have either enacted legislation or are in the process of doing so.

In terms of the potential implications for 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. Based on the analysis performed to date to assess our exposure to the recently enacted Pillar Two income taxes in Canada, we do not expect the impact of Pillar Two provisions to be material to the Company for 2024 although this assessment is ongoing.

BARRICK THIRD QUARTER 2024 80 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

10 ∎  Cash Flow - Other Items

Operating Cash Flows – Other Items		For the three months ended September 30								For the nine months ended September 30
		2024				2023				2024				2023
Adjustments for non-cash income statement items:
Loss (gain) on non-hedge derivatives			$1				$—				$1				($2	)
Loss on warrant investments at FVPL			—				1				3				6
Tanzania community relations projects1			37				(5	)			37				25
Tax interest and penalties			1				—				62				—
Share-based compensation expense			50				15				68				40
Change in estimate of rehabilitation costs at closed mines			44				(53	)			17				(59	)
Inventory impairment charges			4				7				26				17
Non-cash revenue recognized on Pueblo Viejo gold and silver streaming agreement			(6	)			(6	)			(22	)			(23	)
Change in other assets and liabilities			(33	)			(3	)			(76	)			32
Settlement of share-based compensation			(4	)			—				(50	)			(29	)
Settlement of rehabilitation obligations			(49	)			(39	)			(120	)			(116	)
Other operating activities			$45				($83	)			($54	)			($109	)
Cash flow arising from changes in:
Accounts receivable			($107	)			$41				($26	)			$16
Inventory			(69	)			(48	)			(57	)			(123	)
Value added taxes receivable2, 3			(66	)			(101	)			(217	)			(195	)
Other current assets3			6				32				(7	)			61
Accounts payable			(11	)			16				(61	)			(32	)
Other current liabilities			(4	)			22				(12	)			11
Change in working capital			($251	)			($38	)			($380	)			($262	)

¹  2024 amounts relate to commitment for road construction and 2023 amounts relate to education infrastructure program, both under the Twiga partnership.

²  Excludes $36 million (2023: $68 million) for the three months ended September 30, 2024 and $65 million (2023: $124 million) for the nine months ended September 30, 2024 of VAT receivables that were settled against offsetting of income taxes payable and $21 million (2023: $44 million) for the three months ended September 30, 2024 and $29 million (2023: $142 million) for the nine months ended September 30, 2024 of VAT receivables that were settled against offsetting of other duties and liabilities.

³  2023 figures have been changed to present VAT receivables separately from other current assets.

11 ∎  Equity Accounting Method Investment Continuity

		Kibali				Jabal Sayid				Zaldívar				Porgera				Other				Total
At January 1, 2023			$2,659				$382				$890				$—				$52				$3,983
Investment in equity accounting method investment			—				—				—				703				—				703
Equity pick-up (loss) from equity investees			145				102				(16	)			—				1				232
Dividends received from equity investees			(180	)			(93	)			—				—				—				(273	)
Non-cash dividends received from equity investees			(505	)			—				—				—				—				(505	)
Shareholder loan repayment			—				—				—				—				(7	)			(7	)
At December 31, 2023			$2,119				$391				$874				$703				$46				$4,133
Equity pick-up (loss) from equity investees			90				86				8				31				(1	)			214
Funds invested			—				—				—				55				—				55
Dividends received from equity investees			(44	)			(82	)			—				—				(1	)			(127	)
At September 30, 2024			$2,165				$395				$882				$789				$44				$4,275

BARRICK THIRD QUARTER 2024 81 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

12 ∎ Fair Value Measurements

a) Assets and Liabilities Measured at Fair Value on a Recurring Basis

As at September 30, 2024		Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Aggregate fair value
Other investments1			$62				$—				$—				$62
Receivables from provisional copper and gold sales			—				201				—				201
			$62				$201				$—				$263

¹  Includes equity investments in other mining companies.

b) Fair Values of Financial Assets and Liabilities

		As at September 30, 2024								As at December 31, 2023
		Carrying amount				Estimated fair value				Carrying amount				Estimated fair value
Financial assets
Other assets1			$723				$723				$807				$807
Other investments2			62				62				131				131
			$785				$785				$938				$938
Financial liabilities
Debt3			$4,725				$5,131				$4,726				$5,107
Other liabilities			1,097				1,097				574				574
			$5,822				$6,228				$5,300				$5,681

¹ Includes restricted cash and amounts due from our partners.

²  Includes equity investments in other mining companies. Recorded at fair value. Quoted market prices are used to determine fair value.

³  Debt is generally recorded at amortized cost. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-term portions of debt.

The Company’s valuation techniques were presented in Note 26 of the 2023 Annual Financial Statements and have been consistently applied in these interim financial statements.

13 ∎ Capital Stock

a) Authorized Capital Stock

Our authorized capital stock is composed of an unlimited number of common shares (issued 1,748,048,766 common shares as at September 30, 2024). Our common shares have no par value.

b) Dividends

The Company’s practice has been to declare dividends after a quarter as part of the announcement of the results for the quarter. Dividends declared are paid in the same quarter.

The Company’s dividend reinvestment plan resulted in 154,212 common shares issued to shareholders for the nine months ended September 30, 2024.

c) Share Buyback Program

At the February 13, 2024 meeting, the Board of Directors authorized a new share buyback program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months. During the nine months ended September 30, 2024, Barrick purchased 7.68 million common shares for a total of $147 million under this program.

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

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

14 ∎ Non-controlling Interests Continuity

		Nevada Gold Mines				Pueblo Viejo				Tanzania Mines1				Loulo- Gounkoto				Tongon				Reko Diq				Other				Total
NCI in subsidiary at September 30, 2024			38.5 %				40 %				16 %				20 %				10.3 %				50 %				Various
At January 1, 2023			$6,068				$1,128				$321				$739				$13				$329				($80)				$8,518
Share of income (loss)			548				63				25				69				7				(31)				—				681
Cash contributed			—				—				—				—				—				40				—				40
Disbursements			(454)				(48)				(24)				(48)				(4)				—				—				(578)
At December 31, 2023			$6,162				$1,143				$322				$760				$16				$338				($80)				$8,661
Share of income (loss)			618				76				28				75				3				(47)				—				753
Cash contributed			—				—				—				—				—				84				—				84
Disbursements			(371)				(28)				—				(33)				—				—				—				(432)
At September 30, 2024			$6,409				$1,191				$350				$802				$19				$375				($80)				$9,066

¹ Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu.

BARRICK THIRD QUARTER 2024 82 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

15 ∎  Contingencies

Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The impact of any resulting loss from such matters affecting these financial statements and noted below may be material.

Except as noted below, no material changes have occurred with respect to the matters disclosed in Note 35 “Contingencies” to the 2023 Annual Financial Statements, and no new contingencies have occurred that are material to the Company since the issuance of the 2023 Annual Financial Statements.

The description set out below should be read in conjunction with Note 35 “Contingencies” to the 2023 Annual Financial Statements.

Litigation and Claims Update

Pascua-Lama — Proposed Canadian Securities Class Actions

In the Quebec proceeding, the Plaintiff filed his Originating Application, (which is the Quebec equivalent of a Statement of Claim), on February 22, 2024. Barrick filed its formal appearance on March 8, 2024. The Company brought an application to strike portions of the Originating Application and for particulars in respect of certain allegations made in the Originating Application. That application is expected to be heard in November 2024.

In the Ontario case, the Plaintiffs’ application for leave to appeal to the Supreme Court of Canada from the February 13, 2024 decision of the Court of Appeal was dismissed on September 26, 2024. The case will now revert to the Ontario Superior Court of Justice for consideration of the Plaintiffs’ motion for class certification.

Veladero –- Operational Incidents and Associated Proceedings

On February 22, 2024, the Supreme Court of San Juan Province rejected the legal action brought by Minera Andina del Sol SRL (formerly, Minera Argentina Gold SRL) (“MAS”) in September 2017 to challenge certain aspects of the administrative sanction issued by the San Juan Provincial mining authority in connection with the September 2015 incident. MAS did not appeal this decision and the matter is now closed and will be removed from future disclosures.

On March 14, 2024, MAS withdrew its appeal of the administrative sanction issued by the San Juan Provincial mining authority in connection with the September 2016 and March 2017 incidents. This matter is now closed and will be removed from future disclosures.

Veladero –- Federal Amparo Action

On June 28, 2024, the Federal Court rejected the National Minister of Environment’s request for, among other things, an interim injunction requiring the cessation and/or suspension of activities at the Veladero mine. On August 27, 2024, the Federal Chamber of Appeals denied the National Minister’s appeal and affirmed the Federal Court’s ruling.

On September 10, 2024, the National Minister sought leave from the Federal Chamber of Appeals to file an extraordinary appeal to the Federal Supreme Court. The request for leave was denied on October 10, 2024. On October 16, 2024, the National Minister sought leave to appeal directly from the Federal Supreme Court.

The Federal Amparo Action, which commenced in April 2017 and seeks an order requiring MAS to implement certain remedial, environmental and safety measures at the Veladero mine, will continue at the Federal Court while the Federal Supreme Court considers whether to hear the appeal of the denial of the interim injunction.

Veladero — Tax Assessment and Criminal Charges

On February 27, 2024, the Court of Cassation rejected the appeal brought by the Argentinean Federal Tax Authority (“AFIP”), upholding the Court of Appeals’ dismissal of the criminal charges against the MAS directors. AFIP did not appeal this decision and this matter is now closed.

On July 31, 2024, the AFIP issued two resolutions against MAS purporting to apply penalties in connection with the Tax Assessment equal to 100% of the principal tax amount in dispute of ARS 543 million (or approximately $560,000 at the prevailing exchange rate on September 30, 2024) (the “Additional Tax Assessments”).

On August 21, 2024, MAS appealed the Additional Tax Assessments to the Federal Tax Court.

The Company believes that both the original Tax Assessments and the Additional Tax Assessments are without merit and intends to pursue the proceedings vigorously. As this matter is no longer material, it will be removed from future disclosures.

Writ of Kalikasan

On February 14, 2024, the Court issued a Resolution confirming that the suspension of the proceeding will be extended and that the various motions that remain pending will be held in abeyance for six months, until August 13, 2024. On August 29, 2024, the Court extended the suspension until November 13, 2024.

North Mara — Ontario Litigation

In February 2024, an additional action was commenced against the Company in the Ontario Superior Court of Justice on behalf of different named plaintiffs in respect of alleged security-related incidents said to have occurred in the vicinity of the North Mara mine. The Statement of Claim in this second action is substantially similar to the Statement of Claim issued in November 2022.

Barrick moved to dismiss or permanently stay this action on the basis that the Ontario courts do not have jurisdiction or, alternatively, on the basis that the matters at issue should be adjudicated in Tanzania. This motion, along with a parallel motion to dismiss or permanently stay the initial action commenced in November 2022, was heard by the Ontario Superior Court of Justice in October 2024. The Court reserved its decision.

Loulo-Gounkoto Tax Dispute — VAT Credit Offsets

The 6-month stay of enforcement of the tax collection notices expired in June 2024. The Company is continuing to engage with the Malian tax authority with respect to this matter and has requested that the stay be extended for so long as those discussions remain ongoing. See “Loulo-Gounkoto Mining Convention Negotiations” below.

Loulo-Gounkoto Mining Convention Negotiations

Following discussions between Barrick and the Government of Mali on September 30, 2024 on a negotiation framework to achieve a global resolution of their ongoing disputes, Barrick has continued its engagement with the Government of Mali to find a global settlement. In early October, Barrick

BARRICK THIRD QUARTER 2024 83 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

made a payment of CFA 50 billion (US$ 85 million) to support the Government’s immediate liquidity requirements. Since then it has continued negotiations on the terms of a Memorandum of Agreement to settle the outstanding disputes. While engagement with the Government of Mali is ongoing, the parties have not yet been able to reach agreement on the terms of the Memorandum of Agreement. Barrick remains committed to resolving its disputes with the Government of Mali, but there can be no assurance that the parties will reach a settlement on the terms proposed by Barrick or at all. On October 24, 2024, Barrick issued a press release reiterating its commitment to finding a mutually acceptable solution to the current impasse and to act in the interest of all stakeholders.

No amounts have been recorded for any potential settlement in respect of this matter, as the Company cannot reasonably predict the outcome.

Zaldívar Chilean Tax Assessments

In September 2024, Compañía Minera Zaldívar Ltda. (CMZ), Barrick’s Chilean subsidiary that holds the Company’s interest in the Zaldívar mine, and the Chilean IRS jointly filed two applications with the Chilean Judiciary to seek approval to settle the litigation associated with the Zaldívar Tax Assessments and related claims. The Courts have since approved the settlement proposals submitted by the parties. While the details and timing of the settlement payments are not finalized, the Company recorded an estimated amount for the potential liability arising from this matter in the Q2 2024 interim financial statements and these payments are expected to be made in Q4 2024.

Zaldívar Water Claims

Additional Court-ordered evidentiary measures were completed on March 1, 2024, and the evidentiary record is now closed. A decision from the Court is pending. The parties have continued to engage in settlement discussions and on October 24, 2024, a joint settlement proposal was filed with the Court. Court approval of the proposal is pending.

BARRICK THIRD QUARTER 2024 84 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Shares Listed

GOLD The New York Stock Exchange

ABX The Toronto Stock Exchange

Transfer Agents and Registrars

TSX Trust Company

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

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or

Equiniti Trust Company, LLC

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USA

Telephone: 1 800 387 0825

Fax: 1 888 249 6189

Email: shareholderinquiries@tmx.com

Website: www.tsxtrust.com

Corporate Office

Barrick Gold Corporation

161 Bay Street, Suite 3700

Toronto, Ontario M5J 2S1

Canada

Telephone: +1 416 861 9911

Email: investor@barrick.com

Website: www.barrick.com

Enquiries

President and Chief Executive Officer

Mark Bristow

+1 647 205 7694

+44 7880 711 386

Senior Executive Vice-President and

Chief Financial Officer

Graham Shuttleworth

+1 647 262 2095

+44 7797 711 338

Investor and Media Relations

Kathy du Plessis

+44 207 557 7738

Email: barrick@dpapr.com

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this MD&A, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipated”, “vision”, “aim”, “on track”, “ramp-up”, “strategy”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “objective”, “intend”, “project”, “pursue”, “develop”, “progress”, “in progress”; “continue”, “budget”, “estimate”, “potential”, “prospective”, “future”, “focus”, “during”, “ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance, including the anticipated increase in gold and copper production during the fourth quarter of 2024 and ability to deliver within the range of its full year gold and copper guidance; potential impacts to our 2025 production at Pueblo Viejo, Turquoise Ridge and Carlin; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and performance dividend policy, including the criteria for dividend payments; mine life and production rates; the resumption of operations at the Porgera mine; our plans and expected completion and benefits of our growth and capital projects, including the Goldrush Project, Fourmile, Donlin Gold, Pueblo Viejo plant

expansion and mine life extension project, Veladero Phase 7 leach pad project, the Reko Diq project, solar power projects at NGM, Loulo-Gounkoto and Kibali, the Jabal Sayid Lode 1 project and the development of the Lumwana Super Pit; expected timing for production and production levels for Goldrush, Reko Diq and the Lumwana Super Pit; Barrick’s global exploration strategy and planned exploration activities, including our plans and anticipated timelines for commencement and completion of drilling at our existing exploration projects; the new mining code in Mali and the status of the establishment conventions for the Loulo-Gounkoto complex, including ongoing discussions with the Government of Mali in respect of a global settlement of their ongoing disputes; capital expenditures related to upgrades and ongoing management initiatives; our ability to identify new Tier One assets and the potential for existing assets to attain Tier One status; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves; asset sales, joint ventures and partnerships; Barrick’s strategy, plans and targets in respect of environmental and social governance matters, including climate change, GHG emissions reduction targets, safety performance and human rights initiatives; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this MD&A in light of

management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this MD&A are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of VAT refunds received in Chile in connection with the Pascua Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States, or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to GHG emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which requires reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified time frames; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the

construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets.

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

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