EX-99.4 6 d910692dex994.htm EX-99.4 EX-99.4
Exhibit 99.4
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Management’s Discussion and Analysis (“MD&A”)
Fourth Quarter and Full Year 2024
Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand Barrick Gold Corporation (“Barrick”, “we”, “our”, the “Company” or the “Group”), our operations, financial performance and the present and future business environment. This MD&A, which has been prepared as of February 11, 2025, should be read in conjunction with our audited consolidated financial statements (“Financial Statements”) for the year ended December 31, 2024. Unless otherwise indicated, all amounts are presented in U.S. dollars.
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.    
Continuous disclosure materials, including our most recent Form 40-F/Annual Information Form, annual MD&A, audited consolidated financial statements, and Notice of Annual Meeting of Shareholders and Proxy Circular will be available on our website at www.barrick.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. For an explanation of terminology unique to the mining industry, readers should refer to the glossary on page 84.

Abbreviations

ARK
Agbarabo-Rhino-Kombokolo
BNL Barrick Niugini Limited
Calista Calista Corporation
CDCs Community Development Committees
CIL Carbon-in-leach
Commencement Agreement Detailed Porgera Project Commencement Agreement between PNG and BNL
DRC Democratic Republic of the Congo
E&S Committee Environmental and Social Oversight Committee
ESG & Nominating Committee Environmental, Social, Governance & Nominating Committee
ESIA Environmental and Social Impact Assessment
GHG Greenhouse Gas
GISTM Global Industry Standard for Tailings Management
GoT Government of Tanzania
ICMM International Council on Mining and Metals
ICSID International Centre for the Settlement of Investment Disputes
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
LOM Life of Mine
Mtpa Million tonnes per annum
MVA Megavolt-amperes
MW Megawatt
NGM Nevada Gold Mines
OECD Organisation for Economic Co-operation and Development
PJL Porgera Jersey Limited
PNG Papua New Guinea
Randgold Randgold Resources Limited
RC Reverse Circulation
RIL Resin-in-leach
SDG
Sustainable Development Goals
TCFD Task Force for Climate-related Financial Disclosures
TRIFR Total Recordable Injury Frequency Rate
TSF Tailings Storage Facilities
TW True Width
UNHRC United Nations Human Rights Council
VAT Value-Added Tax
VMS Volcanogenic Massive Sulfide
WGC World Gold Council
WTI West Texas Intermediate

BARRICK YEAR-END 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”, “strategy”, “target”, “plan”, “ramp-up”; “opportunities”, “guidance”, “forecast”, “outlook”, “objective”, “intend”, “project”, “pursue”, “develop”, “progress”, “continue”, “committed”, “budget”, “estimate”, “potential”, “prospective”, “future”, “focus”, “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; 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; projected capital estimates and anticipated development timelines related to the Goldrush Project; our plans, timelines, and expected completion and benefits of our growth projects, including the Goldrush Project, Fourmile, Ren, Donlin Gold, Pueblo Viejo Expansion project, Veladero Phase 7 and Phase 8 Leach Pads, Reko Diq Project, solar power projects at NGM, Loulo-Gounkoto and Kibali, and the Jabal Sayid Lode 1 project and the Lumwana Super Pit Expansion; anticipated production at Goldrush, Ren and Reko Diq; the potential for Lumwana to extend its life of mine through the development of the Super Pit and targeted first production; timing for the advancement of early works, project financing, a final investment decision and first production at Reko Diq; the resumption of operations at Loulo-Gounkoto; the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex, including the status of the gold stock removed from site and the outcome of dispute resolution through arbitration; capital expenditures related to upgrades and ongoing management initiatives; Barrick’s global exploration strategy and planned exploration activities; 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 and future reserve replacement; asset sales, joint ventures and partnerships; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including climate change, GHG reduction targets (including with respect to our Scope 3 emissions and our reliance on our value chain to help us achieve these targets within the specified time frames), safety performance, TSF management, including Barrick’s conformance with the GISTM, community development, responsible water use, biodiversity and human rights initiatives; Barrick’s engagement with local communities; 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, Mali 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 require 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
BARRICK YEAR-END 2024
2
 MANAGEMENT’S DISCUSSION AND ANALYSIS

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.



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 59 to 75. Each non-GAAP financial measure has been annotated with a
reference to an endnote on page 76. 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.
BARRICK YEAR-END 2024
3
 MANAGEMENT’S DISCUSSION AND ANALYSIS


Index

Overview
Our Vision
Our Business
Our Strategy
Financial and Operating Highlights
Key Business Developments
Outlook for 2025
Sustainability
Market Overview
Reserves and Resources
Risks and Risk Management
Operating Performance
Nevada Gold Mines
Carlin
Cortez
Turquoise Ridge
Pueblo Viejo
Loulo-Gounkoto
Kibali
North Mara
Bulyanhulu
Other Mines - Gold
Lumwana
Other Mines - Copper
Growth Projects
Exploration and Mineral Resource Management
Review of Financial Results
Revenue
Production Costs
General and Administrative Expenses
Exploration, Evaluation and Project Expenses
Finance Costs, Net
Additional Statement of Income Items
Income Tax Expense
Financial Condition Review
Balance Sheet Review
Financial Position and Liquidity
Summary of Cash Inflow (Outflow)
Summary of Financial Instruments
Commitments and Contingencies
Review of Quarterly Results
Internal Control Over Financial Reporting and Disclosure Controls and Procedures
IFRS Critical Accounting Policies and Accounting Estimates
Non-GAAP Financial Measures
Technical Information
Endnotes
Glossary of Technical Terms
Mineral Reserves and Mineral Resources Tables
#
 Management’s Responsibility
#
 Management’s Report on Internal Control Over Financial Reporting
#
 Independent Auditor’s Report
#
 Financial Statements
#
 Notes to Consolidated Financial Statements

BARRICK YEAR-END 2024
4
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Overview

Our Vision
We strive to be the world’s most valued gold and copper company by owning the best assets, managed by the best people, to deliver the best returns and benefits for all our stakeholders.

Our Business
Barrick is a sector-leading gold and copper producer with annual gold production and gold reserves that are among the highest in the industry. 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 hold ownership interests in twelve producing gold mines and three producing copper mines. This includes six Tier One Gold Assets1, two Tier One Copper Projects3 and a diversified exploration portfolio positioned for growth in many of the world’s most prolific gold districts. Our twelve producing gold mines are geographically diversified and are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Papua New Guinea, Tanzania and the United States. Our mine in Mali was placed on temporary suspension in January 2025 (refer to page 9 for more information). Our three producing copper mines are located in Zambia, Chile and Saudi Arabia and we have a greenfield project in Pakistan. Our exploration and other development projects are located throughout the world, including the Americas, Asia and Africa. We sell our production in the world market through the following distribution channels: gold bullion is sold in the gold spot market or to independent refineries; gold and copper concentrate is sold to independent smelting or trading companies; and copper cathode is sold to third-party purchasers or on an exchange. Barrick shares trade on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX.

2024 REVENUE ($ millions)

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Our Strategy
Our strategy is to operate as business owners by attracting and developing world-class people who understand and are involved in the value chain of the business, act with integrity and are tireless in their pursuit of excellence. We are focused on returns to our stakeholders by optimizing free cash flow, managing risk to create long-term value for our shareholders and partnering with host governments and our local communities to transform their country’s natural resources into sustainable benefits and mutual prosperity. We aim to achieve this through the following:1

Asset Quality
■Grow and invest in a portfolio of Tier One Gold Assets1, Tier Two Gold Assets2, Tier One Copper Assets/Projects3 and Strategic Assets4 with an emphasis on organic growth to leverage our existing footprint located in world-class geological districts. We will focus our efforts on identifying, investing in and developing assets that meet our investment criteria. The required return on Tier One1,3 capital investments is 15%, adjusting to 10% return on long-life (20+ year) investments with exposure to multiple commodity cycles. The required return on investment for Tier Two Gold Assets2 is 20%.
■Invest in exploration across extensive land positions in many of the world’s most prolific gold and copper districts.
■Maximize the long-term value of our strategic Copper Business5.
■Sell non-core assets over time in a disciplined manner.

Operational Excellence
■Strive for zero harm workplaces.
■Operate a flat management structure with a strong ownership culture.
■Streamline management and operations, and hold management accountable for the businesses they manage.
■Leverage innovation and technology to drive industry-leading efficiencies.
■Build trust-based partnerships with our host governments, business partners, and local communities to drive shared long-term value.

Sustainable Profitability
■Follow a disciplined approach to growth and proactively manage our impacts on the wider environment, emphasizing long-term value for all stakeholders.
■Increase returns to shareholders, driven by a focus on return on capital, internal rate of return and free cash flow6.




1 Numerical annotations throughout the text of this document refer to the endnotes found on page 76.
BARRICK YEAR-END 2024
5
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Financial and Operating Highlights
For the three months ended For the years ended
   12/31/24 9/30/24 % Change 12/31/24 12/31/23  % Change 12/31/22
Financial Results ($ millions)
Revenues 3,645  3,368  8% 12,922  11,397  13% 11,013 
Cost of sales 1,995  2,051  (3)% 7,961  7,932  0% 7,497 
Net earningsa
 996  483  106% 2,144  1,272  69% 432 
Adjusted net earningsb
 794  529  50% 2,213  1,467  51% 1,326 
Attributable EBITDAb
 1,697  1,292  31% 5,185  3,987  30% 4,029 
Attributable EBITDA marginb
 56  % 46  % 22% 48  % 42  % 14% 44  %
Minesite sustaining capital expendituresb,c
 525  511  3% 2,217  2,076  7% 2,071 
Project capital expendituresb,c
 362  221  64% 924  969  (5)% 949 
Total consolidated capital expendituresc,d
 891  736  21% 3,174  3,086  3% 3,049 
Total attributable capital expenditurese
 758  583  30% 2,607  2,363  10% 2,417 
Net cash provided by operating activities 1,392  1,180  18% 4,491  3,732  20% 3,481 
Net cash provided by operating activities marginf
 38  % 35  % 9% 35  % 33  % 6% 32  %
Free cash flowb
 501  444  13% 1,317  646  104% 432 
Net earnings per share (basic and diluted) 0.57  0.28  104% 1.22  0.72  69% 0.24 
Adjusted net earnings (basic)b per share
 0.46  0.30  53% 1.26  0.84  50% 0.75 
Weighted average diluted common shares (millions of shares) 1,742  1,752  (1)% 1,751  1,755  0% 1,771 
Operating Results
Gold production (thousands of ounces)g
 1,080  943  15% 3,911  4,054  (4)% 4,141 
Gold sold (thousands of ounces)g
 965  967  0% 3,798  4,024  (6)% 4,141 
Market gold price ($/oz) 2,663  2,474  8% 2,386  1,941  23% 1,800 
Realized gold priceb,g ($/oz)
 2,657  2,494  7% 2,397  1,948  23% 1,795 
Gold cost of sales (Barrick’s share)g,h ($/oz)
 1,428  1,472  (3)% 1,442  1,334  8% 1,241 
Gold total cash costsb,g ($/oz)
 1,046  1,104  (5)% 1,065  960  11% 862 
Gold all-in sustaining costsb,g ($/oz)
 1,451  1,507  (4)% 1,484  1,335  11% 1,222 
Copper production (thousands of tonnes)g
 64  48  33% 195  191  2% 200 
Copper sold (thousands of tonnes)g
 54  42  29% 177  185  (4)% 202 
Market copper price ($/lb) 4.17  4.18  0% 4.15  3.85  8% 3.99 
Realized copper priceb,g ($/lb)
 3.96  4.27  (7)% 4.15  3.85  8% 3.85 
Copper cost of sales (Barrick’s share)g,i ($/lb)
 2.62  3.23  (19)% 2.99  2.90  3% 2.43 
Copper C1 cash costsb,g ($/lb)
 2.04  2.49  (18)% 2.26  2.28  (1)% 1.89 
Copper all-in sustaining costsb,g ($/lb)
 3.07  3.57  (14)% 3.45  3.21  7% 3.18 
    As at 12/31/24 As at 9/30/24 % Change As at 12/31/24 As at 12/31/23 % Change As at 12/31/22
Financial Position ($ millions)
Debt (current and long-term) 4,729  4,725  0% 4,729  4,726  0% 4,782 
Cash and equivalents 4,074  4,225  (4)% 4,074  4,148  (2)% 4,440 
Debt, net of cash 655   500  31% 655   578  13% 342 
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 59 to 75 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 $33 million, respectively, for Q4 2024 and 2024 (Q3 2024: $4 million; 2023: $41 million; 2022: $29 million).
e.These amounts are presented on the same basis as our guidance.
f. Represents net cash provided by operating activities divided by revenue.
g. On an attributable basis.
h.Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
i.Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).
BARRICK YEAR-END 2024
6
 MANAGEMENT’S DISCUSSION AND ANALYSIS
GOLD PRODUCTIONa (thousands of ounces)
COPPER PRODUCTIONa (thousands of tonnes)
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GOLD COST OF SALESc, TOTAL CASH COSTSd,
COPPER COST OF SALESc, C1 CASH COSTSd
AND ALL-IN SUSTAINING COSTSd ($ per ounce)
AND ALL-IN SUSTAINING COSTSd ($ per pound)
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NET EARNINGS, ATTRIBUTABLE EBITDAd AND
ATTRIBUTABLE EBITDA MARGINd
CAPITAL EXPENDITURESd,e ($ millions)
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OPERATING CASH FLOW AND FREE CASH FLOWd
    RETURNS TO SHAREHOLDERSf ($ millions)
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a.On an attributable basis.
b.Based on the midpoint of the 2025 guidance range.
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 7 for further details.
d.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.
e.Capital expenditures also includes capitalized interest.
f.Dividends declared are inclusive of the performance dividend.

BARRICK YEAR-END 2024
7
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Factors affecting net earnings and adjusted net earnings6 - Q4 2024 versus Q3 2024
Net earnings for Q4 2024 were $996 million compared to $483 million in Q3 2024. The increase was primarily due to the following items:
■a long-lived asset impairment reversal of $655 million at Lumwana as a result of the inclusion of the Super Pit Expansion in the LOM plan and higher copper prices; and
■a long-lived asset impairment reversal of $437 million at Veladero reflecting higher gold prices, extended mine life and lower country risk; partially offset by
■a goodwill impairment at Loulo-Gounkoto of $484 million (refer to Key Business Developments on page 9 ; and
■other expense adjustments of $113 million in Q4 2024 which mainly related to a payment to the Government of Mali to advance negotiations and a customs and royalty settlement at Tongon.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings6 of $794 million for Q4 2024 was $265 million higher than Q3 2024 mainly due to a higher realized gold price6 and a decrease in both gold cost of sales per ounce7 and copper cost of sales per pound7. These impacts were slightly offset by a decrease in the realized copper price6. The realized gold price6 was $2,657 per ounce for Q4 2024, compared to $2,494 per ounce in Q3 2024, while the realized copper price6 decreased to $3.96 per pound from $4.27 per pound in Q3 2024. The decrease in gold cost of sales per ounce7 was mainly due to the changes in sales mix across the portfolio partially offset by higher royalties due to an increase in the realized gold price6 ($9/oz impact), while the lower copper cost of sales per pound7 was primarily due to higher grades processed, higher recoveries and the benefit of diluting the fixed costs over more production at Lumwana. Notwithstanding the higher production, gold sales volumes were slightly lower than Q3 2024 reflecting the restrictions placed by the Government of Mali during Q4 2024 on our ability to ship and sell gold from Loulo-Gounkoto, partially offset by higher gold production and sales across the rest of the portfolio. Adjusted net earnings6 would have been higher still in the absence of these restrictions.
Refer to page 59 for a full list of reconciling items between net earnings and adjusted net earnings6 for the current and previous periods.

Factors affecting net earnings and adjusted net earnings6 - 2024 versus 2023
Net earnings for the year ended December 31, 2024 were $2,144 million compared to $1,272 million in the prior year. The increase was primarily due to:
■long-lived asset impairment reversals of $655 million at Lumwana and $437 million at Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto of $484 million, as described above;
■the removal of significant tax adjustments of $220 million occurring in 2023, related to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets;
and
■a long-lived asset impairment of $280 million at Long Canyon occurring in 2023; partially offset by
■a gain of $352 million related to the reopening of the Porgera mine, occurring in 2023; and
■other expense adjustments of $249 million in 2024 which mainly related to a payment to the Government of Mali to advance negotiations; a customs and royalty settlement at Tongon; interest and penalties recognized relating to the settlement of the Zaldívar Tax Assessments in Chile; a provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick, and an accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings6 of $2,213 million for the year ended December 31, 2024 was $746 million higher than 2023. This result for 2024 was the highest adjusted net earnings6 since 2013. The increase in adjusted net earnings6 relative to 2023 was primarily due to a higher realized gold price6, partially offset by an increase in gold cost of sales per ounce7 and lower gold sales volumes. The realized gold price6 was $2,397 per ounce in 2024 compared to $1,948 per ounce in 2023. The increase in gold cost of sales per ounce7 was primarily due to lower production across the portfolio (resulting in reduced fixed cost dilution) together with higher electricity consumption, plant maintenance costs, and gas prices at Pueblo Viejo; lower grades processed and lower recoveries at Carlin; and higher royalties across all sites due to the increase in the realized gold price6 ($23/oz impact). Lower gold sales volumes were largely driven by Cortez and Carlin. At Cortez, this was due to lower leach ore mined at the Crossroads open pit and lower oxide ore mined from Cortez Hills underground, in line with the mine sequence, and at Carlin due to lower grades processed, lower recoveries and the reduction in open pit tonnes mined. These impacts were combined with the restrictions placed by the Government of Mali during Q4 2024 on our ability to ship and sell gold at Loulo-Gounkoto, partially offset by increased production and sales at Porgera following the ramp-up of operations in 2024.
Refer to page 59 for a full list of reconciling items between net earnings and adjusted net earnings6 for the current and previous periods.

Factors affecting operating cash flow and free cash flow6 - Q4 2024 versus Q3 2024
In Q4 2024, we generated $1,392 million in operating cash flow, compared to $1,180 million in Q3 2024. The increase of $212 million was primarily due to a higher realized gold price6 and a decrease in both gold total cash costs per ounce6 and copper C1 cash costs per pound6. These impacts were slightly offset by a decrease in the realized copper price6. Operating cash flow was further impacted by a favorable working capital movement, mainly in accounts receivable and accounts payable. These results were partially offset by an increase in cash taxes paid and higher 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. Operating cash flow in Q4 2024 was also negatively impacted by the restrictions placed by
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
the Government of Mali on our ability to ship and sell gold (for more detail, refer to note 35 of the Financial Statements).
Free cash flow6 for Q4 2024 was $501 million, compared to $444 million in Q3 2024, reflecting higher operating cash flows, partially offset by higher capital expenditures. In Q4 2024, capital expenditures on a cash basis were $891 million compared to $736 million in Q3 2024 primarily due to higher project capital expenditures6 including down payments on the order of long lead items for the Lumwana Super Pit Expansion project, which includes the mining fleet.

Factors affecting operating cash flow and free cash flow6 - 2024 versus 2023
For the year ended December 31, 2024, we generated $4,491 million in operating cash flow, compared to $3,732 million in the prior year. The increase of $759 million was primarily due to a higher realized gold price6, partially offset by lower gold sales volumes and an increase in gold total cash costs per ounce6. Operating cash flow was further impacted by higher cash taxes paid relative to 2023. Operating cash flow in 2024 was also negatively impacted by the restrictions placed by the Government of Mali on our ability to ship and sell gold (for more detail, refer to note 35 of the Financial Statements).
For 2024, we generated free cash flow6 of $1,317 million compared to $646 million in the prior year. The increase primarily reflects higher operating cash flows, slightly offset by higher capital expenditures. In 2024, capital expenditures on a cash basis were $3,174 million compared to $3,086 million in the prior year, mainly due to higher minesite sustaining capital expenditures6, partially offset by lower project capital expenditures6. Higher minesite capital expenditures6 were driven by increased capitalized stripping at Lumwana and the purchase of the Komatsu-930 truck fleet at Carlin. Project capital expenditures6 were lower as the Pueblo Viejo plant expansion project and TS Solar Project at NGM were substantially completed in 2023, partially offset by early works expenditure at Reko Diq and the down payments on the order of long lead items for the Lumwana Super Pit Expansion project, which includes the mining fleet.

Key Business Developments
Loulo-Gounkoto Temporary Shutdown
The Company and the Government of Mali have been engaged in an ongoing dispute in connection with the existing mining conventions of Société des Mines de Loulo SA (“Somilo”) and Société des Mines de Gounkoto (“Gounkoto”) (together, the “Conventions”).

On December 18, 2024, after multiple good faith attempts to resolve the dispute, Somilo and Gounkoto submitted a request for arbitration to ICSID in accordance with the provisions of their respective Conventions. On January 14, 2025, due to the restrictions imposed by the Government of Mali on gold shipments, the Company announced that the Loulo-Gounkoto complex would temporarily suspend operations.
As described in note 21 of the Financial Statements, we recorded a goodwill impairment of $484 million in Q4 2024. For more information, refer to note 35 of the Financial Statements.

Share Buyback Program
At the February 11, 2025 meeting, the Board of Directors authorized a new share buyback program for the purchase of up to $1 billion of Barrick’s outstanding common shares over the next 12 months. Barrick repurchased $498 million of shares in 2024 under its prior share buyback program, which was announced on February 14, 2024, and terminated in connection with the new 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.

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.


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Outlook for 2025

Operating Division Guidance
Our 2024 actual gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6 and 2025 forecast gold and copper production, cost of sales, total cash costs6 and all-in sustaining costs6 ranges by operating division are as follows: 
Operating Division 2024 attributable production (000s ozs)
2024 cost of salesa
($/oz)
2024 total cash costsb
($/oz)
2024 all-in sustaining costsb
($/oz)
 2025 forecast attributable production (000s ozs)
2025 forecast cost of salesa ($/oz)
2025 forecast total cash costsb ($/oz)
2025 forecast all-in sustaining costsb ($/oz)
Gold
Carlin (61.5%) 775 1,429 1,187 1,730 705 - 785 1,470 - 1,570 1,140 - 1,220 1,630 - 1,730
Cortez (61.5%)c
 444 1,402 1,046 1,441 420 - 470 1,420 - 1,520 1,050 - 1,130 1,370 - 1,470
Turquoise Ridge (61.5%) 304 1,615 1,238 1,466 310 - 345 1,370 - 1,470 1,000 - 1,080 1,260 - 1,360
Phoenix (61.5%) 127 1,687 765 1,031 85 - 105 2,070 - 2,170 890 - 970 1,240 - 1,340
Nevada Gold Mines (61.5%) 1,650 1,478 1,126 1,561 1,540 - 1,700 1,470 - 1,570 1,070 - 1,150 1,460 - 1,560
Hemlo 143 1,754 1,483 1,769 140 - 160 1,500 - 1,600 1,200 - 1,280 1,600 - 1,700
North America 1,793 1,500 1,155 1,578 1,680 - 1,860 1,470 - 1,570 1,080 - 1,160 1,480 - 1,580
Pueblo Viejo (60%) 352 1,576 1,005 1,323 370 - 410 1,540 - 1,640 910 - 990 1,280 - 1,380
Veladero (50%) 252 1,254 905 1,334 190 - 220 1,390 - 1,490 890 - 970 1,570 - 1,670
Porgera (24.5%) 46 1,423 1,073 1,666 70 - 95 1,510 - 1,610 1,210 - 1,290 1,770 - 1,870
Latin America & Asia Pacific 650 1,434 969 1,350 630 - 730 1,490 - 1,590 940 - 1,020 1,430 - 1,530
Loulo-Gounkoto (80%)d
 578 1,218 828 1,304 — — — —
Kibali (45%) 309 1,344 905 1,123 310 - 340 1,280 - 1,380 940 - 1,020 1,130 - 1,230
North Mara (84%) 265 1,266 989 1,274 230 - 260 1,370 - 1,470 1,020 - 1,100 1,400 - 1,500
Bulyanhulu (84%) 168 1,509 1,070 1,420 150 - 180 1,470 - 1,570 1,010 - 1,090 1,540 - 1,640
Tongon (89.7%) 148 1,903 1,670 1,867 110 - 140 1,790 - 1,890 1,570 - 1,650 1,660 - 1,760
Africa and Middle East 1,468 1,368 1,000 1,333 820 - 910 1,420 - 1,520 1,060 - 1,140 1,360 - 1,460
Total Attributable to Barricke,f,g
 3,911 1,442 1,065 1,484 3,150 - 3,500 1,460 - 1,560 1,050 - 1,130 1,460 - 1,560
  2024 attributable production (000s tonnes)
2024 cost of salesa
($/lb)
2024 C1 cash costsb
($/lb)
2024 all-in sustaining costsb
($/lb)
 2025 forecast attributable production
(000s tonnes)
2025 forecast cost of salesa
($/lb)
2025 forecast C1 cash costsb ($/lb)
2025 forecast all-in sustaining costsb ($/lb)
Copper
Lumwana 123 2.94 2.23 3.85 125 - 155 2.30 - 2.60 1.60 - 1.90 2.80 - 3.10
Zaldívar (50%) 40 4.09 3.04 3.58 40 - 45 3.60 - 3.90 2.70 - 3.00 3.50 - 3.80
Jabal Sayid (50%) 32 1.77 1.37 1.56 25 - 35 2.00 - 2.30 1.60 - 1.90 1.80 - 2.10
Total Coppere,f,g
 195 2.99 2.26 3.45 200 - 230 2.50 - 2.80 1.80 - 2.10 2.80 - 3.10
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 59 to 75 of this MD&A.
c.Includes Goldrush.
d.As a result of the temporary suspension of operations at Loulo-Gounkoto, we have excluded Loulo-Gounkoto from our 2025 production guidance (refer to page 9 for more information). We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations.
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.

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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Operating Division, Consolidated Expense and Capital Guidance
Our 2024 actual gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6, consolidated expenses and capital expenditures and 2025 forecast gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6, consolidated expenses and capital expenditures are as follows:
 
($ millions, except per ounce/pound  data)
2024 Guidancea
 2024 Actual
2025 Guidancea
Gold production
Production (millions of ounces) 3.90 - 4.30 3.91 3.15 - 3.50
Gold cost metrics
Cost of sales - gold ($ per oz) 1,320 - 1,420 1,442 1,460 - 1,560
 Total cash costs ($ per oz)b
 940 - 1,020 1,065 1,050 - 1,130
Depreciation ($ per oz) 340 - 370 336 370 - 400
  All-in sustaining costs ($ per oz)b
 1,320 - 1,420 1,484 1,460 - 1,560
Copper production
Production (thousands of tonnes) 180 - 210 195 200 - 230
Copper cost metrics
Cost of sales - copper ($ per lb) 2.65 - 2.95 2.99 2.50 - 2.80
 C1 cash costs ($ per lb)b
 2.00 - 2.30 2.26 1.80 - 2.10
Depreciation ($ per lb) 0.90 - 1.00 0.91 0.75 - 0.85
  All-in sustaining costs ($ per lb)b
 3.10 - 3.40 3.45 2.80 - 3.10
Exploration and project expenses 400 - 440 392 330 - 370
Exploration and evaluation 180 - 200 190 220 - 240
Project expenses 220 - 240 202 110 - 130
General and administrative expenses ~180 115 ~160
Corporate administration ~130 95 ~120
  Stock-based compensationc
 ~50 20 ~40
Other expense (income) 70 - 90 214 70 - 90
Finance costs, net 260 - 300 232 270 - 310
Attributable capital expendituresd
Attributable minesite sustainingb,d
 1,550 - 1,750 1,773 1,400 - 1,650
Attributable projectb,d
 950 - 1,150 804 1,700 - 1,950
Total attributable capital expendituresd
 2,500 - 2,900 2,607 3,100 - 3,600
a.As a result of the temporary suspension of operations at Loulo-Gounkoto, we have excluded Loulo-Gounkoto from our 2025 production guidance (refer to page 9 for more information). We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations. Guidance ranges also exclude Long Canyon which is producing incidental ounces from the leach pad while in closure.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.
c.2024 actual results are based on a US$15.71 share price and 2025 guidance is based on a one-month trailing average ending December 31, 2024 of US$16.39 per share.
d.Attributable capital expenditures are presented on the same basis as guidance, which includes 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 45% share of Kibali, our 50% share of Zaldívar, Jabal Sayid, and our 24.5% share of Porgera. Total attributable capital expenditures for 2024 actual results also includes capitalized interest of $30 million.

2025 Guidance Analysis
Estimates of future production, cost of sales per ounce7, total cash costs per ounce6 and all-in sustaining costs per ounce6 presented in this MD&A are based on mine plans that reflect the expected method by which we will mine reserves at each site. Actual gold and copper production and associated costs may vary from these estimates due to a number of operational and non-operational risk factors (see the “Cautionary Statement on Forward-Looking Information” on page 2 of this MD&A for a description of certain risk factors that could cause actual results to differ materially from these estimates).

Gold Production
As a result of the temporary suspension of operations at Loulo-Gounkoto, we have excluded Loulo-Gounkoto from our 2025 production guidance (refer to page 9 for more information). We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations.
Excluding Loulo-Gounkoto, we expect 2025 gold production to be in the range of 3.15 to 3.5 million ounces, compared to our actual 2024 gold production of 3.91 million ounces (or 3.33 million ounces on a like for like basis if Loulo-Gounkoto is excluded from 2024). We expect Pueblo Viejo, Turquoise Ridge, Porgera and Kibali to deliver higher year-over-year performances, together with stable delivery across Carlin and Cortez. At Veladero and Phoenix, we expect 2025 production to be lower than 2024.
Across the four quarters of 2025, the Company’s gold production is expected to be the lowest in Q1 (between 700-750koz) and highest in Q4 due to the timing of shutdowns, the Goldrush ramp-up and mine sequencing across the NGM sites, the 35 day shutdown for de-bottlenecking work needed at Pueblo Viejo in Q1 as previously disclosed, and grade variability at Kibali driven by the mine plan. This trend is partially offset by Veladero and North Mara where production is slightly weighted to the first half of the year. This is expected to result in an approximately 46% / 54% split of the Company’s total gold production between the first half and second half of the
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
year, respectively. We expect to update the above commentary when we have greater certainty regarding the timing for the restart of operations at Loulo-Gounkoto.

Gold Cost of Sales per Ounce7
Loulo-Gounkoto has also been removed from our 2025 cost guidance for the reasons referred to above. On a per ounce basis, cost of sales applicable to gold7, after removing the portion related to non-controlling interests, is expected to be in the range of $1,460 to $1,560 per ounce in 2025, compared to the 2024 actual result of $1,442 per ounce.
Costs are expected to be marginally higher than 2024 which is a combination of higher depreciation and the impact of higher costs at certain operations as described further in the Gold Total Cash Costs per Ounce6 section immediately below.

Gold Total Cash Costs per Ounce6
Total cash costs per ounce6 in 2025 are expected to be in the range of $1,050 to $1,130 per ounce, compared to the 2024 actual result of $1,065 per ounce.
In North America, our 2025 guidance for total cash costs per ounce6 for NGM of $1,070 to $1,150 per ounce compares to the 2024 actual result of $1,126 per ounce. Lower unit costs at Turquoise Ridge driven by the higher expected production volumes are partially offset by higher costs at Phoenix, which are in turn driven by lower production volumes, producing a relatively consistent outcome relative to 2024.
In Latin America & Asia Pacific, total cash costs per ounce6 at Pueblo Viejo are expected to be lower compared to 2024, driven by higher production.
For Africa and Middle East (excluding Loulo-Gounkoto for the reasons described above), total cash costs per ounce6 are expected to be $1,060 to $1,140 per ounce, which is an increase compared to 2024 mainly driven by higher costs at Kibali following the introduction of new duties which includes a customs duty of 3% relating to gold exports pursuant to the new finance law enacted in the DRC (refer to page 33 for more details).

Gold All-In Sustaining Costs per Ounce6
All-in sustaining costs per ounce6 in 2025 are expected to be in the range of $1,460 to $1,560 per ounce, compared to the 2024 actual result of $1,484 per ounce. This is based on the expectation that minesite sustaining capital expenditures6 on a per ounce basis will be slightly higher than 2024 (refer to Capital Expenditures commentary below for further detail).

Copper Production and Costs
We expect 2025 copper production to be in the range of 200 to 230 thousand tonnes, compared to actual production of 195 thousand tonnes in 2024. Production is expected to be more evenly spread over the last three quarters with Q1 being the lowest quarter of the year mainly driven by grade at Lumwana as per the mine plan.
In 2025, cost of sales applicable to copper7 is expected to be in the range of $2.50 to $2.80 per pound, which compares to the actual result of $2.99 per pound for 2024. C1 cash costs per pound6 guidance of $1.80 to $2.10 per pound for 2025 compares to the 2024 actual result of $2.26 per pound, mainly driven by lower costs at Lumwana resulting from higher production and operating efficiencies partially offset by higher costs at Jabal Sayid. Copper all-in
sustaining costs per pound6 guidance of $2.80 to $3.10 for 2025 compares to the actual result of $3.45 in 2024.

Exploration and Project Expenses
We expect to incur approximately $330 to $370 million of exploration and project expenses in 2025. This is lower than our 2024 guidance range, and lower than the 2024 actual result of $392 million as detailed below.
Within this range, we expect our exploration and evaluation expenditures in 2025 to be approximately $220 to $240 million. This is higher than the 2024 actual result of $190 million driven by an increase in spending at Barrick’s 100% owned Fourmile project where we expect to spend $75 to $85 million for the 2025 year. This spend on exploration and evaluation expenditures will continue to support our resource and reserve conversion over the coming years continuing our record of replacing the reserves we mine.
We also expect to incur approximately $110 to $130 million of project expenses in 2025, compared to $202 million in 2024. The key driver of this decrease is that following the completion of the feasibility study update for the Reko Diq project in Pakistan, future amounts spent on the project will be capitalized. The expected expenditure for 2025 relates to Donlin, Pascua-Lama as well as project evaluation costs across the rest of the portfolio, particularly in the Latin America & Asia Pacific region.

General and Administrative Expenses
In 2025, we expect corporate administration costs to be approximately $120 million given our track record over the last six years of consistently delivering costs below the guidance.
Separately, stock-based compensation expense in 2025 is expected to be approximately $40 million based on a share price assumption of $16.39 noting that the actual outcome will be impacted by the share price movements over the course of the 2025 year.

Finance Costs, Net
In 2025, our guidance range for net finance costs of $270 to $310 million primarily represents interest expense on long-term debt, non-cash interest expense relating to the gold and silver streaming agreements at Pueblo Viejo, and accretion, net of finance income. This guidance for 2025 is higher than the actual result for 2024 of $232 million, and reflects our expectation that market interest rates will on average be lower relative to 2024, translating to lower interest income earned on our cash balance. Interest expense incurred on our bonds is at a fixed rate and consequently does not change with market interest rates.

Capital Expenditures
Total attributable gold and copper capital expenditures for 2025 are expected to be in the range of $3,100 to $3,600 million excluding Loulo-Gounkoto. This is higher than the actual spend for the 2024 year of $2,607 million driven by the advancement of the Lumwana Super Pit Expansion project and our expectation that the Reko Diq project will also proceed into execution once the project financing has closed. Inclusive of these two major projects, we expect attributable project capital expenditures6 to be in the range of $1,700 to $1,950 million in 2025, which is higher than our actual expenditures of $804 million in 2024. Across the Company’s gold assets, the material growth projects relate to the new Naranjo tailings facility at Pueblo Viejo (around
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
$200 million spend in 2025), the Goldrush ramp-up at Cortez and the Ren project at Carlin.
Attributable minesite sustaining capital expenditures6 for 2025 are expected to be in the range of $1,400 to $1,650 million, which compares to the actual spend for 2024 of $1,773 million. The guidance range for 2025 is split between our gold assets excluding Loulo-Gounkoto ($1,100 to $1,300 million) and copper assets ($300 to $350 million). Compared to the prior year, minesite sustaining capital expenditures6 in 2025 are expected to be approximately $50 million lower across the Company’s gold assets, with most of this due to the exclusion of Loulo-Gounkoto. In addition to this, minesite sustaining capital expenditures6 are expected to be higher at Veladero due to increased capitalized stripping and at Pueblo Viejo due to
higher expenditure on the existing Llagal tailings facility. Minesite sustaining capital expenditures6 at NGM are expected to be approximately $60 million lower compared to 2024.

Effective Income Tax Rate
Based on a gold price assumption of $2,400/oz, our expected effective tax rate range for 2025 is 26% to 30%. The rate is sensitive to the relative proportion of sales in high versus low tax jurisdictions, realized gold and copper prices, the proportion of income from our equity accounted investments and the level of non-tax affected costs in countries where we generate net losses.  

Outlook Assumptions and Economic Sensitivity Analysis
   2025 Guidance Assumption Hypothetical Change
Consolidated impact on EBITDAa (millions)
Attributable impact on EBITDAa (millions)
Attributable impact on TCC and AISCa
  
Gold price sensitivity $2,400/oz +/- $100/oz
‘ +/-$450
‘ +/-$320
‘ +/-$5/oz
Copper price sensitivity $4.00/lb
‘+/-$0.25/lb
‘+/- $120
‘+/- $120
‘+/-$0.01/lb
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.


Sustainability
Sustainability, including our license to operate, is entrenched in our DNA: our sustainability strategy is our business plan.
Barrick’s vision for sustainability is underpinned by the knowledge that sustainability aspects are interconnected and must be tackled in conjunction with, and reference to, each other. We call this approach Holistic and Integrated Sustainability Management. We must tackle all sustainability aspects holistically and concurrently to make meaningful progress in any single aspect. Although we integrate our sustainability management, we discuss our sustainability strategy within four overarching pillars: (1) respecting human rights; (2) protecting the health and safety of our people and local communities; (3) sharing the benefits of our operations; and (4) managing our impacts on the environment.
We implement this strategy by blending top-down accountability with bottom-up responsibility. This means we place the day-to-day ownership of sustainability, and the associated risks and opportunities, in the hands of individual sites. In the same way that each site must manage its geological, operational and technical capabilities to meet business objectives, it must also manage and identify programs, metrics, and targets that measure progress and deliver real value for the business and our stakeholders, including our host countries and local communities. The Group Sustainability Executive, supported by regional sustainability leads, provides oversight and direction over this site-level ownership, to ensure alignment with the strategic priorities of the overall business.

Governance
The bedrock of our sustainability strategy is strong governance. Our most senior management-level body dedicated to sustainability is the E&S Committee, which connects site-level ownership of our sustainability strategy with the leadership of the Group. It is chaired by the President and Chief Executive Officer and includes: (1)
regional Chief Operating Officers; (2) minesite General Managers; (3) Health, Safety, Environment and Closure Leads; (4) the Group Sustainability Executive; (5) in-house legal counsel; and (6) an independent sustainability consultant in an advisory role. The E&S Committee meets on a quarterly basis to review our performance across a range of key performance indicators, and to provide independent oversight and review of sustainability management.
The President and Chief Executive Officer reviews the reports of the E&S Committee at every quarterly meeting of the Board's ESG & Nominating Committee. The reports are reviewed to ensure the implementation of our sustainability policies and to drive performance of our environmental, health and safety, community relations and development and human rights programs.
This is supplemented by weekly meetings, at a minimum, between the Regional Sustainability Leads and the Group Sustainability Executive. These meetings examine the sustainability-related risks and opportunities facing the business in real time, as well as the progress and issues integrated into weekly Executive Committee review meetings.
Incentive payments for senior leaders under Barrick’s Partnership Plan are tied to Sustainability performance. For 2024, this comprised a 15% weighting under the annual incentive program based on our annual safety and environment performance, and a 20% weighting under our Long-Term Company Scorecard linked to the assessment of our industry-first Sustainability Scorecard. As we strive for ongoing strong performance, the Sustainability Scorecard targets and metrics are updated annually. The results of the 2024 Sustainability Scorecard will be published in the Annual Report and Sustainability Report during the first half of 2024. The E&S Committee tracks our progress against all metrics on a quarterly basis.

Human rights
Our commitment to respect human rights is codified in our standalone Human Rights Policy and informed by the
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
expectations of the United Nations Guiding Principles on Business and Human Rights, the Voluntary Principles on Security and Human Rights and the OECD Guidelines for Multinational Enterprises. This commitment is fulfilled on the ground via our Human Rights Program, the fundamental principles of which include: monitoring and reporting, due diligence, training, as well as disciplinary action and remedy.
We continue to assess and manage security and human rights risks at all our operations and provide security and human rights training to private and public security forces across our sites. During 2024, independent human rights assessments were undertaken at the following sites: North Mara in Tanzania; Lumwana in Zambia, Reko Diq in Pakistan and Pueblo Viejo in Dominican Republic. The planned independent human rights assessment at Porgera in Papua New Guinea was postponed due to security challenges 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.

Safety
We are committed to the safety, health and well-being of our people, their families and the communities in which we operate. Our safety vision is “Everyone to go home safe and healthy every day.”
Our Management-Level Safety Committee continues to drive the implementation of the “Journey to Zero” initiative. The current priority is the roll out and training of the revised and standardized Fatal Risks and associated operating standards.
We report our safety performance quarterly as part of both our E&S Committee meetings and our reports to the ESG & Nominating Committee. Our safety performance is the first item on our weekly Executive Committee review meeting.
As part of our Journey to Zero, we have identified four key elements in developing a culture that fosters a strong and effective focus on safety: (1) Leadership and Culture, (2) Zero Fatalities, (3) Risk Management, and (4) Prevention of Injuries.
Overall, our three regions saw an improvement in their safety performance over the prior year, in both TRIFR and LTIFR. The TRIFR8 of 0.91 improved by 20% compared to 2023 and the severity of injuries has been reduced significantly, as evidenced by a 48% decrease in LTIFR8 from the prior year to 0.12.
Notwithstanding these positive improvements on the lagging indicators, it is with regret that these advancements were overshadowed by three fatalities that occurred during 2024; one at North Mara and two at Kibali. Two of the incidents are related to the Fatal Risk of Stored Energy and the other is related to Mobile Equipment. Our focus remains on the Fatal Risk Management program, entailing Fatal Risk standards and critical controls. Emphasis is on the Critical Control Verifications in the field, which are being completed by frontline line supervisors and
managers, who the responsibility to stop unsafe work if controls are not in place.

Social
We regard our host communities and countries as important partners in our business. Our sustainability policies commit us to transparency in our relationships with host communities, government authorities, the public and other key stakeholders. Through these policies, we commit to conducting our business with integrity and with absolute opposition to corruption. We require our suppliers to operate ethically and responsibly as a condition of doing business with us.

Community and economic development
Our commitment to social and economic development is set out in our overarching Sustainable Development and Social Performance policies. Mining has been identified as vital for the achievement of the United Nations SDGs, not only for its role in providing the minerals needed to enable the transition to a lower carbon intensive economy, but more importantly because of its ability to drive socio-economic development and build resilience. Creating long-term value and sharing economic benefits is at the heart of our approach to sustainability, as well as community development. This approach is encapsulated in three concepts:
The primacy of partnership: this means that we invest in real partnerships with mutual responsibility. Partnerships include local communities, suppliers, governments and organizations, and this approach is epitomized through our CDCs with development initiatives and investments.
Sharing the benefits: We hire and buy local wherever possible as this injects money into and keeps it in our local communities and host countries. By doing this, we build capacity, community resilience and create opportunity. We also invest in community development through our CDCs. Sharing the benefits also means paying our fair share of taxes, royalties and dividends and doing so transparently, primarily through the reporting mechanism of the Canadian Extractive Sector Transparency Measures Act. Our annual Tax Contribution Report, most recently published in May 2024, sets out, in detail, our economic contributions to host governments.
Engaging and listening to stakeholders: We develop tailored stakeholder engagement plans for every operation and the business as a whole. These plans guide and document how often we engage with various stakeholder groups and allow us to proactively deal with issues before they escalate into significant risks.
Our community development spend for 2024 was more than $48 million.

Environment
We know the environment in which we work and our host communities are inextricably linked, and we apply a holistic and integrated approach to sustainability management. We can deliver significant cost savings to our business, reduce future liabilities and help build stronger stakeholder relationships by being responsible stewards of the environment. This includes applying the highest standards of environmental management, using natural resources and energy efficiently, recycling and reducing waste, as well as working to protect biodiversity. Environmental matters such as how we use water, prevent incidents, manage tailings,
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
respond to changing climate and protect biodiversity are key areas of focus.
We maintained our strong track record of stewardship and did not record any Class 19 environmental incidents in 2024.

Climate Change
The ESG & Nominating Committee is responsible for overseeing Barrick’s policies, programs and performance relating to sustainability and the environment, including climate change. The Audit & Risk Committee assists the Board in overseeing the Group’s management of enterprise risks as well as the implementation of policies and standards for monitoring and mitigating such risks. Climate change is built into our formal risk management process, outputs of which are regularly reviewed by the Audit & Risk Committee.
Barrick’s climate change strategy has three pillars: (1) identify, understand and mitigate the risks associated with climate change; (2) measure and reduce our GHG emissions across our operations and value chain; and (3) improve our disclosure on climate change. The three pillars of our climate change strategy do not focus solely on the development of emissions reduction targets, rather, we integrate and consider aspects of biodiversity protection, water management and community resilience in our approach.
We are acutely aware of the impacts that climate change and extreme weather events have on our host communities and countries, particularly developing nations which are often the most vulnerable. As the world economy transitions to renewable power, it is imperative that developing nations are not left behind. As a responsible business, we have focused our efforts on building resilience in our host communities and countries, just as we do for our business. Our climate disclosure is based on the recommendations of the TCFD.

Identify, understand and mitigate the risks associated with climate change
We identify and manage risks, build resilience to a changing climate and extreme weather events, as well as position ourselves for new opportunities. These factors continue to be incorporated into our formal risk assessment process. We have identified several risks and opportunities for our business including: physical impacts of extreme weather events; an increase in regulations that seek to address climate change; and an increase in global investment in innovation and low-carbon technologies.
The risk assessment process includes scenario analysis, which has been rolled out to all our Tier One Gold Assets1, to assess site-specific climate related risks and opportunities. The key findings and a summary of this asset-level physical and transitional risk assessment were disclosed as part of our CDP (formerly known as the Carbon Disclosure Project) Climate Change and Water Security questionnaires, submitted to CDP in October 2024.

Measure and reduce the Group’s impact on climate change
Mining is an energy-intensive business, and we understand the important link between energy use and GHG emissions. By measuring and effectively managing our energy use, we can reduce our GHG emissions, achieve more efficient production and reduce our costs.
We have climate champions at each site who are tasked with identifying roadmaps and assessing feasibility for our GHG emissions reductions and carbon offsets for
hard-to-abate emissions. Any carbon offsets that we pursue must have appropriate socioeconomic and/or biodiversity benefits. We have published an achievable emissions reduction roadmap and continue to assess further reduction opportunities across our operations. The detailed roadmap was first published in our 2021 Sustainability Report and includes committed capital projects and projects under investigation that rely on technological advances, with a progress summary contained in the 2023 Sustainability Report.
We continue to progress our extensive work across our value chain in understanding our Scope 310 (indirect emissions associated with the value chain) emissions and implementing our engagement roadmap to enable our key suppliers to set meaningful and measurable reduction targets, in line with the commitments made through the ICMM Climate Position Paper.

Improve our disclosure on climate change
Our disclosure on climate change, including in our Sustainability Report and on our website, is developed in line with the TCFD recommendations. Barrick continues to monitor the various regulatory climate disclosure standards being developed around the world, including the International Sustainability Standards Board’s S2 Climate-related Disclosures standard. In addition, we complete the annual CDP Climate Change and Water Security questionnaires. This ensures our investor-relevant water use, emissions and climate data is widely available.

Emissions
Barrick’s interim GHG emissions reduction target is for a minimum 30% reduction by 2030 against our 2018 baseline, while maintaining a steady production profile. The basis of this reduction is against a 2018 baseline of 7,541 kt CO2-e.
Our GHG emissions reduction target is grounded in science and has a detailed pathway for achievement. Our target is not static and will be updated as we continue to identify and implement new GHG reduction opportunities.
Ultimately, our vision is net zero GHG emissions by 2050, achieved primarily through GHG reductions, with some offsets for hard-to-abate emissions. Site-level plans to improve energy efficiency, integrate clean and renewable energy sources and reduce GHG emissions will also be strengthened. We plan to supplement our corporate emissions reduction targets with context-based site-specific emissions reduction targets.
During the fourth quarter of 2024, the Group's total Scope 1 and 210 (location-based) GHG emissions were 1,866 kt CO2-e. The preliminary 2024 annual emissions are 7,30511 (location-based), and 5% above 2023 levels due predominantly to the restart of Porgera, and emissions from the TS Power Plant at NGM, which underwent maintenance in Spring of 2023 and reduced 2023’s emissions comparatively.

Water
Water is a vital and increasingly scarce global resource. Managing and using water responsibly is one of the most critical parts of our sustainability strategy. Our commitment to responsible water use is codified in our Environmental Policy and standalone Water Policy. Steady, reliable access to water is critical to the effective operation of our mines. Access to water is also a fundamental human right.
Understanding the water stress in the regions in which we operate enables us to better understand the risks
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
and manage our water resources through site-specific water balances, based on the ICMM Water Accounting Framework, aimed at minimizing our water withdrawal and maximizing water reuse and recycling within our operations.
We include each mine’s water risks in its operational risk register. These risks are then aggregated and incorporated into the Group risk register. Our identified water-related risks include: (1) managing excess water in regions with high rainfall; (2) maintaining access to water in arid areas and regions prone to water scarcity; and (3) regulatory risks related to permitting limits as well as municipal and national regulations for water use.
We set an annual water recycling and reuse target of 80%. Our water recycling and reuse rate for Q4 2024 and the year was approximately 85%.

Tailings
We are committed to having our TSFs meet global best practices for safety. Our TSFs are carefully engineered and regularly inspected, particularly those in regions with high rainfall and seismic events.
We disclosed our conformance to the GISTM for all Extreme and Very High consequence facilities on the Barrick website in August 2023, within the GISTM disclosure timeframe. All of our sites that are classified as Very High or Extreme consequence are in conformance with the GISTM. We continue to progress with our conformance for lower consequence facilities in accordance with the GISTM and disclosures for lower consequence facilities will be completed by August 2025, also in accordance with the GISTM.

Biodiversity
Biodiversity underpins many of the ecosystem services on which our mines and their surrounding communities depend. If improperly managed, mining and exploration activities have the potential to negatively affect biodiversity and ecosystem services. Protecting biodiversity and preventing nature loss is also critical and inextricably linked to the fight against climate change. We work to proactively manage our impact on biodiversity and strive to protect the ecosystems in which we operate. Wherever possible, we aim to achieve a net neutral biodiversity impact, particularly for ecologically sensitive environments.
We continue to work to implement our BAPs. The BAPs outline our strategy to achieve no-net loss for all key biodiversity features and their associated management plans.


Market Overview
The market prices of gold and, to a lesser extent, copper are the primary drivers of our profitability and our ability to generate free cash flow6 for our shareholders.

Gold
The price of gold is subject to volatile price movements over short periods of time and is affected by numerous industry and macroeconomic factors. During 2024, the gold price ranged from $1,984 per ounce to an all-time high of $2,790 per ounce. The average market price for the year of $2,386 per ounce also represented an all-time annual high, and a 23% increase from the 2023 average of $1,941 per ounce.
During the year, the gold price rose strongly, reaching all-time high nominal and average prices, as inflation pressures eased and benchmark interest rates were cut, while the global economic outlook remained
uncertain and geopolitical conflicts persisted. This occurred despite an increase in the trade-weighted US dollar, underscoring gold’s role as a safe haven investment and store of value.

AVERAGE MONTHLY SPOT GOLD PRICES
(dollars per ounce)
ja53e1254ed3e4356835.jpg
Copper
During 2024, London Metal Exchange copper prices traded in a range of $3.69 per pound to an all-time high of $5.04 per pound, averaged $4.15 per pound, and closed the year at $3.95 per pound. Copper prices are heavily influenced by physical demand from emerging markets, especially China.
Copper prices in 2024 were impacted by reductions in benchmark interest rates made possible by a moderation of inflationary pressures along with continued supply disruptions, tempered by an increase in the trade-weighted US dollar.

AVERAGE MONTHLY SPOT COPPER PRICES
(dollars per pound)
jb6bc473318d7425789c.jpg
We have provisionally priced copper sales for which final price determination versus the relevant copper index is outstanding at the balance sheet date. As at December 31, 2024, we recorded 63 million pounds of copper sales still subject to final price settlement at an average provisional price of $4.04 per pound. The impact to net income before taxation of a 10% movement in the market price of copper would be approximately $25 million, holding all other variables constant.

Currency Exchange Rates
The results of our mining operations outside of the United States are affected by fluctuations in exchange rates. We have exposure to the Argentine peso through operating costs at our Veladero mine, and peso denominated VAT receivable balances. We also have exposure to the Canadian and Australian dollars, Chilean peso, Papua New Guinea kina, Zambian kwacha, Tanzanian shilling, Dominican peso, West African CFA franc, Euro, South
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
African rand, and British pound through mine operating and capital costs. In addition, we also have exposure to the Pakistani rupee through project costs and capital costs on Reko Diq.
Fluctuations in these exchange rates increase the volatility of our costs reported in US dollars. In 2024, the Australian dollar traded in a range of $0.62 to $0.69 against the US dollar, while the US dollar against the Canadian dollar and West African CFA franc ranged from $1.32 to $1.45 and XOF 585 to XOF 635, respectively. Due to inflationary pressures in Argentina and the actions of the government, there was a continued weakening of the Argentine peso during the year and it ranged from ARS 810 to ARS 1,031. During 2024, we did not have any currency hedge positions, and are unhedged against foreign exchange exposures as at December 31, 2024 beyond spot requirements.

Fuel
For 2024, the price of WTI crude oil traded in a range between $65 and $88 per barrel, with the market price averaging $76 per barrel, and closing the year at $72 per barrel. Oil prices were impacted by the strength of the trade-weighted US dollar, concerns about global economic growth, managed supply, and geopolitical concerns, including the ongoing invasion of Ukraine by Russia and the conflicts in the Middle East.

AVERAGE MONTHLY SPOT CRUDE OIL PRICE (WTI)
(dollars per barrel)
jdc49693874cb482b986.jpg
During 2024, we did not have any fuel hedge positions, and are unhedged against fuel exposures as at December 31, 2024.

US Dollar Interest Rates
In response to inflationary pressure, the US Federal Reserve raised benchmark interest rates during 2022 and 2023 to a range of 5.25% to 5.50% by the end of 2023. During 2024, as those inflationary pressures eased, benchmark interest rates were cut by a total of 100 bps to a range of 4.25% to 4.50% by the end of the year. Changes to monetary policy in 2025 will be dependent on economic data to be observed during the year.
At present, our interest rate exposure mainly relates to interest income received on our cash balances ($4.1 billion at December 31, 2024); the carrying value of certain non-current assets and liabilities; and the interest payments on our variable-rate debt ($0.1 billion at December 31, 2024). Currently, the amount of interest expense recorded in our consolidated statement of income is not materially impacted by changes in interest rates, because the majority of our debt was issued at fixed interest rates. The relative amounts of variable-rate financial assets and liabilities may change in the future,
depending on the amount of operating cash flow we generate, as well as the level of capital expenditures and our ability to borrow on favorable terms using fixed rate debt instruments. Changes in interest rates affect the accretion expense recorded on our provision for environmental rehabilitation and therefore would affect our net earnings.

Reserves and Resources12
For full details of our mineral reserves and mineral resources, refer to page 83 of the Fourth Quarter 2024 Report.

Gold Reserves and Resources
Barrick’s 2024 gold mineral reserves and resources are estimated using a gold price assumption of $1,400 and $1,900 per ounce, increased from $1,300 and $1700 in 2023 respectively, except at Tongon and Hemlo open pit, where mineral reserves were estimated using a gold price assumption of $1,650 per ounce. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places.
As of December 31, 2024, Barrick’s proven and probable gold mineral reserves were 89 million ounces13 at an average grade of 0.99 g/t, increasing from 77 million ounces14 at an average grade of 1.65 g/t in 2023. Year-over-year, attributable mineral reserves have increased by 17.4 million ounces15 before 2024 depletion of 4.6 million ounces15. The year-on-year change was led by the conversion of Reko Diq resources to mineral reserves, adding 13 million ounces13 of gold at 0.28 g/t on an attributable basis, following the completion of the feasibility study.
Significantly, before the addition of Reko Diq, Barrick delivered a fourth consecutive year of replacing annual depletion at a 4% higher grade, further extending the life of our existing operations. Since year-end 2019, Barrick has successfully delivered replacement of over 180%15 of the Company’s gold mineral reserve depletion, adding almost 46 million ounces15 of attributable proven and probable mineral reserves or 77 million ounces15 of proven and probable mineral reserves on a 100% basis (excluding both acquisitions and divestments).

ATTRIBUTABLE CONTAINED GOLD RESERVES13,14,a
(Moz)
j37315dd1958d4f928f4.jpg
a Figures rounded to two significant digits.

Barrick attributable measured and indicated gold resources for 2024 remain consistent year-on-year at 180 million ounces13 at 1.06 g/t, with a further 41 million ounces13 at 0.9 g/t of inferred resources, up 5% from 2023. Mineral resources are reported inclusive of mineral reserves and
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, whilst inferred mineral resource grades are reported to one decimal place.
Gold mineral reserves in the Africa & Middle East region, after annual depletion, grew to 19 million ounces13 at 3.35 g/t in 2024 from 18.8 million ounces14 at 3.24 g/t in 2023. This was predominantly driven by both Bulyanhulu and Loulo-Gounkoto, with extensions of the high-grade Reef 2 and Yalea underground orebodies respectively, combined with growth of the Faraba open pit. Overall, this delivered a 2.3 million ounce13 increase in attributable proven and probable mineral reserves across the region, before depletion. North Mara also contributed to the strong results through the extension of the Gokona underground and Gena open pit. At Kibali, the ongoing conversion drilling in the 9000 and 11000 lodes in KCD underground replaced 98% of depletion, with ongoing development to establish further underground drill platforms for 2025.
The Latin America & Asia Pacific region replaced 115% of the regional 2024 gold mineral reserve depletion before the addition of Reko Diq. This was led by Pueblo Viejo which added 0.78 million ounces13 to attributable proven and probable mineral reserves before depletion as a result of additional pit design pushbacks unlocked by the additional TSF capacity in the new Naranjo facility. Porgera grew attributable gold mineral reserves by 22% year-on-year with the successful conversion of the open pit Link cutback adjacent to the West Wall cutback.
In North America, the ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and the Reona cut-back in Phoenix, added 1.54 million ounces13 of gold to proven and probable mineral reserves on an attributable basis before annual depletion, which were partially offset by reductions in Cortez driven by metallurgical model updates at Crossroads and Robertson. This resulted in attributable proven and probable mineral reserves for the region of 30 million ounces13 at 2.71 g/t, representing a more than 10% increase in the grade year-over-year (2.45 g/t in 2023) as a result of the high-grade growth additions and reductions of low-grade at Cortez. At the same time, attributable gold measured and indicated mineral resources for the region now stands at 66 million ounces13 at 2.18 g/t, due to the removal of Long Canyon mineral resources, as the site is planned to progress into full closure during 2025. Meanwhile, attributable inferred gold mineral resources for the region grew to 21 million ounces13 at 3.3 g/t, driven by Fourmile’s mineral resource growth in the southernmost portion of the orebody immediately adjacent to the existing Goldrush mine. Looking forward to 2025, Barrick plans to commence prefeasibility-study drilling at Fourmile16, at the end of the first quarter of 2025, targeting continued extension of the mineral resource along strike to the north, while also completing the foundational studies for the planned Bullion Hill northern access portal.


Copper Reserves and Resources
For Barrick-operated assets, copper mineral reserves for 2024 are estimated using a copper price of $3.00 per pound15, consistent with 2023. Copper mineral resources for 2024 are estimated using a price of $4.00 per pound15 also consistent with 2023. Both are reported to a rounding standard of two significant digits, for tonnes and metal content, with grades reported to two decimal places.
Attributable proven and probable copper mineral reserves grew by 224% year-on-year on an attributable basis, at more than 13% higher grade to 18 million tonnes of copper15 at 0.45%, from 5.6 million tonnes of copper15 at 0.39% in 2023. This resulted from the completion of the Lumwana and Reko Diq feasibility studies affirming both as Tier One Copper Projects3. The Lumwana Super Pit Expansion feasibility study added 5.5 million tonnes of copper15 mineral reserves to the project, resulting in proven and probable copper mineral reserves of 8.3 million tonnes of copper15 at 0.52%. The Reko Diq feasibility study added 7.3 million tonnes of copper15 at 0.48% to attributable copper mineral reserves. This represents an addition of more than 20 million tonnes15 of proven and probable copper mineral reserves on a 100% basis since 2023.

ATTRIBUTABLE CONTAINED COPPER RESERVES13,14,a
(M tonnes)
j9847e31ac29b453fb0e.jpg
a Figures rounded to two significant digits.


Barrick’s attributable measured and indicated for 2024 stands at 24 million tonnes of copper13 at 0.39%, with a further 3.9 million tonnes of copper13 at 0.3% of inferred resources, reflecting the conversion and upgrade of copper mineral resources at Lumwana. Mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, whilst inferred mineral resource grades are reported to one decimal place.
2024 mineral reserves and mineral resources are estimated using the combined value of gold, copper and silver. Accordingly, mineral reserves and mineral resources are reported for all assets where copper or silver is produced and sold as a primary product or a by-product.

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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Risks and Risk Management
Overview
The ability to deliver on our vision, strategic objectives and operating guidance depends on our ability to understand and appropriately respond to the uncertainties or “risks” we face that may prevent us from achieving our objectives. To achieve this, we:
■maintain a framework that permits us to manage risk effectively and in a manner that creates the greatest value;
■integrate a process for managing risk into all our important decision-making processes so that we reduce the effect of uncertainty on achieving our objectives;
■actively monitor key controls we rely on to achieve the Company’s objectives so they remain in place and are effective at all times; and
■provide assurance to senior management and relevant committees of the Board on the effectiveness of key control activities.

Board and Committee Oversight
We maintain strong risk oversight practices, with responsibilities outlined in the mandates of the Board and related committees. The Board’s mandate is clear on its responsibility for reviewing and discussing with management the processes used to assess and manage risk, including the identification by management of the principal risks of the business, and the implementation of appropriate systems to deal with such risks.
The Audit & Risk Committee assists the Board in overseeing the Company’s management of principal risks and the implementation of policies and standards for monitoring and modifying such risks, as well as monitoring and reviewing the Company’s financial position and
financial risk management programs. The ESG & Nominating Committee assists the Board in overseeing the Company’s policies and performance for its environmental, health and safety, corporate social responsibility and human rights programs. The Compensation Committee assists the Board in ensuring that executive compensation is appropriately linked to our sustainability performance, including with respect to climate change and water.

Management Oversight
Our weekly Executive Committee Review is the main forum for senior management to raise and discuss risks facing the operations and organization more broadly. Additionally, our most senior management-level body dedicated to sustainability is the E&S Committee which meets on a quarterly basis to review sustainability performance and key performance indicators across our operations. At every quarterly meeting, the ESG & Nominating Committee and the Audit & Risk Committee are provided with updates on the key issues identified by management at these regular sessions.

Principal Risks
The following subsections describe some of our key sources of uncertainty and critical risk mitigation activities. The risks described below are not the only ones facing Barrick. Our business is subject to inherent risks in financial, regulatory, strategic and operational areas. For a more comprehensive discussion of those inherent risks, see “Risk Factors” in our most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities. Also see the “Cautionary Statement on Forward-Looking Information” on page 2 of this MD&A.

Risk Factor Risk Mitigation Strategy
Free cash flow6 and costs
Our ability to improve productivity, drive down operating costs and optimize working capital remains a focus in 2025 and is subject to several sources of uncertainty. This includes our ability to achieve and maintain industry-leading margins by improving the productivity and efficiency of our operations.
■Maximizing the benefit of higher gold prices through agile management and operational execution;
■Weekly Executive Committee Review to identify, assess and respond to risks in a timely manner;
■Enabling simplification and agile decision making through optimization of business systems;
■Supply Chain is decentralized to the operations with a centralized Strategic Sourcing Group and is focused on mitigating the risks of rising costs and supply chain disruption;
■Disciplined capital allocation criteria for all investments, to ensure a high degree of consistency and rigor is applied to all capital allocation decisions based on a comprehensive understanding of risk and reward;
■Continued enhancement and testing of controls to prevent, detect and respond to potential cyber-attacks; and
■A flat, operationally focused, agile management structure with a tenet in ownership culture.
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Risk Factor Risk Mitigation Strategy
Social license to operate
At Barrick, we are committed to building, operating and closing our mines in a safe and responsible manner. To do this, we seek to build trust-based partnerships with host governments and local communities to drive shared long-term value while working to minimize the social and environmental impacts of our activities. Geopolitical risks such as resource nationalism and incidents of corruption are inherent in the business of a company operating globally. Past environmental incidents in the extractive industry highlight the hazards (e.g., water management, tailings storage facilities, etc.) and the potential consequences to the environment, community health and safety. Our ability to maintain compliance with regulatory and community obligations in order to protect the environment and our host communities alike remains one of our top priorities. Barrick also recognizes climate change as an area of risk requiring specific focus and that reducing GHG emissions to counter the causes of climate change requires strong collective action by the mining industry.
■Our commitment to responsible mining is supported by a robust governance framework, including an overarching Sustainable Development Policy and related policies in the areas of Biodiversity, Conflict-Free Gold, Social Performance, Occupational Health and Safety, Environment and Human Rights;
■Use of our Sustainability Scorecard to track sustainability performance using key performance indicators aligned to priority areas set out in our strategy;
■Mandatory training on our Code of Business Conduct and Ethics as well as supporting policies which set out the ethical behavior expected of everyone working at, or with, Barrick;
■We take a partnership approach with our host governments. This means we work to balance our own interests and priorities with those of our government partners, working to ensure that everyone derives real value from our operations;
■Standalone, independent Human Rights Assessment Program whereby each site is assessed on a periodic cycle of two to three years, depending on the risk level and the number and level of identified risks to the rightsholder;
■Established CDCs at all our operating mines to identify community needs and priorities and to allocate funds to those initiatives most needed and desired by local stakeholders;
■We open our social and environmental performance to third-party scrutiny, including through the ISO 14001 re-certification process, International Cyanide Management Code audits and annual human rights impact assessments;
■We published site-level TSF disclosures, in accordance with Principle 15 of the GISTM, for all of the Company’s facilities classified as ‘Very High’ and ‘Extreme’ consequence, in conformance with the requirements of the GISTM;
■Our climate change strategy has three pillars: identify, understand and mitigate the risks associated with climate change; measure and reduce our impacts on climate change; and improve our disclosure on climate change;
■We continuously monitor developments around the world and work closely with our local communities on managing the impacts of health issues, such as Ebola or Mpox outbreaks, on our people and business; and
■We continuously review and update our closure plans and cost estimates to plan for environmentally responsible closure and monitoring of operations.
Resources and reserves and production outlook
Like any mining company, we face the risk that we are unable to discover or acquire new resources or that we do not convert resources into production. As we move into 2025 and beyond, our overriding objective of growing free cash flow6 continues to be underpinned by a strong pipeline of organic projects and minesite expansion opportunities in our core regions. Uncertainty related to these and other opportunities exists (potentially both favorable and unfavorable) due to the speculative nature of mineral exploration and development as well as the potential for increased costs, delays, suspensions and technical challenges associated with the construction of capital projects.
■Focus on responsible mineral resource management, continuously improve ore body knowledge and add to reserves and resources;
■Consolidate and secure dominant land positions in favored operating districts and emerging new prospective geological domains;
■Focus on economically feasible discoveries with potential Tier One1,3 status;
■Optimize the value of underdeveloped projects;
■Establish and develop motivated and highly agile discovery-driven teams; and
■Identify emerging opportunities and secure them through earn-in agreements or acquisition.
Financial position and liquidity
Our liquidity profile, level of indebtedness and credit ratings are all factors in our ability to meet short- and long-term financial demands. Barrick’s outstanding debt balances impact liquidity through scheduled interest and principal repayments and the results of leverage ratio calculations, which could influence our investment grade credit ratings and ability to access capital markets. In addition, our ability to draw on our credit facility is subject to meeting its covenants. Our primary source of liquidity is our operating cash flow, which is dependent on the ability of our operations to deliver projected future cash flows. The ability of our operations to deliver projected future cash flows, as well as future changes in gold and copper market prices, either favorable or unfavorable, will continue to have a material impact on our cash flow and liquidity.
■Continued focus on generating positive free cash flow6 by improving the underlying cost structures of our operations in a sustainable manner;
■Preparation of budgets and forecasts to understand the impact of different price scenarios on liquidity, including our capacity to provide cash returns to shareholders, repurchase outstanding debt and shares, and formulate appropriate strategies;
■Review of debt and net debt levels to ensure appropriate leverage and monitor the market for liability management opportunities; and
■Other options available to the Company to enhance liquidity include drawing on our $3.0 billion undrawn Credit Facility, asset sales, joint ventures or the issuance of debt or equity securities.
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 MANAGEMENT’S DISCUSSION AND ANALYSIS

Operating Performance
Our presentation of reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments, including our remaining gold and copper mines, have been grouped into an “Other Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.

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

Summary of Operating and Financial Data
For the three months ended  For the  years ended
  12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Total tonnes mined (000s) 36,023  38,111  (5)% 155,626  167,641  (7)% 170,302 
    Open pit ore 4,428  5,002  (11)% 19,541  29,797  (34)% 24,540 
    Open pit waste 29,971  31,639  (5)% 130,049  132,323  (2)% 140,245 
     Underground 1,624  1,470  10% 6,036  5,521  9% 5,517 
Average grade (grams/tonne)
    Open pit mined 1.45  1.17  24% 1.11  1.03  8% 1.27 
    Underground mined 8.51  8.46  1% 8.47  8.99  (6)% 8.96 
     Processed 3.43  2.91  18% 2.84  1.98  43% 2.50 
Ore tonnes processed (000s) 5,609  5,125  9% 23,959  35,590  (33)% 34,873 
    Oxide mill 2,006  1,970  2% 8,266  9,624  (14)% 11,964 
    Roaster 1,407  1,191  18% 5,293  4,993  6% 5,506 
     Autoclave 1,056  945  12% 4,235  3,636  16% 4,341 
    Heap leach 1,140  1,019  12% 6,165  17,337  (64)% 13,062 
Recovery rateb
 81  % 83  % (2)% 82  % 83  % (1)% 78  %
    Oxide Millb
 80  % 78  % 3% 79  % 79  % 0% 73  %
     Roaster 84  % 86  % (2)% 85  % 86  % (1)% 86  %
    Autoclave 74  % 82  % (10)% 79  % 82  % (4)% 67  %
Gold produced (000s oz) 444  385  15% 1,650  1,865  (12)% 1,862 
    Oxide mill 99  75  32% 331  411  (19)% 350 
     Roaster 228  198  15% 850  891  (5)% 972 
    Autoclave 103  91  13% 373  386  (3)% 357 
    Heap leach 14  21  (33)% 96  177  (46)% 183 
Gold sold (000s oz) 435  387  12% 1,646  1,860  (12)% 1,856 
Revenue ($ millions) 1,177   1,008  17% 4,069   3,721  9% 3,428 
Cost of sales ($ millions) 643  612  5% 2,459  2,528  (3)% 2,275 
Income ($ millions) 525  383  37% 1,567  1,145  37% 1,144 
EBITDA ($ millions)c
 658  500  32% 2,070  1,736  19% 1,695 
EBITDA margind
 56  % 50  % 12% 51  % 47  % 9% 49  %
Capital expenditurese ($ millions)
 173  193  (10)% 820  864  (5)% 707 
    Minesite sustainingc
 133  154  (14)% 670  654  2% 584 
    Projectc,f
 40  38  5% 146  206  (29)% 123 
Cost of sales ($/oz) 1,468  1,553  (5)% 1,478  1,351  9% 1,210 
Total cash costs ($/oz)c
 1,121  1,205  (7)% 1,126  989  14% 876 
All-in sustaining costs ($/oz)c
 1,453   1,633  (11)% 1,561   1,366  14% 1,214 
a.Barrick is the operator of NGM and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. NGM is accounted for as a subsidiary with a 38.5% non-controlling interest. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon until it transitioned to care and maintenance at the end of 2023, as previously reported.
b.Excludes the Gold Quarry (Mill 5) concentrator (decommissioned at the end of Q1 2023).
c.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.
d.Represents EBITDA divided by revenue.
e.Includes capitalized interest.
f.Includes amounts spent on the NGM TS Solar project.

NGM includes Carlin, Cortez, Turquoise Ridge, Phoenix and non-mine site related activity such as the TS Solar Project. Barrick is the operator of the joint venture and owns 61.5%, with Newmont owning the remaining 38.5%. Refer to pages 22 to 27 and 37 for a detailed discussion of each minesite’s results.
BARRICK YEAR-END 2024
21
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Carlin (61.5% basis), Nevada USA

Summary of Operating and Financial Data
For the three months ended For the years ended
   12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Total tonnes mined (000s) 15,494  14,469  7% 61,273  71,059  (14)% 67,971 
Open pit ore 637  1,013  (37)% 2,867  4,067  (30)% 6,424 
Open pit waste 13,954  12,613  11% 54,960  63,836  (14)% 58,267 
Underground 903  843  7% 3,446  3,156  9% 3,280 
Average grade (grams/tonne)
Open pit mined 1.54  1.65  (7)% 1.69  2.38  (29)% 2.09 
Underground mined 7.54  7.63  (1)% 7.65  7.97  (4)% 8.03 
Processed 4.58  4.47  2% 4.30  4.51  (5)% 3.60 
Ore tonnes processed (000s) 1,544  1,505  3% 6,657  7,256  (8)% 11,485 
Oxide mill 0  0  0% 0  377  (100)% 2,448 
Roaster 1,056  994  6% 4,401  4,350  1% 4,528 
Autoclave 488  511  (5)% 2,256  1,385  63% 2,175 
Heap leach 0  0  0% 0  1,144  (100)% 2,334 
Recovery ratea
 78  % 84  % (7)% 81  % 83  % (2)% 78  %
Roaster 84  % 86  % (2)% 84  % 85  % (1)% 85  %
Autoclave 41  % 72  % (43)% 64  % 72  % (11)% 44  %
Gold produced (000s oz) 186  182  2% 775  868  (11)% 966 
Oxide mill 0  0  0% 0  4  (100)% 48 
Roaster 167  160  4% 669  745  (10)% 780 
Autoclave 15  18  (17)% 86  87  (1)% 91 
Heap leach 4  4  0% 20  32  (38)% 47 
Gold sold (000s oz) 185  183  1% 777  865  (10)% 968 
Revenue ($ millions) 492  466  6% 1,870  1,697  10% 1,752 
Cost of sales ($ millions) 277  277  0% 1,125  1,100  2% 1,063 
Income ($ millions) 210  186  13% 730  577  27% 685 
EBITDA ($ millions)b
 256  229  12% 919  770  19% 877 
EBITDA marginc
 52  % 49  % 6% 49  % 45  % 9% 50  %
Capital expenditures ($ millions) 90  104  (13)% 449  375  20% 306 
    Minesite sustainingb
 74  91  (19)% 408  373  9% 306 
     Projectb
 16  13  23% 41  2  1950% 0 
Cost of sales ($/oz) 1,489  1,478  1% 1,429  1,254  14% 1,069 
Total cash costs ($/oz)b
 1,240  1,249  (1)% 1,187  1,033  15% 877 
All-in sustaining costs ($/oz)b
 1,657  1,771  (6)% 1,730  1,486  16% 1,212 
a.Excludes the Gold Quarry (Mill 5) concentrator (decommissioned at the end of Q1 2023).
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.
c. Represents EBITDA divided by revenue.

Safety and Environment

For the three months ended For the year ended
12/31/24 9/30/24 12/31/24 12/31/23
LTI 0 0 3 7
LTIFR8
 0.00 0.00 0.3 0.77
TRIFR8
 1.59 1.53 2.33 2.09
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2024 compared to Q3 2024
Gold production in Q4 2024 was 2% higher compared to Q3 2024 primarily due to 6% higher tonnes processed at the Gold Quarry roaster as a result of the planned shutdown in the prior quarter to complete phase 2 of the roaster expansion project. Additionally, underground ore tonnes mined increased 7% compared to the prior quarter resulting
in higher processed grades. This was partially offset by lower ounces produced at the Goldstrike autoclave due to lower recoveries owing to the ore chemistry of historic stockpiles processed during the quarter.
Cost of sales per ounce7 and total cash costs per ounce6 in Q4 2024 were in line with the prior quarter. In Q4 2024, all-in sustaining costs per ounce6 were 6% lower compared to Q3 2024, mainly due to lower minesite sustaining capital expenditures6.
Capital expenditures in Q4 2024 were 13% lower than Q3 2024, driven in large part by the Gold Quarry shutdown that occurred in the prior quarter, partially offset by higher capitalized stripping at South Arturo. This was partially offset by an increase in project capital expenditures6, relating to the continuation of dewatering and detailed engineering associated with the Ren project.



BARRICK YEAR-END 2024
22
 MANAGEMENT’S DISCUSSION AND ANALYSIS
2024 compared to 2023
Gold production in 2024 was 11% lower compared to 2023, mainly due to a combination of lower grades processed, lower recoveries and the reduction in open pit ore mined as a result of the wall failure in the Gold Quarry open pit in Q1 2024. This was further impacted by a higher proportion of higher grade Cortez refractory ore processed at the Carlin roasters compared to 2023 which displaced lower grade Carlin feed (noting that overall production for NGM was maximized as a result of these ore movements between the two sites). These factors were partially offset by higher underground tonnes mined and processed in 2024. Gold production was also impacted by higher throughput at the autoclave as the conversion from RIL to CIL occurred in 2023. Finally, heap leach production was lower for 2024 owing to the leach cycle with no tonnes placed on leach pads in 2024.
Cost of sales per ounce7 and total cash costs per ounce6 for 2024 were 14% and 15% higher, respectively, than 2023, primarily due to the lower grades processed and lower recoveries, combined with lower capitalized stripping driven by less waste tonnes mined at both Gold Quarry and South Arturo, which was in pre-production stripping in 2023. For 2024, all-in sustaining costs per ounce6 were 16% higher than 2023, due to the impact of higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6. All cost metrics were also impacted by higher royalties from the higher realized gold price6 (the average realized price was $449/oz higher in 2024 relative to 2023).


Capital expenditures in 2024 increased by 20% from 2023 resulting from higher minesite sustaining capital expenditures6 driven primarily by the purchase of the Komatsu-930 truck fleet. This was combined with an increase in project capital expenditures6, driven by the commencement of dewatering and detailed engineering associated with the Ren project in late 2023.

2024 compared to Guidance

2024 Actual 2024 Guidance
Gold produced (000s oz) 775 800 - 880
Cost of sales7 ($/oz)
 1,429 1,270 - 1,370
Total cash costs6 ($/oz)
 1,187  1,030 - 1,110
All-in sustaining costs6 ($/oz)
 1,730  1,450 - 1,530

Gold production for 2024 was below the guidance range, impacted primarily by the previously disclosed pit wall failure in the Gold Quarry open pit in Q1 2024, combined with increased ounces from Cortez processed at the Carlin roasters, to the overall benefit of NGM. The pit wall failure was also a key driver of cost of sales per ounce7 and total cash costs per ounce6 being above the guidance range through both lower production and higher mining costs resulting from longer haul distances. In addition, costs were higher due to higher maintenance costs underground and at the process facilities. All-in sustaining costs per ounce6 were higher than guidance, mainly driven by higher total cash costs per ounce6 and higher minesite sustaining capital expenditures. All cost metrics were also impacted by higher royalties from the higher realized gold price6 (guidance was based on a gold price assumption of $1,900/oz).
BARRICK YEAR-END 2024
23
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Cortez (61.5% basis)a, Nevada USA

Summary of Operating and Financial Data
For the three months ended For the years ended
   12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Total tonnes mined (000s) 14,407  17,292  (17)% 67,928  70,570  (4)% 72,551 
    Open pit ore 1,002  1,421  (29)% 5,499  14,991  (63)% 7,096 
    Open pit waste 12,911  15,445  (16)% 60,666  54,133  12% 64,136 
     Underground 494  426  16% 1,763  1,446  22% 1,319 
Average grade (grams/tonne)
    Open pit mined 2.40  1.60  50% 1.31  0.78  68% 1.11 
    Underground mined 7.28  7.13  2% 7.86  9.54  (18)% 9.76 
     Processed 3.41  2.25  52% 2.30  1.37  68% 2.06 
Ore tonnes processed (000s) 1,293  1,542  (16)% 6,613  15,741  (58)% 8,706 
    Oxide mill 596  567  5% 2,433  2,504  (3)% 2,510 
    Roaster 351  197  78% 892  643  39% 978 
    Heap leach 346  778  (56)% 3,288  12,594  (74)% 5,218 
Recovery rate 83  % 82  % 1% 83  % 84  % (1)% 80  %
    Oxide Mill 81  % 79  % 3% 80  % 82  % (2)% 74  %
    Roaster 85  % 87  % (2)% 87  % 88  % (1)% 87  %
Gold produced (000s oz) 125  98  28% 444  549  (19)% 450 
    Oxide mill 55  44  25% 193  273  (29)% 183 
    Roaster 61  37  65% 178  143  24% 192 
    Heap leach 9  17  (47)% 73  133  (45)% 75 
Gold sold (000s oz) 120  99  21% 441  548  (20)% 449 
Revenue ($ millions) 318   252  26% 1,061   1,068  (1)% 809 
Cost of sales ($ millions) 169  152  11% 619  722  (14)% 522 
Income ($ millions) 147  98  50% 433  333  30% 277 
EBITDA ($ millions)b
 188  132  42% 589  557  6% 432 
EBITDA marginc
 59  % 52  % 13% 56  % 52  % 8% 53  %
Capital expenditures ($ millions) 64  59  8% 249  260  (4)% 251 
    Minesite sustainingb
 40  35  14% 159  191  (17)% 187 
     Projectb
 24  24  0% 90  69  30% 64 
Cost of sales ($/oz) 1,405  1,526  (8)% 1,402  1,318  6% 1,164 
Total cash costs ($/oz)b
 1,064  1,180  (10)% 1,046  906  15% 815 
All-in sustaining costs ($/oz)b
 1,431   1,570  (9)% 1,441   1,282  12% 1,258 
a.Includes Goldrush
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.
c.Represents EBITDA divided by revenue.

Safety and Environment
For the three months ended For the year ended
12/31/24 9/30/24 12/31/24 12/31/23
LTI 0 0 1 3
LTIFR8
 0.00 0.00 0.23 0.70
TRIFR8
 0.86 2.79 1.6 1.64
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2024 compared to Q3 2024
Gold production in Q4 2024 was 28% higher compared to Q3 2024. This was mainly driven by higher ore tonnes from both Cortez Hills underground and Goldrush transported and processed at the Carlin roasters, combined with higher tonnes and higher grades from Cortez pits and increased Cortez Hills underground tonnes processed at the Cortez oxide mill, partially offset by lower leach ore tonnes placed resulting in lower leach production.
Cost of sales per ounce7 and total cash costs per ounce6 in Q4 2024 were 8% and 10% lower, respectively, than Q3 2024, driven by the increased production and higher grade processed, partially offset by a higher proportion of higher-cost refractory ounces in the sales mix. In Q4 2024, all-in sustaining costs per ounce6 were 9% lower than Q3 2024, mainly due to lower total cash costs per ounce6 and lower minesite sustaining capital expenditures6 on a per ounce sold basis.
Capital expenditures in Q4 2024 were 8% higher compared to Q3 2024, mainly due to higher minesite sustaining capital expenditures6, which was driven by increased underground development.

BARRICK YEAR-END 2024
24
 MANAGEMENT’S DISCUSSION AND ANALYSIS
2024 compared to 2023
Gold production in 2024 was 19% lower than 2023 resulting from a combination of less leach ore mined at the Crossroads open pit as well as less oxide ore mined from Cortez Hills underground, in line with the mine sequence. This resulted in lower grade oxide ore processed at the oxide mill and a decrease in tonnes placed on the leach pad. This was partially offset by an increase in refractory ore shipped and processed at the Carlin roasters.
Cost of sales per ounce7 and total cash costs per ounce6 in 2024 were 6% and 15% higher, respectively, than 2023, reflecting a higher proportion of higher cost refractory ounces processed at the Carlin roasters in the sales mix. For 2024, all-in sustaining costs per ounce6 increased by 12% compared to 2023, driven by higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6 on a per ounce sold basis. All cost metrics were also impacted by higher royalties from the higher gold realized price6.
Capital expenditures in 2024 decreased by 4% compared to 2023, due to lower minesite sustaining capital expenditures6 as the Komatsu 930-E truck fleet was primarily purchased in 2023. This was partially offset by increased project capital expenditures6 due to increased development and exploration activities at Goldrush.


2024 compared to Guidance
2024 Actual 2024 Guidance
Gold produced (000s oz) 444 380 - 420
Cost of sales7 ($/oz)
 1,402  1,460 - 1,560
Total cash costs6 ($/oz)
 1,046 1,040 - 1,120
All-in sustaining costs6 ($/oz)
 1,441  1,390 - 1,490

Gold production for 2024 was above the guidance range, primarily due to higher than forecasted refractory ore shipped and processed at the Carlin roasters, to the overall benefit of NGM. Cost of sales per ounce7 was below the guidance range while total cash costs per ounce6 were at the low end of the guidance range primarily due to the higher production, partially offset by a higher proportion of refractory ounces in the sales mix. All-in sustaining costs per ounce6 were at the mid-point of the guidance as lower total cash costs per ounce6 were partially offset by increased capitalized stripping at Crossroads. All cost metrics were also impacted by higher royalties from the higher gold realized price6.
BARRICK YEAR-END 2024
25
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Turquoise Ridge (61.5%), Nevada USA

Summary of Operating and Financial Data
For the three months ended For the years ended
12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Total tonnes mined (000s) 282  758  (63)% 2,339  919  155% 1,053 
Open pit ore 50  82  (39)% 132  0  100% 131 
Open pit waste 5  475  (99)% 1,380  0  100% 4 
Underground 227  201  13% 827  919  (10)% 918 
Average grade (grams/tonne)
Open pit mined 1.07  1.36  (21) % 1.25  n/a n/a 1.13 
Underground mined 13.71  13.89  (1)% 12.50  11.28  11% 11.08 
Processed 5.23  5.69  (8)% 4.86  4.34  12% 4.26 
Ore tonnes processed (000s) 651  503  29% 2,268  2,608  (13)% 2,541 
Oxide Mill 83  69  20% 289  357  (19)% 329 
Autoclave 568  434  31% 1,979  2,251  (12)% 2,166 
Heap leach 0  0  0% 0  0  0% 46 
Recovery Rate 85  % 84  % 1% 85  % 86  % (1)% 81  %
Oxide Mill 85  % 82  % 4% 84  % 85  % (1)% 84  %
Autoclave 85  % 84  % 1% 85  % 86  % (1)% 81  %
Gold produced (000s oz) 94  76  24% 304  316  (4)% 282 
Oxide Mill 5  3  67% 14  14  0% 10 
Autoclave 88  73  21% 287  299  (4)% 266 
Heap leach 1  0  100% 3  3  0% 6 
Gold sold (000s oz) 89  77  16% 298  318  (6)% 278 
Revenue ($ millions) 237  192  23% 724  620  17% 501 
Cost of sales ($ millions) 132  129  2% 481  444  8% 398 
Income ($ millions) 104  61  70% 238  172  38% 98 
EBITDA ($ millions)a
 137  90  52% 348  288  21% 208 
EBITDA marginb
 58  % 47  % 23% 48  % 46  % 4% 42  %
Capital expenditures ($ millions) 12  16  (25)% 63  67  (6)% 97 
    Minesite sustaininga
 12  16  (25)% 62  61  2% 67 
     Projecta
 0  0  0% 1  6  (83)% 30 
Cost of sales ($/oz) 1,491  1,674  (11)% 1,615  1,399  15% 1,434 
Total cash costs ($/oz)a
 1,107  1,295  (15)% 1,238  1,026  21% 1,035 
All-in sustaining costs ($/oz)a
 1,260  1,516  (17)% 1,466  1,234  19% 1,296 
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.
b.Represents EBITDA divided by revenue.

Safety and Environment
For the three months ended For the year ended
12/31/24 9/30/24 12/31/24 12/31/23
LTI 2 0 3 5
LTIFR8
 2.84 0.00 1.05 1.99
TRIFR8
 5.68 4.06 3.5 3.98
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2024 compared to Q3 2024
Gold production in Q4 2024 was 24% higher than Q3 2024, mainly due to 31% higher tonnes processed at the Sage autoclave as a result of the planned shutdown in the prior quarter combined with 13% higher underground ore tonnes mined owing to improved mining efficiencies.
Cost of sales per ounce7 and total cash costs per ounce6 in Q4 2024 were 11% and 15% lower, respectively, than Q3 2024, primarily due to higher production, combined with lower maintenance spend, primarily at the Sage autoclave as there was a planned shutdown in the prior
quarter. All-in sustaining costs per ounce6 were 17% lower than Q3 2024, mainly reflecting lower total cash costs per ounce6, combined with lower minesite sustaining capital expenditures6.
Capital expenditures in Q4 2024 were 25% lower than Q3 2024, mainly due to lower open pit equipment upgrades, partially offset by increased underground mobile equipment purchases.

2024 compared to 2023
Gold production in 2024 was 4% lower compared to 2023, primarily due to lower underground ore tonnes mined as the first half of 2024 was primarily focused on backfill and development to set up the mine to operate on a more efficient and cost effective basis going forward. Tonnes processed were 13% lower in 2024 compared to 2023 as there was an additional planned shutdown at the autoclave this year in order to perform reengineering and repairs to set up the autoclave for improved reliability and increased throughput in the future.
Cost of sales per ounce7 and total cash costs per ounce6 in 2024 were 15% and 21% higher, respectively,
BARRICK YEAR-END 2024
26
 MANAGEMENT’S DISCUSSION AND ANALYSIS
than 2023, due to the additional autoclave shutdown in the current year and increased backfill and development activity at the Turquoise Ridge underground mine in the first half of 2024. All-in sustaining costs per ounce6 increased by 19% compared to 2023 due to higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6 driven in large part by the Juniper tailings dam construction and the CIL tank upgrades. All cost metrics were also impacted by higher royalties from the higher realized gold price6.

2024 compared to Guidance

2024 Actual 2024 Guidance
Gold produced (000s oz) 304 330 - 360
Cost of sales7 ($/oz)
 1,615  1,230 - 1,330
Total cash costs6 ($/oz)
 1,238 850 - 930
All-in sustaining costs6 ($/oz)
 1,466  1,090 - 1,190


Gold production in 2024 was below the guidance range as the improvements in stabilizing the processing plant and increasing underground production in H2 took longer than planned. Cost of sales per ounce7 and total cash costs per ounce6 were consequently above the guidance range compounded further by higher than planned maintenance costs both on underground infrastructure and at the Sage autoclave. All-in sustaining costs per ounce6 were also above the guidance range as higher total cash costs per ounce6 were partially offset by lower than planned minesite sustaining capital expenditures6. All cost metrics were also impacted by higher royalties from the higher realized gold price6.
BARRICK YEAR-END 2024
27
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Pueblo Viejo (60% basis)a, Dominican Republic

Summary of Operating and Financial Data
For the three months ended For the years ended
  12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Open pit tonnes mined (000s) 1,419  3,021  (53)% 10,885  18,074  (40)% 19,754 
Open pit ore 1,128  2,029  (44)% 5,879  7,794  (25)% 6,820 
Open pit waste 291  992  (71)% 5,006  10,280  (51)% 12,934 
Average grade (grams/tonne)
Open pit mined 1.94  2.21  (12)% 2.12  2.05  3% 2.23 
Processed 2.31  2.58  (10)% 2.46  2.39  3% 2.68 
Autoclave ore tonnes processed (000s) 1,377  1,605  (14)% 5,730  5,332  7% 5,669 
Recovery rate 79  % 78  % 1% 79  % 81  % (2)% 87  %
Gold produced (000s oz) 93  98  (5)% 352  335  5% 428 
Gold sold (000s oz) 94  96  (2)% 351  335  5% 426 
Revenue ($ millions) 251  241  4% 851  670  27% 776 
Cost of sales ($ millions) 158  140  13% 553  475  16% 482 
Income ($ millions) 90  98  (8)% 286  187  53% 265 
EBITDA ($ millions)b
 144  144  0% 462  341  35% 411 
EBITDA marginc
 57  % 60  % (5)% 54  % 51  % 6% 53  %
Capital expenditures ($ millions)d
 40  38  5% 195  236  (17)% 351 
    Minesite sustainingb
 27  24  13% 108  117  (8)% 124 
     Projectb
 10  12  (17)% 62  119  (48)% 227 
Cost of sales ($/oz) 1,679  1,470  14% 1,576  1,418  11% 1,132 
Total cash costs ($/oz)b
 1,030  957  8% 1,005  889  13% 725 
All-in sustaining costs ($/oz)b
 1,325  1,221  9% 1,323  1,249  6% 1,026 
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 59 to 75 of this MD&A.
c.Represents EBITDA divided by revenue.
d.Starting in the first quarter of 2024, this amount includes capitalized interest.

Safety and Environment
For the three months ended For the year ended
12/31/24 9/30/24 12/31/24 12/31/23
LTI 0 0 0 0
LTIFR8
 0.00 0.00 0.00 0.00
TRIFR8
 0.56 0.00 0.54 0.82
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2024 compared to Q3 2024
Gold production for Q4 2024 was 5% lower than Q3 2024 due to lower grades processed as per the mine plan and lower throughput caused by failures in the limestone circuit. This was partially offset by drawdown of CIL inventory relative to the end of Q3 and improved recoveries in the flotation circuit.
Cost of sales per ounce7 and total cash costs per ounce6 for Q4 2024 were 14% and 8% higher, respectively, than Q3 2024 primarily due to the lower grades processed, partially offset by lower mining costs, lower electricity input prices and lower plant maintenance costs. In addition, cost of sales per ounce7 was further impacted by higher depreciation expense. For Q4 2024, all-in sustaining costs per ounce6 were 9% higher than Q3 2024, reflecting the higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6.
Capital expenditures for Q4 2024 increased by 5% compared to Q3 2024 due to higher minesite sustaining capital expenditures6 following the execution of projects to improve the process plant throughput and recoveries. This was partially offset by lower project capital expenditures on the Naranjo TSF.

2024 compared to 2023
Gold production for 2024 was 5% higher than 2023, mainly due to higher tonnes processed as a result of the ramp-up of the expanded plant. This was partially offset by lower recoveries as a result of the flotation circuit commissioning.
Cost of sales per ounce7 and total cash costs per ounce6 for 2024 increased by 11% and 13%, respectively, compared to 2023, primarily due to higher electricity consumption, higher plant maintenance costs and higher gas prices. This was partially offset by increased production and lower mining costs. For 2024, all-in sustaining costs per ounce6 increased by 6% compared to 2023, mainly reflecting higher total cash costs per ounce6, partially offset by lower minesite sustaining capital expenditures6. All cost metrics were also impacted by higher royalties from the higher realized gold price6.
Capital expenditures for 2024 decreased by 17% compared to 2023, mainly due to lower project capital expenditures6 incurred on the plant expansion as construction was substantially completed in 2023.


BARRICK YEAR-END 2024
28
 MANAGEMENT’S DISCUSSION AND ANALYSIS
2024 compared to Guidance

2024 Actual 2024 Guidance
Gold produced (000s oz) 352 420 - 490
Cost of sales7 ($/oz)
 1,576  1,340 - 1,440
Total cash costs6 ($/oz)
 1,005 830 - 910
All-in sustaining costs6 ($/oz)
 1,323  1,100 - 1,200


Gold production in 2024 was lower than the guidance range mainly due to ramp-up issues which hindered our ability to increase throughput. This included mill failures, lower flotation plant availability, lower limestone production and unplanned maintenance at the autoclaves. All cost metrics were higher than the guidance ranges mainly due to the impact of lower production. All cost metrics were also impacted by higher royalties from the higher realized gold price6.

BARRICK YEAR-END 2024
29
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Loulo-Gounkoto (80% basis)a, Mali

Summary of Operating and Financial Data
For the three months ended For the years ended
   12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Total tonnes mined (000s) 10,476  8,962  17% 36,447  28,200  29% 30,845 
    Open pit ore 510  233  119% 894  1,240  (28)% 2,989 
    Open pit waste 9,004  7,807  15% 31,778  23,353  36% 24,560 
     Underground 962  922  4% 3,775  3,607  5% 3,296 
Average grade (grams/tonne)
    Open pit mined 1.80  1.99  (10)% 1.81  2.98  (39)% 2.29 
    Underground mined 7.03  4.54  55% 5.74  5.04  14% 4.58 
     Processed 5.13  4.80  7% 4.73  4.61  3% 4.59 
Ore tonnes processed (000s) 1,050  1,016  3% 4,163  4,049  3% 4,069 
Recovery rate 90  % 92  % (2)% 91  % 91  % 0% 91  %
Gold produced (000s oz) 156  144  8% 578  547  6% 547 
Gold sold (000s oz) 47  135  (65)% 459  546  (16)% 548 
Revenue ($ millions) 127  337  (62)% 1,076  1,068  1% 989 
Cost of sales ($ millions) 65  170  (62)% 558  653  (15)% 631 
Income (loss) ($ millions) (13) 161  (108)% 420  388  8% 342 
EBITDA ($ millions)b
 9  214  (96)% 598  585  2% 547 
EBITDA marginc
 7  % 64  % (89)% 56  % 55  % 2% 55  %
Capital expendituresd ($ millions)
 86  82  5% 307  300  2% 258 
    Minesite sustainingb
 58  56  4% 215  177  21% 152 
     Projectb
 27  26  4% 91  123  (26)% 106 
Cost of sales ($/oz) 1,397  1,257  11% 1,218  1,198  2% 1,153 
Total cash costs ($/oz)b
 923  865  7% 828  835  (1)% 778 
All-in sustaining costs ($/oz)b
 2,136  1,288  66% 1,304  1,166  12% 1,076 
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 59 to 75 of this MD&A.
c. Represents EBITDA divided by revenue.
d.Includes capitalized interest.

Safety and Environment
For the three months ended For the year ended
12/31/24 9/30/24 12/31/24 12/31/23
LTI 0 0 1 1
LTIFR8
 0.00 0.00 0.05 0.06
TRIFR8
 0.19 0.00 0.29 0.45
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2024 compared to Q3 2024
Gold production for Q4 2024 was 8% higher than Q3 2024, mainly due to higher throughput and higher grades processed. Gold sold was 65% lower than Q3 2024, reflecting the restrictions placed by the Government of Mali during Q4 2024 on our ability to ship and sell gold.
Cost of sales per ounce7 and total cash costs per ounce6 for Q4 2024 were 11% and 7% higher, respectively, than Q3 2024, primarily due to the impact of higher underground costs driven by more tonnes mined. For Q4 2024, all-in sustaining costs per ounce6 increased by 66% compared to Q3 2024, primarily due to higher minesite sustaining capital expenditures6 on a per ounce basis, reflecting the impact of lower gold sales volumes, as discussed above, combined with higher total cash costs per ounce6.
Capital expenditures for Q4 2024 increased by 5% compared to Q3 2024, mainly due to higher minesite sustaining capital expenditures6 driven by higher underground development.

2024 compared to 2023
Gold production in 2024 was 6% higher than 2023, driven by higher grades processed and higher plant throughput. Gold sold was 16% lower than 2023, reflecting the restrictions placed by the Government of Mali during Q4 2024 on our ability to ship and sell gold.
Cost of sales per ounce7 in 2024 was 2% higher compared to 2023, reflecting higher depreciation expense, partially offset by lower total cash costs per ounce6. Total cash costs per ounce6 in 2024 were 1% lower than 2023, mainly due to lower operating costs in both underground and open pit mining, as well as lower processing costs. This was partially offset by higher royalties driven by the higher realized gold price6. For 2024, all-in sustaining costs6 were 12% higher compared to 2023 reflecting higher minesite sustaining capital expenditures6 on a per ounce basis, mainly reflecting the impact of lower gold sales volumes, as discussed above, partially offset by slightly lower total cash costs per ounce6.
Capital expenditures in 2024 were 2% higher compared to 2023, mainly due to higher minesite sustaining capital expenditures6, partially offset by lower project capital expenditures6. The increase in minesite sustaining capital
BARRICK YEAR-END 2024
30
 MANAGEMENT’S DISCUSSION AND ANALYSIS
expenditures6 is mainly due to higher capitalized stripping, reflecting a higher strip ratio primarily at the Gounkoto and Baboto pits. Lower project capital expenditures6 is as a result of the completion of the Loulo-Gounkoto solar plant expansion project in 2023.

2024 compared to Guidance

2024 Actual 2024 Guidance
Gold produced (000s oz) 578 510 - 560
Cost of sales7 ($/oz)
 1,218  1,190 - 1,290
Total cash costs6 ($/oz)
 828 780 - 860
All-in sustaining costs6 ($/oz)
 1,304  1,150 - 1,250

Gold production in 2024 was above the top end of the guidance range due to higher grades and better than expected throughput performance from the plant. Cost of sales per ounce7 and total cash costs per ounce6 were within the guidance ranges, despite the higher royalties from the higher realized gold price6 (royalty impact was $27/oz for Loulo-Gounkoto). All-in sustaining costs per ounce6 were above the guidance range, reflecting higher minesite sustaining capital expenditures6 on a per ounce basis as a result of lower gold sales volumes due to the restrictions on our ability to ship gold ($96/oz impact) and the higher realized gold price6 ($27/oz impact as per above). Factoring these into the outcome for 2024, Loulo-Gounkoto would have been within its guidance for all three cost metrics.


Mining Conventions Dispute
As previously disclosed, the Company and the Government of Mali have been engaged in an ongoing dispute over the existing mining Conventions.
On December 18, 2024, after multiple good faith attempts to resolve the dispute, Somilo and Gounkoto submitted a request for arbitration to ICSID in accordance with the provisions of their respective Conventions. On January 14, 2025, due to the restrictions imposed by the Government of Mali on gold shipments, the Company announced that the Loulo-Gounkoto complex would temporarily suspend operations.
For more information, refer to notes 21 and 35 of the Financial Statements.
BARRICK YEAR-END 2024
31
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Kibali (45% basis)a, Democratic Republic of Congo

Summary of Operating and Financial Data
For the three months ended For the years ended
   12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Total tonnes mined (000s) 4,821  4,615  4% 19,398  17,837  9% 16,649 
    Open pit ore 631  412  53% 2,045  2,721  (25)% 2,551 
    Open pit waste 3,741  3,763  (1)% 15,539  13,288  17% 12,428 
     Underground 449  440  2% 1,814  1,828  (1)% 1,670 
Average grade (grams/tonne)
    Open pit mined 1.46  1.58  (8)% 1.43  1.60  (11)% 1.62 
    Underground mined 5.27  4.92  7% 5.21  5.11  2% 5.62 
     Processed 2.88  2.58  12% 2.82  3.21  (12)% 3.39 
Ore tonnes processed (000s) 971  965  1% 3,827  3,700  3% 3,495 
Recovery rate 89  % 89  % 0% 89  % 90  % (1)% 88  %
Gold produced (000s oz) 80  71  13% 309  343  (10)% 337 
Gold sold (000s oz) 79  77  3% 309  343  (10)% 332 
Revenue ($ millions) 209  193  8% 743  670  11% 598 
Cost of sales ($ millions) 111  111  0% 415  419  (1)% 413 
Income ($ millions) 95  73  30% 316  243  30% 142 
EBITDA ($ millions)b
 130  108  20% 450  390  15% 320 
EBITDA marginc
 62  % 56  % 11% 61  % 58  % 5% 54  %
Capital expenditures ($ millions) 32  26  23% 116  73  59% 92 
    Minesite sustainingb
 15  12  25% 58  35  66% 70 
     Projectb
 17  14  21% 58  38  53% 22 
Cost of sales ($/oz) 1,413  1,441  (2)% 1,344  1,221  10% 1,243 
Total cash costs ($/oz)b
 966  978  (1)% 905  789  15% 703 
All-in sustaining costs ($/oz)b
 1,182  1,172  1% 1,123  918  22% 948 
a.Barrick owns 45% of Kibali Goldmines SA with the Government of Democratic Republic of Congo and our joint venture partner, AngloGold Ashanti, owning 10% and 45%, respectively. The figures presented in this table and the discussion that follows are based on our 45% effective interest in Kibali Goldmines SA held through our 50% interest in Kibali (Jersey) Limited and its other subsidiaries (collectively "Kibali"), inclusive of the impact of the purchase price allocation resulting from the merger with Randgold. Kibali is accounted for as an equity method investment on the basis that the joint venture partners that have joint control have rights to the net assets of the joint venture.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.
c. Represents EBITDA divided by revenue.

Safety and Environment
For the three months ended For the year ended
12/31/24 9/30/24 12/31/24 12/31/23
LTI 1 0 3 3
LTIFR8
 0.22 0.00 0.17 0.17
TRIFR8
 1.57 0.45 1.2 1.39
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2024 compared to Q3 2024
Gold production for Q4 2024 was 13% higher than Q3 2024, primarily due to higher grades processed.
Cost of sales per ounce7 and total cash costs per ounce6 for Q4 2024 were 2% and 1% lower, respectively, than Q3 2024 mainly due to the benefit of higher grades processed. All-in sustaining costs per ounce6 for Q4 2024 were in line with Q3 2024.
Capital expenditures for Q4 2024 were 23% higher than Q3 2024, driven by higher project capital expenditures6 relating to the progress of the solar project, and higher minesite sustaining capital expenditures6, driven by equipment rebuilds.



2024 compared to 2023
Gold production in 2024 was 10% lower compared to 2023, mainly due to lower grades processed and slightly lower recoveries, partially offset by higher throughput.
Cost of sales per ounce7 and total cash costs per ounce6 in 2024 increased by 10% and 15%, respectively, compared to 2023, mainly due to lower grades processed as well as higher royalties driven by the higher realized gold price6. For 2024, all-in sustaining costs per ounce6 were 22% higher compared to 2023, reflecting both higher minesite sustaining capital expenditures6 and higher total cash costs per ounce6.
Capital expenditures in 2024 were 59% higher compared to 2023 due to higher minesite sustaining capital expenditures6 driven by higher capitalized waste stripping and increased project capital expenditures6 relating to the solar project, which aligns with our GHG emission reduction plan.


BARRICK YEAR-END 2024
32
 MANAGEMENT’S DISCUSSION AND ANALYSIS
2024 compared to Guidance

2024 Actual 2024 Guidance
Gold produced (000s oz) 309 320 - 360
Cost of sales7 ($/oz)
 1,344  1,140 - 1,240
Total cash costs6 ($/oz)
 905 740 - 820
All-in sustaining costs6 ($/oz)
 1,123  950 - 1,050

Gold production in 2024 was below the guidance range, primarily driven by lower grades processed than planned. All cost metrics were above the guidance ranges primarily as a result of the lower production and higher royalties from the higher realized gold price6.


New Finance Law
On December 22, 2024, the DRC officially promulgated the Finance Law for the 2025 fiscal year which included significant changes affecting Kibali’s legislative framework with the key one being an additional 3% customs duty on gold exports. This increased the total applicable duty to 5%, in addition to the 3.5% royalty rate i.e. 8.5% in total. In addition, it also added additional excise duties on certain consumable items. The net effect of these legislative changes is an increase in the Kibali cost base from January 1, 2025 onwards and is reflected in our 2025 cost guidance.
BARRICK YEAR-END 2024
33
 MANAGEMENT’S DISCUSSION AND ANALYSIS
North Mara (84% basis)a, Tanzania

Summary of Operating and Financial Data
For the three months ended  For the  years ended
  12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Total tonnes mined (000s) 5,076  4,792  6% 17,183  16,547  4% 8,882 
    Open pit ore 1,347  1,061  27% 3,282  1,400  134% 4,379 
    Open pit waste 3,326  3,328  0% 12,319  13,610  (9)% 3,035 
     Underground 403  403  0% 1,582  1,537  3% 1,468 
Average grade (grams/tonne)
    Open pit mined 2.21  1.89  17% 1.96  1.83  7% 1.94 
    Underground mined 5.20  4.86  7% 4.07  3.22  26% 4.07 
Processed 4.29  3.84  12% 3.31  3.02  10% 3.31 
Ore tonnes processed (000s) 724  682  6% 2,772  2,848  (3)% 2,730 
Recovery rate 90  % 90  % 0% 90  % 92  % (2)% 91  %
Gold produced (000s oz) 90  75  20% 265  253  5% 263 
Gold sold (000s oz) 89  78  14% 263  254  4% 265 
Revenue ($ millions) 237  197  20% 647  497  30% 479 
Cost of sales ($ millions) 90  86  5% 332  306  8% 259 
Income ($ millions) 143  74  93% 267  139  92% 177 
EBITDA ($ millions)b
 164  93  76% 337  203  66% 238 
EBITDA marginc
 69  % 47  % 47% 52  % 41  % 27% 50  %
Capital expenditures ($ millions) 54  28  93% 136  176  (23)% 130 
    Minesite sustainingb
 28  15  87% 71  95  (25)% 68 
     Projectb
 26  13  100% 65  81  (20)% 62 
Cost of sales ($/oz) 1,018  1,108  (8)% 1,266  1,206  5% 979 
Total cash costs ($/oz)b
 771  850  (9)% 989  944  5% 741 
All-in sustaining costs ($/oz)b
 1,098  1,052  4% 1,274  1,335  (5)% 1,028 
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 59 to 75 of this MD&A.
c. Represents EBITDA divided by revenue.

Safety and Environment
For the three months ended For the year ended
12/31/24 9/30/24 12/31/24 12/31/23
LTI 0 0 0 3
LTIFR8
 0.00 0.00 0.00 0.29
TRIFR8
 0 0.00 0.35 0.97
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2024 compared to Q3 2024
In Q4 2024, gold production was 20% higher than Q3 2024 mainly due to higher grades processed and higher throughput.
Cost of sales per ounce7 and total cash costs per ounce6 in Q4 2024 were 8% and 9% lower, respectively, than Q3 2024, resulting from higher grades processed and lower underground mining costs, slightly offset by increased royalties from the higher realized gold price6. All-in sustaining costs per ounce6 in Q4 2024 were 4% higher than Q3 2024, reflecting the higher minesite sustaining capital expenditures6, partially offset by lower total cash costs per ounce6.
Capital expenditures in Q4 2024 increased by 93% compared to Q3 2024, driven by higher project capital expenditures6 mainly related to the underground paste plant
combined with higher minesite sustaining capital expenditures6 due to higher spend on key underground and open pit equipment in line with our optimization plans.

2024 compared to 2023
In 2024, gold production was 5% higher than 2023 as we transitioned into higher grades in the underground and open pit, following underground development and waste stripping cycles in the prior year.
Cost of sales per ounce7 and total cash costs per ounce6 in 2024 were both 5% higher than 2023, mainly reflecting higher royalties from the higher realized gold price6, higher power generation costs following the grid instability challenges faced in Q1 2024 and higher maintenance costs on our underground fleet during the year. This was partially offset by higher grades processed. All-in sustaining costs per ounce6 were 5% lower than 2023, primarily due to lower minesite sustaining capital expenditures6, partially offset by higher total cash costs per ounce6.
In 2024, capital expenditures decreased by 23% compared to 2023 mainly due to lower minesite sustaining capital expenditures6, reflecting lower capitalized stripping and drilling expenditures, partially offset by higher expenditures relating to the open pit mining fleet. This was combined with lower project capital expenditures6 relating to the completion of the paste plant.
BARRICK YEAR-END 2024
34
 MANAGEMENT’S DISCUSSION AND ANALYSIS
2024 compared to Guidance

2024 Actual 2024 Guidance
Gold produced (000s oz) 265 230 - 260
Cost of sales7 ($/oz)
 1,266  1,250 - 1,350
Total cash costs6 ($/oz)
 989 970 - 1,050
All-in sustaining costs6 ($/oz)
 1,274  1,270 - 1,370

Gold production in 2024 ended above the guidance range reflecting higher grades processed versus the mine plan at the start of the year. All cost metrics were impacted by higher royalties from the higher realized gold price6. Notwithstanding this impact, all cost metrics were at the lower end of the guidance ranges, reflecting the benefit of increased production diluting the fixed costs over more ounces.
BARRICK YEAR-END 2024
35
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Bulyanhulu (84% basis)a, Tanzania

Summary of Operating and Financial Data
For the three months ended  For the  years ended
  12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Underground tonnes mined (000s) 331  303  9  % 1,252  1,217  3  % 1,029 
Average grade (grams/tonne)
    Underground mined 5.80  5.62  3  % 5.79  6.56  (12) % 7.89 
Processed 5.60  5.48  2  % 5.69  6.64  (14) % 7.78 
Ore tonnes processed (000s) 267  228  17  % 983  880  12  % 837 
Recovery rate 93  % 92  % 1  % 93  % 96  % (3) % 94  %
Gold produced (000s oz) 44  37  19  % 168  180  (7) % 196 
Gold sold (000s oz) 44  37  19  % 165  180  (8) % 205 
Revenue ($ millions) 120  99  21  % 416  371  12  % 389 
Cost of sales ($ millions) 66  62  6  % 250  237  5  % 248 
Income ($ millions) 53  36  47  % 162  123  32  % 118 
EBITDA ($ millions)b
 67  49  37  % 215  175  23  % 168 
EBITDA marginc
 56  % 49  % 14  % 52  % 47  % 11  % 43  %
Capital expenditures ($ millions) 35  30  17  % 114  89  28  % 81 
    Minesite sustainingb
 18  10  80  % 57  55  4  % 56 
     Projectb
 17  20  (15) % 57  34  68  % 25 
Cost of sales ($/oz) 1,505  1,628  (8) % 1,509  1,312  15  % 1,211 
Total cash costs ($/oz)b
 1,072  1,191  (10) % 1,070  920  16  % 868 
All-in sustaining costs ($/oz)b
 1,489  1,470  1  % 1,420  1,231  15  % 1,156 
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 59 to 75 of this MD&A.
c. Represents EBITDA divided by revenue.


Safety and Environment
For the three months ended For the year ended
12/31/24 9/30/24 12/31/24 12/31/23
LTI 0 0 0 3
LTIFR8
 0.00 0.00 0.00 0.44
TRIFR8
 0.98 2.97 1.76 2.40
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2024 compared to Q3 2024
In Q4 2024, gold production was 19% higher than Q3 2024, primarily reflecting higher throughput, higher grades processed and higher recovery.
Cost of sales per ounce7 and total cash costs per ounce6 in Q4 2024 decreased by 8% and 10%, respectively, due to the higher grades processed and lower general and administration costs. All-in sustaining costs per ounce6 in Q4 2024 were 1% higher than Q3 2024, mainly as a result of increased minesite sustaining capital expenditures6, largely offset by lower total cash costs6.
Capital expenditures in Q4 2024 were 17% higher than Q3 2024, mainly due to increased minesite sustaining capital expenditures6 related to deposits on equipment orders for 2025 as we continue to expand the underground operations. This was partially offset by lower underground development in Q4 2024.

2024 compared to 2023
In 2024, gold production was 7% lower than 2023 as we prioritized underground development and transitioned into lower grade areas of the mine, in line with the mine plan.
We continue to increase the scale of operations at Bulyanhulu as reflected by the higher tonnes mined and processed in 2024.
Cost of sales per ounce7 and total cash costs per ounce6 in 2024 were 15% and 16% higher, respectively, than 2023, reflecting lower grades and higher input costs driven by consumables and maintenance. All-in sustaining costs per ounce6 were 15% higher than 2023 due to increased total cash costs per ounce6 and higher minesite sustaining capital expenditures6 on a per ounce basis. All cost metrics were also impacted by higher royalties from the higher realized gold price6.
In 2024, capital expenditures increased by 28% compared to 2023, reflecting higher project capital expenditures6 mainly from the new Upper West underground decline development.

2024 compared to Guidance

2024 Actual 2024 Guidance
Gold produced (000s oz) 168 160 - 190
Cost of sales7 ($/oz)
 1,509  1,370 - 1,470
Total cash costs6 ($/oz)
 1,070 990 - 1,070
All-in sustaining costs6 ($/oz)
 1,420  1,380 - 1,480

Gold production in 2024 ended within the guidance range. All cost metrics were impacted by higher royalties from the higher realized gold prices6. In addition, cost of sales per ounce7 was slightly above the guidance range, driven by higher depreciation. Total cash costs6 and all-in sustaining costs6 were within their respective guidance ranges notwithstanding the higher realized gold price6.
BARRICK YEAR-END 2024
36
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Other Mines - Gold
Summary of Operating and Financial Data For the three months ended
12/31/24 9/30/24
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%) 39 1,474  752  956  6  29 1,789  764  1,113  8 
Veladero (50%) 82 1,151  828  1,191  41  57 1,311  951  1,385  36 
Tongon (89.7%) 39 1,405  1,198  1,460  7  28 2,403  2,184  2,388  7 
Hemlo 39 1,754  1,475  1,689  8  30 1,929  1,623  2,044  11 
Porgera (24.5%) 13 2,127  1,322  2,967  20  18 1,163  999  1,214  6 
For the years ended
12/31/24 12/31/23
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%) 127 1,687  765  1,031  26  123 2,011  961  1,162  19 
Veladero (50%) 252 1,254  905  1,334  139  207 1,440  1,011  1,516  99 
Tongon (89.7%) 148 1,903  1,670  1,867  20  183 1,469  1,240  1,408  27 
Hemlo 143 1,754  1,483  1,769  38  141 1,589  1,382  1,672  41 
Porgera (24.5%) 46 1,423  1,073  1,666  72  — —  —  —  — 
a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.
b.Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.


Phoenix (61.5%)
Gold production for Phoenix in Q4 2024 was 34% higher than Q3 2024 owing to increased throughput on the back of planned maintenance performed in Q3 2024, combined with improved grades and recoveries.
Cost of sales per ounce7 and total cash costs per ounce6 in Q4 2024 were 18% and 2% lower, respectively, than Q3 2024, mainly due to the impact of higher grades and recoveries, combined with lower maintenance spend. Cost of sales per ounce7 was further impacted by lower depreciation expense on a per ounce basis. In Q4 2024, all-in sustaining costs per ounce6 decreased by 14% compared to Q3 2024, due to both lower minesite sustaining capital expenditures6 and lower total cash costs per ounce6.

2024 Actual 2024 Guidance
Gold produced (000s oz) 127 120 - 140
Cost of sales7 ($/oz)
 1,687  1,640 - 1,740
Total cash costs6 ($/oz)
 765 810 - 890
All-in sustaining costs6 ($/oz)
 1,031  1,100 - 1,200

Compared to our 2024 outlook, gold production and cost of sales per ounce7 were within the guidance ranges. Total cash costs per ounce6 and all-in sustaining costs per ounce6 were below the guidance ranges driven mainly by higher than expected by-product credits.

Veladero (50%), Argentina
Gold production for Veladero in Q4 2024 was 44% higher than Q3 2024 driven by an increase in recoverable ounces placed on the leach pad. Cost of sales per ounce7 and total cash costs per ounce6 in Q4 2024 were 12% and 13% lower, respectively, than Q3 2024, mainly due to the impact of higher production. In Q4 2024, all-in sustaining costs per
ounce6 decreased by 14% compared to Q3 2024, primarily driven by both lower total cash costs per ounce6 and lower minesite sustaining capital expenditures6 on a per ounce basis.

2024 Actual 2024 Guidance
Gold produced (000s oz) 252 210 - 240
Cost of sales7 ($/oz)
 1,254  1,340 - 1,440
Total cash costs6 ($/oz)
 905  1,010 - 1,090
All-in sustaining costs6 ($/oz)
 1,334  1,490 - 1,590

Gold production for the full year 2024 was above the guidance range driven by additional recoverable ounces placed and and higher ounces contributed by phase 1-5 of the leach facility. All cost metrics were below the guidance ranges as a result of the higher production notwithstanding the impact of higher royalties from the higher realized gold price6.

Tongon (89.7% basis), Côte d'Ivoire
Gold production for Tongon in Q4 2024 was 39% higher than Q3 2024, reflecting higher throughput, grades and recoveries. Cost of sales per ounce7 and total cash costs per ounce6 in Q4 2024 were 42% and 45% lower, respectively, than Q3 2024 primarily due to higher grades processed, higher recoveries and improvements in processing cost efficiencies. All-in sustaining costs per ounce6 in Q4 2024 were 39% lower than Q3 2024, driven by lower total cash costs per ounce6.

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2024 Actual 2024 Guidance
Gold produced (000s oz) 148 160 - 190
Cost of sales7 ($/oz)
 1,903  1,520 - 1,620
Total cash costs6 ($/oz)
 1,670  1,200 - 1,280
All-in sustaining costs6 ($/oz)
 1,867  1,440 - 1,540

Gold production for the full year 2024 was below the guidance range driven by lower than planned grades and recoveries. All cost metrics were above the guidance ranges due to the impact of lower production and the impact of higher royalties from the higher realized gold price6.
Although Tongon continues to be managed for the benefit of all stakeholders, our investment in this asset is not considered to be a core part of our portfolio.

Hemlo, Ontario, Canada
Hemlo's gold production in Q4 2024 was 30% higher than Q3 2024, primarily due to higher ore tonnes mined due to improved underground performance and higher grades. Cost of sales per ounce7 and total cash costs per ounce6 in Q4 2024 were both 9% lower than Q3 2024 due to the impact of the improved production. All-in sustaining costs per ounce6 decreased by 17% compared to Q3 2024, primarily due to lower minesite sustaining capital expenditures6 and lower total cash costs per ounce6.

2024 Actual 2024 Guidance
Gold produced (000s oz) 143 140 - 160
Cost of sales7 ($/oz)
 1,754  1,470 - 1,570
Total cash costs6 ($/oz)
 1,483  1,210 - 1,290
All-in sustaining costs6 ($/oz)
 1,769  1,600 - 1,700

Gold production in 2024 was within the guidance range. All cost metrics were higher than guidance mainly due to increased underground maintenance spend and
higher royalties from the higher realized gold price6. All-in sustaining costs per ounce6 were further impacted by lower than forecasted minesite sustaining capital expenditures6.

Porgera (24.5%), Papua New Guinea
Gold production in Q4 2024 was 28% lower than Q3 2024 as operations were impacted by regional tribal conflicts, unplanned power outages and ongoing logistical challenges stemming from the Mulitaka landslide. As a result, cost of sales per ounce7 and total cash costs per ounce6 were 83% and 32% higher, respectively, than Q3 2024. Cost of sales per ounce7 was further impacted by higher depreciation expense. All-in sustaining costs per ounce7 increased by 144% compared to Q3 2024 primarily reflecting both higher minesite sustaining capital expenditures6 on a per ounce basis and higher total cash costs per ounce6. Porgera continues to work proactively with its stakeholders in Papua New Guinea to address external challenges impacting the Porgera operations.

2024 Actual 2024 Guidance
Gold produced (000s oz) 46 50 - 70
Cost of sales7 ($/oz)
 1,423  1,670 - 1,770
Total cash costs6 ($/oz)
 1,073  1,220 - 1,300
All-in sustaining costs6 ($/oz)
 1,666  1,900 - 2,000

Gold production in 2024 was marginally below the guidance range mainly due to the impacts of the external events related to the landslide and tribal conflicts. All cost metrics were lower than the guidance ranges mainly due to the earlier than planned start-up of gas power generation notwithstanding the impact of higher royalties from the higher realized gold price6. All-in sustaining costs per ounce6 were further impacted by lower than forecasted minesite sustaining capital expenditures6.


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Lumwana (100%), Zambia

Summary of Operating and Financial Data
For the three months ended  For the  years ended
  12/31/24 9/30/24 Change 12/31/24 12/31/23 Change 12/31/22
Open pit tonnes mined (000s) 35,354   36,809  (4) % 140,866   113,633  24  % 98,340 
    Open pit ore 10,596  6,178  72  % 26,064  26,030  0  % 20,277 
    Open pit waste 24,758  30,631  (19) % 114,802  87,603  31  % 78,063 
Average grade (grams/tonne)
 Open pit mined 0.61  % 0.55  % 11  % 0.55  % 0.51  % 8  % 0.61  %
 Processed 0.71  % 0.53  % 34  % 0.53  % 0.49  % 8  % 0.52  %
Tonnes processed (000s) 6,858  6,380  7  % 25,783  26,797  (4) % 25,166 
Recovery rate 93  % 91  % 2  % 90  % 89  % 0  % 93  %
Copper produced (kt)a
 46  30  53  % 123  118  4  % 121 
Copper sold (kt)a
 36  26  38  % 109  113  (3) % 125 
Revenue ($ millions) 260   213  22  % 855   795  8  % 868 
Cost of sales ($ millions) 177  187  (5) % 704  723  (3) % 666 
Income ($ millions) 79  26  204  % 135  37  265  % 180 
EBITDA ($ millions)b
 133  86  55  % 379  294  29  % 403 
EBITDA marginc
 51  % 40  % 28  % 44  % 37  % 19  % 46  %
Capital expenditures ($ millions) 186  79  135  % 469  306  53  % 405 
    Minesite sustainingb
 73  62  18  % 312  223  40  % 360 
     Projectb
 113  17  565  % 157  83  89  % 45 
Cost of sales ($/lb) 2.27  3.27  (31) % 2.94  2.91  1  % 2.42 
C1 cash costs ($/lb)b
 1.89  2.53  (25) % 2.23  2.29  (3) % 1.89 
All-in sustaining costs ($/lb)b
 3.14   3.94  (20) % 3.85   3.48  11  % 3.63 
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 59 to 75 of this MD&A.
c.Represents EBITDA divided by revenue.


Safety and Environment
For the three months ended For the year ended
12/31/24 9/30/24 12/31/24 12/31/23
LTI 0 0 3 3
LTIFR8
 0.00 0.00 0.19 0.23
TRIFR8
 0.23 0.00 0.37 0.31
Class 19 environmental incidents
 0 0 0 0

Financial Results
Q4 2024 compared to Q3 2024
Copper production in Q4 2024 was 53% higher than Q3 2024 due to higher throughput, grades and recoveries. Copper sales were lower than copper production due to a prolonged shutdown at one of the third-party smelters that processes a portion of Lumwana’s concentrate. Alternative plans are underway to have our other smelters process additional concentrate in the near term.
Cost of sales per pound7 and C1 cash costs per pound6 were 31% and 25% lower, respectively, than Q3 2024 primarily due to higher grades processed, higher recoveries and the benefit of diluting the fixed costs over more production. In Q4 2024, all-in sustaining costs per pound6 decreased by 20% compared to Q3 2024, primarily driven by lower C1 cash costs per pound6 and lower minesite sustaining capital expenditures6 on a per pound basis.
Capital expenditures were 135% higher compared to Q3 2024 due to an increase in both project and minesite
capital expenditures6. Project capital expenditures6 increased by 565% primarily reflecting down payments on the order of long lead items for the Lumwana Super Pit Expansion project, which includes the mining fleet. The increase in minesite sustaining capital expenditures6 of 18% was mainly due to timing of projects.

2024 compared to 2023
In 2024, copper production increased by 4% compared to 2023, primarily due to higher grades processed and higher recoveries, partially offset by lower throughput. Copper sales were lower than copper production due to a prolonged shutdown at one of the third-party smelters that processes a portion of Lumwana’s concentrate. Alternative plans are underway to have our other smelters process additional concentrate in the near term.
In 2024, cost of sales per pound7 was in line with 2023 as higher depreciation expense was largely offset by lower C1 cash costs per pound6. C1 cash costs per pound6 were 3% lower compared to 2023 due to higher grades processed, reduced mining costs reflecting an increase in mining efficiencies and higher capitalized stripping. All-in sustaining costs per pound6 in 2024 increased by 11% compared to 2023, mainly due to higher minesite sustaining capital expenditures6.
In 2024, capital expenditures increased by 53% compared to 2023, primarily related to higher minesite sustaining capital expenditures6 resulting from higher capitalized waste stripping, reflecting an increase in the strip ratio. This was combined with higher project capital
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expenditures6 reflecting down payments on the order of long lead items for the Lumwana Super Pit Expansion project, which includes the mining fleet.

2024 compared to Guidance

2024 Actual 2024 Guidance
Copper produced (M lbs) 123 120 - 140
Cost of sales7 ($/oz)
 2.94 2.50 - 2.80
Total cash costs6 ($/oz)
 2.23 1.85 - 2.15
All-in sustaining costs6 ($/oz)
 3.85  3.30 - 3.60

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



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Other Mines - Copper
Summary of Operating and Financial Data For the three months ended
12/31/24 9/30/24
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
Zald ívar (50%)
 11 4.22   3.11   3.98   16   10 4.04  2.99  3.45  9 
Jabal Sayid (50%) 7 2.02  1.29  1.44  5  8 1.76  1.54  1.76  5 
For the years ended
12/31/24 12/31/23
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
Zald ívar (50%)
 40 4.09   3.04   3.58   42   40 3.83  2.95  3.46  44 
Jabal Sayid (50%) 32 1.77  1.37  1.56  19  32 1.60  1.35  1.53  23 
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 59 to 75 of this MD&A.
c.Includes both minesite sustaining and project capital expenditures6. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.

Zaldívar (50% basis), Chile
Copper production for Zaldívar in Q4 2024 was 10% higher than Q3 2024 driven by higher throughput. Cost of sales per pound7 and C1 cash costs per pound6 in Q4 2024 were both 4% higher than Q3 2024 primarily driven by processing of higher-cost inventory mined in prior periods. All-in sustaining costs per pound6 increased by 15% compared to Q3 2024, primarily due to higher minesite sustaining capital expenditures6 driven by increased spend on components, combined with higher C1 cash costs per pound6.

2024 Actual 2024 Guidance
Copper produced (kt) 40 35 - 40
Cost of sales7 ($/lb)
 4.09  3.70 - 4.00
C1 cash costs6 ($/lb)
 3.04  2.80 - 3.10
All-in sustaining costs6 ($/lb)
 3.58  3.40 - 3.70

Copper production in 2024 was at the top end of the guidance range. Cost of sales per pound7 was above the guidance range mainly due to the impact of higher depreciation, while both C1 cash costs per pound6 and all-in sustaining costs per pound6 were within the guidance ranges. This investment, of which we are not the operator, continues to be a non-core part of our portfolio.


Jabal Sayid (50% basis), Saudi Arabia
Jabal Sayid's copper production in Q4 2024 was slightly below Q3 2024 driven by lower feed grade, as per the mine plan. Cost of sales per pound7 in Q4 2024 was 15% higher than Q3 2024 mainly due to higher depreciation expense, partially offset by lower C1 cash costs per pound6. C1 cash costs per pound6 were 16% lower mainly due to the impact of increased gold by-product credits. All-in sustaining costs per pound6 were 18% lower than Q3 2024, mainly due to lower C1 cash costs per pound6 with minesite sustaining capital expenditures6 consistent across quarters.

2024 Actual 2024 Guidance
Copper produced (kt) 32 25 - 30
Cost of sales7 ($/lb)
 1.77  1.75 - 2.05
C1 cash costs6 ($/lb)
 1.37 1.40 - 1.70
All-in sustaining costs6 ($/lb)
 1.56  1.70 - 2.00

Copper production in 2024 exceeded the upper end of the guidance range due to higher than planned feed grades. Cost of sales per pound7 was at the low end of the guidance range driven by the benefit of diluting the fixed costs over more tonnes based on the strong production results. C1 cash costs per pound6 and all-in sustaining costs per pound6 were below the guidance ranges due to higher gold by-product credits in addition to the strong production results as per above.

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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Growth Project Updates

Goldrush Project, Nevada, USA17
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 year (100% basis) by 2028.
In Q4 2024, ventilation shaft sinking and installation of two underground primary fans were completed, the first of two planned vent shafts which enable increased mining rates. The initial Horse Canyon surface access development has also been completed. The water management infrastructure construction is in progress in Horse Canyon and the Pine Valley district.
As at December 31, 2024, project spend was $436 million on a 100% basis (including $13 million in Q4 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, USA16
Fourmile, located adjacent to Goldrush, is a 100% owned Barrick asset in Nevada and has the potential to be a standalone Tier One Gold Asset1. 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 to 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 Q4 2024, geotechnical drilling was completed to cover nearly the first 1km of the initial assessment of the Bullion Hill portal.
Exploration and resource definition drilling in 2024 exceeded the planned meters, confirming the geologic model and supporting the decision to progress to a prefeasibility study in 2025. In the south, at Rose and Blanche, the mineralized breccias have now been constrained at depth, along with concurrent growth in the modeled widths of shallower mineralization, providing substantial upgrades in the extents of higher confidence areas within the resource model. To the north, drilling at Sophia and Dorothy tested and confirmed the continuity of the structurally controlled brecciation within the broader upside model. This work is reflected in the current Fourmile resource estimate and as expected, has significantly increased the inferred resources compared to year-end 2023 and exploration upside.
Barrick anticipates Fourmile will be incorporated into the NGM joint venture, at fair market value, if certain criteria are met. As at December 31, 2024, we had spent $46 million in 2024 (including $16 million in Q4 2024). For 2025, we expect to spend $75 to $85 million as we continue to expand the upside and continue conversion drilling in the
known deposits. This will also cover additional study costs as we commence the prefeasibility study in 2025.

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 Q4 2024, the remaining Phase 2 array performance testing was completed and all milestones were achieved to declare commercial operation. As at December 31, 2024, project spend was $300 million (there was no material spend in Q4 2024) out of an estimated capital cost of $310 million (100% basis).

Ren, Nevada, USA
Ren is a new ore deposit at Goldstrike Underground and a key expansion project at Carlin. Located north of Goldstrike Underground’s Meikle and Banshee deposits, Ren is anticipated to produce an average of 140,000 ounces per year (100% basis) once in full production in 2027.
To develop the deposit, the existing exploration drift will be duplicated, allowing for increased ventilation and secondary egress into the working area. Once completed, two additional exploration drilling platforms will be constructed to support further drilling on the project allowing for both the conversion of the existing resource and further growth of the deposit.
To support production mining of the deposit, an additional set of twin declines will be driven from the Betze-Post open pit to the north with the intent to provide life of mine ventilation to the deposit as well as a direct path for material to be hauled and hoisted out via the existing Meikle Headframe. To complete the project, a 7 meter ventilation shaft will be sunk 550 meters to serve as an exhaust raise and utility conduit for the orebody.
During the fourth quarter, the focus was on advancing the twin exploration drift development to the exploration drilling platforms, installing highwall stabilization & surface utilities for the new twin declines and drilling additional dewatering wells. Twin decline development started with portal set installation. The ventilation shaft surface pad and utilities were completed in advance of shaft sinking activities which are expected to begin in Q1 2025.
As at December 31, 2024, project spend was $72 million out of an estimated capital cost of $410 to $470 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 2024 year-end Mineral
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
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 and The Kuskokwim Corporation, supported important initiatives in the Yukon-Kuskokwim 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 2025 work program has now been defined and agreed to by both Barrick and NOVAGOLD to continue to move 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 Republic18
The Pueblo Viejo Life of Mine Expansion continues and with the Process Plant expansion now complete, the focus is on the Naranjo Tailings Storage Facility. The feasibility study has now been completed and advancement of all critical supply chain activities has commenced including releasing tenders for all major construction contracts and long lead procurement while continuing to advance the process to select an engineering partner. Field work has also kicked off with the construction of a road that will gain access to the temporary water management structures and support the overall schedule of having the starter dam completed, ahead of the existing Llagal dam reaching capacity.     
Resettlement work continues to advance with over 100 homes complete and 300 more under construction. Additionally, the potable water treatment plant is now mechanically complete and all common community facilities are under construction including the new elementary school, parks and baseball diamond.
As at December 31, 2024, total project spend was $1,130 million (including $17 million in Q4 2024) on a 100% basis. The estimated capital cost of the plant expansion and mine life extension project has been updated from $2.1 billion and is expected to be approximately $2.6 billion (as previously guided during our Investor Day on November 22, 2024) based on the new estimate to complete the Naranjo Tailings Storage Facility inclusive of associated land acquisition and resettlement costs.

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.
Phase 7B construction was completed in December 2024 and is operating as intended.
Overall for Phase 7, as at December 31, 2024, project spend was $159 million (including $11 million in Q4 2024) out of an estimated capital cost of $160 million (100% basis).

Veladero Phase 8 Leach Pad, Argentina
The construction of the phase 8 leach pad will be divided into three phases being 8A, 8B and 8C. In December 2024 the Phase 8A leach pad construction project was approved. Construction will start in Q1 2025 and is expected to be completed by Q1 2026. Construction of the phase includes cut, filling, sub-drainage and monitoring, leak collection and recirculation, impermeabilization, as well as pregnant leaching solution collection.
Overall, for Phase 8, as at December 31, 2024, project spend was $10 million (including $7 million in Q4 2024) out of an estimated capital cost of $250-270 million (100% basis).

Reko Diq Project, Pakistan19
At the end of 2024, Barrick completed a full update of the project’s 2010 feasibility study and 2011 expansion prefeasibility study and added 7.3 million tonnes of copper and 13 million ounces of attributable gold in probable reserves as at December 31, 202420. Once fully commissioned, the Reko Diq project is now projected to deliver 240,000 tonnes of copper production and 297,000 ounces of gold per year during Phase 1 increasing to 460,000 tonnes of copper and 520,000 ounces of gold during the first ten years (2034-2043) of Phase 2 (100% basis). 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 total estimated capital cost of Phase 1 is $5.6-6.0 billion (100% basis, exclusive of capitalization of financing costs) to be spent between 2025-2029. On February 11, 2025, the Board of Directors conditionally approved the development of Phase 1 subject to the closing of up to $3 billion of limited recourse project financing. Assuming $3 billion of project financing, Barrick’s share of the total partner equity contribution required to fund the construction of Phase 1 is expected to be $1.4-1.7 billion (exclusive of capitalization of financing costs). The total estimated capital cost of Phase 2 is $3.3-3.6 billion (100% basis, exclusive of capitalization of financing costs) to be spent between 2029-2033.
During the year, additional personnel were recruited and mobilized for the project with the majority of new hires from Balochistan. Site works were advanced with a focus on early works infrastructure (perimeter fence, bulk earthworks, camp and water pond and pipeline for construction) and the project received approval of its early works ESIA. In addition, the full project ESIA was submitted
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
to the Balochistan Environmental Protection Agency during Q4 2024 and approval is expected in Q1 2025.
With the completion of the updated feasibility study, early works construction has commenced during Q1 2025 with a final investment decision to proceed with development of Phase 1 expected later in 2025 subject to joint venture approvals and closing of the project financing. First production is targeted by the end of 2028.
As at December 31, 2024, total spend on the feasibility update was $186 million (including $32 million in Q4 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 $168 million (including $109 million in Q4 2024) (100% basis).
For 2025, as construction advances, the capital spend for the year is anticipated to be approximately $1 billion (100% basis).

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. Now complete, this project is projected to deliver 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 constructed in two phases of solar and battery storage and was 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 progressed well during the quarter and are now complete. All long lead equipment has been ordered and tracker and transformer installation commenced during Q4 2024. Upcoming areas of focus include the civil construction for substations and ramming of posts for the solar field installation. As at December 31, 2024, project spend was $32 million (including $9 million in Q4 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 for 2024 completed on 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 completed. All construction activities at the paste plant have been completed and commissioning commenced during Q2 2024. The project is 100% complete.
As at December 31, 2024, project spend was $43 million (there was no material spend in Q4 2024) in line with the estimated capital cost of approximately $43 million (100% basis).

Lumwana Super Pit Expansion, Zambia21
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 feasibility study has now been completed. Long lead equipment selection is finalized and ordering of key packages commenced during Q3 2024 to enable preparation of vendor data required for detailed engineering. Delivery schedules of vendor data and equipment remains in line with the project schedule. Geotechnical site investigation drilling of the feasibility study project layout is complete.
Enabling construction works remain on schedule to commence in 2025 with first production targeted for 2028.
The building of the first accommodation units for the construction camp progressed to 70% completion during the quarter. The TSF design and reviews have been completed and are included in the capital cost estimate. The field work on the ESIA was completed during Q1 2024 and approval of the ESIA report was received from the Zambia Environmental Management Agency during Q4 2024.
As at December 31, 2024, the total spend on the feasibility study was $38 million (including $2 million in Q4 2024), in line with the budgeted study cost. For 2024, we also capitalized $120 million (including $113 million in Q4 2024) related to early works, infrastructure improvements and down payments on fleet and long lead equipment for the project. The total project capital cost is expected to be $2 billion based on the feasibility study with capital spend for 2025 estimated at $0.6 billion.

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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 - not a process. 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 Asset1 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 by an earn-in or outright acquisition, where appropriate.
During 2024, our exploration portfolio was upgraded in all regions with the addition of new projects, while we have significantly rationalized our ground holdings where we saw little potential. In Canada, we are now drill testing the new targets we identified during 2023. In the United States, we have progressed multiple exciting prospects outside the Carlin district with further consolidation in progress. In Nevada, the team continues to identify new opportunities around our Carlin operations, with large cells of Carlin alteration and anomalism discovered under cover being evaluated, while material brownfields progress delivers conversion opportunities. In Latin America, a portfolio of exciting targets in Peru were progressed to drilling, while we advanced permitting on a prospective portfolio in Ecuador. We continue to evaluate near mine targets around Pueblo Viejo while developing a regional exploration portfolio in the Dominican Republic, and we have entered Jamaica through a country-wide alliance. Our work in Argentina is focused around Veladero and providing optionality to the operation. In the Africa and Middle East region, we have confirmed high-grade mineralization on key structures around our deposits in Mali and DRC, notably the Baboto and ARK targets, and in Tanzania we expanded our ground holding significantly while testing new targets around North Mara and Bulyanhulu. In Saudi Arabia, early drilling at the Umm Ad Damar project has identified mineralization along multiple trends. We also continue to evaluate opportunities across the Asia-Pacific region as we test targets around Reko Diq in Pakistan and across Japan. Through 2025, we plan to maintain a healthy balance in our exploration focus between early-stage and advanced exploration projects to deliver on Barrick’s growth and long-term business plan.
The following section summarizes the exploration results from Q4 2024.

North America
Carlin, Nevada, USA22
Drilling to expand the footprint of Leeville, including both Miramar and Fallon (formerly North Leeville) continues to confirm the geologic model. As we move to indicated resource conversion at Miramar, drilling along the Veld fault in Q4 confirmed the high grade ore control with NTC-24-021 reporting 22.1 meters at 11.61 g/t Au (true thickness).
Northeast of Fallon, a new access road for framework surface drilling has exposed broad zones of
structurally controlled alteration and multiple intrusive dikes cutting through the unfavorable Upper Plate Cover, further validating new target concepts beyond the footprint of Leeville, with results from surface mapping and sampling now defining several targets within the four-kilometer long northeast trending corridor. The first framework hole testing the prospectivity of the lower plate carbonates is planned for Q2 2025.
In the Carlin Basin, adjacent to Gold Quarry, wide spaced RC drilling through post mineral cover has defined a multi-kilometer footprint of low-level gold and Carlin style alteration and geochemistry in the less prospective upper plate stratigraphy. The anomalism observed is along trend of, and controlled by the Good Hope Fault, an important ore controlling feature at Gold Quarry. Two deeper core holes, 3.5km apart, returned hundreds of meters of alteration extending from the bedrock contact into the favorable Lower Plate carbonate stratigraphy. Work will continue to define the extent of the hydrothermal system and delineate vectors to additional targeted drill holes in 2025.

Cortez, Nevada, USA
Step-out drilling was completed during Q4 at the Hanson target, approximately 235 meters beneath the Cortez Hills underground operation. Drilling to-date continues to confirm the geologic model and define the open, up dip, opportunity beyond the “Heart of Hanson”, a resource with good potential to be added to reserves in the upcoming years. This early-stage drilling continues to provide confidence in the resource growth below the existing infrastructure of the Cortez Hills underground mine that is expected to add material life-of-mine extensions. Follow-up drilling is planned for 2025.
At Swift, drilling continued to better define the structure and stratigraphic understanding in the southwest portion of the property where previous drilling has identified widespread alteration and anomalous gold. The second framework hole was completed in December 2024 and encountered signification structural disruptions to the expected stratigraphy, omitting the most prospective slope facies rocks. Weak to moderate Carlin type alteration occurred in and adjacent to the larger fault zones further expanding the footprint of alteration in the area. Assays are currently pending.

Patris, Quebec, Canada
Permitting was secured to complete drill for till target delineation work across the sedimentary basins on the property. The drilling program is expected to begin in early Q1 2025 and will continue to define the extent of strong anomalism along the La Pause Fault, following up on the results from the 2024 programs.

Latin America & Asia-Pacific
Pueblo Viejo, Dominican Republic
At Pueblo Viejo, target delineation work concluded in the Zambrana area, one kilometer to the east of the Moore pit. Favorable lithology, alteration, soil and rock chip geochemical anomalies and an induced polarization, high chargeability geophysical anomaly define two targets and drilling commenced in January 2025.

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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Regional Exploration, Dominican Republic
At the Restauracion District, located in the Western Dominican Republic, field work commenced during Q4. These activities are focusing on the Neita Norte Property (part of the earn-in agreement with Unigold) and on the adjacent 100% Barrick-owned permits. Three large areas of interest have been defined with further, more focused work planned for the first half of 2025.

Jamaica
Early-stage exploration activities continued in all areas under the earn-in agreement with Geophysx Jamaica Ltd. (Geophysx). Fieldwork focused on regional-scale geological evaluation (including assessment of post-mineral cover thickness) and camp-scale delineation of priority areas. Drill-ready targets are expected to be defined by Q3 2025.

Veladero District, Argentina
At Argenta Norte, located one kilometer to the northwest of Veladero’s Argenta pit, a six drillhole follow-up campaign was completed. These partially validated the exploration model, confirming high-sulfidation mineralization and some continuity between holes. Assays are expected during Q1 2025.
At Domo Negro, following the framework drilling campaign that intersected a previously reported shallow low-sulfidation vein with bonanza gold results, detailed geological mapping, sampling, trenching and a ground magnetic survey were completed. Two structurally controlled epithermal gold targets were defined, and a follow-up drilling program is scheduled to be completed in 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 Libelula District, drilling commenced on the first of three high-sulfidation epithermal gold targets. The first hole in the Libelula system intercepted multiple hydrothermal events confirming the exploration model. Assays are expected during Q1 2025.
In the Ccoropuro District, located in southern Peru, permitting is on track to commence drilling in H2 2025.

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, Pakistan23
At Reko Diq, the exploration team is progressing with the re-logging of historic drill holes, re-interpreting legacy datasets and modeling historical and newly generated targets. Additionally, the team is completing geological and structural mapping at various scales, with infill geochemical surveys ongoing in parallel. Results are being integrated to define a pipeline of high potential projects with several drillholes completed during the quarter. These are the first
exploration holes completed in the Reko Diq district, since 2009.
At H14, one of the Western Porphyries, a deep drillhole confirmed open, high-grade mineralization at depth, 250m west of the existing drilling. At the Tanjeel supergene copper enrichment blanket, two holes intercepted high-grade copper sulfide minerals and confirmed potential for hypogene mineralization below the supergene copper enriched blanket, for the first time. At the newly defined Gurich gold-copper porphyry-breccia complex several drillholes were completed during Q4, confirming strong mineralization near surface in a new northwest trending corridor, located to the west of H8 which remains open. Partial assays were received for hole RD-925 (897 meters), confirming copper and gold mineralization with an intersection of 598 meters at 0.43% Cu and 0.1 g/t Au from 102 meters, including an interval of 170 meters with 0.57% Cu and 0.13 g/t Au from 340 meters. Other assays are pending and are expected during Q1 2025.

Porgera, Papua New Guinea
Drilling on the Wangima priority target continued in Q4 with over 23,800m of diamond drilling completed in 2024. Reprocessing and inversion modeling of the project’s geophysical data was completed with new surface and underground targets generated. Exploration activities have expanded to include mapping and sampling of prospects north of the current Wangima drilling areas. Initial surface mapping has indicated extensions to mineralization, with promising results from surface sampling programs. Further evaluation of these targets will continue through 2025.

Japan Gold Strategic Alliance, Japan
At Togi, the Akasaka target was tested with two drill holes during Q4. These holes partially confirmed the exploration model for a preserved shallow low-sulfidation system.
At Ebino, located near the Hishikari low-sulfidation deposit, two drill-ready low sulfidation targets were defined. Drilling is expected in Q2 2025.
At the Hakuryu area, located in the North of Japan, one low-sulfidation target has been defined. Drilling is expected to be completed in Q2 2025, following the winter season.

Africa and Middle East
Loulo-Gounkoto, Mali24
At Baboto, exploration results during Q4 continue to highlight the potential for the complex to deliver a significant orebody. Drilling has intersected multiple sub-parallel zones of mineralization beneath the pit and extended the mineralized system along strike which remains open in multiple directions, including down plunge along several emerging high-grade ore-shoots. Near surface, opportunities to expand the existing open pit have been identified where high-grade intersections have been returned at the base of the pit shell such as BNRC355: 7 meters at 10.06 g/t Au. Meanwhile, results received to date on the sub-parallel East Zone have been variable with high grade controls not yet well understood; however, the presence of multiple very high gram-meter intersections, including BNRC381: 15 meters at 25.13 g/t Au, including 5 meters at 72.47 g/t Au, highlights the potential to contribute significantly to the overall mineral inventory. The geological
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
model is being updated to explore and extend the system more effectively while a delineation drilling program will commence once the temporary suspension of operations is lifted (refer to page 9 for further details).
A full geological review of the Loulo-District will be completed early in 2025 to reinforce the base of the resource triangle while high priority targets are advanced, such as Barika, located south of Yalea where open, high-grade mineralization has been intersected showing similarities in style and pathfinders to the main Yalea system.

Tongon, Côte D’Ivoire25
Systematic near mine exploration has identified additional inventory and upside along key prospective corridors, which are designated for aggressive follow-up in 2025.
At Jubula East, drilling has demonstrated a shoot of plunging high-grade mineralization. Though small in scale, it demonstrates the potential for additional, small footprint, value-adding zones of oxide mineralization to be discovered within 10km of the Tongon plant: JBERC025: 18 meters at 4.64 g/t Au, JBERC088: 12 meters at 9.81 g/t Au.
At Koro A2, drilling targeting a sub-parallel structure to the east of the main system returned several significant intersections highlighting a new high-grade shoot, with potential for others; KKHRC054: 13 meters at 3.73 g/t Au and KKHRC090: 9 meters at 3.49 g/t Au. Meanwhile step-out drilling along the Koro A2 main structure succeeded in extending the system over 180 meters southward. The target is part of a larger mineralized corridor that remains open along strike and is sparsely tested.

Kibali, DRC26
At ARK, drilling is in progress following a review of the wider ARK corridor in Q3 2024, which highlighted multiple open-pit and underground discovery opportunities. Results continue to extend and define mineralization, as well as demonstrate zones of bonanza grade potential, such as on the emerging lens between Rhino and Agbarabo highlighted by RHGC2053: 12.00 meters at 231.15 g/t Au, and RHDD0079: 8.80 meters at 17.30 g/t Au, hosted by strong sericite-silica-pyrite altered conglomerate. Additionally, drilling down plunge of the Upper Rhino lens demonstrates the continuity of the lode: RHGC2066: 24.00 meters at 3.12 g/t Au and RHGC2067: 22.00 meters at 2.74 g/t Au. Furthermore, drilling at Kombokolo commenced this quarter, confirming the down dip extension of the mineralized system. An intensive exploration drilling campaign is planned for 2025 to assess the significant overall potential of the ARK system.
At KCD, drilling on the down-plunge extension continued in Q4 supporting the continuation of high-grade mineralization related to the 3000 and 5000 lodes demonstrated by: KCDU7507: 34.04 meters at 3.9 g/t Au. Additionally, a deep, directional, drilling program commenced to intersect the orebody an additional 500 meters down-plunge beyond the known mineralization (3000, 5000 and 9000 lodes) to guide decisions on future infrastructure upgrades.

North Mara and Bulyanhulu, Tanzania
At North Mara, during the wet season, a target generation session was completed, aiming to replenish the base of the resource triangle and re-prioritize existing targets for follow-up. The review highlighted multiple, poorly tested early-stage target areas demonstrating key prospectivity drivers including increased structural complexity and rheological contrasts. The highest priority targets will be motivated for follow-up and drilling in 2025.
On the Bulyanhulu Inlier, geochemical AC drilling and scout RC drilling returned encouraging results, identifying multiple kilometer scale gold, copper and pathfinder geochemical anomalies, associated with both Reef 1 and Reef 2-style geological settings. Framework diamond drilling is planned for Q1 2025 to guide follow-up drilling in the dry season in Q2 2025.
At Nzega, observations from reconnaissance mapping and framework AC drilling (under post-mineral cover) continue to validate the modeled geological setting and interpreted structural complexity indicative of a prospective setting for large orogenic gold systems. High-resolution geophysics is planned in Q1 2025 over most of the belt, including over 100km strike of sparsely tested, major structural corridors. This data will guide the planning of aggressive target generation programs in Q2 2025 while testing under extensive post-mineral cover which has preserved the discovery potential for additional major gold deposits in the belt.

Jabal Sayid, Kingdom of Saudi Arabia
Full results have been received from the aircore and soil geochemistry screening program at Umm ad Damar, defining the paleosurface over 3.5km strike length under cover and at Jabal Sayid two paleosurface horizons have been constrained within the mining license. These prospective corridors will be explored at depth with appropriate geophysical techniques and diamond drilling in 2025 to assess the potential to deliver the next VMS discovery in the Jabal Sayid camp.

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 MANAGEMENT’S DISCUSSION AND ANALYSIS
REVIEW OF FINANCIAL RESULTS

Revenue
($ millions, except per ounce/pound data in dollars) For the three months ended For the years ended
   12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Gold
000s oz solda
 965  967  3,798  4,024  4,141 
000s oz produceda
 1,080  943  3,911  4,054  4,141 
Market price
($/oz)
 2,663  2,474  2,386  1,941  1,800 
Realized price ($/oz)b
 2,657  2,494  2,397  1,948  1,795 
Revenue
3,327  3,097  11,820  10,350  9,920 
Copper
000s tonnes solda,c
 54  42  177  185  202 
000s tonnes produceda,c
 64  48  195  191  200 
Market price
($/lb)
 4.17  4.18  4.15  3.85  3.99 
Realized price ($/lb)b
 3.96  4.27  4.15  3.85  3.85 
Revenue
260  213  855  795  868 
Other sales 58  58  247  252  225 
Total revenue 3,645   3,368  12,922   11,397  11,013 
a.On an attributable basis.
b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 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.

Our 2024 gold production of 3.91 million ounces was within the guidance range of 3.9 to 4.3 million ounces. As previously disclosed, this was towards the lower end of the range mainly due to lower than planned production at Pueblo Viejo due to ramp-up issues which hindered our ability to increase throughput. This included mill failures, lower flotation plant availability, lower limestone production and unplanned maintenance at the autoclaves. This was combined with lower than planned production at NGM, mainly at Carlin as production was impacted primarily by the previously disclosed pit wall failure in the Gold Quarry open pit in Q1 2024, combined with increased ounces from Cortez processed at the Carlin roasters, to the overall benefit of NGM, and at Turquoise Ridge as the improvements in stabilizing the processing plant and increasing underground production in H2 took longer than planned. Gold production was further impacted by lower than planned production at Kibali, primarily driven by lower grades processed than planned. Copper production of 195 thousand tonnes for 2024 was at the midpoint of the guidance range of 180 to 210 million pounds.

Q4 2024 compared to Q3 2024
In Q4 2024, gold revenues increased by 7% compared to Q3 2024 primarily due to a higher realized gold price6, partially offset by slightly lower sales volume. The average realized price for the three month period ended December 31, 2024 was $2,657 per ounce versus $2,494 per ounce
for Q3 2024. During Q4 2024, the gold price ranged from $2,537 per ounce to an all-time nominal high of $2,790 per ounce and closed the quarter at $2,609 per ounce. Gold prices in Q4 2024 continued to rise as a result of reductions in benchmark interest rates, geopolitical tensions and global economic concerns, tempered by the strength of the trade-weighted US dollar.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)
Q4 2024 compared to Q3 2024

ja3fa69f74a81474b90b.jpg

In Q4 2024, attributable gold production was 137 thousand ounces higher than Q3 2024, primarily driven by stronger performances at Cortez mainly due to higher ore tonnes from both Cortez Hills underground and Goldrush; at Veladero (included in the “Other” category above) due to an increase in recoverable ounces placed on the leach pad; and at Turquoise Ridge reflecting higher tonnes processed. Attributable gold sales volumes were lower than attributable gold production, reflecting the restrictions placed by the Government of Mali during Q4 2024 on our ability to ship and sell gold from Loulo-Gounkoto.
Copper revenues in Q4 2024 increased by 22% compared to Q3 2024, primarily due to higher copper sales volume, with the realized copper price6 only slightly lower. The average market price in Q4 2024 was $4.17 per pound versus $4.18 per pound in Q3 2024. In Q4 2024, the realized copper price6 was lower than the market copper price due to the impact of negative provisional pricing adjustments, whereas a positive provisional pricing adjustment was recorded in Q3 2024. During Q4 2024, the copper price ranged from $3.95 per pound to $4.59 per pound and closed the quarter at $3.95 per pound. Copper prices in Q4 2024 were influenced by concerns about slowing economic growth, especially in China, supply disruptions and a strengthening trade-weighted US dollar.
Attributable copper production in Q4 2024 was 33% higher compared to Q3 2024 driven by higher throughput, grades and recoveries at Lumwana.

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 MANAGEMENT’S DISCUSSION AND ANALYSIS
2024 compared to 2023
In 2024, gold revenues increased by 14% compared to 2023, primarily due to a higher realized gold price6, partially offset by a decrease in sales volumes. The average market gold price for 2024 was $2,386 per ounce compared to $1,941 per ounce in 2023.
In 2024, attributable gold production was 3,911 thousand ounces, or 143 thousand ounces lower than 2023 largely driven by NGM, mainly at Cortez and Carlin. At Cortez, this was due to lower leach ore mined at the Crossroads open pit and lower oxide ore mined from Cortez Hills underground, in line with the mine sequence, and at Carlin due to lower grades processed, lower recoveries and the reduction in open pit tonnes mined. These impacts were partially offset by increased production at Porgera (included in the “Other” category below) following the ramp-up of operations in 2024. Attributable gold sales volumes were lower than attributable gold production, reflecting the restrictions placed by the Government of Mali during Q4 2024 on our ability to ship and sell gold from Loulo-Gounkoto.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)
Year ended December 31, 2024

j039314c2f5ba4be2a0f.jpg


Copper revenues for 2024 were 8% higher compared to 2023 due to a higher realized copper price6, partially offset by lower copper sales volume. In both years, the realized copper price6 was in line with the market copper price.
Attributable copper production for 2024 was 4 thousand tonnes higher than 2023, mainly due to higher grades processed and higher recoveries at Lumwana.

Production Costs
($ millions, except per ounce/pound data in dollars) For the three months ended For the years ended
   12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Gold
Site operating costs 1,268  1,332  5,146  5,015  4,678
Depreciation 424  409  1,641  1,756  1,756
Royalty expense 112  106  405  371  342
Community relations 6  9  34  36  37
Cost of sales 1,810   1,856  7,226   7,178  6,813
Cost of sales
($/oz)a
 1,428  1,472  1,442  1,334  1,241
Total cash costs ($/oz)b
 1,046  1,104  1,065  960  862
All-in sustaining costs ($/oz)b
 1,451  1,507  1,484  1,335  1,222
Copper
Site operating costs 101  109  389  401  336
Depreciation 54  60  245  259  223
Royalty expense 22  17  67  62  103
Community relations 2  1  5  4  4
Cost of sales 179  187  706  726  666
Cost of sales
($/lb)a
 2.62  3.23  2.99  2.90  2.43
C1 cash costs ($/lb)b
 2.04  2.49  2.26  2.28  1.89
All-in sustaining costs ($/lb)b
 3.07   3.57  3.45   3.21  3.18
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 59 to 75 of this MD&A.

Q4 2024 compared to Q3 2024
In Q4 2024, cost of sales applicable to gold was 2% lower compared to Q3 2024, primarily as a result of slightly lower sales volumes, partially offset by higher depreciation expense and increased royalty expense as a result of a higher realized gold price6. Our 45% interest in Kibali is equity accounted and we therefore do not include its cost of sales in our consolidated gold cost of sales. On a per ounce basis, cost of sales applicable to gold7 and total cash costs per ounce6, after including our proportionate share of cost of sales at our equity method investees, were 3% and 5% lower, respectively, than Q3 2024 primarily due to the changes in sales mix across the portfolio partially offset by higher royalties due to an increase in the realized gold price6 ($9/oz impact).
In Q4 2024, gold all-in sustaining costs6 decreased by 4% on a per ounce basis compared to Q3 2024, primarily due to lower total cash costs per ounce6 as described above, and decreased general and administrative expenses. This was partially offset by higher minesite sustaining capital expenditures6.
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
In Q4 2024, cost of sales applicable to copper was 4% lower than Q3 2024, primarily due to the impact of lower processing and maintenance costs at Lumwana, partially offset by higher copper sales volumes. 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. On a per pound basis, cost of sales applicable to copper7 and C1 cash costs6, after including our proportionate share of cost of sales at our equity method investees, decreased by 19% and 18%, respectively, compared to Q3 2024 primarily due to higher grades processed, higher recoveries and the benefit of diluting the fixed costs over more production at Lumwana.
In Q4 2024, copper all-in sustaining costs6, which have been adjusted to include our proportionate share of equity method investees, were 14% lower per pound than Q3 2024, primarily reflecting lower C1 cash costs per pound6 and lower general and administrative costs, while minesite sustaining capital expenditures6 on a per pound basis were in line with Q3 2024.

2024 compared to 2023
In 2024, cost of sales applicable to gold was 1% higher than the prior year primarily due to higher site operating costs and increased royalties as a result of a higher realized gold price6, partially offset by lower depreciation. On a per ounce basis, cost of sales applicable to gold7, after including our proportionate share of cost of sales at our equity method investees, and total cash costs per ounce6 were 8% and 11% higher, respectively, than the prior year, primarily due to lower production across the portfolio (resulting in reduced fixed cost dilution) together with higher electricity consumption, plant maintenance costs, and gas prices at Pueblo Viejo; lower grades processed and lower recoveries at Carlin; and higher royalties across all sites due to the increase in the realized gold price6 ($23/oz impact).
In 2024, gold all-in sustaining costs per ounce6 increased by 11% compared to the prior year primarily due to higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6.
In 2024, cost of sales applicable to copper was 3% lower than the prior year, primarily due to lower volumes sold. 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. On a per pound basis, cost of sales applicable to copper7 after including our proportionate share of cost of sales at our equity method investees increased by 3%, compared to the prior year, primarily due to higher depreciation expense on a per pound sold basis. This was partially offset by lower C1 cash costs per pound6 of 1%, due to higher grades processed, reduced mining costs reflecting an increase in mining efficiencies and higher capitalized stripping at Lumwana.
Copper all-in sustaining costs per pound6 were 7% higher than the prior year, primarily due to higher minesite sustaining capital expenditures6 resulting from higher capitalized waste stripping, reflecting an increase in the strip ratio at Lumwana, partially offset by lower C1 cash costs per pound6, as discussed above.

2024 compared to Guidance
2024 cost of sales applicable to gold7 and gold total cash costs6 were $1,442 and $1,065 per ounce, respectively,
which were both higher than our guidance ranges of $1,320 to $1,420 per ounce and $940 to $1,020 per ounce, respectively. Gold all-in sustaining costs6 for 2024 of $1,484 per ounce were also higher than the guidance range of $1,320 to $1,420 per ounce. All gold cost metrics were higher than the guidance ranges mainly due to higher royalties due to the increase in the realized gold price6 ($25/oz impact) and changes in the sales mix across the portfolio.
2024 cost of sales applicable to copper7 and copper all-in sustaining costs6 were $2.99 per pound and $3.45 per pound, respectively, which were both slightly higher than our guidance ranges of $2.65 to $2.95 per pound and $3.10 to $3.40 per pound, respectively, mainly due to the impact of higher power costs, as efforts to offset the power grid instability included co-generation of power through diesel generators and higher royalties at Lumwana related to the higher realized copper price6. 2024 C1 cash costs6 of $2.26 per pound was within our guidance range of $2.00 to $2.30 per pound.

General and Administrative Expenses 
($ millions) For the three months ended For the years ended 
   12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Corporate administration 19  25  95 101  125 
Share-based compensationa
 (10) 21  20 25  34 
General & administrative expenses 9  46  115 126  159 
2024 Guidance ~$180
a.Based on US$15.71 share price as at December 31, 2024 (September 30, 2024: US$20.45; 2023: US$18.09; 2022: US$17.21).

Q4 2024 compared to Q3 2024
In Q4 2024, general and administrative expenses decreased by 37 million compared to Q3 2024, primarily due to lower share-based compensation. The remeasurement of our share-based compensation liability during the current quarter resulted in a gain due to the decrease in our share price during Q4 2024.

2024 compared to 2023
General and administrative expenses in 2024 decreased by $11 million compared to the prior year due to lower corporate administration expenses attributed to reductions in employee and consultant costs, combined with lower share-based compensation expense as a result of a decrease in our share price.

2024 compared to Guidance
General and administrative expenses in 2024 of $115 million were lower than guidance of ~$180 million. Corporate administration expenses of $95 million were below our guidance of ~$130 million, highlighting the continued benefit of our cost discipline, while share-based compensation expenses of $20 million were lower than our guidance of ~$50 million due to a lower share price during the current year.
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
Exploration, Evaluation and Project Costs
($ millions) For the three months ended For the years ended
   12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Global exploration and evaluation 37  45  153 143  123 
Project costs:
Reko Diq 32  30  126 60  14 
Lumwana 0  0  0 37  0 
Other 19  19  76 81  138 
Global exploration and evaluation and project expense 88   94  355 321  275 
Minesite exploration and evaluation 8  10  37 40  75 
Total exploration, evaluation and project expenses 96   104  392 361  350 
2024 Actuals 2024 Guidance
E&E 190 180 - 200
Project expenses 202  220 - 240
Total E&E and project expenses 392  400 - 440

Q4 2024 compared to Q3 2024
Exploration, evaluation and project expenses for Q4 2024 decreased by $8 million compared to Q3 2024. This was primarily due to lower global exploration and evaluation costs at Fourmile as the drilling activities are curtailed during the winter months which impacted Q4 2024.

2024 compared to 2023
Exploration, evaluation and project costs for 2024 increased by $31 million compared to 2023, primarily due to higher project costs at Reko Diq due to the ramp-up of project activities, partially offset by lower project costs at Lumwana as the pre-feasibility study work was completed in 2023.

2024 compared to Guidance
Exploration, evaluation and project expenses for 2024 of $392 million were slightly lower than the guidance range. Exploration and evaluation costs of $190 million were within the guidance range, while project expenses of $202 million were below the guidance range, mainly due to the timing of different projects across the portfolio, particularly in the Latin America & Asia Pacific region.
Finance Costs, Net
($ millions) For the three months ended For the years ended
   12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Interest expensea
 113  137  452  387  366 
Accretion 22  23  89  87  66 
Interest capitalized (4) (4) (33) (42) (29)
Gain on debt extinguishment 0  0  0  0  (14)
Other finance costs 1  2  5  7  6 
Finance income (64) (76) (281) (269) (94)
Finance costs, net 68   82  232  170  301 
2024 Guidance 260 - 300
a.For Q4 2024 and 2024, interest expense includes approximately $9 million and $33 million, respectively, of non-cash interest expense relating to the streaming agreement with Royal Gold Inc. (Q3 2024: $8 million; 2023: $32 million; 2022: $33 million). Interest expense also includes approximately $18 million and $78 million for Q4 2024 and 2024, respectively, relating to finance costs in Argentina (Q3 2024: $44 million; 2023: $nil; 2022: $nil)

Q4 2024 compared to Q3 2024
In Q4 2024, finance costs, net decreased by 17% compared to Q3 2024, mainly due to lower interest expense due to decreased finance costs in Argentina associated with cash repatriation, partially offset by lower finance income.

2024 compared to 2023
In 2024, finance costs, net were 36% higher than the prior year, primarily due to higher interest expense due to increased finance costs in Argentina associated with cash repatriation, partially offset by higher finance income.

2024 compared to Guidance
Finance costs, net for 2024 of $232 million were lower than the guidance range of $260 to $300 million, mainly due to higher than expected finance income earned on our cash balance resulting from higher revenue from higher metal prices.

Additional Significant Statement of Income Items
($ millions) For the three months ended For the years ended
   12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Impairment charges (reversals) (477) 2  (457) 312  1,671 
Loss on currency translation 18  4  39  93  16 
Closed mine rehabilitation 11  59  59  16  (136)
Other (income) expense 71   46  214   (195) (268)

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51
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Impairment Charges (Reversals)
($ millions) For the three months ended For the years ended
   12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Asset impairments (reversals)
Lumwana (655) 0  (655) 0  23 
Veladero (437) 0  (437) 0  490 
Carlin 82  0  82  4  0 
Long Canyon 49  0  49  280  85 
Tanzania 0  0  0  22  0 
Reko Diq 0  0  0  0  (120)
Other 0  2  20  6  5 
Total asset impairment charges (reversals) (961) 2  (941) 312  483 
Goodwill
Loulo-Gounkoto 484  0  484  0  1,188 
Total goodwill impairment charges 484   0  484   0  1,188 
Total impairment charges (reversals) (477) 2  (457) 312  1,671 

In Q4 2024 and the full year 2024, we recognized $961 million and $941 million, respectively, of net impairment reversals, mainly due to non-current asset impairment reversals of $655 million at Lumwana as a result of the inclusion of the Super Pit Expansion in the LOM plan and higher copper prices, and of $437 million at Veladero, reflecting higher gold prices, extended mine life and lower country risk. In addition, we recognized a goodwill impairment of $484 million at Loulo-Gounkoto (refer to Key Business Developments. This compares to net impairment charges of $312 million in 2023, mainly due to a non-current asset impairment of $280 million at Long Canyon as we decided not to pursue the permitting associated with Phase 2 mining, removed those ounces from our LOM plan and placed the mine on care and maintenance.
Refer to note 21 to the Financial Statements for a full description of impairment charges, including pre-tax amounts and sensitivity analysis.

Loss on Currency Translation
Loss on currency translation in Q4 2024 increased by $14 million compared to Q3 2024, as a result of realized foreign currency losses related to the Chilean peso, whereas there were unrealized gains on the Chilean peso in Q3 2024. These realized losses were hedged, with a corresponding gain on non-hedge derivatives in other income.
Loss on currency translation for 2024 decreased by $54 million compared to 2023, mainly due to the unrealized foreign currency losses in the prior year related to the Argentine peso, and the Zambian kwacha resulting from the high inflation levels and the country’s debt restructuring concerns in 2023. This was partially offset with the depreciation of the Chilean peso in 2024, compared to a gain in 2023.
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 2024 includes higher closure cost estimates at various closure sites, including an update in Q3 2024 to the provision relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. This was partially offset by gains in both Q4 2024 and 2024 resulting from an increase in the market real risk-free rate used to discount the closure provision, while the market real risk-free rate decreased in both Q3 2024 and 2023.

Other (Income) Expense
In Q4 2024, other expense was $71 million, while 2024 was $214 million. Other expense in Q4 2024 mainly relates to the $84 million payment to the Government of Mali to advance negotiations and the $60 million customs and royalty settlement at Tongon, partially offset by the insurance proceeds received in relation to the claim for the 2023 conveyor failure at Pueblo Viejo and the gain on sale of miscellaneous non-current assets. In Q3 2024, other expense primarily related to the $40 million accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership. The full year 2024 was further impacted by interest and penalties recognized following the settlement of the Zaldívar Tax Assessment in Chile (refer to note 35 of the Financial Statements). The other income of $195 million in 2023 mainly related to a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023, partially offset by care and maintenance expenses at Porgera, and the $30 million commitment we made towards the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership.
For a further breakdown of other expense (income), refer to note 9 to the Financial Statements.

Income Tax Expense
Income tax expense was ### in ###. The unadjusted effective income tax rate for ### was ### of the income before income taxes.
The underlying effective income tax rate on ordinary income for ### was 25% after adjusting for the impact of net impairment reversals; the resolution of uncertain tax positions; the impact of foreign currency translation losses on current and deferred tax balances; the impact of the recognition and 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 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 in 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 carryforwards, 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
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52
 MANAGEMENT’S DISCUSSION AND ANALYSIS
cash flow in future periods. For further details on income tax expense, refer to note 12 to the Financial Statements.
Reconciliation to Canadian Statutory Rate
For the years ended 12/31/24 12/31/23
At 26.5% statutory rate 1,221   746 
Increase (decrease) due to:
Allowances and special tax deductionsa
 (211) (184)
Impact of foreign tax ratesb
 18  (79)
Non-deductible expenses / (non-taxable income) 111  72 
Goodwill impairment charges not tax deductible 145  — 
Taxable gains on sales of non-current assets 2  6 
Net currency translation losses on current and deferred tax balances 52  289 
Tax impact from pass-through entities and equity accounted investments (263) (183)
Current year tax results sheltered by previously unrecognized deferred tax assets (5) (22)
Recognition and derecognition of deferred tax assets (26) (142)
Settlements and adjustments in respect of prior years 116  23 
Increase to income tax related contingent liabilities 1  54 
Impact of tax rate changes —  (2)
Withholding taxes 70  61 
Mining taxes 290  224 
Tax impact of amounts recognized within accumulated OCI —  (2)
Other items (1) — 
Income tax expense 1,520  861 
a.We are able to claim certain allowances, incentives and tax deductions unique to extractive industries that result in a lower effective tax rate.
b.We operate in multiple foreign tax jurisdictions that have tax rates different than the Canadian statutory rate.

The more significant items impacting income tax expense in 2024 and 2023 include the following:

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 relate to Argentine and Malian tax balances.
In 2024, a net tax expense of $52 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and the West African CFA franc against the US dollar. In 2023, a tax expense of $289 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and strengthening of the West African CFA franc against the US dollar. These net translation losses are included within income tax expense.


Withholding Taxes
In 2024, we have recorded $3 million (###: $5 million) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in Saudi Arabia. We have also recorded $45 million (2023: $26 million, related to Saudi Arabia, Tanzania and the United States) of dividend withholding taxes related to the distributed earnings of our subsidiaries in Saudi Arabia, Peru and the United States.

Accounting for Joint Ventures and Associates
NGM is a limited liability company treated as a flow through partnership for US tax purposes. The partnership is not subject to federal income tax directly, but each of its partners is liable for tax on its share of the profits of the partnership. As such, Barrick accounts for its current and deferred income tax associated with the investment (61.5% share) following the principles in IAS 12.

Mining Taxes
NGM is subject to a Net Proceeds of Minerals tax in Nevada at a rate of 5% and the tax expense recorded in 2024 was $145 million (###: $105 million). The other significant mining tax is the Dominican Republic’s Net Profits Interest tax, which is determined based on cash flows as defined by the Pueblo Viejo Special Lease Agreement. A tax expense of $134 million (2023: $nil) was recorded for this in 2024. Both taxes are included on a consolidated basis in the Company's consolidated statements of income.

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 multinational group.
In Q3 2024, the US Treasury and IRS released proposed regulations detailing the application of CAMT followed by some technical corrections released on December 23, 2024. 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. Comments on the technical corrections were due on January 16, 2025 and we are still awaiting the final regulations to be released.
For 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.

Impairments
A deferred tax expense of $321 million (2023: deferred tax recovery of $55 million primarily related to the impairment at Long Canyon) was recorded primarily related to the impairment reversal at our Lumwana and Veladero mines.
BARRICK YEAR-END 2024
53
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Financial Condition Review      
Summary Balance Sheet and Key Financial Ratios    
($ millions, except ratios and share amounts)
As at December 31 2024  2023  2022 
Total cash and equivalents 4,074  4,148  4,440 
Current assets 3,558  3,290  4,025 
Non-current assets 39,994  38,373  37,500 
Total Assets 47,626   45,811  45,965 
Current liabilities excluding short-term debt 2,618   2,345  3,107 
Non-current liabilities excluding long-term debta
 7,023  6,738  6,787 
Debt (current and long-term) 4,729  4,726  4,782 
Total Liabilities 14,370   13,809  14,676 
Total shareholders’ equity 24,290   23,341  22,771 
Non-controlling interests 8,966  8,661  8,518 
Total Equity 33,256   32,002  31,289 
Total common shares outstanding (millions of shares)b
 1,727   1,756  1,755 
Debt, net of cash 655   578  342 
Key Financial Ratios:      
Current ratioc
 2.89:1 3.16:1 2.71:1
Debt-to-equity d
 0.14:1 0.15:1 0.15:1
Net leveragee
 0.1:1 0.1:1 0.1:1
a.Non-current financial liabilities as at December 31, 2024 were $5,215 million (2023: $5,221 million; 2022: $5,314 million).
b.As of February 4, 2025, the number of common shares outstanding is 1,727,100,407.
c.Represents current assets (excluding assets held-for-sale) divided by current liabilities (including short-term debt and excluding liabilities held-for-sale) as at December 31, 2024, December 31, 2023 and December 31, 2022.
d.Represents debt divided by total shareholders’ equity (including minority interest) as at December 31, 2024, December 31, 2023, and December 31, 2022.
e.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.


Balance Sheet Review
Total assets were $47.6 billion at December 31, 2024, higher than total assets at December 31, 2023, mainly due to an increase in property, plant and equipment.
Our asset base is primarily comprised of non-current assets such as property, plant and equipment and equity method investments, reflecting the capital-intensive nature of the mining business and our history of growth through acquisitions and creation of joint ventures with other mining companies. Other significant assets include production inventories, indirect taxes recoverable and receivable, concentrate sales receivables, other government transaction and joint venture related receivables, as well as cash and equivalents.
Total liabilities at December 31, 2024 were $14.4 billion, in line with 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 December 31, 2024 were $4.1 billion. Our capital structure comprises a mix of debt, non-controlling interest (primarily at NGM) and shareholders’ equity. As at December 31, 2024, our total debt was $4.7 billion (debt, net of cash and equivalents was $655 million) and our debt-to-equity ratio was 0.14:1. This compares to debt as at December 31, 2023 of $4.7
billion (debt, net of cash and cash equivalents was $578 million), and a debt-to-equity ratio of 0.15:1.
In 2025, we have capital commitments of $553 million and expect to incur attributable sustaining and project capital expenditures6 of approximately $3,100 to $3,600 million based on our guidance range on page 10. In 2025, we have contractual obligations and commitments of $740 million associated with purchase obligations for supplies and consumables. In addition, we have $286 million in interest payments and other amounts as detailed in the table on page 57. We expect to fund these commitments through operating cash flow, which is our primary source of liquidity, as well as 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’s shares. We purchased $498 million of shares under this program in 2024, including $354 million during Q4.
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.

BARRICK YEAR-END 2024
54
 MANAGEMENT’S DISCUSSION AND ANALYSIS
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 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 prices 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 which 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 TRIFR8. 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 Credit Facility was undrawn as at December 31, 2024. 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 0.02:1 as at December 31, 2024 (0.02:1 as at December 31, 2023).

Summary of Cash Inflow (Outflow)
($ millions) For the three months ended For the years ended
  12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Net cash provided by operating activities 1,392  1,180  4,491  3,732  3,481 
Investing activities
Capital expenditures (891) (736) (3,174) (3,086) (3,049)
Funding of equity method investments (4) 0  (59) 0  0 
Dividends received from equity method investments 71  38  198  273  869 
Shareholder loan repayments from equity method investments 16  49  155  7  0 
Investment (purchases) sales 20  44  97  (23) 381 
Other 10  2  19  13  88 
Total investing outflows (778) (603) (2,764) (2,816) (1,711)
Financing activities
Net change in debta
 (3) (4) (14) (56) (395)
Dividendsb
 (172) (174) (696) (700) (1,143)
Net disbursements to non-controlling interests (291) (110) (639) (514) (833)
Share buyback program (354) (95) (498) 0  (424)
Other 58  (4) 52  65  191 
Total financing outflows (762) (387) (1,795) (1,205) (2,604)
Effect of exchange rate (3) (1) (6) (3) (6)
Increase (decrease) in cash and equivalents (151) 189  (74) (292) (840)
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 the three months and year ended December 31, 2024, we declared and paid dividends per share in US dollars totaling $0.10 and $0.40, respectively (September 30, 2024: declared and paid $0.10; 2023: declared and paid $0.40; 2022: declared and paid $0.65).

Q4 2024 compared to Q3 2024
In Q4 2024, we generated $1,392 million in operating cash flow, compared to $1,180 million in Q3 2024. The increase of $212 million was primarily due to a higher realized gold price6 and a decrease in both gold total cash costs per ounce6 and copper C1 cash costs per pound6. These impacts were slightly offset by a decrease in the realized copper price6. Operating cash flow was further impacted by a favorable working capital movement, mainly in accounts receivable and accounts payable. These results were partially offset by an increase in cash taxes paid and higher 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. Operating cash flow in Q4 2024
BARRICK YEAR-END 2024
55
 MANAGEMENT’S DISCUSSION AND ANALYSIS
was also negatively impacted by the restrictions placed by the Government of Mali on our ability to ship and sell gold (for more detail, refer to note 35 of the Financial Statements).
Cash outflows from investing activities in Q4 2024 were $778 million, compared to $603 million in Q3 2024. The increased outflow of $175 million was primarily due to an increase in capital expenditures primarily due to higher project capital expenditures6 including down payments on the order of long lead items for the Lumwana Super Pit Expansion project, which includes the mining fleet.
Net financing cash outflows for Q4 2024 amounted to $762 million, compared to $387 million in Q3 2024. The increased outflow of $375 million was primarily due to higher repurchases of shares under our share buyback program compared to Q3 2024, combined with higher net disbursements to non-controlling interests, primarily to Newmont in relation to their interest in NGM and Pueblo Viejo.

2024 compared to 2023
In 2024, we generated $4,491 million in operating cash flow, compared to $3,732 million in 2023. The increase of $759 million was primarily due to a higher realized gold price6, partially offset by lower gold sales volumes and an increase in gold total cash costs per ounce6. Operating cash flow was further impacted by higher cash taxes paid relative to 2023. Operating cash flow in 2024 was also negatively impacted by the restrictions placed by the Government of Mali on our ability to ship and sell gold (for more detail, refer to note 35 of the Financial Statements).
Cash outflows from investing activities for 2024 were $2,764 million compared to $2,816 million in 2023. The decreased outflow of $52 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. Cash flows from investing activities were negatively impacted by higher capital expenditures as a result of higher minesite sustaining capital expenditures6, partially offset by lower project capital expenditures6. Higher minesite capital expenditures6 were driven by increased capitalized stripping at Lumwana and the purchase of the Komatsu-930 truck fleet at Carlin. Project capital expenditures6 were lower as the Pueblo Viejo plant expansion project and TS Solar Project at NGM were substantially completed in 2023, partially offset by early works expenditure at Reko Diq and the down payments on the order of long lead items for the Lumwana Super Pit Expansion project, which includes the mining fleet. These impacts were further impacted by lower cash dividends received from equity method investments, in particular Kibali, as well as the funding provided to Porgera.
Net financing cash outflows for 2024 amounted to $1,795 million, compared to $1,205 million in 2023. The higher outflow of $590 million is primarily due to the repurchases of shares under our share buyback program in 2024, combined with higher net disbursements to non-controlling interests, primarily to Newmont in relation to their interest in NGM and Pueblo Viejo.

Summary of Financial Instrumentsa
As at December 31, 2024
Financial Instrument Principal/Notional Amount
 Associated  Risks
n  Interest rate
Cash and equivalents $4,074  million
n   Credit
       
n   Credit
Accounts receivable $763  million
n   Market
   
n  Interest rate
Notes receivable $217  million
n   Credit
n  Interest rate
Kibali joint venture receivable $462  million
n   Credit
n  Interest rate
Norte Abierto joint venture partner receivable $74  million
n   Credit
n  Interest rate
Restricted cash $65  million
n   Credit
Other investments $42  million
n   Liquidity
Accounts payable   $1,613  million
n   Liquidity
Debt   $4,749  million
n  Interest rate
Other liabilities $595  million
n   Liquidity
Restricted share units   $39  million
n   Market
Deferred share units   $12  million
n   Market
a.Refer to notes 25, 26 and 28 to the Financial Statements for more information regarding financial instruments, fair value measurements and financial risk management, respectively.

BARRICK YEAR-END 2024
56
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Commitments and Contingencies

Litigation and Claims
We are currently subject to various litigation proceedings as disclosed in note 35 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 December 31, 2024
   2025 2026 2027 2028 2029 2030 and thereafter Total
Debta
Repayment of principal 11  47  0  0  0  4,632  4,690 
Capital leases 13  11  11  7  5  12  59 
Interest 286  283  280  279  278  2,660  4,066 
Provisions for environmental rehabilitationb
 229  139  105  157  132  1,831  2,593 
Restricted share units 29  10  0  0  0  0  39 
Pension benefits and other post-retirement benefits 5  5  4  4  4  62  84 
Purchase obligations for supplies and consumablesc
 740  270  250  164  142  55  1,621 
Capital commitmentsd
 553  52  0  0  0  0  605 
Social development costse
 56  29  7  4  2  58  156 
Other obligationsf
 72  68  60  60  68  485  813 
Total 1,994  914  717  675  631  9,795  14,726 
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 December 31, 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 provisions for environmental rehabilitation.
c.Purchase obligations for supplies and consumables: Includes commitments related to new purchase obligations to secure supplies of consumables such as 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 2030 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 YEAR-END 2024
57
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Review of Quarterly Results

Quarterly Informationa
   2024 2023
($ millions, except where indicated) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues 3,645  3,368  3,162  2,747  3,059  2,862  2,833  2,643 
Realized price per ounce – goldb
 2,657  2,494  2,344  2,075  1,986  1,928  1,972  1,902 
Realized price per pound – copperb
 3.96  4.27  4.53  3.86  3.78  3.78  3.70  4.20 
Cost of sales 1,995  2,051  1,979  1,936  2,139  1,915  1,937  1,941 
Net earnings 996  483  370  295  479  368  305  120 
     Per share (dollars)c
 0.57  0.28  0.21  0.17  0.27  0.21  0.17  0.07 
Adjusted net earningsb
 794  529  557  333  466  418  336  247 
     Per share (dollars)b,c
 0.46  0.30  0.32  0.19  0.27  0.24  0.19  0.14 
Operating cash flow 1,392  1,180  1,159  760  997  1,127  832  776 
Cash consolidated capital expendituresd
 891  736  819  728  861  768  769  688 
Free cash flowb
 501  444  340  32  136  359  63  88 
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 59 to 75 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 Assets1. This, combined with ongoing strength in gold and copper prices, has resulted in strong operating cash flows over the past 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 increase 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 earnings6. In Q4 2024, we recorded non-current asset impairment reversals of $655 million at Lumwana and of
$437 million at Veladero. In addition, we recorded a goodwill impairment of $484 million related to Loulo-Gounkoto. In Q2 2024, we recorded a provision following the proposed settlement of the Zaldívar Tax Assessments in Chile (refer to note 35 of the Financial Statements). In the 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 non-current asset impairment of $280 million 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 commitment towards the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership.

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. Internal control over financial reporting is a framework designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The Company’s internal control over financial reporting framework includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have
a material effect on the Company’s consolidated financial statements.
Disclosure controls and procedures form a broader framework designed to provide reasonable assurance that other financial information disclosed publicly fairly presents in all material respects the financial condition, results of operations and cash flows of the Company for the periods presented in this MD&A and Barrick’s Annual Report. The Company’s disclosure controls and procedures framework includes processes designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to management by others within those entities to allow timely decisions regarding required disclosure.
Together, the internal control over financial reporting and disclosure controls and procedures 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
BARRICK YEAR-END 2024
58
 MANAGEMENT’S DISCUSSION AND ANALYSIS
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 the Company’s internal control over financial reporting during the year ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
The management of Barrick, at the direction of our President and Chief Executive Officer and Senior Executive Vice-President, Chief Financial Officer, evaluated the effectiveness of the design and operation of internal control over financial reporting as of the end of the period covered by this report based on the framework and criteria
established in Internal Control – Integrated Framework (2013) as issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, management concluded that the Company’s internal control over financial reporting was effective as at December 31, 2024.
Barrick’s annual management report on internal control over financial reporting and the integrated audit report of Barrick’s auditors for the year ended December 31, 2024 will be included in Barrick’s 2024 Annual Report and its 2024 Form 40-F/Annual Information Form to be filed with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.


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 to 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 to 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 YEAR-END 2024
59
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share
 
For the three months ended For the years ended
($ millions, except per share amounts in dollars) 12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Net earnings attributable to equity holders of the Company 996  483  2,144  1,272  432 
Impairment (reversals) charges related to non-current assetsa
 (477) 2  (457) 312  1,671 
Acquisition/disposition gainsb
 (17) (1) (24) (364) (405)
Loss on currency translation 18  4  39  93  16 
Significant tax adjustmentsc
 1  (30) 137  220  95 
Other expense adjustmentsd
 113  97  249  96  17 
Non-controlling intereste
 (159) (7) (170) (98) (274)
Tax effecte
 319  (19) 295  (64) (226)
Adjusted net earnings 794  529  2,213  1,467  1,326 
Net earnings per sharef
 0.57   0.28  1.22   0.72  0.24 
Adjusted net earnings per sharef
 0.46  0.30  1.26  0.84  0.75 
a.Net impairment (reversals) charges for Q4 2024 and 2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto. Net impairment charges for 2023 mainly relate to a long-lived asset impairment at Long Canyon. For 2022, net impairment charges primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq.
b.Acquisition/disposition gains for Q4 2024 and 2024 relate to miscellaneous assets. For 2023, acquisition/disposition gains primarily relate to a gain on the reopening of the Porgera mine. For 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50%, as well as the sale of two royalty portfolios.
c.Significant tax adjustments in 2024 and 2023 primarily relate to the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets.
d.Other expense adjustments for Q4 2024 and 2024 mainly relate to a payment to the Government of Mali to advance negotiations and a customs and royalty settlement at Tongon. 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, a provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick, and an accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership. For 2023, other expense adjustments 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 commitment we made towards the expansion of education infrastructure in Tanzania. For 2022, other expense adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara.
e.Non-controlling interest and tax effect for 2024 primarily relates to impairment (reversals) charges related to non-current assets.
f.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 
For the three months ended For the years ended
  ($ millions) 12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Net cash provided by operating activities 1,392  1,180  4,491  3,732  3,481 
Capital expenditures (891) (736) (3,174) (3,086) (3,049)
Free cash flow 501  444  1,317  646  432 

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 delivery of the current mine plan. 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 YEAR-END 2024
60
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Reconciliation of the Classification of Capital Expenditures 
For the three months ended For the years ended
  ($ millions) 12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Minesite sustaining capital expenditures 525  511  2,217  2,076  2,071 
Project capital expenditures 362  221  924  969  949 
Capitalized interest 4  4  33  41  29 
Total consolidated capital expenditures 891  736  3,174  3,086  3,049 

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 its 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 related to the current mine plan 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 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 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 production taxes 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 and production taxes, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value.


BARRICK YEAR-END 2024
61
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Reconciliation of Gold Cost of Sales to Total cash costs and All-in sustaining costs, including on a per ounce basis
  For the three months ended For the years ended
  ($ millions, except per ounce information in dollars)  Footnote 12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Cost of sales applicable to gold production 1,810  1,856  7,226  7,178  6,813 
 Depreciation (424) (409) (1,641) (1,756) (1,756)
Cash cost of sales applicable to equity method investments 90  93  316  260  222 
By-product credits (58) (58) (247) (252) (225)
Non-recurring items a 0  0  0  0  (23)
Other b 4  3  14  18  (23)
Non-controlling interests c (413) (417) (1,623) (1,578) (1,442)
Total cash costs   1,009   1,068  4,045   3,870  3,566 
   General & administrative costs 9  46  115  126  159 
Minesite exploration and evaluation costs d 8  10  37  40  75 
Minesite sustaining capital expenditures e 525  511  2,217  2,076  2,071 
Sustaining leases 7  8  30  30  38 
Rehabilitation - accretion and amortization (operating sites) f 15  14  66  63  50 
Non-controlling interest, copper operations and other g (173) (199) (874) (824) (900)
 All-in sustaining costs   1,400  1,458  5,636  5,381  5,059 
Ounces sold - attributable basis (000s ounces) h 965  967  3,798  4,024  4,141 
Cost of sales per ounce i,j 1,428   1,472  1,442   1,334  1,241 
Total cash costs per ounce j 1,046  1,104  1,065  960  862 
Total cash costs per ounce (on a co-product basis) j,k 1,086  1,145  1,109  1,002  897 
All-in sustaining costs per ounce j 1,451  1,507  1,484  1,335  1,222 
All-in sustaining costs per ounce (on a co-product basis) j,k 1,491   1,548  1,528   1,377  1,257 

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. Non-recurring items for 2022 relate to a net realizable value impairment of leach pad inventory at Veladero.

b.Other - Other adjustments for Q4 2024 and 2024 include the removal of total cash costs and by-product credits associated with Pierina of $nil and $nil, respectively (Q3 2024: $nil; 2023: $3 million; 2022: $24 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 $559 million and $2,189 million, respectively, for Q4 2024 and 2024; (Q3 2024: $556 million; 2023: $2,192 million; 2022: $2,032 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to note 5 to the Financial Statements for further information.

d.Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as minesite if it supports current mine operations and project if it relates to future projects. Refer to page 51 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 provisions of our gold operations, split between operating and non-operating sites.

g.Non-controlling interest and copper operations - Removes general & 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 interests of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investments in Kibali and Porgera. 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 years ended
   Non-controlling interest, copper operations and other 12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
    General & administrative costs
 3  (7) (14) (9) (31)
Minesite exploration and evaluation costs
 (2) (2) (10) (14) (27)
Rehabilitation - accretion and amortization (operating sites)
 (5) (5) (21) (21) (16)
   Minesite sustaining capital expenditures (169) (185) (829) (780) (826)
   All-in sustaining costs total
 (173) (199) (874) (824) (900)

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 Q4 2024 and 2024 (Q3 2024: $nil; 2023: $3 million; 2022: $24 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, cash costs per ounce and all-in sustaining costs per ounce per ounce may not calculate based on amounts presented in this table due to rounding.

k.Co-product costs per ounce
Cash costs per ounce and all-in sustaining costs per ounce per ounce presented on a co-product basis remove the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:
BARRICK YEAR-END 2024
62
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions)
 For the three months ended For the years ended
  
12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
   By-product credits
 58  58  247  252  225 
   Non-controlling interest
 (19) (18) (79) (81) (78)
   By-product credits (net of non-controlling interest)
 39  40  168  171  147 

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 12/31/24
   Footnote Carlin
Cortez a
 Turquoise Ridge Phoenix
Nevada Gold Minesb
 Hemlo North America
Cost of sales applicable to gold production 451  274  215  97  1,039  66  1,105  
Depreciation (75) (66) (54) (19) (215) (11) (226)
   By-product credits (1) (1) (1) (35) (38) 0  (38)
   Non-recurring items c 0  0  0  0  0  0  0 
Other d (1) 0  0  6  5  0  5 
Non-controlling interests (144) (80) (61) (19) (304) 0  (304)
Total cash costs 230  127  99  30  487  55  542  
General & administrative costs 0   0   0   0   0   0   0  
Minesite exploration and evaluation costs e 3  2  1  1  8  0  8 
Minesite sustaining capital expenditures f 120  65  20  11  218  7  225 
Sustaining capital leases 0  0  0  0  0  1  1 
Rehabilitation - accretion and amortization (operating sites) g 1  5  1  2  9  0  9 
Non-controlling interests (48) (28) (9) (5) (91) 0  (91)
All-in sustaining costs 306   171   112   39   631   63   694  
Ounces sold - attributable basis (000s ounces) 185  120  89  41  435  38  473  
Cost of sales per ounce h,i 1,489   1,405   1,491   1,474   1,468   1,754   1,491  
Total cash costs per ounce i 1,240  1,064  1,107  752  1,121  1,475  1,149  
Total cash costs per ounce (on a co-product basis) i,j 1,245  1,068  1,113  1,182  1,165  1,483  1,191 
All-in sustaining costs per ounce i 1,657  1,431  1,260  956  1,453  1,689  1,473  
All-in sustaining costs per ounce (on a co-product basis) i,j 1,662   1,435   1,266   1,386   1,497   1,697   1,515  
($ millions, except per ounce information in dollars) For the three months ended 12/31/24
   Footnote Pueblo Viejo Veladero
Porgera k
 Latin America & Asia Pacific
Cost of sales applicable to gold production 266  107  26  399  
Depreciation (92) (28) (10) (130)
   By-product credits (11) (3) 0  (14)
   Non-recurring items c 0  0  0  0 
Other d 0  0  0  0 
   Non-controlling interests (65) 0  0  (65)
Total cash costs 98  76  16  190  
General & administrative costs 0   0   0   0  
Minesite exploration and evaluation costs e 0  1  1  2 
Minesite sustaining capital expenditures f 45  32  18  95 
Sustaining capital leases 0  1  1  2 
Rehabilitation - accretion and amortization (operating sites) g 1  1  0  2 
Non-controlling interests (18) 0  0  (18)
All-in sustaining costs 126   111   36   273  
Ounces sold - attributable basis (000s ounces) 94  91  12  197  
Cost of sales per ounce h,i 1,679   1,151   2,127   1,459  
Total cash costs per ounce i 1,030  828  1,322  954  
Total cash costs per ounce (on a co-product basis) i,j 1,101  855  1,332  1,001 
All-in sustaining costs per ounce i 1,325  1,191  2,967  1,362  
All-in sustaining costs per ounce (on a co-product basis) i,j 1,396   1,218   2,977   1,409  
BARRICK YEAR-END 2024
63
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the three months ended 12/31/24
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu Africa and Middle East
Cost of sales applicable to gold production 82  111  107  56  78  434  
Depreciation (28) (35) (24) (8) (16) (111)
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  1  1 
Non-controlling interests (11) 0  (13) (5) (9) (38)
Total cash costs 43  75  69  43  47  277  
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 71  15  33  8  22  149 
Sustaining capital leases 2  3  0  0  0  5 
Rehabilitation - accretion and amortization (operating sites) g (2) 0  1  2  0  1 
Non-controlling interests (14) 0  (5) (1) (4) (24)
All-in sustaining costs 100   93   98   52   65   408  
Ounces sold - attributable basis (000s ounces) 47  79  89  36  44  295  
Cost of sales per ounce h,i 1,397   1,413   1,018   1,405   1,505   1,303  
Total cash costs per ounce i 923  966  771  1,198  1,072  944  
Total cash costs per ounce (on a co-product basis) i,j 925  971  785  1,201  1,184  967 
All-in sustaining costs per ounce i 2,136  1,182  1,098  1,460  1,489  1,389  
All-in sustaining costs per ounce (on a co-product basis) i,j 2,138   1,187   1,112   1,463   1,601   1,412  

($ millions, except per ounce information in dollars) For the three months ended 9/30/24
   Footnote Carlin
Cortez a
 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 
BARRICK YEAR-END 2024
64
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the three months ended 9/30/24
   Footnote Pueblo Viejo Veladero
Porgera k
 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 


($ millions, except per ounce information in dollars) For the three months ended 9/30/24
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu Africa and 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 

BARRICK YEAR-END 2024
65
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2024
   Footnote Carlin
Cortez a
 Turquoise Ridge Phoenix
Nevada Gold Minesb
 Hemlo North America
Cost of sales applicable to gold production 1,829  1,005  782  356  3,977  250  4,227  
Depreciation (307) (253) (179) (69) (810) (38) (848)
By-product credits (3) (3) (3) (152) (161) 0  (161)
Non-recurring items c 0  0  0  0  0  0  0 
Other d (18) 0  0  26  8  0  8 
Non-controlling interests (578) (288) (231) (62) (1,160) 0  (1,160)
Total cash costs 923  461  369  99  1,854  212  2,066  
General & administrative costs 0   0   0   0   0   0   0  
Minesite exploration and evaluation costs e 12  8  6  5  33  0  33 
Minesite sustaining capital expenditures f 664  259  101  43  1,092  37  1,129 
Sustaining capital leases 0  0  0  1  2  4  6 
Rehabilitation - accretion and amortization (operating sites) g 12  17  4  7  40  0  40 
Non-controlling interests (266) (110) (43) (21) (451) 0  (451)
All-in sustaining costs 1,345   635   437   134   2,570   253   2,823  
Ounces sold - attributable basis (000s ounces) 777  441  298  130  1,646  143  1,789  
Cost of sales per ounce h,i 1,429   1,402   1,615   1,687   1,478   1,754   1,500  
Total cash costs per ounce i 1,187  1,046  1,238  765  1,126  1,483  1,155  
Total cash costs per ounce (on a co-product basis) i,j 1,190  1,050  1,245  1,362  1,176  1,492  1,202 
All-in sustaining costs per ounce i 1,730  1,441  1,466  1,031  1,561  1,769  1,578  
All-in sustaining costs per ounce (on a co-product basis) i,j 1,733   1,445   1,473   1,628   1,611   1,778   1,625  

($ millions, except per ounce information in dollars) For the year ended 12/31/2024
   Footnote Pueblo Viejo Veladero
Porgera k
 Latin America & Asia Pacific
Cost of sales applicable to gold production 924  342  62  1,328  
Depreciation (295) (85) (15) (395)
By-product credits (40) (10) (1) (51)
Non-recurring items 0  0  0  0 
Other c 0  0  0  0 
Non-controlling interests d (236) 0  0  (236)
Total cash costs 353  247  46  646  
General & administrative costs 0   0   0   0  
Minesite exploration and evaluation costs e 0  4  2  6 
Minesite sustaining capital expenditures f 180  111  21  312 
Sustaining capital leases 0  1  2  3 
Rehabilitation - accretion and amortization (operating sites) g 6  1  1  8 
Non-controlling interests (74) 0  0  (74)
All-in sustaining costs 465   364   72   901  
Ounces sold - attributable basis (000s ounces) 351  270  43  664  
Cost of sales per ounce h,i 1,576   1,254   1,423   1,434  
Total cash costs per ounce i 1,005  905  1,073  969  
Total cash costs per ounce (on a co-product basis) i,j 1,074  943  1,094  1,022 
All-in sustaining costs per ounce i 1,323  1,334  1,666  1,350  
All-in sustaining costs per ounce (on a co-product basis) i,j 1,392   1,372   1,687   1,403  
BARRICK YEAR-END 2024
66
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2024
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu Africa and Middle East
Cost of sales applicable to gold production 698  415  395  315  297  2,120  
Depreciation (223) (134) (83) (38) (63) (541)
By-product credits 0  (2) (3) 0  (26) (31)
Non-recurring items c 0  0  0  0  0  0 
Other d 0  0  0  0  3  3 
Non-controlling interests (95) 0  (49) (29) (34) (207)
Total cash costs 380  279  260  248  177  1,344  
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 267  58  84  23  68  500 
Sustaining capital leases 3  8  0  1  0  12 
Rehabilitation - accretion and amortization (operating sites) g 2  1  5  9  1  18 
Non-controlling interests (54) 0  (14) (4) (11) (83)
All-in sustaining costs 598   346   335   277   235   1,791  
Ounces sold - attributable basis (000s ounces) 459  309  263  149  165  1,345  
Cost of sales per ounce h,i 1,218   1,344   1,266   1,903   1,509   1,368  
Total cash costs per ounce i 828  905  989  1,670  1,070  1,000  
Total cash costs per ounce (on a co-product basis) i,j 829  910  1,000  1,675  1,188  1,019 
All-in sustaining costs per ounce i 1,304  1,123  1,274  1,867  1,420  1,333  
All-in sustaining costs per ounce (on a co-product basis) i,j 1,305   1,128   1,285   1,872   1,538   1,352  

($ millions, except per ounce information in dollars) For the year ended 12/31/2023
   Footnote Carlin
Cortez a
 Turquoise Ridge
Long Canyonl
 Phoenix
Nevada Gold Minesb
 Hemlo North America
Cost of sales applicable to gold production 1,789  1,174  722  26  393  4,109  221  4,330 
Depreciation (314) (364) (189) (16) (76) (961) (28) (989)
By-product credits (2) (3) (4) 0  (157) (166) (1) (167)
Non-recurring items c 0  0  0  0  0  0  0  0 
Other d (19) 0  0  0  28  9  0  9 
Non-controlling interests (561) (311) (203) (3) (72) (1,151) 0  (1,151)
Total cash costs 893  496  326  7  116  1,840  192  2,032 
General & administrative costs 0  0  0  0  0  0  0  0 
Minesite exploration and evaluation costs e 23  5  5  0  1  36  0  36 
Minesite sustaining capital expenditures f 605  310  100  0  31  1,063  37  1,100 
Sustaining capital leases 0  0  0  0  2  3  2  5 
Rehabilitation - accretion and amortization (operating sites) g 12  19  2  0  5  38  1  39 
Non-controlling interests (248) (128) (41) 0  (15) (440) 0  (440)
All-in sustaining costs 1,285  702  392  7  140  2,540  232  2,772 
Ounces sold - attributable basis (000s ounces) 865  548  318  9  120  1,860  139  1,999 
Cost of sales per ounce h,i 1,254  1,318  1,399  1,789  2,011  1,351  1,589  1,368 
Total cash costs per ounce i 1,033  906  1,026  724  961  989  1,382  1,017 
Total cash costs per ounce (on a co-product basis) i,j 1,035  909  1,033  726  1,623  1,035  1,387  1,060 
All-in sustaining costs per ounce i 1,486  1,282  1,234  779  1,162  1,366  1,672  1,388 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,488  1,285  1,241  781  1,824  1,412  1,677  1,431 
BARRICK YEAR-END 2024
67
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2023
   Footnote Pueblo Viejo Veladero Latin America & Asia Pacific
Cost of sales applicable to gold production 791  263  1,054 
Depreciation (255) (69) (324)
By-product credits (37) (9) (46)
Non-recurring items c 0  0  0 
Other d 0  0  0 
Non-controlling interests (201) 0  (201)
Total cash costs 298  185  483 
General & administrative costs 0  0  0 
Minesite exploration and evaluation costs e 0  5  5 
Minesite sustaining capital expenditures f 195  85  280 
Sustaining capital leases 0  1  1 
Rehabilitation - accretion and amortization (operating sites) g 6  1  7 
Non-controlling interests (80) 0  (80)
All-in sustaining costs 419  277  696 
Ounces sold - attributable basis (000s ounces) 335  182  517 
Cost of sales per ounce h,i 1,418  1,440  1,441 
Total cash costs per ounce i 889  1,011  931 
Total cash costs per ounce (on a co-product basis) i,j 958  1,061  993 
All-in sustaining costs per ounce i 1,249  1,516  1,358 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,318  1,566  1,420 
($ millions, except per ounce information in dollars) For the year ended 12/31/2023
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu Africa and Middle East
Cost of sales applicable to gold production 817  419  365  303  282  2,186 
Depreciation (247) (147) (77) (46) (62) (579)
By-product credits 0  (2) (3) (1) (23) (29)
Non-recurring items c 0  0  0  0  0  0 
Other d 0  0  0  0  0  0 
Non-controlling interests (114) 0  (45) (27) (31) (217)
Total cash costs 456  270  240  229  166  1,361 
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 221  35  113  30  65  464 
Sustaining capital leases 1  7  0  1  0  9 
Rehabilitation - accretion and amortization (operating sites) g 3  2  5  4  1  15 
Non-controlling interests (45) 0  (19) (4) (10) (78)
All-in sustaining costs 636  314  339  260  222  1,771 
Ounces sold - attributable basis (000s ounces) 546  343  254  185  180  1,508 
Cost of sales per ounce h,i 1,198  1,221  1,206  1,469  1,312  1,251 
Total cash costs per ounce i 835  789  944  1,240  920  903 
Total cash costs per ounce (on a co-product basis) i,j 836  794  953  1,244  1,025  919 
All-in sustaining costs per ounce i 1,166  918  1,335  1,408  1,231  1,176 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,167  923  1,344  1,412  1,336  1,192 
BARRICK YEAR-END 2024
68
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2022
   Footnote Carlin
Cortez a
 Turquoise Ridge
Long Canyonl
 Phoenix
Nevada Gold Minesb
 Hemlo North America
Cost of sales applicable to gold production 1,728  850  647  115  353  3,699  215  3,914 
Depreciation (312) (253) (178) (76) (75) (895) (28) (923)
By-product credits (2) (2) (2) 0  (139) (145) (1) (146)
Non-recurring items c 0  0  0  0  0  0  0  0 
Other d (34) 0  0  0  20  (14) 0  (14)
Non-controlling interests (531) (229) (180) (15) (61) (1,018) 0  (1,018)
Total cash costs 849  366  287  24  98  1,627  186  1,813 
General & administrative costs 0  0  0  0  0  0  0  0 
Minesite exploration and evaluation costs e 20  8  7  1  0  37  4  41 
Minesite sustaining capital expenditures f 497  305  109  0  22  949  42  991 
Sustaining capital leases 1  0  0  0  2  5  2  7 
Rehabilitation - accretion and amortization (operating sites) g 10  11  2  1  3  27  2  29 
Non-controlling interests (204) (125) (45) (1) (11) (394) 0  (394)
All-in sustaining costs 1,173  565  360  25  114  2,251  236  2,487 
Ounces sold - attributable basis (000s ounces) 968  449  278  55  106  1,856  132  1,988 
Cost of sales per ounce h,i 1,069  1,164  1,434  1,282  2,039  1,210  1,628  1,238 
Total cash costs per ounce i 877  815  1,035  435  914  876  1,409  912 
Total cash costs per ounce (on a co-product basis) i,j 878  818  1,039  436  1,603  917  1,415  951 
All-in sustaining costs per ounce i 1,212  1,258  1,296  454  1,074  1,214  1,788  1,252 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,213  1,261  1,300  455  1,763  1,255  1,794  1,291 

($ millions, except per ounce information in dollars) For the year ended 12/31/2022
   Footnote Pueblo Viejo Veladero Latin America & Asia Pacific
Cost of sales applicable to gold production 801  325  1,126 
Depreciation (242) (120) (362)
By-product credits (45) (4) (49)
Non-recurring items c 0  (23) (23)
Other d 0  0  0 
Non-controlling interests (205) 0  (205)
Total cash costs 309  178  487 
General & administrative costs 0  0  0 
Minesite exploration and evaluation costs e 1  2  3 
Minesite sustaining capital expenditures f 207  120  327 
Sustaining capital leases 0  3  3 
Rehabilitation - accretion and amortization (operating sites) g 5  2  7 
Non-controlling interests (85) 0  (85)
All-in sustaining costs 437  305  742 
Ounces sold - attributable basis (000s ounces) 426  199  625 
Cost of sales per ounce h,i 1,132  1,628  1,306 
Total cash costs per ounce i 725  890  777 
Total cash costs per ounce (on a co-product basis) i,j 788  913  827 
All-in sustaining costs per ounce i 1,026  1,528  1,189 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,089  1,551  1,239 
BARRICK YEAR-END 2024
69
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions, except per ounce information in dollars) For the year ended 12/31/2022
   Footnote Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu Africa and Middle East
Cost of sales applicable to gold production 790  413  309  347  295  2,154 
Depreciation (257) (178) (73) (69) (60) (637)
By-product credits 0  (1) (2) (1) (24) (28)
Non-recurring items c 0  0  0  0  0  0 
Other d 0  0  0  0  0  0 
Non-controlling interests (107) 0  (38) (28) (34) (207)
Total cash costs 426  234  196  249  177  1,282 
General & administrative costs 0  0  0  0  0  0 
Minesite exploration and evaluation costs e 9  3  4  4  3  23 
Minesite sustaining capital expenditures f 190  70  81  31  66  438 
Sustaining capital leases 2  6  0  2  0  10 
Rehabilitation - accretion and amortization (operating sites) g 3  1  6  1  1  12 
Non-controlling interests (40) 0  (14) (4) (11) (69)
All-in sustaining costs 590  314  273  283  236  1,696 
Ounces sold - attributable basis (000s ounces) 548  332  265  178  205  1,528 
Cost of sales per ounce h,i 1,153  1,243  979  1,748  1,211  1,219 
Total cash costs per ounce i 778  703  741  1,396  868  839 
Total cash costs per ounce (on a co-product basis) i,j 778  707  747  1,399  966  854 
All-in sustaining costs per ounce i 1,076  948  1,028  1,592  1,156  1,111 
All-in sustaining costs per ounce (on a co-product basis) i,j 1,076  952  1,034  1,595  1,254  1,126 
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. Non-recurring items at Veladero in 2022 relate to a net realizable value impairment of leach pad inventory.

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 51 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 12/31/24
   Carlin
Cortez a
 Turquoise Ridge Phoenix
Nevada Gold Minesb
 Hemlo Pueblo Viejo
By-product credits 1  1  1  35  38  0  11 
Non-controlling interest 0  0  0  (14) (14) 0  (4)
By-product credits (net of non-controlling interest) 1  1  1  21  24  0  7 
($ millions) For the three months ended 12/31/24
   Veladero
Porgera k
 Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
By-product credits 3  0 0 1  1  0  7 
Non-controlling interest 0  0 0 0  0  0  (1)
By-product credits (net of non-controlling interest) 3  0 0 1  1  0  6 
BARRICK YEAR-END 2024
70
 MANAGEMENT’S DISCUSSION AND ANALYSIS
($ millions) For the three months ended 9/30/24
   Carlin
Cortez a
 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
Porgera k
 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 
   For the year ended 12/31/24
   Carlin
Cortez a
 Turquoise Ridge Phoenix
Nevada Gold Minesb
 Hemlo Pueblo Viejo
By-product credits 3  3  3  152  161  0  40 
Non-controlling interest  (1) (1) (1) (59) (62) 0  (16)
By-product credits (net of non-controlling interest) 2  2  2  93  99  0  24 
   For the year ended 12/31/24
   Veladero
Porgera k
 Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
By-product credits 10  1  0  2  3  0  26 
Non-controlling interest  0  0  0  0  0  0  (4)
By-product credits (net of non-controlling interest) 10  1  0  2  3  0  22 
   For the year ended 12/31/23
   Carlin
Cortez a
 Turquoise Ridge Long Canyon Phoenix
Nevada Gold Minesb
 Hemlo
By-product credits 2  3  4  0  157  166  1 
Non-controlling interest  (1) (1) (2) 0  (60) (64) 0 
By-product credits (net of non-controlling interest) 1  2  2  0  97  102  1 
   For the year ended 12/31/23
   Pueblo Viejo Veladero Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
By-product credits 37  9  0  2  3  1  23 
Non-controlling interest  (15) 0  0  0  0  0  (4)
By-product credits (net of non-controlling interest) 22  9  0  2  3  1  19 
   For the year ended 12/31/22
   Carlin
Cortez a
 Turquoise Ridge Long Canyon Phoenix
Nevada Gold Minesb
 Hemlo
By-product credits 2  2  2  0  139  145  1 
Non-controlling interest  (1) (1) (1) 0  (54) (57) 0 
By-product credits (net of non-controlling interest) 1  1  1  0  85  88  1 
   For the year ended 12/31/22
   Pueblo Viejo Veladero Loulo-Gounkoto Kibali North Mara Tongon Bulyanhulu
By-product credits 45  4  0  1  2  1  24 
Non-controlling interest  (18) 0  0  0  0  0  (4)
By-product credits (net of non-controlling interest) 27  4  0  1  2  1  20 

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 Q3 2020 to Q4 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 held in a 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
BARRICK YEAR-END 2024
71
 MANAGEMENT’S DISCUSSION AND ANALYSIS
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.


Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis
 
For the three months ended For the years ended
($ millions, except per pound information in dollars) 12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
 Cost of sales 179  187  706  726  666 
         Depreciation/amortization (54) (60) (245) (259) (223)
  Treatment and refinement charges 51  39  162  191  199 
Cash cost of sales applicable to equity method investments 103  83  352  356  317 
  Less: royalties (22) (17) (67) (62) (103)
         By-product credits (11) (3) (25) (19) (14)
  C1 cash cost of sales
 246   229  883   933  842 
  General & administrative costs 2  6  17  22  30 
  Rehabilitation - accretion and amortization 3  2  9  9  4 
         Royalties 22  17  67  62  103 
         Minesite exploration and evaluation costs 2  1  4  7  22 
        Minesite sustaining capital expenditures 91  71  356  266  410 
         Sustaining leases 4  2  11  12  6 
  All-in sustaining costs
 370   328  1,347   1,311  1,417 
 Tonnes sold - attributable basis (thousands of tonnes) 54  42  177  185  202 
 Pounds sold - attributable basis (millions pounds) 121  91  391  408  445 
  Cost of sales per pounda,b
 2.62   3.23  2.99   2.90  2.43 
 C1 cash costs per pounda
 2.04  2.49  2.26  2.28  1.89 
 All-in sustaining costs per pounda
 3.07  3.57  3.45  3.21  3.18 
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 site
For the three months ended
($ millions, except per pound information in dollars) 12/31/24 9/30/24
   Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid
Cost of sales 101  177  37  86  187  23 
Depreciation/amortization (27) (54) (8) (22) (60) (4)
Treatment and refinement charges 0  47  4  0  34  5 
Less: royalties 0  (22) 0  0  (17) 0 
By-product credits 0  0  (11) 0  0  (3)
C1 cash cost of sales 74  148  22  64  144  21 
Rehabilitation - accretion and amortization 0   3   0   0  2  0 
Royalties 0  22  0  0  17  0 
Minesite exploration and evaluation costs 2  0  0  1  0  0 
Minesite sustaining capital expenditures 16  73  2  7  62  2 
Sustaining leases 2  0  2  2  0  0 
All-in sustaining costs 94   246   26   74  225  23 
Tonnes sold - attributable basis (thousands of tonnes) 10  36  8  10  26  6 
Pounds sold - attributable basis (millions pounds) 24  78  19  21  57  13 
Cost of sales per pounda,b
 4.22   2.27   2.02   4.04  3.27  1.76 
C1 cash costs per pounda
 3.11  1.89  1.29  2.99  2.53  1.54 
All-in sustaining costs per pounda
 3.98  3.14  1.44  3.45  3.94  1.76 

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($ millions, except per pound information in dollars) For the years ended
12/31/24 12/31/23 12/31/22
   Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid
Cost of sales 347  704  118  354  723  107  305  666  110 
Depreciation/amortization (89) (244) (24) (81) (257) (24) (74) (223) (24)
Treatment and refinement charges 0  140  22  0  166  25  0  179  20 
Less: royalties 0  (67) 0  0  (62) 0  0  (103) 0 
By-product credits 0  0  (25) (1) 0  (18) 0  0  (14)
C1 cash cost of sales 258  533  91  272  570  90  231  519  92 
Rehabilitation - accretion and amortization 0   9   0   0  9  0  0  3  1 
Royalties 0  67  0  0  62  0  0  103  0 
Minesite exploration and evaluation costs 4  0  0  7  0  0  11  11  0 
Minesite sustaining capital expenditures 34  312  10  34  223  9  44  360  6 
Sustaining leases 7  1  3  6  2  4  3  3  0 
All-in sustaining costs 303   922   104   319  866  103  289  999  99 
Tonnes sold - attributable basis (thousands of tonnes) 38  109  30  42  113  30  44  125  33 
Pounds sold - attributable basis (millions pounds) 85  239  67  92  249  67  98  275  72 
Cost of sales per pounda,b
 4.09   2.94   1.77   3.83  2.91  1.60  3.12  2.42  1.52 
C1 cash costs per pounda
 3.04  2.23  1.37  2.95  2.29  1.35  2.36  1.89  1.26 
All-in sustaining costs per pounda
 3.58  3.85  1.56  3.46  3.48  1.53  2.95  3.63  1.36 
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 the 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 YEAR-END 2024
73
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Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA
For the three months ended For the years ended
  ($ millions) 12/31/24 9/30/24 12/31/24 12/31/23 12/31/22
Net earnings 1,187  780  3,088  1,953  1,017 
   Income tax expense 694  245  1,520  861  664 
   Finance costs, neta
 46  59  143  83  235 
   Depreciation 484  477  1,915  2,043  1,997 
EBITDA 2,411   1,561  6,666   4,940  3,913 
Impairment charges (reversals) of non-current assetsb
 (477) 2  (457) 312  1,671 
Acquisition/disposition gainsc
 (17) (1) (24) (364) (405)
Loss on currency translation 18  4  39  93  16 
Other expense adjustmentsd
 113  97  249  96  17 
Income tax expense, net finance costsa, and depreciation from equity investees
 201  110  532  397  401 
Adjusted EBITDA 2,249   1,773  7,005   5,474  5,613 
Non-controlling Interests (552) (481) (1,820) (1,487) (1,584)
Attributable EBITDA 1,697   1,292  5,185   3,987  4,029 
Revenues - as adjustede
 3,038   2,806  10,724   9,411  9,147 
Attributable EBITDA marginf
 56   % 46  % 48   % 42  % 44  %
As at 12/31/24 As at 12/31/23 As at 12/31/22
Net leverageg
 0.1:1 0.1:1 0.1:1
a.Finance costs exclude accretion.
b.Net impairment (reversals) charges for Q4 2024 and 2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto. Net impairment charges for 2023 mainly relate to a long-lived asset impairment at Long Canyon. For 2022, net impairment charges primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq.
c.Acquisition/disposition gains for Q4 2024 and 2024 relate to miscellaneous assets. For 2023, acquisition/disposition gains primarily relate to a gain on the reopening of the Porgera mine. For 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50%, as well as the sale of two royalty portfolios.
d.Other expense adjustments for Q4 2024 and 2024 mainly relate to a payment to the Government of Mali to advance negotiations and a customs and royalty settlement at Tongon. 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, a provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick, and an accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership. For 2023, other expense adjustments 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 commitment we made towards the expansion of education infrastructure in Tanzania. For 2022, other expense adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara.
e.Refer to Reconciliation of Sales to Realized Price per pound/ounce on page 75 of this MD&A.
f.Represents attributable EBITDA divided by revenues - as adjusted.
g.Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.


Reconciliation of Segment Income to Segment EBITDA
($ millions) For the three months ended 12/31/24
  
Carlin (61.5%)
Cortez a (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 (loss) 210  147  104  525  90  (13) 95  143  53  79 
Depreciation 46  41  33  133  54  22  35  21  14  54 
EBITDA 256  188  137  658  144  9  130  164  67  133 
For the three months ended 9/30/24
  
Carlin (61.5%)
Cortez a (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 year ended 12/31/24
  
Carlin (61.5%)
Cortez a (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 730  433  238  1,567  286  420  316  267  162  135 
Depreciation 189  156  110  503  176  178  134  70  53  244 
EBITDA 919  589  348  2,070  462  598  450  337  215  379
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
   For the year ended 12/31/23
  
Carlin (61.5%)
Cortez a (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 577  333  172  1,145  187  388  243  139  123  37 
Depreciation 193  224  116  591  154  197  147  64  52  257 
EBITDA 770  557  288  1,736  341  585  390  203  175  294 
For the year ended 12/31/22
  
Carlin (61.5%)
Cortez a (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 685  277  98  1,144  265  342  142  177  118  180 
Depreciation 192  155  110  551  146  205  178  61  50  223 
EBITDA 877  432  208  1,695  411  547  320  238  168  403 
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) For the  three months ended For the years ended
Gold Copper Gold Copper
   12/31/24 9/30/24 12/31/24 9/30/24 12/31/24 12/31/23 12/31/22 12/31/24 12/31/23 12/31/22
Sales 3,327  3,097  260  213  11,820  10,350  9,920  855   795  868 
Sales applicable to non-controlling interests (1,004) (930) 0  0  (3,579) (3,179) (3,051) 0  0  0 
Sales applicable to equity method investmentsa,b
 240  241  165  141  849  667  597  603  587  646 
Sales applicable to sites in closure or care and maintenancec
 (1) (2) 0  0  (8) (15) (55) 0  0  0 
Treatment and refining charges 7  7  51  39  29  30  23  162  191  199 
Otherd
 (7) 0  0  0  (7) (15) 0  0  0  0 
Revenues – as adjusted 2,562  2,413  476  393  9,104  7,838  7,434  1,620  1,573  1,713 
Ounces/pounds sold (000s ounces/millions pounds)c
 965   967  121   91  3,798   4,024  4,141  391   408  445 
Realized gold/copper price per ounce/pounde
 2,657  2,494  3.96  4.27  2,397  1,948  1,795  4.15  3.85  3.85 
a.Represents sales of $208 million and $741 million, respectively, for Q4 2024 and 2024 (Q3 2024: $193 million; 2023: $667 million; 2022: $597 million) applicable to our 45% equity method investment in Kibali and $32 million and $108 million, respectively (Q3 2024: $48 million; 2023: $nil; 2022: $nil) applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $97 million and $357 million, respectively, for Q4 2024 and 2024 (Q3 2024: $91 million; 2023: $359 million; 2022: $390 million) applicable to our 50% equity method investment in Zaldívar and $74 million and $270 million, respectively (Q3 2024: $55 million; 2023: $253 million; 2022: $275 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.Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2e to the Financial Statements for more information.
e.Realized price per ounce/pound may not calculate based on amounts presented in this table.
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75
 MANAGEMENT’S DISCUSSION AND ANALYSIS
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; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation 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, 2024.

Endnotes 
1A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce 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.
2A Tier Two Gold Asset is an asset with a reserve with potential to deliver a minimum 10-year life, annual production of at least 250,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
3A Tier One Copper Asset/Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support of at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve.
4A Strategic Asset is an asset, which in the opinion of Barrick, has the potential to deliver significant unrealized value in the future.
5Currently consists of Barrick’s Lumwana mine, Zaldívar and Jabal Sayid joint ventures, and Reko Diq project.
6Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 59 to 75 of this MD&A.
7Gold 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).
8TRIFR 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. 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.
9Class 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.
10Categories as defined in the Greenhouse Gas Protocol’s Technical Guidance for Calculating Scope 3 Emissions. Achievement of Barrick’s Scope 3 targets will require collaboration with suppliers and customers in our value chain, which are outside of Barrick’s direct control.
11Preliminary figures and subject to external assurance.
12All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu Mt are reported to the second significant digit. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place. 2024 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper & silver mineral resources and mineral reserves.
13Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2024, unless otherwise noted. Proven reserves of 270 million tonnes grading 1.75 g/t, representing 15 million ounces of gold, and 380 million tonnes grading 0.42%, representing 1.6 million tonnes of copper. Probable reserves of 2,500 million tonnes grading 0.90 g/t, representing 74 million ounces of gold, and 3,600 million tonnes grading 0.46%, representing 17 million tonnes of copper. Measured resources of 450 million tonnes grading 1.68 g/t, representing 24 million ounces of gold, and 600 million tonnes grading 0.38%, representing 2.3 million tonnes of copper. Indicated resources of 4,800 million tonnes grading 1.01 g/t, representing 150 million ounces of gold, and 5,400 million tonnes grading 0.39%, representing 22 million tonnes of copper. Inferred resources of 1,400 million tonnes grading 0.9 g/t, representing 41 million ounces of gold, and 1,300
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
million tonnes grading 0.3%, representing 3.9 million tonnes of copper. Totals may not appear to sum correctly due to rounding. Complete mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 83-92 of Barrick’s Fourth Quarter and Year-End 2024 Report.
14Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2023, unless otherwise noted. Proven reserves of 250 million tonnes grading 1.85 g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61 g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper. Measured resources of 430 million tonnes grading 1.76 g/t, representing 24 million ounces of gold, and 580 million tonnes grading 0.39%, representing 2.2 million tonnes of copper. Indicated resources of 4,800 million tonnes grading 1.00 g/t, representing 150 million ounces of gold, and 4,900 million tonnes grading 0.39%, representing 19 million tonnes of copper. Inferred resources of 1,500 million tonnes grading 0.8 g/t, representing 39 million ounces of gold, and 2,000 million tonnes grading 0.4%, representing 7.1 million tonnes of copper. Totals may not appear to sum correctly due to rounding. Complete 2023 mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 33-45 of Barrick’s Annual Information Form/Form 40-F for the year ended December 31, 2023 on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.
15Proven and probable reserve gains from cumulative net change in reserves from year end 2019 to 2024.
Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2024 divided by the cumulative depletion in reserves from year end 2019 to 2024 as shown in the table below:
Year Attributable P&P Gold (Moz) Attributable Gold Acquisition & Divestments (Moz) Attributable Gold Depletion (Moz) Attributable Gold Net Change (Moz) Reported Reserve Price USD/oz for GEO conversion
2019a
 71 — — — —
2020b
 68 (2.2) (5.5) 4.2 $1,200
2021c
 69 (0.91) (5.4) 8.1 $1,200
2022d
 76 — (4.8) 12 $1,300
2023e
 77 — (4.6) 5 $1,300
2024f
 89 — (4.6) 17 $1,400
2019 - 2024 Total N/A (3.1) (25) 46 N/A
Year Attributable P&P Copper (Mlb) Attributable Copper Acquisition & Divestments (Mlb) Attributable Copper Depletion (Mlb) Attributable Copper Net Change (Mlb) Reported Reserve Price USD/lb for GEO conversion
2019a
 13,494 — — — —
2020b
 12,691 — (834) 31 $2.75
2021c
 12,233 — (636) 178 $2.75
2022d
 12,252 — (623) 642 $3.00
2023e
 12,391 — (589) 728 $3.00
2024f
 40,201 — (731) 28,542 $3.00
2019 - 2024 Total N/A — (3,413) 30,121 N/A
Attributable Proven and Probable organic gold equivalent reserve additions calculated from the cumulative net change in reserves from year-end 2020 to 2024 using reserve prices for gold equivalent ounce (GEO) conversion as shown in the tables above to result in the Attributable Net Change GEO tabulated below:
Year Attributable P&P GEO Attributable Acquisition & Divestments GEO Attributable Depletion GEO Attributable Net Change GEO (using reported reserve prices)
2019a
 — — — —
2020b
 97 (2.2) (7.4) 4.2
2021c
 97 (0.91) (6.9) 8.5
2022d
 104 — (6.3) 13
2023e
 105 — (6.0) 6.7
2024f
 176 — (6.1) 6.7
2019 - 2024 Total N/A (3.1) (33) 111
Totals may not appear to sum correctly due to rounding.
Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick's Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to
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December 31, 2021, as a result of the change in Barrick’s ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own.
All estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.
a Estimates as of December 31, 2019, unless otherwise noted, Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and 420 million tonnes grading 0.4%, representing 3,700 million pounds of copper (which is equal to 1.7 million tonnes of copper). Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold and 1,200 million tonnes grading 0.38%, representing 9,800 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.
b Estimates as of December 31, 2020, unless otherwise noted: Proven reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold, and 350 million tonnes grading 0.39%, representing 3,000 million pounds of copper (which is equal to 1.4 million tonnes of copper). Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold, and 1,100 million tonnes grading 0.39%, representing 9,700 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.
c Estimates as of December 31, 2021, unless otherwise noted, Proven mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold and 380 million tonnes grading 0.41%, representing 3,400 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.
d Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold and 390 million tonnes grading 0.40%, representing 3,500 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.
e Estimates are as of December 31, 2023, unless otherwise noted. Proven mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper.
f Estimates are as of December 31, 2024, unless otherwise noted. Proven mineral reserves of 270 million tonnes grading 1.75g/t, representing 15 million ounces of gold, and 380 million tonnes grading 0.42%, representing 1.6 million tonnes of copper. Probable reserves of 2,500 million tonnes grading 0.90g/t, representing 74 million ounces of gold, and 3,600 million tonnes grading 0.46%, representing 17 million tonnes of copper.
16Fourmile is currently 100% owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the NGM joint venture if certain criteria are met following the completion of drilling and the requisite feasibility work.
17See 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.
18See 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.
19Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2024, unless otherwise noted. A Technical Report on Reko Diq will be prepared in accordance with Form 43-101F1 and filed on SEDAR+ within 45 days of Barrick's Q4 and Annual MD&A and Financial Statements dated February 12, 2025. For further information with respect to the key assumptions, parameters and risks associated with Reko Diq, the mineral reserve and resource estimates included herein and other technical information, please refer to the Technical Report to be made available on SEDAR+ at www.sedarplus.ca.
20Reko Diq probable reserves of 1,400 million tonnes grading 0.28 g/t representing 13 million ounces of gold, probable reserves of 1,500 million tonnes grading 0.48% representing 7.3 million tonnes of copper, indicated resources of 1,800 million tonnes grading 0.25 g/t representing 15 million ounces of gold, inferred resources of 640 million tonnes grading 0.2 g/t representing 3.9 million ounces of gold, indicated resources of 2,000 million tonnes grading 0.43% representing 8.4 million tonnes of copper, and inferred resources of 690 million tonnes grading 0.3% representing 2.2 million tonnes of copper. Complete mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 83-92 of Barrick’s Fourth Quarter and Year-End 2024 Report.
21A Technical Report on Lumwana will be prepared in accordance with Form 43-101F1 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov within 45 days of Barrick's Q4 and Annual MD&A and Financial Statements dated February 12, 2025. For further information with respect to the key assumptions, parameters and risks associated with Lumwana and other technical information, please refer to the Technical Report to be made available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
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78
 MANAGEMENT’S DISCUSSION AND ANALYSIS
22Greater Leeville Significant Interceptsa
Drill Results from Q4 2024
Drill Holeb
 Azimuth Dip Interval (m) Width (m)
True Width (m)c
 Au (g/t)
NTC-24024 68 (50) 104.2-113.6 9.4 8.6 33.37
148.7-163.9 15.2 12.8 7.30
NTC-24012 281 (41) 88.3-91.7 3.4 1.1 35.68
110.3-158.5 48.2 15.7 15.21
NTC-24022 325 (61) 53.3-58.2 4.9 3.6 58.01
87.0-107.6 20.6 16.2 10.15
NTC-24020 275 (35) 121.0-142.0 20.7 12.7 17.36
222.5-237.4 14.9 5.1 10.37
NTC-24006A 135 (45) 125.6-128.6 3.0 2.4 12.21
140.8-146.4 5.6 4.4 9.53
169.9-176.8 6.9 6.0 5.39
NTC-24021 302 (35) 124.0-168.2 44.2 22.1 11.61
171.3-178.2 6.9 3.5 10.49
285.9-289.6 3.7 1.3 3.99
HSC-24003 160 (53) 142.9-165.8 22.9 18.1 5.59
HSC-24005 105 (52) 179.2-186.5 7.3 6.0 4.28
HSC-24004 91 (58) 136.5-147.2 10.7 9.0 4.52
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) followed by the year (24 for 2024) then hole number.
c.True width (TW) for NTC and HSC drillholes has been estimated based on the latest geological and ore controls model and it is subject to refinement as additional data becomes available.
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 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 on the Carlin Trend conform to industry accepted quality control methods.
23    Reko Diq, Gurich Growth Plan Significant Interceptsa
Drill Results from Q4 2024
Including
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t) Cu (%) Interval (m) Width (m) Au (g/t) Cu (%)
RD-925 200 (70) 102-700 598 0.1 0.43 340-510 170 0.13 0.57
a.All intercepts calculated using a 0.3% Cu cutoff and are uncapped; maximum internal dilution of 18 meters below 0.3% Cu.
b.Reko Diq drill hole nomenclature: Reko Diq District (RD) followed by hole number. Drill method is diamond drilling.
c.True widths of intercepts are estimated using the core axis and are uncertain at this stage.
The drilling results for Gurich (H8) growth plan 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 conducted onsite, and analyses are conducted by an independent laboratory, SGS - Karachi. 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 Reko Diq - Gurich conform to industry accepted quality control methods.
24    Loulo-Gounkoto Significant Interceptsa
Drill Results from Q4 2024
Includingd
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t) Interval (m) Width (m) Au (g/t)
BDH67 91.29 (53.35) 416 - 420 4 1.20
BDH67 91.29 (53.35) 449.2 - 462 12.8 1.19
BDH67 91.29 (53.35) 494 - 400 6 1.07
BDH67 91.29 (53.35) 503 - 408 5 2.51
BDH67 91.29 (53.35) 526.65 - 429.7 3.05 0.62
BDH67 91.29 (53.35) 541.8 - 454.5 12.7 1.51
BDH68 90 (52) 374.5 - 379.75 5.25 2.65
BDH69 269.72 (50.23) 217.25 - 220.65 3.4 2.46
BDH69 269.72 (50.23) 312.8 - 314.8 2 3.94
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
BNRC355 90.73 (50.5) 67 - 74 7 10.06
BNRC355 90.73 (50.5) 78 - 90 12 1.83
BNRC355 90.73 (50.5) 130 - 132 2 0.59
BNRC355 90.73 (50.5) 138 - 142 4 0.74
BNRC374 90.14 (51.09) 238 - 242 4 5.38
BNRC375 270 (50) 289 - 291 2 2.88
BNRC377 270.4 (50.34) 84 - 87 3 1.57
BNRC377 270.4 (50.34) 127 - 136 9 0.84
BNRC378 269.48 (49.49) 90 - 96 6 3.36 90 - 92 2 8.48
BNRC378 269.48 (49.49) 100 - 102 2 0.71
BNRC378 269.48 (49.49) 106 - 114 8 2.35 107 - 109 2 6.95
BNRC378 269.48 (49.49) 125 - 127 2 2.08
BNRC378 269.48 (49.49) 151 - 153 2 0.81
BNRC378 269.48 (49.49) 167 - 174 7 0.98
BNRC378 269.48 (49.49) 179 - 183 4 3.43
BNRC378 269.48 (49.49) 185 - 187 2 0.76
BNRC378 269.48 (49.49) 203 - 208 5 1.86
BNRC378 269.48 (49.49) 213 - 216 3 0.57
BNRC379 270.38 (50.02) 10 - 14 4 1.89
BNRC379 270.38 (50.02) 61 - 70 9 3.67 61 - 66 5 5.69
BNRC380 270 (50) 52 - 65 13 1.21
BNRC381 270 (50) 21 - 23 2 1.45
BNRC381 270 (50) 43 - 45 2 1.23
BNRC381 270 (50) 50 - 56 6 1.19
BNRC381 270 (50) 66 - 69 3 1.97
BNRC381 270 (50) 98 - 100 2 2.50
BNRC381 270 (50) 214 - 229 15 25.13 221 - 226 5 72.47
DB1RC057 89.28 (51.3) 61 - 66 5 1.55
DB1RC057 89.28 (51.3) 69 - 72 3 0.90
DBDH027 270.35 (51) 226.4 - 228.4 2 0.82
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 nomenclature: prospect initial B (Baboto), BN (Baboto North), DB (Domain Boundary), DB1 (Domain Boundary 1) followed by type of drilling RC (Reverse Circulation), DH (Diamond Drilling).
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 Loulo-Gounkoto 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. 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 Loulo property conform to industry accepted quality control methods.
25    Tongon Significant Interceptsa
Drill Results from Q4 2024
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t)
JBEAC006 120 (50) 24 - 33 9 4.76
JBEAC007 120 (50) 22 - 29 7 6.97
JBERC008 120 (50) 14 - 25 11 6.74
JBERC021 120 (50) 58 - 77 19 2.76
JBERC025 120 (50) 70 - 88 18 4.64
JBERC026 120 (50) 63 - 78 15 3.22
JBERC030 120 (50) 68 - 77 9 5.31
JBERC037 120 (50) 52 - 70 18 3.56
JBERC038 120 (50) 64 - 76 12 3.73
JBERC046 120 (50) 49 - 58 9 4.86
JBERC075 120 (50) 15 - 25 10 5.64
JBERC083 120 (50) 27 - 36 9 5.08
JBERC088 120 (50) 24 - 36 12 9.81
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 MANAGEMENT’S DISCUSSION AND ANALYSIS
JBERC089 120 (50) 37 - 50 13 7.25
JBERC092 120 (50) 47 - 67 20 2.94
JBERC103 120 (50) 62 - 72 10 6.11
JBERC114 120 (50) 53 - 63 10 4.52
JBERC162 120 (50) 22 - 38 16 2.87
JBERC174 120 (50) 44 - 60 16 4.50
JBERC215 120 (50) 69 - 85 16 3.57
KKHRC031 270 (55) 4 - 32 28 2.29
KKHRC042 270 (55) 55 -58 3 7.00
KKHRC044 270 (55) 9 - 17 8 4.31
KKHRC054 270 (55) 14 - 27 13 3.73
KKHRC069 270 (55) 38 - 42 4 4.99
KKHRC071 270 (55) 58 - 88 30 0.77
KKHRC090 270 (55) 46 - 55 9 3.49
KKHRC100A 270 (55) 85 - 113 28 0.90
KKHRC104 270 (55) 54 - 57 3 15.49
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.Drill hole nomenclature: License initial: KKH (Korokoha); Target initial: JBE (Jubula East); followed by type of drilling AC (Air Core), RC (Reverse Circulation), DH (Diamond Drilling).
c.True widths of intercepts are uncertain at this stage.

The drilling results for Tongon 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.
26    Kibali Significant Interceptsa
Drill Results from Q4 2024
Includinge
Drill Holeb
 Azimuth Dip Interval (m)
Width (m)c
 Au (g/t) Interval (m)
Width (m)d
 Au (g/t)
RHGC2053 230 (63) 42.00 - 46.00 4.00 1.76
76.00 - 88.00 12.00 231.15
RHGC2066 230 (64) 72.00 - 96.00 24.00 3.12 72.00 - 76.00 4.00 11.18
RHGC2067 230 (70) 74.00 - 96.00 22.00 2.74 72.00 - 88.00 14.00 3.29
RHDD0079 229 (64) 79.00 - 81.80 2.80 0.63
85.00 - 91.00 6.00 1.40
131.00 - 140.80 8.80 17.30 134.00 - 138.00 4.00 36.17
KCDU7507 316 30 0.00 - 7.86 7.86 1.76
21.79 - 55.83 34.04 3.9 21.79 - 48.00 26.21 3.18
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), RH=Rhino followed by the type of drilling (RC=Reverse Circulation, DD=Diamond, GC=Grade control) with no designation of the year. KCDU = KCD Underground.
c.True widths of intercepts are uncertain at this stage.
d.Weighted average is calculated by fence using significant intercepts, over the strength 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 Kibali 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. 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 Kibali conform to industry accepted quality control methods.
BARRICK YEAR-END 2024
81
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Glossary of Technical Terms
 
ALL-IN SUSTAINING COSTS: A non-GAAP measure of cost per ounce/pound for gold/copper. Refer to page 61 of this MD&A for further information and a reconciliation of the measure.
AUTOCLAVE: Oxidation process in which high temperatures and pressures are applied to convert refractory sulfide mineralization into amenable oxide ore.
BY-PRODUCT: A secondary metal or mineral product recovered in the milling process such as silver.
C1 CASH COSTS: A non-GAAP measure of cost per pound for copper. Refer to page 61 of this MD&A for further information and a reconciliation of the measure.
CONCENTRATE: A very fine, powder-like product containing the valuable ore mineral from which most of the waste mineral has been eliminated.
CONTAINED OUNCES: Represents ounces in the ground before loss of ounces not able to be recovered by the applicable metallurgical processing process.
DEVELOPMENT: Work carried out for the purpose of gaining access to an ore body. In an underground mine, this includes shaft sinking, crosscutting, drifting and raising. In an open-pit mine, development includes the removal of overburden (more commonly referred to as stripping in an open pit).
DILUTION: The effect of waste or low-grade ore which is unavoidably extracted and comingled with the ore mined thereby lowering the recovered grade from what was planned to be mined.
DORÉ: Unrefined gold and silver bullion bars usually consisting of approximately 90 percent precious metals that will be further refined to almost pure metal.
DRILLING:
Core: drilling with a hollow bit with a diamond cutting rim to produce a cylindrical core that is used for geological study and assays.
Reverse circulation: drilling that uses a rotating cutting bit within a double-walled drill pipe and produces rock chips rather than core. Air or water is circulated down to the bit between the inner and outer wall of the drill pipe. The chips are forced to the surface through the center of the drill pipe and are collected, examined and assayed.
In-fill: drilling closer spaced holes in between existing holes, used to provide greater geological detail and to help upgrade resource estimates to reserve estimates.
Step-out: drilling to intersect a mineralized horizon or structure along strike or down-dip.
EXPLORATION: Prospecting, sampling, mapping, drilling and other work involved in searching for minerals.
FREE CASH FLOW: A non-GAAP measure that reflects our ability to generate cash flow. Refer to page 60 of this MD&A for a definition.
GRADE: The amount of metal in each tonne of ore, expressed as grams per tonne (g/t) for precious metals and as a percentage for most other metals.
Cut-off grade: the minimum metal grade at which an ore body can be economically mined (used in the calculation of ore reserves).
Mill-head grade: metal content per tonne of ore going into a mill for processing.
Reserve grade: estimated metal content of an ore body, based on reserve calculations.
HEAP LEACHING: A process whereby gold/copper is extracted by “heaping” broken ore on sloping impermeable pads and continually applying to the heaps a weak cyanide solution/sulfuric acid which dissolves the contained gold/copper. The gold/copper-laden solution is then collected for gold/copper recovery.
HEAP LEACH PAD: A large impermeable foundation or pad used as a base for stacking ore for the purpose of heap leaching.
MILL: A processing facility where ore is finely ground and thereafter undergoes physical or chemical treatment to extract the valuable metals.
MINERAL RESERVE: See pages 83 to 92 – Summary Gold/Copper Mineral Reserves and Mineral Resources.
MINERAL RESOURCE: See pages 83 to 92 – Summary Gold/Copper Mineral Reserves and Mineral Resources.
OPEN PIT: A mine where the minerals are mined entirely from the surface.
ORE: Rock, generally containing metallic or non-metallic minerals, which can be mined and processed at a profit.
ORE BODY: A sufficiently large amount of ore that can be mined economically.
OUNCES: Troy ounce is a unit of measure used for weighing gold at 999.9 parts per thousand purity and is equivalent to 31.1035g.
RECLAMATION: The process by which lands disturbed as a result of mining activity are modified to support future beneficial land use. Reclamation activity may include the removal of buildings, equipment, machinery and other physical remnants of mining, closure of tailings storage facilities, leach pads and other mine features, and contouring, covering and re-vegetation of waste rock dumps and other disturbed areas.
RECOVERY RATE: A term used in process metallurgy to indicate the proportion of valuable material physically recovered in the processing of ore. It is generally stated as a percentage of the valuable material recovered compared to the total material originally contained in the ore.
REFINING: The final stage of metal production in which impurities are removed through heating to extract the pure metal.
ROASTING: The treatment of sulfide ore by heat and air, or oxygen enriched air, in order to oxidize sulfides and remove other elements (carbon, antimony or arsenic).
STRIPPING: Removal of overburden or waste rock overlying an ore body in preparation for mining by open-pit methods.
TAILINGS: The material that remains after all economically and technically recoverable precious metals have been removed from the ore during processing.
TOTAL CASH COSTS: A non-GAAP measure of cost per ounce for gold. Refer to page 61 of this MD&A for further information and a reconciliation of the measure.

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82
 MANAGEMENT’S DISCUSSION AND ANALYSIS
Mineral Reserves and Mineral Resources

The tables on the next seven pages set forth Barrick’s interest in the total proven and probable gold, silver and copper reserves and in the total measured, indicated and inferred gold, silver and copper resources and certain related information at each property. For further details of proven and probable mineral reserves and measured, indicated and inferred mineral resources by category, metal and property, see pages 83 to 92.
The Company has carefully prepared and verified the mineral reserve and mineral resource figures and believes that its method of estimating mineral reserves has been verified by mining experience. These figures are estimates, however, and no assurance can be given that the indicated quantities of metal will be produced. Metal price fluctuations may render mineral reserves containing relatively lower grades of mineralization uneconomic. Moreover, short-term operating factors relating to the mineral reserves, such as the need for orderly development of ore bodies or the processing of new or different ore grades, could affect the Company’s profitability in any particular accounting period.

Definitions
A mineral resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories.
An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic
parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.
A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.
Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.
A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined. Mineral reserves are sub-divided in order of increasing confidence into probable mineral reserves and proven mineral reserves. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.
A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.


BARRICK YEAR-END 2024
83
 RESERVES AND RESOURCES

Gold Mineral Reserves1,2,3,5
As at December 31, 2024
PROVEN 9
PROBABLE 9
TOTAL 9
Tonnes Grade Contained ozs Tonnes Grade Contained ozs Tonnes Grade Contained ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0053 3.74 0.00064 — — — 0.0053 3.74 0.00064
Bulyanhulu underground 0.61 7.06 0.14 16 6.96 3.6 17 6.96 3.8
Bulyanhulu (84.00%) total 0.62 7.03 0.14 16 6.96 3.6 17 6.96 3.8
Jabal Sayid surface 0.14 0.66 0.0030 — — — 0.14 0.66 0.0030
Jabal Sayid underground 8.7 0.32 0.089 4.5 0.46 0.066 13  0.37 0.16
Jabal Sayid (50.00%) total 8.8 0.32 0.092 4.5 0.46 0.066 13 0.37 0.16
Kibali surface 6.4 2.00 0.41 17 2.17 1.2 24 2.13 1.6
Kibali underground 7.0 4.45 1.0 16 3.74 1.9 23 3.96 2.9
Kibali (45.00%) total 13 3.28 1.4 33 2.93 3.2 47 3.03 4.6
Loulo-Gounkoto surface4
 11 2.43 0.83 15 3.30 1.6 26 2.95 2.5
Loulo-Gounkoto underground4
 7.6 5.13 1.3 23 4.82 3.6 31 4.90 4.9
Loulo-Gounkoto (80.00%) total4
 18 3.56 2.1 39 4.22 5.2 57 4.00 7.3
North Mara surface 5.3 3.90 0.66 25 1.51 1.2 30 1.92 1.9
North Mara underground 2.0 3.37 0.22 5.9 4.43 0.84 7.9 4.16 1.1
North Mara (84.00%) total 7.3 3.75 0.88 31 2.07 2.0 38 2.39 2.9
Tongon surface (89.70%) 3.2 2.10 0.21 4.8 2.63 0.40 8.0 2.41 0.62
AFRICA AND MIDDLE EAST TOTAL 52 2.91 4.8 130 3.52 15 180 3.35 19
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 110 0.65 2.4 480 0.59 9.2 600 0.60 12
Porgera surface 0.11 2.07 0.0076 7.2 2.88 0.67 7.3 2.87 0.68
Porgera underground 0.69 6.42 0.14 3.2 6.48 0.66 3.9 6.47 0.81
 Porgera (24.50%) total 0.81 5.80 0.15 10 3.98 1.3 11 4.11 1.5
Pueblo Viejo surface (60.00%) 48 2.27 3.5 130 2.06 8.8 180 2.11 12
Reko Diq surface (50.00%) — — — 1,400 0.28 13 1,400 0.28 13
Veladero surface (50.00%) 24 0.66 0.51 49 0.68 1.1 73 0.67 1.6
LATIN AMERICA AND ASIA PACIFIC TOTAL 190 1.09 6.6 2,100 0.49 33 2,300 0.54 40
NORTH AMERICA
Carlin surface 4.1 1.60 0.21 58 2.39 4.4 62 2.33 4.6
Carlin underground 0.050 6.17 0.010 20 7.69 4.8 20 7.69 4.8
Carlin (61.50%) total 4.1 1.66 0.22 77 3.73 9.3 82 3.62 9.5
Cortez surface 1.0 2.78 0.090 63 1.02 2.1 64 1.05 2.2
Cortez underground — — — 28 6.78 6.1 28 6.78 6.1
Cortez (61.50%) total 1.0 2.78 0.090 91 2.79 8.2 92 2.79 8.3
Hemlo surface — — — 25 0.93 0.75 25 0.93 0.75
Hemlo underground 0.29 3.84 0.036 6.2 4.30 0.86 6.5 4.28 0.90
Hemlo (100%) total 0.29 3.84 0.036 31 1.60 1.6 32 1.62 1.6
Phoenix surface (61.50%) 5.2 0.64 0.11 87 0.63 1.8 92 0.63 1.9
Turquoise Ridge surface 16 2.26 1.2 11 1.92 0.66 27 2.12 1.8
Turquoise Ridge underground 6.3 11.32 2.3 16 9.48 4.8 22 10.00 7.1
Turquoise Ridge (61.50%) total 22 4.82 3.4 27 6.42 5.5 49 5.69 8.9
NORTH AMERICA TOTAL
 33 3.69 3.9 310 2.61 26 350 2.71 30
                 
TOTAL
 270 1.75 15 2,500 0.90 74 2,800 0.99 89
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2024
84
 RESERVES AND RESOURCES

Copper Mineral Reserves1,2,3,5
As at December 31, 2024
PROVEN 9
PROBABLE 9
TOTAL 9
Tonnes Cu Grade Contained Cu Tonnes Cu Grade Contained Cu Tonnes Cu Grade Contained Cu
Based on attributable tonnes (Mt) (%) (Mt) (Mt) (%) (Mt) (Mt) (%) (Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0053  0.38  0.000020  — — — 0.0053 0.38 0.000020
Bulyanhulu underground 0.61  0.41  0.0025  16 0.35 0.057 17 0.35 0.060
Bulyanhulu (84.00%) total 0.62  0.41  0.0025  16 0.35 0.057 17 0.35 0.060
Jabal Sayid surface 0.14 2.68 0.0037       0.14 2.68 0.0037
Jabal Sayid underground 8.7 2.12 0.18 4.5 2.16 0.097 13 2.14 0.28
Jabal Sayid (50.00%) total 8.8 2.13 0.19 4.5 2.16 0.097 13 2.14 0.28
Lumwana surface (100%) 140 0.49 0.68 1,500 0.53 7.6 1,600 0.52 8.3
AFRICA AND MIDDLE EAST TOTAL
 150 0.59 0.87 1,500 0.53 7.8 1,600 0.54 8.7
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 110 0.19 0.22 480 0.23 1.1 600 0.22 1.3
Reko Diq surface (50.00%) — — — 1,500 0.48 7.3 1,500 0.48 7.3
Zaldívar surface (50.00%) 110 0.44 0.48 66 0.41 0.27 180 0.43 0.75
LATIN AMERICA AND ASIA PACIFIC TOTAL
 220 0.31 0.70 2,100 0.42 8.6 2,300 0.41 9.4
NORTH AMERICA
Phoenix surface (61.50%) 6.9 0.16 0.011 110 0.18 0.20 120 0.18 0.21
NORTH AMERICA TOTAL
 6.9 0.16 0.011 110 0.18 0.20 120 0.18 0.21
TOTAL
 380 0.42 1.6 3,600 0.46 17 4,000 0.45 18
See “Mineral Reserves and Resources Endnotes”.
Silver Mineral Reserves1,2,3,5
As at December 31, 2024
PROVEN 9
PROBABLE 9
TOTAL 9
Tonnes Ag Grade Contained Ag Tonnes Ag Grade Contained Ag Tonnes Ag Grade Contained Ag
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0053  7.29  0.0012  — — — 0.0053 7.29 0.0012
Bulyanhulu underground 0.61  6.98  0.14  16 5.51 2.9 17 5.56 3.0
Bulyanhulu (84.00%) total 0.62  6.98  0.14  16 5.51 2.9 17 5.56 3.0
AFRICA AND MIDDLE EAST TOTAL
 0.62  6.98  0.14  16 5.51 2.9 17 5.56 3.0
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 110 1.91 7.0 480 1.43 22 600 1.52 29
Pueblo Viejo surface (60.00%) 48 12.44 19 130 12.69 54 180 12.62 73
Veladero surface (50.00%) 24 12.92 10.0 49 13.96 22 73 13.62 32
LATIN AMERICA AND ASIA PACIFIC TOTAL
 190 6.04 36 670 4.60 98 850 4.92 130
NORTH AMERICA
Phoenix surface (61.50%) 5.2 7.87 1.3 87 7.78 22 92 7.78 23
NORTH AMERICA TOTAL
 5.2 7.87 1.3 87 7.78 22 92 7.78 23
TOTAL
 190 6.09 38 770 4.98 120 960 5.20 160
See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2024
85
 RESERVES AND RESOURCES

Gold Mineral Resources1,3,5,6,7,8
As at December 31, 2024
MEASURED (M)9
INDICATED (I)9
(M) + (I)9
INFERRED 10
Tonnes Grade Contained ozs Tonnes Grade Contained ozs Contained ozs Tonnes Grade Contained ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0053  3.74  0.00064  — — — 0.00064 — — —
Bulyanhulu underground 2.8  7.94  0.72  28 7.16 6.5 7.2 11 7.2 2.5
Bulyanhulu (84.00%) total 2.8  7.93  0.72  28 7.16 6.5 7.2 11 7.2 2.5
Jabal Sayid surface 0.14 0.66 0.0030 — — — 0.0030 — — —
Jabal Sayid underground 9.1 0.39 0.11 6.4 0.50 0.10 0.22 1.1 0.6 0.021
Jabal Sayid (50.00%) total 9.2 0.40 0.12 6.4 0.50 0.10 0.22 1.1 0.6 0.021
Kibali surface 9.5 2.14 0.65 26 2.17 1.8 2.5 8.2 2.2 0.58
Kibali underground 11 4.43 1.5 29 3.45 3.3 4.8 4.3 2.5 0.35
Kibali (45.00%) total 20 3.34 2.1 56 2.85 5.1 7.3 12 2.3 0.93
Loulo-Gounkoto surface4
 12 2.41 0.95 19 3.34 2.1 3.0 2.8 2.4 0.22
Loulo-Gounkoto underground4
 18 4.21 2.4 38 4.22 5.1 7.6 12 2.0 0.81
Loulo-Gounkoto (80.00%) total4
 30 3.48 3.4 57 3.93 7.2 11 15 2.1 1.0
North Mara surface 7.8 3.19 0.80 36 1.60 1.9 2.7 2.0 1.6 0.10
North Mara underground 6.8 2.17 0.48 29 2.29 2.1 2.6 8.9 1.6 0.47
North Mara (84.00%) total 15 2.71 1.3 65 1.91 4.0 5.3 11 1.6 0.57
Tongon surface (89.70%) 3.8 2.24 0.28 4.8 2.71 0.42 0.70 1.5 2.3 0.11
AFRICA AND MIDDLE EAST TOTAL
 81 3.05 7.9 220 3.34 23 31 52 3.1 5.2
LATIN AMERICA AND ASIA PACIFIC
Alturas surface (100%) — — — 58  1.16  2.2  2.2  130 0.8 3.6
Norte Abierto surface (50.00%) 190 0.63 3.9 1,100 0.53 19 22 370 0.4 4.4
Pascua Lama surface (100%) 43 1.86 2.6 390 1.49 19 21 15 1.7 0.86
Porgera surface — — — 28 2.35 2.1 2.1 17 1.7 0.94
Porgera underground 0.74 6.87 0.16 4.0 6.42 0.82 0.98 1.9 6.4 0.38
Porgera (24.50%) total 0.74 6.87 0.16 32 2.86 2.9 3.1 19 2.2 1.3
Pueblo Viejo surface (60.00%) 61 2.09 4.1 190 1.87 11 15 7.5 1.6 0.38
Reko Diq surface (50.00%) — — — 1,800 0.25 15 15 640 0.2 3.9
Veladero surface (50.00%) 26 0.65 0.53 85 0.65 1.8 2.3 16 0.5 0.29
LATIN AMERICA AND ASIA PACIFIC TOTAL 320 1.08 11 3,700 0.60 70 81 1,200 0.4 15
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2024
86
 RESERVES AND RESOURCES

Gold Mineral Resources1,3,5,6,7,8
As at December 31, 2024
MEASURED (M)9
INDICATED (I)9
(M) + (I)9
INFERRED 10
Tonnes Grade Contained ozs Tonnes Grade Contained ozs Contained ozs Tonnes Grade Contained ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
NORTH AMERICA
Carlin surface 8.8 1.29 0.37 96 2.06 6.4 6.7 29 1.3 1.2
Carlin underground 0.086  8.55  0.024  33 7.92 8.5 8.6 19 7.3 4.5
Carlin (61.50%) total 8.9 1.36 0.39 130 3.57 15 15 48 3.7 5.7
Cortez surface 1.6 2.79 0.15 100 0.97 3.2 3.3 31 0.6 0.63
Cortez underground — — — 39 6.30 8.0 8.0 15 5.6 2.8
Cortez (61.50%) total 1.6 2.79 0.15 140 2.45 11 11 46 2.3 3.4
Donlin surface (50.00%) — — — 270 2.24 20 20 46 2.0 3.0
Fourmile underground (100%) — — — 3.6 11.76 1.4 1.4 14 14.1 6.4
Hemlo surface — — — 50 1.00 1.6 1.6 5.0 0.7 0.12
Hemlo underground 3.9 4.37 0.55 9.8 4.04 1.3 1.8 3.5 4.5 0.50
Hemlo (100%) total 3.9 4.37 0.55 60 1.49 2.9 3.4 8.5 2.3 0.62
Phoenix surface (61.50%) 5.2 0.64 0.11 240 0.49 3.9 4.0 16 0.4 0.19
Turquoise Ridge surface 16 2.22 1.2 29 1.69 1.6 2.7 14 1.1 0.51
Turquoise Ridge underground 6.6 12.01 2.5 18 9.91 5.8 8.4 3.7 8.5 1.0
Turquoise Ridge (61.50%) total 23 5.02 3.7 47 4.87 7.4 11 18 2.6 1.5
NORTH AMERICA TOTAL
 43 3.58 4.9 900 2.12 61 66 200 3.3 21
TOTAL
 450 1.68 24 4,800 1.01 150 180 1,400 0.9 41
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2024
87
 RESERVES AND RESOURCES

Copper Mineral Resources1,3,5,6,7,8
As at December 31, 2024
MEASURED (M)9
INDICATED (I)9
(M) + (I)9
INFERRED 10
Tonnes Grade Contained Cu Tonnes Grade Contained Cu Contained Cu Tonnes Grade Contained Cu
Based on attributable tonnes (Mt) (%) (Mt) (Mt) (%) (Mt) (Mt) (Mt) (%) (Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0053  0.38  0.000020  — — — 0.000020 — — —
Bulyanhulu underground 2.8  0.37  0.010  28 0.36 0.10 0.11 11 0.3 0.036
Bulyanhulu (84.00%) total 2.8  0.37  0.010  28 0.36 0.10 0.11 11 0.3 0.036
Jabal Sayid surface 0.14 2.68 0.0037 — — — 0.0037 — — —
Jabal Sayid underground 9.1 2.49 0.23 6.4 2.23 0.14 0.37 1.1 0.5 0.0058
Jabal Sayid (50.00%) total 9.2 2.50 0.23 6.4 2.23 0.14 0.37 1.1 0.5 0.0058
Lumwana surface (100%) 170 0.45 0.77 1,800 0.50 9.2 10 230 0.4 0.91
AFRICA AND MIDDLE EAST TOTAL
 190 0.55 1.0 1,900 0.51 9.4 10 240 0.4 0.95
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 170 0.21 0.36 1,000 0.21 2.2 2.5 360 0.2 0.66
Reko Diq surface (50.00%) — — — 2,000 0.43 8.4 8.4 690 0.3 2.2
Zaldívar surface (50.00%) 240 0.39 0.94 290 0.36 1.0 2.0 15 0.3 0.048
LATIN AMERICA AND ASIA PACIFIC TOTAL 410 0.31 1.3 3,300 0.35 12 13 1,100 0.3 3.0
NORTH AMERICA
Phoenix surface (61.50%) 6.9 0.16 0.011 300 0.17 0.51 0.52 18 0.2 0.028
NORTH AMERICA TOTAL
 6.9 0.16 0.011 300 0.17 0.51 0.52 18 0.2 0.028
TOTAL
 600 0.38 2.3 5,400 0.39 22 24 1,300 0.3 3.9
See “Mineral Reserves and Resources Endnotes”.
BARRICK YEAR-END 2024
88
 RESERVES AND RESOURCES

Silver Mineral Resources1,3,5,6,7,8
As at December 31, 2024
MEASURED (M)9
INDICATED (I)9
(M) + (I)9
INFERRED 10
Tonnes Ag Grade Contained Ag Tonnes Ag Grade Contained Ag Contained Ag Tonnes Ag Grade Contained Ag
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 0.0053  7.29 0.0012  — — — 0.0012 — — —
Bulyanhulu underground 2.8  6.87 0.62  28 5.56 5.1 5.7 11 5.7 2.0
Bulyanhulu (84.00%) total 2.8  6.87 0.62  28 5.56 5.1 5.7 11 5.7 2.0
AFRICA AND MIDDLE EAST TOTAL
 2.8  6.87 0.62  28 5.56 5.1 5.7 11 5.7 2.0
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 190 1.62 10 1,100 1.23 43 53 370 1.0 11
Pascua-Lama surface (100%) 43 57.21 79 390 52.22 660 740 15 17.8 8.8
Pueblo Viejo surface (60.00%) 61 11.47 22 190 11.22 68 91 7.5 6.8 1.6
Veladero surface (50.00%) 26 13.08 11 85 13.91 38 49 16 15.8 8.2
LATIN AMERICA AND ASIA PACIFIC TOTAL 320 11.81 120 1,700  14.36 810 930 410 2.3 30
NORTH AMERICA
Phoenix surface (61.50%) 5.2 7.87 1.3 240  6.40 50 52 16 4.2 2.2
NORTH AMERICA TOTAL
 5.2 7.87 1.3 240 6.40 50 52 16 4.2 2.2
TOTAL
 330 11.70 120 2,000 13.28 860 990 440 2.4 34
See “Mineral Reserves and Resources Endnotes”.


BARRICK YEAR-END 2024
89
 RESERVES AND RESOURCES

Summary Gold Mineral Reserves1,2,3,5
For the years ended December 31 2024 2023
Ownership Tonnes
Grade 9
 Ounces Ownership Tonnes
Grade 9
 Ounces
Based on attributable ounces % (Mt) (g/t) (Moz) % (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 84.00% 0.0053  3.74 0.00064  84.00% 0.0088  5.89 0.0017 
Bulyanhulu underground 84.00% 17 6.96 3.8 84.00% 18 6.05 3.4
Bulyanhulu Total 84.00% 17 6.96 3.8 84.00% 18 6.05 3.4
Jabal Sayid surface 50.00% 0.14 0.66 0.0030 50.00% 0.064 0.38 0.00078
Jabal Sayid underground 50.00% 13  0.37 0.16 50.00% 14  0.34 0.15
Jabal Sayid Total 50.00% 13 0.37 0.16 50.00% 14 0.34 0.15
Kibali surface 45.00% 24 2.13 1.6 45.00% 24 2.05 1.6
Kibali underground 45.00% 23 3.96 2.9 45.00% 24 4.10 3.1
Kibali Total
45.00% 47 3.03 4.6 45.00% 47 3.07 4.7
Loulo-Gounkoto surface4
 80.00% 26 2.95 2.5 80.00% 24 2.84 2.1
Loulo-Gounkoto underground4
 80.00% 31 4.90 4.9 80.00% 33 4.81 5.1
Loulo-Gounkoto Total4
 80.00% 57 4.00 7.3 80.00% 57 3.99 7.2
North Mara surface 84.00% 30 1.92 1.9 84.00% 30 1.90 1.8
North Mara underground 84.00% 7.9 4.16 1.1 84.00% 9.3 3.60 1.1
North Mara Total 84.00% 38 2.39 2.9 84.00% 39 2.30 2.9
Tongon surface 89.70% 8.0 2.41 0.62 89.70% 5.5 1.98 0.35
AFRICA AND MIDDLE EAST TOTAL 180 3.35 19 180 3.24 19
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface 50.00% 600 0.60 12 50.00% 600 0.60 12
Porgera surface 24.50% 7.3 2.87 0.68 24.50% 5.0 3.55 0.57
Porgera underground 24.50% 3.9 6.47 0.81 24.50% 2.9 6.96 0.65
Porgera Total 24.50% 11 4.11 1.5 24.50% 7.9 4.81 1.2
Pueblo Viejo surface 60.00% 180 2.11 12 60.00% 170 2.14 12
Reko Diq surface 50.00% 1,400 0.28 13 50.00% —  —  — 
Veladero surface 50.00% 73 0.67 1.6 50.00% 89 0.70 2.0
LATIN AMERICA AND ASIA PACIFIC TOTAL
 2,300 0.54 40 870 0.96 27
NORTH AMERICA
Carlin surface 61.50% 62 2.33 4.6 61.50% 65 2.39 5.0
Carlin underground 61.50% 20 7.69 4.8 61.50% 17 8.34 4.6
Carlin Total 61.50% 82 3.62 9.5 61.50% 82 3.64 9.7
Cortez surface 61.50% 64 1.05 2.2 61.50% 110 0.82 2.8
Cortez underground 61.50% 28 6.78 6.1 61.50% 27 7.27 6.3
Cortez Total 61.50% 92 2.79 8.3 61.50% 130 2.13 9.0
Hemlo surface 100% 25 0.93 0.75 100% 27 0.97 0.84
Hemlo underground 100% 6.5 4.28 0.90 100% 6.8 4.12 0.90
Hemlo Total 100% 32 1.62 1.6 100% 34 1.60 1.7
Phoenix surface 61.50% 92 0.63 1.9 61.50% 100 0.58 1.9
Turquoise Ridge surface 61.50% 27 2.12 1.8 61.50% 22 2.36 1.7
Turquoise Ridge underground 61.50% 22 10.00 7.1 61.50% 20 10.66 6.9
Turquoise Ridge Total 61.50% 49 5.69 8.9 61.50% 43 6.29 8.6
NORTH AMERICA TOTAL
 350 2.71 30 390 2.45 31
TOTAL
 2,800 0.99 89 1,400 1.65 77
See “Mineral Reserves and Resources Endnotes”.


BARRICK YEAR-END 2024
90
 RESERVES AND RESOURCES

Summary Copper Mineral Reserves1,2,3,5
For the years ended December 31 2024 2023
Ownership Tonnes
Cu Grade9
 Contained Tonnes Ownership Tonnes
Cu Grade9
 Contained Tonnes
Based on attributable tonnes % (Mt) (%) (Mt) % (Mt) (%) (Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface 84.00% 0.0053 0.38 0.000020 84.00% 0.0088  0.29 0.000026 
Bulyanhulu underground 84.00% 17 0.35 0.060 84.00% 18 0.36 0.063
Bulyanhulu Total 84.00% 17 0.35 0.060 84.00% 18 0.36 0.063
Jabal Sayid surface 50.00% 0.14 2.68 0.0037 50.00% 0.064 2.63 0.0017 
Jabal Sayid underground 50.00% 13 2.14 0.28 50.00% 14  2.22 0.30
Jabal Sayid Total 50.00% 13 2.14 0.28 50.00% 14  2.23 0.30
Lumwana surface 100% 1,600 0.52 8.3 100% 510 0.58 3.0
AFRICA AND MIDDLE EAST TOTAL 1,600 0.54 8.7 540 0.62 3.3
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 50.00% 600 0.22 1.3 50.00% 600  0.22  1.3 
Reko Diq surface (50.00%) 50.00% 1,500 0.48 7.3 50.00% —  —  — 
Zaldívar surface (50.00%) 50.00% 180 0.43 0.75 50.00% 180 0.42 0.74
LATIN AMERICA AND ASIA PACIFIC TOTAL
 2,300 0.41 9.4 780 0.26 2.0
NORTH AMERICA
Phoenix surface 61.50% 120 0.18 0.21 61.50% 140 0.17 0.23
NORTH AMERICA TOTAL
 120 0.18 0.21 140 0.17 0.23
TOTAL
 4,000 0.45 18 1,500 0.39 5.6
See “Mineral Reserves and Resources Endnotes”.

BARRICK YEAR-END 2024
91
 RESERVES AND RESOURCES

Mineral Reserves and Resources Endnotes
1.Mineral reserves (“reserves”) and mineral resources (“resources”) have been estimated as at December 31, 2024 (unless otherwise noted) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. For United States reporting purposes, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which was rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured”, “indicated” and “inferred” mineral resources. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required by NI 43-101. U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors are cautioned not to assume that any part or all of Barrick’s mineral resources constitute or will be converted into reserves. Mineral resource and mineral reserve estimations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; and Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive. For 2024, reserves have been estimated based on an assumed gold price of US$1,400 per ounce, an assumed silver price of US$20.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Tongon, and Hemlo open pit, both where mineral reserves for 2024 were estimated using $1,650/oz; at Zaldívar, where mineral reserves for 2024 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.80 per pound; and at Norte Abierto where mineral reserves are reported by Newmont within a $1,200/oz gold, $2.75/lb copper and $22/oz silver pit design, before application of updated 2023 project economics using escalated operating and capital costs resulting in Newmont guidance of $1,600/oz for gold, $4.00/lb for copper and $23/oz for silver for assumed mineral reserve commodity prices. For 2023, reserves have been estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Tongon, where mineral reserves for 2023 were calculated using $1,500/oz; Hemlo, where mineral reserves for 2023 were calculated using $1,400/oz; and at Zaldívar, where mineral reserves for 2023 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.50 per pound. Reserve estimates incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Barrick’s normal data verification procedures have been employed in connection with the calculations. Verification procedures include industry-standard quality control practices. Resources as at December 31, 2024 have been estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property.
2.In confirming our annual reserves for each of our mineral properties, projects, and operations, we conduct a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk costs and only considers future operating and closure expenses as well as any future capital costs.
3.All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu tonnes are reported to the second significant digit.
4.Mineral resources and mineral reserves for the Loulo-Gounkoto Complex have been estimated under the 1991 Malian Mining Code and the Loulo and Gounkoto Mining Conventions under which the Complex has operated to date. Any update to applicable terms as a result of ongoing engagements with the Government of Mali will be incorporated after a definitive agreement is reached. For additional information see page 9 of Barrick’s Fourth Quarter and Year End Report 2024.
5.2024 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper and silver mineral resources and mineral reserves.
6.For 2024, mineral resources have been estimated based on an assumed gold price of US$1,900 per ounce, an assumed silver price of US$24.00 per ounce, and an assumed copper price of US$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except Zaldívar, where mineral resources for 2024 were estimated using Antofagasta guidance and an assumed copper price of US$4.40 per pound, and Norte Abierto, where mineral resources are reported by Newmont within a $1,400/oz gold, $3.25/lb copper and $20/oz silver pit shell, before application of updated 2023 project economics using escalated operating and capital costs resulting in Newmont guidance of $1,600/oz for gold, $4.00/lb for copper and $23/oz for silver for assumed mineral resource commodity price. For 2023, mineral resources were estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for 2023 were calculated using Antofagasta guidance and an assumed copper price of US$4.20.
7.Mineral resources which are not mineral reserves do not have demonstrated economic viability.
8.Mineral resources are reported inclusive of mineral reserves.
9.All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places.
10.All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place.

BARRICK YEAR-END 2024
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 RESERVES AND RESOURCES